Mr. Sasha Jacob reports

CEYLON GRAPHITE ANNOUNCES ISSUANCE OF SHARES

Ceylon Graphite Corp. intends to issue 548,999 common shares in satisfaction of interest due on secured convertible debenture units of the company.

The company previously announced the issuance of the debentures in an aggregate principal amount of $365,000 in its news release dated Oct. 27, 2023. As previously disclosed, the debentures bear an interest rate of 9 per cent, such interest to be payable in cash or shares at the sole option of the company.

The aggregate interest payable by the company is $16,470. In accordance with the policies of the TSX Venture Exchange and the terms of the debentures, the interest shares will be issued at a deemed price of three cents for an aggregate of 548,999 interest shares in satisfaction of the aggregate interest. The interest shares will be subject to a four-month hold period in accordance with the policies of the TSX-V.

The issuance of the interest shares remains subject to the acceptance of the TSX-V.

About Ceylon Graphite Corp.

Ceylon is a public company listed on the TSX-V that 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 paint and coating sectors.

We seek Safe Harbor.