An anonymous director reports

OUTCROP SILVER ACQUIRES COMMON SHARES OF APPLIED GRAPHITE TECHNOLOGIES CORPORATION

This press release is being disseminated by Outcrop Silver & Gold Corp. (the acquiror) as required by National Instrument 62-103 -- The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with its acquisition of securities of Applied Graphite Technologies Corp.

Pursuant to a share exchange transaction which closed on May 22, 2026, as described in Applied Graphite Technologies' press release dated May 22, 2026, the acquiror acquired an aggregate of 15 million common shares of Applied Graphite at a price of 10 cents per Applied Graphite share and now has beneficial ownership of, and control and discretion over, directly or indirectly, approximately 17.87 per cent of the issued and outstanding Applied Graphite shares. Prior to the transaction, the acquiror held no securities of Applied Graphite.

The acquiror acquired the Applied Graphite shares for investment purposes and intends to review its investment in Applied Graphite on a continuing basis. The Applied Graphite shares were acquired as a result of a private acquisition by way of a share exchange transaction. The acquirer has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

The Applied Graphite shares were issued from the treasury of Applied Graphite.

The acquiror has filed an early warning report pursuant to NI 62-103 describing the applicable transactions above. A copy of this report is available on SEDAR+.

Applied Graphite's head office is located at 1111 West Hastings St., suite 905, Vancouver, B.C., V6E 2J3.