Mr. Gorden Glenn reports

MINNOVA CORP. ANNOUNCES PL GOLD MINE RESTART PLANS FOR 2025 AND UPDATED FEASIBILITY STUDY IN 2026

Minnova Corp. has provided an update on the company's 100-per-cent-owned PL gold mine and its plans for 2025 and 2026, which could lead to the restart of gold mining operations.

The PL gold mine is an advanced-development-stage gold project. The company published results of a positive feasibility study in 2018, which forecast an average annual production rate of 46,493 ounces over a minimum five-year mine life. Using a then long-term gold price of $1,250 (U.S.) per ounce (oz), the study forecast the majority of gold production from underground mining operations with contributions from shallow open pits over the mine life. With current gold price over $3,000 (U.S.) per oz, the company is working with consultants to optimize the mine development plan, including: (a) restart the mine with initial production from open-pit operations before transitioning to underground mining; (b) drilling programs to further expand and define the existing mineral resource estimates; (c) metallurgical programs to improve gold recovery and optimize the process flowsheet; and (d) test the property-wide exploration potential, including the satellite Nokomis deposit, located seven kilometres (km) northeast of the PL mine site. The last phase of drilling at Nokomis was in 2011, which consisted of 11 holes totalling 1,823 metres (m). The results of the program, news released March 1, 2012, returned impressive high-grade gold mineralization, including: 125.08 grams per tonne (g/t) over 7.6 m (including 1,830 g/t over 0.5 m); 12.27 g/t over 5.2 m; 5.1 g/t over 6.43 m; and 9.62 g/t over 5.6 m (including 62.23 g/t over 0.53 m).

Gorden Glenn, chief executive officer, commented: "The planned 2025 and 2026 programs will build on the considerable existing technical database and prior studies. This work will inform an updated feasibility study that will include a new optimized mine plan using a much higher gold price than the $1,250 (U.S.) per oz used in the 2018 feasibility study."

Qualified person

Chris Buchanan, MSc, PGeo, is an independent consultant of the company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

About Minnova Corp.

Minnova is 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 m of developed underground ramp to minus 135 m depth. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon greenstone belt of central Manitoba.

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