Mr. Hugues Jacquemin reports

NORTHERN GRAPHITE REBRANDS TO REFLECT VERTICALLY INTEGRATED, MINE-TO-MARKET IDENTITY

Northern Graphite Corp. has rebranded to reflect its unique position as North America's only graphite producer and its strategy to evolve into a vertically integrated mine-to-market-to-battery company.

The company's new brand comes with the recent launch of its dedicated Battery Minerals Group (NGCBM) to redefine carbon material solutions for industrial markets and meet the growing needs of western markets for battery anode material.

"Our new brand reflects the ambitious journey we began nearly two years ago to redefine Northern from a graphite producer to a fully integrated, mine-to-market-to-battery company," said chief executive officer Hugues Jacquemin. "We have turned the page. Our role today extends well beyond mining and extraction. We are a technology company with the expertise to produce battery anode material that is tailored to the precise specifications of battery makers for electric vehicles in North America."

Northern's new look is also an expression of its unique status as the only graphite producer in North America and of its first mover advantage in natural graphite, the largest component of the lithium-ion batteries that are powering electric vehicle (EV) batteries and the energy transition.

Advancing mining

In April, 2022, Northern acquired the Lac des Iles (LDI) graphite mine in Quebec, which has been producing graphite for over 30 years, providing clients with products used for key industries, such as refractory bricks for steel making, heat management in mobile phones, and friction and lubrication products for brakes and brake linings for the global automobile industry, among many other applications. The company also acquired its Okanjande graphite mine and processing facilities in Namibia in 2022. In the nearly two years since then, Northern has demonstrated the potential to extend the mine life at LDI and plans to restart mining and processing operations at Okanjande in 2025, pending financing, with the goal of providing a secure source of graphite for western markets. The company's Bissett Creek development project in Ontario is near-shovel ready.

"We see a clear pathway and have a plan to become a 100,000-tonnes-per-year (tpy) producer of battery-grade graphite in the near term. The potential for scalable growth exists across our operations in expansion modules that are derisked at every stage and timed to growing demand from battery makers in North America as the EV revolution gains momentum," said Mr. Jacquemin.

Bridging the battery materials gap

The company announced the launch of its new NGC Battery Materials group in January, 2024, to bridge the gap between graphite mining and the upstream battery market and develop the capability to produce battery anode material, with tailored graphite solutions to our customers.

NGCBM will lead the development of Northern's planned, 200,000-tonne-per-year Baie-Comeau battery anode material facility, with construction anticipated to begin in 2026, subject to financing and in line with coming demand from planned gigafactories in North America.

NGCBM is staffed by leading global experts in battery materials and brings with it a state-of-the-art laboratory and the exclusive licence to develop, produce and sell Porocarb -- a synthetic, high-porous hard carbon material developed over the last 10 years by Germany's Heraeus Group to enhance the efficiency and speed of energy storage mechanisms.

As well as creating new materials for the next generation of batteries, Northern is partnering with industry leaders for downstream integration, and redefining carbon material needs for the industrial sector as the world marches toward net zero and embraces widescale electrification.

"The future is now. Our team is working hard to leverage our unique, first mover advantage to supply the graphite needs of the western world with scalable growth of our mines and battery anode material production," said Mr. Jacquemin. "Let's make it happen!"

LDI technical report

Northern also announces that it has filed a technical report with respect to its LDI project prepared in accordance with National Instrument 43-101 under the company's profile on SEDAR+. The report, titled "Technical Report on the Lac-des-Iles Graphite Mine, Quebec, Canada," is dated Feb. 29, 2024, has an effective date of Dec. 31, 2023, and supports the disclosure made by Northern in its Jan. 17, 2024, press release, titled "Northern Graphite Announces Updated Mineral Resource Estimate for Lac-des-Iles Mine." There are no material differences in the report from the results disclosed in the company's Jan. 17, 2024, press release.

Options

Northern also announces that it has granted a total of 1,011,000 stock options to new employees and an officer of a subsidiary pursuant to the company's stock option plan. These stock options are exercisable to purchase common shares of the company at an exercise price of 35 cents per share for a period of five years expiring on Feb. 27, 2029. The stock options granted vest one-third on the first, second and third anniversary dates of the grant.

About Northern Graphite Corp.

Northern, the only natural graphite producing company in North America and 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, fuel cells and graphene, as well as advanced industrial technologies.

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