Key Target Reached for Electric Vehicle Application

MONTREAL, Dec. 15, 2020 - Mason Graphite Inc. ("Mason Graphite" or the “Company") (TSX.V: LLG; OTCQX: MGPHF) is pleased to announce that testing of prototype Li-ion batteries containing its coated spherical graphite have reached the critical target of 500 cycles of charge / discharge, while maintaining 85% of the original capacity, which is better than the typical requirements of 80%.

These tests were performed in the NRC laboratories, on samples produced at the pilot scale in the installations of COREM and of the Company. See Press Release dated December 3, 2020 for the technical details.

Gilles Gingras, Chair of the Board of Directors, commented: “This is a key milestone. As far as we know, no other graphite project in North America has reached this threshold, which once again demonstrates the lead Mason Graphite holds in the market. Encouraged by this success, we continue to work tirelessly on improving the performance of our products and processes.”

Cycling tests continue on the same batteries at the NRC laboratories to evaluate their full life expectancy.

Building a solid Mason Graphite

The Mason Graphite Board and Management have taken several steps to ensure the Company is able to take on a leadership position in the graphite mining and transformation sector for the benefit of all its stakeholders, including the shareholders and its neighboring communities in Qu?bec.

So, while the current natural graphite market is in an over-supply situation in the world, and has been for the past 12-18 months, the Company has been putting in place key building blocks to make its fully integrated mining and Value-Added Product operation vision happen, which it believes will be far more profitable for shareholders in the medium to long term.

Here are some of the building blocks and/or key actions taken:

• A technical and economic study on a complete value-added product plant (second transformation), fed by the “Lac Gu?ret concentrate”, was completed at the beginning of 2020. The results of the study are positive. But since the first transformation project (mine and concentrator) was put on hold for financing reasons, parts of this study will be used for a follow-on study on the new diversified value-added products project.
• Tests were conducted (over several months) to optimize the purification process and demonstrate the technical feasibility of reagents and water recycling, thus confirming the low environmental footprint of the process.
• As well, potential sources of uncoated spherical graphite were identified and contacted, samples were acquired, received and characterized, and are currently undergoing coating testing. Cycling tests are planned at the end of the coating trials.
• Optimization work continues on the coating process developed by the Company (and demonstrated at pilot scale) to further improve yield, improve product quality and to adapt the process to uncoated spherical graphite coming from external sources.
• To counter the very long homologation periods associated with coated spherical graphite in Li-ion battery applications (and therefore possibly long delays), the Company has broadened its value-added products development strategy by diversifying the products it intends to make, giving it access to other markets and applications, which are easier to enter. The development of this improved strategy included a high-level review of the potential markets and applications, their sizes, the ease of entry (homologation times), the potential customers and the expected profitability. With the help of a strategic partner of the Company, a conceptual technical and economic study to that effect was recently started and is advancing well.
  

About Mason Graphite

Mason Graphite is a Canadian corporation dedicated to the production and transformation of natural graphite. Its strategy includes the development of value-added products, notably for green technologies like transport electrification. The Company also owns 100% of the rights to the Lac Gu?ret graphite deposit, one of the richest in the world. The Company is managed by an experienced team cumulating many decades of experience in graphite, covering production, sales, as well as research and development.

For more information: www.masongraphite.com

Mason Graphite Inc.
Ana Rodrigues at info@masongraphite.com or 1 514 289-3580
Head Office: 3030, boulevard Le Carrefour, suite 600, Laval, Quebec, Canada, H7T 2P5

Cautionary Statements

This press release contains "forward-looking information" within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits; (v) the risk associated with establishing title to mineral properties and assets; (vi) the risks associated with entering into joint ventures; (vii) fluctuations in commodity prices; (viii) the risks associated with uninsurable risks arising during the course of exploration, development and production; (ix) competition faced by the resulting issuer in securing experienced personnel and financing; (x) access to adequate infrastructure to support mining, processing, development and exploration activities; (xi) the risks associated with changes in the mining regulatory regime governing the resulting issuer; (xii) the risks associated with the various environmental regulations the resulting issuer is subject to; (xiii) risks related to regulatory and permitting delays; (xiv) risks related to potential conflicts of interest; (xv) the reliance on key personnel; (xvi) liquidity risks; (xvii) the risk of potential dilution through the issue of common shares; (xviii) the Company does not anticipate declaring dividends in the near term; (xix) the risk of litigation; and (xx) risk management.

Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, no material adverse change in metal prices, exploration and development plans proceeding in accordance with plans and such plans achieving their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company's business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

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