Mason Graphite Provides Update Regarding Its Corporate Strategy and on Its Commitment to Re-Accelerate the Lac Gueret Project

MONTREAL, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Mason Graphite Inc. (“Mason Graphite” or the “Company”) (TSX.V: LLG; OTCQX: MGPHF) is pleased to provide an update on recent corporate actions and discuss its commitment to the Company’s Lac Guéret Graphite project.

Since establishing itself as a new Board of Directors (the “Board”) at the Company’s annual general meeting of shareholders held on December 29, 2020, the Company has appointed Messrs. Peter Damouni and Simon Marcotte as executive directors to facilitate an assessment of the Company’s current activities. The existing management team remains intact and is working with the new Board to integrate its knowledge into the Board’s decision-making process.

Along with other initiatives, the current focus of the Company on value-added products, carrying higher returns in the near term, will continue its course. But the Lac Guéret Graphite project remains extremely important in the North American ecosystem and is undoubtfully one of the pillars of Québec’s ambitions to become the battery territory of North America.

Mr. Fahad Al-Tamimi, Chairman of Mason Graphite, commented: “We are pleased with the transition of the Board of Directors and are looking forward to continue to work with our management team to develop the Company’s exciting next stages. The Lac Guéret Graphite project has a completed feasibility study, permits in place, 75% its detailed engineering completed, and long-lead items already delivered. We are therefore well advanced to bringing this high-grade world class graphite asset into production and we are confident that the Company is well-positioned to be a cornerstone of the North American electrification industry.” The Company reminds investors that it believes the Lac Guéret project carries one of the highest grades of graphite in the world, with 27.8% graphite for the first 25 years, and that the 25-year mine life of the feasibility study uses approximately 7% of the mineral resources.

As evidenced by the recent performance of the battery materials listed companies, the macro environment for the development of battery related minerals is now very favorable. According to Benchmark Mineral Intelligence (“BMI”), the prices of graphite are also recovering rapidly with the BMI Index up 6.2% in December 2020, the fastest monthly growth rate since May 2018, including an appreciation of 13.2% for the -100 mesh, 90-93% Carbon purity material, FOB China. BMI explained that: “Demand for flake graphite from the anode value chain is set to surge this year, forecasting a 49% growth rate in demand from the battery sector in 2021 as consumers, institutions, and nations alike strive for a green recovery from COVID-19.”