Mr. Paul Guedes reports

SUCCESSFUL COMPLETION OF PHASE TWO OF CO-DEVELOPMENT AGREEMENT WITH LEADING NIOBIUM PRODUCER CBMM

Nano One Materials Corp. has successfully completed phase two of its advanced lithium-ion battery cathode materials coating co-development project with CBMM, the world's leading supplier of niobium products and technology.

Highlights:

• Nano One successfully completed phase two of co-development work with the world's leading supplier of niobium products and technology, CBMM.
• CBMM's niobium validated in high-nickel (Ni greater than 90 per cent) NMC cathode made with Nano One's sulphate-free M2CAM manufacturing technology.
• Nano One's technology enables cost-effective single nanocrystal coatings with CBMM's product to enhance cathode durability, meaning longer lasting batteries.
• Creates business opportunities for both companies.
• CBMM sees potential for new market demand for its sustainable products.

Phase two successfully utilized CBMM's niobium product to make single nanocrystal coated high-nickel (Ni greater than 90 per cent) NMC cathode active material. Enhanced durability was displayed using Nano One's proprietary One-Pot process and metal to cathode active material (M2CAM) technology. The One-Pot process simplifies the manufacturing process by combining all feedstock materials, including coating agents, in one step up front to produce a precursor cathode active material (PCAM) that is already lithiated, in comparison with a multistep process deployed by most in the industry. In addition, Nano One's technology enables reduced kiln residence time in the thermal treatment step, making it more energy efficient when compared to the incumbent process, and the M2CAM technology uses metal powders as the feedstock, instead of sulphate-based battery metals; this removes a sodium-sulphate waste stream which is problematic. Collectively, Nano One's technology enables improved CAM performance, a lower environmental footprint while reducing capital and operating costs when compared with the incumbent process.

"During phase one we successfully demonstrated the niobium coating technology to NMC811," said Nano One chief technology officer Dr. Stephen Campbell. "Phase two's focus was to demonstrate the coating technology at a higher nickel CAM which we have done successfully using our One-Pot process and M2CAM technology. As a result of our confidence in CBMM's product, we decided to implement this product into all of our nickel-based CAM and have had great success. Achieving these milestones reinforces the flexibility and strength of the One-Pot process as a platform technology and brings confidence in the raw materials supply chain to our cathode and automotive collaborators."

This success opens new doors of opportunity for the two companies to market and cross-collaborate with their existing customer bases to create market pull both for Nano One's patented technology and develop a new market for CBMM's sustainable, high-quality product. This also brings a secure and resilient supply chain partner to the company's list of collaborators as an existing automotive supply chain participant as it pursues new opportunities fueled by the Inflation Reduction Act (IRA). This work validates strategic planning and business development efforts that will ultimately maximize opportunities for the company and provide shareholder value.

The next phase, phase three, will focus on scaling of the One-Pot and M2CAM technology using CBMM's product and it includes electrochemical evaluation in full pouch cells to demonstrate commercial viability.

CBMM's head of battery program, Rogerio Marques Ribas, said: "The results of both phase one and phase two are exciting for us as it shows that by combining our technologies we are able to address a larger market of next generation of lithium-ion battery materials and be more sustainable. We look forward to scaling our successes and bringing the products to market. We have well-established customers currently active in the battery supply chain using our product for anode material applications, and envision new market opportunities in cathode active materials."

About Nano One Materials Corp.

Nano One Materials 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. With strategic collaborations and partnerships, including automotive OEMs (original equipment manufacturers) and strategic industry supply chain companies like BASF, Umicore and Rio Tinto. Nano One's technology is applicable to electric vehicles, energy storage and consumer electronics, reducing costs and carbon intensity while improving environmental impact. The company aims to pilot and demonstrate its technology as turnkey production solutions for licence, joint venture and independent production opportunities, leveraging Canadian talent and critical minerals for emerging markets in North America, Europe and the Indo-Pacific region. Nano One has received funding from Sustainable Development Technology Canada and the governments of Canada and British Columbia.

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