Mr. Steve Harpur reports

PROGRESSIVE PLANET REPORTS RECORD QUARTERLY REVENUES AND INCOME FROM OPERATIONS IN FISCAL Q2 2024

Progressive Planet Solutions Inc. has filed consolidated financial statements and related management discussion and analysis (MD&A) for the fiscal quarter ended Oct. 31, 2023 (Q2 2024) on SEDAR+. These documents are also available on the Company's website.

"Progressive Planet reported record quarterly revenues and income from operations in Q2 2024," says Progressive Planet CEO Steve Harpur.

Added Harpur: "With two credit facilities totalling $3.21 million remaining unused at quarter ended October 31, 2023, and with cash on hand increasing by $0.32 million since quarter ended July 31, 2023, we are funding growth with operating cash flow without raising new equity."

Fiscal Q2 2024 highlights

• Operating cash flow increased to $0.67 million in the six months ended October 31, 2023, from negative $0.11 million for the six months ended October 31, 2022
• Income from operations was $0.26 million for the current quarter, a 111% increase from the income from operations realized in the quarter ended October 31, 2022, and the highest amount ever achieved by Progressive Planet
• Revenue increased to $5.44 million in Q2 2024, an increase of 3.0% from the $5.28 million reported during the comparable quarter ended October 31, 2022, and an increase of 9.3% from Q1 2024
• Increased gross margin1 by 2.7% to 29.3% from Q1 2024
• Selling expenses decreased by 12.3% during Q2 2024 from Q2 2023, due to operational improvements
• Net loss of $0.18 million in Q2 2024 includes a $0.44 million write-off of the Company's Heffley Creek Metals and Pozzolan property as well as $0.13 in research and development expenditures
• Existing credit facilities remain unused with $3.21 million in available credit at the end of Q2 2024
• Cash on hand was $0.69 million on October 31, 2023, compared to $0.37 million on July 31, 2023, and $0.70 million on April 30, 2023. Accordingly, Progressive Planet generated cash of $0.32 million during the current quarter and has only consumed $0.01 million fiscal year-to-date

During Q2 2024, Progressive Planet implemented cost cutting initiatives to save $900,000 in annual reoccurring costs. The effects of the cost cutting initiatives will start in the quarter ending January 31, 2024.

Progressive Planet provides regular information for investors on its website: progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance. For further information or investor relations inquiries, please contact:

About Progressive Planet:

We are a CleanTech and manufacturing company with proven product lines based in Kamloops, British Columbia. Our expertise lies in developing critical low-carbon and carbon sequestering solutions using our owned mineral assets and recycled materials to create planet-friendly products that fight climate change and protect our planet's health.

Our products are in 10,000+ retail stores across North America. Our innovations, created at our C-Quester(TM) Centre of Sustainable Innovation, bring positive disruption to the cement, agricultural and animal-care sectors by creating products that help reduce carbon footprints and restore ecosystems.

We seek Safe Harbor.