An anonymous director reports

MICROMEM'S ARTRA UNIT READY FOR GLOBAL FIELD TRIALS IN THE NATURAL GAS SECTOR

Micromem Technologies Inc.'s Artra unit, designed for field trials in the natural gas industry, is en route to Toronto for review before being shipped to Europe for inspection and final certification by the company's client. With access to a cutting-edge automated sampler system, Micromem is advancing the development of its second configuration -- a well-mounted and fully automated unit, tailored specifically for gas wells.

The company sees a significant market opportunity, with over 12,000 gas wells in Europe, and has had widespread initial interest expressed for this technology. Globally, the company believes that the market for the configuration 2 automated tracer sampler system could be in excess of 100,000 gas wells. The next phase of development activity involves integrating the automated sampler with the Artra unit for field installation on a natural gas well.

Micromem is currently awaiting a development schedule from its engineering partner. Once approved, the company expects to announce a timeline for installation, currently projected for the first quarter of 2025.

About Micromem Texhnologies Inc.

Micromem and its subsidiaries, a publicly traded company, analyze specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging expertise and experience with sophisticated sensor applications, the company powers the development and implementation of innovative solutions for oil and gas, utilities, automotive, health care, government, information technology, manufacturing, and other industries.

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