Graphite One Outlines Path to Production for Ohio Manufacturing Plant Following Air Permit

Phase 1 designed to provide products to customers before Graphite Creek mine production begins

Ohio Plant Received EXIM Bank Letter of Interest for $1.4 Billion

Proposed Plant Opens Potential Path to Revenue

CEO: "Ohio lets us pursue customer sales, generating company revenue, before mine production begins"

VANCOUVER, BC, Nov. 9, 2026 — Graphite One Inc. (TSXV: GPH; OTCQX: GPHOF) ("G1", "Graphite One" or the "Company") today sets out the next steps for its planned Phase 1 synthetic graphite active anode material ("AAM") plant in Conneaut, Ohio. G1's strategy is to build U.S. anode materials manufacturing in Ohio while it advances Graphite Creek, the Company's natural graphite resource in Alaska.  Because Phase 1 does not depend on ore from Alaska, it gives G1 a potential path to revenue before mine production begins.

"Our objective is to lead in building America's synthetic and natural graphite supply chain, starting with manufacturing in Ohio," said Anthony Huston, President and CEO. "Ohio lets us pursue customer sales, generating company revenue, before mine production begins. With the Ohio Environmental Protection Agency air permit ("Air Permit") in hand, our job is disciplined execution — complete the engineering, advance remaining permits and financing, and prepare to meet customer requirements for quality, cost, and reliable supply."

Phase 1 is designed as a blending and coating plant ("Phase 1 Plant") that would process purchased synthetic graphite and other materials into AAM for lithium-ion batteries used in electric vehicles and energy storage. Planned capacity is 10,000 tonnes per year at an estimated initial capital cost of US$80 million, which will be updated after final engineering. The Company is targeting a Phase 1 final investment decision by April 2027 and first sales in fourth quarter 2028.

The Company is advancing this plan following its previously announced Air Permit for the Phase 1 Plant. While the Air Permit clears the main environmental hurdle for the Conneaut plant, other state and local approvals are required.  Next steps are to complete final engineering, obtain the remaining state and local permits, and secure project financing.

Graphite One's Complete Domestic Supply Chain

Graphite One's strategy combines a planned synthetic graphite manufacturing business with the parallel development of Graphite Creek, which a U.S. Geological Survey study found "is the largest known flake graphite resource in the USA and is among the largest in the world" here. The Company completed its Graphite Creek Feasibility Study in April 2025. Ohio manufacturing and the Alaska resource are distinct parts of a broader domestic graphite supply-chain plan aligned with U.S. priorities for supply security, American manufacturing, and energy storage.

Prospective buyers are U.S. battery and energy-storage customers. Graphite One has previously announced that it has provided samples for testing and qualification and has concluded non-binding supply agreements with Lucid Motors.

In December 2025, the Export-Import Bank of the United States ("EXIM") issued an amended Letter of Interest ("LoI") for US$1.4 billion to support phased expansion of the Ohio AAM facility, in 25,000-tonne increments to 100,000 tonnes per year. The LoI is non-binding and is subject to application, due diligence, credit approval, and other EXIM requirements.  Together with EXIM's LoI of $670 million for the Graphite Creek Project, EXIM's LoIs total $2.07 billion. 

The anticipated timelines remain subject to engineering, remaining permits, financing, construction, and successful customer qualification.

On Behalf of the Board of Directors

"Anthony Huston" (signed)

For more information on Graphite One Inc., please visit the Company's website, www.GraphiteOneInc.com

On X @GraphiteOne

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

All statements in this release, other than statements of historical facts, including receipt of other key Ohio permits, timing and completion of permitting, future production, timing and outcome of actual final investment decision, establishment of a processing plant and a graphite manufacturing plant, and the anticipated cost of such project, goals, amount and timing of anticipated sales of synthetic graphite anode material, customer qualification outcomes, feedstock arrangements, actual receipt of any EXIM financing, successful completing of binding supply agreements with Lucid Motors, actual receipt of any project financing and events or developments that the Company intends, expects, plans, or proposes are forward-looking statements. Generally, forward‐looking information can be identified by the use of forward‐looking terminology such as "proposes", "expects", "is expected", "scheduled", "estimates", "projects", "plans", "is planning", "intends", "assumes", "believes", "indicates", "to be", "targets" or variations of such words and phrases that state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The Company cautions that there is no certainty that the mine, processing plant, or the graphite manufacturing plant will ever be built, the tests or qualification of the Company's material will be successful or that such tests will result in the development of successful products. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Further, the Company is in an industry where political, economic, regulatory, and social conditions may change over time.  Changes in government policies, taxation regimes, security conditions, or stakeholder expectations, particularly the dynamic nature of the U.S. – China trade relations, may affect the Company's ability to meet its stated goals and objectives. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this press release, and the Company undertakes no obligation to update publicly or revise any forward-looking information, except as required by applicable securities laws. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at https://www.sedarplus.ca.

SOURCE Graphite One Inc.