Mr. Gorden Glenn reports

MINNOVA ANNOUNCES PROPOSED DEBT SETTLEMENT

Minnova Corp. intends to settle an aggregate of $112,500 of indebtedness to certain creditors of the company through the issuance of an aggregate of 1.5 million common shares in the capital of the company at a price of 7.5 cents per common share. The common shares issued pursuant to the debt settlement shall be subject to a four-month hold period and completion of the debt settlement remains subject to final acceptance of the TSX Venture Exchange.

The debt settlement constitutes a related party transaction as defined in Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions, as certain insiders of the company will receive an aggregate of 1,366,666 common shares. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(g) and 5.7(1)(e) of MI 61-101, as the company is in financial difficulty and the transaction is designed to improve the financial position of the company, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the debt settlement, which the company deems reasonable.

The debt settlement was approved by the members of the board of directors of the company who are independent for the purposes of the debt settlement, being all directors other than Gorden Glenn and Chris Irwin. No special committee was established in connection with the debt settlement, and no materially contrary view or abstention was expressed or made by any director of the company in relation thereto.

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 biomass gasification technology. Separately, the company is advancing large-scale green hydrogen production via electrolysis at its Flin Flon clean energy hub initiative.

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 minus 135 metres of depth. 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.