# EDGAR Filing Document

**Accession Number:** 0001680637
**File Stem:** 0001753926-26-001026
**Filing Date:** 2026-6
**Character Count:** 3780076
**Document Hash:** 7b3df61c49ee1b44b77243b7d86a0eb0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-26-001026.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001753926-26-001026

**CONFORMED SUBMISSION TYPE**: 40FR12G

**PUBLIC DOCUMENT COUNT**: 196

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuran Wireless Inc.
- **CENTRAL INDEX KEY:** 0001680637
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMPUTER COMMUNICATIONS EQUIPMENT [3576]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 40FR12G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56857
- **FILM NUMBER:** 261102017

**BUSINESS ADDRESS:**
- **STREET 1:** 2150 CYRILLE-DUQUET STREET
- **CITY:** QUEBEC
- **STATE:** A8
- **ZIP:** G1N 2G3
- **BUSINESS PHONE:** 418-914-7484

**MAIL ADDRESS:**
- **STREET 1:** 2150 CYRILLE-DUQUET STREET
- **CITY:** QUEBEC
- **STATE:** A8
- **ZIP:** G1N 2G3

**UNITED STATES** <br> **SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549** 

**FORM 40-F**

☒ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 <br> or <br> ☐ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended ______________ Commission File Number ______________

**Nuran Wireless Inc.** <br> **(Exact name of Registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **3576** | **N/A** |
| (Province or other jurisdiction of | (Primary Standard Industrial Classification | (I.R.S. Employer |
| incorporation or organization) | Code Number) | Identification Number) |

---

**2150 Cyrille-Duquet Street, Suite 100**

**Quebec, Quebec, G1N 2G3** <br> **(418) 264-1337**<br> (Address and telephone number of Registrant's principal executive offices)

**COGENCY GLOBAL INC.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**1-800-221-0102**<br> (Name, address (including zip code) and telephone number (including<br> area code) of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act: **Not applicable**

<u>Title of each class</u> <u>Name of each exchange on which registered</u> <br>

Securities registered pursuant to Section 12(g) of the Act: **Common Shares, no par value**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None** 

For annual reports, indicate by check mark the information filed with this Form:

☐ Annual information form ☐ Audited annual financial statements

Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the period covered by the annual report: **N/A** 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☐ Yes ☐ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

☒ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting
 standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification
 after April 5, 2012.

**EXPLANATORY NOTE**

Nuran Wireless Inc. (the "Company", the "Registrant") is a Canadian public issuer eligible to file its registration statement pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3.

**FORWARD LOOKING STATEMENTS** 

This Registration Statement and the Exhibits incorporated by reference into this Registration Statement of the Registrant contain forward-looking statements that reflect our management's expectations with respect to future events, our financial performance and business prospects. All statements other than statements of historical facts, contained in documents incorporated by reference in this Registration Statement that address activities, events or developments that management of the Company expect or anticipate will or may occur in the future are forward-looking statements. Although the Registrant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "proposed" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "likely", "might", "will" or "will be taken", "occur" or "be achieved", but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Registrant to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of continued development, marketing and sales as well as those factors discussed under the heading "Risk Factors" in the Registrant's Annual Information Form, included as Exhibit 99.86 to this Registration Statement.

There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although the management and of officers of the Registrant believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Registrant's forward-looking statements contained in the Exhibits incorporated by reference into this Registration Statement are made as of the respective dates set forth in such Exhibits. In preparing this Registration Statement, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred prior to the date hereof. Nor does the Registrant assume any obligation to update such forward-looking statements in the future. Consequently, all of the forward-looking statements made in documents incorporated by reference in this Registration Statement are qualified by these cautionary statements and other cautionary statements or factors contained herein and therein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. Accordingly, for the reasons set forth above, the forward-looking statements in the Exhibits incorporated by reference into this Registration Statement should not be unduly relied upon.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant currently prepares its financial statements, which are filed with this report on Form 40-F in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and the audit is subject to Canadian auditing and auditor independence standards.

**PRINCIPAL DOCUMENTS** 

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through 99.99, inclusive, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consent of certain experts named in the foregoing Exhibits as Exhibits 99.97, 99.98 and 99.99, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this registration statement on Form 40-F.

**DESCRIPTION OF COMMON SHARES** 

The required disclosure is included in the Annual Information Form included as Exhibit 99.86.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any off-balance sheet arrangements.

**CURRENCY** 

Unless otherwise indicated, all dollar amounts in this Registration Statement on Form 40-F and the documents incorporated herein by reference are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on December 31, 2025, based upon the daily exchange rate as quoted by the Bank of Canada was U.S.$1.00 = Cdn.$1.3706.

**CONTRACTUAL OBLIGATIONS**

The following table lists, as of December 31, 2025, information with respect to the Registrant's known contractual obligations (expressed in Canadian Dollars):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| <br> **Contractual Obligations** | <br>**Total** | **Less than**<br>**1 year** | <br>**1-3 years** | <br>**3-5 years** | **More than**<br>**5 years** |
| Long-Term Debt Obligations | $12375239 | $12375239 | $— | $— | $— |
| Capital (Finance) Lease Obligations | $— | $— | $— | $— | $— |
| Operating Lease Obligations | $415786 | $92580 | $104858 | $110347 | $108001 |
| Purchase Obligations | $941472 | $156912 | $313824 | $313824 | $156912 |
| Other Long-Term Liabilities Reflected on Balance Sheet | $— | $— | $— | $— | $— |
| **Total** | $13732497 | $12624731 | $418682 | $424171 | $264913 |

---

**UNDERTAKING** 

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form 40-F or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS** 

The Registrant has concurrently filed a Form F-X in connection with the class of securities to which this Registration Statement relates.

Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

**SIGNATURES** 

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | **NURAN WIRELESS INC.** |
| By: | /s/ Francis Letourneau |
|  | Name: Francis Letourneau |
|  | Title: Chief Executive Officer |

---

Date: June 18, 2026

**EXHIBIT INDEX** 

The following documents are being filed with the Commission as Exhibits to this Registration Statement:

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description</u>** |
| [99.1](g085768_ex99-1.htm) | [News Release dated January 10, 2025](g085768_ex99-1.htm) |
| [99.2](g085768_ex99-2.htm) | [News Release dated February 10, 2025](g085768_ex99-2.htm) |
| [99.3](g085768_ex99-3.htm) | [News Release dated February 28, 2025](g085768_ex99-3.htm) |
| [99.4](g085768_ex99-4.htm) | [News Release dated March 3, 2025](g085768_ex99-4.htm) |
| [99.5](g085768_ex99-5.htm) | [News Release dated March 7, 2025](g085768_ex99-5.htm) |
| [99.6](g085768_ex99-6.htm) | [News Release dated April 2, 2025](g085768_ex99-6.htm) |

---

---

| | |
|:---|:---|
| [99.7](g085768_ex99-7.htm) | [Audited Consolidated Financial Statements for the years ended December 31, 2024 and December 31, 2023](g085768_ex99-7.htm) |
| [99.8](g085768_ex99-8.htm) | [Management Discussion and Analysis for the year ended December 31, 2024 and 2023](g085768_ex99-8.htm) |
| [99.9](g085768_ex99-9.htm) | [Certification of Annual Filings CEO dated April 30, 2025](g085768_ex99-9.htm) |
| [99.10](g085768_ex99-10.htm) | [Certification of Annual Filings CFO dated April 30, 2025](g085768_ex99-10.htm) |
| [99.11](g085768_ex99-11.htm) | [News Release dated May 1, 2025](g085768_ex99-11.htm) |
| [99.12](g085768_ex99-12.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended March 31, 2025 and March 31, 2024](g085768_ex99-12.htm) |
| [99.13](g085768_ex99-13.htm) | [Management Discussion and Analysis for the periods ended March 31, 2025 and 2024](g085768_ex99-13.htm) |
| [99.14](g085768_ex99-14.htm) | [Certification of Interim Filings CFO dated May 29, 2025](g085768_ex99-14.htm) |
| [99.15](g085768_ex99-15.htm) | [Certification of Interim Filings CEO dated May 29, 2025](g085768_ex99-15.htm) |
| [99.16](g085768_ex99-16.htm) | [News Release dated May 29, 2025](g085768_ex99-16.htm) |
| [99.17](g085768_ex99-17.htm) | [Notice of the Meeting and the Record Date dated July 31, 2025](g085768_ex99-17.htm) |
| [99.18](g085768_ex99-18.htm) | [News Release dated August 26, 2025](g085768_ex99-18.htm) |
| [99.19](g085768_ex99-19.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended June 30, 2025 and June 30, 2024](g085768_ex99-19.htm) |

---

---

| | |
|:---|:---|
| [99.20](g085768_ex99-20.htm) | [Management Discussion and Analysis for the periods ended June 30, 2025 and 2024](g085768_ex99-20.htm) |
| [99.21](g085768_ex99-21.htm) | [Certification of Interim Filings CFO dated August 29, 2025](g085768_ex99-21.htm) |
| [99.22](g085768_ex99-22.htm) | [Certification of Interim Filings CEO dated August 29, 2025](g085768_ex99-22.htm) |
| [99.23](g085768_ex99-23.htm) | [News Release dated September 2, 2025](g085768_ex99-23.htm) |
| [99.24](g085768_ex99-24.htm) | [News Release dated September 4, 2025](g085768_ex99-24.htm) |
| [99.25](g085768_ex99-25.htm) | [Material Change Report dated September 8, 2025](g085768_ex99-25.htm) |
| [99.26](g085768_ex99-26.htm) | [Form of Proxy for Annual General Meeting to be held on September 30, 2025](g085768_ex99-26.htm) |
| [99.27](g085768_ex99-27.htm) | [Notice of the Meeting and the Record date dated September 9, 2025](g085768_ex99-27.htm) |
| [99.28](g085768_ex99-28.htm) | [News Release dated September 12, 2025](g085768_ex99-28.htm) |
| [99.29](g085768_ex99-29.htm) | [Form of Proxy for Annual General Meeting to be held on September 30, 2025 (amended)](g085768_ex99-29.htm) |
| [99.30](g085768_ex99-30.htm) | [Management Information Circular (amended) dated September 9, 2025](g085768_ex99-30.htm) |
| [99.31](g085768_ex99-31.htm) | [Material Change Report dated September 26, 2025](g085768_ex99-31.htm) |
| [99.32](g085768_ex99-32.htm) | [Material Change Report dated September 26, 2025](g085768_ex99-32.htm) |

