Brownfield graphite mine redevelopment demonstrates an after-tax IRR of 67%, and payback period of 1.3 years

TORONTO, July 7, 2026 /PRNewswire/ — Global Battery Materials Corp. (“GBM” or the “Company“), a vertically integrated critical minerals and technology company focused on developing secure North American graphite and advanced anode material supply chains, is pleased to announce the positive results of a Preliminary Economic Assessment (“PEA“) prepared by WSP Canada Inc. (“WSP“) for its Kearney Graphite Project (“Kearney” or the “Project“), located in northeastern Ontario, Canada. The PEA evaluates the restart of the prior-producing Kearney Mine, leveraging existing infrastructure to provide a secure source of graphite for the North American battery supply chain.

Kearney Mine

The PEA prepared by WSP and independent Qualified Persons (“QP’s“) confirms the strong economics for the Kearney Graphite Project, with a post-tax NPV_(8%)of USD$183 million, 67% internal rate of return (“IRR“), and 1.3-year payback. The brownfield redevelopment project benefits from several characteristics, including existing historical infrastructure, transportation access, and previously disturbed industrial footprint, which collectively contribute to a comparatively reduced capital intensity, and accelerated development potential.

The PEA economics are built on the sale of graphite concentrate, industrial graphite products, and upstream battery materials—established product categories with strong and growing demand across North American industrial, defence, energy storage, and battery supply chain markets.

QUALIFIED PERSONS

The scientific and technical information contained in this news release has been reviewed and approved by the following Qualified Persons as defined under NI 43-101, each of whom is independent of Global Battery Materials Corp.:

Benjamin Berson, P.Eng., PMP, Principal Mining Engineer, WSP — mining, and infrastructure
Brian Thomas, P.Geo., Senior Principal Geologist, WSP — Mineral Resource Estimate
Amir Maleki Ghahfarokhi, P.Geo., Senior Geologist, WSP — geology, exploration, and data verification
Kerry Salvatori Lee, P.Eng., Senior Principal Geotechnical Engineer, WSP — tailings management
Oliver Peters, P.Eng., M.Sc., MBA, President, Metpro Management Inc. — metallurgical processing
William (Bill) Stiebel, M.Sc., P.Geo., FGC, President, WHS Plc. — environmental and water management
Piers Wendlandt, PE, Vice President, Mining Engineer, WSP — economic analysis and macroeconomic aspects.

TABLE 1: SUMMARY OF PEA RESULTS — KEARNEY GRAPHITE PROJECT

Parameter	Base Case
After-Tax NPV (8% Discount Rate)	USD$183 million
After-Tax IRR	67 %
After-Tax Payback Period	1.3 years
After-Tax Cumulative Cashflows (undiscounted)	USD$421 million
Mine Life	20 years
Initial Capital Expenditures	CAD$65.9 million
Sustaining Capital Expenditures	CAD$30.9 million
Operating Cost — Diesel Phase	CAD$31.35/t milled
Operating Cost — Grid Phase (44 kV)	CAD$25.50/t milled
Graphite Concentrate Grade	~95% Cg
Indicated Mineral Resources	29.2 Mt @ 2.10% Cg
Inferred Mineral Resources	33.8 Mt @ 1.90% Cg

Exchange Rate Assumption	CAD$1.40: US$1.00

Notes: The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources are reported in accordance with 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves. Mineral Resource Estimate effective date is June 1, 2026.

PEA HIGHLIGHTS

The PEA demonstrates robust economic parameters for the Kearney Graphite Project, supported by modest initial capital requirements, rapid payback, and substantial long-term cash generation potential, all within a brownfield redevelopment context that benefits from existing on-site infrastructure.

On an after-tax basis, the Project generates a post-tax NPV_(8%)of approximately USD$183 million, an IRR of approximately 67%, and a payback period of approximately 1.3 years. The Project is anticipated to generate cumulative after-tax cashflows of approximately USD$421 million over its approximately 20-year mine life.

Initial capital expenditures are estimated at approximately CAD$65.9 million and include selective refurbishment of existing site infrastructure, modernization of processing facilities, development of a micronization facility, and indirect costs, contingency, and owner’s costs. Sustaining capital expenditures are estimated at approximately CAD$30.9 million over the life of mine.

