Montreal, Quebec, Canada, April 11, 2025 (GLOBE NEWSWIRE) — Canada Carbon Inc. (TSX-V: CCB) (“CCB” or “the Company”) takes note of the Commission de protection du territoire agricole du Québec (“CPTAQ” or “the Commission”) decision regarding the Miller graphite project (the “Miller Project”) near Grenville-sur-la-Rouge, but is concerned about the impact of this decision on the development of projects related to critical and strategic minerals, and the precedent it sets for the Quebec mining industry.
In a ruling handed down on March 18, 2025, the CPTAQ refused to authorize development of the Miller project, arguing that it would have a negative impact on the general interest of protecting the land and agricultural activities. The CPTAQ is also not convinced of the economic benefits associated with the Miller project.
Canada Carbon believes that this deeply flawed decision, which ignores a Preliminary Economic Assessment which underscores superior returns and tremendous municipal and regional benefits, fails to take into account a number of factors, including the fact that the CPTAQ is bound by the Mining Act. As such, the Commission has a legal obligation to take it into account when analyzing authorization requests under the Act; respecting the protection of agricultural land and agricultural activities as well as the obligation to try to harmonize mining activities with agricultural activities.
Moreover, this unfavorable decision by the CPTAQ sets a precedent for the industry that runs completely counter to the Quebec government’s desire and priority to accelerate the realization of mining projects as well as the development and commercialization of critical and strategic minerals.
Canada Carbon emphasizes that the Miller project has strong mineralogical potential for graphite, a strategic mineral that could help secure this essential resource for accelerating Quebec’s energy transition. This project, which is one of only two such deposits in the world, can make a significant contribution to expanding the supply of graphite in Quebec and Canada, in line with the stated objectives of the governments of Quebec and Canada.
Canada Carbon is currently evaluating the various options available to the Company in response to this decision, including the possibility of appealing.
“I am deeply troubled by the CPTAQ’s decision regarding the Miller Project, and we feel that the CPTAQ erred on several points of law in its decision. We are currently assessing our options for the future, including a potential appeal of this decision.”, commented Ellerton J. Castor, Chief Executive Officer of Canada Carbon Inc.
He adds: “I’m also concerned about the signal this sends to current and future project proponents regarding the development of future mining projects in Quebec. This decision is completely at odds with the government’s articulated objectives and Premier Legault’s recent statements on the need to accelerate the development and exploitation of Quebec’s critical and strategic minerals, of which graphite is one. This project, in particular, is singularly unique globally, and a potentially important contributor the development of sustainable green energy production in North America. The government needs to act to ensure that a favorable business environment is in place, so that it can more easily achieve these objectives.”
About Canada Carbon Inc.
Canada Carbon Inc. is a mineral exploration company focused on the acquisition, exploration and development of graphite deposits. The company has acquired two historic graphite mines, the Miller and Asbury mines, located respectively in Grenville-sur-la-Rouge and Notre-Dame-du-Laus, Quebec. Canada Carbon is committed to realizing its potential as a producer of high-quality graphite while maintaining the highest standards of social and environmental responsibility. For more information on Canada Carbon’s mining activities, please visit our website at www.canadacarbon.com.
CANADA CARBON INC.
“Ellerton Castor”
Chief Executive Officer
Canadian Venture Building
82 Richmond Street East
Toronto (Ontario) M5C 1P1
T: (905) 407-1212
Email: info@canadacarbon.com
Web: www.canadacarbon.com
FORWARD LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Offering, use of proceeds from the Offering and the Transaction. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
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.
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