An anonymous director reports

MICROMEM UPDATE ON MEETING WITH CHEVRON

Micromem Technologies Inc. has provided a current update on the continuing discussions with Chevron regarding the automated tracer technology.

Our Chief Financial Officer met with the Chevron team in their offices on December 4th. It was agreed that Chevron and Micromem will execute a current joint development agreement in Q1 2024. This updated version will replace the original agreement signed in 2014. Additionally, Chevron will prepare a license agreement for execution by Micromem for access to Chevron's patent that it holds with respect to tracer technology.

It is anticipated that a group call to discuss the tracer technology plan that Micromem is developing for Romgaz will be scheduled for Q1 2024; the participants on the call would include representatives from Micromem and its technology partner, Entanglement Technologies, Chevron and representatives from Romgaz and the University of Ploiesti. The proposed group call is intended to map out the timetable of development tasks to be completed in 2024 as our project with Romgaz continues to move forward.

About Micromem.Micromem Technologies Inc. and its subsidiaries, a publicly traded (OTCQB: MMTIF) (CSE: MRM), company analyzes 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 & gas, utilities, automotive, healthcare, government, information technology, manufacturing and other industries. Visit www.micromeminc.com.

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