Ceylon Graphite Delayed in Completion of Annual Filings

Vancouver, BC, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. ("Ceylon" or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces today that it was not in a position to file its audited financial statements, CEO and CFO certifications, and management discussion and analysis (the “Annual Filings”) for the year ended March 31, 2023 on or before July 31, 2023. The Company currently anticipates being able to file the Annual Filings on or before August 14, 2023.

The Company has been late in the preparation of the Annual Filings due to a combination of factors including an unanticipated need for further information from the Company’s subsidiary to complete the Company’s annual audit. The Company is working diligently with its auditor, Manning Elliott LLP, to complete the audit and does not expect to experience delays with future filings.

As a result of the delay, the Company has voluntarily applied for a management cease trade order, which prohibits certain current directors, officers and insiders of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. The issuance of such management cease trade order generally does not affect the ability of the general investing public to trade in the securities of the Company. The Company intends to provide updates in accordance with National Policy 12-203 – Management Cease Trade Orders with respect to further developments in respect of this matter promptly following their occurrence.

About Ceylon Graphite Corp.

Ceylon is a public company listed on the TSX Venture Exchange, 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, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted Ceylon’s wholly owned subsidiary Sarcon Development (Pvt) Ltd. an IML Category A license for its K1 mine and exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka.