Nano One commenced Feasibility study for First Commercial LFP Plant and "Design-Once-Build- Many" Growth Strategy February 27, 2024. Feasibility study (FEL 3) initiated for a 25,000 tpa LFP (Lithium Iron Phosphate) plant to support securing customer offtake, feedstock supply and future project funding. BBA selected to complete the study based on team's extensive history with the Candiac plant and proven expertise in supporting the successful 200 tpa pilot plant.

Design-Once-Build- Many growth strategy adds shareholder value while strengthening licensing and joint venture plans. Furthermore, this study will examine an ready to duplicate design, to address mid-to-longer-term objective of deploying multi-line facilities under license or joint venture (JV) with partners in Asian, Indo-Pacific, North American and European jurisdictions. Progress at Nano One's Candiac pilot plant, as reported on December 19, 2023 and February 5, 2024, has helped the company de-risk, improve and optimize its One-Pot process for LFP in commercial scale equipment while informing its engineering plans and providing confidence to its collaborators on the long-term competitive viability of its One-Pot LFP technology.

Update on First Commercial Plant. Through a competitive bidding process, Nano One chose BBA to conduct an FEL 3 which will optimize plant layout, further refine capital and operating costs and project timelines for the construction of a 25,000 tonne per annum (tpa) LFP production facility. Nano One is also closely monitoring government incentive programs in America and with its free trade partners, and has been engaged in conversations with several state and local governments to ensure that the company can align business plans and scale-up to meet emerging market needs in America.

With an emerging market for LFP projected to be tens of billions of dollars by 20351, the company is addressing this opportunity by aligning its first facility and partnerships to showcase the advantages of the One-Pot process and the speed-to-market benefits of its Design-Once-Build-Many growth strategy. 2024 Path to Commercialization. The company remains well capitalized and is looking to maximize opportunities to secure support from governments.

Nano One's technology is applicable to electric vehicles, energy storage, and consumer electronics, reducing costs and carbon intensity while improving environmental impact. The Company aims to pilot and demonstrate its technology as turn-key production solutions for license, joint venture, and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe, and the Indo-Pacific region. Nano One has received funding from SDTC and the Governments of Canada and British Columbia.

All statements, other than statements of historical fact, are forward-looking information in this news release includes but is not limited to: the Company's future business and strategies; industry demand; anticipated joint development programs; incurrence of costs; competitive conditions; general economic conditions; general economic conditions; the intention to grow the business, operations, revenues and potential activities of the Company; the functions and intended benefits of the Company's technology and products; the development of the Company's technology, supply chains and products; current and future collaboration engineering, and optimization research projects; plans for construction, scale-up and operation of a multi cathode piloting hub; the commencement of a commercialization phase; prospective partnerships and the anticipated benefits of the Company's partnerships; the purpose for expanding its facilities; scalability of developed technology; and the execution of the Company's plans - which are contingent on support and grants.