Ceylon Graphite Announces Market Making Agreement

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Vancouver, June 21, 2022 (GLOBE NEWSWIRE) — Ceylon Graphite Corporation. (“the Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce that, subject to regulatory approval, it has engaged Venture Liquidity Providers Inc. (VLP) to commence trading . manufacturing service to provide assistance in maintaining an orderly trading market for the company’s common stock.

VLP will carry out the market making service through a registered broker, WD Latimer Co. Ltd., in accordance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company agreed to pay VLP C$5,000 per month for a period of 3 months. After the initial term, this Agreement will automatically renew for additional successive 1-month terms. The agreement may be terminated at any time by the corporation or VLP. The Company and VLP act at arm’s length, and VLP has no current interest, direct or indirect, in the Company or its securities. The finances and actions required for the market making service are provided by WD Latimer. The fee paid by the company to VLP is only for the services.

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VLP is a specialized consulting firm based in Toronto that provides a variety of services focused on issuers listed on the TSX-V.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX Venture Exchange, engaged in graphite mining and the development and commercialization of innovative graphene and graphite products and applications. Graphite mined in Sri Lanka is known to be one of the highest grades in the world and has been confirmed to be suitable to be easily upgradable for a variety of applications, including the high-growth electric vehicle and battery storage markets as well such as construction, health and paint and coatings sectors. The Government of Sri Lanka has granted the Company’s wholly owned subsidiary, Sarcon Development (Pvt) Ltd., an IML Category A license for its K1 mine and exploration rights to a land parcel 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.

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

Don Baxter, CEO

info@ceylongraphite.com

Corporate Communications

+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 under applicable securities laws, which relates to future events or future performance and reflects management’s current expectations and assumptions. Forward-looking information includes statements about Ceylon Graphite’s networks, Ceylon Graphite’s plans to conduct additional drilling and develop a mine plan, and to begin establishing mining operations. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by Ceylon Graphite and information currently available, including the assumption that there will be no material adverse changes in metal prices, all consents, licenses, permits and necessary approvals will be obtained, including various Local Government Licenses and the market. 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 results expressed or implied by forward-looking information include, among other things, the inability to reach a final acquisition agreement, inaccurate results of drilling exercises, the inability to obtain or delays in obtaining required regulatory licenses, permits, approvals and consents, the inability to access financing as needed, a general economic downturn, a volatile stock price, labor 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 confidence in high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive..

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