Mr. Hugues Jacquemin reports

NORTHERN GRAPHITE SIGNS EXTENSION ON OPTION TO ACQUIRE STAKE IN NEOGRAF SOLUTIONS

Northern Graphite Corp. has entered into an agreement with Edgewater Capital Partners to extend the company's option to acquire a stake in NeoGraf Solutions LLC.

With this six-month extension, Northern has the option to acquire an effective 50.1-per-cent voting interest and a 33.3-per-cent equity interest in NeoGraf. Northern also has an option to increase its interest up to 100 per cent, at a later date, subject to the terms and conditions of the agreement. Northern has engaged Sprott Capital Partners LP to act as its financial adviser with respect to financing the investment.

NeoGraf is one of Northern's largest customers and, including its time as a part of Union Carbide, has a history of over 100 years serving clients in North America and abroad. It is a leading provider of specialty, value-added products manufactured from natural graphite and has a strong intellectual property portfolio and a blue-chip customer base.

"Due to the potential of the proposed partnership between Northern and Edgewater to contribute to NeoGraf's future success, Edgewater has agreed to extend the term of the option from six to 12 months in order to give us more time to effectively close the deal in a challenging market environment," said Northern chief executive officer Hugues Jacquemin. "The acquisition of this stake in NeoGraf will be a critical driver of our downstream strategy to be an integrated and sustainable mine-to-market company."

"We are very pleased at the prospect of partnering with Hugues and the Northern team to accelerate NeoGraf's growth and in support of Northern's mine-to-market strategy. This partnership provides NeoGraf an additional tool in enabling our customers' success and enhances our ability to address supply needs in this quickly growing market space," said Robert Girton, current chairman of the board of Edgewater Capital Partners.

"Together, NeoGraf and Northern promise a powerful combination in the development of high performance technical solutions that address our customers' specific needs," Natesh Krishnan, chief executive officer of NeoGraf, commented. "Northern provides NeoGraf with greater security of supply and expands the geographic regions from which we source our graphite."

Closing of Northern's investment is subject to the execution of definitive agreements, the receipt of all required third party and regulatory approvals, including, if applicable, approval of the TSX Venture Exchange, and to Northern completing satisfactory financing arrangements.

About Northern Graphite Corp.

Northern is a Canadian, TSX-V-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.

We seek Safe Harbor.