Mr. Gorden Glenn reports

MINNOVA ANNOUNCES GRANTING OF MCTO

Further to the press release of July 20, 2023, the Ontario Securities Commission has granted a management cease trade order pursuant to the company's application made under National Policy 12-203 (Management Cease Trade Orders). The MCTO as issued is in connection with the delay by the company in filing its audited annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended March 31, 2023, before the prescribed deadline of July 31, 2023. The issuance of a management cease trade order will 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 annual 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 set out in NP 12-203. Furthermore, the company's directors and officers will remain subject to a trading blackout pursuant to which such persons are prohibited from trading any securities of the company until the end of the second full trading day following, on which the annual financial statements and related MD&A are filed on SEDAR and a corresponding news release is issued by the company pursuant to National Instrument 51-102 (Continuous Disclosure Obligations). The company confirms that there is no other material information relating to its affairs that has not been disclosed.

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 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, 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.