Canada Carbon Begins Its Largest Drilling Program to Date on the Miller Property

Canada Carbon Inc. (the “Company”) (TSX-V: CCB) is pleased to announce that it has started an expansion of the drilling program on its Miller Graphite Property (“the Miller Project”), located in Grenville Sur la Rouge, Quebec (“GSLR”). Drilling commenced on November 28th, 2021, and data obtained from the drilling program will enable the Company to achieve a number of key objectives: 1) upgrade its resource calculation; 2) delineate the location and shape of the future graphite pits; 3) minimize any potential impact on maple bush habitat; 4) address concerns raised by the citizens of GSLR.

The design and commencement of the drilling program is consistent with commitments made by the Company following the latest Commission de la Protection du Territoire Agricole du Québec (“CPTAQ”) decision regarding the Miller Project (see news release dated August 30, 2021). The upgrading of the resource calculation, refining of pit designs and evaluating any potential impact on maple bush habitat (in conjunction with additional hydrogeological studies and soil sampling to be conducted in early 2022), will be used to continue the process of permitting the Miller Project as the Company responds to the CPTAQ, the Ministère du Développement Durable, de l'Environnement et de la Lutte contre les Changements Climatiques (“MDDELC”) and the Ministère de l'Énergie et des Ressources Naturelles (“MERN”).

Prior to the commencement of drilling, the Company retained Terra-Bois, a forest management company located in Lachute, to mark any maple trees located in the direct area of the drill pads to ensure that no maple trees would be cut during this program. In planning for the drilling program, a resource review performed by SGS (the same company responsible for previous resource calculations on the Miller Project), defined multiple areas where incremental drilling should serve to potentially increase the currently known resources in terms of tonnage and graphite content in the indicated category. Those areas are located where limited drilling was performed in the past. The drilling program will be particularly focused on better defining and connecting the area located between the two high grade zones of the Project (VN3 area to the west and the VN6 area to the east).

The drill plan consists of 2,500 to 3,000 metres of drilling, in 35 shallow holes varying in depth between 30 metres and 175 metres. The meterage makes this program the largest drill campaign to-date on the Miller Project. The drilling, which is expected to be completed by the mid-December 2021, is being conducted by Downing Drilling from Calumet in GSLR. SL Exploration Inc, of Acton Vale will provide the geologists and technicians to complete the program. Given that both companies have previously worked on the Miller Project, their current involvement will ensure continuity and efficiency. Samples from the core taken at 1.5-meter intervals will be analyzed for graphitic carbon (Cg) content by independent laboratories.

Chief Executive Officer, Ellerton Castor, said: “The current drilling will potentially increase and better define the mineralized resource. This will allow the Company to further adapt its pit designs in order to reduce or eliminate any impact on maple bush habitat in the Project area. The Company expects that these efforts will reduce the Miller Project’s impact and assist in expediting the permitting process through the CPTAQ. Furthermore, it will set the stage for ongoing review and revision of the Company’s overall commercialization strategy targeting the nuclear graphite and other high value sectors and applications."

Qualified Person

This press release was prepared by Steven Lauzier, P.Geo OGQ, a qualified person as defined under Nation Instrument 43-101 and he reviewed and approved the geological information provided in this news release.

CANADA CARBON INC.

“Ellerton Castor” Chief Executive Officer and Director

Contact Information E-mail inquiries: info@canadacarbon.com P: (917) 446-4213

Valerie Pomerleau

Director Public Affairs and Communications

Canada Carbon Inc.

valerie@ryanap.com

(819) 856-5678

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).

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