Mr. Ellerton Castor reports

CANADA CARBON ANNOUNCES COMPLETION OF MAIDEN RESOURCE ESTIMATION FOR ITS ASBURY GRAPHITE PROJECT IN NOTRE-DAME-DU-LAUS MUNICIPALITY, LAURENTIDES, QUEBEC

Canada Carbon Inc. has released a maiden mineral resource estimate (MRE) for its flagship 100-per-cent-owned Asbury graphite project located 80 kilometres north-northeast of Gatineau, near Notre-Dame-du-Laus, Que. The resource estimate was prepared pursuant to Canadian Securities Administrators' National Instrument 43-101 by the independent firm SGS Canada Inc. of Blainville, Que. The maiden resource estimate consists of an inferred resource of 4.14 million tonnes (Mt) with an average grade of 3.05 per cent graphitic carbon (Cg), within the boundaries of an optimized open-pit model. A technical report supporting the resource estimate will be filed to SEDAR+ within 45 days, as required by NI 43-101.

The company has thus far completed sufficient diamond drilling and bedrock channel sampling to result in a resource estimation with a maximal depth of the pit at 135 vertical metres. Geological modelling based on the drill results, surface trenching and mapping indicates that the deposit remains open at depth and on both strike extensions. The geological model also provides multiple exploration targets with the potential to further expand the graphite mineral resources. The portion of the Asbury project, which is the subject of the resource estimate, occupies only about 7 per cent of the geophysical anomaly on the Asbury claim area held by the company.

Ellerton Castor, Canada Carbon's chief executive officer, remarked: "The substantial resource identified by the targeted drill programs of 2022 and 2023 reveals a promising scope for extensive mineralization across the claim area. The initial resource model will provide a robust foundation for all future exploration efforts on the property. This MRE demonstrates the significant exploration upside available at Asbury. We have always believed that the Asbury project has the potential to be a large, scalable deposit with the capacity to provide a long-term, secure source of supply to a myriad of industries participating in the green energy economy. We will continue to prove that out, with future derisking initiatives such as a bulk sample program and battery cell testing."

Mineral resource estimation parameters

The mineral resources were estimated by Yann Camus, PEng, of SGS, with an effective date of March 28, 2024. This estimate is the first mineral resource estimate on the Asbury property. The mineral resources were estimated using the following geological and resource block modelling parameters which are based on geological interpretations, geostatistical studies and best practices in mineral estimation.

Graphite mineral resources:

• Mineral resources were estimated from the diamond drill holes and channels analytical results completed by Canada Carbon in 2022 and 2023, along with two nearby 1988 drill holes. A total of 17 drill holes (11 from 2023, four from 2022 and two from 1988) and one channel were used for the MRE, comprising 1,309 assay intervals. The complete database consists of 101 drill holes (including 13 from 2023 and six from 2022) and 14 channels/trenches (including 11 channels from 2022), comprising 2,158 assays.
• The 3-D modelling of the graphite mineral resource was conducted using a minimum cut-off grade of 0.50 per cent Cg over a five-metre length. All modelling and estimations were done using SGS's proprietary modelling software, Genesis.
• Assay data were composited to about two m without leaving remainders.
• The interpolation was conducted using inverse distance squared.
• The block model was defined with a block size of five m long by one m wide by two m thick, and covers a strike length of approximately 1,050 m to a maximal depth of 175 m below surface. The modelled graphite mineralization is open both at depth and strike.
• The mineral resources were constrained within the boundaries of an optimized pit shell using the parameters stated in the table entitled "Parameters used to model optimized graphite resources." All parameters are derived from similar graphite projects. Any interpolated blocks of the resource model located outside of the optimized pit shell are not included in the mineral resources estimate.
• All dollar values in the table entitled "Parameters used to model optimized graphite resources" are expressed in Canadian dollars, except for the revenue value for the thermally treated graphite, assumed to be $40,000 (U.S.)/tonne.

Asbury project overview

The 100-per-cent-owned Asbury graphite project is a past-producing property made up of 25 claims with a total surface area of 1,384.59 hectares. It is located 8.1 kilometres northeast of Notre-Dame-Du-Laus in the Laurentides region of Southern Quebec. The property is accessible via gravel roads from Provincial Road 309 and Chemin du Ruisseau Serpent in the Notre-Dame-du-Laus area. A power transmission line runs through the property. Mont-Laurier, located approximately 44 kilometres north, provides all amenities needed to perform basic mineral exploration, such as a hospital, accommodations, restaurants, groceries and other primary services. Additional amenities for exploration, and a seasoned mining and exploration work force, are available from nearby towns of Gatineau to the south.

Qualified person

Mr. Camus, PEng, from SGS Geological Services, an independent qualified person as defined by National Instrument 43-101 guidelines, has reviewed and approved the technical related content of this news release.

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