Black Swan Graphene Inc. announced the results of the scoping study for its large scale Québec facility (the "Scoping Study"). Developed in collaboration with Toronto-based engineering firm Halyard Inc. ("Halyard"), this Scoping Study marks a significant step forward for Black Swan's growth strategy. The Scoping Study provides an initial evaluation, including processing plant specifications as well as conceptual mechanical, civil, structural, and electrical designs, for its proposed 40,000 square-foot first large-scale production facility, based on the same processing technology currently being used in the facility located in the United Kingdom.

The annual production and self-sustaining ramp up of its industry-ready products have been established by taking into consideration customers and distributors' expected demand, as well as strategic partnerships, including the partnerships with Nationwide Engineering Research & Development ("NERD") and the Arup Group ("Arup"). The Scoping Study also established capital and operating cost estimates, as well as financial analysis based on its strategy to build such facility in Québec, Canada, where the Company aims to leverage the emergence of a graphite industry as a raw material source and the province's low-cost renewable hydroelectricity. While the initial capacity target stands at 9,868 tonnes per annum in accordance with the Company's initial strategy, expansion beyond this figure will be driven by market dynamics and raw material access.

It is worth emphasizing that, due to the modularity of Black Swan's patent-protected technology for large scale production, the Company is well positioned to also offer a licensing "at-the-point-of-use" model, which would further accelerate the adoption of its graphene products, particularly in the concrete industry. The sale price assumptions used in the Scoping Study are in line with the Company's inflation adjusted original strategy and represent long term prices, but the Company remains confident that higher prices will be realized as customers value the suitability of the product derived from collaborative product development efforts. With these new products and additives, customers gain the opportunity to explore new markets and develop their own innovative products at a minimal variation in overall costs.

Black Swan continues to anticipate that the availability of such low-cost and high-performance graphene products will fuel the adoption across volume-driven industries. Black Swan cautions that the Scoping Study does not constitute a scoping study within the definition employed by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), as it relates to a standalone production facility and does not concern a mineral project.