Mr. Gorden Glenn reports

MINNOVA ANNOUNCES LOANS

Minnova Corp. has issued unsecured promissory notes in the aggregate of $47,000 to non-arm's-length creditors of the company. The promissory notes are payable upon receipt of a demand notice by the holder and the principal amount will be used by the company for general working capital purposes.

Interest on the outstanding principal amount of the promissory notes will accrue from the original date of issue at a rate of 15 per cent per annum. Interest payments will be calculated monthly.

The promissory notes remain subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange.

The issuance of the promissory notes 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 creditors are directors and/or officers of the company. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in 5.5(b) and 5.7(1)(e) of MI 61-101, as the company is not listed on a specified market and 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 more than 21 days before the issuance of the promissory notes as the company wished to close on an expedited basis.

The issuance of the promissory notes were approved by the members of the board of directors of the company who are independent for the purposes of the promissory notes, being all directors other than Gorden Glenn and James White. No special committee was established in connection with the promissory notes, 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 clean technnology 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 through 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, over 7,000 metres of developed underground ramp to 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.

We seek Safe Harbor.