Northern Graphite Corporation announced the completion of a drilling campaign at its Lac des Iles ("LDI") mine that confirms the potential to extend the life of what is North America's only significant producer of natural graphite as the EV revolution unfolds. The drilling program, which began in May of 2023 and saw a total of 88 holes for 7,890 metres drilled, demonstrated significant, near-surface graphite mineralization and revealed that it is still open at depth. The Company embarked on the drilling within the existing mine lease after a detailed review of historical studies and mine plans, supported by an airborne geophysical survey, identified a number of target zones, many of which have yet to be drilled.

Results from the first phase of the program were disclosed in a news release dated August 2, 2023, after 43 holes for 4,081 metres were drilled. In addition to the potential larger mineralized zone to the west (as indicated by geophysics) and below the current pit identified in the first phase of drilling, the second half of the drilling program has shown strong potential for good near-surface mineralization, with a number of seams showing the tendency to merge near surface. Both the thickness of the seams and the grades seen indicate the potential for an extension to mining operations in the near term.

Mineralization remains open to the north and south. LDI has long been supplying traditional graphite markets, from refractory bricks for steelmaking to heat management in mobile phones and friction and lubrication products for brakes and brake linings for the global automobile industry. Graphite makes up nearly half of the critical mineral content of a lithium-ion battery and Northern is positioning itself to be an integrated mine-to-battery company, including plans to build North America's Battery Anode Materials plant in Baie-Comeau, Quebec.

The LDI plant currently produces 15,000 tonnes of graphite concentrate per year and has the capacity to produce 25,000 tonnes per annum. Highlights of program include: Zone 13 (West Wall Pit 12) - Hole F13-23-02 returned 7.31% graphitic carbon ("Cg") over 7.94m, Hole F13-23-05 returned 6.70% Cg over 6.94m, Hole F13-23-06 returned 7.33% Cg over 8.0m, Hole F13-23-08 returned 8.60% Cg over 6.62m, Hole F13-23-15 returned 8.60% Cg over 8.85m. Zone 7 (South of Section B) - Hole F7-23-01 returned 9.21% Cg over 6.1m, Hole F7-23-07 returned 6.50% Cg over 5.95m, and Hole F7-23-10 returned 7.51% Cg over 5.9m.