May 22, 2026 – Vancouver, BC – Applied Graphite Technologies Corp. (“AGT”) (TSX-V:
AGT) is pleased to announce the Company has closed the acquisition of all the common shares
of Bullfrog Gold Corporation (the “Bullfrog Acquisition”) and the concurrent closing of a non
brokered private placement for 9,675,000 common shares at a price of $0.10 per share for gross
proceeds of $967,500 CAD (the “Offering”), each as previously announced on March 18, 2026.
Bullfrog Gold Corporation, a private Canadian company, owns the South Bullfrog epithermal
gold project consisting of 488 BLM claims covering 10,050 acres in Beatty, Nevada. A copy
of the share exchange agreement which was entered into among AGT, Bullfrog Gold
Corporation and the shareholders of Bullfrog Gold Corporation, is available under the
Company’s SEDAR+ profile at www.sedarplus.ca.
In connection with closing the Bullfrog Acquisition, each existing shareholder of Bullfrog Gold
Corporation will receive 1.5 AGT common shares for each share of Bullfrog Gold Corporation
they owned, for a total of 33,000,000 common shares of AGT issued.
The Bullfrog Acquisition is a Non-Arm’s Length Transaction under TSXV policies as the CFO
of AGT is also the CFO of Outcrop Silver & Gold Corporation, a shareholder of Bullfrog Gold
Corporation, and in accordance with the TSXV Policy 5.3, the Bullfrog Acquisition constituted
a “Reviewable Transaction”, as such transaction involved a “Non-Arm’s Length” party.
At the annual general and special meeting of shareholders held on May 20, 2026 (the
“Meeting”), the disinterested shareholders approved the Bullfrog Acquisition, as well as re
elected Ian Slater, Ian Harris, and Lindsay Nagle as directors of the Company. Don Baxter did
not stand for re-election at the Meeting and is no longer a director of AGT effective May 20, 2026.
The proceeds of the Offering will be used for exploration and development of the Queens Mine
Complex and South Bullfrog projects, and for general working capital purposes. All securities
to be issued pursuant to the Bullfrog Acquisition and the Offering will be subject to a four
-month hold period expiring September 23, 2026 under applicable securities laws in Canada.
The total number of common shares of AGT outstanding after closing the Offering and the
Bullfrog Acquisition is 83,944,901. No finders’ fees were paid in connection with the Offering
or the Bullfrog Acquisition.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the
United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to qualification or registration under the securities laws of such jurisdiction. The securities
being offered have not been, nor will they be, registered under the United States Securities Act
of 1933, as amended, and such securities may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption
from U.S. registration requirements and applicable U.S. state securities laws.
About Applied Graphite Technologies
Applied Graphite Technologies is developing the Queens Mine Complex in Sri Lanka. The
QMC is on private land in the heart of the vein graphite district, with historical workings and
vein graphite outcrops.
Additional Information
Ian Slater
Chief Executive Officer
+1 604 638 2545
www.appliedgraphite.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information as such term is defined in applicable securities
laws, which relate to future events or future performance and reflect management’s current expectations
and assumptions. The forward-looking information includes statements about Applied Graphite
Technologies (AGT)’s plans. Such forward-looking statements reflect management’s current beliefs and
are based on assumptions made by and information currently available to AGT, including the assumption
that approvals will be obtained. Investors are cautioned that these forward-looking statements are
neither promises nor guarantees and are subject to risks and uncertainties that may cause future results
to differ materially from those expected. Risk factors that could cause actual results to differ materially
from the results expressed or implied by the forward-looking information include, among other things,
an inability to access financing as needed. AGT cautions the reader that the above list of risk factors is
not exhaustive. Except as required under applicable securities legislation, AGT undertakes no obligation
to publicly update or revise forward-looking information.