Mr. Anthony Huston reports

GRAPHITE ONE ANNOUNCES MARKETED EQUITY OFFERING UP TO C$30 MILLION

Graphite One Inc. has entered into an agreement with a syndicate of agents led by BMO Capital Markets to market on a best-efforts basis by way of a public offering, up to $30-million of units consisting of one common share and one common share purchase warrant of the company at an indicative price of $1.75 per unit.

Each warrant will entitle the holder to acquire one common share from the company at a price of $2.25 per share for a period of 24 months following the closing date (as defined below).

The company has granted the agents an option to increase the size of the offering by up to an additional number of units, and/or the components thereof, that in the aggregate would be equal to approximately 15 per cent of the total number of units to be issued under the offering to cover overallotments, if any, and for market stabilization purposes, exercisable at any time and from time to time up to 30 days following the closing of the offering.

The company intends to use the net proceeds of the offering for AAM-plant-related expenditures, including design and engineering, permitting, and equipment purchases, and for general working capital purposes.

The offering is expected to close in mid-February, 2026, and is subject to Graphite One receiving all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

The units will be offered by way of a prospectus supplement to the company's existing base shelf prospectus filed on Jan. 20, 2026, in all of the provinces and territories of Canada, except Quebec, and may also be offered by way of private placement in the United States.

About Graphite One Inc.

Graphite One continues to develop its Graphite One project, with the goal of becoming an American producer of high-grade anode materials that is integrated with a domestic graphite resource. The project is proposed as a vertically integrated enterprise to mine and process natural graphite and to manufacture artificial and natural graphite anode active materials primarily for the lithium-ion electric vehicle battery and energy storage markets.

We seek Safe Harbor.