Mr. Christopher Way reports

CANAF ANNOUNCES FINANCIAL RESULTS FOR Q2 2023 AND CHANGE OF REPORTING CURRENCY

Canaf Investments Inc. has released its financial statements, and management discussion and analysis, in its new reporting currency of Canadian dollars, for the six-month period ended April 30, 2023.

The change in the corporation's reporting currency to Canadian dollars was agreed by management so that it aligns with the currency of its primary listing on the Toronto Stock Exchange.

Revenue for the six-month period was recorded at $12,975,798 (2022: $7,534,579) with a net income of $1,010,554 (2022: $209,197) and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1,302,886.

The results reflect a record H1 performance and management expects Q3 to have continued strong levels of sales. Canaf has a 12-month trailing earnings per share at April 30, 2023, of 4.6 cents/share. As at April 30, 2023, shareholder equity stood at $7.65-million, which relates to a book value per share of 16 cents.

For more details and discussion on the results, the financial statements and management discussion and analysis can be viewed on SEDAR or the company's website.

About Canaf Investments Inc.

Canaf is a public company listed on the TSX Venture Exchange. Canaf's registered office is in Vancouver, Canada, with offices in the United Kingdom and South Africa. Canaf owns 100 per cent of Quantum Screening and Crushing Pty. Ltd., a South African company that owns 70 per cent of Southern Coal Pty. Ltd., a company that produces a high-carbon, devolatized (calcined) anthracite. Canaf also owns 100 per cent of Canaf Investments Pty. Ltd., a South African company that owns 100 per cent of Canaf Estate Holdings Pty. Ltd., a real estate investment company focused on suburban property in Johannesburg.

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