Century Global Commodities Corporation and its subsidiary Joyce Direct Iron Inc. provided an update on the environmental assessment process for the Joyce Lake DSO Iron Ore Project. On November 3, 2021, JDI was issued a letter (the “Letter”) by the Minister of Environment and Climate Change of Newfoundland and Labrador (the “Minister” or the “Ministry”) advising that the Minister had concluded a provincial Environmental Impact Statement (a “Provincial EIS”) is required for the Project. JDI has also been advised, as per the legislative requirements, that it will be issued guidelines for completion of the Provincial EIS within 120 days of the Letter. The Minister’s Letter was issued following a review of the Project’s provincial re-registration document (the “Re-registration Document”) by an interdepartmental environmental assessment screening committee and was also subject to public comments as required by Part X of the Newfoundland and Labrador Environmental Protection Act, SNL 2002, cE-14.2. The provincial Re-registration Document was identical to the federal Environmental Impact Statement ("Federal EIS”) submitted concurrently to the ongoing federal environmental assessment process. The Re-registration Document submitted to the Ministry on May 27, 2021, was created to comply with both provincial and federal guidelines issued in 2013. The provincial re-registration was necessary as under provincial legislation, the 2013 Project registration had expired. Additional project information requirements are expected to be addressed in the Provincial EIS due to a number of factors including legislation changes. Additional monitoring/testing/modelling work is expected to be required in connection with the submission of the Provincial EIS as part of a normal provincial environmental assessment process. JDI expects to receive guidelines from the Minister on or about March 3, 2022 and upon receipt, will commence preparing the Provincial EIS in accordance with the guidelines including determining whether collection of additional data to complete the Provincial EIS is necessary. The federal environmental assessment process is expected to continue as previously planned following submission of the Federal EIS on May 27, 2021. While the Federal and Provincial EIS’s and associated environmental assessment processes are separate and governed by independent legislation, JDI will continue to examine opportunities to combine the EIS documents into a single EIS, if it proves advantageous to facilitate earlier completion of the federal and provincial environmental assessment processes. The federal environmental assessment process, including submission of the Federal EIS, is proceeding under Canadian Environmental Assessment Act (“CEAA”) federal legislation from 2012. While this legislation has been superseded, JDI is entitled to continue to progress the process under this original legislation pursuant to a grandfather provision. On August 22, 2022, JDI’s grandfather provision for the Joyce Lake Project will terminate and a further extension will be necessary. JDI plans to apply for a further extension of the CEAA legislation, of a suitable duration to complete the federal environmental assessment process. Based on the above, JDI presently expects to complete both the federal and provincial environmental assessment processes over the next two to three years. Should permitting be obtained and a positive construction decision made, JDI anticipates full production could be achieved approximately 18 months following commencement of construction. During this timeframe for the federal and provincial environmental assessment processes, JDI plans to negotiate impact and benefit agreements for the development of the Joyce Lake Project with up to five Indigenous Groups. Invitations have been issued to begin the process. Additionally, during this timeframe, JDI will pursue negotiation of a Joyce Lake Project benefits agreements with the Province of Newfoundland and Labrador.