Carbonxt Group Ltd. present the following update on the development of its activated carbon production facility in Kentucky, USA. The Company confirms that a $500,000 payment has been advanced for the project's development with Carbonxt's US-based JV partner, Kentucky Carbon Processing, LLC ("KCP"). The payment will become the first payment of the Company's contribution to the Joint Venture once the final documents to formalise the Joint Venture are completed in the near future.

The allocation will fund the purchase of specific items that have a longer lead time for procurement, which will play an important role in maintaining the time to operations commencement of the new facility in Kentucky. The provision of prepayment funding is a clear indication of the commitment from both parties to advance the construction of the plant, which will significantly increase Carbonxt's production capacity and gross margins for the sale of activated carbon products in the US market.