Northern Graphite Grants Restricted Share Units and Stock Options

Northern Graphite Corporation (TSXV: NGC,OTC:NGPHF) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the "Company" or "Northern") announces that it has granted a total of 4.85 million restricted share units ("RSUs") and 2.5 million stock options as part of the Company's long-term incentive program to retain and attract key talent.

Grants to management, including officers and executives, and employees, consist of 4.85 million RSUs and 1.5 million stock options. The stock options are each exercisable to acquire one common share of the Company at a price of $0.25 per share for a period of five years, and vest over three years on each of the first, second, and third anniversaries of the date of grant at a rate of one-third per year. The RSUs also vest over three years on each of the first, second, and third anniversaries of the date of grant at a rate of one-third per year. Upon vesting, each RSU shall entitle the holder to receive one common share of the Company or the cash equivalent thereof. Of the RSUs granted, 3.7 million were to officers and executives of the Company. Grants to consultants, two individuals working with Northern on a full-time-equivalent basis, consist of 1.0 million stock options, each exercisable to acquire one common share of the Company at a price of $0.25 per share for a period of five years, vesting based on certain performance milestones established by the Company. All grants of the RSUs are subject to the Company's Deferred Share Unit and Restricted Share Unit Compensation Plan. All grants of the stock options are subject to the Company's Amended and Restated Stock Option Plan.

"These equity incentives are designed to align our leadership and key contributors with the long-term interests of shareholders," said Northern Chief Executive Officer Hugues Jacquemin. "As we advance the next phase of our strategy, retaining and recruiting experienced talent and maintaining continuity of execution are critical to delivering on our objectives."

About Northern Graphite

Northern is a Canadian, TSX Venture Exchange listed company that is the only flake graphite producing company in North America. Northern is focused on becoming a world leader in producing natural graphite and upgrading it into high-value products critical to the green economy, including anode material for lithium-ion batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies. The Company's mine-to-battery strategy is spearheaded by its Battery Materials Group, which has a fully equipped, state-of-the-art laboratory in Frankfurt.

Northern's graphite assets include the producing Lac des Iles mine in Quebec, where the Company is boosting output to meet growing demand from industrial customers and coming demand from North American battery makers. The Company also owns the large-scale, advanced stage Bissett Creek graphite project in Ontario and the fully permitted Okanjande graphite mine in Namibia, which is currently on care and maintenance, and represents an opportunity to substantially increase graphite production at a lower cost and with a shorter time to market than most competing projects. All projects have "battery quality" graphite and are located close to infrastructure in politically stable jurisdictions.

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Cautionary Note Regarding Forward-Looking Statements

This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and information are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this news release include statements regarding, among others, the Company's intentions to bring its Namibian operations back online and develop its other graphite projects. All such forward-looking statements are based on assumptions and analyses made by management based on their experience and perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. However, these statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of other parties to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure and the failure of ongoing and contemplated studies to deliver anticipated results or results that would justify and support continued studies, development or operations and the inability to raise required financing. Readers are cautioned not to place undue reliance on forward-looking information or statements.

Although the forward-looking statements contained in this news release are based on what management believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with them. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283157