Nachu graphite deal could transform Sow Good (Nasdaq: SOWG) into critical minerals player

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Sow Good Inc. has posted an investor presentation and press release detailing its planned all-stock acquisition of Ryzon Materials’ Tanzanian subsidiaries that own the Nachu Graphite Project. The deal values the targets at approximately AUD$150 million (~US$107 million) in Sow Good common stock.

The presentation highlights Nachu’s reported post-tax NPV₁₀ of US$1.2 billion and a 51% IRR under Ryzon’s 2022 bankable feasibility study prepared to JORC Code 2012 standards, along with a 15.5-year mine life and 174 Mt resource at 5.4% TGC. All technical and economic figures are described as historical estimates that have not been independently verified by Sow Good and may differ materially when reported under S-K 1300.

Sow Good plans to transform from a pure consumer packaged goods company into a critical minerals and battery anode developer focused on Nachu, while continuing its freeze-dried candy and snack business as a separate segment. Completion of the transaction remains subject to Sow Good stockholder approval, Tanzanian regulatory approvals and other customary conditions.

Insights

Sow Good outlines a high-upside but still unverified graphite acquisition that could reshape its business mix.

Sow Good describes an all-stock acquisition of Ryzon’s Tanzanian subsidiaries holding the Nachu Graphite Project for about US$107M in equity. Ryzon’s 2022 bankable feasibility study reports a post-tax NPV₁₀ of US$1.2B, a 51% IRR, initial capex of US$394M and 15.5 years of mine life, creating an implied value multiple of roughly 11x if confirmed.

The company stresses that all resource, reserve and economic figures are historical estimates prepared under the JORC Code 2012, not S-K 1300, and have not been independently verified or adopted. It plans to commission an S-K 1300 technical report summary after closing, and notes meaningful risks around financing, Tanzanian regulation, offtake reconfirmation and potential impacts of using Chinese EPCM contractors under FEOC rules.

If the transaction closes and technical and commercial assumptions are broadly validated, Sow Good would shift from a niche consumer snacks business toward a critical minerals and battery anode platform anchored by Nachu. For now, the disclosure primarily frames the strategic rationale and risk profile; actual impact will depend on approvals, project financing and the forthcoming S-K 1300-compliant study.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

All-stock consideration: AUD$150M (~US$107M) Consideration shares: ≈334,150,145 shares Reported NPV10: US$1.2B +5 more

8 metrics

All-stock consideration AUD$150M (~US$107M) Aggregate equity value for Ryzon’s Tanzanian subsidiaries

Consideration shares ≈334,150,145 shares Sow Good common stock issuable at US$0.3209 VWAP

Reported NPV10 US$1.2B Post-tax NPV₁₀ for Nachu per Ryzon 2022 BFS (JORC 2012)

Internal rate of return 51% Nachu project IRR reported by Ryzon’s 2022 BFS

Initial capex US$394M Capital to first production per Ryzon 2022 BFS

Mine life 15.5 years Planned operating life at 5 Mtpa ROM per Ryzon

Mineral resource 174 Mt at 5.4% TGC Nachu JORC 2012 mineral resource with 9.3 Mt contained graphite

Steady-state production ≈236 ktpa concentrate Designed annual output from 5 Mtpa ROM throughput

Key Terms

all-stock consideration, NPV 10, IRR, JORC Code 2012, +2 more

6 terms

all-stock consideration financial

"AUD$150M (~US$107M) ALL-STOCK CONSIDERATION"

NPV 10 financial

"US$1.2B POST-TAX NPV₁₀ PER RYZON'S 2022 BFS UPDATE"

IRR financial

"51% IRR P A Y B A CK INITIA L C APE X"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

JORC Code 2012 regulatory

"prepared under the JORC Code 2012, not S-K 1300; historical estimates"

A formal industry standard for how mining companies must report exploration results, mineral resources and ore reserves, specifying the information, methods and levels of confidence required. For investors, it acts like a recipe and checklist that helps ensure numbers are prepared consistently and transparently, so reported quantities and risks can be compared across projects and judged more reliably—similar to comparing products that follow the same label rules.

S-K 1300 regulatory

"differs materially from S-K 1300, the disclosure standard applicable to Sow Good"

Regulation S-K Item 1300 is a U.S. securities disclosure rule that requires public companies to report how they manage cybersecurity risks and to promptly disclose material cyber incidents. Think of it as a requirement to tell investors both the company’s “cyber health” plan and any major break-ins, similar to a homeowner explaining their alarm system and alerting neighbors after a burglary. This helps investors assess operational risk and potential financial or reputational impact.

Special Mining Licence regulatory

"Special Mining Licence SML 550/2015 tenement area"

Understanding 8-K Material Events →

04/22/2026 - 04:40 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 22, 2026

Sow Good Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware		001-42037		27-2345075
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Sow Good Inc.

1440 N Union Bower Rd

Irving, TX 7506

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (214) 623-6055

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		SOWG		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01

Regulation FD Disclosure.

Sow Good Inc. (the “Company”) has prepared an investor presentation (the “Investor Presentation”) to use in meetings with investors. The Company posted the Investor Presentation on the Company’s website on April 22, 2026 and simultaneously issued a press release (the “Press Release”) to make public disclosure thereof. A copy of the Investor Presentation and Press Release are furnished as Exhibit 99.1 and 99.2, respectively, to this Current Report on Form 8-K.

The information contained in this Item 7.01, including Exhibit 99.1 and Exhibit 99.2 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act or the Exchange Act.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits

The following exhibit is furnished herewith:

Exhibit No		Description
99.1		Investor Presentation dated April 22, 2026.
99.2		Press Release dated April 22, 2026.
104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SOW GOOD INC.

Date: April 22, 2026	By:	/s/ Yisroel Goldberg
		Yisroel Goldberg
		Chief Executive Officer

Exhibit 99.1

SO W GO O D INC . N A SD A Q : SO WG A T RAN S F O R M AT IV E AC QU ISI T I O N ANCHORING TH E WEST'S BATTERY SUPPLY CHAIN A cq u i s ition o f the Nachu Grap h it e Project, on e o f the larges t h ig h - p u ri t y n a tural flak e grap h it e depos i ts outs i d e C h ina. ~US$10 7M US$ 1 .2B A L L - ST O C K C ON SI D E R A TI O N N P V 1 0 R EP O R TE D B Y RY Z ON * 51% I R R R EP O R TE D B Y RY Z ON * ~11x IMPLIE D VA L U E M U LT IPLE * A P R I L 22, 2026 / I N V EST OR P R ESE N T A TI O N *Metri c s as pub li c l y re p o rted by R yz o n und er th e JORC C o d e 2012, n o t S - K 1300; h ist o ri cal est im a tes n o t i nd e p e nd e nt l y v erifie d b y So w G oo d. Im p lied v a l u e m u l t i p le i s re p o rted N P V ₁ ₀ d i v i ded b y tr a nsac ti o n c o ns i derat i o n.

