Mr. Joseph Fuda reports

MICROMEM TECHNOLOGIES INC. UPDATE ON COLLABORATION AGREEMENT WITH UNIVERSITY OF TORONTO AND DEFENCE RESEARCH AND DEVELOPMENT CANADA

Micromem Technologies Inc. has completed its financial obligations under the terms of the collaboration agreement, as announced March 3, 2025. Completion of the final payment fulfills the company's financial commitment and confirms its rights to access the intellectual property pursuant to the agreement.

The collaboration agreement, with the University of Toronto, the Natural Sciences and Engineering Council of Canada, Defence Research and Development Canada, and Micromem, is for the project, "Development of a Nanowire Field Effect Transistor Biochemical Sensor." The project work continues toward the development of its liquid-phase nanowire biochemical sensor, engineered to detect disease-associated biomarkers at ultralow concentrations using breakthrough picomolar detection. The company will continue to participate in the collaboration of the continuing development of technology and will continue to have access to the intellectual property that is still to be developed.

Micromem is in the process of further developing its compact gas-sensing wearable/portable prototype in conjunction with the university and the DRDC as announced in a news release on Oct. 26, 2026. The prototype is the intended commercial version that will, initially, have oil industry and municipal water quality testing uses. The prototype will form the base technology for wearable military applications currently being developed for the Canadian Department of National Defence.

The company will provide further updates.

About Micromem Technologies Inc.

Micromem, publicly traded, is a technology company focused on the development and commercialization of advanced sensor solutions based on proprietary nanotechnology platforms. The company is advancing high-sensitivity nanowire-based sensing technologies for applications in defence, industrial safety, environmental monitoring, energy, health care and other markets. Through collaborations with government and academic institutions, including Canada's Defence Research and Development Canada and the University of Toronto, Micromem is developing next-generation sensor systems designed to deliver enhanced detection capabilities, artificial-intelligence-enabled analytics and scalable commercial applications.

We seek Safe Harbor.