Graphite One Inc. announced the completion of the Company's 2023 summer drilling program, marking the largest exploration program in the Company's history and allowing the Company to accelerate completion of its National Instrument 43-101 - Standards of Disclosure for Mineral Project (NI 43-101) compliant feasibility study (the Feasibility Study), anticipated to be released in the fourth quarter of 2024. With the support of the grant funding awarded pursuant to the Department of Defense Technology Investment Agreement (the DPA Agreement) under Title III of the U.S. Defense Production Act (DPA), which is funded through the Inflation Reduction Act, Graphite One carried out a large-scale drilling program, quadrupling the number of feet drilled in 2023 compared to 2022. As a result of this DPA grant and a strategic investment from Bering Straits Native Corporation (BSNC), Graphite One completed 57 holes for a total of 8,736 m (28,661 ft) of drilling, including 5 geotechnical holes for the primary purpose of evaluating construction sites or hydrology conditions.

The remaining 52 resource holes all intersected visual graphite mineralization and continued to demonstrate exceptional consistency of a shallow, high-grade graphite deposit that remains open both to the east and west of the existing mineral resource estimate (MRE). See Figure 1 for more details. 2023 select drill holes with significant graphite mineralization include: 23GC088 returns 9.63 m of 13.19% Cg from 70.60 m; 23GC092 returns 9.0 m of 14.89% Cg from 35.0 m; 23GC099 returns 15.02 m of 10.75% Cg from 20.0 m; 23GC102 returns 10.88 m of 11.14% Cg from surface AND 8.03 m of 10.56% Cg from 66.14 m further down hole.

The Company anticipates that the remaining assays will be received by the end of the year and incorporated into the Department of Defense DPA-supported Feasibility Study, which is anticipated to be released in the fourth quarter of 2024.