Mr. Francis Letourneau reports

NURAN PROVIDES CORPORATE UPDATE

Nuran Wireless Inc. has provided the following corporate update on operations.

DFI Status.

The Company is continuing to advance on signing and closing its previously announced definitive loan agreements with both developmental finance institutions ("DFIs") and is in the process of completing the due diligence review by the lenders of all suppliers. This process includes completion of the review of one of the key suppliers in the Democratic Republic of the Congo ("DRC") that recently completed a change of control transaction and final review of all authorizations and licenses required to operate DRC and Cameroon. Due to the holiday schedule in Europe during the month of August, the Company anticipates that the due diligence of the supplier, confirmation of licencing and final approval of the definitive loan agreement will occur in September.

2024 and 2025 Outlook.

Subject to closing the DFI loans, the Company is providing the following guidance for 2024 and 2025 based on internal forecasting:Expecting a minimum of 1,500 towers to be live in 2024 and 2,500 towers to be live by the end of 2025.Expected consolidated gross revenue of approximately US$20 million for 2024 and approximately US$50 million for 2025.The Company expects to achieve positive EBITDA1 as early as Q2 2024.The Company expects to achieve EBITDA of US$6 million for 2024 and US$25 million for 2025.

1Earnings before interest, taxes, depreciation, and amortization ("EBITDA") does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company's operating performance and therefore highlight trends in Company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.

NuRAN's CEO, Francis Letourneau stated: "Our internal forecasting has been reviewed and vetted by the DFIs and other strategic institutions and demonstrates a validation of our business model. Based on our latest expectation in terms of timeline, the execution of the loan agreement with the DFIs will propel NuRAN to build towers at an aggressive pace and fulfil our 2024 and 2025 expectations".

Financing Options.

The Company has resumed discussions for alternative non-dilutive financing at the NuRAN Africa level through the Mauritius entity that owns the African subsidiaries of the Company. Management believes that this option, which is being negotiated with strategic international institutions and companies, assists in mitigating the need for additional funding at the parent level until the DFI loans are completed, while avoiding a dilutive equity financing by the Company. The Company's objective is to secure sufficient financing to accelerate the deployment of its backlog of contracted towers, which once deployed are expected to generate returns to the Company as soon as 2024. This is expected to allow the Company to repay debt and accelerate the deployment of additional towers, all while remaining cash-flow positive. Financing at the NuRAN Africa level is intended to be complementary to the DFI loans and if completed is intended be used to accelerate growth in other markets, including recent contracts signed in Ivory Coast and Madagascar. There is no assurance this alternative financing will be completed as planned or at all.

''With 4,642 sites in backlog in 7 countries, the diversification of risk, as well as the fact that we retain tower asset ownership make our business model that much more attractive to equity investors.'' stated Francis Letourneau, CEO of NuRAN Wireless Inc.

Ongoing Build and Upgrade.

The Company resumed the deployment of sites in DRC and Cameroon in May. The objective is to convert sites in inventory to live sites as the Company secures additional financing to support the conversion. The operations teams are also progressing on site acquisition, site maintenance and site upgrade to support increased demand, especially in Cameroon.

Cost Reduction.

Over the last nine months, as a response to delays in DFI funding, the Company has taken steps to reduce costs including salary reductions and deferrals by the management team. Management is looking at options to settle this accrued debt which now surpasses CA$300,000, with over CA$175,000 from Francis Letourneau, into shares.In addition, management, led by the CEO, have personally funded over $125,000 to cover ongoing expenses to support operations and R&D.

Debt Restructuring.

NuRAN is currently in negotiations for the extension of maturity dates with short-term bridge lenders, with its satellite equipment partner and long-term debenture holders. The Company continues to rely on the strong support of its short term and long-term lenders and expects to extend maturity dates and draw on additional bridge loans as the Company awaits conclusion of the DFI loan process. The Company is also finalizing a proposed factoring arrangement that will allow the Company to settle certain short-term bridge promissory notes and provide working capital for the coming months. The results of these discussions are expected to be announced in the coming weeks.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

We seek Safe Harbor.