Ms. Jennifer Bakken reports

INTERMAP ANNOUNCES POSITIVE CASH FLOW IN THE FIRST HALF AND PRIVATE PLACEMENT

Intermap Technologies Corp. has released preliminary second quarter results and has closed the first tranche of its private placement offering. Unless otherwise indicated, all dollar references are expressed in U.S. dollars.

Preliminary second quarter results:

• For the period ending June 30, 2023, the Company reported revenue of $1.6 million, compared with $2.0 million for the first quarter of 2023 and $2.4 million for the second quarter of 2022. During the six months ended June 30, 2023, the Company reported positive cash flow from operating activities of $80,000.
• The Company's second quarter results were affected by delays in government contracts. All of the contracts relate to ongoing work that Intermap is confident will continue in the latter half of this year. Some of these contracts are expected to grow substantially this year. The contract delays were generated by repeat customers on critical, funded domestic and foreign government programs.
• Intermap's commercial business is continuing to grow with new software and data subscriptions, especially in the European insurance market. The Company's software and solutions revenue increased to $1.1 million compared with $0.8 million for the second quarter of 2022. In the first half of 2023, software and solutions revenue totaled $2.3 million compared with $1.7 million for the same period in 2022. The Company's European revenue increased 75.6% in the second quarter of 2023 compared with the same period in 2022. This increase is driven by the expansion of its European insurance software and solutions through multi-license subscription agreements with countrywide insurance associations.
• As the Company enters the second half of the year, momentum remains high with a focus on execution of pending government contracts and commercial opportunities.

The Company's consolidated financial statements for the quarter ended June 30, 2023, are available on SEDAR+.

Private Placement

Intermap continues to explore strategic ways to expand its shareholder base, allowing for broader investor participation and greater liquidity in the publicly traded stock.

On August 10, 2023, Intermap closed the first tranche of an issuer private placement (the "Private Placement") of 810,000 units ("Units"). Each Unit consists of one Class A common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase oneadditional Share at an exercise price equal to the United States dollar ("USD") equivalent of C$0.80 per Share, which is exercisable for two years from the date of issuance. The Units were issued at a price of C$0.55 per Unit for aggregate gross proceeds of C$445,500. The Company intends to close a second tranche of the Private Placement within the next week on the same terms.

Capital raised in the Private Placement strengthens Intermap's balance sheet and enables the Company to pursue strategic contracts, capitalize on new opportunities and expand existing relationships with major clients. The Private Placement included participation from longstanding investors and new shareholders.

"We appreciate the continued support of our investors," said Patrick A. Blott, Intermap Chairman and CEO. "Our commercial business continues its rapid growth with an increasing percentage of recurring revenue. In our government business, programs will continue and grow, and Intermap's participation is expected to increase. Our first half operating performance highlights Intermap's ability to manage operating leverage and maintain cash flow by adjusting variable spending to accommodate unexpected contract volatility. This infusion of capital will help fund future growth and position us to execute on new and exciting opportunities."

Under the first tranche of the Private Placement, Intermap also issued 48,600 warrants ("Finder Warrants") to certain finders. Each Finder Warrant under the first tranche is exercisable for one Share at an exercise price of $0.48954 per Share, being the USD equivalent of C$0.6575, at any time until August 9, 2025. The exchange rate that is used to calculate the USD equivalent exercise price for each the Warrants and the Finder Warrants is the Bank of Canada's latest published rate for the business day immediately prior to the issuance of same.

All securities issued in connection with the Private Placement are subject to a 4-month hold period, during which time trading in the securities is restricted in accordance with applicable securities laws.

The Private Placement and the listing of the Shares issued under the Private Placement and the Shares issuable upon exercise of the Warrants on the Toronto Stock Exchange (the "TSX") are subject to final approval of the TSX upon satisfaction of customary closing conditions. The TSX has conditionally approved the Private Placement and the listing of the Shares issued thereunder and the Shares issuable upon exercise of the Warrants and the Finder Warrants prior to closing of the first tranche of the Private Placement.

About Intermap Technologies

Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap's 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world's largest collection of multi-sensor global elevation data, the Company's collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap's products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation.

We seek Safe Harbor.