Green Battery Minerals Inc. and Volt Carbon Technologies Inc. announced the commencement of battery anode development using graphite refined from Green Battery Minerals Berkwood property, accompanied by the release of initial test results affirming the high-grade graphite's suitability for lithium-ion batteries. Utilizing the super jumbo flake graphite concentrate derived from rock samples provided by Green Battery to Volt in July 2023, Volt's Scarborough facility successfully executed a dry separation process, yielding a record-high total carbon content of 98.4%, as announced on August 15, 2023. Under the guidance of Dr. Aiping Yu, Volt's newest Board Member and University of Waterloo Professor, the graphite underwent a straightforward mechanical reduction process to achieve battery-grade anode sizes without additional purification treatment.

This process used no harmful chemicals and did not go through two very costly and energy- consuming processes of sphericalizing and coating. These processes or variations may be added in the future to improve battery performance. Subsequently, coin cells were manufactured alongside benchmarked samples of commercially available graphite anodes and are currently undergoing cycle testing at Solid Ultrabattery's and the University of Waterloo's labs.

Initial coin cell testing revealed a capacity of 344mAh/g, achieved without any chemical processes under entirely dry handling conditions and without sphericalization and carbon coating. This highlights the efficacy of the mechanical reduction process and underscores the promising potential of sustainable dry-separated graphite for battery applications. With further process adjustments, the company aims to achieve results exceeding 360 mAh/g in the upcoming quarter.

The XRD and Raman shift plots below show the similarities of Green Batteries' natural graphite structure against commercial battery grade anodes. The integrity of the graphite structure is evaluated by the ID/IG ratio of the samples. All of Green Battery's samples showed approximately the same ratio as the commercial anode.

These outcomes mark the initial stride in optimizing Green Batteries graphite for lithium-ion batteries, reinforcing Volt Carbon's commitment to advancing battery technologies, as explicitly stated in our July 24, 2023, press release. Volt Carbon remains dedicated to refining dry processes for converting Green Batteries' materials into battery-grade anodes, maximizing value with our mineral processing agreement with Green Battery while driving significant technical progress in the North American battery materials supply chain.