Canada Carbon Inc. reported that it has filed on SEDAR the National Instrument 43-101 report of the updated Mineral Resource Estimate for its 100% owned Miller Graphite Project located 80 kilometres (“km”) west of Montréal, near Grenville, Québec. The Resource Estimate was prepared pursuant to Canadian Securities Administrators' NI 43-101 by the independent firm SGS Canada Inc. of Blainville, Quebec. The updated Resource Estimate includes an indicated resource of 3.34Mt (“million tonnes”) with an average grade of 0.75% graphite, and an inferred resource of 10.48Mt with an average grade of 0.72% graphite, within the boundaries of an optimized open pit mine model.

The cut off grade for the Mineral resources was established at 0.50% graphite. The new pit constrained graphite resources have increased by 27% compared to what was reported in the Company's Miller Project Preliminary Economic Assessment, filed to SEDAR on January 23rd, 2017. Mineral Resource Estimation Parameters: The Mineral Resources were estimated by Marc-Antoine Laporte, P.Geo., M.Sc., of SGS with an effective date of November 8, 2022.

This estimate is the most recent Mineral Resource Estimate produced by Canada Carbon since the acquisition of the Miller property in September 2013. 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 since 2013. A total of 213 drill holes and 135 surface/channels, comprising 11,885 assays were used for the mineral resources model.

The 3-D modeling of graphite Mineral Resources was conducted using a minimum cut-off grade of 0.45% Cg over a 2 m horizontal thickness within a preliminary lithological model. The initial mineralized solids were developed using Leapfrog, and subsequently remodelled by incorporating the complete assay dataset into the Leapfrog model, within SGS's proprietary modeling software Genesis. Assay data were composited to 1.5m.

The interpolation was conducted using Ordinary Kriging of the low-grade graphite mineralization and Indicator Kriging for the high-grade graphite veins. The block model was defined by a block size of 5 m long by 5 m wide by 5 m thick and covers a strike length of approximately 930 m to a maximal depth of 150 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. All parameters are derived from economic assessment process associated with the Company's Miller Project PEA and adapted for use in developing the new Resource Estimate. Any interpolated blocks of the resource model located outside of the optimised pit shell are not included in the Mineral Resources.