An anonymous director reports

MICROMEM-CHEVRON MEETING UPDATE

Micromem Technologies Inc. has provided a current update on its continuing discussions with Chevron regarding the automated tracer technology which the company continues to pursue.

Chevron and the company initially conducted beta testing of this technology in field tests in Lost Hill, Calif., in 2019 to 2020. These tests were the basis for Micromem's later discussions and negotiations with the company's Romanian clients as has been previously disclosed.

Micromem's chief financial officer recently met with Chevron's team leader for Chevron's Tracer Lab in its Houston offices to provide an update on the company's Romanian project.

Chevron is supportive of Micromem's initiatives in Romania and is prepared to collaborate with Micromem as the Romanian project continues.

Working with the company's Romanian clients and its engineering subcontractor, Entanglement Technologies, Micromem is developing a well-mounted real-time data gathering device with comprehensive analytics. The company believes that the continuing collaboration with Chevron will enhance and accelerate this development and, ultimately will provide the opportunity for deployment with other energy companies in North America and in Europe.

About Micromem Technologies Inc.

Micromem Technologies and its subsidiaries analyze specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the company successfully powers the development and implementation of innovative solutions for oil and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries.

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