Dragonfly Capital Corp. (‘Dragonfly' or the ‘Company') provided the following comprehensive update on its conditionally approved Qualifying Transaction (as such term is defined in TSX Venture Exchange (the ‘TSXV') Policy 2.4 ­ Capital Pool Companies (‘Policy 2.4')) with Black Swan Graphene Inc. (‘Black Swan'), pursuant to the terms of a share exchange agreement dated January 17, 2022 as amended by amendment agreements dated April 21, 2022 and June 16, 2022 (collectively, the ‘Agreement'), with Black Swan and the shareholders of Black Swan (the ‘Transaction'). Dragonfly Capital Corp.

expected that Jennie Choboter will resign as the Chief Financial Officer ("CFO") of the Company.