CHARBONE CORPORATION Provides Update on Secured Convertible Loan

Brossard, Quebec — April 23, 2026 — Leads & Copy — CHARBONE CORPORATION (TSXV: CH; OTCQB: CHHYF; FSE: K47) has announced progress on its secured convertible loan and the completion of a convertible debenture conversion.

The clean Ultra High Purity (“UHP”) hydrogen and strategic industrial gases producer is moving forward with the closing process on a convertible loan that will provide up to $10 million in financing from Riverfort Global Opportunities PCC Ltd. Terms have been modified, according to the company.

The first drawdown amount has been increased from $2.15 million to $3 million. Subsequent drawdowns will be convertible, at the lender's option, into common shares at a conversion price reflecting a 25% premium to the reference price. The reference price is defined as the greater of: (i) the average of the five (5) daily VWAPs of the shares immediately preceding the applicable drawdown date, and (ii) a 5% premium to the market price of the common shares at the time of the issuance of a press release announcing such drawdown.

Default interest, if applicable, will accrue such that the total return of the instrument under each drawdown, calculated on the outstanding principal balance, will be capped at 24% per annum.

The initial drawdown will be accessible upon the signature of definitive agreements with RiverFort and satisfaction of closing conditions, including TSX Venture Exchange approval. Terms of the first drawdown include:

Convertibility at the lender's option into units composed of one common share and 0.3 of a warrant, at a conversion price of $0.15 per unit. Each whole warrant issued with the first $3 million drawdown can acquire one additional common share at $0.195 per share, for 48 months, up to a maximum of 5 years from the convertible loan closing date.

The loan carries a 12% annual interest rate, payable in cash every four months. If unconverted, 10% of the first drawdown will be repaid after six months, 20% after 12 months, and 70% on the 18-month maturity date.

An implementation fee of 5% of the first drawdown will be paid in cash on closing, following a non-refundable $20,000 due diligence fee already paid.

The loan is secured with a first-ranking hypothec over the universality of all present and future movable property of Charbone HydrogèneQuébec Inc. (Sorel-Tracy project) and Charbone Hydrogen Corporation.

Securities issued upon conversion of the convertible loan's principal will be subject to a four-month statutory hold period in Canada.

CHARBONE has also completed the full conversion of its September 2025 Convertible Replacement Debentures, initially issued on October 1, 2025, for $2.05 million.

CHARBONE is a developer and producer of clean UHP hydrogen with an industrial gas distribution platform. It aims to develop a clean hydrogen production facility network across North America and select international markets, beginning with the Sorel-Tracy project in Quebec. The company’s integrated model seeks to mitigate risk, improve scalability, and diversify revenue through helium and specialty gas partnerships.

CHARBONE is focused on supporting the global transition to a lower-carbon economy by providing accessible, decentralized clean hydrogen and specialty gas solutions, supporting underserved industrial gas customers, and accelerating the shift to localized clean energy. CHARBONE is listed on the TSX Venture Exchange (TSXV: CH), the OTC Markets (OTCQB: CHHYF), and the Frankfurt Stock Exchange (FSE: K47).

Source: CHARBONE CORPORATION