Mr. Vilhjalmur Vilhjalmsson reports

QUARTERLY UPDATE

GreenBank Capital Inc. has provided an update for its shareholders.

Highlights:

• CTO (cease trade order) lifted;
• Income generated;
• Staminier update;
• Suni iron project.

GreenBank is pleased to announce significant progress across various operational and financial fronts. Over the past five months, the company's management team has been dedicated to finalizing the accounts and ensuring all corporate filings are up to date. With these filings now complete and the CTO revoked, GreenBank is redirecting its focus toward strategic investments.

During this pivotal period, GreenBank has been actively collaborating with its investee companies to explore and implement income generation strategies. A highlight from this quarter includes the Ubique Minerals announcement on Feb. 28, 2024, of successful field research results from the Daniel's Harbour project. Moving forward, GreenBank continues to evaluate opportunities that could potentially enhance shareholder value through strategic acquisitions and other initiatives. The company is committed to building on its current momentum and driving sustainable growth in the interests of its shareholders and stakeholders. The company has been discussing with green energy solutions companies that are at entrepreneurial stage and could fit into the company's current strategy.

Income in the quarter

For the first time, GreenBank has generated income from operating activities in the quarter ending April 30, 2024, with revenues totalling approximately $174,500 (converted to $127,500 (U.S.)) from consulting and geological services; the company made an approximately 20-per-cent margin. These revenues were earned from transactions with non-related parties and align with the revised strategic direction announced on Oct. 17, 2023, which follows the guidance of the JV Capital ehf report.

Looking ahead, GreenBank anticipates continued revenue generation through consulting services for both investee companies and third party clients.

Staminier and future fund loan update

Staminier has been actively engaging with the future fund as well as consulting with insolvency experts to achieve the most favourable outcome and maximize the value of Staminier's assets. Following guidance from the future fund, Staminier has formally asked for further clarification for the rational regarding the decision process for the rejected extension request.

GreenBank would like to clarify that Staminier's insolvency situation does not impact GreenBank's operations. All financial obligations between the two companies will be resolved through a set-off arrangement. Presently, GreenBank assesses the position solely as a creditor focused on maximizing the asset value within Staminier.

Suni iron project

GreenBank has renewed the licences at the Suni iron project and is in discussion and expects to appoint exploration service company and geological service company within the next 30 days for this season's work. The company is also in discussions with potential earn-in JV partners.

About GreenBank Capital Inc.

GreenBank is a business transformation firm that aims to nurture early-stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.

The team are based in Reykjavik, London and Toronto and work diligently across borders to ensure that businesses in the GreenBank portfolio reach their core objectives. The businesses the company typically works with are start-ups or early stage and include mining and mineral exploration companies. From this emergent state, GreenBank aims to quickly implement strong business practices by, where possible and required, deploying operations, communications, data strategy and financial expertise.

Whether a business desires to become a successful private company, list publicly or is seeking a profitable exit, GreenBank tries to add value at every stage as a strategic partner. GreenBank is listed on the Canadian Securities Exchange under the symbol GBC and on the OTC (over-the-counter) market (under the symbol GRNBF) as well as the Frankfurt Boerse (under the symbol 2TL).

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