Century Global Commodities Corporation announced that the Impact Assessment Agency of Canada has advised the outcome of a conformity review of the draft Environmental Impact Statement (the “EIS”) for the Joyce Lake Direct Shipping Iron Ore Project (the “Project”), in a letter dated November 7, 2022, that it has determined that the draft EIS and the associated English EIS summary for the Project from JDI (the proponent of the Project) submitted on October 1, 2022, is sufficient to proceed to technical review by the Agency, federal authorities and Indigenous groups that have requested to participate in the review. On October 1, 2022, JDI submitted to the Agency the draft EIS and the English EIS Summary for the Project, with the French translation of EIS summary submitted to IAAC on November 3, 2022. The Agency and federal authorities reviewed the draft EIS and EIS summary in consideration of the Guidelines for the Preparation of an Environmental Impact Assessment for the Joyce Lake Direct Shipping Iron Ore Project (the “EIS Guidelines”) issued in March 2013 and the conformity requirements issued on July 5, 2021 after the Agency's review of the previous version of the EIS.

Based on this review, the Agency has determined that the draft EIS is sufficient to proceed to technical review by the Agency, federal authorities and Indigenous groups that have requested to participate in the review. However, as indicated in previous emails and discussed on July 26, 2022, the Agency will expect the final EIS to have updated information for each of the Indigenous communities. The Agency understands that the proponent is continuing to engage with Indigenous groups to meet this requirement prior to submission of the final EIS.

The Agency's review did identify some outstanding editorial changes that were requested in the July 5, 2021 conformity requirements. While these do not necessitate a delay in starting technical review, the Agency request that they be addressed prior to the submission of the final EIS and EIS summary, which will be in a combined report form also conforming to the EIS Guidelines of Newfoundland and Labrador. Proceeding to a technical review does not imply that the information provided is adequate to support the completion of the environmental assessment.

Following the technical review of the draft EIS by the Agency, if there are gaps in the information required as per the EIS Guidelines for the Project, the Agency may request further information be submitted by the proponent. It should be noted that federal authorities have already provided comments that may be developed into information requirements during the technical review. Project Summary: The greenfield project is in Newfoundland and Labrador, approximately 20km from the town of Schefferville, Quebec.

The Project is an open pit direct shipping iron ore mine producing 2.5 million tonnes annually for about 7 years. Lump and fines products will be produced after ore crushing and screening and will be trucked 43km to an existing rail line and transferred by unit trains to the Multi-User port at Pointe Noire, on the St Lawrence Seaway, for shipment primarily to China. On October 31, 2022, the Company announced the Project feasibility study results based on an average three year look back product selling price of US$124.95/dmt for 62%Fe CFR China at an exchange rate of USD 0.77 to CAD 1.00.

The feasibility study determined a Project initial capital cost of C$270.4 million, pre-production working capital requirements of CAD 80.4 million and an operating cost of C$95.26/dmt landedChina and it also determined an after tax NPV8 of CAD 184.6 million, IRR of 20.01% and a payback of 3.7 years. The Project continues in Environmental Assessment (“EA”) federally by the IAAC and provincially by the Newfoundland and Labrador Department of Environment and Climate Change (“NL-ECC”). The Company will combine the IAAC EIS with the NL-ECC EIS and submit a final combined EIS document to both agencies in mid 2023.

On October 1, 2022, the Company submitted a draft EIS to IAAC who on November 7, 2022, advised they were proceeding with a technical review of the draft EIS with involvement of federal authorities and Indigenous groups who had indicated an interest in participating. The IAAC proceeding with a technical review, is a major project milestone and is expected to reduce review time by IAAC of the final combined EIS. The Company also plans to submit the draft EIS to NL-ECC for review and comment to similarly facilitate review of the final combined EIS.

Coordination is underway for a provincial review to advance the process as much as possible ahead of a final submission of the combined (federal and provincial) EIS to allow the Company to be advised of issues earlier to address them in the final report. The Company continues to collect and collate environmental baseline data and do extensive consultation with Indigenous groups about verification of EIS content, their concerns and potential mitigations, the results of which will be included in the final combined EIS submitted to IAAC and NL-ECC in mid 2023 with the target for a release from the EA process by both IAAC and NL-ECC in early 2024. If there are any significant deficiencies in the draft EIS or if additional data requirements are determined by IAAC or NL-ECC, a delay in submitting the final combined EIS may occur.