Mr. Daniel Russell reports

SYNEX RENEWABLE ENERGY CORPORATION FIRST QUARTER OF FISCAL 2024

Synex Renewable Energy Corp. has released its financial and operational results for the three months ended Sept. 30, 2023.

Revenue for the three months ended September 30, 2023 ("Q1 2024") decreased to $139,086 from $165,898 ("Q1 2023"). Electricity sales in Q1 2024 were $124,814 compared with $139,770 in Q1 2023, a decrease of $14,956 as a result of lower power generation from the Mears, Cypress, and Barr Plants.

The net loss attributable to shareholders of the Company in Q1 2024 was $745,899 as compared to a net loss of $743,998 in Q1 2023. Synex has continued to streamline and reduce costs for its normal operations. The Q1 2024 loss is a result of increased wind development costs (which under IFRS accounting are expensed when occurred) at Sea Breeze Power Corp., a wholly owned subsidiary of the Company, and increases in insurance costs as well as repairs and maintenance costs relating to the upkeep of operational assets that are historically done in the summer dry season. The net loss per share in Q1 2024 was $0.19 as compared to a net loss per share of $0.19 in Q1 2023.

The Company collectively spent a total of $428,230 on the development of investigative wind licenses at Sea Breeze Power Corp. in FY2023 and FY2022. This includes expenses for 3rd party consultants for reviewing technical aspects of the sites and labor costs. The Company intends to continue investing resources in developing these investigative wind licenses to support BC Hydro's Clean Power Call of generating at least 90 per cent of electricity from clean or renewable sources.

As of September 30, 2023, the Company had an unrestricted cash balance of $232,124 as compared to $318,663 on June 30, 2023. The decrease in cash is mainly due to regular repairs and maintenance carried out on operating assets. The Company had a restricted cash balance of $970,340 and a term deposit of $230,000 at September 30, 2023.

The total loan principal outstanding to The Equitable Life Insurance Company of Canada and The Empire Life Insurance Company was $13,678,196 at September 30, 2023, as compared to $13,715,388 on June 30, 2023. Loans payable on September 30, 2023, included a current portion of $635,192 and a non-current portion of $13,043,004.

Sea Breeze, a subsidiary of the Company, applied to expand the boundary of its wind energy investigative license to include more lands in the immediate vicinity of Kitimat. The application is currently subject to regulatory review. Management estimates that a wind farm in this area could deliver over 150 MW of clean electricity.

About Synex Renewable Energy Corporation

Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.

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