---

---

| | |
|:---|:---|
| [99.33](g085768_ex99-33.htm) | [Material Change Report dated September 26, 2025](g085768_ex99-33.htm) |
| [99.34](g085768_ex99-34.htm) | [Material Change Report dated September 26, 2025](g085768_ex99-34.htm) |
| [99.35](g085768_ex99-35.htm) | [Material Change Report dated September 26, 2025](g085768_ex99-35.htm) |
| [99.36](g085768_ex99-36.htm) | [Factoring Amending Agreement dated September 27, 2023](g085768_ex99-36.htm) |
| [99.37](g085768_ex99-37.htm) | [Second Factoring Amending Agreement dated November 29, 2023](g085768_ex99-37.htm) |
| [99.38](g085768_ex99-38.htm) | [Fourth Factoring Amending Agreement dated April 2, 2024](g085768_ex99-38.htm) |
| [99.39](g085768_ex99-39.htm) | [Fifth Factoring Amending Agreement dated June 25, 2024](g085768_ex99-39.htm) |
| [99.40](g085768_ex99-40.htm) | [Sixth Factoring Amending Agreement dated December 23, 2024](g085768_ex99-40.htm) |
| [99.41](g085768_ex99-41.htm) | [News Release dated September 29, 2025](g085768_ex99-41.htm) |
| [99.42](g085768_ex99-42.htm) | [News Release dated September 26, 2025](g085768_ex99-42.htm) |
| [99.43](g085768_ex99-43.htm) | [Secured Convertible Debenture dated August 28, 2023](g085768_ex99-43.htm) |
| [99.44](g085768_ex99-44.htm) | [Secured Convertible Debenture dated August 28, 2023](g085768_ex99-44.htm) |
| [99.45](g085768_ex99-45.htm) | [Secured Convertible Debenture dated August 28, 2023](g085768_ex99-45.htm) |
| [99.46](g085768_ex99-46.htm) | [Secured Convertible Debenture dated August 28, 2023](g085768_ex99-46.htm) |

---

---

| | |
|:---|:---|
| [99.47](g085768_ex99-47.htm) | [News Release dated October 15, 2025](g085768_ex99-47.htm) |
| [99.48](g085768_ex99-48.htm) | [Material Change Report dated October 16, 2025](g085768_ex99-48.htm) |
| [99.49](g085768_ex99-49.htm) | [Material Change Report dated October 16, 2025](g085768_ex99-49.htm) |
| [99.50](g085768_ex99-50.htm) | [News Release dated October 23, 2025](g085768_ex99-50.htm) |
| [99.51](g085768_ex99-51.htm) | [News Release dated November 3, 2025](g085768_ex99-51.htm) |
| [99.52](g085768_ex99-52.htm) | [Third Debenture Amending Agreement between the company and J. Posen dated December 23, 2024](g085768_ex99-52.htm) |
| [99.53](g085768_ex99-53.htm) | [Third Debenture Amending Agreement between the company and M. Posen dated December 23, 2024](g085768_ex99-53.htm) |
| [99.54](g085768_ex99-54.htm) | [Third Debenture Amending Agreement between the company and Yeshivas Limudei Hashem Society dated December 23, 2024](g085768_ex99-54.htm) |
| [99.55](g085768_ex99-55.htm) | [Third Debenture Amending Agreement between the company and J. Posen dated December 23, 2024](g085768_ex99-55.htm) |
| [99.56](g085768_ex99-56.htm) | [Third Debenture Amending Agreement between the company and Yeshivas Limudei Hashem Society dated December 23, 2024](g085768_ex99-56.htm) |
| [99.57](g085768_ex99-57.htm) | [Third Debenture Amending Agreement between the company and M. Posen dated December 23, 2024](g085768_ex99-57.htm) |

---

---

| | |
|:---|:---|
| [99.58](g085768_ex99-58.htm) | [Material Change Report dated November 20, 2025](g085768_ex99-58.htm) |
| [99.59](g085768_ex99-59.htm) | [News Release dated November 26, 2025](g085768_ex99-59.htm) |
| [99.60](g085768_ex99-60.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended September 30, 2025 and September 30, 2024](g085768_ex99-60.htm) |
| [99.61](g085768_ex99-61.htm) | [Management Discussion and Analysis for the period ended September 30, 2025 and 2024](g085768_ex99-61.htm) |
| [99.62](g085768_ex99-62.htm) | [Certification of Interim Filings CEO dated December 1, 2025](g085768_ex99-62.htm) |
| [99.63](g085768_ex99-63.htm) | [Certification of Interim Filings CFO dated December 1, 2025](g085768_ex99-63.htm) |
| [99.64](g085768_ex99-64.htm) | [Management Discussion and Analysis for the period ended June 30, 2025 and 2024 (amended)](g085768_ex99-64.htm) |
| [99.65](g085768_ex99-65.htm) | [Certification of Refiled Interim Filings CEO dated December 1, 2025](g085768_ex99-65.htm) |
| [99.66](g085768_ex99-66.htm) | [Certification of Refiled Interim Filings CFO dated December 1, 2025](g085768_ex99-66.htm) |
| [99.67](g085768_ex99-67.htm) | [News Release dated December 2, 2025](g085768_ex99-67.htm) |
| [99.68](g085768_ex99-68.htm) | [News Release dated December 5, 2025](g085768_ex99-68.htm) |
| [99.69](g085768_ex99-69.htm) | [News Release dated December 16, 2025](g085768_ex99-69.htm) |

---

---

| | |
|:---|:---|
| [99.70](g085768_ex99-70.htm) | [News Release dated December 22, 2025](g085768_ex99-70.htm) |
| [99.71](g085768_ex99-71.htm) | [News Release dated December 23, 2025](g085768_ex99-71.htm) |
| [99.72](g085768_ex99-72.htm) | [News Release dated December 30, 2025](g085768_ex99-72.htm) |
| [99.73](g085768_ex99-73.htm) | [Material Change report dated January 13, 2026](g085768_ex99-73.htm) |
| [99.74](g085768_ex99-74.htm) | [Notice of Change of Auditors dated January 14, 2026](g085768_ex99-74.htm) |
| [99.75](g085768_ex99-75.htm) | [News Release dated January 28, 2026](g085768_ex99-75.htm) |
| [99.76](g085768_ex99-76.htm) | [News Release dated January 28, 2026](g085768_ex99-76.htm) |
| [99.77](g085768_ex99-77.htm) | [Share Purchase Agreement dated December 22, 2025](g085768_ex99-77.htm) |
| [99.78](g085768_ex99-78.htm) | [Material Change Report dated January 29, 2026](g085768_ex99-78.htm) |
| [99.79](g085768_ex99-79.htm) | [News Release dated February 3, 2026](g085768_ex99-79.htm) |
| [99.80](g085768_ex99-80.htm) | [News Release dated March 30, 2026](g085768_ex99-80.htm) |
| [99.81](g085768_ex99-81.htm) | [News Release dated April 23, 2026](g085768_ex99-81.htm) |
| [99.82](g085768_ex99-82.htm) | [Audited Consolidated Financial Statements for the years ended December 31, 2025 and December 31, 2024](g085768_ex99-82.htm) |
| [99.83](g085768_ex99-83.htm) | [Management Discussion and Analysis for the year ended December 31, 2025 and 2024](g085768_ex99-83.htm) |
| [99.84](g085768_ex99-84.htm) | [Certification of Annual Filings CEO dated May 31, 2026](g085768_ex99-84.htm) |
| [99.85](g085768_ex99-85.htm) | [Certification of Annual Filings CFO dated May 31, 2026](g085768_ex99-85.htm) |
| [99.86](g085768_ex99-86.htm) | [Annual Information Form for the year ended December 31, 2025](g085768_ex99-86.htm) |
| [99.87](g085768_ex99-87.htm) | [Certification of Annual Filings (AIF) CFO dated June 4, 2026](g085768_ex99-87.htm) |
| [99.88](g085768_ex99-88.htm) | [Certification of Annual Filings (AIF) CEO dated June 4, 2026](g085768_ex99-88.htm) |
| [99.89](g085768_ex99-89.htm) | [News Release dated June 9, 2026](g085768_ex99-89.htm) |
| [99.90](g085768_ex99-90.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended March 31, 2026 and March 31, 2025](g085768_ex99-90.htm) |
| [99.91](g085768_ex99-91.htm) | [Management Discussion and Analysis for the periods ended March 31, 2026 and 2025](g085768_ex99-91.htm) |
| [99.92](g085768_ex99-92.htm) | [Certification of Interim Filings CFO dated June 9, 2026](g085768_ex99-92.htm) |
| [99.93](g085768_ex99-93.htm) | [Certification of Interim Filings CEO dated June 9, 2026](g085768_ex99-93.htm) |
| [99.94](g085768_ex99-94.htm) | [Material Change Report dated June 9, 2026](g085768_ex99-94.htm) |
| [99.95](g085768_ex99-95.htm) | [Material Change Report dated June 9, 2026 (amended)](g085768_ex99-95.htm) |
| <u>[99.96](g085768_ex99-96.htm)</u> | [Compensation Recovery Policy dated June 10, 2026](g085768_ex99-96.htm) |

---

---

| | |
|:---|:---|
| [99.97](g085768_ex99-97.htm) | [Consent of Zeifmans LLP](g085768_ex99-97.htm) |
| [99.98](g085768_ex99-98.htm) | [Consent of ND LLP](g085768_ex99-98.htm) |
| [99.99](g085768_ex99-99.htm) | [Consent of SRCO Professional Corporation](g085768_ex99-99.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](img090_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Receives CA$788,000 Payment of the Arrears**

**Quebec, QC, Canada, January 10<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce that it has received the full payment of an outstanding balance of arrears from its Mobile Network Operator (MNO) partner in Cameroon for an amount of approx. CA$788,000.

