Further to the TSX Venture Exchange bulletin dated May 26, 2022, the exchange has accepted amendments with respect to arm's-length financing agreements, originally approved by the exchange on May 26, 2022, and originally announced in the news release of Northern Graphite Corp. dated May 2, 2022. The company has received additional financing from funds managed by Sprott Resource Streaming and Royalty Corp. (collectively Sprott) by entering into the following amended agreements:

• An amended and restated senior secured credit agreement, where the senior debt financing consisting of a $12-million (U.S.) senior secured loan was increased to $13-million (U.S.), and the cash interest payments due on the loan up until Dec. 31, 2023, were capitalized by being added to the principal amount of the loan. The company has paid an interest payment option fee to Sprott in the amount of $50,000 (U.S.) for the capitalization of interest up to June 30, 2023, and will pay Sprott an additional interest payment option fee for the capitalization of the interest up to Dec. 31, 2023, in an amount equal to 10 per cent of the accrued and unpaid interest due on such date for the period between June 30, 2023, and Dec. 31, 2023. The principal amount of the loan bears interest at the rate of 9 per cent plus the greater of an adjusted three-month-term SOFR (secured overnight financing rate) and 1 per cent, and matures on April 29, 2026. Both the interest rate and the maturity date remain unchanged from the original agreement;
• An amended and restated royalty agreement, where the royalty financing in the amount of $4-million (U.S.) for a 9-per-cent graphite sales revenue royalty under the original agreement has been increased to $6-million (U.S.), consisting of an additional $2-million (U.S.) purchase by Sprott from the company of an additional 4-per-cent graphite concentrate sales revenue royalty on the company's Lac des Iles, Que., project, reducing to 0.25 per cent once the royalty has been paid on 45,000 tonnes of graphite concentrate.

For further details, please refer to the company's news release dated Nov. 29, 2023.