IMP O R T AN T I N F O R MA T I O N D i scl a imers & Forward - L o o k ing St a tem e nts G e n e r a l . T h is p rese n ta t ion h as b een p re p ar e d b y S o w G o od In c . (t h e “C o m p a n y”, “Sow G o o d ” or “SOWG”) solely for i n forma t ional pu r p oses in c o n n ect ion w ith t h e a n n o u n cem e n t o f its p ro p os ed acq u isition o f t h e T anza n ian s ub si diaries o f R y z o n Ma t erials Ltd (“ R y z o n ”), w hi c h together hold the N achu Gra p hite Project (t h e “Tra n sa c tio n ”). It does not c o n stitute an o f f er t o sel l o r t h e solici t a tion o f an o f f er t o bu y a n y secu r it ies, n o r s hall t h ere b e a n y sal e o f secu r ities in a n y j u r i s di c t ion in w hi c h t h e o f f er, solici t a tion o r sal e w o u ld o t h er w ise b e unla w ful prior to the registration o r qualifi c ation under the se c urities la w s o f any suc h j urisdiction. T h is comm u ni c ation is re strict e d b y la w . It is n ot inte n d ed for d istri b u tion to, or u se b y a n y p erso n in , a n y j u risdi ct ion w h ere s u c h distri b u t ion o r u se w o u ld b e c o n trary t o local la w . Th e Co n si d era tion S h ar e s to b e issu ed pursua n t t o t h e T r a n sac t ion h ave n o t b ee n a n d w ill not be registered under the U . S. Se c uri t ies Act of 1 9 3 3 , as amended (t h e “Securi t ies Act”), a n d are expected to be i ss u ed in re lia n ce o n availa b le exem pt io n s , in c ludi ng Regu la t ion S a n d/ o r S e c t ion 4(a) ( 2). In c o n n ect ion w ith t h e Acq uisitio n , t h e Co mpa n y in ten d s t o file w ith t h e U . S . S e c uri t ies a n d Ex c ha n ge C ommission (t h e “SEC”) an Informa t ion S t a t ement pursua n t to Se c tion 1 4 ( c ) of the Ex c ha n ge Act of 1 9 34 (t h e “Informa t ion S t a t ement”), in prelimi n a r y a n d de f initi v e f o r m, a n d o t h er re quired d oc u me nt s regar d in g t h e Acq uisition w ith t h e SEC . IN V ES T O R S A N D SECUR ITY HOL D ER S ARE U R GED T O READ TH E INF O RMAT I O N S T AT E M E N T , AS MAY B E AM E N D E D O R S U PPL E M E NT ED FRO M TI M E TO TI M E , A N D OTHE R RELEV A N T D O CUM E NT S FILE D B Y TH E CO M PAN Y WITH T H E SE C B ECAUS E THE Y WILL C ON T AIN IM PO R T AN T INF O RMAT I O N A BOU T T H E CO M PAN Y , TH E T AR G E T S, TH E AC Q U ISITION , A N D TH E RELAT E D R I SK S A N D RELAT E D MAT T ERS. Forw a r d - L o o ki n g S tate men t s. T h is presenta t ion c o n tains “ f or w ar d - loo k ing sta t ements” w ithin the meaning of the U .S. federal se c urities la w s. T h ese sta t emen t s are based on c u rre n t assum p t io n s a n d in c lud e s t a t em e n t s regar d in g t h e exp ected t imi n g a n d c o mple t ion o f t h e T r a n sac t io n , t h e a n t i c ip a t ed b e n e fi t s o f t h e T r a n sac t io n , t h e exp ected d evelo p me nt o f t h e N achu Pr o j ect, re c ei p t o f s t ock h ol d er a n d re gula t o ry a p p rovals, fu t u r e fina n c ial a n d o p era tio n a l p er f o r ma n c e, t h e a b ilit y t o mai n t a in t h e c u rre n t o f f ta k e agree me nt a n d secu re a d ditio n al o f f ta k e agre e me nt s , p rojec t fina n c in g, t h e a b ilit y t o c o n s tr u c t a n d o p era t e N achu w ithin es tima t ed c a p ital a n d o p era ti ng c os t p arame t er s, geo p oli t i c al ris k s in T anza n ia, a n d ris k s associa t ed w ith t h e u se o f C hin ese E PC M c o n tract o r s und er I R A/ FEO C a n d E U C RMA . Th e se s t a t em e n t s are s ub jec t t o ris k s a n d un c ert ai n t ies that c o u ld c a u se actual results to differ ma t erially. A d ditional risk factors are dis c ussed in the C ompa n y’s filings w ith the SE C, in c ludin g t h e A n nual Rep o rt o n F o rm 1 0 - K f o r t h e year en d ed D ecem ber 3 1, 2 0 2 5 . S O W G OO D IN C . / N AS D AQ: S O WG 2

IMP O R T AN T I N F O R MA T I O N D i scl a imers & Forward - L o o k ing St a tem e nts Mine r a l Est i m a tes a nd T ec h ni ca l D isc l osu r e . All mi n er al reso u rce, mi n er al re serve , p ro du c t ion, NP V 10 , I R R, capital c os t a n d o p era tin g c os t figu re s c it ed h er ein h ave b ee n d er ived f rom R y zo n ’s public dis c los u re s , in c ludi ng t h e 2 0 22 B F S Up d a t e p re p are d und er t h e JO R C Co d e 2 0 1 2, a n d c o n s titu te hist o r i c al es tima t es w it h in t h e mea nin g o f S - K 1 3 0 0 . Th ey h ave n o t b ee n ind e p e n de nt ly veri fied b y, a n d are n o t a d o p ted o r e n d o rse d b y, t h e Co mpa n y. F ollo w in g c losi n g, t h e Co mpa n y in ten ds t o c o mmission a tech ni c al re p o rt s u mmary f o r t h e Nachu Pro jec t in com p lian c e w ith S - K 1300 prepa r ed by an indepe nd ent qualified person. Investors sh ould n o t pla c e und u e relian c e o n Ry zo n ’s histori c al estimates. See “Cautionary No t e Regarding Mineral Es t ima t es” a n d “JO R C C o d e 2 0 12 vs. S - K 1 3 0 0 ” at the back of this prese n ta t ion. No n - G AA P Me a su r e s. Cert ain me trics re f ere n ced h er ein are n o t re c og n iz ed mea s u re s und er U . S . GAAP a n d may n o t b e c o mpara b le t o similarl y t itled m ea s u re s u se d b y o t h er c o mpa n ies. In vest o r s s h o u ld n o t c o n si d er s u c h mea s u re s in isola t ion o r as a s ub s titu t e f o r GAAP mea s u res. No R e p r e sent a t i on a nd W a rr a nt i e s . T h is p rese n ta tion is f o r inf o rma tional pur p os es o n ly a n d d o e s n o t pur p or t t o c o n t ain all o f t h e inf o rma tion t h at may b e re q uir e d t o e val u a t e a p ossi b le in vestme nt decision w ith res p ect t o S o w Good In c . o r a n y o f its s ub si diarie s . T h e re c ipie n t agre e s a n d ac k n owle d ges t h a t t his p rese n ta tion is n o t in ten ded t o f o rm t h e basis o f any inve s tment dec isio n by the recipient and d oe s n o t co n sti t ute finan c ial inve s tment, tax o r legal adv ic e. N o representa t ion o r w arra n t y , express o r implie d , is o r w ill be gi v en by S o w Good In c . o r a n y o f its a f filia t es, d irect o r s , o f fi cer s , em p loyee s o r a d vi s o r s o r a n y o t h er p erso n as t o t h e ac c u racy o r c o mp le te n e s s of t h e i n fo rma tion (i n c l ud i n g as t o t h e ac c u rac y , c o mple t e n ess o r re aso n a b le n ess o f s t a t em e n t s , es tima t es, targe t s , p rojec t io n s , assum p t io n s o r j u d gme nts ) in t his p r ese n ta tion o r in a n y o t h er w ri t ten, o r al o r o t h er c o mm u ni c a tion t ra n smi t ted o r o t h er w ise ma d e availa b le t o a n y p ar t y in t h e c o u rse o f its eval u a tion o f a p ossi b le in vestme nt a n d no res p o n si bilit y o r lia b ilit y w h a t so e ver is ac c e p ted f o r t h e ac c u racy o r s uffi c ie n cy t h ereo f o r f o r a n y errors, o missions o r misst a t em e n t s , n egligent o r o t h er w ise, re la t in g t h er e to . T h e re c ipie n t also ac k n owle d ges a n d agre e s t h at t h e inf o rma tion c o n t ai n ed in t his p rese n ta tion is p re limi n ary in n a tu re a n d is s ub jec t t o c ha n ge, a n d a n y s u c h c ha n ges may b e ma t er ial. S o w Good In c . dis c laims a n y du ty t o upd a t e t h e inf o rma tion c o n t ai n ed in t his p rese n ta tion. S O W G OO D IN C . / N AS D AQ: S O WG 2

