Company: MMTIF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001062993-25-003888
Chunk: 19

Company: MICROMEM TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 19
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 customers. With that work completed, we did not engage with the coop program in 2023. As our Romgaz project continues, we may continue this program of coop hires, as appropriate, in future.

(v)We will plan to add additional senior management to the Micromem team in the project management, engineering, and financial reporting areas of discipline. We will also look to recruit additional corporate directors to our Board.

Chevron:

As previously reported, successful field testing of the interwall tracer device was conducted on-site at a California-based Chevron well site in 2019. Sample testing was conducted for a 12-month period thereafter through March 2020.

We met with Chevron in their offices in December 2023 and in September 2024.

In our September 2024 meeting, Chevron requested that Micromem prepare a "White Paper" report on the current state of tracer technology for measurement of multiple attributes in operating oil and gas wells.

To that end, Micromem is currently engaged in discussions with a Houston-based oil recovery company and with the research team at the U of T. We anticipate that our White paper report will be delivered to Chevron in Q2 2025.

Micromem engaged the research team at the U of T in December 2024 to prepare this technical report. The U of T submitted their draft report to Micromem in January 2025; in turn Micromem has submitted this report to Chevron. Our ongoing discussions with Chevron continue.

Senior management at Chevron has, in the past, been very supportive of Micromem's engagement with Romgaz.

Capital Expenditures

Micromem reports $nil capital expenditures in 2024. In 2023 capital expenditures totaled $2,044 representing computer equipment.

Available Information

The SEC maintains an Internet site at http://www. sec. gov/edgar that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC through the SEC's Electronic Data Gathering, Analysis and Retrieval ("EDGAR") system. Information is also available under the Company's profile on SEDAR+ (http://www. sedarplus. ca) or on www. micromeminc. com.

B. Business Overview

Update of Product Development Activity at October 31, 2024

We continue to work with our engineering subcontractor on the ARTRA unit. Our ongoing relationship with our Toronto based engineering group has been maintained.

Deferred development costs / development expenses

Until October