Mr. Alex Holmes reports

NANO ONE AND WORLEY CHEMETICS COMPLETE ONE-POT LFP CATHODE PACKAGE AND ADVANCE TO MARKET

Nano One Materials Corp., together with alliance partner Worley Chemetics, has completed a One-Pot lithium-iron-phosphate (LFP) cathode active material (CAM) package engineered to a Class 3 cost estimate using qualified North American, European and South African equipment -- delivering on the company's objective to complete and initiate marketing of a commercial-ready One-Pot LFP CAM package in the first half of 2026.

Highlights:

• One-Pot LFP CAM package completed using qualified North American, European and South African equipment vendors, meeting the company's first-half 2026 objective;
• Derisked offering bundles a technology licence, process design package and qualified key equipment into a single, cost-competitive package for licensees;
• A second, hybrid configuration combines North American, European, South African and Chinese vendors for non-intellectual-property-sensitive equipment, adding sourcing optionality in eligible jurisdictions.

The CAM package covers the inside-battery-limit (ISBL) scope of a One-Pot LFP production line -- the core process equipment that converts feedstock materials into LFP cathode. It includes process design and engineering, building layout and equipment specifications, qualified vendor quotes, as well as capital and operating cost estimates. This provides the basis needed to market the technology to target customers around the world. The package offers a derisked path to production and shorter time to market, giving target customers greater cost and execution certainty to invest with confidence.

The North American, European and South African vendors qualified for the CAM package were selected for their technical capabilities and long-standing operating history with the Nano One team. The package builds on Nano One and Worley's previously announced comparative analysis, which showed that the One-Pot process could enable at least 30 per cent lower total invested capital and up to 30 per cent lower operational costs, using up to 80 per cent less energy than the incumbent method -- like for like. On that basis, the CAM package is well positioned to meet growing market demand for localized LFP CAM production.

"Completing the One-Pot LFP CAM package with Worley delivers on a key 2026 objective and positions us to bring a derisked, market-ready offering to customers worldwide," said Alex Holmes, chief executive officer of Nano One. "Continuous innovation is fundamental to our offering. As the process improves, future iterations of the CAM package will deliver further operating and capital cost-efficiencies, developed collaboratively with our target customers."

"By combining Nano One's One-Pot process with Worley Chemetics' technology commercialization and delivery track record, we are offering customers a derisked technology package they can take from design to production with confidence," said Andrew Barr, president, technology solutions, at Worley. "We are drawing on more than 60 years of experience designing and fabricating chemical processing equipment and delivering technology solutions globally."

A hybrid sourcing configuration for optionality

Nano One and Worley are also developing a second, hybrid configuration of the CAM package for jurisdictions where Chinese-sourced equipment is permitted or consistent with local incentive and content requirements. While maintaining procurement with established vendors across North America, Europe and South Africa, it allows sourcing from Chinese vendors, giving customers added sourcing flexibility. IP-sensitive equipment, such as One-Pot reactors, will be fabricated by Worley Chemetics or other established technical collaborators in North America, Europe and South Africa in both configurations. Nano One and Worley are developing the hybrid configuration in response to the voice of the customer, addressing demand for competitive, jurisdiction-specific solutions. The hybrid configuration is targeted for completion in the second half of 2026.

Localized LFP cathode production: market demand and policy drivers

Demand for localized LFP cathode active material is building across defence and national security, energy storage systems, and electric vehicle applications. LFP now supplies almost half the global electric vehicle market, up from under 10 per cent in 2020, and is increasingly the chemistry of choice for grid-scale energy storage. Yet more than 98 per cent of LFP cathode material is produced in China -- a concentration that is driving demand for regionalized production. China has also continued to expand export controls across the battery supply chain, covering LFP cathode materials and production equipment in 2025 and broadening its framework through 2026. In their June, 2026, declaration on securing critical minerals supply chains, G7 leaders tied resilient critical minerals value chains directly to economic and national security, and committed to strengthening mid-stream and downstream industrial competitiveness and local value creation. That is precisely the regionalized cathode production the CAM package is designed to enable.

Cathode active materials package strategy

Nano One is pursuing a go-to-market strategy for its One-Pot technology by licensing the CAM package jointly with Worley Chemetics. The CAM package advances Nano One's design-one-build-many strategy of licensing One-Pot technology to CAM producers and adjacent industry participants around the world. It builds on Nano One's One-Pot process expertise, together with Worley Chemetics' decades of experience designing and fabricating chemical processing equipment and delivering technology packages. The Nano One-Worley Chemetics alliance is supported by $2.8-million in non-dilutive financing awarded by Next Generation Manufacturing Canada, advancing development of the One-Pot CAM package and its proprietary equipment. Nano One and Worley co-ordinate the alliance through a joint steering committee that meets regularly to align priorities and guide execution.

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 expenditures), 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.

We seek Safe Harbor.