The Company also reports that it has reached an agreement with its MNO partner on a revised site acceptance procedure. This process is now in place and is expected to be completed for the sites deployed in Cameroon by the end of January 2025. NuRAN invoiced 79 sites in November, with a monthly average revenue per site of CA$4,300.

In addition, NuRAN is pleased to report that the purchase of materials necessary to build up to 183 additional sites has been completed. Since August 2024, the delivery process has been impacted by newly restrictive importation rules, especially concerning hazardous goods. To mitigate these rules, Management has taken steps to transfer inventories from other countries to Ivory Coast and Cameroon to support its rollout plan and add 21 sites to the 183 listed above. Since Cameroon's performance has exceeded even the most aggressive expectations, the main deployments will continue to occur in that country for the time being. As of today, the Company expects that the rollout of the new sites reliant on these materials shall begin in February, subject to their timely arrival.

The material for the initial 3G trial is also en route to Cameroon, with deployment planned for Q1. The identification of the sites has been completed, while the implementation of the 3G core network elements is scheduled for February.

"NuRAN remains focused on achieving continued EBITDA growth and reaching breakeven in Q2 2025. The entire team is fully committed to deploying as many sites as possible, as quickly as possible, given our current financial resources," stated Francis Letourneau, President and CEO at NuRAN Wireless Inc.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

---

| | |
|:---|:---|
| ![](img090_v1.jpg) | **PRESS RELEASE** |

---

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.2

**Exhibit 99.2**

---

| | |
|:---|:---|
| ![](img090_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Released Video on Site Rollout and Current Economics**

**Quebec, QC, Canada, February 10<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the release of a Site Deployment Schedule through June 2025 as well as key highlights of current live site economics to date. A slide presentation can be found at the following link (<u>https://nuranwireless.com/wp-content/uploads/2025/02/NuRAN-Cameroon-Site-Economics-Feb-2025.pdf</u>) and an accompanying explanatory video featuring Francis Letourneau, President and CEO and Frank Candido, Investor Relations can be found by clicking the following link (<u>https://youtu.be/K0ShPzT-4WU</u>).

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

---

| | |
|:---|:---|
| ![](img090_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.3

**Exhibit 99.3**

---

| | |
|:---|:---|
| ![](img091_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Receives Approval on US$1.05M from Cygnum Capital**

**Quebec, QC, Canada, February 28<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce that it has received approval for the second drawdown of US$1.05M from the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital. This follows the first drawdown of US$2.5M received on July 16, 2024, as part of the US$5M loan facility <u>agreement announced on April 26<sup>,</sup> 2024.</u>

Following the recently announced impressive results which continue to exceed expectations in Cameroon, NuRAN has chosen to dedicate more resources to the region, reinforcing its commitment to accelerate deployments and strengthen its financial performance under the objective of achieveing EBITDA positive as soon as possible. The second drawdown will support the expansion of its Network as a Service ("NaaS") operations in Cameroon, allowing the Company, further from previously announced objectives to construct renewable energy-powered mobile infrastructure to connect rural and underserved communities.

"We are grateful to Cygnum Capital and the Facility for Energy Inclusion for their continued support and flexibility," said Francis Létourneau, CEO of NuRAN Wireless Inc. "The receipt of this second drawdown is a testament to the strong partnership between NuRAN and FEI as we continue our mission to expand mobile connectivity in remote areas across Africa. These funds will help us achieve further significant progress towards our 2025 objectives."

The first drawdown, which <u>was announced on July 16, 2024</u>, was allocated toward operational and construction costs for the deployment of mobile network infrastructure in Cameroon.

NuRAN Wireless remains committed to bridging the digital divide by deploying affordable, renewable-powered mobile networks to rural Africa, providing greater access to communication, education, and economic opportunities.

---

| | |
|:---|:---|
| ![](img091_v1.jpg) | **PRESS RELEASE** |

---

**About Cygnum Capital** 

Cygnum Capital Group is an investment bank and asset manager, operating across frontier and emerging markets. Cygnum Capital Asset Management manages five pioneering funds: four debt funds including: (i) the African Local Currency Bond Fund ("ALCBF"), a ground-breaking investment vehicle established to support local currency capital markets, (ii) Off-Grid Energy Access Fund ("OGEF") which supports companies in off-grid energy such as SHS and small- medium mini-grids, (iii) FEI which support companies that provide a range of renewable energy solutions such as medium-large mini- grids, C&I and IPP with a maximum capacity of 25 MW, and (iv) AfricaGoGreen Fund ("AGG") which supports companies combating climate change by reducing the use of fossil fuels through new technologies and that increase energy efficiency and promote economic development in high impact target sectors; and a VC private equity fund (v) E3 Low Carbon Economy Fund for Africa ("E3 LCEF") which invests in climate-smart services, digital connectivity & applications, low-carbon productivity enablers. Cygnum Capital Asset Management has over $835 million in assets under management with investments in 27 African countries.

**About the Facility for Energy Inclusion** 

FEI is designed to support small-scale independent power producers delivering power to the grid, mini-grids, commercial and industrial and captive power projects. FEI was set up by the African Development Bank ("AfDB") as part of its New Deal for Africa initiative. In addition to the investment by the AfDB, FEI received equity funding from the German Federal Ministry for Economic Cooperation and Development through KfW and Norfund and loan commitments from the Austrian Development Bank and the International Finance Corporation (IFC). The AfDB also invested on behalf of the Clean Technology Fund and the European Commission.

The transaction was supported by FEI's Project Preparation Facility ("PPF"), funded by the Global Environment Facility, through the AfDB. The PPF provides returnable grant funding for last-mile processes crucial to closing transactions and to fund due diligence and preparatory costs incurred in establishing innovative structures or transactions that FEI seeks to lend to.

**About NuRAN Wireless**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:**

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

---

| | |
|:---|:---|
| ![](img091_v1.jpg) | **PRESS RELEASE** |

---

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

| | |
|:---|:---|
| ![](img091_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the signing of and drawdowns under the Loan Facility,* statements with respect to setting up our construction plan for 2024 and accelerating the achievement of major milestones by the end of the calendar year from proceeds of the Loan Facility, *statements with respect to any potential restructuring of debt and that the execution of the loan agreement with the DFIs will propel NuRAN to build towers at an aggressive pace and fulfil our 2024 and 2025 expectation. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to drawdown under the Loan Facility and obtain any required consents for the drawdowns under the Loan Facility, NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; NuRAN's ability to complete the DFI financings, our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.4

**Exhibit 99.4**

---

| | |
|:---|:---|
| ![](img092_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Delivers 20 New Sites in February**

**Quebec, QC, Canada, March 3<sup>rd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the successful delivery and installation of 20 network sites in rural Africa in the month of February 2025. This milestone aligns with NuRAN's strategic growth objectives as set out on February 10, 2025, and our commitment to expanding mobile connectivity in underserved regions.

The addition of these 20 sites marks an important achievement in NuRAN's ongoing efforts to bridge the digital divide and enhance telecommunications access across rural Africa. This expansion is a key step in the Company's overarching strategy to scale its Network-as-a-Service (NaaS) model and achieve positive EBITDA.

NuRAN remains focused on executing its expansion plans and maintaining network growth as a top priority. The Company will continue to scale its operations in key markets across Africa, further contributing to economic and social development by bringing connectivity to remote areas.

**About NuRAN Wireless**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

| | |
|:---|:---|
| ![](img092_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the signing of and drawdowns under the Loan Facility,* statements with respect to setting up our construction plan and accelerating the achievement of major milestones such as reaching EBITDA positive. *Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to drawdown under the Loan Facility and obtain any required consents for the drawdowns under the Loan Facility, NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; NuRAN's ability to complete any financing, our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.5

**Exhibit 99.5**

---

| | |
|:---|:---|
| ![](img093_v1.jpg) | **PRESS RELEASE** |

---

**For Immediate release**

**NuRAN Anticipates no Impact on Impending Tariff Changes**

**Quebec, QC, Canada, March 7<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, wishes to update its partners, clients, shareholders and other stakeholders on the impact of the recently proposed tariff changes within North America.

NuRAN has been closely monitoring the recently proposed changes in customs tariffs between the United States and Canada and would like to reassure stakeholders that these changes would have minimal impact on our operations.

**The majority of NuRAN's suppliers are not based in the United States; they are either in Canada or other international locations.**

NuRAN also sources a small portion of its material from suppliers based in the United States, but **they are mostly shipped directly to Africa, bypassing Canada entirely**. Therefore, **any new tariffs between the US and Canada will not materially affect costs or the flow of goods to our African operations.** In addition, the equipment sourced from the US for our radios accounts **for less than 5%** of the total material costs. Therefore, the impact of the proposed tariffs on our total operational costs would be **negligible.**

NuRAN Wireless remains committed to providing reliable and cost-effective solutions to our customers in Africa, and we continue to expand our operations with minimal disruption.

