Mr. Gorden Glenn reports

MINNOVA CORP. ANNOUNCES ADOPTION OF AMENDED LTIP

Minnova Corp.'s proposed amendments to the company's omnibus long-term incentive plan were approved by shareholders at the annual meeting of shareholders held on Jan. 22, 2025, which amendments were set out in the company's management information circular for the meeting. Certain additional housekeeping and clerical amendments are currently being incorporated into the plan, subject to approval from TSX Venture Exchange. Upon receipt of exchange approval, a copy of the further amended plan will be available on SEDAR+ under the company's profile.

PL gold mine: poised for advancement

The PL gold mine is an advanced-stage development project with significant existing infrastructure, including a 1,000-tonne-per-day processing plant, over 7,000 metres of underground ramp development and a valid underground mining permit.

Planning for technical programs at the PL gold mine continues to advance with a focus on a revised mine development plan based on the full 1,000-tonne-per-day mill capacity, which prioritizes lower-cost open-pit mining methods in the initial years of operation. In addition to surface exploration and infill drilling, the company believes updated metallurgical testwork to include ore sorting and gravity recovery studies could have a positive impact on the project by potentially increasing grades, improving recovery and lowering processing costs.

The work programs planned for 2025 and 2026 will help to advance the PL gold mine and inform a future feasibility study to be completed in 2026. Key development activities will include:

• Diamond drilling to expand resources and upgrade reserves;
• An updated mineral resource estimate;
• A revised mine development plan prioritizing open-pit mining;
• Updated metallurgical testwork;
• An updated, comprehensive feasibility study.

A&B Global Mining scope of work

ABGM will initially manage the project's technical advancement in two distinct stages.

Stage 1: mining concept development

This initial stage will establish the foundational data and models required for advanced engineering and economic studies. Key deliverables include:

• An audited and signed-off drilling database;
• Updated geological and resource models;
• A National Instrument 43-101-compliant mineral resource estimate;
• A comprehensive internal mining concept study report;
• A detailed road map for Stage 2.

Stage 2: Class 3 feasibility study

Following the successful completion of Stage 1, ABGM will undertake a full feasibility study to Class 3 engineering standards. This stage will provide the detailed engineering and financial analysis required for a financial analysis and a future production decision. Key deliverables include:

• Detailed mining design and layout (open pit and underground);
• A 3-D mine plan and schedule;
• Mine engineering and infrastructure layout;
• Basic engineering;
• An NI 43-101-compliant mineral reserves estimate;
• Detailed capital and operating cost estimates and financial models;
• A final NI 43-101 technical report and feasibility study.

Gorden Glenn, president and chief executive officer, concluded: "The structured, two-stage approach being executed by ABGM is precisely what is needed to move the PL gold mine forward. ABGM will ensure highest QA/QC standards in data collection and analysis, and will provide a high-quality, independent technical validation of the PL gold mine project required to secure development funding and execute on our vision of restarting the mine. We look forward to working closely with the ABGM team and updating our shareholders as we achieve key milestones."

About Minnova Corp.

Minnova is focused on the restart of its PL gold mine and completed a positive feasibility study in 2018, based on a gold price of $1,250 (U.S.) per ounce. The study concluded the restart of the PL gold 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-metre depth.

Qualified person

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

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