Mr. Akshay Dubey reports

CVW CLEANTECH ANNOUNCES RECEIPT OF ECONOMIC IMPACT ASSESSMENT AND GRANT OF EQUITY AWARDS

CVW Cleantech Inc. has received an economic impact assessment detailing the significant economic and social impacts which would be expected through the implementation of its ready-to-deploy Creating Value from Waste (CVW) technology.

Report highlights:

• Over a 24-year period, the implementation of a single CVW project could generate up to 5,000 direct person-years of employment in Alberta, with an additional 19,000 person-years of combined indirect and induced employment created in Alberta and Canada. A single CVW project could contribute up to $6.9-billion and $7.9-billion to Alberta's and Canada's GDPs (gross domestic products), respectively.
• Over a 24-year period, industry-wide implementation of the CVW technology could lead to the creation of up to 30,000 direct person-years of employment in Alberta, with an additional 114,000 person-years of combined indirect and induced employment created in Alberta and Canada.
• The government of Alberta could generate additional revenues of up to $340-million annually and $8.2-billion over a 24-year period, primarily through royalties and corporate taxes.
• The government of Canada could generate additional revenues of up to $371-million annually and $8.9-billion over a 24-year period, primarily through personal and corporate taxes.

All values are expressed in 2023 Canadian dollars, except employment, which is expressed in person-years. The economic impact analysis was prepared by Ron Schlenker, senior instructor emeritus at the University of Calgary's Department of Economics. Readers are encouraged to review the full economic impact analysis report available on the company's website.

Akshay Dubey, CVW Cleantech's chief executive officer, said: "The independent economic impact analysis further confirms the economic and social benefits which would be achieved through the implementation of a CVW project. The company's ready-to-deploy technology would provide the government of Alberta and the federal government with revenue through the commercialization of bitumen and green critical minerals currently being treated as waste and sent into the vast oil sands tailings ponds. This creates a significant opportunity to maximize our resource wealth while increasing the environmental performance of the oil sands mining industry. This is in addition to the abatement of up to five million tonnes of carbon dioxide equivalents, primarily methane. Importantly, this would also provide an incredible new employment opportunity for communities in the region, including indigenous groups, as well as an attractive diversification opportunity."

The economic impact assessment outlines the potential economic benefits, in Alberta, and in Canada broadly, of implementing the company's technologies. The assessment is based upon certain assumptions made by the author, and information provided by the company, as described within the full report. Actual conditions may differ significantly from those assumed in the assessment.

Summary estimated economic contributions -- per Schlenker Consulting Ltd. economic impact report

The values in the tables entitled "CVW EcoMax development option -- construction phase," "CVW EcoMax development option -- 20-year operating phase," "CVW EcoBase development option -- construction phase" and "CVW EcoBase development option -- 20-year operating phase" are presented in millions of 2023 Canadian dollars, except employment figures which are presented in person-years. The potential economic impacts are presented for CVW Cleantech's EcoMax and EcoBase development options:

• The EcoBase development option allows the recovery of bitumen and solvent, the abatement of approximately 90 per cent of the methane from froth treatment tailings, and significant reduction to the volume of volatile organic compounds and secondary organic aerosols currently emitted from oil sands tailings ponds;
• The EcoMax development option includes all the positive efforts of the EcoBase project plus the recovery of critical minerals in titanium and zircon concentrates.

Grant of management equity awards

The company also announces that it has granted 1,099,692 stock options and 886,457 restricted share units (RSUs) to certain employees as part of the 2023 year-end performance incentive program. The stock options include both time- and performance-based vesting conditions, are exercisable at a price of 80 cents per share, and expire five years from the grant date. The RSUs vest after one year of continued service.

The stock options and RSUs have been granted to officers and employees of the company under the terms of the company's equity incentive plan (EIP). The EIP was approved by shareholders of the company at the annual and special meeting of the shareholders on Sept. 12, 2023. The EIP allows the grant of options, RSUs and deferred share units to directors, officers, key employees and consultants of the company, as determined by the company's board of directors. The EIP is a rolling plan, which provides that the aggregate maximum number of common shares that may be issued upon the exercise or settlement of awards granted under the EIP shall not exceed 10 per cent of the company's issued and outstanding common shares from time to time. The EIP is subject to provisions for long-term incentive plans under the policies of the TSX Venture Exchange. The full text of the EIP is available in the company's management information circular for the annual and special meeting of the shareholders on Sept. 12, 2023, on SEDAR+.

About CVW Cleantech Inc.

CVW Cleantech is a clean technology innovator working to develop sustainable technology solutions. The company has developed a suite of proprietary technologies called Creating Value from Waste that recover bitumen, solvents, critical minerals and water from oil sands froth treatment tailings, while significantly reducing tailings pond emissions and enhancing tailings management.

On an annual basis, an industry-wide implementation of CVW's EcoMax development option could be expected to:

• Recover 13.2 million barrels of hydrocarbons (11.4 million barrels of bitumen and 1.8 million barrels of solvent);
• Produce 1.5 million tonnes per year of critical mineral concentrates in the form of titanium and zircon;
• Abate up to five million tonnes of CO2 (carbon dioxide) equivalents, primarily methane;
• Eliminate up to 30,000 tonnes of volatile organic compounds (VOCs -- considered toxic substances by Environment and Climate Change Canada);
• Potentially eliminate tailings pond growth due to froth treatment operations;
• Generate annual revenues of $2.7-billion within the province of Alberta.

Diverting the froth treatment tailings stream to a CVW EcoMax operation could recover up to 90 per cent of bitumen and solvent that are currently lost into tailings ponds, avoid the associated fugitive methane emissions, as well as capture valuable zircon and titanium mineral concentrates. This patented and ready-to-deploy process would produce ready-to-reclaim tailings to meet the Alberta Energy Regulator's Directive 85 standards, which would provide a step change in tailings management and allow for progressive remediation.

CVW Cleantech has invested over $100-million and over 15 years to advance the CVW technology to ready-to-deploy status. This technology has been supported by large-scale integrated piloting and progressive commercial engineering studies, resulting in 20 active patents. The development of the company's technology has been supported by the government of Alberta and the federal government, along with oil sands industry partners.

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