CANADA CARBON ANNOUNCES COMPLETION OF MAIDEN RESOURCE ESTIMATION FOR ITS ASBURY GRAPHITE PROJECT IN NOTRE-DAME-DU-LAUS MUNICIPALITY, LAURENTIDES, QUEBEC - Seite 2

Canada Carbon Chief Executive Officer, Mr. Ellerton Castor 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 de-risking initiatives such as a bulk sample program and battery cell testing.”

Mineral Resource Estimation Parameters

The Mineral Resources were estimated by Yann Camus, P.Eng., 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 modeling 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, 4 from 2022, 2 from 1988) and 1 channel were used for the MRE, comprising 1,309 assay intervals. The complete database consists of 101 drill holes (including 13 from 2023 and 6 from 2022) and 14 channels/trenches (including 11 channels from 2022), comprising 2,158 assays.
• The 3-D modeling of the graphite Mineral Resource was conducted using a minimum cut-off grade of 0.50 %Cg over a 5 m length. All modeling and estimations were done using SGS’s proprietary modeling software Genesis.
• Assay data was composited to about 2 m without leaving remainders.
• The interpolation was conducted using inverse distance squared.
• The block model was defined with a block size of 5 m long by 1 m wide by 2 m thick and covers a strike length of approximately 1050 m to a maximal depth of 175 m below surface. The modeled graphite mineralization is open both at depth and strike.
• The Mineral Resources were constrained within the boundaries of an optimised pit shell using the parameters stated in Table 2 below. All parameters are derived from similar graphite projects. Any interpolated blocks of the resource model located outside of the optimised pit shell are not included in the Mineral Resources Estimate.
• All dollar values in Table 2 are expressed in Canadian dollars, except for the revenue value for the thermally treated graphite, assumed to be US$ 40,000/tonne.