CORPORATION CHARBONE Provides Update on Convertible Loan Progress

Brossard, Quebec — April 23, 2026 — Leads & Copy — CORPORATION CHARBONE (TSXV: CH; OTCQB: CHHYF; FSE: K47) announced that the closing process for its secured convertible loan is progressing following its press release on March 31, 2026.

The North American producer and distributor of Ultra High Purity (“UHP”) clean hydrogen and strategic industrial gases is set to receive financing of up to $10 million from Riverfort Global Opportunities PCC Ltd (“RiverFort”). The company confirmed modifications to the terms, including an increase in the initial tranche from $2.15 million to $3 million.

Subsequent drawdowns will be convertible into common shares at the lender's discretion. The conversion price per common share will be 25% above the reference price, defined as the higher of either the average of the five daily VWAPs preceding the drawdown date, or a 5% premium over the market price of common shares when a press release announcing the drawdown is issued.

For any unpaid amounts, late interest will be calculated such that the total return for each drawdown is capped at 24% per annum, based on the remaining principal balance.

The initial tranche will be available upon signing definitive agreements with RiverFort and satisfying closing conditions, including approval from the TSX Venture Exchange. The terms of the initial tranche remain unchanged.

The initial tranche is convertible into units composed of one common share of the company and 0.3 warrant, at a conversion price of $0.15 per unit. Each whole warrant issued as part of the $3 million initial drawdown allows the acquisition of an additional common share of CHARBONE at $0.195 per share, for 48 months, capped at five years from the convertible loan closing date.

An annual interest of 12% is payable in cash every four months. If conversion has not occurred, 10% of the initial tranche will be repaid after six months, 20% after twelve months, and 70% at maturity in 18 months. An implementation fee of 5% of the initial tranche is payable in cash at closing, and a non-refundable due diligence fee of $20,000 has already been paid.

The loan is secured by a first-ranking hypothec over all present and future movable property of Charbone Hydrogène Québec Inc. (Sorel-Tracy project) and Charbone Hydrogen Corporation.

Securities issued upon any conversion of the convertible loan capital are subject to a statutory four-month hold period in Canada.

CHARBONE also announced the completion of the full conversion of its September 2025 replacement convertible debentures, issued and announced on October 1, 2025, for $2.05 million.

CHARBONE develops and produces Ultra High Purity (UHP) clean hydrogen with a growing industrial gas distribution platform. With a modular approach, CHARBONE focuses on developing a network of clean hydrogen production facilities in North America and abroad, starting with its Sorel-Tracy project in Quebec. The integrated model reduces risks, improves scalability, and diversifies revenue streams through partnerships in helium and specialty gases. CHARBONE aims to support the global transition to a low-carbon economy by providing accessible and decentralized clean hydrogen and specialty gas solutions, supporting underserved industrial gas clients, and accelerating the transition to local 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: CORPORATION CHARBONE