Mr. Anthony Huston reports

GRAPHITE ONE WELCOMES STRATEGIC INVESTMENT FROM DOYON LIMITED AND ALEUT

Graphite One Inc. has closed a strategic investment from Doyon Ltd. and Aleut Corp., both Alaska native corporations, for aggregate gross proceeds of $5.0-million (U.S.) ($7.0-million (Canadian)) by way of a non-brokered private placement of 8,514,024 units at a price of 82 Canadian cents per unit.

Each unit consists of one common share and one full common share purchase warrant. Each warrant entitles the warrantholder to acquire one common share of the company at a price of $1.03 (Canadian) per common share, expiring three years from the closing of the private placement, and includes participation rights on future financings so long as the warrants remain outstanding. The company has received conditional approval for this private placement from the TSX Venture Exchange and the private placement is subject to final approval of the TSX Venture Exchange. All securities issued in connection with this private placement will have a restricted period that expires four months and one day following the date of issuance.

Gross proceeds from the private placement will be used to conduct environmental studies and other permitting related activities on the Graphite Creek property, and for general corporate purposes. There were no finders' or brokers' fees paid in connection with the private placement.

"For Doyon, this is not just an investment in Graphite One, it is a long-term investment in Alaska," said Aaron Schutt, president and chief executive officer of Doyon. "With decades of experience in responsible resource development, Doyon looks forward to working with Graphite One to bring the Graphite Creek critical minerals project into production."

"This investment reflects Aleut's belief in renewable energy. Graphite is a critical resource in building that future and we believe Graphite One shares in our commitment for responsible development," said Skoey Vergen, CEO and president of Aleut. "Not only does this create value for our shareholders, it opens up the potential for future opportunities in Alaska that could benefit our region."

"All of us at Graphite One are grateful for these investments from Doyon and Aleut Corp., joining Bering Straits Native Corporation, which made its strategic investment in G1 in 2023. We are pleased and honored to be the first critical mineral project to have direct investment from three Alaska native regional corporations," said Anthony Huston, president and CEO of Graphite One. "We greatly appreciate the trust placed in us through these partnerships, together with your support, seek to make Graphite Creek a model of responsible development that brings long-term benefits to your communities and the State of Alaska."

Graphite One's supply chain strategy

The project is planned as an integrated business operation to produce lithium-ion battery anode materials and other graphite products for the U.S. domestic market on a commercial scale using primarily natural graphite from Alaska. The project combines the operation of an advanced graphite manufacturing facility to be located in Warren, Ohio, subject to financing, with the supply of natural flake graphite from the company's proposed Graphite Creek mine in Alaska. The resources associated with the company's Alaska state mining claims were cited by the U.S. Geological Survey in January, 2022, as America's largest natural graphite deposit (1), and in 2023, "as among the largest in the world." This precedes the FS-verified significant increase in the size of the deposit. The company entered into two non-binding letters of interest with the EXIM Bank in September, 2025 and 2024, for up to $895-million in loans to finance the development of the Graphite Creek mine and the construction of the Ohio manufacturing facility.

About Doyon Ltd.

Headquartered in Fairbanks, Doyon has more than 20,500 shareholders and was established under the 1971 Alaska Native Claims Settlement Act. Doyon has subsidiaries in oil field services, government contracting and tourism, and is also the largest private landowner in Alaska and one of the largest in North America. Its mission is to continually enhance its position as a financially strong native corporation to promote the economic and social well-being of its shareholders and future shareholders, to strengthen its native way of life, and to protect and enhance its land and resources.

About Aleut Corp.

Aleut is an Alaska native regional corporation established under the Alaska Native Claims Settlement Act of 1971. It serves over 5,000 Unangax shareholders and descendants from the Aleutian and Pribilof Island region with a mission to provide economic growth and opportunities. Aleut's portfolio includes businesses in government and mechanical contracting, real estate, technology and infrastructure, fuel sales, port services, environmental services, and energy.

About Graphite One Inc.

Graphite One continues to develop its Graphite One project with the goal of becoming 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 and process natural graphite and to manufacture artificial and natural graphite anode active materials primarily for the lithium-ion electric vehicle battery and energy storage markets.

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