We appreciate the continued support of our partners and look forward to further advancing our work in the region.

**Impact of the Conflict Between the DRC and Rwanda on Our Operations**

NuRAN Wireless is closely monitoring the ongoing situation between the Democratic Republic of the Congo (DRC) and Rwanda. We would like to reassure our partners, clients, shareholders and other stakeholders that this conflict **currently has very limited impact on our operations.**

Our infrastructure and activities are currently concentrated in **the western part of the DRC**, a region that remains stable and secure. Our deployment plan for the near future is also focused exclusively on this region. Additionally, our employees are based in Kinshasa, where they continue their work with minimal disruption. We do not operate in Rwanda or in the eastern part of the DRC, areas that are directly affected by the ongoing tensions.

NuRAN remains vigilant and will continue to closely monitor the situation to ensure the safety of our teams and the continuity of our operations.

NuRAN stands in solidarity with the people of the DRC and sincerely hopes for a peaceful resolution of this conflict as soon as possible. Stability and cooperation are essential for the country's development, and we remain committed to playing our part in building a stronger, more connected future for the DRC.

---

| | |
|:---|:---|
| ![](img093_v1.jpg) | **PRESS RELEASE** |

---

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

---

| | |
|:---|:---|
| ![](img093_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.6

**Exhibit 99.6**

---

| | |
|:---|:---|
| ![](img094_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Announces 20 New Sites in March**

**Quebec, QC, Canada, April 2<sup>nd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, announces 20 new network sites in rural Africa in the month of March 2025.

NuRAN previously targeted 42 new sites for the month of March. 21 towers currently in inventory in the DRC remain in transit, delaying their deployment. NuRAN is monitoring the situation daily and hopes to resolve the issue in the coming days.

The addition of these 20 new sites marks another important step towards reaching positive EBITDA. NuRAN has deployed 40 new sites so far in 2025 with a target of 204 by the end of June. This short-term delay should not impact the targeted goal.

Current live sites continue their growth trajectory, leading to increased revenue per site. This has resulted in NuRAN having already reached its revenue forecast for this reporting period.

NuRAN remains focused on executing its expansion plans and maintaining network growth as a top priority. The Company will continue to scale its operations in key markets across Africa, further contributing to economic and social development by bringing connectivity to remote areas.

**About NuRAN Wireless**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

| | |
|:---|:---|
| ![](img094_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the signing of and drawdowns under the Loan Facility,* statements with respect to setting up our construction plan and accelerating the achievement of major milestones such as reaching EBITDA positive. *Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to drawdown under the Loan Facility and obtain any required consents for the drawdowns under the Loan Facility, NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; NuRAN's ability to complete any financing, our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.7

**Exhibit 99.7**

**Nuran Wireless Inc.**

**Consolidated Financial Statements**

**December 31, 2024 and 2023**

---

| | |
|:---|:---|
| Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Financial Position | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements Net Loss and Comprehensive Loss | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Shareholders' Equity (Deficiency) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements | 10-66 |

---

![](img096_v1.jpg)<sub>1</sub>

**<u>INDEPENDENT AUDITOR'S REPORT</u>**

To the Shareholders of Nuran Wireless Inc.

**Opinion**

We have audited the consolidated financial statements of Nuran Wireless Inc. and its subsidiaries (together, the "Company"), which comprise the consolidated statement of financial position as at December 31, 2024, and the consolidated statements of net loss and comprehensive loss, changes in shareholders' equity (deficiency) and cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2024, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB").

**Basis for Opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards ("GAAS"). Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audits of the Consolidated Financial Statements* section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Material Uncertainty Related to Going Concern**

We draw attention to Note 1 to the consolidated financial statements which indicates that as at December 31, 2024, the Company had a working capital deficiency of $19,103,397 and an accumulated deficit of $72,797,613 and, for the year then ended, the Company incurred a net loss of $8,755,860 and an operating cash deficiency of $6,221,099. These events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

**Key Audit Matters**

Key audit matters are those that, in our professional judgement, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in the *Material Uncertainty Related to Going Concern* section, we have determined the matter described below to be the key audit matter to be communicated in our report.

![](img096a_v1.jpg)

![](img097_v1.jpg)<sub>2</sub>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key audit matter description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**How our audit addressed the key audit matter** |
| &nbsp;&nbsp; **Convertible Debentures**<br>*(Refer to note 17 in the consolidated financial statements)*<br>On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of US$2,194,772 with an original issue discount equal to 25% of the payable amount, an interest rate of 15% per annum and a maturity of August 16, 2026.<br>The convertible debentures represent a hybrid financial instrument with the conversion option being an embedded derivative that was classified as fair value through profit and loss.<br>As at December 31, 2024, the derivative liability was valued at $nil and management recorded a fair value adjustment on the derivative liability for the year of $53,482 in the consolidated statements of net loss and comprehensive loss.<br>The accounting treatment for the convertible debentures requires judgment in estimating the respective fair values of the liability and the derivative components.<br>This matter is a key audit matter because the amounts are material and estimating the fair value of the convertible debentures and the fair value of` the embedded derivate requires the use of an appropriate valuation model that incorporates the interest rate, the Company's share price, and the volatility rate.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our procedures included, amongst others:<br>● We obtained and reviewed the agreement and confirmed the terms of the convertible debentures outstanding balance with the counter party;<br>● We analysed the Company's assessment of the accounting treatment of the convertible debentures;<br>● We assessed the mathematical accuracy of the calculations of the derivative liability on the initial recognition and as at year-end including the appropriateness of the interest rate, share price and volatility rate used by management;<br>● We assessed the mathematical accuracy of the calculations of the outstanding debentures balance and its related interest.<br>● We assessed the reasonableness of the Company's accounting treatment and disclosure of the convertible debentures and their related embedded derivate in accordance with IFRS 9;<br>|

---

**Other Matter**

The consolidated financial statements of the Company as at and for the year ended December 31, 2023, were audited by another auditor who expressed an unmodified opinion on those statements on April 26, 2024.

![](img098_v1.jpg)<sub>3</sub>

**Other information**

Management is responsible for the other information. The other information comprises the information included in the Management's Discussion and Analysis ("MD&A") but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the MD&A and we do not express and form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the MD&A identified above and, in doing so, consider whether the MD&A is materially inconsistent with the consolidated financial statements, or our knowledge obtained in the audit, or otherwise appears to be misstated.

We obtained the MD&A prior to the dale of this auditor's report. If based on the work we have performed on this MD&A, we conclude that there is a material misstatement of this MD&A, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

**Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as issued by the IASB, and Tor such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with GAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

![](img099_v1.jpg)<sub>4</sub>

● Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

● Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

● Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

![](img100_v1.jpg)<sub>5</sub>

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Ahmad Aslam.

---

| | |
|:---|:---|
|  | ![](img100a_v1.jpg) |
| Toronto, Ontario | Chartered Professional Accountants |
| April 30, 2025 | Licensed Public Accountants |

---

**Nuran Wireless Inc.**

**Consolidated Statements of Financial Position**

As at December 31, 2024 and 2023

(Expressed in Canadian dollars)

---

| |
|:---|
| ***ASSETS*** |
| **Current assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables (Note 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues (Note 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories (Note 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;&nbsp;**Current assets** |
| **Non-current assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets (Note 11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |
| **Total assets** |
| ***LIABILITIES*** |
| **Current Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables (Note 12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue (Note 13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable (Note 14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures (Note 17A) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 17B) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |
| **Non-current liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (Note 16) |
| **Total liabilities** |
| ***Shareholders' deficiency*** |
| Share capital (Note 18) |
| Warrants (Note 19) |
| Contributed surplus (Note 20) |
| Fair value of conversion option (Note 21) |
| Foreign exchange in translation of foreign operations**)** |
| Accumulated deficit |
| **Total shareholders' deficiency** |
| **Total liabilities and shareholders' deficiency** |

---

Nature of operations and going concern (Note 1) <br> Subsequent events (note 33)

These consolidated financial statements were approved by the Board of Directors of the Company on April 30, 2025, and signed on their behalf by:

---

| | |
|:---|:---|
| ![](img101_v1.jpg) | ![](img102_v1.jpg) |
| Director | Director |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Net Loss and Comprehensive Loss** 

For the years ended December 31, 2024 and 2023

(Expressed in Canadian dollars)

---

| |
|:---|
| **Revenue (Note 31)** |
| Cost of sales |
| **Gross profit** |
| Selling expenses (Note 28) |
| Administrative expenses (Note 28) |
| Employee shared-based compensation (Note 28) |
| Financial expenses (Note 24) |
| Research and development costs, net of $115,780 in tax credit ($126,738 as at December 31, 2023) |
| Loss before other elements |
| Other elements |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on debt settlement (Note 14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of inventory (Note 8)**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of inventory (Note 8)**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of assets) |
| &nbsp;&nbsp;&nbsp;&nbsp;Waive of lease liabilities (Note 16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on loan |
| Loss before income taxes**)** |
| Income tax expense |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (Note 23) |
| **Net loss for the year** |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |
| Foreign exchange difference on translation of foreign operations |
| **Comprehensive loss for the year** |
| **Net loss per share (Note 22)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted loss per share |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Changes in Shareholders' Equity (Deficiency)**

