CANADA CARBON FILES APPLICATION WITH THE CPTAQ TO DEVELOP ITS MILLER GRAPHITE MINE

Toronto, ON, Canada, May 24, 2023 (GLOBE NEWSWIRE) -- Canada Carbon (the "Company") is proud to announce the opening of a new file with the Commission de Protection du Territoire Agricole du Québec ("CTPAQ") for its Miller Graphite Project (“Miller”), located in the municipality of Grenville-sur-la-Rouge ("GSLR"). The Company received CPTAQ confirmation that the application has been received and assigned filed number 441303. The review by CPTAQ is the first step in the Company’s licensing and permitting efforts on Miller.

Canada Carbon has consistently adopted a wholistic, responsive approach to the development of the Miller project. After concerns were expressed by the local community, Canada Carbon made the decision to defer the quarry component of the project and focus its efforts on the development of the graphite mine. This decision reflects Canada Carbon’s dedication to actively listen to and address the expressed concerns of residents. It highlights the Company’s commitment to meaningful consultation and community engagement. Canada Carbon is confident that the Miller project will meet the highest standards of compliance, assiduously protect the environment, and contribute positively to the economy of the entire region.

In addition, Canada Carbon would like to highlight the commitments made by the parties in the agreement reached in February 2020. According to the agreement, signed pursuant to legal action initiated by Canada Carbon, GSLR officially recognized that graphite is a mineral substance in accordance with article 246 of the Act respecting land use planning and development. Consequently, no provision of the Schéma d'aménagement de la MRC d'Argenteuil, the urban plan, the zoning bylaw or any other GSLR interim control, subdivision or construction bylaw is applicable to or in opposition to the Miller project. It should be noted that this agreement is a legally binding contract under Article 2631 of the Civil Code of Quebec and has been officially homologated by the Superior Court of Quebec. As a result, GSLR is obligated to adhere to and uphold the terms and obligations outlined within the agreement. This recognition reinforces Canada Carbon's confidence in the validity of its project and urges GSLR to respect the commitments it has already made.

Canada Carbon has worked very hard, with a highly qualified team of professionals from multiple disciplines, to ensure that all legal and regulatory requirements are met. At this point in time, the Company believes that it deserves a fair hearing from the CPTAQ, during which the merits of the project and any potential agricultural impacts can be objectively evaluated.

All aspects of the project have been thoroughly analyzed according to the criteria outlined in Article 62 of the Loi sur la Protection du Territoire et des Activités Agricoles (LPTAA), which the CPTAQ uses to assess the merits of any application. Special attention has been given to the most critical aspect concerning agricultural potential, specifically the impact on the forest and any maple production capacity.

Recognizing the temporary impact the project may have on the forest, Canada Carbon has implemented a comprehensive zero net loss restoration plan specifically designed to restore and maintain the maple production potential. As part of this plan, for every maple tree that is cut down, a new one will be replanted. Additionally, maple-forest management practices will be implemented in the untouched areas of the forest starting from year 1 of the project. This approach ensures that the maple syrup potential will be even better than if the forest had been left untouched.

Remnants of the previous mining activities at the Miller mine can still be seen, and Canada Carbons’ restoration plan addresses this shortcoming in its entirety. The Company has developed a comprehensive program that focuses on recovering topsoil and composting stumps. This approach allows the Company to retain a significant amount of organic carbon in the soil, which is vital for the successful re-establishment of vegetation during the restoration process.

It is important to note that Canada Carbon is also actively pursuing the development of its Asbury Graphite Project, located in the municipality of Notre-Dame-du-Laus. The Company is poised to complete an NI 43-101 compliant resource statement on the project and has fostered a robust partnership with the municipality to ensure the successful execution of the project. The Company’s relationship with Notre-Dame-du-Laus is illustrative of the model with which it intends to support the economic growth and improvement of host communities, while contributing to the government's energy transition objectives.

About Canada Carbon Inc.

Canada Carbon Inc. is a mining exploration and development company focused on the acquisition, exploration and development of graphite deposits. The Company holds a 100% interest in two strategic, past-producing graphite properties located in Quebec: the Miller Graphite Project located in Grenville-Sur-La-Rouge and the Asbury Graphite Mine located in Notre-Dame-du-Laus. Canada Carbon is committed to realizing its potential as a high-quality graphite producer while maintaining the highest standards of social and environmental responsibility. For more information on Canada Carbon's mining activities, please visit our website at .

CANADA CARBON INC.



“Ellerton Castor”

Chief Executive Officer and Director

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P: (905) 407-1212