Graphite One Secures Final Ohio Air Permit, Supporting Further Progress towards Planned Construction for US$80 Million Phase 1 Anode Plant

Ten-year permit covers the planned 10,000-tonne-per-year Phase 1 in Conneaut, Ohio

First sales of synthetic graphite anode material targeted for Q4 2028

The Export-Import Bank of the United States ("EXIM") has issued an amended non-binding Letter of Interest ("LoI") of US$1.4 billion for the G1 AAM facility.  The EXIM AAM LoI is one of two received by G1, bringing total EXIM LoI support to US$2.07 billion

G1 has provided samples to prospective U.S. battery and Energy Storage System customers for testing and qualification purposes

VANCOUVER, BC, Nov. 2, 2026 /PRNewswire/ -- Graphite One Inc. (TSXV: GPH) (OTCQX: GPHOF) ("Graphite One" or the "Company") has received the final air permit from the Ohio Environmental Protection Agency ("Ohio EPA") for Phase 1 of its planned active anode material ("AAM") facility in Conneaut, Ohio (the "Ohio Facility"), a 10,000 tpy blending and coating plant (the "Phase 1 Plant"). The Air Pollution Permit-to-Install and Operate, Permit No. P0140891 (the "Air Permit" or "PTIO"), was issued to Graphite One (Ohio) Inc.

"Receiving the final Ohio Air Permit is an important step toward establishing a domestic synthetic anode material supply chain," said Anthony Huston, President and Chief Executive Officer. "This approval advances Phase 1 Plant toward first revenue and supports our goal of becoming the first U.S. company commercially producing synthetic graphite anode material."

The Ohio Air Permit is the key environmental permit required to build and run the Phase 1 Plant, and the one permit the Company has considers the most demanding to receive. AAM is the primary material in the anode of lithium-ion batteries that power electric vehicles and all types of grid energy storage. The Company believes the Phase 1 Plant will be the first of its kind in the U.S.

Key Highlights

• Air Permit in hand. Issued and effective October 27, 2026. Valid to October 27, 2036, renewable.
• Full scope, built-in controls. Covers four emissions units: agglomeration (P001), carbonization (P002), feeding and blending (P901), and finishing and packaging (P902). Thermal oxidizers are designed for 98% control of volatile organic compounds and 99% control with baghouses of particulate matter control.
• Ohio EPA review complete. The Air Permit concludes the technical review announced on July 16, 2026. The Phase 1 Plant now moves toward a final investment decision: 10,000 tonnes per year of planned capacity at an estimated initial capital cost of US$80 million, to be updated after final engineering.
• Early Path to Revenue: First synthetic graphite AAM sales from the Phase 1 Plant are targeted for Q4 2028, subject to a final investment decision, financing, and construction. Graphite Creek mine production is targeted for 2030.
• Federal backing. EXIM has issued an amended, non-binding LoI of US$1.4 billion for the AAM facility to support a phased increase in production capacity, in 25,000 tonne increments to 100,000 tonnes per year of AAM.  The EXIM LoI is one of two received by G1, bringing total EXIM LoI support to US$2.07 billion.

"Securing the final permit reflects the quality of our engineering and permitting work after a rigorous review by Ohio EPA," said Mike Schaffner, Chief Operating Officer. "Our focus now turns to engineering, procurement and financing to bring Conneaut to construction."

Graphite One has provided samples to prospective U.S. battery and Energy Storage System customers for testing and qualification purposes.

The Market: Commercial and Strategic

U.S. graphite demand is projected to grow more than 600%, to nearly 700,000 tonnes per year by 2034¹. China dominates global anode material processing and has imposed export controls on graphite and anode technologies², making domestic supply strategically important.

Next Steps

Graphite One will now complete final engineering on the Phase 1 Plant. The remaining approvals are standard building, construction, and operating permits from state and local agencies, which follow final engineering and precede construction. The Company intends to pursue these permits on an expedited basis, working closely with those agencies. Under the Air Permit, construction must begin within 18 months of October 27, 2026, with one possible 12-month extension. In parallel, the Company will pursue project financing, including through EXIM, and order long-lead equipment to accelerate the schedule.

Targeted milestones: By April 2027, the Company anticipates making a Phase 1 Plant final investment decision, seeking the award of the engineering, procurement, and construction contract, and starting construction.  In addition, the Company anticipates Phase 1 completion and first sales in Q4 2028.

The Bigger Picture: Mine to Battery Material

Graphite One is building a vertically integrated U.S. graphite supply chain: from the Graphite Creek deposit near Nome, Alaska, to AAM manufacturing at the Ohio Facility. The U.S. Geological Survey ranks Graphite Creek as the largest graphite deposit in the U.S. and one of the largest in the world³. Mine construction is targeted for 2028 and production for 2030. Under the federal FAST-41 timetable, a U.S. Army Corps of Engineers permit decision on Graphite Creek is targeted by September 30, 2027.

The Air Permit is available through the Ohio EPA website click here.

Graphite One's U.S. Supply Chain Strategy

The goal: reducing U.S. dependence on foreign graphite. The strategy includes:

• Mining and processing natural graphite at Graphite Creek, Alaska
• Transporting graphite materials through the Port of Nome
• Manufacturing advanced graphite and anode materials in Ohio
• Potential co-located recycling of graphite and other battery materials

These steps are designed to support a circular U.S. graphite economy, subject to project financing.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project (the "Project"), with the goal of becoming 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 and process natural graphite and to manufacture synthetic and natural graphite anode active materials primarily for the lithium-ion electric vehicle battery and energy storage markets.

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, establishment of a battery materials recycling facility, goals and timing of anticipated sales of synthetic graphite anode material, actual receipt of any EXIM financing, 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, graphite manufacturing plant, or the battery materials recycling facility will ever be built, the tests 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 http://www.sedarplus.ca.

SOURCE Graphite One Inc.