Mr. Paul Guedes reports

NANO ONE PROVIDES QUARTERLY PROGRESS UPDATE AND REPORTS Q2 2022 RESULTS

Nano One Materials Corp. has filed its unaudited condensed interim consolidated financial statements and management discussion and analysis for the second fiscal quarter ended June 30, 2022, and is pleased to provide the following highlights from Q2 2022.

Q2 highlights and headlines:

• Working capital of ~$47.5 million; cash of ~$47.9 million
• Acquisition of Johnson Matthey Battery Materials
• Joint Development Agreement with BASF
• Strategic Investment by Rio Tinto for ~$12.5 million

Corporate Milestones for Q2

Acquisition of Johnson Matthey Battery Materials

On May 25, 2022, Nano One announced it had entered into a binding agreement to acquire 100% of the shares of Johnson Matthey Battery Materials Ltd. ("JMBM Canada") a Canadian entity located in Candiac, Quebec, for approximately $10,250,000 paid in cash, subject to closing working capital adjustments.

Acquisition to include the team, facilities, equipment, land and other assetsTeam has more than 360 years of scale-up and commercial production know-howTeam and facilities proven in supplying tier 1 cell manufacturers for automotiveLFP facility and land strategically located near Montreal and operational since 2012Facility and equipment can serve Nano One's process needs with room to expandExpedites Nano One business strategy for LFP and other battery materials

JMBM Canada also includes a 2,400 tonne per annum capacity LFP production facility occupying approximately one tenth of the 400,000 square foot property. The transaction is expected to complete by the end of calendar 2022, subject to JMBM Canada fulfilling contractual commitments and certain other customary closing conditions.

Joint Development Agreement - BASF

On May 31, 2022, Nano One announced the signing of a joint development agreement ("JDA") with BASF SE ("BASF"), a globally active chemical company with extensive experience in the development and manufacture of battery materials. Under the JDA, the companies will co-develop a process with reduced by-products for commercial production of next-generation cathode active materials (CAM), based on BASF's HEDTM-family of advanced CAM and using Nano One's patented One-Pot process and M2CAM technologies. BASF has a family of CAM products well-suited to the evolving requirements of batteries in automotive drivetrains and a proven track record of developing these products in collaboration with others. Nano One and BASF will also use the M2CAM process for higher flexibility in terms of manufacturing approach and resulting product performance, reduced energy consumption and environmental footprint.

Strategic Investment by Rio Tinto

On June 9, 2022, Nano One announced entering a strategic partnership with Rio Tinto, a leading global mining and metals group, providing iron and lithium products, collaboration and a US$10,000,000 ($12,536,500) investment into Nano One. This partnership and funding will accelerate Nano One's multi-cathode (multi-CAM) commercialization strategy and support CAM manufacturing in Canada for a cleaner and more efficient battery supply chain for North American and overseas markets.

Nano One issued 4,643,148 common shares to Rio Tinto, approximately 4.9% of the issued and outstanding Shares of Nano One at the time of the share issuance, at $2.70 per share in a non-brokered private placement. The proceeds will be directed towards technology and supply chain development, commercialization, Nano One's acquisition of the Candiac facility in Quebec, its conversion to One-Pot LFP and industrial scale piloting of other Nano One CAM technologies, and for working capital purposes.

Q2 Financial Position and Results

• Gross expenditures on research activities of ~$1,600,000 (Q1 2022 - ~$1,700,000) (Q2 2021 - ~$800,000)
• Purchase price consideration for JMBM Canada of ~$10,000,000
• Proceeds from Rio Tinto strategic investment (private placement) of ~$12,500,000
• Gross capital expenditures incurred of ~$275,000Net use of cash of ~$800,000 (Q1 2022 - ~$3,900,000)
• Total assets of ~$60,700,000 (March 31, 2022 - ~$51,400,000)
• Total liabilities of ~$1,500,000 (March 31, 2022 - ~$1,400,000)

Sources of cash during Q2 were from the Rio Tinto private placement (~$12,500,000), cost recoveries from strategic partners (~$637,000), interest income (~$123,000), proceeds from Government programs (~$69,000), and exercises of stock options and warrants (~$49,000).

For a more detailed discussion of Nano One's second quarter and year to date 2022 results, please refer to the Company's financial statements and management's discussion & analysis, which are available at www.sedar.com

About Nano One

Nano One(TM) Materials Corp (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. The technology is applicable to electric vehicle, energy storage, consumer electronic and next generation batteries in the global push for a zero-emission future. Nano One's One-Pot process, its coated nanocrystal materials and its Metal to Cathode Active Material (M2CAM(TM)) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint. Nano One has received funding from various government programs and the current "Scaling of Advanced Battery Materials Project" is supported by Sustainable Development Technology Canada (SDTC) and the Innovative Clean Energy (ICE) Fund of the Province of British Columbia. For more information, please visit www.nanoone.ca

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