IIS will not bind certificate

Using the BouncyCastle API I create certificates and add them to the certificate store, marking the Private Key persisted and exportable.

My key shows up in the local machine's personal store and is a selectable option inside IIS manager, however, when I click OK to bind my certificate, I get an error dialog with the following message:-

A specified logon session does not exist. It may already have been terminated. (Exception from HRESULT: 0x80070520)

In Windows Event Viewer, the following is logged:-

A fatal error occurred when attempting to access the TLS server credential private key. The error code returned from the cryptographic module is 0x8009030D. The internal error state is 10001.

I have verified that my private key is exportable by going to Action -> All Tasks -> Export... in Certificates MMC and can see that the radio button to export private key is not grayed out.

Suspecting that it could be a file permissions issue, I also from the MMC went to All Tasks -> Manage Private Keys and tried setting Full Control + Read on the application pool the site uses in IIS. Same error, in desperation, I have even tried setting it to Everyone with no success.

I am unsure what else could be causing this issue, or what other steps I should try.

Here is a link to a pastebin of the code I am using to generate the certificate, in case it provides any useful information.