Mr. Christopher Way reports

CANAF ANNOUNCES FINANCIAL RESULTS FOR YEAR ENDED 31 OCTOBER 2023

Canaf Investments Inc. has released its audited financial statements and management discussion and analysis for the year ended Oct. 31, 2023.

For the year, Canaf reports revenue of $32,326,207, a 46-per-cent improvement on the previous year, which generated a net income after tax of $2,936,682 (2022: $1,390,239), reflecting earnings for the year of 6.2 cents per share.

As of Oct. 31, 2023, Canaf shareholder equity stood at $9.1-million (2022: $6.9-million), which equates to a book value per share of 19.2 cents per share.

Christopher Way, chief executive officer, states: "The annual results for the corporation reflect the most profitable results of Canaf's history, reflecting six cents of earnings per share for the year. We remain focused on accumulating and reinvesting our profits back in to South Africa, focusing on new sectors as well as expanding our property portfolio. We expect 2024 to have some volatility in the markets that Southern Coal supplies, but given our robust balance sheet and manageable overheads, feel we are extremely well positioned to manage most scenarios and volatility both in pricing and demand. The goal continues to be the growth of a diverse, responsible and sustainable corporation that will stand the test of time."

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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