Ceylon Graphite Files NI 43-101 Technical Report for Karasnagala Graphite Project

Ceylon Graphite Corp.

Vancouver, Feb. 22 2022 (GLOBE NEWSWIRE) — Ceylon Graphite Corporation. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) announces that the Company has filed a technical report entitled “Technical Report on the Karasnagala (K1) Exploitation Permit” on the graphite from the K1 vein project in Sri Lanka, prepared by Dr. Christian Derosier, P.Geo. pursuant to National Instrument 43-101 Disclosure standards for mining projects (“NI 43-101”). As noted in the Company’s press release dated December 13, 2021, the 2022 Technical Report is the current NI 43-101 Technical Report on K1, replacing previously filed Technical Reports, and includes a description of the Initial Resource Estimate minerals from the K1 vein graphite deposit.

The 2022 Technical Report is available on SEDAR at www.sedar.com and on the Company’s website at www.ceylongraphite.com

QUALIFIED PERSON

Donald KD Baxter, P.Eng., CEO of Ceylon Graphite Corp., is a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”) guidelines, and has reviewed and approved the contents of this Press release.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX Venture Exchange, which operates in the mining of graphite and in the development and commercialization of innovative graphene and graphite products and applications. Graphite mined in Sri Lanka is known to be some of the purest in the world and has been confirmed to be suitable to be easily upgraded for a range of applications including high growth vehicle markets electrical and battery storage, as well as the construction, healthcare and paints and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly-owned subsidiary, Sarcon Development (Pvt) Ltd., a Category A IML license for its K1 mine and exploration rights to a land package of over 120 km². These exploration grids (each one square kilometer in area) cover areas of historical graphite production since the early 20th century and represent the majority of known graphite occurrences in Sri Lanka.

Further information about the Company is available at www.ceylongraphite.com

Don Baxter, General Manager

[email protected]

Business communication

+1(604) 765 8657

Neither the 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 press release contains forward-looking information, as that term is defined in applicable securities laws, that relates to future events or future performance and reflects management’s current expectations and assumptions. Forward-looking information includes statements about Ceylon Graphite’s grids, Ceylon Graphite’s plans to undertake additional drilling and develop a mining plan, and to begin establishing mining operations. These forward-looking statements reflect management’s current beliefs and are based on assumptions made by Ceylon Graphite and information currently available to Ceylon Graphite, including the assumption that there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government and market licenses. 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. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among others, an inability to complete a definitive acquisition agreement, inaccurate results from drilling exercises, failure to obtain or delays in obtaining required licenses, permits, regulatory approvals and consents, inability to access necessary financing, general economic downturn, volatile stock market price, strikes, political unrest, changes in the mining regulatory regime governing Ceylon Graphite, a failure to comply with environmental regulations and a weakening of market and industry dependence on high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive.

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