T H E O PP O R T UN IT Y A US $ 1.2B N P V 10 A s set fo r ~ U S$ 1 07M in Pa p er. TH E T R ANSAC TIO N S ow Good a cqu ires 100 % o f Ry zon' s Ta n z an ian su b sidia ries, whi c h h o l d t h e N a ch u Grap h ite P ro je c t. T h e Com p a n y re p o s itions as a c ritic a l m in e rals a n d b at t ery a n ode d ev e lo p er. ST R U C T U R E S O W G OO D IN C . / N AS D AQ: S O WG 3 100% s har e p u rcha se CON SID E R ATION A UD $150M ( ~ U S$107M) FORM A l l - st oc k — S O WG co mm o n S HAR E S I S S UABLE ~ 3 34M a t U S$0 . 3209 V W A P ES C R OW A UD $15M o v e r 12 / 18 m o nths A P P ROVALS S O WG st ockho ld e r s + T a nz a nia *Per R yz o n ' s 2022 B F S Up da te und er JO R C C o d e 2012, n o t S - K 1300. H ist o ri cal est im a tes n o t i nd e p e nd e n t l y v erifie d b y So w G oo d. REP O RTE D N PV 10 / I R R US $ 1. 2 B / 51% Po s t - tax NPV ₁ ₀ p e r Ryzon 202 2 BF S U pdat e * RES OU R C E (JO RC 2012) 174 Mt at 5.4% T G C ; 9.3 Mt contain e d gra p hite MI N E LI F E 1 5 .5 y r s ~ 236 ktpa s tea dy - s tate co n c e ntr a te p e r Ryzon* C O N CE NTRAT E PU R ITY 98. 5 – 99% T GC v ia f lotation alon e , no ch e mi c al puri f ication*

T H E I N V ESTME N T CA SE Why This , Why N ow. A Rare Asset at a Rare Price Re ported p os t - tax NPV 1 0 of ~US$1.2B an d 51% IRR fo r ~US$ 1 07M o f SO WG pap e r — an ~ 1 1 x i m pli e d di f fe r e ntial if con f ir me d unde r S - K 130 0.* World - Class Geology 174 Mt JOR C 2012 r es ource at 5.4% TGC ; 98. 5 – 9 9% purity conc e ntrate through f lotation alone — a rarity globall y .* Har d - Won Permits Bank a ble Fe as i bil i ty St udy co m pl e te; Spe cial Mi ning Lice nce SM L 5 5 0 / 2 0 1 5 ; 10 - y e ar Spe c i al Econ o m ic Zone tax exem ption .* Tier - 1 EV Offtake in Place B inding o ff take r e ported w ith a T i e r - 1 E V/ E SS m an uf actur e r — corn e r s tone d em an d to be r e - con f ir me d pos t - clo s ing.* Ride the Western Supply Wa ve IR A/FEO C and EU C R M A are forc ing auto m ak e rs o f f Chi n es e - controll e d graphite. We s ter n - align ed su pply tr a de s a t s carcity v alu e . A Platform , Not a On e - Off Fo undational acqui s ition . U.S . li s ting unlocks capital f or do w ns tream an ode proc ess ing an d additional battery me tal s . *Re p o rted by R yz o n und er th e JORC C o d e 2012; h ist o ri cal est im a tes und er S - K 1300 tha t ha v e n o t b ee n i nd e p e nd e n t l y v erifie d a nd a re n o t e nd o r se d by th e C o m pany. S O W G OO D IN C . / N AS D AQ: S O WG 4

T H E VA L U E G A P S O W G OO D IN C . / N AS D AQ: S O WG 5 ~US$ 1 0 7 M In . US$ 1 .2B Rep o rted Value Out . * W H A T S O W GOOD P A Y S ~$1 0 7M A LL - ST OCK A UD$15 0M paid in SOW G com m on s tock, l es s any Ryzon ne t d e bt at compl e tion. ~334M Co ns id e ration S har e s at 1 0 - day VWA P of US$0.3209. = *I m p lied v a l u e d if f ere nt i al is b a se d o n Ryz o n’s re p o rted p o s t - tax N P V ₁ ₀ u nder JORC 2012 v s. a l l - st o ck c o n si d er at i o n. H ist o ri cal est im a tes n o t i nd e p e nd e nt l y v erifie d b y So w G o o d. A c t ual v a l u e und er S - K 1300 m ay d if f er m a teri a ll y . W H A T RYZ O N H A S REP O RTE D N AC H U I S W O RTH $1.2B P O S T - T AX N P V ₁ ₀ PE R RY Z O N' S 202 2 B F S U P DA TE * 51% 19 MO $394 M 15.5 Y R S IR R P A Y B A CK INITIA L C APE X MIN E L I FE ~11 x imp l ied mu lt iple of cons i de r a t ion i f con fi r med under S - K 1300*

I N D U ST R Y BAC K DR O P G r a p hite. T he L a rg e st M at e rial in a Battery. 25 - 30% O F L I - I O N C E LL W E I GH T is s ph e r ical g r a ph ite u sed in t h e a n o d e — t h e si n g l e la r gest com p o n ent of a L i - ion b at t e r y b y mass. CR IT I C A L MI N E R A L I N U .S., E U , UK , J A P AN , A U ST RA LIA Dominant Anode Feedstock High - purit y , large - f lake natural graphite is the pr efe rr ed feeds tock f or sphe rical graphite: su p e rior e l e ctroch e m i s try, lo w e r co s t, lo we r carbon fo otprint than s ynth e tic alt e rnati v e s . EV and ES S Demand Inflection EV and ene rgy s torage pene tration is dri v ing a m ult i - de cade de m and cur v e that exi s ting s upply cann o t m ee t. Indu s try anal y s ts pro jec t a s tructural d ef ic i t eme rging through the late 2020 s . Lowe r - Ca rb o n A lter n ati v e Natural graphite has a m at e rially low e r em bedded carb on f ootprint than s ynth e tic graphite, incr e as i ngly r e l e v ant to a uto m a k e r Sco pe 3 targ e ts an d li f e cycle r e gulation. S O W G OO D IN C . / N AS D AQ: S O WG 6

CR IT I C A L MI N E R A L ST A T U S E v ery We s tern Gover n me n t A gr e es. G r a p hite I s C rit ical. U .S. G E O L OGI C A L S U RV EY C R ITI C AL MINE R AL Natural graphite on e v e ry US G S Fin a l Lis t of Critica l Mine rals s ince 201 8 . Formall y d es ignated unde r the En e rgy Act of 202 0 . U .S. D EP T OF E N E RGY C R ITI C AL MATE R I A L Do E 2023 Cri tical Materials A s sessme nt: natural graphite li s ted a s critical in both the n e a r - term (20 2 0 – 2 0 25) an d me dium - term (202 5 – 2 0 35) horizon s . U .S. D EP T OF D EFE N SE ST R A T E G IC MATE R I A L Eli g ible f or Defens e Production Act T itle III in v estme nt s . Natural graphite is part of the National Defens e St ockpile str ategy. E U R O PE A N UN I O N ST R AT E GIC R A W MA T E R I A L C riti c al Raw Mate rials Ac t (2 0 2 4) l i s ts natural graphite a m o ng s tr a teg i c raw mate rials r e quiring di v e r s i f i ed s upply. UN ITE D K I NG D OM C R ITI C AL MINE R AL U K C riti c al Mine rals Strate gy (2 0 2 2; r ef r es hed 2 0 2 3 ) l i s ts natural graphite as a G roup 1 critical m in e ral. J A P A N / A U ST RA LIA C R ITI C AL MATE R I A L J apan ME T I Cr i tical Mine rals Strat e gy an d Aus tralia’s C riti c al Mine rals Li s t both des ignate natural graphite. S O W G OO D IN C . / N AS D AQ: S O WG 7 So u rce s : US G S Fi nal L is t o f C r i t i cal M i n er a l s (2022 ); D o E Criti cal Ma teri a l s A ssess m e n t (2023 ); U.S. D o D ; Eu r o p e an C o mmissi o n C r i t i cal R a w Ma teri a l s A ct ( 2024); UK De pa rt m e n t for B u si n ess & T r ad e; MET I J a pan ; A u str a li an G o v er n me nt.

