Mr. Gorden Glenn reports

MINNOVA PROVIDES DEFAULT STATUS UPDATE

Minnova Corp., further to its news releases of July 20, 2023, Aug. 3, 2023, Aug. 17, 2023, and Aug. 31, 2023, is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203, Cease Trade Orders for Continuous Disclosure Defaults.

On Aug. 3, 2023, the company announced that it had not filed its annual financial statements and management's discussion and analysis for the year ended March 31, 2023, together with the related certification of filings under National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, by the prescribed deadline of July 31, 2023.

Except as discussed below, there have been no material changes to the information contained in the default announcement or any other changes required to be disclosed under NP 12-203.

The company anticipates that the continuous disclosure documents will be filed prior to Sept. 30, 2023. The company will continue to provide biweekly updates, as contemplated by NP 12-203, until the continuous disclosure documents have been filed. In the event that the company does not file the continuous disclosure documents by Sept. 30, 2023, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of the company. The company intends to satisfy the provisions of the alternative information guidelines during the period it remains in default of the filing requirements.

About Minnova Corp.

Minnova is an evolving cleantech company building a worldwide pipeline of green energy projects. The company's 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 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 a depth of minus 135 metres. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon greenstone belt of central Manitoba.

We seek Safe Harbor.