EGA Eagle Graphite Incorporated

Eagle Graphite Incorporated (TSXV: EGA) (the "Company", “Eagle Graphite”) has made an unsuccessful application to the Ontario Securities Commission (“OSC”) to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"), which, if granted, would have prohibited trading in securities of the Company by its Chief Executive Officer and certain insiders of the Company so long as the Annual Filings (as defined below) remain outstanding. The issuance of an MCTO would generally not affect the ability of others to trade in the Company's securities.

The Company made the application after determining that the Company is unlikely to meet the September 28, 2022 filing deadline (the "Filing Deadline") for its audited annual financial statements, the management's discussion and analysis and the related CEO and CFO certification relating to the May 31, 2022 financial statements (collectively, the "Annual Filings"). The Company anticipates that it will require no more than two additional months to complete the process and in any event will use its best efforts to complete the process as quickly as possible while upholding appropriate professional standards.

While the Company remains confident in its ability to complete the Annual Filings, the OSC has rejected the MCTO application on the grounds that they are “not of the view that there is an active, liquid market for the issuer’s securities”. The Company was informed of the OSC’s decision on September 27, 2022. As a consequence, the Company anticipates the imposition by the OSC of a Failure to File Cease Trade Order (“FFCTO”) at some point after the Filing Deadline has elapsed.

Eagle Graphite announces the resignation of Directors Steven Brunelle, Robert Matter and Brian Bapty effective immediately. The Company thanks each of them for their years of loyal service. Jamie Deith remains as CEO and the sole Director.

Jamie Deith comments, “This is not the short-term outcome we were hoping for, and we are working to minimize the disruption for our shareholders. In the meantime, Eagle Graphite will continue pursuing our long term objectives as an key player in the graphite market. The world, and North America in particular, is potentially facing a serious shortage of graphite production capacity in the next few years. Eagle is one of the few companies with some prospect of addressing the shortfall.”

About Eagle Graphite

Eagle Graphite owns the Black Crystal Graphite quarry, located 35 kilometres west of the city of Nelson in British Columbia, Canada, and 70 kilometres north of the state of Washington. Black Crystal is the only constructed graphite quarry with production history in Western North America. Eagle's shares are listed on the TSXV under the symbol "EGA".

Cautionary Statements

Disclosure Regarding Forward-Looking Statements: This release contains certain "forward-looking information" within the meaning of applicable securities legislation. Such information is based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking information and accordingly, readers should not place undue reliance on such information. Although we believe, in light of the experience of our officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because we can give no assurance that they will prove to be correct. Readers should carefully consider various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking information. Statements in this release are made as of the date of this release. We undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company or its securities, its financial or operating results.

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

Jamie Deith, CEO 604-909-4247 Email: jdeith@eaglegraphite.com