CEYLON GRAPHITE’S SILICON ENHANCED VEIN GRAPHITE ANODE MATERIAL SIGNIFICANTLY INCREASES SPECIFIC DISCHARGING CAPACITY IN HALF CELL LITHIUM-ION BATTERY TESTS

• Ceylon Graphite conducted initial half cell testing for silicon enhanced vein graphite at WMG Battery Catapult, University of Warwick.
• Impressive 13% increase in discharging capacity was achieved for Ceylon’s natural vein graphite enhanced with core shell silicon additive compared to its baseline Ceylon Vein graphite material and commercial synthetic graphite.
• Acceptable first cycle capacity loss of 12%.
• The impressive performance is due to in-house developed dual core-shell additive technology and proprietary silicon enhancement capabilities; we also believe that the inherent properties of vein graphite such as high crystallinity & purity also play a key role.
• Ceylon’s “mine to battery” strategy will maximize the value of our high-grade Sri Lankan vein graphite by vertically integrating into an anode graphite producer for the rapidly growing global lithium-ion battery market.

VANCOUVER, British Columbia, Feb. 01, 2022 (GLOBE NEWSWIRE) — Ceylon Graphite Corp. (“Ceylon Graphite”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce that it has achieved a significant breakthrough in the performance of its silicon enhanced vein graphite anode material for the lithium-ion (“Li-ion”) battery market. In tests at a leading global, independent facility, Warwick University, performance of Ceylon’s vein graphite anode material was further improved by its core-shell silicon additive. This is the first time in battery research history that commercial spherodized, silicon enhanced vein graphite materials were tested in a lithium-ion battery in a half cell.

Results came in at 446 mAh/g for specific discharge capacity (SDC) for silicon enhanced vein graphite materials, which is 13% higher than what is achieved for vein graphite on its own (393 mAh/g, another impressive result) under the same testing conditions. The synthetic comparison data is from earlier test work performed at WMG (summarized in chart below).

Ceylon CEO Don Baxter stated, “We had very good results from our initial coin cell battery tests as well as our full cell test, but I am excited to see the performance improvement of vein graphite with silicon enhancements. These results are a highly significant development for Ceylon, and we believe we can further improve these numbers as we continue perfecting the technology. The unique characteristics of our Sri Lankan vein graphite combined with our proprietary processing technologies produces a Li-ion battery with significantly higher power and energy as tested by WMG. In addition, we believe that the energy consumption of the end-to-end process of producing battery grade anode material from vein graphite is the lowest, relative to synthetic and flake graphite, because vein graphite from Sri Lanka does not require primary processing, due to the high in situ grade above 90%Cg.”

Ceylon also announces it has granted an aggregate of 4 million stock options to its directors, and Officers. Each option is exercisable at 20 cents per common share at any time until January 26, 2027.