Mr. Paul Guedes reports

NANO ONE REPORTS Q1 2024 RESULTS

Nano One Materials Corp. has filed its condensed interim consolidated financial statements and management's discussion and analysis (MD&A) as at and for the three months ended March 31, 2024, and has provided the following highlights.

License and Alliance Agreement with Worley Chemetics(TM)

On May 1, 2024, Nano One entered into a Strategic Alliance Agreement and License Agreement with Worley Chemetics (a wholly owned Canadian subsidiary of Worley Limited, a global engineering leader in sustainability solutions). Under the Strategic Alliance Agreement, Nano One and Worley will jointly develop, market, and deploy One-Pot process enabled cathode plant designs, helping accelerate the deployment of One-Pot process LFP production and other cathode chemistries. Nano One and Worley will jointly develop a CAM package that incorporates Nano One's One-Pot process into a modular process engineering design package with intellectual property rights, flow sheets, detailed engineering, the operational know-how of both parties, and applicable proprietary equipment.

The License Agreement oversees the sale of CAM packages, including necessary cross-licensing of intellectual property, license fees, and remuneration to both parties over a term of up to 20 years.

The One-Pot enabled CAM package will be marketed, sold, and deployed to a wide range of customers in North America, Europe, the Indo-Pacific, and other regions globally, enabling them to develop competitive CAM production assets to meet emerging market demand in renewable energy storage and electric vehicle sectors. The CAM package is expected to reduce risk and cost, while accelerating the timeline to project certainty and financial investment decision.

2024 Objectives and Commercialization Update

LFP optimization and product validation work will continue through 2024 and into 2025 for the purposes of (a) Generating product sales and first revenues, and expanding capacity, up to 1,000-2,000 tpa, at the Company's existing facilities in Candiac Quebec; (b) Securing larger volume customer offtakes in support of the current 25,000 tpa LFP plant development project; (c) Informing the feasibility study (FEL 3) currently underway and financial investment decisions for the 25,000 tpa LFP project; and (d) Developing, marketing, licensing, and deploying of One-Pot enabled LFP CAM packages (engineering process design packages) in alliance with Worley.

2024 Q1 - Financial PositionQuarter over quarter reduction in cash used in operating activities.Cash and cash equivalents of $23.1 million at period end.Working capital of $21.2 million at period end.Total assets of $41.1 million at period end.Total liabilities of $5.3 million with no long-term debt at period end.

For a more detailed discussion of Nano One's Q1 2024 interim results, please refer to the Company's financial statements, and MD&A, which are available at www.sedarplus.ca.

Rescheduled Date for 2024 Shareholders' Meeting

The 2024 shareholders' meeting originally scheduled for June 27, 2024, will be rescheduled for August 1, 2024, due to unexpected personnel matters to allow additional time for the preparation of shareholder materials. Time and location still to be announced.

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About Nano One(TM)

Nano One Materials Corp. (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. With strategic collaborations and partnerships, including automotive OEMs and strategic industry supply chain companies like Sumitomo Metal Mining, BASF, Umicore and Rio Tinto. Nano One's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. The Company is piloting its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. Nano One has received funding from SDTC and the Governments of Canada and British Columbia.

We seek Safe Harbor.