Mr. Hugues Jacquemin reports

NORTHERN GRAPHITE FILES AMENDED OKANJANDE TECHNICAL REPORT AND CLARIFIES CERTAIN TECHNICAL DISCLOSURE

As a result of a review by staff of the Ontario Securities Commission (OSC), Northern Graphite Corp. has filed an amended version of the technical report dated July 1, 2022, entitled "Okanjande Graphite Project Preliminary Economic Assessment Study Report," relating to the preliminary economic assessment (PEA) for its Okanjande, Namibia, graphite project, and has amended certain parts of its investor materials and is issuing this news release to clarify certain disclosure by the company with respect to future production targets.

The amended technical report has not impacted the material components of the PEA, notably resources, metallurgy, mine plan, cost estimates, economic analysis and environmental matters. The amended technical report dated July 28, 2023, maintains an effective date of July 1, 2022, and can be found under the company's profile on SEDAR and on the company's website. The original technical report dated July 1, 2022, has been amended solely to:

• Remove confidentiality statements by the authors which purported to limit the use or publication of the report in a manner which interfered with the company's obligation to reproduce the report by filing it on SEDAR;
• Remove disclaimer statements by the authors which purported to disclaim responsibility by the qualified persons for the report for any information in the report;
• Revise statements which used the term "ore" in the context of mineral resources only (while the Okanjande project was previously in production, the company's PEA on the project is not sufficient to establish a mineral reserve and accordingly use of the term ore is not appropriate in the PEA or other corporate disclosure);
• Remove statements which provided aspirational production rates or targets unsupported by the report.

The amended technical report addresses comments raised by the OSC in the course of its review.

In addition, in certain parts of its investor materials and other disclosures, the company disclosed production rates or targets which are not yet supported by technical reports prepared in accordance with National Instrument 43-101. In particular, the company has disclosed combined planned or forecast production of up to 300,000 tpy (tonnes per year) from its Lac des Iles, including Mousseau West, Okanjande and Bissett Creek projects (with production rates of Lac des Iles, including Mousseau West -- 25,000 tpy to 50,000 tpy; Okanjande -- 100,000 tpy to 150,000 tpy; and Bissett Creek -- 80,000 tpy to 100,000 tpy), while only current and planned capacity of up to 100,000 tpy is supported by technical reports at the present time (with production rates of Lac des Iles -- 25,000 tpy with current production of 15,000 tpy; Okanjande -- 31,000 tpy; and Bissett Creek -- 44,000 tpy). The company wishes to clarify that these planned or forecast production rates are aspirational rates or targets only since they are not supported by current technical reports. Accordingly, the company retracts all statements in respect of such planned or forecast production rates.

The company's corporate presentation, fact sheet and website have also been updated to remove these aspirational production rates or targets which are not yet supported by technical reports.

Based on the size of the resources identified at the company's projects relative to the production levels currently envisioned, rapidly evolving graphite market dynamics and the company's continuing negotiations with partners for the contemplated construction of battery anode material processing facilities, the company is currently undertaking or planning to undertake PEAs on its projects that will evaluate the potential to mine material at the Mousseau deposit and process it at Lac des Iles, expand the capacity at Okanjande, and expand the capacity at Bissett Creek. The company does not consider the amended technical report to be material to the company.

"While Northern plans to expand production, targets need to be confirmed by these studies. Northern's projects have the resources and the technical potential to support its strategy to become an integrated, mine-to-market supplier to traditional customers, and serve new demand stemming from the energy transition and widescale electrification," said Hugues Jacquemin, Northern chief executive officer.

About Northern Graphite

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/EVs (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, which have the potential to generate 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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