2026 Letter to Nano One Stakeholders

• Nano One Materials Corp. announced a planned CEO transition, with founder Dan Blondal stepping down to an advisory role and COO Alex Holmes assuming the CEO title effective June 12, 2026.
• The incoming CEO outlined a disciplined commercialization roadmap targeting initial LFP cathode supply agreements for defense and energy storage applications by the end of 2026, with sales ramping through 2027.
• The Candiac, Québec demonstration facility is being scaled toward a commissioned capacity of approximately 800 tonnes per annum.
• Strategic partnerships with Sumitomo Metal Mining and Rio Tinto are being leveraged for IP validation, feedstock qualification, and supply chain de-risking.
• The company highlighted alignment with G7 critical minerals policies and noted a C$12.3 million contribution from Natural Resources Canada (NRCan).
• Over 50 patents protect the proprietary One-Pot™ LFP process, with a modular plant design strategy aimed at reducing capex and enabling regionally sourced raw materials.

• The CEO transition is a pre-announced, internal succession. Alex Holmes has served as COO since 2021 and President/CSO since early 2026, ensuring operational continuity.
• Commercialization targets (end-2026 initial sales, H1 2027 capacity expansion) are fully consistent with guidance provided in the March 2026 Q4 results and February 2026 corporate update.
• The C$12.3M NRCan funding is a follow-up to previous grants and does not represent new capital or a change in the funding model.
• No new strategic investors, M&A activity, or material contract wins are disclosed. The news confirms existing milestones rather than introducing market-moving surprises.
• The release is incremental and expected, fitting the definition of Routine - Positive. It maintains the current thesis but does not alter the risk/reward profile.

• Nano One Materials Corp. develops and licenses proprietary One-Pot™ cathode active material (CAM) processing technology.
• The flagship project is the Candiac, Québec facility, which currently operates a pilot line (~200 tpa) and is undergoing automation and expansion to reach ~800 tpa.
• The technology focuses on lithium-iron-phosphate (LFP) cathodes, targeting defense, energy storage systems (ESS), and eventually automotive markets.
• The business model combines direct LFP sales with a "Design-One-Build-Many" licensing strategy, aiming to generate recurring revenue through royalties and technology packages.
• The modular plant design emphasizes lower capital intensity, reduced energy consumption, and adaptability to regional raw material sourcing.