Mr. Gorden Glenn reports

MINNOVA ANNOUNCES COMPLETION OF DEBT SETTLEMENT

Minnova Corp., further to its news releases of April 29, 2024, and Dec. 19, 2024, has settled an aggregate of $800,000 of indebtedness owed to certain creditors of the company through the issuance of an aggregate of 15,999,999 common shares in the capital of the company at a price of five cents per common share.

All securities issued in connection with the debt settlement are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The debt settlement is constituted related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as certain insiders of the company received an aggregate of 8,299,999 common shares. The company is relying on the exemptions from the valuation approval requirements of MI 61-101 contained in Section 5.5(b) of MI 61-101, as the company's securities are not listed on one of the markets specified in Section 5.5(b) of MI 61-101. The company did not rely on an exemption the minority shareholder approval under MI 61-101, as minority shareholder approval for the debt settlement was received at the annual and special meeting of shareholders held on Jan. 22, 2025.

Prior to the completion of the debt settlement, Gorden Glenn held, directly or indirectly, an aggregate of 5,270,740 common shares and 2,791,436 stock options, representing approximately 6.68 per cent of the issued and outstanding common shares on an undiluted basis, and approximately 9.86 per cent on a partially diluted basis. Upon completion of the debt settlement, Mr. Glenn holds an aggregate of 13,570,739 common shares and 2,791,436 stock options, representing approximately 14.29 per cent of the then issued and outstanding common shares on an undiluted basis, and approximately 16.74 per cent on a partially diluted basis. Depending on market and other conditions, or as future circumstances may dictate, Mr. Glenn may from time to time increase or decrease its holdings of common shares or other securities of the company. A copy of the early warning report will be available on the company's issuer profile on SEDAR+.

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 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.