Minnova Corp. provided a corporate update on both Minnova Renewable Energy ("MRE") strategy and corporate developments at wholly owned PL Gold Mine. Minnova Renewable Energy Flin Flon Clean Energy Hub (FFCEH) Following the announcement of MRE and the City of Flin Flon entering a non-binding memorandum of understanding (the "MOU") on March 29, 2023 the company conducted an extensive consultation process with industry (OEM's, technology providers and potential offtaker's), government, first nations and community. Based on the results of these discussions the Company is eager to advacne Flin Flon Clean Energy Hub (FFCEH) initiative and intends to engage a consulting engineering group with requisite experience in hydrolysis, syngas, processing, environmental and permitting (owners engineer) to complete a series of techno- economic trade off studies. The studies will analyse water electrolysis to produce green hydrogen at an initial minimum load of 20MW of low-cost grid hydropower supplied by Manitoba Hydro with potential to scale up to over 100MW. Initial green hydrogen production is forecast at 2,880 tonnes that could be directly processed to over 16,000 tonnes of renewable ammonia or over 20,000 tonnes of renewable methanol. The studies will also consider renewable diesel fuel and Sustainable Aviation Fuel (SAF) production. While green hydrogen is not an established market in Canada the markets for ammonia and methanol are, offering a ready market to supply renewable energy fuels for industries seeking to decarbonize. Renewable diesel can be a drop-in fuel to replace conventional fossil fuel derived diesel and SAF is gaining traction as a solution to reduce carbon emissions related to air travel. The regions large scale hydro power supply combined with abundant forest biomass supply and other development considerations, including; competitive utilities, skilled labor force, road and rail infrastructure and marine port access were key considerations in the site selection process. Swan River Biomass Gasification Pilot Plant Construction of planned biomass gasification pilot plant is underway with the majority of reactor parts purchased and stored in Winnipeg. The company is currently sourcing specialized ATEX sensors and valves and when received will be in a position to advance fabrication and assembly. The Company will have further market updates and as assembly progresses. PL Gold Mine Over the last several months the company has proactively solicited interest from other gold sector companies regarding possible M+A and/or joint efforts to advance the PL Gold Mine. Discussions have included a range of strategies from additional drilling to increase the current NI 43-101 complaint resource to full scale development based on the 2018 Feasibility Study (2018 FS") which would be updated prior to any construction decision. These talks are ongoing, and the Company will comment further if an agreement is reached requiring a material announcement. Separately the company has been approached by a first nations owned mining contractor and a mining equipment/system developer with a proposal to consider an advanced exploration and underground development program designed to further advance the PL Gold Mine and consisting of surface bulk sample for updated metallurgical test work followed by shallow underground mine development to test equipment and underground mining methods specifically designed for narrow, low angle deposits like PL. Discussions are at an early stage, and are encouraged by the experience and expertise of the parties involved and the potential to partner with first
nations owned contractor to share in the development and commercialization of the equipment and mining method with no dilution in the ownership of the PL Gold Mine.