Nano One Provides Quarterly Progress Update and Reports Q3 2022 Results

VANCOUVER, BC / ACCESSWIRE / November 11, 2022 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB).

Nano One® Materials Corp. ("Nano One" or the "Company") is a clean technology company with patented processes for the low-cost, low-environmental footprint production of high-performance cathode materials used in lithium-ion batteries. Nano One has filed its unaudited condensed interim consolidated financial statements (the "financial statements") and management's discussion & analysis for the third fiscal quarter ended September 30, 2022 ("Q3 2022") and is pleased to provide the following highlights from Q3 2022.

Q3 2022 Highlights and Headlines

• Working capital of ~$45.8 million; cash of ~$45.9 million
• Completion of Annual General Meeting of Shareholders
• Government funding of ~$1.8 million received
• Grant of two additional patents

Corporate Milestones for Q3 2022

Validation of Manganese Metal in M2CAM® Process

In September 2022, the Company and Euro Manganese Inc. ("Euro Manganese") announced joint demonstration of cathode materials made directly from Euro Manganese sourced electrolytic manganese metal using Nano One's One-Pot process. Nano One's patented One-Pot process enables cathode materials to be made directly from metals ("M2CAM") and lithium carbonate, for reduced complexity, cost, and environmental footprint.

Results align with automotive battery demands in Europe and North America for sustainably sourced critical minerals and environmentally superior and differentiated supply chains. The two companies are jointly developing economically viable and environmentally sustainable applications of high-purity electrolytic manganese metal ("HPEMM") as one of several inputs for the production of cathode active materials used in lithium-ion batteries.

SDTC and BC-ICE Funding of $1.8M and Grant of 2 Patents

In August 2022, the Company announced the granting of two (2) additional patents in Japan and the receipt of approximately $1,800,000 in non-dilutive, non-repayable contributions from Sustainable Development Technology Canada ("SDTC") and BC-ICE toward Milestone 4 (the final milestone) of the Scaling Advanced Battery Materials project.

Q3 2022 Financial Position and Results

• Total assets of ~$59,100,000 (Q2 2022 - ~$60,700,000)
• Total liabilities of ~$1,300,000 (Q2 2022 - ~$1,500,000)
• Net use of cash of ~$2,000,000 to facilitate operational and strategic efforts (Q2 2022 - ~$800,000)
• Gross expenditures on research activities of ~$1,700,000 (Q2 2022 - ~$1,600,000)
• Proceeds from SDTC and BC-ICE funding of ~$1,800,000
• Capitalized gross fixed asset additions of ~$936,000

Primary sources of cash during Q3 2022 were from government programs (~$1,900,000), interest income (~$405,000), and exercises of stock options and warrants (~$237,000).

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