An anonymous director reports

MICROMEM TECHNOLOGIES INC. PROVIDES UPDATE ON COMMERCIALIZATION PROGRESS

Micromem Technologies Inc. has provided an update on the continued development of its gas sensing technology and the company's commercialization initiatives.

Development activities continue, where Micromem's engineering team is advancing prototype development of the company's wearable gas sensing platform in accordance with previously announced technical objectives and performance requirements.

The company is currently pursuing two complementary product applications utilizing its proprietary sensing technology:

• A wearable gas sensing platform designed to provide portable personal gas detection for military, industrial and commercial users; and
• A fixed-position gas detection platform intended for continuous environmental monitoring at military installations, critical infrastructure, industrial facilities, enclosed spaces and other public infrastructure requiring continuous gas monitoring. The company intends to provide further updates on this in the near future.

Subject to continued development progress, the company anticipates having demonstration prototypes of its wearable gas sensing platform available by the fall of 2026.

Independent market research indicates that the combined North American and European markets for portable gas detection systems are estimated at approximately $1,185-million (U.S.) annually. In addition, the corresponding fixed gas detection market is estimated at approximately $2.29-billion (U.S.), illustrating the significant commercial opportunities available across both product categories. These market estimates represent the broader markets into which the company's technologies are being developed.

Based on the company's market assessment, together with continuing development activities supporting defence applications and identified commercial opportunities within the oil and gas sector, management believes the wearable platform represents an initial commercialization opportunity of approximately $50-million (U.S.) annually.

Protection of proprietary intellectual property remains a strategic priority. Micromem continues to advance patent and other intellectual property initiatives designed to protect its technology platforms as development progresses toward commercialization. The company expects to complete key intellectual property milestones before publicly disclosing additional technical details of the technology.

The company looks forward to providing additional updates as significant technical and commercialization milestones are achieved.

About Micromem Technologies Inc.

Micromem, publicly traded, is a technology company focused on the development and commercialization of advanced sensor solutions based on proprietary nanotechnology platforms. The company is advancing high-sensitivity nanowire-based sensing technologies for applications in defence, industrial safety, environmental monitoring, energy, health care and other markets. Through collaborations with government and academic institutions, including Canada's Defence Research and Development Canada and the University of Toronto, Micromem is developing next-generation sensor systems designed to deliver enhanced detection capabilities, artificial-intelligence-enabled analytics and scalable commercial applications.

We seek Safe Harbor.