Mr. Mervyn Pinto reports

MINAEAN SP CONSTRUCTION CORP. PROVIDES AN UPDATE ON STATUS OF PROJECTS PIPELINE

Minaean SP Construction Corp. has provided an update on the status of company's past projects under development and an update on current/future projects under development. Minaean SP's pursuit of several large-scale projects as per the mandate given by Shapoorji Pallonji International (SPINT), primarily in Africa and Peru, has been exhaustive in view of the local laws and political issues.

The near-term projects which the company has been working upon during the last few years include contracts in Uganda and Ivory Coast.

In Uganda, for the construction of an industrial park in the region called Kasese, through the business development done by Vancouver-based AKSA Infrastructure Ltd., Minaean SP/SPINT completed the prefeasibility studies, environmental and social impact studies, and submitted the draft contract for review to the Uganda Investment Authorities (UIA) in May, 2023. SPINT has now instructed Minaean SP not to proceed with the contract in view of the existing political issues and has asked to claim for damages from AKSA.

In Ivory Coast, upon completion of the project study for the construction of a students' campus to house 5,000 students, the pricing offer was reworked and submitted multiple times, which was not acceptable to the Ministry of Education and had to be withdrawn. SPINT has invested $2.5-million (U.S.) for conducting the project study part of, which is now being claimed as per the agreement with the government of Ivory Coast.

Minaean SP is now working on a joint venture with a Saudi Arabian group for the execution of contracts for NEOM City, a dream project of the ruler Mohd Bin Sultan. The local company, which will undertake to take care of all local requirements, including tendering and submission of bonds, is seeking Canadian partnership for bidding on large tenders. A news release to this effect will be issued upon signing of the joint venture agreement. This is a near-term project and is expected to commence early 2024.

Minaean SP has signed a memorandum of understanding with Essalud (Peru's health insurance) for the construction of a 324-bed hospital with a value of approximately $200-million (U.S.). The contract will be executed through a special purpose vehicle formed with the Canadian companies backed by Canadian Commercial Corp.

An expression of interest has been submitted for three more hospital projects in Peru to be executed in the provinces of Lambayeque, Piura and Lima, backed by the Ministry of Health with the Ministry of Finance being the borrower. Further details will be provided as the submissions advance.

Minaean SP is working on developing a cruise port terminal to be constructed in the Caribbean. The design and preliminary studies of this project have been completed. Minaean SP has submitted the credentials of SP's subsidiary, Afcons Infrastructure Ltd., which will lead the execution as the main contractor. Afcons is known to be one of the world's top 10 port construction companies.

The company thanks its shareholders for their continued support and looks forward to providing further updates on how all of these potential significant opportunities progress and advance.

About Minaean SP Construction Corp.

Minaean SP Construction is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. Upon partnering with India's well known, 157-year-old construction conglomerate Shapoorji Pallonji Group (SP) in 2016 as an affiliated subsidiary, the company changed its business model to take advantage of its $7-billion revenue partner's expertise and record in construction and infrastructure projects globally. The company, through its business relations established with the government of Canada's trade offices, has been negotiating contracts in Africa and Latin America, and is focusing more on construction of hospitals in these countries.