Northern Graphite Corporation announced an updated mineral resource estimate for its Lac-des-Iles mine ("LDI") in Quebec. The mineral resource update was prepared by SLR Consulting (Canada) Ltd. ("SLR"), which Northern engaged to update the mineral resource estimate that was previously prepared for the Company by SLR as disclosed in the technical report dated February 2, 2022, entitled "Technical Report on the Lac-des-Iles Quarry, Quebec". The Company also announces that it intends to meet rising demand by moving to a seven-days-per-week operation in the second quarter, targeting annual nameplate capacity of 25,000 tpy.

The new resource creates potential to extend the life of the Company's cornerstone asset and North America's only graphite producing mine by at least eight years, which will be confirmed and quantified through an updated mineral reserve estimate and life-of-mine plan that will be available later this quarter. Northern completed a Phase I drilling program within the existing LDI lease in October 2023. The program consisted of 88 holes and 7,890 m of drilling and demonstrated significant near-surface graphite mineralization which is still open at depth.

There are also 11 additional target zones that were identified by an airborne geophysical survey that are yet to be drilled.