Avalon Advanced Materials and Lakehead University Sign Memorandum of Understanding to Advance Critical Minerals Processing Innovation and Regional Workforce Development in Northern Ontario

September 29, 2026

TORONTO, ON – September 29, 2026 – Avalon Advanced Materials Inc. (“Avalon” or the “Company”) (TSX: AVL and OTCQB: AVLNF)

and Lakehead University (“Lakehead​ University​”) are pleased to announce the signing of a Memorandum of Understanding (“MOU”) to explore opportunities for collaboration in critical minerals research, processing innovation, regional workforce ​development,​​     ​ and education. 

 

​​​Recognizing the significant research, innovation, and workforce opportunities associated with Ontario’s rapidly expanding critical minerals industry, the MOU sets a clear direction for how Avalon and Lakehead University will work together to develop the knowledge, skills and expertise needed to strengthen northwestern Ontario’s role in this emerging industry. ​​  

 

​​​​​“Both Avalon and Lakehead University recognize the significant opportunity that the growth of the critical minerals and processing industry presents for Northwestern Ontario. As this industry continues to expand, it is more important than ever that projects are advancing, innovation is being supported and the skilled workforce needed to sustain that growth is being developed​,​​” ​s​​aid Scott Monteith, President and Chief Executive Officer, Avalon Advanced Materials​.​  

“Avalon has long believed that Northern Ontario has the potential to become a leading hub for critical minerals processing,​ given its proximity to mineral resources and established transportation and distribution networks. We are thrilled to be partnering with Lakehead University to help advance this vision and ensure the region is well positioned to capture the economic, innovation and workforce opportunities that come with this growing industry.” 

Potential areas of collaboration will focus on advancing critical minerals research and innovation, ​​and the development of associated technologies. Avalon and Lakehead will also explore how the University’s analytical, laboratory, testing and technical capabilities could support research, process development and commercialization activities​. ​​     ​. 

 

A key focus of the collaboration will be workforce development. Avalon and Lakehead intend to continue engagement on current and future talent requirements and explore opportunities to inform academic programs, training initiatives, experiential learning and professional development aligned with the needs of the critical minerals sector. ​     ​ 

 

The MOU also provides a framework for the parties to explore collaborative funding opportunities through provincial, federal and industry-supported research and innovation programs, as well as opportunities for knowledge exchange among Avalon personnel, Lakehead researchers, faculty, staff and students through workshops, internships, graduate research projects and other mutually beneficial activities. 

 

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​​​​“Lakehead University is deeply committed to driving research, innovation, and talent development to safeguard the economic future of Northern Ontario and Canada,” said Dr. Langis Roy, Vice-President, Research and Innovation at Lakehead University. ​​​ 

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​​​​“With our world-class academic programs, cutting-edge research labs and facilities, and deep-rooted collaborations with Indigenous partners, Lakehead brings unmatched expertise to this vital sector. Together, we look forward to advancing critical minerals research, empowering the next generation of industry leaders, and building a sustainable, prosperous future.”​​​ 

 

 

About Lakehead University  

​​​​Lakehead University is where ambition meets opportunity and where a degree leads to real-world impact. Known for small class sizes, hands-on learning, and unparalleled undergraduate research opportunities, Lakehead has earned national and international recognition for our student-focused approach–including being named Ontario’s #1 primarily undergraduate university by Maclean’s magazine in 2025, and ranked by 2026 Times Higher Education Sustainability Impact Rankings as the top university in North America (under 10,000 students) for our commitment to sustainability and social justice.​​​ 

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​​​​With campuses in Thunder Bay and Orillia–and a new STEM Hub in Barrie–Lakehead offers a vibrant, close-knit, nature-rich environment for learning where students enjoy a uniquely balanced and enriching university experience. With more than 65 career-focused programs, Lakehead is a training ground for future leaders, entrepreneurs, and changemakers—graduates who think critically and drive meaningful impact in their communities and around the world. Visit ​​www.lakeheadu.ca​​. ​​​ 

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About Avalon Advanced Materials Inc.  

