Mr. Denis Geoffroy reports

NANO ONE ADVANCES DEVELOPMENT COMPANY PROJECT TO BUILD LFP CATHODE PRODUCTION IN CANADA

Nano One Materials Corp. is advancing its first development company (Canada DevCo or the project) as part of its strategy to deploy lithium-iron-phosphate (LFP) cathode production in Canada.

The company has begun a site evaluation study to assess potential locations for a proposed 25,000-tonne-per-annum cathode production facility, with a potential expansion to up to 100,000 tonnes per annum of production capacity. The project aims to serve ESS (energy storage system), EV (electric vehicle) and defence markets in Canada and internationally. The study aims to identify preferred site options and assess factors such as access to utilities and key infrastructure as well as relevant permitting road maps. The work will allow Nano One to prepare operational site options, which will be key in the continuing discussions and engagements with potential customers and strategic partners.

"We are pleased to be advancing our first development company project, which aims to expand Nano One's operational footprint beyond our existing Candiac facility," said Denis Geoffroy, chief operating officer of Nano One. "There is increasing market pull from customers for the industry to deliver LFP cathode active materials from a regionally focused and resilient supply chain. LFP cathode is a critical material needed in the production of lithium batteries for ESS, EV and defence applications. Discussions with potential strategic partners and customers for Canada DevCo are progressing."

Canadian advantages and strategic alignment

Canada offers competitive industrial power costs and one of the lowest-carbon electricity grids globally. This, along with regional access to key input materials, positions Nano One well to build LFP cathode production in Canada. The Canada DevCo project will draw on experience from operating the Candiac facility, which will support technical development, training and operational readiness for future production facilities.

This initiative also allows Nano One to align with Canada's automotive, defence and critical minerals strategies. The country's critical minerals list identifies the importance of LFP and its feedstock materials. By connecting Canadian upstream resources with mid-stream processing through to downstream cell manufacturing to support end-use applications such as ESS, EV and defence, the DevCo project will support the nation's objective to capture more value from its critical minerals, build resilient industrial capacity and a regionalized supply chain, as well as advance a lower-carbon economy.

Building Canadian feedstock supply chain

Nano One is focused on building shorter and more resilient supply chains for customers globally, as is reflected in its continuing work with regional suppliers to develop battery-grade lithium carbonate, phosphoric acid and iron feedstocks, for the future production of LFP cathode materials. The company is engaging with numerous suppliers in Canada at various stages of development, testing their materials and advancing through internal validation processes, involving both the Burnaby R&D (research and development) centre and the Candiac demonstration facility.

While Canada has access to the feedstock materials required to produce LFP cathode, their quality, availability and stage of development vary. Nano One will be evaluating a range of suppliers to assess product quality, technical suitability and their ability to meet future demand.

The company has placed a particular focus on iron feedstock. While Canada is a major supplier of iron ore, securing local iron feedstock with suitable characteristics is key to building up a regional supply chain -- and that work continues to advance.

Nano One continues to evaluate lithium and phosphate supply options, where a broader range of potential sources is available. Potential suppliers and partners have provided samples for testing, and this qualification work is continuing.

Development work and path to deployment

Early development workstreams are under way. Work includes engineering of the standardized 25,000-tonne-per-year plant design, based on the One-Pot LFP CAM (cathode active material) package, which is supported in part by funding from Natural Resources Canada (NRCan), as announced on April 8, 2026. Customer qualification continues in parallel at the Candiac facility.

The Canada DevCo advances the global LFP strategy outlined in Nano One's Aug. 26, 2026, news release, with each project intended to be financed on its own merits through a combination of government and private investment. The company expects to provide further updates as site evaluation, supply chain qualification and partner discussions progress.

About Nano One Materials Corp.

Nano One is a process technology company changing how cathode active materials (CAMs) are produced for lithium-ion batteries. Nano One's platform is built on a portfolio of patented processes, decades of manufacturing know-how and modular plant designs that enable scalable, cost-competitive and easier-to-permit CAM production with resilient supply chains. The technology eliminates waste water and byproducts while enabling regionally sourced raw materials and reducing exposure to foreign supply chain volatility. Modular plants are designed with fewer steps to reduce capex (capital expenditure), energy and environmental intensity and to accelerate deployment, manufacturing and licensing. Product development and process optimization are based at Nano One's innovation centre in Burnaby, B.C., while piloting, demonstration and commercial production are based in Candiac, Que., supported by a team with more than 15 years of commercial cathode manufacturing experience supplying global cell manufacturers. Strategic collaborations with global partners, including Sumitomo Metal Mining, Rio Tinto and Worley, support Nano One's design-one-build-many growth strategy. Nano One has received funding support from the governments of Canada, the United States, Quebec and British Columbia.

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