Mr. Soroush Nazarpour reports

NANOXPLORE WINS NEW BUSINESS REPRESENTING $24M IN ANNUAL SALES AT MATURE VOLUMES AND ANNOUNCES THE NOMINATION OF JESSE STANLEY, COO OF SHELL ENERGY, TO ITS BOARD OF DIRECTORS

Nanoxplore Inc. has been awarded three programs from two existing customers, one large commercial vehicle OEM (original equipment manufacturer) and one industrial equipment manufacturer, to supply exterior parts of vehicles. These components are used in both internal combustion engines and electric vehicles.

Production for the first program will begin in 2024 while the start of production for the other two programs is planned for 2026. These programs generally last for a period of 10 years. The corporation estimates that these programs will generate $24-million in annual sales at mature volumes along with a one-time tooling revenue of $10-million. The corporation has already secured the related manufacturing equipment to fulfill these orders and the expansion of the North Carolina facility is continuing. These investments are part of Nanoxplore's five-year strategic plan.

Soroush Nazarpour, president and chief executive officer, said: "I would like to thank our customers for their substantial commitment and continuous support of our business. These awards pave the way for further introduction of graphene in transportation and industrial equipment market. Graphene incorporation reduces the carbon footprint of these composite parts and will provide a significant improvement in surface properties which results into a cost reduction for our customers."

The corporation is also pleased to announce the nomination of Jesse C.H. Stanley to its board of directors. Ms. Stanley has worked for Shell Energy North America, LLC as chief operations officer since 2021. Since arriving in Houston in 2019 she has held the positions of general manager commercial for shales and the vice-president of pipeline operations for Shell Midstream Company. Ms. Stanley has over 15 years of experience at Shell International Petroleum Company. Ms. Stanley started her career with Shell in Europe, working in lubricants operations based in Shell's lubricants plants and refineries in the United Kingdom and France, a role in which she served for six years, streamlining processes for logistics and leading a series of initiatives to improve cost competitiveness. Then, based in Shanghai, China, Ms. Stanley was responsible for the global sales and marketing of the auto and truck sector of Shell Lubricants where she led several sales and business development efforts in that role. Following a sabbatical year where she was a Sloan Fellow at Stanford Business School, Ms. Stanley was corporate strategy adviser to Shell's chief strategy and portfolio officer, based in the Netherlands.

Benoit Gascon, lead director of Nanoxplore, stated: "I'm delighted to welcome Jesse to our Board. I have no doubt that she will play a vital role in guiding Nanoxplore to achieve its goals. Her broad range of experience in strategy, sales and marketing and supply chain operations will be beneficial to Nanoxplore."

About Nanoxplore Inc.

Nanoxplore is a graphene company, a manufacturer and supplier of high-volume graphene powder for use in industrial markets. The corporation provides standard and custom graphene-enhanced plastic and composite products to various customers in transportation, packaging, electronics and other industrial sectors. The corporation is also a silicon graphene-enhanced Li-ion battery manufacturer for the electric vehicle and grid storage markets. Nanoxplore is headquartered in Montreal, with manufacturing facilities in Canada, the United States and Europe.

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