Canada Carbon Inc. To Request Public Hearing Before Cptaq On Miller Graphite Project

Following the Preliminary Orientation released by the Commission de protection du territoire agricole du Québec ("CPTAQ") in connection with the Miller Project, the Company wishes to confirm its ongoing commitment to bringing the project into production. CCB would like to share the following observations about the CPTAQ process:

• The Company is clear that it is fairly normal, at this stage, for CPTAQ to issue a negative Preliminary Orientation with an eye toward ensuring that a project proponent optimizes a development plan.
• The Preliminary Orientation has clearly not taken into account all available studies, empirical data and analyses, as well as the full range of potential solutions offered.
• As part of its commitment to transparency and collaboration, the company is calling for a public hearing to present all of the aforementioned studies and data to the commissioners and the public, so that any and all concerns can be addressed.
  
  

Concerns raised

In response to the concerns expressed by the CPTAQ regarding the potential impact of the project on agricultural lands and sugar maples, Canada Carbon made a clear and explicit commitment in its application to the CPTAQ. As stated in the Company's previous communications (see press release of May 24, 2023), CCB has developed an ambitious restoration plan aimed at achieving no net loss in maple syrup potential. For each maple felled, at least one new tree will be replanted. In addition, maple syrup production facilities will be integrated into the preserved forest areas in the first year of the project, guaranteeing higher maple syrup production capacity than currently exists.

Canada Carbon has already conducted an in-depth hydro-geological study to assess and minimize the impact on water resources essential to agriculture. The Company anticipates that this study will convincingly address the CPTAQ's concerns, attesting to minimal localized impacts, with no negative consequences on the water table or neighboring agricultural activities.

The recent position adopted by the CPTAQ is seen by the Company as a constructive milestone in an exhaustive process. It is CCB's intention to establish a productive, collaborative, and constructive relationship with the CPTAQ. Canada Carbon intends to integrate CPTAQ's recommendations so as to optimize plans for the Miller project to ensure that it integrates harmoniously with Quebec's strategic ambitions and comprehensively addresses the needs of the GSLR community.

"The observations made by CPTAQ so far are subjective. Canada Carbon is anxious to meet with the commissioners and the public to address any concerns raised during the review process to date. Since the release of the Preliminary Orientation, there have been many public assertions made, the vast majority of which have been completely baseless. We are confident that, following a fair and open public hearing with the objective analysis of all available information, we will have demonstrated that the company meets and, in certain cases, exceeds all of the criteria for a compliant application," said Mr. Ellerton Castor, CEO of Canada Carbon.

"We understand that the Preliminary Orientation by the CPTAQ is only the first step in the process. The public hearing will be an opportunity to obtain feedback from all stakeholders in order to improve our project," concluded Mr. Castor.

For more information on Canada Carbon's mining activities, please visit our website at www.canadacarbon.com

About Canada Carbon Inc.

Canada Carbon Inc. is a mining exploration company focused on the acquisition, exploration and development of graphite deposits. The Company has acquired two historical graphite mines, the Miller and Asbury mines, located respectively in the Grenville-sur-la-Rouge and Notre-Dame-du-Laus within the province of Quebec. Canada Carbon is committed to realizing its potential as a high-quality graphite producer while maintaining the highest standards of social and environmental responsibility.

Canada Carbon Inc.

"Ellerton Castor"
Chief Executive Officer and Director
Contact Information
E-mail inquiries: info@canadacarbon.com
P: (905) 407-1212

FORWARD LOOKING INFORMATION

This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; financial abilities; the ability to develop the Miller Project; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

54599157.1