For the years ended December 31, 2024 and 2023

(Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Contributed Surplus** | **Fair value of the<br> conversion<br> option** |
|  | **Number** | **$** | **$** |
| **Balance as at January 1, 2024** | **43043579** | **6623292** | **21990))** |
| Issue of share capital (Note 18) | **14650553** | **—** | **—** |
| Net loss for the year | **—** | **—** | **—))** |
| Foreign exchange in translation of foreign operations | **—** | **—** | **—))** |
| Convertible debenture (Note 16) | **—** | **—** | **19856** |
| Debenture conversion (Notes 17A and 18) | **1000000** | **—** | **—** |
| Issue of warrants (Note 19) | **—)** | **—** | **—** |
| Warrants forfeited (Note 18 and 19) | **—)** | **108148** | **—** |
| **Balance as at December 31, 2024** | **58694132** | **6731440** | **41846)** **))** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Share capital | Contributed Surplus | Fair value of the<br> conversion option |
|  | Number | $| $|
| Balance as at January 1, 2023 | 35008197 | 3020950 | 20564) |
| Issue of share capital (Note 17) | 3659215 |  |  |
| Net loss and total comprehensive income |  |  |  |
| for the year |  | —) |  |
| Foreign exchange in translation of foreign operations |  |  |  |
| convertible debenture (Note 16) |  |  | 1426 |
| Debenture conversion share capital (Notes 16 and 17) | 3056167 |  |  |
| Issue of warrants (Note 18) | —) |  |  |
| Exercise of warrants (Notes 18 and 19) | 1250000) |  |  |
| Warrants expired (Note 18 and 19) |  | 3448342 |  |
| Warrants forfeited (Note 18 and 19) |  | 24000 |  |
| Employee shared-based compensation (Notes 17, 18 and 19) | 70000 | 130000 |  |
| Balance as at December 31, 2023 | 43043579 | 6623292 | 21990) |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Cash Flows**

For the years ended December 31, 2024 and 2023

(Expressed in Canadian dollars)

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in Surplus (Deficiency) |  |  |
| ***OPERATING ACTIVITIES*** |  |  |
| Net loss and total comprehensive income |  |  |
| Non-cash flow adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of intangible assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on overdue payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of inventory |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Waive of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) write-off of assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) write-off of inventory |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payment expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants issued for services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on factoring agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on convertible debentures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss adjustment |  |  |
| Net change in working capital items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  |  |
| Net cash used in operating activities |  |  |
| ***INVESTING ACTIVITIES*** |  |  |
| Proceeds from the disposal of property, plant and equipment |  |  |
| Purchase of property, plant and equipment |  |  |
| Purchase of intangible assets |  |  |
| Payments for leasehold improvements |  |  |
| Net cash generated in investing activities |  |  |
| ***FINANCING ACTIVITIES*** |  |  |
| Proceeds from long-term debt |  |  |
| Proceeds from lease liabilities |  |  |
| Proceeds loans |  |  |
| Proceeds (repayment of) promissory notes |  |  |
| Proceeds (repayment of) from factoring agreement |  |  |
| Repayment of loans |  |  |
| Repayment of lease liabilities |  |  |
| Repayment convertible debentures |  |  |
| Proceeds from convertible debentures |  |  |
| Net cash generated in financing activities |  |  |
| **Net increase in cash** |  |  |
| Cash, beginning of year |  |  |
| Effect of exchange rates on cash |  |  |
| **Cash, end of year** |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

1. NATURE
 OF OPERATIONS AND GOING CONCERN

Nuran Wireless Inc. ("Nuran") was incorporated in the province of British Columbia, Canada on September 23, 2014. Nuran's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

Nuran's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR".

Nuran with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of Nuran's subsidiaries included in these consolidated financial statements as at December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries | &nbsp;&nbsp;Country of incorporation | &nbsp;&nbsp;Percentage ownership | &nbsp;&nbsp;Functional currency | &nbsp;&nbsp;&nbsp;&nbsp;Principal activity |
| Innovation Nutaq Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless (Africa) Holding | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Holding company |
| Nuran Wireless DRC SA | &nbsp;&nbsp;DRC | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cameroon Ltd | &nbsp;&nbsp;Cameroon | &nbsp;&nbsp;100% | &nbsp;&nbsp;XAF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Benin S.A.R.L.U | &nbsp;&nbsp;Benin | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Madagascar S.A.R.L.U | &nbsp;&nbsp;Madagascar | &nbsp;&nbsp;100% | &nbsp;&nbsp;MGA | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cote d'Ivoire S.A.R.L.U | &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |

---

XAF – Central African Francs; XOF – West African Franc; MGA – Malagasy Ariary;

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build, sell to a customer and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These consolidated financial statements have been prepared on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business. For the year ended December 31, 2024 the Company incurred a net loss of $8,755,860 (2023 - $12,322,245) and used net cash of $6,221,099 (2023 - $9,075,500) in operating activities and, as of that date, had an accumulated deficit of $72,797,613 (2023 - $64,041,753) and a working capital deficiency of $19,103,397 (2023 – $12,635,603).

While these conditions indicate the existence of uncertainties that cast a doubt on the Company's ability to continue as a going concern, they highlight the need for ongoing capital and operational management. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth, and the Company has also realised recent growth in revenue which reduces the need to raise capital at the same level in the future. Management is focused on executing its strategy centered around the Network-as-a-Service (NaaS) model, which includes the deployment of over 5,000 rural mobile sites under contracts signed between 2020 and 2024.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

1. NATURE
 OF OPERATIONS AND GOING CONCERN (CONTINUED)

The transition to the NaaS model involves significant upfront investment in network infrastructure. However, the Company has made meaningful progress in restructuring and repositioning its operations, including improving revenue generation and the operational performance of existing NaaS sites.

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

2. BASIS
 OF ACCOUNTING

**Basis of accounting**

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board ("IASB"), and Interpretations of the International Financial Reporting Interpretation Committee ("IFRIC"). The accounting policies set out below were consistently applied to all periods presented unless otherwise noted. These financial statements have been prepared on an accrual basis and are based on historical cost.

The consolidated financial statements for the year ended December 2024 (including comparatives) were approved and authorized for issue by the Board of Directors on April 30, 2025. The Board of Directors of the Company has the power to amend the consolidated financial statements after issue.

**Basis of consolidation**

<u>Subsidiaries</u>

Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its profit and loss The financial statements of the subsidiaries are included in these consolidated financial statements from the date on which control commences until the date on which control ceases. Details of the subsidiaries are included in note 1.

<u>Transactions eliminated on consolidation</u>

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated on consolidation.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the 12 months period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

2. BASIS
 OF ACCOUNTING (CONTINUED)

**Functional and presentation currency**

These consolidated financial statements are presented in Canadian dollars ("dollar"), which is Nuran's presentation currency. All amounts have been rounded to the nearest dollar unless otherwise indicated. Details of the subsidiaries' functional currencies are included in note 1.

<u>Foreign currency transactions</u>

Transactions in foreign currencies are translated into the respective functional currencies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in consolidated statements of net loss and comprehensive loss.

<u>Foreign operations</u>

The assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Canadian dollars at the average exchange rates for the period. Foreign currency differences are recognized in other comprehensive income (loss) and accumulated in the translation reserve. For the current year, a loss of $1,170,878 was recognized in the translation reserve (2023 - $191,355).

3. MATERIAL
 ACCOUNTING POLICY INFORMATION

**Revenue**

To determine whether to recognize revenue, the Company follows a five-step process:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying
 the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;2. Identifying
 the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;3. Determining
 the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;4. Allocating
 the transaction price to the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognizing revenue when/as performance obligations are satisfied. Revenue arises from the sale of goods and the rendering of services and is measured at the consideration to which the Company expects to be entitled in exchange for transferring promised goods and services to customer, excluding sales taxes.

The Company recognizes revenue from -two sources: sale of goods and rendering of services (Network as a Service).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

Sale of goods

Performance obligations for the Company's revenue that is derived from the sale of goods is recognised at a point in time, when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Company no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.

Revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered).

Network as a Service ("NaaS")

The Company's Network as a Service ("NaaS") contracts normally contain two performance obligations: the construction and sale of the network site, and the operation of the network site. Revenue for the construction and sale of the network site is recognised at a point in time, when the network has been constructed and accepted by the customer. Legal title is not passing to the customer until the defined transfer date. Revenue for the network operation is recognised typically on an over time basis, over the life of the contract. This is because the customer simultaneously receives and consumes the benefits of the network operation services throughout the term of the contract and the contracts require payment to be received for the time and effort spent by the Company on progressing the contract.

The Company's NaaS contracts operating revenue is a fixed guaranteed minimum amount plus a variable portion equal to a percentage of the gross margin (defined as gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) earned by the network over the life of the contract. When estimating the percentage of gross margin earned by the network sites the Company has been constrained because it does not yet have sufficient historical experience to reliably estimate the value of the payment that will be received and is a function of the mobile voice and data traffic which is unknown.

On the sale of network sites, the Company accepts monthly instalment payments from the date the site is accepted/recognized as operational up to the contractual transfer date, in advance of the transfer of the legal title (sale). The Company measures the amount of revenue to recognise on delivery of the goods by calculating a financing component at the interest rate that would have applied had the Company borrowed the funds from its customer.

The transaction price is then allocated between all performance obligations on a relative stand-alone selling price basis. The stand-alone selling price per site is estimated based on the expected cost of building the site, including the financing component, plus a profit margin (Gross Cost). The difference between the Gross Cost and the estimate of the Gross Margin for each of the Network's sites, is classified as operational income.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICYINFORMATION (CONTINUED)

The costs of fulfilling contracts do not result in the recognition of a separate asset because for service contracts, revenue is recognised over time by reference to the stage of completion meaning that control of the asset (the design service) is transferred to the customer on a continuous basis as work is carried out. Consequently, no asset for work in progress is recognised.

