Nano One Provides an Update on Recent Corporate Developments & Reports Third Quarter 2025 Results

Executive Summary

• Nano One announced a Final Investment Decision to expand its Candiac facility to ≥800 tpa (target 1,000+ tpa) with detailed engineering and procurement slated for Q4 2025‑Q1 2026 and commissioning in H1 2027.
• The company secured a non‑repayable $5.0 million NRCan grant and raised $2.6 million via its ATM program, bringing total cash to $17.8 million and net assets to $16.5 million as of September 30 2025.
• Strategic partnerships were deepened: Sumitomo Metal Mining confirmed Nano One as a key LFP technology partner; Rio Tinto raw‑material pre‑qualification progressed; five new patents were issued, raising the portfolio to 52 granted patents.

Key Details

• Capacity Expansion – FEED & FID
• Completed Front‑End Engineering & Design (FEED) study for Candiac expansion.
• First stage: automate existing 20,000 L reactors and raise capacity to a minimum of 800 tpa.
• Second stage: scale to >1,000 tpa via feedstock handling upgrades and further automation.

• Financial Investment Decision (FID) made; detailed engineering & procurement in Q4 2025‑Q1 2026; installation/commissioning start Q2 2026; target commissioning H1 2027.

• Operational Improvements

• Newly installed proprietary agitator in full‑scale One‑Pot™ reactor increases throughput ~50% and reduces OPEX.

• Pilot plant (200 tpa) continues to support preliminary sales to defense & BESS markets and licensing activities.

• Financial Position (Q3 2025)

• Total net assets: $16.5 M; working capital: $16.6 M; cash & equivalents: $17.8 M.

• Asset change +$6.8 M vs Q2 2025 (driven by operating cash flow, capex, lease payments).

• ATM Financing

• ATM program launched 8 Sep 2025 with Canaccord Genuity & Roth Canada; up to $15 M can be raised.

• Proceeds to date: $0.2 M (through 30 Sep) + $2.4 M (through 31 Oct).

• Government Funding

• NRCan Energy Innovation Program award: $5.0 M non‑repayable contribution, supporting Candiac scale‑up to ≥800 tpa (flexible to >1,000 tpa) through 31 Mar 2027.

• Funding complements prior Québec government support (Dec 2024) and U.S. DPA Title III funding (Sept 2024).

• Strategic Partnerships

• Sumitomo Metal Mining (SMM) confirms Nano One as key LFP technology partner; collaboration expanded toward strategic customers and NRCan project.

• Rio Tinto pre‑qualification of lithium carbonate (Argentina sites) for One‑Pot LFP process; testing protocol spans A‑sample to C‑sample scale, potentially accelerating commercial qualification by ~1 year.

• Patent Portfolio Expansion

• Five new patents issued/allowed (US, Canada, Taiwan, Korea) covering LFP synthesis methods, M2CAM NMC technology, and high‑voltage LNMO cathodes.

• Total IP: 52 granted, 1 allowed, 54 pending worldwide.

• Future Outlook

• Continued pilot operations to support defense & BESS sales and licensing.
• Automation of large reactors planned before end of first expansion stage; temporary shutdown for re‑commissioning.
• Additional procurement and capital expenditures aligned with government funding timelines through Q2 2027.

Notable Quotes

• “The installation of our high‑efficiency agitator and the completion of the FEED study mark pivotal milestones as we scale One‑Pot LFP production to meet growing market demand,” – Paul Guedes, President & CEO.

All forward‑looking statements are subject to risks and uncertainties detailed in Nano One’s MD&A and interim financial statements.