INITIATION REPORT Sweet Home of Battery Graphite... Stormcrow Research - Alabama Graphite

Unique Business Model: Alabama Graphite is a different type of graphite company, one whose business model is solely focused on providing high-value secondary products (CSPG and PMG) into the battery supply chain.

The Right Model: Stormcrow views a downstream-focused strategy to be the only way a new entrant can show material and sustainable profitability in the current (and likely, future) pricing environment for graphite products.

Made for Customers: Alabama Graphite’s “Sourced (not just ‘Made’) In America” product offerings will be of significant interest to major Western battery graphite end-users, and the company’s active dialogue (and product qualification) with at least nine Department of Defense contractors, is testament to this.

Local Support: Alabama’s Coosa Graphite project is already receiving local and State-level support

Low-Cost: Due to the project’s minerology and location, Coosa will have an extremely low cost of start-up and rapid payback, which makes building the project realistic.

Strong Management: Alabama Graphite has assembled what we believe to be the strongest operationally- and technically-focused management team in the junior graphite developer universe.

Strong Value: Stormcrow believes the company is materially undervalued today, and initiates coverage with atarget of C$0.69/shr and a Positive rating based on 1x NPV18 using a long term CSPG price of $7,500.