GO V E RN ME N T A S A T A ILWI ND Wa s hin g ton Has Mov e d Fr o m Stu d ying the Pro b lem to F u n d ing the S o lut i o n . E X E C UTIVE ORD E R S 2017 EO 1381 7 Fede ral S tr a te g y on Cr i t i ca l M i ne rals Or de r e d a fe de ral st r at eg y to r e duce r e li a nce on f o r e i g n c r i t ic al m in e ra ls . 2020 EO 1395 3 T h re a t f r o m Fo reign A d v e rs a r i e s De clar e d a nati o n al eme r g e ncy o v e r r e li a nce on c r i t ic al m in e ra l s fr o m f o r e i g n a dv e r s ar i e s . 2021 E O 1401 7 Am e r i ca ’s S upp ly C ha i n s I ni t iat e d t h e 100 - day supply ch ain r e vi e w c o v e r ing c r i t ic al m in e ra l s a n d batt e r i e s . 2025 Ma rch 202 5 E O In c re a se Am e r i ca n M i ne ral P ro d uc t i o n I n v o k e d t h e De fe n se Pr o duc t i on A ct to acc e l e ra t e d o me s t ic c r i t ic al m in e ral produc t i o n . 2025 A p r i l 202 5 E O O f fs h o re Cr i t i ca l M i ne rals E x p a nd e d fe de ral supp o rt f o r unl o c k ing o f f sh o re a n d al li e d - n at i on c r i t ic al m in e ral s o urc e s . FE D E R AL CA PIT AL + T A X CR E D ITS D P A T IT L E I II De fe n se Pr o duc t i on A ct g ra n ts a n d dir e ct inv e s tme n ts i n d o me s t ic c r i t ic al m in e ral produc t i o n . Pr e c e d e nt: a U. S . n at u ral g ra p hite pro je ct r e c e iv e d a ~ U S $37.5M DPA T i t le III aw ard i n 2023. DOE L OAN P ROGR AM S O FFI C E T i t le X V II I nn o vative E n e r g y l oa n s a n d A TV M ma nufa ct u r ing l oa n s — t e n s of billi o n s i n l ow - c o st fe de ral d e bt f o r batt e ry mat e r i als pro je c t s . D E V E L O P MENT FI N AN C E CO R P ( D F C) Dir e ct e quity, l oa n s a n d insu ra n ce f o r c r i t ic al m in e ral pro je c ts o u t s ide t h e U. S. , al i g n e d w i th al li e d - n at i on supply ch ai n s . E X P OR T - I M POR T BANK + U ST DA EXIM “ C hin a a n d T ra n s f o rmat i o n al E x p or ts ” p ro g rams a n d U S TDA fea s ibili ty g ra n ts supp ort e x - Chin a c r i t ic al mi ne ra l s in fras t r uc t u r e . 45 X / 48 C T AX CR E D I T S A dvanc e d Ma n ufa ct u r ing Pr o duc t i on Cr e dit ( Se c . 45X) pays p e r - k il o g ram f o r qu al ifying c r i t ic al mat e r i al s ; 48C f o r cl e a n - e n e r g y ma nufa ct u r ing c a p ex . 30 D F E OC S OURC I N G Cl e an V e hicle Cr e dit s o u rci n g r u l e s make n o n - F EOC g ra p hite m o re val u a ble to U. S . au t o make rs — st r uc t u ra lly a d van ta g ing We st e r n - al i g n e d suppl y. Il l u str at i v e o n l y. So u rce s : F e d er al Re g ister, U.S. De pa rt m e n t o f E n er gy , U.S. De pa rt m e n t o f De fe n se , D FC , E XIM B a nk. E li g i b i l i ty o f t h e N achu P r ojec t for a ny U.S. p r o g r am is s ub jec t to app li cab le l a w and n o t a ss u re d. S O W G OO D IN C . / N AS D AQ: S O WG 8

DEMA N D - SID E MA N D A TES S o ur c ing Rules T h at F o rce E V B u yers Off China. ~70% C HINESE SH AR E OF GLO BA L N A TU RA L F L A KE G RA PHITE M I NE P R ODUC TIO N >95% C HINESE SH AR E OF GLO BA L SPHE R I CA L/CO A TED A NO D E P R O C ESSING CA P A C ITY U . S . Inflation Reduction Act Se ction 45X m an uf acturing cr e dits an d Cle an Ve hic l e Cr e dit s ourcing requir eme nt s . Foreign Entity of Co nc e rn (F E OC) pro v i s ions r es trict Chi n es e - controll e d s upply from quali f ying. E U Critical Raw M aterials Act 2030 be nch m arks: 10% do mes tic ex traction, 40% proc ess ing, 25% r e cycl i ng, an d no s ingle third country excee ding 65% of any s tr a teg i c raw mate rial. U K / Japan / Au s tralia S ou r c e: U.S . DoE , IE A , B e n ch m a rk M in er a l I n t e lli g e n c e, E u r op e a n Co mm i s si on . Per c e n t a g es a re m anag eme n t est i m a t e s f r o m p ub li c s ou r c es. S O W G OO D IN C . / N AS D AQ: S O WG 9 Ali gned critical minerals str ateg ie s an d bilat e ral partn e r s hips chan ne ling public an d pri v ate capital to w ard Wes ter n - align ed graphite and an ode pro jec t s .

S U PP LY / D E MA N D A S truct u ral Deficit — And It ' s G r owin g . F OR E C A S T FL AKE GRA PHIT E SUPPL Y D EFI CIT B a l an ce o f o p er at i o n (t o nn es) — p r o bab le and h i gh l y p r o bab le U NME T F OR E C A S T D EM AND T O 204 0 C u m u l at i v e a dd i t i o nal s upp l y re qu ired (t o nn es) S ou r c e: Ryzo n Co r po r a te Prese n t a t i o n ( S ep 2025 ) , re f ere n c i n g B e n ch m a rk M in er a l I n t e lli g e n c e. A ss u mes a v e r ag e p l an t s i ze o f 5 6 ,000 t p a an d n o re cyc li n g con tr i bu t i on . N o t i nd e p e n d e n t l y v e r i f i ed b y S o w G ood . S O W G OO D IN C . / N AS D AQ: S O WG 10

T H E A SSET Nac h u. A W o rl d - C l ass Fla k e G r a p hite Pr o ject. NACHU GRA PHIT E P R O J E C T Ruan g w a D is t r i ct , L i ndi Region, Sou t he r n T a nzania STATU S BFS COMPLETE Bank a ble Fe as i bil i ty St udy compl e ted (20 22, J ORC 201 2) ; all principal pe rmits se cur ed.* P U R IT Y 98. 5 - 99% TG C through flo tation alone — no ch emic al puri f ication .* PRO D U CT IO N ~ 236 ktpa Des igned s tea dy - s tate from 5 Mt pa ROM throughput.* P RO D U C T MIX 3 FLA K E SIZ E S Supe r J u m bo / J u m bo / Fine ( ~ 9% / 32% / 59 %).* *Metri c s p er R yz o n ' s 2022 B F S Up da te und er JORC C o d e 2012, n o t S - K 1300. H ist o ri cal est im a tes n o t i nd e p e nd e n t l y v erifie d b y So w G oo d. S O W G OO D IN C . / N AS D AQ: S O WG 11

L O CA TI O N Strate gic Acc e ss. Existing Infrastru c ture. ~2 0 km from the to w n of R uang w a ~2 2 0 km se aled/u nse aled road to the d ee p - w at e r port of Mtwara ~3 0 km² Spe cial Mi ning Lice nce SM L 550 / 2015 ten eme nt ar e a WATER + G R ID Mb wem kuru Ri ve r s upply; national grid pro xim ity (a dditional in f ra s tructure r e quir ed)* Map re p r o du ced f r o m R yz o n C o r p o r a te Prese ntat i o n , S e p te m b er 2025. *Per R yz o n pub li c d iscl o s u res; n o t i nd e p e nd e nt l y v erifie d . S O W G OO D IN C . / N AS D AQ: S O WG 12