**Property, plant and equipment**

Property, plant and equipment are initially recognized at acquisition cost, including any costs directly attributable to bringing the assets to the location and condition necessary for it to be operated in the manner intended by the Company's management. They are subsequently measured using the cost model, cost less accumulated depreciation and impairment losses.

Depreciation is recognized according to the following methods to write down the cost less estimated residual value, if any. The following rates are applied:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Methods | Rates |
| Leasehold improvements | &nbsp;&nbsp;&nbsp;&nbsp;straight-line | 5 years |
| Equipment and furniture, telecommunication system, furniture and fixtures | &nbsp;&nbsp;&nbsp;&nbsp;decreasing | 20% |
| Computer equipment | &nbsp;&nbsp;&nbsp;&nbsp;decreasing | 30% |

---

The residual value, depreciation method and useful life of each asset are reviewed at least at each financial year-end.

Gains or losses arising from the disposal of property, plant and equipment are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss when incurred.

**Intangible assets**

<u>Recognition of intangible assets</u>

The acquired computer software is capitalized on the basis of costs incurred to acquire and install the specific software. Trademarks acquired are recognized as intangible assets at their cost. The Company also develops third and forth generation mobile networks (3G,4G).

Expenditure on the research phase of projects is recognized as an expense as incurred. Costs that are attributable to a project's development phase are recognized as intangible assets, provided that they meet the following recognition requirements:

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 development costs can be measured reliably;

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 project is technically and commercially feasible;

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 Company intends and has sufficient resources to complete the project;

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 Company has the ability to use or sell the asset;

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 asset will generate probable future economic benefits.

Development costs not meeting these criteria for capitalization are expensed as incurred. Directly attributable costs include employee costs incurred on development along with an appropriate portion of relevant overheads.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

<u>Subsequent measurement</u>

All intangible assets are accounted for using the cost model whereby capitalized costs (except for trademarks) are amortized over their estimated useful lives, as these assets are considered finite. The following amortization method and rate are applied:

---

| | | |
|:---|:---|:---|
|  | Method | Rate |
| Software | Straight-line | 20% |
| 3G and 4G software | Units of production |  |

---

As no finite useful life for trademarks can be determined, related carrying amounts are not amortized.

The residual value, depreciation method and useful life of each asset are reviewed at least at each financial year-end.

Gains or losses arising from the disposal of intangible assets are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss when incurred.

**Right-of-use assets**

Right-of-use assets are initially measured at the amount of the lease liability. Subsequent to initial measurements, right-of-use assets are amortized on a straight-line basis over the remaining term of the lease.

**Impairment of financial assets**

A maximum 12-month allowance for ECL is recognized from initial recognition reflecting the portion of lifetime cash shortfalls that would result if a default occurs in the 12 months after the reporting date, weighted by the risk of a default occurring.

A lifetime ECL allowance is recognized if a significant increase in credit risk is detected subsequent to the instruments initial recognition reflecting lifetime cash shortfalls that would result over the expected life of a financial instrument.

A lifetime ECL allowance is recognized for credit impaired financial instruments.

The Company assesses all information available, including on a forward-looking basis the expected credit losses (ECL) associated with any financial assets carried at amortized cost.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Company in full or when the financial asset is more than 90 days past due.

The carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

**Financial instruments**

<u>Recognition and initial measurement</u>

The Company recognizes financial liability when it becomes a party to the contractual provisions of the instrument. At initial recognition, the Company measures financial liabilities at their fair value plus transaction costs that are directly attributable to their issuance, except for financial liabilities subsequently measured at fair value through profit or loss for which transaction costs are immediately recorded in profit or loss. Where an instrument contains both a liability and equity component, these components are recognized separately based on the substance of the instrument, with the liability component measured initially at fair value and the equity component assigned the residual amount after deducting from the fair value of the instrument as a whole the amount separately determined for the liability component.

Derecognition of financial liabilities

The Company derecognizes a financial liability only when its contractual obligations are discharged, cancelled or expire.

<u>Classification and subsequent measurement</u>

Subsequent to initial recognition, all financial liabilities are measured at amortized cost using the effective interest rate method. Interest, gains and losses relating to a financial liability are recognized in profit or loss. Financial liabilities measured at amortized cost are comprised of accrued liabilities.

Financial assets are classified into the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;■ Amortized
 cost;

&nbsp;&nbsp;&nbsp;&nbsp;■ Fair
 value through profit or loss (FVPL);

&nbsp;&nbsp;&nbsp;&nbsp;■ Fair
 value through other comprehensive income (FVOCI).

For the periods considered, all financial assets of the Company are classified into the amortized cost category.

The classification is determined by both the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

All income and expenses relating to financial assets are recognized in profit or loss.

<u>Subsequent measurement of financial assets</u>

After initial recognition, these are measured at amortized cost using the effective interest method, minus, if any, an allowance for impairment loss. Discounting is omitted where the effect of discounting is immaterial. Cash and trades and other receivables fall into this category of financial instruments.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

<u>Impairment of financial assets</u>

IFRS 9's impairment requirements use more forward-looking information to recognize expected credit losses. Instruments within the scope of the requirements included accounts receivable. Recognition of credit losses is no longer dependent on the Company first identifying a credit loss event. Instead, the Company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

In applying this forward-looking approach, a distinction is made between:

&nbsp;&nbsp;&nbsp;&nbsp;■ Financial
 instruments that have not deteriorated significantly in credit quality since initial
 recognition or that have low credit risk ("Stage 1"); and

&nbsp;&nbsp;&nbsp;&nbsp;■ Financial
 instruments that have deteriorated significantly in credit quality since initial recognition
 and whose credit risk is not low ("Stage 2").

"Stage 3" would cover financial assets that have objective evidence of impairment at the reporting date.

"Twelve-month expected credit losses" are recognized for the first category while "lifetime expected credit losses" are recognized for the second category.

Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument.

The Company assesses the impairment of trade accounts receivable on an individual basis since they originate from specific contracts.

<u>Classification and measurement of financial liabilities</u>

The Company's financial liabilities include trade and other payables, deferred revenue, loans payable, long-term debt, convertible debentures and derivative liabilities and lease liabilities.

Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at fair value through profit or loss.

Subsequently, financial liabilities are measured at amortized cost using the effective interest method except for derivatives and financial liabilities designated at FVPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss.

All interest-related charges and, if applicable, changes in an instrument's fair value that are reported in the profit and loss are included within financial expenses.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

**Convertible debentures**

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through profit and loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost. Original issuance discount represents the difference between the face value and the actual proceeds received from the debentures and loans which is amortized over time through accretion. The fair value adjustment is the difference between the present value of the existing debenture and the present value of the new debenture. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

The Company accounts for amendments to convertible debt as a substantial modification if one of the following tests are met:

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 present value of the cash flows under the terms of the new debt instrument is at least
 10 percent different from the present value of the remaining cash flows under the terms
 of the original instrument; or

&nbsp;&nbsp;&nbsp;&nbsp;■ A
 significant change in the terms and conditions such that immediate derecognition is required
 with no additional quantitative analysis.

A substantial modification shall be accounted for like an extinguishment. If any of the tests above are not met, the debt is accounted for as a debt modification.

Leases

An agreement is a lease if the agreement conveys the right to obtain substantially all of the economic benefit from the use of the identified asset and the right to direct the use of the identified asset.

**19** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

<u>Company as a lessee</u>

The Company leases certain property, plant and equipment as right-of-use assets. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Assets and liabilities arising from a lease are initially measured on a present value basis, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease liabilities include the present value of fixed and variable payments, residual value guarantees, exercise of purchase options if reasonably certain to be exercised and any penalties for terminating the lease if reasonably certain to terminate. Right-of-use assets are measured at cost comprised of the amount of the initial measurement of the lease liability plus any lease payments made before the lease commencement date, any initial direct costs and restoration costs. Lease payments are allocated between finance charges and a reduction of the outstanding lease obligation. Finance charges are recognized in net earnings, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance with the Company's general policy on borrowing costs. If the underlying right-of-use asset transfers to the lessee at the end of the lease term or the lessee is reasonably certain to exercise a purchase option, the depreciation shall be the useful life of the right-of-use asset in accordance with the Company's depreciation methods and rates based on the class of the right-of-use asset. Otherwise, the right-of-use assets are depreciated over the shorter of the useful life of the asset and the lease term on a straight-line basis. The Company is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect. When the adjustments for variable payments take effect, the lease liability is reassessed and adjusted against the right-of-use asset.

For any contracts with a short-term or if the present value of the right-of-use asset has a low-value, the Company will expense the lease payments as incurred and no right-of-use asset will be recorded.

Right-of-use assets are initially measured at the amount of the lease liability. Subsequent to initial measurements, right-of-use assets are amortized on a straight-line basis over the remaining term of the lease.

Lease liabilities

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made.

**Income taxes**

The tax expense recognized in the profit or loss comprises the sum of deferred taxes and current taxes not recognized directly in equity.

Current income tax assets and/or liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current taxes are payable on taxable profit, which differs from profit or loss in the consolidated financial statements. The calculation of current taxes is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period

**20** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred taxes are not provided on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit.

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided that those rates are enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on the

Company's forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax liabilities are always provided for in full.

Deferred tax assets and liabilities are offset only when the Company has the right and intention to set off current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are directly in equity, in which case the related deferred taxes are also recognized in equity.