The assessment contemplates a phased operational strategy designed to leverage existing site infrastructure while supporting future optimization opportunities, including a planned transition from diesel generator power to a regional 44 kV overhead grid connection. Operating costs are estimated at approximately CAD$31.35 per tonne milled during the initial diesel-powered phase and are expected to decrease to approximately CAD$25.50 per tonne milled following the future grid connection. The financial model assumes an exchange rate of CAD$1.40:US$1.00 for the full life of mine.

The proposed operation envisions the redevelopment of Kearney as a conventional open-pit mining operation using contractor truck-and-shovel methods. Mineralized material would be processed through a flotation concentrator designed to produce a premium graphite concentrate at approximately 95% graphitic carbon. The study further contemplates the sale of approximately 50% of annual concentrate production to higher-value industrial and advanced materials markets while supporting the development of secure North American critical mineral supply chains.

Located in Ontario, one of the world’s premier mining jurisdictions, the Project benefits from access to transportation infrastructure, a skilled labour force, electrical power, and a well-established regulatory environment.

MINERAL RESOURCE ESTIMATE

The Mineral Resource Estimate for the Kearney Graphite Project was prepared by Brian Thomas, P.Geo., of WSP, with an effective date of June 1, 2026, in accordance with 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.

TABLE 2: MINERAL RESOURCE ESTIMATE — KEARNEY GRAPHITE PROJECT (Effective Date: June 1, 2026)

Classification	Deposit	Tonnes	Cg (%)
Indicated	McGuire	29,224,000	2.10
Total Indicated		29,224,000	2.10
Inferred	McGuire	11,831,000	1.96
Inferred	Sheehan	21,940,000	1.86
Total Inferred		33,772,000	1.90

Key Assumptions, Parameters, and Methods: Mineral Resources are reported at an open pit-constrained cut-off grade of 1.0% Cg, based on a graphite concentrate selling price of CAD$2,155/t, a USD/CAD exchange rate of 1.39, a process recovery of 89.4%, a mining cost of CAD$4.20/t mined, and a processing cost of CAD$13.92/t milled. The Mineral Resources were estimated by ordinary kriging. McGuire Indicated Mineral Resources are supported by 12 NQ drill holes completed in 2013 combined with 126 historical holes confirmed through a verification program. Sheehan Mineral Resources are classified as Inferred due to insufficient quality assurance/quality control (“QA/QC“) documentation of historical drill data. No Mineral Reserves have been declared. Inferred Mineral Resources are considered too speculative geologically to be categorized as Mineral Reserves. Rounding may result in apparent summation differences.

Known Risks: Key risks that could materially affect the potential development of the mineral resources include: (i) partial reliance on historical drill data with limited original QA/QC documentation, particularly at Sheehan; (ii) historical McGuire assay values averaging approximately 15% higher than 2013 verification assays, introducing grade uncertainty; (iii) graphite price volatility driven in part by Chinese oversupply; (iv) dependency on a third-party-funded 44 kV transmission line within 12 months of production commencement; and (v) pending renewal of the Permit to Take Water and revision of the Mine Closure Plan.

DATA VERIFICATION

QP Maleki Ghahfarokhi (WSP) visited the Project site, inspected and verified the drill core condition, collected independent witness samples, reviewed the QA/QC procedures, and verified the drill hole database with available original documentation.

QP Salvatori Lee visited the Project site and observed the current conditions of the tailings facility, dams, and polishing pond as well as reviewed existing technical documentation supporting the tailings design.

QP Stiebel has visited the Project site several times and has examined the drill core and conducted discussions on site conditions with the environmental manager.

QP Berson visited the site where he observed the historical pit wall stability and the mine haulage routes. He also visited the existing mill facilities as well as the polishing pond. Additionally QP Berson reviewed hydrogeological reports and available geotechnical data.

QP Peters visited the Project site and collected samples for the 2016 process optimization program.

