Mr. Vilhjalmur Vilhjalmsson reports

GREENBANK CAPITAL INC. ANNOUNCES DELAY OF FILINGS

GreenBank Capital Inc. expects it will be unable to file its annual financial statements, management discussion and analysis, and related certifying officer certificates for the year ended July 31, 2023, on or before the Nov. 28, 2023, filing deadline.

In connection with the anticipated delay, the company applied to the Ontario Securities Commission requesting that a management cease trade order (MCTO) be imposed to restrict trading in the company's securities by the chief executive officer, interim chief financial officer and directors of the company, as opposed to a general cease trade order, which would restrict all trading in the company's securities. The Ontario Securities Commission denied the request as the company did not meet the application criteria in relation to the activity in the company's volume of shares in the market.

The company will be unable to complete the required filings by the filing deadline due to the recent appointment of its new chief executive officer as well as the resignation of the company's chief financial officer, which was announced on Nov. 15, 2023. The company has appointed an interim chief financial officer as of Nov. 15, 2023, and the company anticipates that it will be in a position to remedy the default and file the required filings on or before Dec. 29, 2023.

The company expects the OSC will be issuing a failure-to-file cease trade order (FFCTO) after the due date against the issuer for failure to file the following continuous disclosure documents by Nov. 28, 2023.

The company has not taken any steps toward any insolvency proceeding and the company has no other material information to release to the public.

About GreenBank Capital Inc.

GreenBank is a business transformation firm that 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 work 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 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 Frankfurt Boerse (under the symbol 2TL).

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