Mr. Akshay Dubey reports

CVW CLEANTECH ANNOUNCES FULL YEAR 2023 RESULTS

CVW Cleantech Inc. has released its operating and financial results for the year ended Dec. 31, 2023. For complete details, please refer to the fiscal year 2023 Annual audited financial statements and associated management discussion and analysis, available on SEDAR+, or on the company's website.

Highlights

• Cash on hand as at Dec. 31, 2023, was $6.0-million. Throughout 2023, the company demonstrated prudent cash management, focusing resources on key deliverables to advance the commercial opportunities for its proprietary Creating Value From Waste (CVW) technology.
• Net loss for the year ended Dec. 31, 2023, was $3.7-million and the net loss per share was three cents (basic and diluted) for the same period.
• Non-cash charges recognized for stock-based compensation expense totalled $1.6-million for the year ended Dec. 31, 2023.

The company continues to engage with all oil sands mining operators to highlight the company's technology's alignment with their business and ESG (environmental, social and governance) objectives. A key priority and a continuing focus for the business is to ensure that commercial-scale deployment of the CVW technology in the oil sands mining sector moves ahead to deliver value to CVW Cleantech's shareholders.

CVW Cleantech's chief executive officer, Akshay Dubey, said: "We continue to action on our stakeholder engagement strategy to proactively build support behind the development of our first CVW project. During the quarter we completed our initial dialogue with several financial institutions which culminated in the receipt of five non-binding expressions of interest for project financing. This result provides the company with a high degree of certainty around financing a potential CVW implementation. We have strengthened relationships with the business teams of the indigenous communities in the Athabasca region and are excited about the benefits which could be achieved through partnering."

Mr. Dubey continued: "During the quarter, we completed the initial phases of our engagement with large multinational insurance providers to secure a non-binding indication of insurance for technology performance insurance. We also completed initial discussions with Tier 1 engineering, procurement and construction (EPC) companies to confirm their capabilities and interest in supporting the company and potential operating partners. We believe these comprehensive efforts will create positive momentum behind commercialization of the company's CVW technology."

CVW Cleantech is also actively reviewing opportunities to diversify its technology portfolio by identifying additional value-add transactions which would enhance shareholder returns. These efforts include examining how the company's resources could be applied more broadly within the clean technology industry to create a diversified platform. Diversifying in this manner, while retaining a focus on clean technology and the role it plays within decarbonization and the circular economy, has the potential to accelerate the growth of the business across multiple sectors and geographies while transforming the company into a leader in the clean technology space.

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 minerals in titanium and zircon concentrates;
• Abate between 2.3 million and 5.1 million of CO2 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.

Over $100-million has been invested in the CVW technology over 18 years to advance it 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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