08:59 AM EDT, 04/11/2025 (MT Newswires) -- Canada Carbon ( BRUZF ) said Friday it is considering appealing a decision by authorities to block development of the Miller graphite project in Quebec.

The Commission de protection du territoire agricole du Quebec ruled the project would negatively impact efforts to protect the agricultural land. The commission is also not convinced of the project's economic benefits associated, the company said.

Canada Carbon ( BRUZF ) called the commission's decision "deeply flawed" while noting that a preliminary economic assessment outlined the project's "superior returns and tremendous municipal and regional benefits."

The company added that the decision contradicts with the Quebec government's goal to accelerate development of critical minerals projects.

"We are currently assessing our options for the future, including a potential appeal of this decision," said Ellerton Castor, CEO of Canada Carbon ( BRUZF ).

Canada Carbon's ( BRUZF ) share price soared 50% to $0.015 on the TSXV.