Mr. Francis Letourneau reports

NURAN SIGNS NAAS AGREEMENT WITH MTN GROUP FOR 250 SITES

Nuran Wireless Inc. has signed a five-year network-as-a-service (NaaS) agreement with MTN for the deployment of 250 sites in Africa under the NaaS business model further to its group framework agreement (GFA) in place with MTN announced on July 21, 2022.

This agreement is the fifth agreement signed with MTN, totalling 2,150 sites in five different countries, and represents up to approximately $27-million (U.S.) in revenues over the course of five years, assuming that the 250 sites are completed. The five-year term of the NaaS pursuant to the GFA can be extended or renewed for an additional five years, subject to an extension or renewal agreement. The estimated gross revenues are based on geomarketing analysis of the potential revenue that an average site can generate from the country data (average revenue per user and rural penetration rate) provided by the mobile network operator. They are subject to, among other things, associated project expenses, including expenses associated with satellite bandwidth, site lease, network operations centre expenses, curative and preventative maintenance fees, project management and monitoring fees, financing for the buildout of the sites, and insurance. Fees for the NaaS services provided by Nuran under the agreements are paid on a revenue-sharing basis. The projects are expected to support 2G and 3G with a variety of site categories to cover different population densities and coverage areas. Nuran expects to retain ownership of the infrastructure after completion of the contract, which increases the overall value of the agreement.

"We are thrilled to announce this contract with MTN, marking another milestone in Nuran's commitment to empower 50 million lives and connect rural communities in this region. Recognizing the untapped potential of the rural market, this 250-site contract signifies our dedication to empowering the rural populations in Africa. We appreciate MTN's continued trust and support, fostering a strong and mutually beneficial relationship. With the addition of these 250 sites, Nuran now has a total of 4,892 sites under contract, and we are rapidly progressing towards our goal of reaching 10,000 sites within the next five years. Nuran is proud to lead the way in our mission to provide essential mobile connectivity in a cost-effective, profitable and environmentally friendly manner," stated Francis Letourneau, chief executive officer of Nuran.

The company intends to finance the deployment of the sites through asset-based project financing or similar debt-oriented facilities. Such financing options and sources are being investigated, with a view of carrying out deployments in the most efficient manner.

About Nuran Wireless Inc.

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, 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.

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