R ES OU RC E S & R ESE R V ES *So u rce: R yz o n A S X A nn o un ce m e nts 1 F eb 2016 ( res o u rce s ) a nd 27 S e p 2022 ( reser v es), p re pa red und er JORC C o d e 2012 — n o t S - K 1300; h ist o ri cal estim a tes n o t i nd e p e nd e nt l y v erifie d b y So w G oo d. S O W G OO D IN C . / N AS D AQ: S O WG 13 1 7 4 Mt at 5.4% TG C . 4 0 - Year P o te n tial Mine L ife.* MI NERAL R ESOU RCE ORE R ESE R V ES Gra p h ite ( M t) Gra d e (% T GC) T onne s ( Mt) Cl a s s i f i ca t i o n 3 .0 4 .7 63 Measured 3 .5 5 .7 61 I n d icated 2 .9 5 .8 50 I n ferred 9.3 5.4 174 T o t a l mi ne r a l r e s ou r c e s Gra p h ite ( M t) Gra d e (% T GC) T onne s ( Mt) Cl a s s i f i ca t i o n 2 .3 4 .6 50 .5 Proved 1 .3 5 .1 25 .7 Pro b a b le 3.7 4.8 76.3 T o t a l o re r e s e rv e s Potential m ine li f e at f ull r es ource utiliz a tion p e r Ryzon; curr e nt plan 15.5 yrs a t 5 Mt p a ROM. 40 YR M e asured a nd Indicated — high cla ss i f ication co n f id e nce acro s s the global r es ource bas e . 71% Cur r e nt r es ource co ve rs only ~ 2% of p ro s p e cting li ce nce ar e a — m at e rial up s ide potential. ~2% 5.2% TG C Stea dy - s tate h e ad gra d e y e ars 2 – 12 of the 15. 5 - y e ar m ine pla n .

D IFFE R E N TI A TE D P RO C ESSI N G 9 8 .5%+ P urit y. No Chemic a l P u ri f icatio n . No chemi c al purific a tion 98.5 – 99.0% T G C c o nc e nt r ate fr o m fl otat i on alo ne — avo i d i n g HF a n d ca us t i c le ac hi ng . Lower thermal treatment <1,000 Σ C v s . tra d i t i o n al 2,000 Σ C + proc e ss e s, mat e r i al ly r e ducing e n e r g y int e nsi ty. L o wer - c a rb o n a n o d e Me ch a nic al, lo w - e n e r g y p at h way r e duc e s o p e ra t ing c o st a n d e m b e dd e d c ar b on f o ot p r in t. Chemical - free flotation to >98.5 % TG C is r a r e globa l ly — a di r ect consequence o f N achu's la r g e - fla k e , lo w - impu r i t y host geology. * Flo ws h e e t re p r oduc ed f r o m Ryzo n Co r po r a te Prese n t a t i on , S e p t e m b er 2025. * N o t i nd e p e n d e n t l y v e r i f i ed b y S o w G ood . S O W G OO D IN C . / N AS D AQ: S O WG 14

P RO D U C T ST RA TE GY T h ree Fla k e Siz e s. T h ree E n d - Mark e t Anc h ors. 9% O F OU TP U T SU P E R JUM B O ~2 3 ktpa SI Z E + 5 00 μ m , + 3 5 m esh P URI T Y u p t o 9 8 .5 % T G C KEY M A R KE T S Aero s p a c e, c om p os i t e s , nich e m arke t s 32% O F OUT P U T JUM B O ~7 5 ktpa SI Z E 300 – 500 μ m , +50 / - 35 m esh P URI T Y u p t o 9 8 .5 % T G C KEY M A R KE T S Ex p a n d a b l e g ra phi t e, c om p os i t e s , ele c t ro n ic s 59% O F OU TP U T FINE ~13 8 ktpa SI Z E s ub 3 00 μ m , - 50 me s h So u rce: R yz o n C o r p o r a te Prese ntat i o n , S e p te m b er 2025. *Re p o rted by R yz o n und er JORC 2012; n o t i nd e p e nd e n t l y v erifie d b y So w G oo d . S O W G OO D IN C . / N AS D AQ: S O WG 15 P URI T Y > 9 9% T G C KEY M A R KE T S S ph er ic al g ra phi t e fo r L i - i o n b a tt ery a no d es 98.5% AVG TG C C ON C ENT RA T E ac r oss a ll t h r ee p r oduct ca t ego r ies*

R EP O R TE D P ROJE C T E CONOMI C S P o te n tial N e a r - T e rm P a yb a c k . 5 1 % I R R .* P O ST - TA X NP V ₁₀ $1.2B at 10% di s count pe r Ryzon 2022 BF S U pdate I R R 51% Internal rate of r e turn pe r Ryzon I N IT I A L CA PE X $ 3 94M to fir s t production pe r Ryzon P A YBAC K ~ 19 mt h s . From f ir s t capital expe nditure pe r Ryzon 202 2 BF S U pdate MI N E LI F E 15.5 YR ~ 236 ktpa s tead y - s tate conc e ntr a te IF CO NFI R ME D U N D E R S - K 1300 , TH E IMPLIE D VA L UE D IFFE R ENTI AL IS SIG N IFI CANT * A l l ec o n o mi c metri cs p er R yz o n ' s 2022 B F S Up da te und er JORC C o d e 2012, n o t S - K 130 0 . S O W G OO D IN C . / N AS D AQ: S O WG 16 T R A N S A C TI O N C ON SI D E R A TI O N ~$107 M $1.2B ~11x Imp li ed v a l u e d i ffe r e n t i a l i s Ryz o n 's r e p o r ted p o s t - t a x N P V ₁ ₀ und er J O RC 2012 vs. a ll - st o c k c o n s i d e r a t i o n a t 1 0 - da y VWA P. Hi st o ri ca l est i mates n o t i nd e p e n d e n t l y ve ri f i e d ; ac t ua l v a l u e und er S - K 1300 m a y d i ffer mate ri a ll y. R EP O R TE D P O ST - T AX N PV 10 IMPLIE D M U LT IPLE

C OMM E R CI A L A N C HOR B i n d ing Tie r - 1 E V Of ftake I n Pla c e.* TIE R - 1 E V + ES S M AN UF AC TU R ER BINDING OF F TA K E Per Ry z o n , o n e o f the worl d ' s l a r g est E V ma nufa ct u rers an d a major c o nsume r o f g r aph ite fo r Li - i o n ba ttery p r o d u cti on . I F T HE O FF T AKE R E M A I N S I N E FF E CT P O S T - C L O S I N G: 1 Corner s tone re v enue v is ibility De - ri s ks Nac h u ' s c o mm erc i al via b i l i t y wi t h a con t ra c t ed dem a n d c o u nt er pa r t y. 2 Str ategic supply chain positioning Dir ect pa r t i c i p a n t in t h e n o n - Chines e ba tt ery a nod e s u p pl y c h a in. 3 Financing credibili t y Su p p o r t s projec t fin a n c in g wi t h c o n t ra c t ed deman d f r o m a g l o ba l l y rec o gni zed b u yer. 4 *Per R yz o n pub li c d iscl o s u r es. So w G oo d has n o t i nd e p e nd e n t l y v erifie d th e ter m s, c o nd i t i o n s , o r cu rre n t st atus o f t h i s o f fta ke and d o es n o t ad o p t o r e nd o r s e i t. R e - c o n firmi ng o r r e - esta b lis h i ng th e o f fta ke w il l b e a p o s t - c l o si ng p ri o ri ty. S O W G OO D IN C . / N AS D AQ: S O WG 17 P lat f orm for additional offtakes Fou n da t i o n t o pu r s u e furt h er a g reemen t s wi t h ba tt ery ma k ers a n d t ra d i n g h o u s es.

