Mr. Anthony Huston reports

GRAPHITE ONE ANNOUNCES COMMENCEMENT OF REDUCED EXERCISE PRICE FOR EXISTING WARRANTS AND WARRANT INCENTIVE PROGRAM

Further to Graphite One Inc.'s news release dated Feb. 13, 2024, the aggregate 11,955,677 outstanding common share purchase warrants due to expire on Aug. 28, 2024, Nov. 21, 2024, and Sept. 17, 2024, will have a reduced exercise price of $1 per common share commencing today and expiring on March 21, 2024, at 4 p.m. Vancouver time. The exercise price will revert back to the original exercise price for any warrants that are not exercised during the reduced term.

If the warrants are exercised during the reduced term, the holder of such warrant will receive for each warrant exercised, at no additional cost, one common share purchase warrant (the sweetener warrant), whereby the sweetener warrant will have an exercise price of $1 per common share and expire at the earlier of: (i) three years from the date of issuance; and (ii) 30 days, at the company's option, if for any 10 consecutive trading days the closing price of the company's common shares on the TSX Venture Exchange equals or exceeds $1.20.

The sweetener warrants will be subject to a four-month-and-one-day hold period from their date of issuance. The use of proceeds for any sweetener warrant exercised will be used to support the feasibility study and for general working capital.

Holders of warrants who elect to exercise their existing warrants at the reduced price and to participate in the warrant incentive program will be required to contact the company as soon as possible by e-mail at gjang@graphiteoneinc.com to receive their amended and restated warrant certificate.

Prior to 4 p.m. Vancouver time on March 21, 2024, the holder of such warrant will be required to deliver to the company the following:

• A duly completed and executed exercise form, in the form that accompanies the amended and restated warrant certificate;
• The original certificate representing the warrants being exercised;
• The applicable aggregate exercise price ($1 per warrant) payable to the company by way of certified cheque, money order, bank draft or wire transfer in lawful money of Canada.

The warrant incentive program is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.

About Graphite One Inc.

Graphite One continues to develop its Graphite One project to become an American producer of high-grade anode materials that is integrated with a domestic graphite resource. The project is proposed as a vertically integrated enterprise to mine, process and manufacture anode materials primarily for the lithium-ion electric vehicle battery market. As set forth in the company's 2022 prefeasibility study, graphite mineralization mined from the company's Graphite Creek property, situated on the Seward Peninsula about 60 kilometres north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant. Natural and artificial graphite anode materials and other value-added graphite products would be manufactured from the concentrate and other materials at the company's proposed advanced graphite materials manufacturing facility to be located in the contiguous United States. The company intends to make a production decision on the project upon the completion of a feasibility study.

We seek Safe Harbor.