Mr. Gorden Glenn reports

MINNOVA AND ARCTIC GATEWAY GROUP SIGN MEMORANDUM OF UNDERSTANDING TO EXPLORE TRANSPORT AND EXPORT OF GREEN HYDROGEN

Minnova Corp. has provided the following corporate update related to the Flin Flon clean energy hub (FFCEH) development project and option grant under the company's LTIP (long-term incentive plan).

The company has entered a memorandum of understanding (MOU) with The Arctic Gateway Group (AGG), an indigenous-owned company that owns the Hudson Bay Railway and Port of Churchill infrastructure assets in northern Manitoba. The purpose of the MOU is to jointly explore and, if appropriate, pursue joint initiatives to enhance its respective operations and promote efficiency in the transportation, distribution and export of green hydrogen and/or hydrogen carriers and other biofuels.

Gorden Glenn, chief executive officer, commented: "This is an important FFCEH project development milestone. Global energy supply chains are changing with a focus on sustainable zero-carbon energy options. Industries seeking zero carbon energy options, like green hydrogen produced from the FFCEH, are also placing increasing importance the logistics and transport solutions. Rail transport offers amongst the lowest amount of carbon dioxide emissions per ton of goods moved per kilometre. We look forward to working with AGG to support their business development initiatives, which in turn can support our zero-carbon energy production. AGG's rail and port infrastructure will form a key logistics solution for distribution of FFCEH products within Canada and potentially for export via the Port of Churchill, Canada's only Arctic seaport."

Since announcing its intention to develop large-scale electrolytic green hydrogen production in Flin Flon, Man., the company has initiated discussions with strategic partners, logistics providers, original equipment manufacturers and government funding agencies. Discussions are continuing and the company looks forward to the announcement of additional strategic relationships in the coming months.

The company also wishes to announce it has granted an aggregate of 1.5 million options to purchase common shares of the company exercisable at a price of five cents per common share for a period of five years, to certain directors, officers, employees, and consultants. The common shares issuable upon exercise of the options are subject to a four-month hold period from the original date of grant.

About Minnova Corp.

Minnova is an evolving clean technology company building a worldwide pipeline of green energy projects. Its subsidiary, Minnova Renewable Energy, is focused on innovative carbon reduction technologies such as biomass gasification technology. Separately, the company is advancing large-scale green hydrogen production via electrolysis at its Flin Flon clean energy hub initiative.

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