Canada Carbon Inc. announced it has received results from the Fall 2023 drilling program completed on the eastern part of its Asbury Property, located in Notre-Dame-du-Laus, Quebec (?NDDL?). These results consist of 909 core samples that showed graphite mineralization. Drilling was conducted from October 16, 2023, to November 30, 2023.

The 2023 program consisted of 13 diamond drill holes totaling 2,457 metres. The drill program aimed to test depth and lateral extensions of known mineralization in the north-eastern area of the Property and to probe the new conductor anomalies found along the interpreted mineralized corridor that connects the historical Asbury mine site to the current area. The interpreted corridor hosts multiple conductors and VTEM anomalies.

This corridor also extends approximately five (5) kilometres (?km?) from the historical Asbury mine to the northeast. Historical mining operations extracted 875,000 tons of graphite at a 6 %(Cg) cut-off grade (Charbonneau 2012). Initial interpretation of the results indicates significant graphitic mineralization, which in turn explains the conductor anomalies.

The results can be found in Table 2, below. The Company will utilize these results, along with those of other campaigns and legacy exploration work, to design and plan future drilling campaigns, and will publish additional targets for future exploration work. With the current results obtained, the technical team is confident that the complete conductor anomaly will be explained by graphitic mineralization on the Property.

It is of note that the 5 km corridor appears to host two different anomalies and that both anomalies have shown extensive graphite mineralization so far. Highlights: Results for drill holes targeting the conductor to the south show consistency with historic drilling and highlight the possible northeast extension of the graphite mineralization reported in historic drill hole MC-8805 (8.14% Cg over 18.9 m). DDH-AS23-01, 1.36% (Cg) over 22.00m, DDH-AS23-06, 4.09% (Cg) over 14.60m including 9.59% (Cg) over 3.55m; DDH-AS23-08 4.46% (Cg) over 39.00m including 14.73% (Cg) over 3.7m or 14.73% (Cg) over 2.85m; DDH-AS23-11, 1.77% (Cg) over 48.45m, including 4.38% (Cg) over 6.00m, DDH-AS23-13, 1.54% (Cg) over 61.90m; DDH-AS23-14, 1.96% (Cg) over 22.80m, including 14.30% (Cg) over 1.4m DDH-AS23-16, 3.31% (Cg) over 16.30m including 4.15% (Cg) over 8.54m; DDH-AS23-17, 1.59% (Cg) over 46.15m including 4.94% (Cg) over 9.55m; DDH-AS23-18, 7.81% (Cg) over 39.65m including 19.58% (Cg) over 7.35m; These intercepts tested the depth and lateral extensions of the graphitic mineralization; Results for the new conductor anomalies along the mineralization corridor are sufficient to interpret the conductor anomaly as being graphitic in nature, with various thicknesses of mineralization along the conductor anomaly that extends from the historical mine to the NE portion of the Property, over a total length of 4 km.

The Company is currently analyzing these final results and will provide additional information in a subsequent news release. These results have also been shared with SGS Canada in order to produce a geological model that will help with the interpretation of the results. This work with SGS will allow the Company to complete a maiden resources calculation on the Asbury Property?s north-east area in the following weeks.

The Company also plans further exploration work, which will include some combination of geophysics, geological mapping and drilling to cover the area between the historical mine and the recently completed drill program, since numerous conductors remain untested over a significant distance. The updated geological model will allow the Company to continue its exploration work to further increase the resource on the Property.