Mr. Vilhjalmur Vilhjalmsson reports

STRATEGY UPDATE, ACQUISITION AND AGM RESULTS

GreenBank Capital Inc. has received its strategy report from JV Capital and has signed an agreement to acquire the Suni iron ore project in Ontario, Canada.

New strategy update

On Oct. 5, 2023, the board of directors received from JV Capital the first iteration of the strategy report it engaged them to provide, and the decision has been taken to adopt the main suggestion set out in the report, which is that GreenBank should in the future seek to mainly invest in companies in which it can take an active role and control management. This hands-on or active management approach will entail acquiring a majority stake in the investee companies, allowing GreenBank to have significant control over their operations and decision-making processes. By acquiring direct control over the companies it invests in, GreenBank expects to use its influence to better align their direction and management with its own investment objectives and overall business strategy. It will also allow GreenBank to leverage its expertise and resources to help implement operational improvements, streamline processes, and enhance efficiency in its investee companies and thereby better manage risk exposure and drive value creation.

The company intends to adopt this strategy alongside investing in situations that are liquid (such as publicly traded companies) or have a near-term clear exit strategy (such as pre-IPO (initial public offering) situations).

Suni iron ore acquisition.

On Oct. 9, 2023, the company signed an agreement to acquire 100 per cent of the issued shares in 1500597402 Ontario Inc., which holds the Suni iron ore project in Ontario, Canada. This acquisition is in line with the new company strategy, which is to take projects and nurture them toward exit.

Purchase price

The aggregate purchase price for the purchased shares is $150,000, payable to the sellers, as follows:

• By the issuance of a total of three million common shares in the capital of the purchaser to the two sellers, Ankcorn and Isles, each being issued 1.5 million shares as follows:
  1. 1.5 million common shares on closing;
  2. 1.5 million common shares on the earlier of the date on which the purchaser obtains an updated National Instrument 43-101 technical report and Oct. 9, 2024.

The agreement is expected to close on or before Oct. 23, 2023.

About the Suni iron project

The Suni iron property is in the Onaman iron range of Ontario, Canada, approximately 160 kilometres north of Lake Superior and 50 kilometres east of Lake Nipigon. The property consists of an area of approximately 11.5 square kilometres, or 1,155 hectares, comprising six block claims totalling 71 mining claim units.

The Onaman iron ranges have had a long history of exploration and drilling starting in the early 1900s. They were first located and examined in 1904, when survey crews of the National Transcontinental Railway started the survey for a railway line. In 1906 and 1907, iron prospects were discovered and staked. Discovery of the iron prospects led to a rush by prospectors into the area. In 1951, following completion of an airborne magnetometer survey by Kennco Ltd., several companies acquired ground and obtained patents or leases covering most of the known Onaman iron range deposits of the northern and southern ranges by staking and/or by option. Between 1958 and 1961, Can-Fer Mines Ltd. drilled a total of 47 diamond drill holes on the Suni iron property.

The company is in possession of historic data and valuation report dated Oct. 26, 2022, by Evans & Evans Inc. and an NI 43-101 technical report by Tetra Tech dated March, 2011, that has been executed in accordance with the Canadian Institute of Mines (CIM) guidelines provided in NI 43-101, Standards of Disclosure for Mineral Projects, dated Dec. 23, 2005. The company expects to issue a separate technical detailed press release in due course.

Vilhjalmur Thor Vilhjalmsson, chief executive officer and chairman of GreenBank , said: "With our updated approach, we are optimistic about both our existing investments and the avenues for future growth. It's crucial for us to maintain greater oversight of our investment portfolio. In line with this, we'll continually assess our current holdings while also exploring new opportunities. I've recently engaged in dialogues with the leadership of our investee companies, and I am enthusiastic about our upcoming initiatives and the health of our investments."

Results of the company's annual general meeting

The company's AGM took place on Wednesday, Oct. 11, 2023. All resolutions were duly passed at the meeting. Shareholder Hector Earley put forward to the meeting four new nominations to the board of directors.

The voting went as follows.

The board remains unchanged with the following directors.

• Mr. Vilhjalmsson -- chairman and chief executive officer;
• Richard Beresford;
• Peter Wanner;
• Robert Neill;
• Steve O'Carroll -- chief operating officer;
• Mr. Earley, a concerned shareholder.

GreenBank acknowledges the recent press release issued by Mr. Earley, a shareholder of the company, filed on SEDAR+.

The company wishes to state that it strongly disagrees with all claims made by Mr. Earley in his press release. After a thorough review, GreenBank has found that his allegations lack substance and are not supported by factual evidence.

GreenBank remains committed to the highest standards of integrity and transparency. GreenBank will continue to focus on delivering value to all its shareholders and stakeholders.

About GreenBank Capital Inc.

GreenBank is a business transformation firm, which aims to nurture early-stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.

The team is based in London, Reykjavik and Toronto and works diligently across borders to ensure that businesses in the GreenBank portfolio reach their core objectives. The businesses the company typically works with are start-ups or early-stage businesses and include mining and mineral exploration companies. From this emergent state, GreenBank aims to quickly implement strong business practices by, where possible and required, deploying operations, communications, data strategy and financial expertise.

Whether a business desires to become a successful private company, list publicly or is seeking a profitable exit, GreenBank tries to add value at every stage as a strategic partner. GreenBank is listed on the Canadian Securities Exchange under the symbol GBC, on the OTC (over-the-counter) market under the symbol GRNBF as well as the on Frankfurt Boerse under the symbol 2TL.

Qualified person

The technical aspects of this news release were reviewed and approved by Joel Scodnick, PGeo, and independent consultant to GreenBank Capital, in his capacity as a qualified person, as defined by NI 43-101.

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