An anonymous director reports

MICROMEM CLOSES PRIVATE PLACEMENT, EXTENDS WARRANTS

Micromem Technologies Inc. has closed its non-brokered private placement previously announced in its news release issued on Sept. 4, 2026. Micromem raised gross proceeds of approximately $148,840 by placing a total of 5,953,600 units at a price of 2.5 cents per unit, each unit comprising one common share and one warrant exercisable at five cents per share for a period of three years following the issuance date. A total of 5,953,600 common shares and 5,953,600 warrants were issued in this private placement, will all securities being subject to a four-month hold period. No insiders participated in this private placement and all subscribers are at arm's length.

Micromem intends to use the net proceeds raised through the private placement for working capital. Closing of the private placement is subject to certain conditions, including compliance with postclosing requirements of the Canadian Securities Exchange.

The company also announces that a total of 9,066,400 warrants, exercisable at six cents per share, are being extended effective the following date of this news release and therefore will be due to expire one year from the date of the original expiry. These warrants were originally issued in connection with a private placement completed on Oct. 8, 2025, for a term of one year and were due to expire on Oct. 8, 2026; after extension, the warrants will expire on Oct. 8, 2027. All other terms of the extended warrants will remain unchanged. No warrants being extended are held by insiders of Micromem. The company will notify each warrant holder of the aforementioned extension, but it will not issue replacement warrant certificates. Original warrant certificates must be presented to the company in order to effect the exercise of such warrants. Completion of the term extension is subject to compliance with the requirements of the CSE.

About Micromem Technologies Inc.

Micromem Technologies, a publicly traded company, analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated sensor applications, the company successfully 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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