CHARBONE Files Restated 2025 Financials Following AMF Review, No Impact on Operations

Varennes (Québec), November 13, 2026 — Leads & Copy — CORPORATION CHARBONE (TSXV: CH; OTCQB: CHHYF; FSE: K47), a vertically integrated industrial gas company focused on the production, distribution, and storage of Ultra High Purity (UHP) clean hydrogen and other strategic industrial gases, announced today the filing of its restated consolidated financial statements and management's discussion and analysis for 2025, along with the corresponding officers' certificates. This filing was made as part of a routine review of continuous disclosure information by the Autorité des marchés financiers (AMF). The company stated that the restatement has no impact on its operating loss or its cash flows from operations, investing, and financing activities.

The restatement is related to an adjustment in accounting treatment for the settlement of trade payables with certain suppliers during the fiscal year ended December 31, 2025. In that year, CHARBONE agreed with some suppliers to settle their outstanding debts through the issuance of units, with each unit comprising either a common share or a common share and a warrant of the company. During the third quarter of 2026, the company determined that certain gains on the settlement of these supplier debts had been miscalculated.

The accounting error stemmed from the valuation of equity instruments. The company concluded that these should have been valued using the quoted market prices on the date of issuance of the securities, rather than at the terms and time the transactions were concluded with the suppliers. This led to a correction in the amounts accounted for the fiscal year ended December 31, 2025.

The financial impacts of the restatement for the year ended December 31, 2025, include an increase of $1 million in share capital and $0.7 million in warrants, with no net impact on equity. There was also no impact on total assets or total liabilities. Financial expenses increased by $1.7 million, but this did not affect the company's operating loss or cash flows.

Benoit Veilleux, Chief Financial Officer and Corporate Secretary of CHARBONE, stated that the correction is primarily related to the appreciation of the stock price between the settlement agreement negotiations with suppliers in 2025 and the actual issuance of shares. He added that management understands and adheres to the AMF's technical view on accounting treatment and that the company has acted in good faith throughout its discussions with the regulatory authority's staff.

CHARBONE has filed the restated annual reports to address these points and is continuously improving its financial reporting controls and procedures, including its financial statement preparation and review processes.

In other news, CHARBONE is hosting a webinar on its Q3 2026 results. The company invites investors and interested parties to register for the webinar, which will provide an overview of the third-quarter results, recent operational achievements, and upcoming milestones. A question-and-answer session will follow. The webinar is scheduled for Tuesday, December 1, 2026, at 11:00 AM EST. Registration details can be found via the provided link.

CHARBONE is a vertically integrated industrial gas company focused on developing and operating a regional network of logistics platforms for the production, storage, and distribution of UHP industrial gases. The company serves sectors such as semiconductors, artificial intelligence, data centers, advanced pharmaceuticals, and aerospace and defense, where UHP gases are critical. CHARBONE is developing a network of clean UHP hydrogen production facilities across North America and select international markets, employing a modular, decentralized, and demand-driven approach. This model aims to provide reliable UHP gas supply, including hydrogen, helium, oxygen, and other high-demand gases, to mid-sized industrial clients and support the global transition to a low-carbon economy.

Source: CORPORATION CHARBONE