Mr. Hugues Jacquemin reports

NORTHERN GRAPHITE ANNOUNCES CLOSING OF FLOW THROUGH SHARE PRIVATE PLACEMENT

Northern Graphite Corp. has completed a non-brokered private placement of 2,631,579 common shares of the company issued on a flow-through basis at a price of 19 cents per share for gross proceeds of $500,000.

The common shares qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The gross proceeds of the private placement will be used to incur Canadian eligible resource exploration expenses that will qualify as Canadian exploration expenses as defined in the tax act, and flow-through critical mineral mining expenditures as defined in the tax act. The gross proceeds will be used to complete a drill program on a number of targets around Northern's cornerstone, Lac des Iles (LDI) mine in Quebec or at its Mousseau West exploration project, with the objective of identifying new sources of mill feed.

In connection with the private placement, the company paid a cash finders' fee of $30,000 on closing to Mine Equities Ltd. The common shares are subject to a hold period of four months and one day from the date of issuance expiring on July 13, 2025.

Corporate update

In order to ensure the company's continued ability to execute on long-term growth plans with the team it has in place, the company's board of directors has approved the grant of a total of 350,000 restricted share units (RSUs) to an officer and an employee pursuant to the company's deferred share unit and restricted share unit compensation plan. Of these, 250,000 RSUs vest 40 per cent on April 1, 2025, 30 per cent on April 1, 2026, and 30 per cent on April 1, 2027, and 100,000 RSUs vest 25 per cent on Aug. 1, 2025, 25 per cent on Aug. 1, 2026, and 50 per cent on Aug. 1, 2027. Once vested, each RSU represents the right to receive one common share of the company or the equivalent cash value thereof, at the company's discretion.

The company also announces the resignation of Don Christie from its board of directors as he turns his focus onto other endeavours. Given the successful onboarding of Samantha Espley, who joined the board over a year ago, the company does not intend to add a replacement board member at this time.

"The management and board of directors of Northern would like to thank Don for his 15 years of service and insight to the board and the company and wishes him well in the future," said chief executive officer Hugues Jacquemin.

About Northern Graphite Corp.

Northern is a Canadian TSX Venture Exchange-listed company that is the only flake-graphite-producing company in North America. Northern 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. The company's mine-to-battery strategy is spearheaded by its battery materials division, which has a fully equipped, state-of-the-art laboratory in Frankfurt. The division is focused on developing advanced anode materials to improve the cycle life and increase the charging rate of lithium-ion batteries and on marketing Northern's patented Porocarb product. Porocarb is a carbon-based material that enhances the performance of both solid state and lithium-ion batteries and is currently being evaluated by leading global battery manufacturers with very positive results.

Northern's graphite assets include the producing Lac des Iles mine in Quebec, where the company is boosting output to meet growing demand from industrial customers and coming demand from North American battery makers. The company also owns the large-scale Bissett Creek project in Ontario and the fully permitted Okanjande graphite mine in Namibia, which is currently on care and maintenance and represents an opportunity to substantially increase graphite production at a lower cost and with a shorter time to market than most competing projects. All projects have battery-quality graphite and are located close to infrastructure in politically stable jurisdictions.

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