Graphite Creek Property Progress Towards Pre-Feasibility Study Completion

VANCOUVER - Graphite One Inc. reported that it plans to execute a 2021 Drilling Program at its Graphite Creek Property located near Nome, Alaska. The drill program follows the Company's funding of CA$10M to advance Graphite One's Preliminary Feasibility Study ("PFS"), scheduled for completion in the 4th Quarter of 2021. Approximately 3,000 meters of HQ core drilling is planned for the program to in-fill and expand the Measured and Indicated resources of graphitic carbon for the Feasibility Study (FS).

Additional geotechnical drilling is planned for open pit mine design and to advance the understanding of ground conditions in proposed infrastructure sites. In addition to the proposed 2021 Drilling Program, site visits and field work by the engineering team will be completed, additional environmental baseline data will be collected, and community outreach activities will continue during the 2021 field season. The Drilling Program and other field work are expected to begin. Appropriate COVID-19 management protocols will be implemented by all field personnel to ensure the health and safety of everyone involved as well as the surrounding communities.

"We are encouraged to be on track to complete our PFS this year and we are excited about the planned field programs that will inform the more detailed FS once the PFS is completed. The 2021 Drilling Program will provide the additional information required to continue advancing the design and engineering for the proposed mine, the flotation process facility, the Secondary Treatment Plant for producing Coated Spherical Graphite and other graphite products, and all associated infrastructure", said Stan Foo, Chief Operating Officer, "These investigations will allow Graphite One to firm up our understanding of the project as we unlock the full value of this unique large flake graphite deposit".

Anthony Huston, President and CEO of Graphite One states, "With the growing demand for graphite in electric vehicle batteries and other energy storage applications - and recent actions by the Biden administration to secure US supply chains for critical minerals -- we see Graphite One's aim to produce a U.S.-based supply chain solution becoming increasingly significant as a new potential source of advanced graphite products for decades to come. While the 2017 Preliminary Economic Analysis indicated excellent economics, we are very excited about the potential for the PFS to show a clear path for further development."