Mr. Vilhjalmur Vilhjalmsson reports

QUARTERLY UPDATE

GreenBank Capital Inc. has provided an update to its shareholders.

Highlights:

• Stanhove gold tailings update;
• Ubique Minerals Ltd. acquisition in Namibia;
• Kiind launched;
• Staminier update;
• Klura Labs;
• Beelivery;
• Suni iron project;
• Financing update;
• Annual general meeting (July, 22, 2024);
• Chief financial officer changes.

1. Stanhove tailings project

As announced on June 19, 2024, GreenBank Capital and its partners have made significant progress with the Stanhove tailings project. Samples have been sent to Canada for testing to determine if recovery rates can be increased. The testing will also assess the feasibility of designing a modular mobile plant using proprietary technology from a leading industry company. Results from these tests are expected within the next four to six weeks. During this period, all parties involved have agreed to draft the sale and purchase agreement (SPA). Timelines previously announced will be adjusted based on the test results, which are critical for the final decision to proceed with the project.

2. Ubique Minerals

On Aug. 27, 2024, Ubique Minerals announced a significant strategic acquisition, increasing its ownership to 99.66 per cent in Resource 500 V Ltd. (R500), an Irish exploration company with licences for over 170,000 hectares in the Otavi Mountain Land region of northern Namibia. This area is renowned for its rich base metal deposits, including copper, zinc, lead and vanadium, known from historical mines such as Tsumeb and Kombat

To finance this acquisition, Ubique has issued three tranches of unsecured convertible debentures totalling $1.5-million, with an annual interest rate of 6 per cent. These debentures are structured to convert into common shares over the next 36 months, further integrating R500's assets into Ubique's portfolio

The acquisition will allow Ubique to undertake advanced geochemical surveys to explore high-potential areas, leveraging the geological similarities with some of Namibia's most prolific mining sites.

3. Launch of Kiind CSR (corporate social responsibility) service

Flex Capital has officially launched the Kiind platform, with its website now live, and the Kiind app is currently in beta testing. GreenBank Capital has committed to using Kiind's CSR services, effective Sept. 1, 2024, under a 12-month extendable contract. The Kiind team will handle all CSR objectives for GreenBank, focusing on initiatives that align with the company's goal of making a positive impact on society. GreenBank is enthusiastic about this partnership and the opportunity to enhance our CSR efforts through Kiind's innovative platform.

4. Staminier update

Since the company's last corporate update on May 2, 2024, the Future Fund has issued a winding-up petition against Staminer, but Staminier remains in continuing discussions (through insolvency advisers) with the Future Fund about placing the company into administration instead of liquidation. It is felt that administration will produce a better result for creditors, including GreenBank. It should be noted that as a result of GreenBank purchasing the debt that it now holds in Staminier it can use that to effect a set-off against the debt owed by GreenBank to Staminier. Without that, then GreenBank would have been facing a demand from the administrators or liquidators, a demand it currently does not have the cash resources to meet. That is aside from the fact that, as a major creditor in Staminier, GreenBank will be entitled to a major share of any distributions that are made following the disposal of Staminier's assets. GreenBank is approaching this matter purely from a creditor's perspective, focusing on maximizing the asset value within Staminier.

5. Klura Labs (formerly CodiKoat)

Klura Labs has successfully rebranded, launching a new name and website. This rebranding marks a strategic move to better align the company's identity with its future direction and objectives. GreenBank Capital supports Klura Labs in its rebranding efforts and looks forward to seeing the impact of this fresh identity on its market presence.

Currently, Klura Labs' strategy focus has been on three core products -- medical gloves, textiles and plastics -- and the commercialization thereof.

6. Beelivery

In May, 2024, Beelivery, the fast grocery delivery service across the United Kingdom, successfully completed one million British pounds of additional financing (in the form of TV advertising airtime) from UKTV at a price of 3,379.98 British pounds per share. GreenBank Capital owns 780 shares in Beelivery, which, at the current financing round price, translates to a value of approximately 2,636,384 British pounds. In Canadian dollars, this value is approximately $4,635,504, based on current exchange rates. The company has, however, been experiencing headwinds in the last couple of months, and sales figures and the response to a renewed TV campaign have been disappointing. The management of Beelivery are currently working on a planned diversification of services, which it hopes, when launched (expected to be before the end of the year), will have a transformatory effect on the company. GreenBank will keep you posted.

7. Suni iron project

GreenBank Capital is actively exploring strategic options for the Suni iron project, including the potential sale of the assets or forming a joint venture partnership. The Suni iron project, with its promising resource potential, represents a valuable opportunity for collaboration with partners that have the technical expertise and capital to advance the project. GreenBank is currently in discussions with several interested parties and will provide further updates as these negotiations progress. GreenBank's goal is to maximize value for its shareholders by finding the best pathway for the development and commercialization of the Suni iron project.

8. Financing update

GreenBank Capital is actively engaging in discussions to close the first tranche of the previously announced private placement, as initially outlined on May 16, 2024. This private placement aims to secure additional capital to support GreenBank's continuing and future projects, ensuring GreenBank has the financial flexibility to pursue strategic growth opportunities. GreenBank is optimistic about finalizing these discussions shortly and will provide further updates as they develop. The successful closure of this tranche will strengthen GreenBank's financial position and enable the company to continue delivering value to its shareholders.

9. Annual general meeting -- July 22, 2024

The AGM was held on July 22, 2024. At the AGM, the existing board was re-elected, confirming the shareholders' confidence in the current leadership team. The current board members are Vilhjalmur Thor Vilhjalmsson (chief executive officer and chairman), Richard Beresford, Steve Carroll (chief operating officer), Robert Neill and Pete Wanner. Four other individuals -- Emma Taylor Moore, Simon Leadsman, Mark Edwards and Adam Bouzlemate -- had made themselves available for election during the meeting, as they did the previous year. However, none of these individuals received enough votes to be elected to the board.

Following the formal proceedings, a question-and-answer session was held to address shareholder queries. The board would like to provide clarity on several key points raised during the session:

• Independence of audit committee members: A question was raised regarding the independence of the audit committee members. The board clarified that Mr. Wanner, a non-executive director, serves on the audit committee and fulfills the role of the independent member.
• Investment committee and conflict of interest management: Shareholders inquired about how conflicts of interest are managed within the investment committee and whether there is a dedicated committee. The board explained that GreenBank Capital, being a small company, does not have a separate investment committee; the board itself acts as the investment committee. Regarding conflict of interest, any director with a potential conflict declares his or her interest and abstains from voting on relevant matters.
• Disclosure of internal approval reports: A question was asked whether GreenBank Capital would release internal due diligence reports on its investments. The board confirmed that, as a general policy, the company does not disclose its internal reports.

10. Executive team changes

GreenBank Capital announces that Harpa Hermannsdottir has resigned from her position as chief financial officer. The company thanks Ms. Hermannsdottir for her valuable contributions and wishes her the best in her future endeavours.

GreenBank Capital is pleased to announce the appointment of Sam Legg as the new CFO. Mr. Legg currently serves as CFO of Ubique Minerals and Northern Shield Resources and brings a wealth of experience in financial management and strategic planning to GreenBank. The board is confident that Mr. Legg's expertise will help guide GreenBank through its next phase of growth.

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 Reykjavik, London 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 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 markets under the symbol GRNBF as well as on the Frankfurt Boerse under the symbol 2TL.

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