MANAGEMENT COMMENTARY

Commenting on the results, Eric Miller, Chief Executive Officer of Global Battery Materials Corp., stated:

“The Kearney Graphite Project represents a rare opportunity to establish domestic graphite production quickly and with capital efficiency,” said Eric Miller, CEO of GBM. “The mine has a proven history of supplying North American markets, and this study confirms the advantages of our brownfield approach. Combined with our advanced-stage anode material pilot plant in South Korea, GBM is ready to act with urgency to strengthen critical mineral supply chains.”

Miller continues, “WSP is a leader in mining infrastructure delivery and their work on the Kearney Graphite Project represents an important step toward executing an aggressive restart timeline. With a 1.3-year payback, 67% IRR, and a 20-year mine life on a proven, prior-producing asset, Kearney is one of the most reliable, cost-effective routes to secure domestic graphite supply in North America.”

Management believes that Kearney offers significant long-term upside potential beyond the scope of the current PEA. Opportunities identified by the study include additional Mineral Resource conversion drilling, and Mineral Resource expansion, process optimization, and infrastructure enhancements. The Company also intends to evaluate downstream graphite valorization opportunities, including advanced graphite products and battery anode materials. The Company intends to advance a Defenitive Feasibility Study as the next step in the Project’s development.

NI 43-101 CAUTIONARY STATEMENT

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the results of the PEA will be realized, and Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Additional engineering studies, permitting activities, metallurgical work, and economic assessments will be required before a development decision can be made.

TECHNICAL REPORT FILING

The Company intends to file the supporting NI 43-101 Technical Report on SEDAR+ within the time period prescribed by applicable Canadian securities legislation. The Technical Report will be available for review on the Company’s SEDAR+ profile at www.sedarplus.ca. It will include further details on qualifications, assumptions, exclusions, and risks that relate to the details of this news release, including the PEA and Mineral Resource estimate. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the future development of the Kearney Graphite Project; the estimation of Mineral Resources and the realization of such mineral estimates; expectations with respect to increasing Mineral Resources with further work; the statements related to the PEA and other results of the PEA discussed in this news release, including, without limitation, project economics, financial and operational parameter such as expected production, capital expenditures, cash flow, NPV, IRR, payback period and life of mine; upside potential, opportunities for growth and expected next steps; the price of commodities; future technical studies; permitting activities; project financing; the potential conversion of Mineral Resources to Mineral Reserves; future graphite markets; downstream processing opportunities; and the Company’s broader strategic objectives. Forward-looking information is based on assumptions management believes to be reasonable, including assumptions regarding commodity prices, market demand, permitting timelines, financing availability, operating costs, capital costs, labour, infrastructure, and regulatory approvals. There is no assurance that such assumptions will prove accurate. Forward-looking information is subject to risks including fluctuations in graphite prices; exploration and development risks; permitting and regulatory risks; environmental risks; financing risks; Mineral Resource estimation risks; construction and operating risks; inflationary pressures; and general business risks. The reader is cautioned that the foregoing list is not exhaustive of all risk factors. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Readers are further cautioned not to place undue reliance on any forward-looking information, as such information, although considered reasonable by the respective management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by applicable securities legislation, the Company assumes no obligation to update forward-looking information.

ABOUT GLOBAL BATTERY MATERIALS CORP.

Global Battery Materials Corp. (GBM) is a vertically integrated critical minerals and technology company delivering an ex-China battery supply chain from natural graphite products to active anode materials. The Company’s platform combines a prior producing mine in Canada with a patented anode processing technology validated at a pilot plant in South Korea and set to be scaled in North America, establishing North America’s fastest path to end-to-end critical material resiliency. Led by a management team with deep expertise in mining operations, battery science, and automotive supply, and backed by the Canadian government and a proprietary patent portfolio, GBM serves the defence, energy, industrial, and electric vehicle battery markets at the core of global supply chain security. Learn more at www.globalbatterymaterials.com.

The PEA does not include GBM’s downstream anode material production facilities—existing and planned—that will bring its graphite critical mineral from mine to market. The Company’s anode materials business is built around proprietary anode processing technology, validated at its pilot production and R&D facility in South Korea, and set to be scaled at a mass production site in North America. GBM’s future downstream processing capabilities complement concentrate and micronized graphite production from the Kearney Graphite Project.

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Global Battery Materials Corp.