Canada Carbon Inc. announced it has received all of its assay results from the December 2022 drilling & Trenching program completed on the eastern part of its Asbury Property, located in Notre-Dame-du-Laus, Quebec ("NDL"). Drilling and trenching were conducted from November 21st, 2022 to November 30th, 2022. Results for two drill holes testing the conductor to the south show consistency with historic drilling and highlight the possible northeast extension of the graphite mineralization reported in showing MC8805 (8.14% Cg over 18.9 m) DDH22-AS-10., 5.00% (Cg) over 33.5 m including 13.86% (Cg) over 5.05m.

2.73% (Cg) over 18.2 m including 9.53% (Cg) over 1.35m. DDH22-07, 2.21% (Cg) over 58.85 m including 9.21% (Cg") over 7.25m. These intercepts confirm that graphite mineralization can explain the VTEM conductor previously identified by Focus Graphite (Dube, 2013).

Both holes intercepts confirm the presence of a mineralized graphite body and the probable northeastward extension of the MC8805. Channel Sampling Highlights. Trenching and channel sampling show mineralization as coarse flake graphite hosted in marbles, skarns and paragneiss, which is consistent with actual and historic drilling observations and descriptions.

CS-AS22-01., 1.01% (Cg) over 10.0 m including 1.99% (Cg) over 3.0m. CS-AS22-02., 0.67% (Cg) over 13.5 m. CS-AS22-05a., 4.24% (Cg) over 6.5 m including 9.15% (Cg") over 1.5m. All the trenches intercepted graphite mineralization.

The planned objective of the survey was to test the northeastern part of a regional trend. The trend is composed of multiple conductors and VTEM anomalies, that connect the Asbury historical mine to the recently worked area. According to Dube (2013), this trend extends more than 4km from the Asbury deposit to the northeast.

Historical mining operations at the Asbury (Graphex) Mine extracted 875,000 metric tons of graphite at a 6%(Cg) cut-off grade (Charbonneau 2012). The 2022 program consisted of 6 diamond drillholes "DDH" (previously reported) totaling 830 meters, and 6 trenches which returned over 60.5m of channel samples. The drill program aimed to test some targeted VTEM anomalies and conductors at depth.

The Company next steps will be to send additional samples from unassayed sections, to potentially increase the length of the intersects and to prepare the next drilling phases. The Company is also planning to further test the area with ground geophysics, between the mine and the recently drilled area, where numerous conductors remain untested. This geophysical survey is aimed to better define the conductors where high grade mineralization might be located.

Eventually, the Company expects to be able to demonstrate that the whole 4km conductor trend is graphitic in nature, and then start a resource estimate on the discovered mineralization.