Ms. Sasha Jacob reports

CEYLON GRAPHITE ANNOUNCES WARRANT EXTENSION

Ceylon Graphite Corp. intends to extend the exercise period for a total of 50,928,566 common share purchase warrants, all of which are exercisable at 15 cents per common share.

The warrants were issued pursuant to a private placement that closed in tranches on Oct. 22, 2020, and Oct. 28, 2020. Thirty million one hundred sixty-three thousand five hundred sixty-six warrants were issued in the first tranche, with 500,000 warrants having been exercised, leaving 29,663,566 first tranche warrants outstanding, and 21,265,000 warrants were issued in the second tranche, all of which remain outstanding. The company proposes to extend the expiry dates of these warrants by one year, such that the new expiry date for the warrants will be Oct. 22, 2024, for the first tranche warrants and Oct. 28, 2024, for the second tranche warrants. All other terms and conditions of the warrants remain unchanged. The warrant extension is subject to acceptance by the TSX Venture Exchange.

About Ceylon Graphite Corp.

Ceylon is a public company listed on the TSX Venture Exchange, which is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. Graphite mined in Sri Lanka is known to be some of the highest grade in the world and has been confirmed to be suitable to be easily upgradable for a range of applications, including the high-growth electric vehicle and battery storage markets, as well as construction, health care, and paints and coatings sectors.

We seek Safe Harbor.