Nano One® Materials Corp. (TSX: NANO) (OTC Pink: NNOMF) (FSE: LBMB) (Nano One) 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 announced a cathode material evaluation program with a multinational automotive company last year and is now pleased to report that progress has led to an expansion of their joint project. The expanded program will include an engineering cost model report on the industrial scale production of nickel rich cathode materials to supply a full-scale automotive battery cell assembly plant. The additional scope will examine the economic, environmental, and engineering details of industrial production. The report will be prepared by Hatch, based on the engineering study being prepared for Nano One, and will include a Front-End Loading level 1 (FEL1) analysis on capital costs, operating costs, and a cost comparison of the Nano One process versus the conventional cathode material manufacturing process.

The report will enable the companies to evaluate both the economic and environmental advantages of Nano One's patented One-Pot, Metal to Cathode Active Material (M2CAM) and coated nanocrystal process technologies at large industrial scale. This work runs in parallel to the ongoing performance testing and validation work on Nano One's nickel-rich and manganese-rich cobalt free cathode materials.

"We are pleased to be advancing the relationship with our OEM collaborator," stated Mr. Dan Blondal, CEO, "and evaluating the economics and environmental advantages of Nano One's process technology at automotive scales. It is clear from developments over the past year that the pace of change is accelerating, and the target manufacturing scale is many times what it was only a couple of years ago."

Nano One has engaged Hatch Ltd. (Hatch) to lead a process comparison, optimization, and scale-up study. Hatch is a leading global engineering firm with deep experience in engineering, scale up, piloting and commercialization of process technologies. Hatch also has engineering experience in the design of relevant plants from precursor cathode active materials (PCAM) to cathode active materials (CAM) focusing on production optimization, equipment selection, as well as the production of battery grade feedstock materials. Their recent work includes engineering, pilot plant design and build activities for traditional cathode manufacturing processes.

The name of the automotive OEM and details of the project remain confidential in accordance with the terms of the agreement.

About Hatch Ltd.

Hatch is a global professional services firm with consultants, engineers and project management personnel passionately committed to the pursuit of a better world through positive change. Our global network of 9,000 professionals work on the world's toughest challenges. Our experience spans over 150 countries around the world in the metals, energy and infrastructure market sectors.

About Nano One

Nano One Materials Corp. (Nano One) is a clean technology company with a patented, scalable and low carbon intensity industrial process for the low-cost production of high-performance lithium-ion battery cathode materials. The technology is applicable to electric vehicle, energy storage, consumer electronic and next generation batteries in the global push for a zero-emission future. Nano One's One-Pot process, its coated nanocrystal materials and its Metal to Cathode Active Material (M2CAM) technologies address fundamental performance needs and supply chain constraints while reducing costs and carbon footprint. Nano One has received funding from various government programs and the current "Scaling of Advanced Battery Materials Project" is supported by Sustainable Development Technology Canada (SDTC) and the Innovative Clean Energy (ICE) Fund of the Province of British Columbia. For more information, please visit www.nanoone.ca.

Company Contact:
Paul Guedes
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(604) 420-2041

Media Contact:
Chelsea Lauber
Antenna Group for Nano One
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(646) 854-8721

Certain information contained herein may constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking information in this news release includes, but is not limited to, statements with respect to: the results of the joint development and the status of the partnership with the OEM, and any future collaboration projects that may be put into place, the execution of the Company's plans which are contingent on such support and awards and the commercialization of the Company's technology and patents. Generally, forward-looking information can be identified by the use of terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', 'target', 'goal', 'potential' or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the current opinions and estimates of management as of the date such statements are made are not, and cannot be, a guarantee of future results or events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including but not limited to: any future collaborations that may happen with the OEM, the Company's ability to achieve its stated goals, the commercialization of the Company's technology and patents and other risk factors as identified in Nano One's MD&A and its Annual Information Form dated March 15, 2021, both for the year ended December 31, 2020, and in recent securities filings for the Companies which are available at www.sedar.com. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake any obligation to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.