Applied Graphite Technologies Raises C$669,000 for Sri Lanka Vein Graphite Project

Applied Graphite Technologies Corporation ("AGT") (TSXV: AGT) announced that it has completed the final tranche of a non-brokered private placement offering (the "Offering") to advance its Queens Mine Complex vein graphite project in Sri Lanka, raising gross proceeds of approximately Cdn$669,000. In total, AGT issued 11,150,001 common shares at a price of Cdn$0.06 per share.

Existing insiders of AGT participated in the Offering. Participation by insiders of AGT in the Offering constituted a related-party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of securities is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 on the basis that the fair market value of the insiders' participation in the Offering did not exceed 25% of the Company’s market capitalization. Finders’ fees of 180,000 common shares and Cdn$4,320 were paid to Canaccord Genuity Corp., and 15,000 common shares were paid to Haywood Securities Inc.

A total of 3,611,667 common shares issued today are subject to a four-month hold period under applicable Canadian securities laws, expiring on December 13, 2025.

The net proceeds of the Offering will be used by AGT for project development at the Queens Mine Complex in Sri Lanka and for general working capital purposes.

The Queens Mine Complex, located on private land in the heart of Sri Lanka’s historic vein graphite district, features historical workings and vein graphite outcrops. Vein graphite from Sri Lanka is naturally high-grade (+95% carbon content in the ground) and does not require primary processing. Testing of Sri Lankan vein graphite in lithium-ion battery anodes has demonstrated very high capacities, outperforming synthetic graphite, while offering a superior ESG footprint and lower costs without compromising performance.