With support of DOD funding Graphite One has completed the 2023 and 2024 drilling programs that expanded the measured and indicated resource and proven and probable reserve

Publication of a NI 43-101 compliant Feasibility Study will be filed in April 2025 — and is anticipated to triple the production rate disclosed in Graphite One’s 2022 pre-feasibility report (the “PFS”)

Proven/Probable Mineral Reserve tonnage is 317% of the PFS reserve estimate.  The corresponding contained graphite is 296% of the PFS estimate

Graphite Creek is now triple the size it was when USGS just 3 years ago deemed it “the largest flake graphite deposit in the U.S.”

Graphite One Inc. (TSX-V: GPH) (OTCQX: GPHOF) is pleased to announce updated mineral resource and reserve estimates for its Graphite Creek Project. Graphite One will file a feasibility study prepared in accordance with National Instrument 43-101  under the Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days of the date of this news release, anticipated to be filed in April 2025.

“With grant support under the Defense Production Act Title III authorities, Graphite One was able not only to accelerate completion of our feasibility study by 15 months, but also quadrupled our planned drilling program, producing the results we announce today,” said Anthony Huston, CEO of Graphite One. “We will now enter the permitting process with a production rate triple what we projected just over two years ago.  The Proven and Probable Mineral Reserve tonnage is 317% of the PFS reserve estimate and the corresponding contained graphite is 296% of the PFS estimate.  All of this is based on results from just 1.2 miles of the total 9.5 mile long geophysical anomaly.”

Graphite One’s announcement today follows the publication last week of President Trump’s Executive Order “Immediate Measures to Increase American Mineral Production. Graphite One’s press release on the EO can be found at this link.

“With President Trump’s new Executive Order, G1 is working with Congress, the Administration, and federal agencies to accelerate our Graphite One supply chain project through permitting and into production, to end the nation’s 100% import dependency for graphite,” Mr. Huston added. “With these new results, Graphite Creek is now triple the size when the US Geological Survey reported just three years ago that Graphite Creek was the largest flake graphite deposit in the U.Sⁱ“.

Mineral Resource and Reserves

The Graphite Creek property is located on the Seward Peninsula, Alaska about 38 miles (60 km) north of Nome.  The Property comprises 23,680 acres (9,600 hectares) of State of Alaska mining claims.  The claim block consists of 176 claims, of which 163 are wholly owned by Graphite One (Alaska) Inc. and 13 are leased to Graphite One (Alaska) Inc.  G1’s deposit is entirely on State land.  The graphite mineral zone is exposed on the surface and strikes East/Northeast along the North Face of the Kigluaik Mountains.  The Feasibility Study Pit and Mineral Reserve footprint represents just 1.2 miles (1.9 km) of the 9.5 miles (15.3 km) long electromagnetic anomaly (Figure 1).

Through 2022, 2023 and 2024, 90 holes have been drilled in the resource area for a total of 13,482 meters of drilling.  The resource database consists of 22,806 assays.  The resource remains open down dip, and along strike to the East and West.

The Mineral Resource Estimate for Graphite Creek was updated with data through the 2024 drilling program. The methodology used was the same as that described in the PFS.  A lower cut-off grade of 2% was used for the 2022 and 2024 resource.  The FS mineral resource estimate is presented in Table 1.

The 2023-2024 drilling program focused on converting Inferred Resources into Measured and Indicated, to allow annual graphite production to be increased in the FS.  A comparison of the PFS and FS mineral resources can be seen in Table 2.

The 2024 Mineral Reserve consists of 71.219 million tonnes of Proven and Probable material at an average diluted grade of 5.22% graphite, yielding 3.7 million tonnes of contained graphite. A variable cut_–off grade between 2%-3% was used in calculating the proven/probable reserve.  Table 3 shows the mineral reserve.

The FS Mineral Reserve estimate tonnage is 317% of the PFS reserve estimate and the contained graphite is 296% of the PFS estimate.  A comparison of the PFS versus FS mineral reserve can be seen in Table 4.

Graphite One’s Domestic Supply Chain Strategy

With the United States almost 100 percent import dependent for anode active materials, Graphite One is developing a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek deposit, recognized by the US Geological Survey as the largest graphite deposit in the U.S. “and among the largest in the world.” The Graphite One Project plan includes an advanced graphite material and battery anode material manufacturing plant located in Warren, Ohio. The plan also includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the Ohio site, the third link in Graphite One’s circular economy strategy. The building of these facilities remains subject to financing.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project to become 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, process and manufacture anode active materials primarily for the lithium‐ion electric vehicle battery market.  As set forth in the Company’s 2022 Pre-Feasibility Study, graphite mineralization mined from the Company’s Graphite Creek Property, situated on the Seward Peninsula about 60 kilometers north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant.  Natural and artificial graphite anode active materials and other value‐added graphite products would be manufactured from the concentrate and other materials at Graphite One’s proposed advanced graphite materials manufacturing facility to be located in northeastern Ohio.

Qualified Person and Technical Report

Mr. Rob Retherford, P. Geo, with Alaska Earth Sciences, Inc. provided oversite to the 2022-2024 drilling, sampling, and QA/QC programs. Mr. Retherford is a Qualified Person as defined under NI 43‐101 and has reviewed and approved the technical content of this release.

Mr. Chotipong Somrit with Barr Engineering Co. prepared the FS Mineral Reserve Estimate and inspected the Graphite Creek Project site on August 12^th, 13^th, and 14^th of 2024. Mr. Somrit is a Qualified Person as defined under NI 43‐101 and has reviewed and approved the technical content of this release.

An FS supporting the results disclosed herein will be published within 45 days. The effective date of the FS is March 25, 2025. For readers to fully understand the information in this release they should read the technical report in its entirety when it is available on SEDAR+, including all economic analyses, qualifications, assumptions, exclusions and risks. The FS is intended to be read as a whole and sections should not be read or relied upon out of context.

Figure 1: FS pit versus PFS pit superimposed on electromagnetic (EM) survey anomaly (CNW Group/Graphite One Inc.)