Graphite One Reports Final Set of High-Grade Graphite Results from Summer 2023 Drilling Program

Results Confirm this High-Grade Deposit Remains Open to Both East and West and Down Dip

VANCOUVER, BC, Jan. 8, 2024 /PRNewswire/ - Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("Graphite One" or the "Company") is pleased to announce completion of assay results from the Company's 2023 summer drilling program, which marked the largest exploration program in the Company's history and put Graphite One on track to accelerate the completion of a compliant Feasibility Study as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Project ("NI 43-101").

These assays were received following the Company's October 23, 2023 press release¹ announcing the initial assay results from the 2023 drilling program.  Select drill holes with significant graphite mineralization include:

• 23GC110 returned 9.40 m of 13.87% Cg from 10.36 m
• 23GC127 returned 6.48 m of 19.02% Cg from 47.4 m and 10.14 m of 12.3% Cg from 61.56 m
• 23GC115 returned 11.92 m of 7.07% Cg from 53 m
• 23GC103 returned 9.90 m of 7.7% Cg from 0.1 m
• 23GC105 returned 6.00 m of 12.54% Cg from 107 m

"We are pleased with the continued consistency in the quality of the assay results from our 2023 drilling program," said Anthony Huston, President and CEO of Graphite One. "We see these results as another indication that Graphite Creek is a truly generational strategic resource for a world hungry for graphite, and we continue to strengthen our position to deliver a feasibility study in late 2024."

As previously reported in the October 23, 2023 press release, all 52 resource definition holes drilled during the 2023 summer drilling program intersected visual graphite mineralization and continued to demonstrate exceptional consistency of a near-surface, high-grade graphite deposit that remains open east, west and down dip of the existing mineral resource estimate. 

Last year, the US Geological Survey (USGS), in its report titled "Insights into the Metamorphic History and Origin of Flake Graphite Mineralization at the Graphite Creek Graphite Deposit, Seward Peninsula, Alaska, USA,"² stated that: 

"The Graphite Creek graphite deposit, located in the Kigluaik Mountains 60 km north of Nome on the Seward Peninsula, Alaska, is the largest known flake graphite resource in the USA and is among the largest in the world."

The USGS report was based on data from the exploration of less than 7% of Graphite Creek's 16-kilometer-long deposit. 

Notable intercepts received since the October 23, 2023 press release are listed in Table 1 below and will be incorporated into the Department of Defense DPA-supported Feasibility Study, which is anticipated to be released in the fourth quarter of 2024.

Mr. Rob Retherford, P. Geo, with Alaska Earth Sciences, Inc. provided oversite to the 2023 drilling and sampling program.  Mr. Retherford is a Qualified Person as defined under NI 43-101 and has reviewed and approved the technical content of this release.

Graphite One maintains a rigorous QA/QC program with respect to the preparation, shipping, analysis and checking of all samples and data from the Property. Quality control for drill programs at the Company's projects covers the complete chain of custody of samples, including verification of drill hole locations (collar surveys and down-hole directional surveys), core handling procedures (logging, sampling, sample shipping) and analytical-related work, including duplicate sampling, "check analyses" at other laboratories and the insertion of standard and blank materials. The QA/QC program also includes data verification procedures.

With the United States currently 100 per cent import dependent for natural graphite, Graphite One is planning to develop a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource. The Graphite One Project plan includes an advanced graphite material and battery anode manufacturing plant to be sited in the contiguous United States. The plan includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the site, the third link in Graphite One's circular economy strategy.

GRAPHITE ONE INC. (TSX‐V: GPH; OTCQX: GPHOF) continues to develop its Graphite One Project (the "Project") to become an American producer of high-grade anode materials that is integrated with a domestic graphite resource.  The Project is proposed as a vertically integrated enterprise to mine, process and manufacture anode materials primarily for the lithium‐ion electric vehicle battery market.  As set forth in the Company's 2022 Pre-Feasibility Study, graphite mineralization mined from the Company's Graphite Creek Property, situated on the Seward Peninsula about sixty (60) kilometers north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant.  Natural and artificial graphite anode materials and other value‐added graphite products would be manufactured from the concentrate and other materials at the Company's proposed advanced graphite materials manufacturing facility to be located in the contiguous United States.  The Company intends to make a production decision on the Project upon the completion of a Feasibility Study.

On Behalf of the Board of Directors

"Anthony Huston" (signed)

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.

This release includes certain statements that may be deemed to be forward-looking statements. Other than statements of historical facts, all statements in this release that address timing of issuance of a NI 43-101 Feasibility Study, receipt of regulatory approvals, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are no 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 the receipt of all necessary regulatory approvals, 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. 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 www.sedarplus.ca.

SOURCE Graphite One Inc.