Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 18

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 18
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pects - Contingencies.

Recent Developments Prior to Fiscal 2024:

Romgaz:

Our discussions with Romgaz and other companies incorporated in Romania occurred on a continuous basis throughout fiscal 2024 and have continued to progress since our fiscal year end. The key go-forward points in these discussions, at the current date are as follows:

(i)We received an initial purchase order - for several interwell tracer devices, similar to the technology that Chevron deployed in the California field trials referenced above.

(ii)Micromem will be commissioned to conduct/lead a development program to enhance and expand the analytics capabilities of the existing technology with the end goal of delivering a comprehensive analytics solution to Romgaz for its specific performance requirements in its gas wells.

(iii)Micromem has pursued discussions whereby the technology application developed in (ii) above will be manufactured on a commercial scale in Romania. It is expected that the technology that will be manufactured in Romania will be suitable for both oil and gas well applications.

(iv)A joint venture agreement between Micromem and Romgaz is contemplated. The working relationship between Micromem and Romgaz is expected to expand to include the development of other technology applications where Micromem has been active over the past five years. We expect to finalize these working arrangements and move forward with these initiatives in 2025. It is expected that Romgaz will provide the initial capital to launch this expanded working relationship.

In anticipation of these developments with Romgaz in 2025, Micromem is planning for its business activity to include the following components:

(i)Continuance of its working relationship with the developer of the interwell tracer device (ARTRA 171) technology which Chevron has successfully tested in on site testing of operating oil wells for which we received a Romgaz purchase order in 2023.

(ii)We plan to maintain our dialogue with Chevron and may pursue certain licensing opportunities with Chevron relating to their proprietary technology in our continued work with Romgaz.

(iii)We have established a Toronto - based engineering/product presence in cooperation with n established manufacturing and engineering group with whom we expect to have a role as a strategic partner to Micromem.

(iv)Between June 2021-August 2022, Micromem hired two engineering staff persons through the University of Toronto ("U of T") coop program, each for a 16-month term. The engineering staff were responsible for supporting all of Micromem's current initiatives with Chevron, Romgaz and other potential