(SeaPRwire) –   VANCOUVER, BC, May 22, 2026 – Applied Graphite Technologies Corp. (“AGT”) (TSXV: AGT) is pleased to announce the successful closing of its acquisition of all outstanding common shares of Bullfrog Gold Corporation (the “Bullfrog Acquisition“). Concurrently, the Company has finalized a non-brokered private placement, issuing 9,675,000 common shares at a price of $0.10 per share to raise gross proceeds of $967,500 CAD (the “Offering“). Both transactions were previously announced on March 18, 2026. Bullfrog Gold Corporation, a private Canadian entity, owns the South Bullfrog epithermal gold project, which consists of 488 BLM claims covering 10,050 acres in Beatty, Nevada. The share exchange agreement executed by AGT, Bullfrog Gold Corporation, and Bullfrog’s shareholders is available under the Company’s SEDAR+ profile at www.sedarplus.ca.

In connection with the closing of the Bullfrog Acquisition, shareholders of Bullfrog Gold Corporation will receive 1.5 AGT common shares for each Bullfrog share held, resulting in a total issuance of 33,000,000 common shares of AGT.

The Bullfrog Acquisition is classified as a Non-Arm’s Length Transaction under TSXV policies because the CFO of AGT also serves as the CFO of Outcrop Silver & Gold Corporation, which is a shareholder of Bullfrog Gold Corporation. Consequently, in accordance with TSXV Policy 5.3, the transaction was treated as a “Reviewable Transaction” due to the involvement of a “Non-Arm’s Length” party.

At the annual general and special meeting of shareholders held on May 20, 2026 (the “Meeting“), disinterested shareholders voted to approve the Bullfrog Acquisition. Additionally, shareholders re-elected Ian Slater, Ian Harris, and Lindsay Nagle to the board of directors. Don Baxter did not stand for re-election at the Meeting and has stepped down from the board of AGT, effective May 20, 2026.

Proceeds from the Offering will be used to fund exploration and development at the Queens Mine Complex and South Bullfrog projects, as well as for general working capital purposes. In compliance with Canadian securities laws, all securities issued under the Bullfrog Acquisition and the Offering are subject to a statutory four-month hold period expiring September 23, 2026. Following the completion of the Offering and the acquisition, AGT has a total of 83,944,901 common shares outstanding. No finder’s fees were paid in connection with either transaction.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States or in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under local securities laws. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons without registration or an applicable exemption from U.S. registration requirements and applicable state securities laws.

About Applied Graphite Technologies

Applied Graphite Technologies is focused on developing the Queens Mine Complex in Sri Lanka. Located on private land in the heart of the vein graphite district, the QMC features historical workings and visible vein graphite outcrops.

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 statements as defined under applicable securities laws, which relate to future events or performance and reflect management’s current expectations and assumptions. These forward-looking statements include plans regarding Applied Graphite Technologies (AGT). Such statements represent management’s current beliefs and are based on assumptions and information currently available to AGT, including the assumption that necessary approvals will be obtained. Investors are cautioned that forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from expectations. Key risk factors include, among other things, the potential inability to obtain required financing. AGT advises readers that this list of risk factors is not exhaustive. Except as required by law, AGT undertakes no obligation to publicly update or revise any forward-looking statements.

SOURCE Applied Graphite Technologies Corporation