Mr. Simon Marcotte of Black Swan reports

BLACK SWAN GRAPHENE ANNOUNCES SCOPING STUDY RESULTS DEMONSTRATING $1 BILLION NPV AND 54 per cent IRR

Black Swan Graphene Inc. has released the results of the scoping study for its large-scale Quebec facility. Developed in collaboration with Toronto-based engineering firm Halyard Inc., this scoping study marks a significant step forward for Black Swan's growth strategy.

The scoping study provides an initial evaluation, including processing plant specifications as well as conceptual mechanical, civil, structural and electrical designs, for its proposed 40,000-square-foot first large-scale production facility, based on the same processing technology currently being used in the facility located in the United Kingdom. The annual production and self-sustaining ramp-up of its industry-ready products have been established by taking into consideration customers' and distributors' expected demand, as well as strategic partnerships, including the partnerships with Nationwide Engineering Research & Development (NERD) and the Arup Group. The scoping study also established capital and operating cost estimates, as well as financial analysis based on its strategy to build such facility in Quebec, Canada, where the company aims to leverage the emergence of a world-class graphite industry as a raw material source and the province's low-cost renewable hydroelectricity. While the initial capacity target stands at 9,868 tonnes per annum in accordance with the company's initial strategy, expansion beyond this figure will be driven by market dynamics and raw material access.

It is worth emphasizing that, due to the modularity of Black Swan's patent-protected technology for large-scale production, the company is well positioned to also offer a licensing at-the-point-of-use model, which would further accelerate the adoption of its graphene products, particularly in the concrete industry.

Simon Marcotte, president and chief executive officer of Black Swan, commented: "We are incredibly pleased with the outstanding outcomes of the scoping study, marking a significant milestone towards establishing Black Swan as a global leader in graphene production. Over the past year since going public, our team has been actively engaged in all facets of this study, collaborating closely with Halyard and potential clients and distributors. These results provide the bedrock to effectively construct and operate the project, and we hold firm confidence in their feasibility and attainability from both operational and commercial perspectives. Furthermore, the conclusion of the study aligns seamlessly with the initial estimates established in partnership with Thomas Swan & Co. Ltd., prior to the inception of Black Swan Graphene, underscoring the calibre of the partnership."

The sale price assumptions used in the scoping study are in line with the company's inflation-adjusted original strategy and represent long-term prices, but the company remains confident that higher prices will be realized as customers value the suitability of the product derived from collaborative product development efforts. With these new products and additives, customers gain the opportunity to explore new markets and develop their own innovative products at a minimal variation in overall costs. Black Swan continues to anticipate that the availability of such low-cost and high-performance graphene products will fuel the adoption across volume-driven industries.

Black Swan cautions that the scoping study does not constitute a scoping study within the definition employed by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), as it relates to a stand-alone production facility and does not concern a mineral project. Therefore, disclosure standards prescribed by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects are not in the scoping study. Any references to scoping study, prefeasibility study or feasibility study by Black Swan Graphene, in relation to its refined graphite starting material, are not the same as terms defined by the CIM definition standards and used in NI 43-101.

About Black Swan Graphene Inc.

Black Swan is focused on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, lithium-ion batteries and others, which are expected to require large volumes of graphene. Black Swan aims to leverage the low cost and green hydroelectricity of the province of Quebec as well as the proximity of the province's emerging graphite industry in order to establish an integrated supply chain, reduce overall costs and accelerate the deployment of graphene usage. On March 27, 2023, Black Swan, Nationwide Engineering Research and Development and Arup Group announced strategic partnerships, establishing a fully integrated supply chain and providing a turnkey solution for the construction and concrete industries. Arup is a multinational engineering consultancy headquartered in London, United Kingdom, with 18,000 experts working across 140 countries. Black Swan's graphene processing technology was developed by Thomas Swan & Co. over the past decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer, with a century-long record, and has been at the forefront of graphene innovation.

About Mason Graphite Inc.

Mason Graphite is a Canadian corporation focused on seeking investment opportunities. Its strategy is to develop vertical and horizontal integration in the mining industry, with a special focus on industrial and specialty minerals, notably battery-related materials and their byproducts. Its strategy also includes the development of value-added products, notably for green technologies like transport electrification. The company currently owns 100 per cent of the rights to the Lac Gueret deposit, one of the richest graphite deposits in the world, which is under an option and joint venture agreement with Nouveau Monde Graphite Inc. Mason Graphite is also the largest shareholder of Black Swan Graphene, a Canadian publicly traded company focusing on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries and others.

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