Mason Graphite: Files an Amended Technical Report for its Lac Gueret Project

Sections 1.9 and 15.3.6 have been modified to reflect the updated classification of the incremental tonnages contained within the pit design beyond the initial 25 years mine life of the Lac Guéret Graphite Project as "In-Pit Mineral Resources beyond Project Life of 25 years" instead of Mineral Reserves. These "In-Pit" Mineral Resources were included in the pit optimization study and are similar in quality and metallurgical response to the Mineral Reserves included in the 25 years pit design, but they have not been included in the economic analysis presented in the Feasibility Study as such analysis could not be reliably conducted for an extended period of time and because the cash flows generated beyond 25 years have little impact on the economic results of the Feasibility Study; therefore those "in-Pit" Mineral Resources cannot be classified as Mineral Reserves. However, no further drilling will be necessary to conduct the economic evaluation required to eventually classify In-Pit Mineral Resources as Mineral Reserves. Moreover, the overall In-Situ graphite tonnage, the tonnage and grade of the Mineral Resources, the economic analysis included in the Feasibility Study (including the IRR, the NPV and the other Feasibility Study Results Highlights included in the Press Release dated September 25, 2015) and the effective date of the technical report all remain unchanged.

The updated Mineral Reserves, the In-Pit Mineral Resources beyond the Project Life of 25 years and the Mineral Reserves as presented in the original technical report dated November 9, 2015 are presented below (totals may not add-up due to rounding).

Mineral Reserves: Project Life - 1^st 25 years

6% cut-off grade

In-Pit Mineral Resources Beyond Project Life of 25 years

6% cut-off grade

Mineral Reserves Before Update (Technical Report dated November 9^th, 2015)

6% cut-off grade

Mineral Resources Estimates (unchanged)

5% cut-off grade

In addition to the above noted changes, a new section entitled "Risks Specific to the Project" has been added, which summarizes the risks factors disclosed in the various sections of the technical report and provides an overview of the risk factors associated with the project related to health & safety, to environment, to technical and operational elements, to commercial, competition and demand, to social aspects as well as financial and legal elements.

The preparation of the technical report was directed by Mr. Jean L'Heureux, Eng., M. Eng., Executive Vice-President, Process Development. For further details, please access the Technical Report having an effective date of September 25^th, 2015 and a re-issue date of February 29^th, 2016 available on www.sedar.com under Mason Graphite's profile and on the Company's corporate website at www.masongraphite.com.

QUALIFIED PERSONS CONSENT

The scientific and technical information contained in this news release pertaining to the Lac Guéret project has been reviewed and approved by the following Qualified Persons, as defined by National Instrument 43-101, who consent to the inclusion of their names in this release: Claude Duplessis, Eng. of Goldminds Geoservices Inc., Jeffrey Cassoff, Eng. formerly of Met-Chem Canada Inc., Geneviève Gauthier, Eng. and Pierre Roy, Eng. of Soutex, Edward Lyons, P. Geo. of Tekhne Research Inc. and Mohamed Bouna Aly, Eng. of Gesmine Inc., each of whom are independent of Mason Graphite.

Jean L'Heureux, Eng., M. Eng., Executive Vice-President, Process Development for Mason Graphite, and a Qualified Person, as defined by NI 43-101, was responsible for verifying the technical data herein and has read and approved this press release.

Cautionary Statements Regarding Mineral Reserves and Mineral Resource Estimates

The Mineral Reserves are the basis of the 25-year Mine Life of the Feasibility Study published on September 25^th, 2015 and are not included in the "In-Pit" Measured and Indicated Mineral Resources of 58.1 Mt grading 16.3% Cg (which have an equivalent drilling definition). The Mineral Reserves and the "In-Pit" Mineral Resources are included in the total Measured and Indicated Mineral Resources of 65.7 Mt grading 17.2% Cg (19.1 Mt of Measured Resources grading 17.9% Cg and 46.6 Mt of Indicated Resources grading 16.9% Cg) that were reported in the Company's press release dated December 15^th, 2014. The reference point for the Mineral Reserves estimate is the mill feed. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability and were not included in the mine life or the economics of the Feasibility Study. Environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues may materially affect the estimate of Mineral Resources. The same issues would need to be considered when conducting an eventual economic evaluation in order to classify the In-Pit Mineral Resources as Mineral Reserves. In addition, there can be no assurance that Mineral Resources in a lower category may be converted to a higher category, or that Mineral Resources may be converted to Mineral Reserves.

About Mason Graphite and the Lac Guéret Project

Mason Graphite is a Canadian mining and processing company focused on the development of its 100% owned Lac Guéret natural graphite deposit located in northeastern Québec. The Company is led by a highly experienced team that has over five decades of experience in graphite production, sales, and research and development. For more information, visit www.masongraphite.com.

Mason Graphite Inc. On Behalf of the Board

"Benoît Gascon, CPA, CA", President & Chief Executive Officer

Neither 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 release.