CVW CleanTech Announces Third Quarter 2024 Results

Press Release

CALGARY, ALBERTA – (November 28, 2024) – CVW CleanTech Inc. (the “Company” or “CVW CleanTech”)  (TSX-V: CVW, OTCQX: CVWFF) today announced its operating and financial results for the three and nine months ended September 30, 2024. For complete details, please refer to the Q3 2024 Condensed Interim Financial Statements and associated Management Discussion and Analysis, available on SEDAR+: www.sedarplus.ca or on the Company’s website: www.CVWCleanTech.com.

Highlights

• During the quarter, the Company completed its first royalty financing transaction in the amount of $14.0 million with Northstar Clean Technologies Inc. (“Northstar”). The Company generated $85,000 in interest revenue during the quarter from this royalty transaction.
• The royalty transaction was financed by a brokered private placement initially announced at $15.0 million and subsequently upsized to $16.75 million.
• Cash on hand as at September 30, 2024 was $6.2 million. The Company continues to prudently manage its treasury, focusing on expenses which have the ability to advance commercial opportunities.
• Net loss for the three month period ended September 30, 2024 was $584,000 and the net loss per share was $0.01 (basic and diluted) for the same period. Net loss for the nine month period ended September 30, 2024 was $2.8 million and the net loss per share was $0.02 (basic and diluted) for the same period.

Subsequent to the closing of the transaction, Northstar has made meaningful progress with respect to the construction of its Calgary facility. The building is now enclosed and certain key construction milestones have been achieved. Interior work on various systems is underway, keeping the project on track for operations to commence in 2025. Off-site fabrication and testing of critical equipment has also advanced.

“We are very pleased that the construction of Northstar’s Calgary facility, and the testing of key equipment, are both proceeding well” said Akshay Dubey, CEO of CVW CleanTech. “The building is now enclosed and interior work underway. This progress brings us closer to generating value for our shareholders through the royalty financing deployed during the quarter.”

During the quarter, the Company also made advancements towards the development of a Creating Value From Waste™ (“CVW™”) project. The Company announced a partnership with the University of Alberta to develop a commercial grade monazite circuit. Monazite is a key critical mineral containing rare earth elements (“REEs”) which are used in applications such as batteries, magnets, electronics, and other renewable energy technologies. Subsequent to the end of the quarter, the Company announced that the Fort McKay Métis Nation had joined the existing framework agreement with CVW CleanTech and four other Indigenous and Métis communities.

“Our technical team has begun the initial work to develop a commercial grade monazite circuit as we look to capitalize on Alberta’s deposits of rare earth elements,” said Akshay. “Additionally, we are proud to welcome the Fort McKay Métis Nation as partners in the framework agreement, and are very much looking forward to a productive relationship.”

About CVW CleanTech Inc.

CVW CleanTech‘s vision is to invest in innovative technologies which provide returns linked to commodities and which operate in a sustainable manner that helps accelerate the world’s transition to net zero. CVW CleanTech is in the process of building a portfolio of royalty-based cash flow streams by partnering with clean technology innovators in the commodity space. CVW CleanTech is the 100% owner of its proprietary technology, Creating Value from Waste™, which is designed to recover bitumen, solvents, critical minerals, and water from oil sands froth treatment tailings, which would reduce tailings pond fugitive methane emissions, volatile organic compounds, and enhance tailings management.

For further information, please contact:

Akshay Dubey
CEO
403.460.8135
Akshay.Dubey@CVWCleanTech.com

Joshua Grant
CFO
403.460.8135
Joshua.Grant@CVWCleanTech.com

IBF5