CEYLON GRAPHITE CORP - CYLYF STOCK NEWS

Ceylon Graphite Corp. announced the renewal of its M1 mine license, allowing for the recommencement of mining activities. The delay was due to changes in the licensing process, but the company anticipates no further delays. Plans include high volume production, construction of an incline tunnel for rail access, and building a graphite processing plant on site. The company aims to generate revenue in the near term and develop additional production sites quickly.

Ceylon Graphite Corp (TSX-V: CYL) announced the hiring of Klaus Leiders as Chief Mining Manager. With extensive experience across multiple countries, Leiders will support Ceylon's production expansion and processing plant development. CEO Sasha Jacob highlighted his previous success in increasing production from 15 to 180 tonnes per month in Sri Lanka without additional capital. The company anticipates its first commercial graphite sales in Q2 2023 as it re-establishes focus on production following recent agreements and leadership changes.

Ceylon Graphite Corp. (TSX-V: CYL) has received approval from the TSX Venture Exchange for an amended deal with a Sri Lankan vendor to acquire Sarcon Development Pvt Ltd. This subsidiary holds 116 high-grade graphite grids in Sri Lanka, enhancing Ceylon's exploration focus. The amended agreement includes a cash payment of US$250,000 and $1,625,000 in common shares upon achieving milestones. The completion of this transaction is contingent on satisfying customary conditions. Ceylon Graphite aims to leverage Sri Lanka's pure graphite in high-growth sectors such as electric vehicles and battery storage.

Ceylon Graphite Corp (CYLYF) announced the successful completion of full cell testing using their spherodized vein graphite materials, achieving better performance than standard synthetic graphite. Conducted at Warwick Manufacturing Group, the tests revealed a discharge capacity of 161 mAh/g, surpassing the industry standard of 153 mAh/g, with minimal capacity loss after 120 cycles. These results demonstrate the potential for Ceylon's graphite as a sustainable anode material for lithium-ion batteries. Ceylon Graphite aims to leverage its high-quality Sri Lankan vein graphite and proprietary processing technology to position itself in the growing battery market.

Ceylon Graphite announced an amended agreement for a share issuance to acquire Sarcon Development in Sri Lanka, focusing on high-grade graphite. The total share issuance is valued at US$1.625 million, contingent on specific milestones, including a cash payment of US$250,000 and further equity issuances over a year. This restructuring aims to preserve cash for production and improve capital for developing the company’s Sri Lankan properties, amidst an easing of local Covid restrictions and increased operational capabilities. The agreement, requiring approval from the TSX Venture Exchange, also includes a monthly consulting fee for the Vendor.