Mr. Christopher Way reports

CANAF ANNOUNCES FINANCIAL RESULTS FOR Q3 2023

Canaf Investments Inc. has released of its financial statements and management's discussion and analysis for the nine-month period ended July 31, 2023.

Revenue for the nine-month period was recorded at $21,389,321 (2022: $14,528,400) with a net income of $1,775,246 (2022: $870,433) and an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $2,132,455.

The continued record results reflect a strong demand for Canaf's core business products in South Africa and management expects Q4 to have continued strong levels of sales. Canaf has a 12-month-trailing earnings per share at July 31, 2023, of 4.8 cents per share. As at July 31, 2023, shareholders' equity stood at $8.17-million, which relates to a book value per share of 17.2 cents.

For more details and discussion on the results, the financial statements, and the management's 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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