PE R MITS & FI S CA L R E G IME Mining Lice n ce + 1 0 - Year T a x E x em p tion.* U r ane x T a n z an ia L t d ( U T L ) HOL D E R OF SPE CI A L MI N I N G LI C E N C E SM L 550/2015 Ŷ Ŷ Ŷ Na ch u m in e a n d ex t ra c t i o n pl a n t wi l l ope ra t e u n de r UTL S ML 5 50 / 2015 g ra n t ed b y Tanzan i a' s M ini st ry o f M ine ra l s , 9 S ept 2 015 I nd ust ri a l m ine ra l s r o yal t y o f 3% Magn is T e chno lo g ies T a n z an ia L t d ( MT T ) HOL D E R OF SPE CI A L E CONOMIC Z ON E LI C E N C E Ŷ Ŷ Ŷ MTT wi l l c o n d u c t f urthe r prod u ct pro ce s s i n g f o r highe r p u ri t y levels 10 - year SE Z Lic ence g ra n t ed b y t h e M ini st ry o f I nd ust ry a n d T ra d e Nac h u pro ce s s i n g pl a n t wi l l ope ra t e u n de r MTT SE Z FIS C AL B ENEFIT S F OR MT T O NL Y (PE R RY ZO N)* *Per R yz o n pub li c d iscl o s u res; n o t i nd e p e nd e nt l y v erifie d . C u rre nt l y 100% o f M TT i s held v i a th e Ta r g ets; 16% st a ke i n M T T i s e x p ected t o b e g r an ted to th e G o v er n me n t o f T anzan i a as F ree C a rried I n ter est. S O W G OO D IN C . / N AS D AQ: S O WG 18 10 Y E A RS E xem ption from corporate tax, royalti e s an d w ithholding tax on di v id ends , inter es t an d r e nt O FF SHO RE Re v enue s pe r m itt ed to be paid into offs hore a ccounts A R BI T R A T ION International arbitration a v ailable f or di s pute re s olution

P A T H F O R W AR D Fr o m Signin g T o First Pr o d u ctio n . 1 A P R 2026 AN N OUN CE 2 T A R G ETE D 2026 PRO XY & APPR O VAL S 3 POS T - A PP R O VA LS CL OSIN G 4 N E A R - TE R M S - K 1300 TRS 5 MI D - TE R M O FF TAK E & FID 6 B E YOND FID CO N ST RUCTI O N & F IRS T PRO DUCTI O N 1 . AN N O U NCE S hare Pu r ch a se Ag r e eme nt si g n e d a n d d is clo se d S O W G OO D IN C . / N AS D AQ: S O WG 1 9 2 . P R OXY & A PP R OVA L S S O WG s to ck h o ld e r v o te ( N a sd aq Rule 5 6 3 5) ; Ta n za n i a re gu l atory 3 . C L OSING I ssu a nce o f C o nsid e ra t i on S har e s, s ub je ct to lock - u p / d ri bb l e - o u t 4 . S - K 130 0 T R S C o mmi s si on ind e p e nd e nt t e chnic al re p o r t su mma r y und e r S - K 1 3 0 0 5 . O F FT A KE & F ID R e - c o nfir m o f f tak e ; fi n al i z e E PCM; F i n al I n v es t me n t De ci s i on 6 . CO NST R UC TIO N & F IR S T P R ODUC TIO N E xe cute c o nst r uc t i on a n d ramp to s t e a d y - s ta t e p r o du ct i on T im el i n e is i nd i cat i v e o n l y. Th ere i s no a ss u r an ce tha t a l l c o nd i t i o ns to c l o si ng w il l b e s at isfied o r w a i v e d , o r tha t th e T r an s a c t i o n w il l b e c o m p leted o n th e term s d es c ri b ed h er ein o r a t a ll .

T R A N S A C TI O N ST R U C T U R E Key Term s of the S hare P u rc h ase Agre e me n t. ST R UC TU RE S O W GOO D INC . (NASDAQ : S O W G ) A cqu i ź res 100% T A R G E T S ( T AN Z A N I A N S UB S I D I AR I E S OF R Y Z O N ) URA NE X T AN Z AN IA LTD S p ec ial Mining Lice n c e SML 550/2015 M AG NI S TE C H N O L O GI E S TZ 100% of i ssued a nd out s tanding s har e s of the Targe ts A UD$15 0,000, 00 0 ( ~US$1 07M) SOW G com m on stoc k (Cons id e ration S har es ) ~ 334,150, 14 5 Co ns id e ration S har e s 10 - day V W AP of US$0.32 0 9; RBA AUD/USD 0.7149 Ryzon ne t de bt at co m pl e tion E scrow Share s / CVR s 33,415,014 s har e s (AUD$15 M) v ia CV Rs in t w o tranch e s (1 2 an d 18 m o) Loc k - up / dribbl e - out Per St ockhold e rs Agre eme nt at clo s ing SO WG s tockh olde r appro v al unde r Na s daq Rule 5 6 35 T anz a nian Fai r Com pe tition Comm i s s ion an d Mining Comm i s s ion Cus to m ary Clos ing Co ndition s , Re gi s tr a tion rights fo r r es ale of Co ns id e ration S har e s S p ec ial E c o n omi c Z o n e Li c e n c e KEY CO M ME R CIAL TE R M S A cquired intere s t A ggre g ate consideration Form of consideration S hares issuable Pricing Le s s S hare h older approval R egulatory approvals Other S O W G OO D IN C . / N AS D AQ: S O WG 2 9

MA N A G EME N T C OMM E N T A R Y Voices o n the Tra n sa c tion. “ T oday m arks t he be ginni n g of S o w Good’s t ransf o r m a t ion in t o a critical m in era l s and ba t ter y ano d e co m pany. T he Nachu P roje c t i s , in o u r vi ew , one of t he p r e m i e r unde v el op e d graph i t e a sset s in t he w o r l d.. . T he g l obal ba t tery su pp l y chain is at an inf le c t i o n poin t : W ester n gov ernm e n t s and au t o m ak ers are activ el y see king no n - C hi n es e s o u r c e s of ba t ter y - gra d e graph i te , and we b e l i e ve Nachu is well - po s i t i on e d t o mee t t hat d e m an d . T his is not a d iv er s ifica t i o n — it is a s tra t e gic re po s i t i o n in g. SAM GO LDB ERG C hief E x e c utive Off ice r , Sow G ood In c . “ Nachu is a t e chnica ll y e xc e p t io n al a sse t — 174 m i ll ion t onn e s of m in eral r e s o u r ce at 5.4 % T GC u n d e r t he JO R C C o d e 2012, d e l iv eri n g 98. 5 – 99 % p u r i t y conc e n tra t e t h r o ug h f l o t a t ion a l on e, w i t ho u t ch em ical p u r ifi c a t i on . T hat co m bina t i o n of s ca l e and p u r i t y is e x tr e mel y ra r e g l oba l l y. A f te r m o re t han a d e cade of d e v el op me nt w o rk.. . t he m i ss ing pi e ce wa s acc es s t o d e e p, l i q u id capi t al m arke t s and t he c r e d ibi l i t y t hat co me s w i t h a U.S. l i st ing. FRA N K P O U LL AS S O W G OO D IN C . / N AS D AQ: S O WG 21 E x e c utive C hai r man, Ryzon Mat e r ials L td

TH E C O M B INE D C O M PANY From Cons u mer Pr o du c ts to Cri tical Minerals. Primar y Focus: Nachu Graphite Adva n ce Nac h u t o ward F i n al I n ve st m ent Deci s i o n a n d c o n st r u ct i o n . Co m m i ss i o n an i n depend ent S - K 1300 t ech n i c al rep o rt s u m m ary as a nea r - t erm prio ri t y. C rit i cal Minerals Platf o rm Bu i ld a W es t er n - a l i g ne d ba tt ery m e t a l s pl a t form. E va lua t e c o mpl emen t ary a cq u i s i t i o n s in g ra phi t e, d o wn st ream a nod e pro ce s s i n g , and a djac ent cri t i c al m i n era l s . C ontinued C onsumer Se g ment S O W G OO D IN C . / N AS D AQ: S O WG 22 Cur r ent f reez e - dr i ed c an d y a n d s na ck o pe ra t i o ns c o n t i n u e as a s epara t e b us i n ess s e gm en t , m anag ed t o pr e s erve op t i o na l i t y a n d s ha reh o l d er val u e. F ollowing c lo s ing, Sow G ood' s p r ima r y fo c us w ill be advan c ing the N a c hu Proj ec t to w a r d a Fi nal Inve s tment D e c i s ion and c ons t r u c tion.

