Mr. David Atkinson reports

NORTH BAY DEBT SETTLEMENT UPDATE

In a news release dated Nov. 20, 2025, Earthworks Industries Inc. disclosed that North Bay Corp. had agreed that it would accept shares of the company equal to 10 per cent of the then-issued shares in full settlement of the debt then owing to it by the company and its subsidiary, Cortina Integrated Waste Management Inc.

It has now been settled that the debt was a U.S.-dollar amount, which has been converted to $5,112,564 (Canadian). It has also been calculated that, to give North Bay 10 per cent of the issued shares of the company, the number of shares to be issued is 13,146,057 at a deemed price of 39 cents per share.

The company has applied to the TSX Venture Exchange to accept the agreement to issue the said number of shares to cancel the North Bay debt.