**Investment tax credits and government assistance**

Investment tax credits and government assistance related to current expenses are accounted for as a reduction of research and development costs and as other revenue, respectively, while those related to the acquisition of property, plant and equipment or intangible assets are accounted for as a reduction of the cost of the related asset. Investment tax credits and government assistance are accrued in the 14 months period in which the related expenses or capital expenditures are incurred, provided that the Company is reasonably certain that the credits will be received. Investment tax credits must be examined and approved by tax authorities and it is possible that the amounts granted will differ from the amounts recorded.

**Inventories**

Raw materials are valued at the lower of cost and net realizable value, the cost being determined using the first in, first out method. Raw materials consists of the materials used in the manufacturing of equipment. Finished goods are valued at the lower of cost and net realizable value, the cost being determined using the first in, first out method. Finished goods consist of the equipment used in production, sites construction for NaaS sites, which are sold upon completion of NaaS sites.

**21** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

**Equity and Reserves**

Share capital represents the paid-up capital of shares that have been issued, net of share issue cost.

Retained earnings (deficit) include all current and prior period retained profits and losses.

Contributed surplus includes costs recognized in accordance with the share-based compensation, warrants and expired convertible debenture equity components.

<u>Unit placements</u>

The proceeds from the issued units are allocated between the shares and the warrants using the fair value method. Proceeds are allocated between shares and warrants based on the relative weight of the fair value of each component. The fair value of the shares is determined by the market price and the warrants by using Black-Scholes option pricing model.

**Share-based compensation**

The Company operates an equity-settled share-based remuneration plan for its employees, which is not cash-settled. Moreover, the Company may grant warrants to its suppliers as payment of goods and services. All goods and services received in exchange for the grant of any share-based payments are measured at their fair value.

Where employees are rewarded using share-based payments, the fair value of employees' services is determined indirectly by reference to the fair value of the equity instruments granted.

Where suppliers are rewarded using share-based payments, the Company estimates the fair value of the goods or services received, unless such fair value cannot be estimated reliably. In such a case, the fair value of the goods or services is determined indirectly by reference to the fair value of the equity instruments granted.

The fair value of the equity instruments granted is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, profitability and sales growth targets and performance conditions).

All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to equity in "Contributed surplus". If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest.

Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to cumulative share-based compensation resulting from a revision is recognized in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.

Upon exercise of warrants or share options, the proceeds received and the compensation costs previously recorded as contributed surplus, net of any directly attributable transaction costs, are allocated to share capital.

**22** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

For those warrants that expire unexercised, the recorded value is transferred from warrant reserve to the deficit. Expired options remain in the contributed surplus.

**Provisions, contingent assets and contingent liabilities**

Provisions for legal disputes, onerous contracts or other claims are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain.

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognized as a separate asset. However, this asset may not exceed the amount of the related provision.

No liability is recognized if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote.

**Significant management judgments in applying accounting policies and estimation uncertainty**

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

<u>Significant management judgments</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Going
 concern:

The assessment of the Company's ability to continue as a going concern, to raise sufficient funds to pay for its ongoing operating expenditures and to discharge its liabilities for the ensuing year involves significant judgment based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances (Note 1).

Capitalization of internally developed software:

Distinguishing the research and development phases of a new customized software project and determining whether the recognition requirements for capitalization of development costs are met requires judgment. After capitalization, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalized costs may be impaired (Note 10).

**23** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
ACCOUNTING POLICY INFORMATION (CONTINUED)

&nbsp;&nbsp;&nbsp;&nbsp;■ Debt
 modification:

The Company needs to exercise judgment to determine the impact of any changes to the terms of the convertible debentures and then apply the guidance set out in IFRS 9 - Financial Instruments to determine whether the change is considered a debt extinguishment or a debt modification (Notes14, 17).

<u>Estimation uncertainty</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Inventories:

Management estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future technology, or other market-driven changes or their routing and use oversea that may reduce future selling prices.

&nbsp;&nbsp;&nbsp;&nbsp;■ Recognition
 of investment tax credits:

Determining the amount of investment tax credits requires estimates and significant judgment as management needs to assess if research and development projects for which investment tax credits are claimed are eligible, as well as assessing if the expenses incurred are eligible.

&nbsp;&nbsp;&nbsp;&nbsp;■ Expected
 credit loss of trade accounts receivable:

Significant estimates and judgments are required in the application of IFRS 9 when measuring the expected credit losses and the assessment of expected credit loss provisions required for trade accounts receivable, including the forward-looking information to adjust historic loss rates (Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;■ Share-based
 compensation:

Significant estimates and judgments are required in determining the fair value of the equity instruments granted as share-based compensation or the fair value of goods or services received. The estimated value of share-based compensation requires the selection of an appropriate valuation model and data and consideration as to the volatility of the Company's own shares, the probable life of share options and warrants granted and the time of exercise of those share options and warrants. The model used by the Company is the Black-Scholes valuation model (Notes 19 and 20).

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 determination of the recoverable amount of non-financial assets:

In assessing impairment, management estimates the recoverable amount of each asset of the cash-generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainties relate to assumptions about future operating results and the determination of a suitable discount rate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

3. MATERIAL
 ACCOUNTING POLICY INFORMATION (CONTINUED)

&nbsp;&nbsp;&nbsp;&nbsp;■ The
 determination of incremental borrowing rate used and expected lease lengths in the application
 of IFRS 16 - Leases:

Determining the incremental borrowing rate is more complex than simply determining the weighted rate that an entity pays on its current borrowings. The Company determines the incremental borrowing rate by taking into consideration the base rate, financing factors, and asset factors. The Company determines the expected lease lengths by assessing the periods for which the lease contract is enforceable. A lease is no longer enforceable when the lessee and the lessor each has the right to terminate the lease without permission from the other party with no more than an insignificant penalty (Note 16).

&nbsp;&nbsp;&nbsp;&nbsp;■ Effective
 interest rate of convertible financial instruments:

For accounting of convertible financial instruments, the Company needs to determine the effective interest rate required to evaluate the fair value of the liability component. The effective interest rate should be the market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Determining such a market rate requires assumptions such as comparable loans on the market and qualitative and quantitative analysis of the financial position of the Company (Note 17).

● Income taxes:

The determination of the Company's tax expense or recovery for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used.

● Fair value of the derivative liability:

Determining the fair value of the derivative liability involves the application of the partial differential equations method. The Company uses its judgment to select a valuation model and to develop unobservable inputs to determine the fair values of the derivative liability at the end of each reporting period. Determining the fair values of the derivative liability requires management to use significant unobservable inputs related to the expected volatility and the credit spread. The valuation of the convertible debenture is subjective and can impact profit and loss significantly.

4. APPLICATION
 OF NEW AND REVISED ACCOUNTING STANDARDS

The Company adopted the amendments to IAS 1 Presentation of Financial Statements regarding the classification of liabilities as current or non-current and non-current liabilities with covenants, amendments to IFRS 16 Leases regarding the measurement requirements for sale and leaseback transactions, and amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Statements: Disclosures regarding additional disclosures about supplier finance arrangements, which were effective for annual periods beginning on or after January 1, 2024. These amendments did not have a material impact on the consolidated financial statements.

**25** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

4. APPLICATION
 OF NEW AND REVISED ACCOUNTING STANDARDS (CONTINUED)

Future changes in significant accounting policies

At December 31, 2024, the following standards and interpretations which may be applicable to the Company, but have not yet been applied in these consolidated financial statements, were in issue but not yet effective: IFRS 18 Presentation and Disclosure in Financial Statements and consequential amendments to other IFRS standards:

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1, IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company has not early adopted this IFRS.

Amendments to IAS 21

Lack of exchangeability requires an entity to use a consistent approach when exchanging a currency into another. If the currency is unexchangeable, a consistent approach must be used in determining the exchange rate and necessary disclosures.

The Company does not anticipate these amendments to have a significant impact on its financial statements.

5. OPERATING
 SEGMENTS

During the year ended December 31, 2024, the Company operated as a manufacturer of digital electronic circuits and wireless telecommunication products, which was considered one reportable segment under the requirements of IFRS 8.

The Company changed its business model in its subsidiaries to act also as a Network as a Service (NaaS) entity in various geographical areas which was considered another reportable segment under the requirements of IFRS 8.

The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker.

6. TRADE
 AND OTHER RECEIVABLES

---

| |
|:---|
| Trade accounts receivable, gross |
| Allowance for credit losses |
| Indirect taxes receivable |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

6. TRADE
AND OTHER RECEIVABLES (CONTINUED)

All amounts are short-term amounts. Accordingly, the carrying amount of trade and other receivables is considered a reasonable approximation of their fair value. The Company does not hold any collateral as security.

The expected loss rates are based on the Company's historical credit losses experienced over the four-year period prior to the year end.

The variation of the allowance for credit losses is presented below:

---

| | |
|:---|:---|
|  | **For the years ended December 31,**<br>**2024** |
| Opening balance |  |
| Write-off) |  |
| Impairment loss |  |
| Exchange difference on allowance for credit losses |  |
| Closing balance |  |

---

The lifetime expected loss provision for trade receivables is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2024** |
| December 31, 2024 | Current | More than<br> 30 days<br> past due | More than<br> 60 days<br> past due | More than<br> 90 days<br> past due | Total |
| Expected loss rate | 0% | 0% | 0% | 5.59% | 4.38% |
| Gross carrying amount | $277462 | $69787 | $100563 | $1622116 | $2069928 |
| Loss provision | $— | $— | $— | $90618 | $90618 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

6. TRADE
AND OTHER RECEIVABLES (CONTINUED)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | 2023 |
| December 31, 2023 | Current | More than<br> 30 days<br> past due | More than<br> 60 days<br> past due | More than<br> 90 days<br> past due | Total |
| Expected loss rate | 0% | 0% | 0% | 0.40% | 0.31% |
| Gross carrying amount | $99048 | $117437 | $85674 | $974421 | $1276580 |
| Loss provision | $— | $— | $— | $3925 | $3925 |

---

7. ACCRUED
 REVENUES

---

| |
|:---|
| Equipments sale |
| Services revenues |
| Interest revenues |
| Sites revenues (Note 3) |

---

Accrued revenues represents the cumulative deployment and construction sites revenue recognized under IFRS 15 for which the performance obligation has not been delivered.