K E Y R IS K S Wh a t I nv e stors S h o u ld Weig h . Technic a l Verification All Ryzon me trics are JO R C 2012 hi s torical e s ti m at e s ; S - K 1 3 00 v e ri f i c ation by an ind epende nt quali f i ed pe r son may di f fe r m at e rially from amo unts pr ese nted. Offtake R e - Confirmation T he r e ported T i e r - 1 EV off take may r e quire r e - con f ir m ation o r re - e s tab l i s h m e nt p os t - c lo s ing . No a ss urance of acc e ptable ter ms . Closing Conditions Com pl e tion r e quir e s SOW G s tockhold e r appro v al (Nas daq Rule 56 3 5) and T anzanian r e gulatory a ppro v al s ; not all m ay be satisf i ed or w ai ve d. Tanzani a n Jurisdiction Mi ning, tax and f ore i gn in v e s t me nt la w s in T anz a nia are su b jec t to chang e ; f i s cal s tabil i ty an d S EZ benef its depend on contin ued go ve rn me nt s upport. EPCM / FEOC Exposure Ryz o n' s exi s ting EP C M he ads of agr ee m e nt are w ith a Chi n es e contr a ctor. Us e of C hin es e EPCM m ay af f e ct IRA/ F E O C an d EU CR MA el i gibilit y ; m anage me nt intends to e v aluate alt e rnati v es . Financin g & Execution Dev e lop m e nt o f Nachu w i l l r e quire s i g ni f i c ant additional capital. No as s urance of pro jec t f inancing on acc e ptable ter ms , or that con s truction wi l l mee t budge t. S O W G OO D IN C . / N AS D AQ: S O WG 23 T his is not an e xhaus tive list. F or a c omplete di s c uss ion of r is k fa c to r s , r e f er to S ow G ood' s Annual Repo r t on Fo r m 1 0 - K f or the ye ar ended D e c ember 31, 2025 and the info r matio n s tat e ment to be f iled in c onne c tio n w ith the Tr ansa c tion.

A PPE N DIX Cautio n ary Note Regar d ing Min e ral E stimates. G e n e ral . Th is p r ese n t a t ion c o n t ai n s r ef e r e n ce s t o mi n e ral r es o u r c e a n d mi n e ral r eser v e est i m a tes , ec o n omi c a n alys es , a n d o t h e r t ec hn i c al in format ion p r e p a r e d b y Ryzon Mate rials L t d (“Ryzo n ”) und e r t h e A u s t ralasian Co d e for R e p or t ing of Explo r a t ion Re s u l t s, Min e ral Re so u r ce s a n d O re Re serv e s ( t h e “ J O RC Co d e 2012”). Th e J O RC C o d e 2012 is in t e r n a t io n ally r ec ogni ze d bu t d i ff e rs mate rial l y from S ubp a r t 229.1300 of Re gula t ion S - K (“S - K 1300”), t h e d is c los u re st a nd a r d a ppl i c a b le t o Sow Good as an S EC r e g ist ra n t . Hi s t o r i ca l E s timat es. Th e min e ral r es o u r c e a n d mi n e ral r eser v e es t i m a tes , ec o n omi c me t ri c s (i n c lu d ing NP V 10 , IRR, a n d c a p i t al a n d o p e ra t ing c o s t es t ima t es) , p ro du c t ion p ro fi l e s , a n d o t h e r t ec hn i c al d a t a r ef e r e n ce d in t h is p r e se n t a t ion h ave b ee n d e riv e d fr o m t h e 20 2 2 B F S U pd a t e and o t h e r publ i c ly av ai l able dis c losu r e s p r e p ar e d b y Ryzo n . Th e s e e s t i m a te s c on s t i t u t e h is t o r i c al e s t i m a te s w i t hin t h e m e aning of S - K 1 3 0 0 and h ave no t b ee n v e r i f i e d b y a qu ali f i e d p e r s on r e t ai n e d b y Sow Goo d . Acc or d ing l y, t h es e est i m a te s s h o u ld n ot b e r e l i e d up on as if p r e p a r e d in comp l ia n c e w i t h S - K 1300. I n v es t o r Ca u ti o n s. Re a d e rs a r e c a u t io n e d t h at (a ) mi n e ral r es o u r ce s a r e n ot mi n e ral r eser v e s a n d d o n ot h a v e d emo n st ra te d ec o n omi c viab i li ty ; ( b ) t h e re is n o ce r t ai n t y t h at all or a n y p a r t of t h e min e ral r es o u r ce s w i l l b e c o n v e r t e d t o mi n e ral r eser v es ; (c ) t h e e c o n omi c a n alysis c o n t ai n e d in t h e 2022 BF S U pd a t e may in c lu d e in f e rr e d mi n e ral r es o u r ce s t h at a r e t oo s p ec u la t ive ge ologi c ally t o h a v e t h e e c o n omi c c o n si d e ra t io n s a ppl i e d t o t h em t h at w o u ld e n a b le t h em t o b e c a te go r i ze d as mi n e ral r eser v es ; a n d ( d ) t h e es t i m a te s a n d ec o n omi c m et ri c s p r ese n t e d h e r e in may d i ff e r mate rial l y f r om t h e es t i m a te s t h at w i l l b e r e qu ir e d t o b e in c lu d e d in Sow Goo d ’s S EC fi lings fo l lo w ing c losing of t h e T ra n s a c t io n . P o s t - Cl o s in g R e medi a t i o n . F o l lo w ing c losing, Sow Good in t e nd s t o com m ission an S - K 130 0 - comp l ia n t t ec hn i c al r e p ort s u m m a r y f or t h e Nac h u P r o je ct , t o b e p r e p a r e d b y an in d e p e nd e n t qu ali f i e d p e r s o n , a n d t o fil e s u c h r e p ort w i t h t h e S EC as r e qu ir e d . U n t il s u c h t i me , inv est ors s h o u ld n ot p la c e undu e r e l ia n c e on t h e h is t ori c al est i m a te s a n d t ec hn i c a l i n format ion r ef e r e n ce d h e r e in. No A d o pti o n o r E nd o r se ment . F or t h e avoida n c e of d o ub t , t h e Compa n y d o e s n ot a d o p t , e nd or se , or make a n y r e p r ese n t a t ion or w a r ra n t y as t o t h e a cc u ra c y, c o m p l et e n ess , or r e l ia bi li t y of a n y mi n e ral r es o u r c e or mi n e ral r eser v e est i m a te , ec o n omi c a n alysis, p ro du c t ion p ro fi l e , o ff t ake a r ra n g e m e n t , or o t h e r t ec hn i c al or com me r c ial in format ion p r e p a r e d o r r e p or t e d b y Ryzon or i t s c o n s u l t a n t s . A ll s u c h in format ion r ef e r e n ce d in t h is p r ese n t a t ion h as b ee n d e rived from publ i c ly a v aila b le d is c los u r e s b y Ryzon a n d is p rovid e d s ol e ly f or t h e pu r p o s e of g i ving inv est ors c o n t ex t r e gar d ing t h e T ra n s a c t io n . S O W G OO D IN C . / N AS D AQ: S O WG 24

