Mr. Dan Blondal reports

AUTOMOTIVE OEM VALIDATES NANO ONE LFP AND KICKS OFF TONNE-SCALE EVALUATIONS

Nano One Materials Corp. has confirmed orders for approximately 1.3 tonnes of LFP (lithium-iron-phosphate) samples from key collaborators for commercial evaluation purposes, of which approximately 30 per cent has been shipped. The LFP was made using Nano One's recently commissioned One-Pot LFP pilot facilities in Candiac, Que., demonstrating and derisking production in commercial-scale equipment.

"These large-volume samples of LFP cathode materials," explained Nano One chief commercialization officer Denis Geoffroy, "were made at our pilot facilities in Quebec using commercial-scale equipment that was recently recommissioned for the One-Pot process. The samples are being provided to a global automotive manufacturer and other key collaborators, after having tested and validated smaller samples of Nano One's LFP cathode materials. This supports a joint vision to promote and execute locally sourced, waste-free, high-performing cathodes in world-class cells. It also aligns us with Canadian and U.S. government initiatives and the underlying objectives of the Inflation Reduction Act."

Additional key collaborators in automotive, ESS, defence and industrial sectors are also testing and validating Nano One's LFP pilot materials for the purposes of securing offtake agreements to meet their business objectives. Nano One is addressing a diverse market for LFP and creating multiple client relationships to satisfy growth plans and the sector's needs. Target markets include North America, Europe and the Indo-Pacific region, representing an addressable LFP market opportunity totalling $48-billion (U.S.) by 2035.

Nano One chief executive officer Dan Blondal underlined: "Our team in 2023 has significantly derisked our capacity to scale and grow with our collaborators and future customers and accelerated the timeline to tonne-scale sample evaluations. These milestones showcase Nano One's ability to execute on its plans and help to increase shareholder value and supply chain confidence in Nano One's technology and growth strategy. I'd like to thank all of our stakeholders for their support on our journey and we look forward to providing further updates in 2024."

About Nano One 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. With strategic collaborations and partnerships, including automotive original equipment manufacturers and strategic industry supply chain companies like Sumitomo Metal Mining, 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 SDTC (Sustainable Development Technology Canada) and the governments of Canada and British Columbia.

We seek Safe Harbor.