An anonymous director reports

CIELO ANNOUNCES CLOSING OF $2 MILLION MORTGAGE LOAN

Cielo Waste Solutions Corp. has closed its previously announced mortgage loan from First Choice Financial Inc. (FCF) for an initial principal amount of $2-million. The company will be entitled to draw down up to an additional CAD $3 million pursuant to the terms of the loan commitment letter executed between Cielo and FCF, as announced on July 17, 2023.

The Mortgage Loan bears simple interest of 7.5% per annum and FCF has withheld $150,000 of the Mortgage Loan as an interest reserve to satisfy the first 12 months of interest payments. In addition, Cielo paid a financing fee to FCF on closing of CAD $70,000, equal to 3.5% of the amount of the Mortgage Loan.

The Mortgage Loan is secured against the Company's property in Aldersyde, Alberta, including a site-specific general security agreement against the assets on the property. The proceeds of the Mortgage Loan will be used for general working capital.

The Mortgage Loan will mature on July 25, 2025, however, at any point on or after July 25, 2024, in the event that FCF is dissatisfied following an evaluation of Cielo's financial condition, business and technological progress, FCF may require the Company to repay the Mortgage Loan, in whole or in part, within 90 days of the notice from FCF to the Company that such repayment is required. Cielo has the right to repay the Mortgage Loan at any time, without penalty. In addition, once the structure and financing terms for the Company's first commercial facility (the "First Commercial Facility") have been determined, Cielo may make a proposal to FCF to exchange the principal portion of the Mortgage Loan for participation in the First Commercial Facility, which FCF will be entitled to accept or reject.

No securities have been or will be issued in connection with the Mortgage Loan and no other fees or commissions will be payable. The TSX Venture Exchange has approved the Mortgage Loan.

ABOUT Cielo Waste Solutions Corp.

Cielo Waste Solutions Corp. was incorporated under the Business Corporations Act (British Columbia) on February 2, 2011. Cielo is a publicly traded company with its shares listed to trade on the TSX Venture Exchange ("TSXV") under the symbol "CMC," on the Frankfurt Exchange ("DAX") under the symbol "C36", as well as on the OTC Venture Market ("OTCQB"), under the symbol "CWSFF." The Company's strategic intent is to become a leading waste-to-fuel company using economically sustainable technology while minimizing the environmental impact. Cielo has a patented process that can convert waste feedstocks, including organic material and wood derivative waste, to fuel. Having demonstrated its ability to produce diesel and naphtha from waste, Cielo's business model is to construct additional processing facilities. Cielo's objective is to generate value by converting waste to fuel, while fueling the sustainable energy transition.

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