Mason Graphite Announces Acquisition of Common Shares by its Chairman and Grant of Options

TORONTO, Aug. 1, 2023 - Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSXV: LLG) (OTCQX: MGPHF) is pleased to report that its Chairman, Mr. Fahad Al-Tamimi, has acquired an aggregate of 6,399,500 common shares (the "Shares") in the capital of the Company. The Shares acquired represent approximately 4.53% of the issued and outstanding Shares of Mason Graphite.

Prior to the transaction, Mr. Fahad Al-Tamimi owned 13,517,337 Shares, representing approximately 9.57% of Mason Graphite's issued and outstanding shares. Following the transaction, Mr. Fahad Al-Tamimi owns 19,916,837 Shares, representing approximately 14.1% of the Company's issued and outstanding shares.

Mr. Fahad Al-Tamimi, commented: "I am delighted to continue to support the Company and further bolster my financial commitment. Our graphite project holds global significance amidst the electrification revolution's early days. Geopolitical dynamics underscore the imperative for the world to secure anode material sources beyond China, as we witness a surge in anode capacity announcements in many places around the world. Additionally, our significant ownership in Black Swan Graphene Inc., which is advancing large scale graphene production for the concrete and polymer industries, fortifies our strategic position."

The transaction was made by Mr. Fahad Al-Tamimi for investment purposes. As a significant shareholder and Chairman of Mason Graphite, Mr. Fahad Al-Tamimi may, depending on market conditions, acquire additional shares or dispose of shares in the future, whether in transactions over the open market or through privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions, estate planning, and investment diversification. Mr. Fahad Al-Tamimi has no present intention to acquire or dispose of securities of Mason Graphite.

An early warning report will be filed with the applicable securities regulatory authority in each jurisdiction where Mason Graphite is a reporting issuer and will be available under Mason Graphite's profile on SEDAR+ at www.sedarplus.ca. Mason Graphite's head office is located at 1501 McGill College Avenue, 8th Floor, Montréal, Québec, H3A 3N9, Canada. For further information or to obtain copy of the early warning report, please email info@masongraphite.com or call (416) 844-7365.

Mason Graphite is also pleased to announce the appointment of Ms. Deena Siblock as the new Corporate Secretary of the Company. With an impressive track record of over 20 years in corporate governance and communication, Ms. Siblock brings a wealth of experience to our team. She previously held the position of Corporate Secretary at Arena Minerals Inc., which was recently acquired by Lithium Americas Corp.

Lastly, the Company has granted an aggregate of 6,780,000 stock options to directors, members of management, consultants, and employees of the Company pursuant to its stock option plan. Each option will entitle its holder to purchase one common share of Mason Graphite at a price of $0.23 until July 31, 2028. The option grant is subject to regulatory approval, including the approval of the TSX Venture Exchange.

Mason Graphite is a Canadian corporation focused on seeking investment opportunities. Its strategy is to develop vertical and horizontal integration in the mining industry, with a special focus on industrial and specialty minerals, notably battery-related materials and their by-products. Its strategy also includes the development of value-added products, notably for green technologies like transport electrification. The Company currently owns 100% of the rights to the Lac Guéret deposit, one of the richest graphite deposits in the world, which is under an Option and Joint Venture Agreement with Nouveau Monde Graphite Inc. (TSX-V: NOU) (NYSE: NMG). Mason Graphite is also the largest shareholder of Black Swan Graphene Inc., a Canadian publicly traded company (TSX-V: SWAN) (OTCQB: BSWGF) focusing on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries and others.

For more information, please visit: www.masongraphite.com

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.

Certain statements made in this news release are forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to Mr. Fahad Al-Tamimi's acquisition or disposition of securities of Mason and other statements that are not material facts. Often, but not always, forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "plan", "could", "should", "would", "outlook", "forecast", "anticipate", "foresee", "continue" or the negative of these terms or variations of them or similar terminology. These statements are subject to certain risks, both known and unknown. Actual results may differ materially from those expected, estimated or projected. There can be no assurance that forward-looking information will prove to be accurate. Readers are cautioned not to place undue reliance on the forward-looking statements and information contained in this news release. Forward-looking statements speak only as of the date of this press release. Mr. Fahad Al-Tamimi disclaims any obligation to update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

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SOURCE Mason Graphite Inc.