Mr. Matthew Allas reports

CANADIAN MANGANESE REPORTS THIRD QUARTER 2023 RESULTS

Canadian Manganese Company Inc. has released its financial results for the third quarter ended Sept. 30, 2023.

This news release should be read in conjunction with the company's condensed interim consolidated financial statements and associated management's discussion and analysis for the three and nine months ended Sept. 30, 2023, which are available on the company's website or under the company's profile at SEDAR+.

Financial results for the third quarter ended Sept. 30, 2023

During the third quarter of 2023, the company continued its focus of advancing the Woodstock manganese project, which includes the adjacent Plymouth and Hartford deposits, near Woodstock, N.B.

On a consolidated basis, the company recorded a loss of $374,506 during the third quarter, compared with a loss of $356,053 in the third quarter of 2022. The loss in the third quarter of 2023 included non-cash share-based compensation of $28,848, whereas the loss in the third quarter of 2022 included non-cash share based compensation of $90,335 and $78,174 of other income from the reversal of a flow-through-share premium.

At Sept. 30, 2023, the company held exploration and evaluation assets with a carrying value of $17,279,306, including the Woodstock manganese project in New Brunswick with a carrying value of $10,255,327, and subsidiary Mongoose's Cobequid iron oxide copper/gold property in Nova Scotia with a carrying value of $7,023,978 (before a 59.5-per-cent non-controlling interest).

The company had a working capital deficit of $3,734,763 at Sept. 30, 2023. In early October, 2023, the company completed a non-brokered private placement of $5-million principal amount of senior secured convertible debentures, the details of which are described in the company's news release dated Oct. 6, 2023. The net proceeds from the sale of convertible debentures are being used for working capital purposes and to finance the advancement of the company's Woodstock manganese project in New Brunswick.

About Canadian Manganese Company Inc.

Canadian Manganese is a Canadian critical mineral development company, aiming to become a supplier of high-purity manganese metal products for the rechargeable battery industry. Canadian Manganese holds the Woodstock project in New Brunswick.