Eagle Graphite Incorporated (NEX: EGA) (the "Company", “We”, “Eagle”) provides the following update for stakeholders:

Trading in Eagle shares remains suspended per the Company’s release of October 21, 2022. The Company’s listing has been transferred to the NEX exchange. A process for reinstatement to the TSX Venture exchange can potentially be considered as part of an eventual recapitalizing of the Company.

The Company’s debt of approximately US$2.6 Million (C$3.5 Million) to an offtake customer has been acquired by a third party. This party subsequently issued a Notice of Foreclosure, effectively proposing to assume all the assets of the Company’s operating subsidiary, including the Black Crystal Graphite Quarry, on or around February 15, 2023. We believe that the assets are worth far more than the outstanding debt, and are exploring alternatives to prevent this outcome.

Jamie Deith, Eagle Graphite’s CEO comments, “Our situation represents both a crisis and an opportunity. We interpret the new debt holder’s actions as confirmation that Eagle Graphite’s quarry is undervalued, and look forward to finding solutions to resume advancement of the project.”

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 NEX under the symbol "EGA".

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

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.

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