Ceylon Graphite Announces Appointment of Rita Theil to its Board of Directors

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VANCOUVER, British Columbia, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Ceylon Graphite Corp. (“Ceylon” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is pleased to announce the appointment of Rita Theil as the Non-Executive Chair of its Board of Directors effective immediately. Ms. Theil has extensive governance experience at the board level of both public and private companies, with a particular focus on enterprises operating in highly regulated industries. She is currently President and Chief Executive Officer of JacKryn Holdings Inc., which is a corporate finance advisory firm specializing in capital markets, strategy development and execution, M&A and merger integration.

Her current and former independent board assignments include Allstate Insurance Company of Canada, NewGen Asset Management, WATERTAP Ontario, Global Water Resources Inc., and Scottish Water plc.

Ms. Theil has a professional background as a corporate lawyer, as well as extensive and varied experience as an investment banker. At CITIBANK - Schroder Salomon Smith Barney, she served as Director, European Utilities, Water, and Infrastructure. During her tenure at CITIBANK, she also founded CITI WOMEN, an organization formed to be a leader in attracting, developing, advancing, and retaining female talent at all levels. In 2003, Ms. Theil also established the Women’s Mentor Initiative.

Prior to CITIBANK, she was an Assistant Director at Dresdner Kleinwort Benson where she worked on the privatization of the UK electricity industry and built the power advisory investment banking business for the United States and Canada.

“Ceylon is excited to have Rita join our board of directors. She will bring considerable strategic value to the operations of the company beyond her duties as a board member. In particular, her extensive international mergers and acquisitions experience, risk matrix development, and advisory work with governments will play a key role as Ceylon looks to participate internationally in the exciting battery revolution that we are witnessing” said Don Baxter, Chief Executive Officer of Ceylon. “In addition, her leadership in diversity and mentoring initiatives aligns well with our mantra as we continue to promote a culture of corporate social responsibility.”

“I am honoured to join Ceylon’s Board of Directors as its Non-Executive Chair. I am looking forward to sharing my international capital markets experience and my corporate governance and regulatory perspectives in support of Ceylon’s continued growth across Canada, Sri Lanka and foreign markets,” said Rita Theil. “Ceylon is a fast-growing player in the critical battery material supply chain and I am looking forward to bringing my experiences and insights to the table to help broaden its scope.”

Ms. Theil holds a Master of Business Administration degree (International Strategy and Management) from the University of Ottawa, as well as an LLB and a Bachelor of Social Science from the same institution. She is a Chartered Director and the recipient of numerous awards and honours.

About Ceylon Graphite Corp.

Ceylon Graphite is a public company listed on the TSX Venture Exchange that is in the business of mining for graphite, and developing and commercializing innovative graphene and graphite applications and products. 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 upgradable for a range of applications including the high-growth electric vehicle and battery storage markets as well as construction, healthcare and paints 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 in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka.

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

Don Baxter, Chief Executive Officer

info@ceylongraphite.com

Corporate Communications

1 604-765-8657

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS:

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes statements about Ceylon Graphite’s grids, Ceylon Graphite’s plans to undertake additional drilling and to develop a mine plan, and to commence establishing mining operations. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by 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 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 the results expressed or implied by the forward-looking information include, among other things, an inability to reach a final acquisition agreement, inaccurate results from the drilling exercises, a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents, an inability to access financing as needed, a general economic downturn, a volatile stock price, labour 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 reliance on high quality graphite. Ceylon Graphite cautions the reader that the above list of risk factors is not exhaustive.