Mr. Gorden Glenn reports

MINNOVA ANNOUNCES BIOMASS GASIFICATION TESTS ACHIEVE >50% H2 RECOVERED TO SYNGAS. GLOBAL EXPANSION AS A CLEANTECH COMPANY WELL UNDERWAY

Minnova Corp. has released positive biomass gasification test results and updates on other business development opportunities:

• Positive gasification test results for corn stover from Romania and Pineapple waste from Costa Rica;
• More than 50 per cent H2 content in syngas achieved;
• Opportunities identified to further increase H2 content of syngas;
• Discussions with major equipment manufacturers (power generation) for direct syngas to power generation initiated;
• Gasification technology selected to participate in the Canadian Technology Accelerator program to address Southeast Asia's climate target of net-zero carbon emissions.

Positive biomass gasification test results

Test work was conducted at the University of Teramo, Italy, department of biosciences and agri-food and environmental technologies, under the supervision of Prof. Ing. Sergio Rapagna. Corn and pineapple waste samples were dried and pelletized in a commercial pellet plant to approximate future industrial scale operations.

Pelletized samples were fed into the Duma-designed fluidized bed reactor and gasified under controlled conditions. The resulting syngas flow rates and H2 content exceeded expectations (minimum target of 50 per cent H2) for both corn and pineapple samples. S

Concentration of tar in the syngas for both samples was in line with test results of comparable biomasses. Observations during testing suggests an opportunity exists to further improve the quality (percentage H2 content) and volume (gas yield normal cubic metre/kilogram daf) of the resulting syngas by adjusting some of the operating parameters.

With positive gasification results in hand the company is now in a position to start detailed techno-economic studies on project initiatives in Costa Rica and Romania. In-country work will include soliciting biomass supply agreements, commercial offtake agreements for either green H2, electrical power or byproduct thermal energy, and definitive commercial site selection.

The results demonstrate continued progress toward the goal of producing a high H2 content syngas from biomass gasification that can be: i) purified to a green H2, ii) utilized for direct power generation, or iii) further processed to produce other valuable biofuels.

Southeast Asia: decarbonizing the energy sector -- CTA program 2022/2023

The company is also pleased to announce it has been selected to participate in the Canadian Technology Accelerator (CTA) program with a specific goal of addressing Southeast Asia's climate target of net-zero carbon emissions between 2050 and 2065. Selected companies have demonstrated marketable, innovative technologies at a technical readiness level (TRL) of six or higher. The selection of the company's third-generation biomass gasification technology presents an opportunity to take a leading role in decarbonizing Southeast Asia's power generation infrastructure by incorporating its technology which can produce green H2, electrical power and a variety of other valuable biofuels. The CTA program of Global Affairs Canada assists high-potential, technology-focused, Canadian SMEs (small- and medium-sized enterprises) to accelerate their growth.

Southeast Asia's carbon emission reduction target is ambitious, with current energy supply dominated by fossil fuels (coal, oil and natural gas). Biomass may represent the only viable, carbon-neutral, sustainable and secure replacement for current base load electrical power production. The regions diverse supply of biomass waste (such as agricultural residues, woody biomass, animal wastes and municipal solid waste) combined with its high-growth, industrialized economy, and commitment to reducing carbon emissions meet Minnova's general site selection criteria.

Gorden Glenn, president and chief executive officer of Minnova, commented: "These are impressive test results that affirm our belief in our technology, and that gasification of biomass can be a technically viable and economical route for large-scale green hydrogen production. The results not only exceeded our expectations, but there is also potential to further increase hydrogen content in the syngas. On our selection to participate in the Southeast Asia CTA program it is another confirmation that our third-generation biomass gasification technology is a marketable technology that offers a real carbon-neutral solution to produce green hydrogen and power from locally available waste biomass around the world. The market opportunity that Southeast Asia represents is extremely attractive and adds to our existing global business development pipeline consisting of Canada, Europe, Central America and Africa. Our transition to an operating, cleantech company is accelerating and we will continue to innovate and acquire or develop intellectual property associated with green hydrogen, renewable power generation and other carbon emission reduction technologies worldwide."

About Minnova Corp.

Minnova is an evolving cleantech company building a worldwide pipeline of green energy projects. Its subsidiary, Minnova Renewable Energy, is focused on innovative carbon reduction technologies such as the third-generation biomass gasification technology developed by Duma Engineering (2018) Inc. As of Sept. 30, 2022, Minnova owns 50-per-cent interest in Duma. Acquisition of the remaining 50-per-cent interest will consist of a combination of cash payments and shares and will be dependent on several conditions, including a) long-run test performance of the demonstration plant to produce 50 per cent hydrogen content syngas, b) other techno-economic and environmental considerations, and c) filing of patent applications. In addition to receipt of all regulatory approvals.

Prior to 2021 Minnova has focused on the restart of its PL gold mine, which included completion of a positive feasibility study in 2018. The study concluded the restart of the PL mine, at an average annual production rate of 46,493 ounces over a minimum five-year mine life, was economically robust. Importantly the global resource remains open to expansion, as does the reserve. The PL gold mine benefits from a short preproduction timeline forecast at 15 months, a valid underground mining permit (Environment Act 1207E), an existing 1,000-tonne-per-day processing plant and over 7,000 metres of developed underground ramp to negative 135 metres depth. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon greenstone belt of central Manitoba.

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