Mr. Hugues Jacquemin reports

NORTHERN GRAPHITE ANNOUNCES NEW DRILL PROGRAM WITH THE OBJECTIVE OF EXTENDING THE MINE LIFE AT LAC DES ILES

Northern Graphite Corp. has started a new drill program at its Lac des Iles (LDI) property that is designed to explore previously untested areas of the property with the objective of extending the life of what is the only significant producing natural graphite mine in North America.

Located in Quebec, 180 kilometres northwest of Montreal, the Lac des Iles graphite mine has been in operation for over 20 years and was acquired by Northern in April, 2022. After a detailed review of historical studies and mine plans, the company identified a number of target zones on the LDI property that include the northern extension of the pit, mineralization in the west side of the pit wall and numerous electromagnetic conductors, some of which already have encouraging intersections from historical drilling.

"The new drill program began on May 8, comprises 8,000 metres of drilling, and seeks to delineate additional mineralization as Northern pursues its previously stated plan to increase mine life and production capacity at LDI, including through the potential development of the company's Mousseau West deposit located approximately 80 kilometres away," said Northern Graphite chief operating officer Kirsty Liddicoat.

"Historically, there has been an underinvestment in exploration at Lac des Iles. We know the property, we know the deposit and extending the life of the mine will set up LDI as a supplier of graphite to Baie-Comeau, where we have plans to build a battery anode material plant," said Northern chief executive officer Hugues Jacquemin. "This drill program supports our strategy to become a long-term, sustainable and integrated mine-to-market supplier of natural graphite to traditional customers and also serve growing demand stemming from the energy transition and wide-scale electrification."

The drill program is being financed from the proceeds of the company's $2.25-million charity flow-through private placement completed on April 27, 2023. Preliminary assay results from the program are anticipated to be available in June.

About Northern Graphite Corp.

Northern is a Canadian, TSX Venture Exchange-listed company that is focused on becoming a world leader in producing natural graphite and upgrading it into high-value products critical to the green economy, including anode material for lithium-ion batteries/electric vehicles, fuel cells and graphene, as well as advanced industrial technologies.

Northern is the only significant graphite-producing company in North America and will become the third-largest producer outside of China when its Namibian operations come back on-line. The company also has two large-scale development projects, Bissett Creek in Ontario and Okanjande in Namibia, that will be a source of continued production growth in the future. All projects have battery quality graphite and are located close to infrastructure in politically stable jurisdictions.

Qualified person

Gregory Bowes, BSc, MBA, PGeo, the chairman of Northern, is a qualified person as defined under National Instrument 43-101 and has reviewed and approved the content of this news release.

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