BLACK SWAN GRAPHENE ANNOUNCES SCOPING STUDY RESULTS DEMONSTRATING $1 BILLION NPV AND 54% IRR

TORONTO, Sept. 14, 2023 /PRNewswire/ - Mason Graphite Inc. ("Mason") (TSXV: LLG) (OTCQX: MGPHF) is excited to report the following announcement from Black Swan Graphene Inc. ("Black Swan"). Mason currently owns approximately 39% of the total issued and outstanding shares of Black Swan.

Black Swan Graphene Inc. (or the "Company") (TSX-V: SWAN) (OTCQB: BSWGF) (Frankfurt: R96) is pleased to announce the results of the scoping study for its large-scale Québec facility (the "Scoping Study"). Developed in collaboration with Toronto-based engineering firm Halyard Inc. ("Halyard"), this Scoping Study marks a significant step forward for Black Swan's growth strategy.

The Scoping Study provides an initial evaluation, including processing plant specifications as well as conceptual mechanical, civil, structural, and electrical designs, for its proposed 40,000 square-foot first large-scale production facility, based on the same processing technology currently being used in the facility located in the United Kingdom. The annual production and self-sustaining ramp up of its industry-ready products have been established by taking into consideration customers and distributors' expected demand, as well as strategic partnerships, including the partnerships with Nationwide Engineering Research & Development ("NERD") and the Arup Group ("Arup"). The Scoping Study also established capital and operating cost estimates, as well as financial analysis based on its strategy to build such facility in Québec, Canada, where the Company aims to leverage the emergence of a world class graphite industry as a raw material source and the province's low-cost renewable hydroelectricity. While the initial capacity target stands at 9,868 tonnes per annum in accordance with the Company's initial strategy, expansion beyond this figure will be driven by market dynamics and raw material access.

It is worth emphasizing that, due to the modularity of Black Swan's patent-protected technology for large scale production, the Company is well positioned to also offer a licensing "at-the-point-of-use" model, which would further accelerate the adoption of its graphene products, particularly in the concrete industry.

Simon Marcotte, President and Chief Executive Officer of Black Swan, commented: "We are incredibly pleased with the outstanding outcomes of the Scoping Study, marking a significant milestone towards establishing Black Swan as a global leader in graphene production. Over the past year since going public, our team has been actively engaged in all facets of this study, collaborating closely with Halyard and potential clients and distributors. These results provide the bedrock to effectively construct and operate the project, and we hold firm confidence in their feasibility and attainability from both operational and commercial perspectives. Furthermore, the conclusion of the study aligns seamlessly with the initial estimates established in partnership with Thomas Swan & Co. Ltd., prior to the inception of Black Swan Graphene, underscoring the caliber of the partnership."

The sale price assumptions used in the Scoping Study are in line with the Company's inflation adjusted original strategy and represent long term prices, but the Company remains confident that higher prices will be realized as customers value the suitability of the product derived from collaborative product development efforts. With these new products and additives, customers gain the opportunity to explore new markets and develop their own innovative products at a minimal variation in overall costs. Black Swan continues to anticipate that the availability of such low-cost and high-performance graphene products will fuel the adoption across volume-driven industries.

Black Swan cautions that the Scoping Study does not constitute a scoping study within the definition employed by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), as it relates to a standalone production facility and does not concern a mineral project. Therefore, disclosure standards prescribed by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") are not in the scoping study. Any references to scoping study, prefeasibility study or feasibility study by Black Swan Graphene Inc., in relation to our refined graphite starting material, are not the same as terms defined by the CIM Definition Standards and used in NI 43-101

Halyard is a Toronto based, carbon neutral engineering firm typically serving the mineral processing, material handling, infrastructure, and water treatment industries. The firm provides a range of project personnel, including multidisciplinary engineers, project managers, designers, and project support experts to deliver innovative and sustainable engineering designs.

Halyard's key qualifications include depth of expertise with significant experience producing all levels of studies and executing both greenfield and complex brownfield projects; the ability to deliver fast-track execution schedules with a significant and successful record of project delivery; an extensive small scale and fast track modular plant design and implementation record; as well as a strong commitment to environmental sustainability and prioritization of effective low-impact solutions. 

Black Swan is focused 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, which are expected to require large volumes of graphene. Black Swan aims to leverage the low cost and green hydroelectricity of the province of Québec as well as the proximity of the province's emerging graphite industry in order to establish an integrated supply chain, reduce overall costs, and accelerate the deployment of graphene usage. On March 27, 2023, Black Swan, Nationwide Engineering Research and Development Ltd. ("NERD") and Arup Group Limited ("Arup") announced strategic partnerships, establishing a fully integrated supply chain and providing a turnkey solution for the construction and concrete industries. Arup is a multinational engineering consultancy headquartered in London, United Kingdom, with 18,000 experts working across 140 countries. Black Swan's graphene processing technology was developed by Thomas Swan & Co. Ltd ("Thomas Swan") over the last decade. Thomas Swan is a United Kingdom-based global chemicals manufacturer, with a century-long track record and has been at the forefront of graphene innovation.

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

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

Mason Graphite Inc. on behalf of the Board of Directors
Peter Damouni, President & Chief Executive Officer

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.

The information contained herein contains "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. Forward-looking statements or forward-looking information relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements" or "forward-looking information". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to the success or failure of the partnerships between Black Swan and NERD and NERD and ARUP to deliver the expected results, including the creation of a global chain of supply for graphene enhanced concrete, risks related to Black Swan's holding of the NERD Shares, including the risks related to holding shares of a start-up and related to the lack of liquidity thereof, risks related to the development of graphene enhanced concrete and other graphene enhanced components, risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with the industry; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in development activities or the completion of feasibility studies; the uncertainty of profitability; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of feasibility studies, and the possibility that future results will not be consistent with Black Swan's expectations; risks related to commodity prices fluctuations; and other risks and uncertainties related to Black Swan's prospects, properties and business detailed elsewhere in Black Swan's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and Black Swan does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from Black Swan's expectations or projections.

SOURCE Mason Graphite Inc.