Elcora and Mincape Announce Exciting New Venture to Develop Manganese Mining Operations in Morocco for the Thriving EV Battery Market

HALIFAX, Oct. 19, 2023 - Elcora Advanced Materials Corp. (TSX.V:ERA | Frankfurt:ELM | OTCQB - ECORF), (the "Company" or "Elcora"), Elcora and Mincape SARL ("Mincape") proudly unveil their groundbreaking partnership to establish manganese mining operations in Morocco and West Africa. This strategic collaboration aims to support the ever-expanding Electric Vehicle (EV) battery market and secure a sustainable source of high-quality manganese ore.

As the world transitions toward sustainable energy solutions and electric vehicles gain mainstream adoption, the demand for EV batteries has surged. Manganese plays a pivotal role in enhancing the energy storage capabilities and overall performance of these batteries, making it a crucial mineral in the clean energy revolution.

The partnership brings together Elcora's extensive experience in battery metals, logistics, and global market access, and Mincape's profound expertise in geology, research, sustainable resource development and advanced mining technologies. The combined strengths of these industry leaders will drive the development of responsible and environmentally conscious manganese mining operations in Morocco.

Key highlights of this joint venture include:

1. Manganese Resource Development: Elcora and Mincape will combine their technical know-how and resources to identify and develop current and new manganese deposits in Morocco and West Africa, ensuring a stable supply of high-grade manganese for the EV battery market.

2. Meeting EV Battery Demand: The partnership's primary objective is to meet the growing demand for manganese from the EV battery industry, contributing to the production of cleaner and more efficient electric vehicles.

3. Global Reach: Elcora and Mincape's combined networks and global presence will allow for efficient distribution of manganese to battery manufacturers worldwide.

4. Innovation and Research: The partnership also envisions investing in research and development in manganese processing to optimize the use of manganese in next-generation battery technologies.

5. Cutting-edge Technology: The partnership will leverage state-of-the-art mining technologies and innovative solutions to ensure efficient operations while minimizing environmental impact.

6. Local Economic Development: The project will stimulate economic growth in the region by creating job opportunities and fostering local skills development. It is a testament to the commitment of Elcora and Mincape to sustainable and responsible mining practices.

7. Ethical and Transparent Supply Chain: The venture will maintain full transparency throughout the supply chain, ensuring the responsible sourcing of manganese ore to support the EV battery market's ethical requirements.

Troy Grant, CEO of Elcora, expressed his enthusiasm, stating, "Our partnership with Mincape is a significant milestone for Elcora, aligning our values and goals to support the transition to cleaner and more sustainable energy solutions. We are excited to embark on this journey together."

Mr Hassan Bouzahzah (PhD), Manager of Mincape, added, "Mincape is proud to join forces with Elcora in this exciting endeavour. Our combined expertise will ensure a reliable supply of high-quality manganese ore while upholding our commitment to responsible mining practices."

The joint venture marks a crucial step in meeting the increasing global demand for manganese, a pivotal component in the production of EV batteries. Elcora and Mincape's dedication to ethical sourcing, sustainability, and advanced mining techniques will contribute to a cleaner and greener future for the automotive industry.

About Elcora Advanced Materials Corp.

Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals. As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.

For further information please visit the company's website at:

http://www.elcoracorp.com

For further information please contact: Troy Grant, Director, President & CEO, Elcora Advanced Materials Corp., T: +1 902 802-8847

About Mincape SARL:

Mincape Resources Inc. is a reputable mining engineering office coupled with a laboratory that offers a full range of integrated services for the mining industry. Mincape is involved in the entire mining value chain, including mineral exploration, mining, and processing.

http://www.mincape.com

For further information please contact: Hassan Bouzahzah PhD, Manager, Mincape SARL, T:+212 663 447 479

Note to Editors: This press release is for immediate distribution and is available for media inquiries and interviews upon request. Images, logos, and further information can be provided upon request.

CAUTIONARY STATEMENT:

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock Exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Elcora, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Elcora's expectations are exploration risks detailed herein and from time to time in the filings made by Elcora with securities regulators.

Investors are cautioned that, except as disclosed in the filing statement prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.