S A PPE N DIX JORC Code 20 1 2 vs. S - K 1 3 0 0 . Th e JOR C Co d e 2012 is a n inter na ti o na l l y rec o gn i z ed rep o rting c o d e r eq u ired fo r A u s tr a l ia n - l i s t e d c o mp an ies. As a n S E C reg i s tr a nt, S o w Go o d is req u ired to rep o rt mineral resource an d mi n er a l rese r ve i n for m a tion in com p l ian ce with S - K 1300. Th e two reg i mes d if f er in sever a l mate r i a l respe c ts. S - K 130 0 J ORC C od e 201 2 Top ic Sim ilar cat e gories but w ith d i f fe r e nt t h r es holds a n d quali f ying crit e ria M e asured, Indicated, In fe rr e d (R e s ourc es) ; Pro v e d, Proba b le (R e se r v es ) — di s ti n ct d ef initions Cl as s i f ication crit e ria Pre s crib e d T e chnical R e port S u mm ary (T RS) f il e d a s an ex hibit; quali f i e d - p e r s on atte s tation Com p e tent Per s on S tat eme nt s ; J OR C T a b l es ; no pr es crib e d r e port f or m at T e chnical report s u mm ary Pre s crib e d com m odit y - pric i ng m e t h odology (ge n e rally hi s torical 2 4 - m onth a ve rag e ) Vari o us acc e ptable m e t h odologi e s ( hi s torical, f or w ard) Comm odity p ric i ng Ge n e rally excl ud e d; if i n clu d e d r e quir e s ex t e n s i v e ca u tionary la n guage and se n s iti v ity a n al y s is Per m itt e d und e r c e rtain conditions In fe rr e d r es ourc e s in e co n o m ics Q u ali f i e d Per s on u nd e r S - K 1300 — di f fe r e nt e li g ibil i ty crit e ria o d e 2012 an d S - K 1300 i n f u l l f o r a c o mp l ete und e r st a nd i ng . Com p e tent Per s on u nd e r J ORC a c o mp l ete d es c ri p t i o n o f t h e d i ffe r e nc e s b etween t h e two st anda r d s. I n vest o r s s h o u l d r efer to t h e J O RC C Q u ali f i e d / Com p e tent Per s on T h e t ab l e ab o ve i s a s u m m a r y o n l y an d i s n o t O W G OO D IN C . / N AS D AQ: S O WG 25

SO W GOOD INC. LET'S BUILD TH E WESTERN SUPPLY CHAIN. NA S D AQ: SOWG B u il din g a Wes t er n - al i g n ed critic a l mine r al s a n d b a ttery suppl y c h ain.. CO NT A CT Sa m Goldberg Ch ief Ex ec u tive Off i c er, S o w Go o d In c . sg o l d b erg @ s o w g oo d i n c . c o m / www .s owg oo d i n c. c o m A P R I L 22, 2026

Exhibit 99.2

FOR IMMEDIATE RELEASE

Sow Good Posts Investor Presentation in Connection with
Nachu Graphite Project Acquisition

Irving, Texas, April 22, 2026 – Sow Good Inc. (Nasdaq: SOWG) (“Sow Good” or the “Company”) today posted to its investor relations website an investor presentation (the “Presentation”) prepared in connection with the Company’s previously announced definitive share purchase agreement to acquire 100% of the issued and outstanding shares of the wholly owned Tanzanian subsidiaries of Ryzon Materials Ltd (“Ryzon”), which together hold the Nachu Graphite Project located in the Ruangwa District, Lindi Region of Southern Tanzania (the “Transaction”). The Presentation has been furnished in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to Item 7.01 (Regulation FD Disclosure) of Form 8-K, and is included as Exhibit 99.1. The Form 8-K and Presentation are available on the SEC’s website at www.sec.gov and on the Company’s investor relations website at www.sowginc.com under the “Investors” tab.

The Presentation provides an overview of the Nachu Graphite Project, the strategic rationale for the Transaction, and other information relating to the proposed acquisition of the Tanzanian subsidiaries of Ryzon. The Form 8-K and Exhibit 99.1 are furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall they be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Important Information for Investors

In connection with the Transaction, the Company intends to file with the SEC an Information Statement pursuant to Section 14(c) of the Exchange Act, in preliminary and definitive form, and other required documents regarding the Transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE INFORMATION STATEMENT, AS MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY SOW GOOD WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SOW GOOD, RYZON, THE TRANSACTION, AND THE RELATED RISKS AND RELATED MATTERS.

The Information Statement will be mailed to stockholders of Sow Good. Investors will be able to obtain free copies of the Information Statement, as may be amended or supplemented, and other relevant documents filed by the Company with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed or furnished with the SEC by Sow Good, including the Information Statement (when available), will be available free of charge from Sow Good’s website at www.sowginc.com under the “Investors” tab.

Important Cautionary Note Regarding Mineral Estimates and Technical Disclosure

The Presentation contains references to mineral resource and mineral reserve estimates, economic analyses, and other technical information relating to the Nachu Graphite Project prepared by Ryzon in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code 2012”). The JORC Code 2012 is an internationally recognized reporting code but differs in certain material respects from the requirements of Subpart 229.1300 of Regulation S-K (“S-K 1300”), the disclosure standard applicable to Sow Good as an SEC registrant. These estimates constitute historical estimates within the meaning of S-K 1300 and have not been independently verified by, and are not adopted or endorsed by, the Company.

Investors should not place undue reliance on Ryzon’s historical estimates. Following closing of the Transaction, the Company intends to commission a technical report summary for the Nachu Project in compliance with S-K 1300, prepared by an independent qualified person, and to file such report with the SEC as required.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts may be forward-looking statements, including, without limitation, statements regarding the expected timing and completion of the Transaction; the anticipated benefits of the Transaction; the expected development of the Nachu Graphite Project; the anticipated receipt of stockholder and regulatory approvals; the future financial and operational performance of the Company following the Transaction; and the Company’s ability to commission a technical report summary in compliance with S-K 1300. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including: the failure to obtain required stockholder or regulatory approvals; changes in market conditions; geopolitical risks in Tanzania; the potential need to re-confirm or re-establish offtake arrangements; technical and development risks associated with the Nachu Project; and the other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. There is no assurance that all conditions to closing will be satisfied or waived or that the Transaction will be completed on the terms described herein or at all. All information in this press release is as of the date hereof, and the Company undertakes no obligation to update or revise any forward-looking statement except as required by law.

About Sow Good Inc.

Sow Good Inc. (Nasdaq: SOWG) is a Nasdaq-listed company operating a consumer packaged goods business focused on freeze-dried candy and snack products. Following the closing of the Transaction, the Company intends to operate as a critical minerals developer and battery anode materials company through the Nachu Graphite Project in Tanzania, with its current consumer products business continuing as a separate segment.

Contact:

Sow Good Inc.

Sam Goldberg

Chief Executive Officer

sgoldberg@sowgoodinc.com

Source: View Original Filing on SEC EDGAR

FAQ

What transaction did Sow Good (SOWG) describe involving the Nachu Graphite Project?

Sow Good outlined a definitive share purchase agreement to acquire 100% of Ryzon Materials’ Tanzanian subsidiaries, which own the Nachu Graphite Project, in an all-stock deal valued at about AUD$150 million (~US$107 million). The structure uses newly issued Sow Good common shares as consideration.

How is the Nachu Graphite Project valued in Sow Good’s investor materials?

Ryzon’s 2022 bankable feasibility study reports a post-tax NPV₁₀ of about US$1.2 billion and a 51% IRR for Nachu, with initial capex of US$394 million and a 15.5-year mine life. Sow Good treats these as historical JORC estimates, not yet verified under S-K 1300.

What resource and production metrics for Nachu does Sow Good highlight?

The materials cite a JORC 2012 mineral resource of 174 million tonnes at 5.4% total graphitic carbon (TGC), with ore reserves of 76.3 million tonnes at 4.8% TGC and a planned steady-state production of roughly 236,000 tonnes per year of concentrate, all based on Ryzon’s disclosures.

How will the Nachu transaction change Sow Good’s business focus?

Following closing, Sow Good intends to operate primarily as a critical minerals developer and battery anode materials company centered on Nachu in Tanzania, while its existing freeze-dried candy and snack operations continue as a separate segment. Management frames this as a strategic repositioning, not mere diversification.

What approvals and conditions must be satisfied before the Nachu acquisition closes?

Completion requires Sow Good stockholder approval under Nasdaq Rule 5635, approvals from Tanzanian authorities including the Fair Competition Commission and Mining Commission, issuance of consideration shares, and other customary closing conditions. There is no assurance all conditions will be satisfied or that the transaction will close.

Why does Sow Good emphasize caution around Nachu’s mineral estimates?

All mineral resource, reserve and economic metrics for Nachu are historical estimates prepared by Ryzon under the JORC Code 2012 and have not been independently verified by Sow Good. The company notes that S-K 1300-compliant figures, once prepared by an independent qualified person, may differ materially from the JORC-based numbers.

Filing Exhibits & Attachments

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Nachu graphite deal could transform Sow Good (Nasdaq: SOWG) into critical minerals player

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