Nano One Reports Q4 2023 Results and Provides Progress Update

2023 Q4 - Highlights and Headlines

• Cash and cash equivalent position of $31.9 million at year end.
• Working capital of $30.1 million at year end.
• Life Cycle Assessment study showcases 50% fewer GHGs and 80% less water.
• Successful evaluation of Nano One LFP builds on Automotive OEM collaboration and accelerates piloting and testing to tonne-scale from Candiac Pilot Plant.

VANCOUVER, BC / ACCESSWIRE / March 28, 2024 / Nano One Materials Corp. ("Nano One" or the "Company") (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB) is a clean technology company with patented processes for the production of lithium-ion battery cathode active materials ("CAM") that enable secure and resilient supply chains by driving down cost, complexity, energy intensity, and environmental footprint. Nano One has filed its audited annual consolidated financial statements (the "financial statements"), and management's discussion & analysis ("MD&A") as at and for the year ended December 31, 2023 ("2023 Q4") and is pleased to provide the following highlights.

Life Cycle Assessment (LCA)

On December 6, 2023, the Company announced the results of a third-party LCA report which demonstrated the environmental and economic benefits of Nano One's technologies including 50% fewer green house gas ("GHG") emissions and 80% less water use, when considering lithium iron phosphate ("LFP") and lithium nickel manganese cobalt oxide ("NMC") production benchmarked against the complexity and energy intensity of conventional CAM processes operating in various jurisdictions.

Automotive OEM Validates Nano One LFP and Kicks Off Tonne-Scale Evaluations

On December 19, 2023, the Company announced it had confirmed orders for approximately 1.3 tonnes of LFP samples made from its pilot plant for the purposes of commercial evaluation, collaboration and securing offtake agreements with collaborators in the automotive, energy storage systems, defence, and industrial sectors.

2023 Q4 - Financial Position

• Cash and cash equivalent position of $31.9 million at year end.
• Working capital of $30.1 million at year end.
• Total assets of $53.0M at year end.
• Total liabilities of $5.5M with no long-term debt at year end.

2023 - Earlier Headlines

2023 saw a global shift towards LFP batteries that could eventually mirror the 60-70% market share that LFP already has in China. This shift is driven by lower costs and safety, by battery pack energy densities and electric vehicle ("EV") range now on par with NMC, and by the need to diversify supply chains away from foreign entities of concern. Nano One's One-Pot LFP addresses these needs by driving down cost, complexity and GHG emissions in the supply chain, by enabling refined critical mineral inputs that can be easily sourced in free-trade jurisdictions, and by eliminating waste streams that are difficult to permit in western countries.