Avalon Advanced Materials Inc. is a Canadian critical minerals company focused on advancing lithium and rare earth elements—two of the fastest-growing segments of the global energy transition. The Company is developing strategic assets to participate in high-growth markets and support the build-out of secure North American supply chains. Avalon is advancing the Nechalacho Rare Earth Elements and Zirconium Project in the Northwest Territories, which contains all light and heavy rare earth elements, as well as zirconium, tantalum, and niobium—critical minerals used in advanced technologies across the communications, defense, advanced technologies, and energy sectors. The Company is also focused on vertically integrating the Ontario lithium supply chain through the development of Lake Superior Lithium Inc., Ontario’s first midstream lithium hydroxide processing facility, located in Thunder Bay. This facility is expected to serve as a cornerstone of North America’s integrated battery materials supply chain, transforming northern Ontario lithium into essential inputs for transportation, grid storage, and advanced manufacturing. 

 

For further information regarding Avalon Advanced Materials Inc., please visit www.avalonadvancedmaterials.com, email ir@avalonam.com, or call 416-364-4938. 

 

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “add” or “additional”, “advancing”, “anticipates” or “does not anticipate”, “appears”, “believes”, “can be”, “conceptual”, “confidence”, “continue”, “convert” or “conversion”, “deliver”, “demonstrating”, “estimates”, “encouraging”, “expand” or “expanding” or “expansion”, “expect” or “expectations”, “forecasts”, “forward”, “goal”, “improves”, “increase”, “intends”, “justification”, “plans”, “potential” or “potentially”, “promise”, “prospective”, “prioritize”, “reflects”, “robust”, “scheduled”, “suggesting”, “support”, “top-tier”, “updating”, “upside”, “will be” or “will consider”, “work towards”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will be taken”, “occur”, or “be achieved”.

Forward-looking information is 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 information, including those risk factors discussed or referred to in the annual information form of the Company dated November 26, 2025 (the “AIF”) under the heading “Description of the Business – Risk Factors”. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Mark N.J. Ashcroft, P.Eng, is a seasoned professional in the mining, resource and finance sectors with a legacy as a sixth-generation miner, who first went underground at 12 years old. Beginning his career underground in Thompson, MB, he later earned an engineering degree and gained extensive experience across North and South America and Australia. He has held roles in mining operations, corporate development, and finance, including President and CEO of Stonegate Agricom, where he managed a pivotal $51.75 million IPO on the Toronto Stock Exchange. Currently, he is the CEO of Aurelius Minerals Inc., focusing on gold projects in Nova Scotia and Ontario.

Mark’s background includes investment banking and corporate finance positions in London, New York, and Toronto at firms like Barclays Capital, Standard Bank, Versant Partners, and Toll Cross Securities, dealing primarily with resource companies. He has served on various public mining and exploration boards, advising on governance and capital markets. Mark is a licensed Professional Engineer in Ontario, and holds a Bachelor of Engineering in Mining Engineering from Laurentian University and a Master of Science in Finance, Regulation, and Risk Management from the University of Reading..

Cindy Hu joined Avalon in 2007. Prior to joining the company, Ms. Hu was a senior manager with the accounting firm Andersen & Company Professional Corporation. She is a Chartered Professional Accountant with over 20 years of experience in public accounting practice and financial reporting, primarily for junior public companies and private wealth management portfolios.

MS. Hu earned her B.Com from Laurentian University in 1996.

Scott Monteith is President and Chief Executive Officer of Avalon Advanced Materials Inc. He is an accomplished clean-tech executive and entrepreneur with more than 30 years of experience advancing innovative technologies from concept through commercialization. Throughout his career, Mr. Monteith has focused on building and scaling companies that support the transition to a more sustainable and secure global economy.
 
As CEO of Avalon, Mr. Monteith is leading the Company’s strategic transformation into a vertically integrated critical minerals and advanced manufacturing company focused on supporting secure North American supply chains. Under his leadership, Avalon is advancing the Nechalacho Rare Earth Elements and Zirconium Project in the Northwest Territories and Lake Superior Lithium Inc., a proposed midstream lithium hydroxide processing facility in Thunder Bay, Ontario. 
 

Mr. Monteith holds a Bachelor of Business Administration from Toronto Metropolitan University and has been a member of the Young President’s Organization for over 20 years.