Ms. Kirsty Liddicoat reports

NORTHERN GRAPHITE ANNOUNCES RESOURCE ESTIMATE AND FILING OF TECHNICAL REPORT ON MOUSSEAU GRAPHITE PROPERTY

Northern Graphite Corp. has released a mineral resource estimate on its Mousseau property (previously known as Mousseau West) which adds significant resources to the company's portfolio as it grows to supply the energy transition.

Northern acquired the Mousseau West graphite project in October, 2022, and in March, 2023, increased its land package by an additional 101.64 hectares through the acquisition of part of the neighbouring Mousseau East property, resulting in a total land package for Mousseau of 590.57 hectares. The Mousseau project is located approximately 80 kilometres from the company's producing Lac des Iles (LDI) graphite mine, and has the potential to further extend LDI's life and expand its production by shipping material to LDI's processing facility. Mousseau is Northern's fourth significant graphite project, along with LDI, Bissett Creek in Ontario and Okanjande in Namibia.

"This report confirms the addition of almost three million tonnes of measured and indicated graphite resources to the company's portfolio, and supports our long-term growth strategy of leveraging LDI's permitted plant and tailings facility to bolster our position as the only significant producer of natural graphite in North America," said Kirsty Liddicoat, Northern's chief operating officer. "Early test work indicates concentrate grades of plus-95 per cent and recovery of 90 per cent. We believe the next phase of drilling will expand resources further at Mousseau."

Increasing graphite resources and reserves is a key catalyst for Northern as the company executes on its strategy of becoming a long-term, sustainable, integrated mine-to-market-to-battery supplier to North America's widescale EV (electric vehicle) revolution, energy transition and march to net-zero 2050. The company is also planning to start construction in 2026 on a 200,000-tonne-per-year (tpy) battery anode material plant in Baie-Comeau, Que.

"Northern is currently focused on exploration and expansion at its cornerstone LDI mine. As market demand develops and additional drilling is carried out, we plan to complete a preliminary economic assessment (PEA) on Mousseau, which has the potential to become a significant project in its own right," said Ms. Liddicoat.

The resource estimate was prepared by independent consultants, Micon International Ltd. The company has filed a technical report in respect of the Mousseau project and the resource estimate prepared by Yvan Bussieres, PEng (OIQ), and Antoine Yassa, PGeo (OGQ), of Micon in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The technical report, titled "NI 43-101 Technical Report for the 2023 Mineral Resource Estimate for the Mousseau West Graphite Deposit, Mousseau Property, Brunet and Mousseau Townships, Mont-Laurier Area, Quebec, Canada," and dated Sept. 30, 2023 (with an effective date of July 29, 2023), can be found on the company's website or under the company's issuer profile on SEDAR+.

Graphite is the largest component in lithium-ion batteries that make the transition to electric vehicles possible. It is also a critical component in fuel cells and it is an additive that makes many products lighter, stronger and more energy efficient.

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 a large-scale development project, Bissett Creek, in Ontario that it expects 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 persons

Mr. Bussieres, PEng (OIQ), and Mr. Yassa, PGeo (OGQ), who are independent consultants for Northern and are qualified persons as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, have verified the data disclosed in this press release, including the sampling, analytical and test data underlying the information. The data was verified using data validation and quality assurance procedures under industry standards.

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