Eagle Graphite Confirms Cease Trade Order and Suspension of Trading

Eagle Graphite Incorporated (TSXV: EGA) (the "Corporation") announces that, further to its news release of September 27, 2022, the TSX Venture Exchange suspended trading in the Corporation's securities on October 4, 2022 as a result of a Cease Trade Order (the "CTO") issued by the Ontario Securities Commission. The CTO was issued as a result of the Corporation's failure to file its interim financial statements, management's discussion and analysis, and certificate of the foregoing filings for the period ended May 31, 2022.

About Eagle Graphite

Eagle Graphite owns the Black Crystal Graphite quarry, located 35 kilometres west of the city of Nelson in British Columbia, Canada, and 70 kilometres north of the state of Washington. Black Crystal is the only constructed graphite quarry with production history in Western North America. Eagle's shares are listed on the TSXV under the symbol "EGA".

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Jamie Deith, CEO 604-909-4247 Email: [e-mail]