• Global electrification depends on the availability of graphite to power lithium-ion batteries used in EVs and portable electronic devices
• The Ruby Graphite Deposit is the only combined graphite flake and vein graphite source in the U.S., Reflex secured the option to acquire a 100% stake in the project in 2022
• Reflex engaged Lone Star Tech Minerals to advance Ruby Graphite project, deliverables include a production plan, marketing strategy, customer database, and technical data sheet
• Biden Administration to award $2.8 billion to expand domestic EV battery manufacturing and graphite processing

The worldwide shift to electrification depends on the availability of graphite – a critical element needed to power lithium-ion batteries used in electric vehicles (“EVs”) and portable electronic devices.

The Ruby Graphite Deposit is the only combined graphite flake and vein graphite source in the United States. Acquired last year by Reflex Advanced Materials (CSE: RFLX) (OTCQB: RFLXF), the Ruby Graphite Deposit is a low-cost opportunity to re-enter the market with recent samples assaying at 95.8% to 98.4% total carbon.

RFLXF is aiming to meet surging graphite demands by engaging with Lone Star Tech Minerals (“LSTM”), a Texas-based graphite and industrial minerals marketing consulting firm. Under the partnership, both companies will collaborate to conduct a competitive analysis and develop a market strategy for coated, spherionized, and purified graphite (“CSPG”) (https://ibn.fm/8OxLF).

“We are excited to partner with Lone Star Tech Minerals and leverage their marketing and technical experience,” said Paul Gorman, CEO of Reflex Advanced Materials Corp. “Lone Star’s extensive knowledge of the CSPG industry will be invaluable as we aim to deliver high-quality, custom graphite products to a wide range of industry uses and chemistries to the North American supply chain.”

Under the agreement terms, RFLXF and LSTM will develop a production plan, marketing strategy, and customer database. LSTM will also produce a technical data sheet that aims to qualify potential customers requiring CSPG to test and evaluate the efficacy and compatibility of a new, conductive, additive anode material in a chemistry or format required for their specific application.

“We are thrilled to come on board with Reflex Advanced Materials and provide our go-to-market, commercial and technical expertise,” said Chris Whiteley, CEO of Lone Star Tech Minerals. “We look forward to the partnership and leveraging our extensive industry knowledge and marketing expertise, including downstream battery OEMs and other high tech end users of CSPG where margins are highest, and demand is still diverse and abundant.”

Graphite is critical for manufacturing battery electrodes, motors, and generators, as well as a lubricant in circuit breaker and switch production. EV manufacturers specifically prefer lithium-ion batteries over other technologies because they efficiently store and release lithium ions over multiple charge-discharge cycles, leading to longer driving ranges and shorter charging times.

Historically, the Ruby Graphite Deposit produced roughly 2,400 tons from 1902 to 1948. RFLX now holds mining rights for 755 hectares with 96 federal lode mining claims and will use targets identified using historical data and the 43-101 technical report dated January 31, 2023. The company submitted a permit application in March 2023 and plans to start implementing an initial plan to drill 3,500 meters at an average core depth of 130 meters this summer.

Chinese producers provide most of the graphite sold in North America today, raising concerns in Washington that the U.S. is overdependent on foreign sources (https://ibn.fm/jsjp5). To combat the problem, the U.S. Department of Energy plans to award $2.8 billion to expand domestic EV battery manufacturing, including graphite processing (https://ibn.fm/0Y42C). Reflex Advanced Materials are aiming to take advantage of these shifting economic conditions by expanding the Ruby Graphite Deposit in advance of increased demand.

For more information, visit the company’s website at www.ReflexMaterials.com.

NOTE TO INVESTORS: The latest news and updates relating to RFLXF are available in the company’s newsroom at https://ibn.fm/RFLXF

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