Mineral Resources

Resource Summary

Graphano Energy has established a good mineral resource base across its Quebec
graphite properties, demonstrating the company’s potential to become a significant North American graphite producer. The combined resources provide a solid foundation for development planning and highlight the quality and potential scale of the company’s asset base.

Resource Highlights

• Average 7.0% graphitic carbon grade across both resource categories
• Conservative 3.0% cut-off grade ensures economic viability under various market conditions
• Geological continuity has been established through systematic exploration
• Grade confidence is sufficient for preliminary economic studies
• Metallurgical characteristics are well understood
• Expansion opportunities for resource upgrade through additional drilling
• Exploration upside within existing property boundaries

Mineral Resource Notes:
1) Mineral Resources were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (MRMR) (2014) and CIM MRMR Best Practice Guidelines (2019).
2) Graphitic carbon (Cg %) grade was estimated from 1.5 m downhole assay composites using Inverse Distance Squared interpolation. No grade capping was applied.
3) LAB model block size is 5 m (x) by 5 m (y) by 6 m (z) with 4 units of sub-blocking and Standard model block size is 4 m (x) by 4 m (y) by 4 m (z) with 4 units of sub-blocking.
4) Bulk density of 2.80 g/cm3 was applied to all mineralized domains.
5) Mineral Resources are defined within an optimized pit shell with an average slope angle of 45⁰ and an overall strip ratio of 4.73:1 (waste : mineralized material)
6) Parameters used in pit optimization include a long-term average graphite flake concentrate market price of $0.99/lb ($USD1,500/t), an overall metallurgical recovery of 90%, and costs at $4.50/t mining, $30/t processing, $12/t G&A, and $22/t transportation. All prices are CDN unless otherwise specified using an exchange rate of 1.35 CDN : USD.
7) Mineral Resources are reported at a cut-off grade of 3.0% Cg with the optimized pit shell and define reasonable prospects for eventual economic extraction by open pit mining methods.
8) Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
9) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
10) Mineral Resource tonnages are rounded to the nearest 10,000. Contained Cg is rounded to the nearest 1,000.

Important Disclaimers
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Resources may be affected by further exploration, metallurgical testing, and economic evaluation. Actual recovery rates may vary from assumptions used in resource estimation. Market conditions and processing costs may impact economic cut-off grades