ANNOUNCEMENT ON PLANT OPERATIONS AND PLANNED OUTAGE AT CANCARB LIMITED

Updated as of May 30, 2022

Cancarb Limited initiated its annual maintenance outage efforts on April 1, 2022. While the outage on the carbon black plant has been safely and successfully completed, the power plant will continue to be offline for an extended period. Due to the unexpected extent and magnitude of repairs that were determined to be required, power operations are now expected to resume in mid-July.

While the power plant is offline, waste heat from the thermal carbon black process will be released through the bypass stack until the power plant resumes operations. This will be performed in compliance with the Company’s approved operating conditions.

The waste heat power plant is an integral part of the thermal carbon black process and allows Cancarb to reliably deliver clean electricity to the City of Medicine Hat. Since commencing operations in 2000, the power plant has delivered over 3,500,000 Mwh of waste heat-fueled electricity, offsetting the carbon footprint of other forms of electric generation.

Progress updates on this outage will be provided at www.cancarb.com.

Cancarb Limited
May 30, 2022

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