An anonymous director reports

MICROMEM TECHNOLOGIES INC. PROVIDES CORPORATE UPDATE

Micromem Technologies Inc. has provided a corporate update and an outline of its strategic priorities as the company enters the 2026 calendar year.

Micromem continues to advance its proprietary nanotechnology and sensor platforms, expanding focus from oil and gas industry specific to now include defence and industrial systems on a commercially viable technology base.

The company's collaboration with the Defence Research and Development Canada (DRDC) and the University of Toronto (U of T) provides Micromem with AI-powered (artificial intelligence) nanowire technology. Over the past year, the company has refined its technological road map to better align development efforts with end-user requirements, scalability and near-term commercialization potential. This includes enhanced detection capability and a smaller, lower-cost hardware footprint.

This collaboration provides Micromem with access to new markets and a wider range of applications. Technology being developed to detect chemical weapons deployment can be modified for commercial applications in the oil and gas sector, and in environmental monitoring, industrial output monitoring and border security. The high sensitivity of nanowire technology, with the enhancement of AI, and coupled with machine learning, will allow for multiple applications that Micromem can now pursue.

Micromem's focus in 2026 will include intellectual property protection and engagement with the Department of National Defence and the DRDC to deliver a finished product for applications in the field. Meetings with the DRDC begin the week of Feb. 9 to discuss the development of a "wearable version" of the biochemical sensor platform developed at U of T. The company is concentrating on applications where its technology offers measurable performance advantages and where customer-driven validation can accelerate adoption.

Strategic priorities in 2026

As the company enters the new year, it focuses on the following initiatives:

• Strengthening intellectual property protection and technical performance benchmarking;
• Advancing core nanowire-based sensor technologies toward defined end-use requirements;
• Working with commercial and institutional stakeholders to guide development and validation;
• Targeting dual-use applications, enabling technologies developed for advanced systems to transition into broader commercial markets.

The company expects to provide further updates as technical milestones are achieved and strategic initiatives progress throughout 2026.

About Micromem Technologies Inc.

Micromem Technologies, a publicly traded 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 and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries.

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