Mr. Gorden Glenn reports

MINNOVA PROVIDES NOTICE OF DEFAULT

Minnova Corp. anticipates being late in filing its annual financial statements and management discussion and analysis (MD&A) for the year ended March 31, 2023, by the prescribed deadline of July 31, 2023.

The anticipated delay is due, in part, to the complexity of the audit, the additional and high costs required for the company's auditors to complete their work and the company's current financial position.

The company has made an application with the applicable securities regulators under National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults requesting that a management cease trade order be imposed in respect of the anticipated late filing rather than an issuer cease trade order. The issuance of a management cease trade order does not affect the ability of persons who have not been directors, officers or insiders of the company to trade in their securities.

The company anticipates that it will in a position to prepare and file the financial statements and MD&A on or prior to Sept. 30, 2023.

The company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file the financial statements and MD&A within the prescribed period of time.

The company confirms that there is no other material information relating to its affairs that has not been generally disclosed and the company is not subject to any insolvency proceedings.

In addition, the company announces it has entered into an unsecured promissory note, dated July 20, 2023, with a non-arm's-length creditor to the company, in the principal amount of $33,000. The promissory note will mature 12 months from the date of issuance and will be used by the company for general working capital purposes. In connection with the promissory note, the company will issue an aggregate of 132,000 common shares of the company, representing 20 per cent of the principal amount divided by the market price (as defined and determined in accordance with the policies of the TSX Venture Exchange) at a deemed price of five cents per common share as a loan bonus.

Interest on the outstanding principal amount of the promissory note will accrue from the original date of issue at a rate of 15 per cent per annum until the maturity date. Interest payments will be paid monthly five business days from last calendar day of each month, commencing on Jan. 31, 2024, until the maturity date or such earlier date on which the promissory note is repaid.

All common shares issued in connection with the promissory note will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The issuance of the common shares remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.

The issuance of the promissory note and the proposed issuance of the common shares constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions as the creditor is a director of the company. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the company is not listed on a specified market and the fair market value of note does not exceed 25 per cent of the market capitalization of the company in accordance with MI 61-101.

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 a 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 a 50-per-cent-hydrogen-content syngas; (b) other technoeconomic 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 that 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 a minus-135-metre depth. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon greenstone belt of central Manitoba.

Qualified person

Chris Buchanan, MSc, PGeo, a consultant of the company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

We seek Safe Harbor.