Operational and Financial Highlights for the Third Quarter:

Revenue of $4.9 million generated on 2,587 tonnes of graphite concentrate sold at an average realized sales price of $1,907 /tonne (US$1,422 /tonne) (1); Sales volumes increased by 28.3 percent in Q3 2023 compared to Q2 2023;
Positive cash flow from operating activities of $1.7 million;
Cash costs of $1,335 (US$995) per tonne of graphite concentrate sold; (1)
Income from mine operations of $0.7 million; operating loss of $2.1 million;
Cash position improved to $2.2 million as at September 30, 2023 compared to $0.7 million as of June 30, 2023 as a result of working capital management measures, improved sales volumes and additional financing;
As at September 30, 2023 the Company had working capital of $17.0 million (December 31, 2022 - $19.4 million) including $22.4 million in inventory valued at cost. Inventory includes 5,476 tonnes of graphite concentrate and 147,672 tonnes of ore stockpiles containing approximately 9,198 tonnes of recoverable graphite;
A net loss of $6.8 million ($0.05 per share).
(1) The Company reports the non-IFRS financial measures of average realized sales price per tonne of graphite concentrate sold and cash costs per tonne of graphite concentrate sold to manage and evaluate its operating performance. See "Cautionary Note Regarding Non-IFRS Performance Measures" below.
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