8. INVENTORIES

---

| | | |
|:---|:---|:---|
|  | 2023 | 2023 |
|  | $— | $|
| Raw materials |  | 988766 |
| Finished goods |  | 678482 |
| Work in progress |  | 3121560 |
|  |  | 4788808 |

---

During the year, management impaired $4,930 ($nil in 2023) of inventory in profit and loss. Management also write off $173,193 ($nil for 2023) of inventory in profit and loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

9. PROPERTY,
PLANT AND EQUIPMENT

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2024** |
|  | **Leasehold<br> improvements** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| Disposal |  |
| Write- off**))** |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2023 |  |
| Depreciation |  |
| Disposal |  |
| Write- off**))** |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| **Carrying amount as at December 31, 2024** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

9. PROPERTY,
PLAN AND EQUIPMENT (CONTINUED)

---

| | |
|:---|:---|
|  | 2023 |
|  | Leasehold<br> improvements |
| Gross carrying amount |  |
| Balance as at December 31, 2022 |  |
| Additions |  |
| Disposal) |  |
| Current translation effects |  |
| Balance as at December 31, 2023 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2022 |  |
| Depreciation |  |
| Disposal) |  |
| Current translation effects |  |
| Balance as at December 31, 2023 |  |
| Carrying amount as at December 31, 2023 |  |

---

For the year ended December 31, 2024, a total of $22,274 ($nil in 2023) of assets was written off and included in profit and loss as other elements.

Amortization charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | 2023 | 2023 |
|  |  | $— | $|
| Cost of sales |  |  | 5615 |
| Administrative expenses |  |  | 54104 |
| Research and development costs |  |  | 25685 |
|  |  |  | 85404 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

10. INTANGIBLE
ASSETS

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2024** |
|  | **Trademarks** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| &nbsp;&nbsp;&nbsp;Under development |  |
| &nbsp;&nbsp;&nbsp;Acquired |  |
| Balance as at December 31, 2024 |  |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2023 |  |
| Amortization |  |
| Balance as at December 31, 2024 |  |
| **Carrying amount as at December 31, 2024** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2023 | 2023 | 2023 | 2023 |
|  | Software | Trademarks | Total | Total |
|  |  | $— | $— | $|
| Gross carrying amount |  |  |  |  |
| Balance as at December 31, 2022 |  |  |  | 7361260 |
| Additions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under development |  |  |  | 431400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquired |  |  |  | 54805 |
| Balance as at December 31, 2023 |  |  |  | 7847465 |
| Depreciation and impairment |  |  |  |  |
| Balance as at December 31, 2022 |  |  |  | 812079 |
| Amortization |  |  |  | 35838 |
| Balance as at December 31, 2023 |  |  |  | 847917 |
| Carrying amount as at December 31, 2023 |  |  |  | 6999547 |

---

**31** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

10. INTANGIBLE
ASSETS (CONTINUED)

Amortization charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the years ended December 31,** | **For the years ended December 31,** | **For the years ended December 31,** |
|  | **2024** | 2023 | 2023 |
|  |  | $— | $|
| Cost of sales |  |  | 18240 |
| Research and development costs |  |  | 4795 |
| Administrative expenses |  |  | 12803 |
|  |  |  | 35838 |

---

As at December 31, 2024, software includes software under development at a cost of $4,399,997 ($4,035,649 as at December 31, 2023).

11. RIGHT-OF-USE
ASSETS

The Company's right-of-use assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | 2023 |
|  | $|
| **Gross carrying amount** |  |
| Balance as at December 31, 2023 | 887776 |
| Addition | 119405 |
| Impairment**)** |  |
| Current translation effects | 31461 |
| Balance as at December 31, 2024 | 1038642 |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2023 | 325503 |
| Amortization | 209961 |
| Impairement**)** |  |
| Current translation effects | 15900 |
| Balance as at December 31, 2024 | 551364 |
| **Carrying amount as at December 31, 2024** | 487278 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

11. RIGHT-OF-USE
ASSETS (CONTINUED)

For the year ended December 31, 2024, a total of $(4,751) ($nil in 2023) of assets was included in profit and loss as foreign exchange difference on translation of foreign operations and $72,357 ($nil in 2023) as loss on Impairment.

12. TRADE
AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | 2023 | 2023 |
|  | $— | $|
| Accounts payable and accrued liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders |  | 39400 |
| &nbsp;&nbsp;&nbsp;Others |  | 9153435 |
| Salaries and payroll deductions payable |  | 631736 |
|  |  | 9824571 |

---

As at December 31, 2024, accounts payable include $209,480 relating to intangible asset purchases ($280,146 as at December 31, 2023) and $39,400 ($39,400 as at December 31, 20223 relating to unpaid interest on convertible debentures (Note 17).

13. DEFERRED
REVENUES

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **$** | $ |
| Customer advances | **2520879** | 1486454 |
|  | **2520879** | 1486454 |

---

Deferred revenues represent advance payments received from customers which have not been invoiced as of December 31, 2024.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

14. LOANS
PAYABLE

---

| | | |
|:---|:---|:---|
|  | 2023 | 2023 |
|  | $— | $|
| Loan from non-related company (a) |  | 173686 |
| Loan from non-related company (b) |  | 2644915 |
| Loan from non-related company (c) |  | 6047716 |
| Loan from non-related company (d) |  | 527444 |
| Loan from non-related company (e) |  |  |
| Loan from non-related company (f) |  |  |
|  |  | 9393761 |

---

Given their short-term maturity, the carrying amount of loans payable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets.

The loan relates to a factoring agreement dated October 4, 2023, for the sale of $287,306 of receivables owed to Nuran by its operating subsidiaries in Africa for gross proceeds of $173,686.

Under the terms of the agreement, the creditor has recourse against the Company in certain circumstances. If the creditor delivers a recourse notice, the Company has the option of satisfying any repurchase request of the account in cash at 107% of the price originally paid by the creditor for the account or by issuing units of the Company (each a "Unit") at $0.225 per Unit for the amount of the account. Each Unit is to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $0.25until October 4, 2026.

The loan bears interest until the creditor has received payment, at a rate of 15% per annum.

During the year ended December 31, 2024, the Factor requested the conversion of debt under this agreement totaling a value of $33,750, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $24,900.

The cost of the loan for the year ended December 31, 2024 was $76,462 (2023 - $16,118) and was included in in profit and loss as financial expenses.

&nbsp;&nbsp;&nbsp;&nbsp;b) This
 secured promissory note of USD $1,653,947, dated April 24, 2023 from a US-based institution.
 This note bears interest at 10% per annum and the maturity date was initially October
 24, 2023 but was extended as follows.

**34** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

14. LOANS
PAYABLE (CONTINUED)

On December 4th, 2023, the Company extended the loan facility until October 21, 2024. As consideration, an extension fee of $230,117 was added to the principal and the Company issued the lender 5,000,000 share purchase warrants to replace the existing warrants of 2,000,000 held by the lender, with each warrant exercisable to acquire a share of the Company at an exercise price of $0.25 which expire on December 1, 2025. In addition, the Company agreed to add a conversion feature to the loan, at $0.225 per common share of the Company (Note 19). Any securities issuable upon exercise of these warrants or conversion of the loan are to be subject to a statutory hold period of four months and one day (see Note 19). Lending fee of US$45,000, accrued interest of US$123,142 and extension fee of US$169,895 were added to the principal amount.

On June 24, 2024 the Company further extended the loan facility until December 31, 2025. As consideration, the Company agreed to increase the principal amount of the loan by US $230,117 as an extension fee, increased the interest rate to the default rate of 24% per annum and agreed to a repayment schedule to commence following the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly thereafter starting October 31, 2024. The lender also agreed to subordinate the loan to the FEI. A lending fee of US$50,000, accrued interest of US$259,190, compounded interest of US$83,164 and an extension fee of US$230,117 were added to the principal amount. The repayment requirement was not met.

On December 31, 2024, the Company repaid US$618,186for a remaining balance of US$1,973,106,

&nbsp;&nbsp;&nbsp;&nbsp;c) The
 loan from a non-related company relates to an agreement with a lender dated August 28,
 2023, for the sale of up to $15 million of receivables owed to the Company by its operating
 subsidiaries in Africa. Pursuant to the agreement, the Company sold receivables valued
 at $8.65 million for gross proceeds of $5,438,340 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $4,638,340 used to settle outstanding loans advanced by short term lenders,
 who are affiliates of the lender (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment of $800,000 from August 31, 2023 to October 30, 2023 for the purpose of
 funding working capital requirements.

Under the terms of the agreement, the lender has recourse against the Company for any sold receivables, in certain circumstances. If the lender delivers a recourse notice, the Company has the option of satisfying any repurchase request of the recourse account in cash at 107% of the price originally paid by the lender for the recourse account or by issuing units of the Company at $0.35 per Unit for the amount of the recourse account. Each Unit to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $0.40 until August 28, 2026. The sold receivables will bear interest until the lender has received payment, at a rate of 15% per annum.

If the Company does complete a subsequent sale of receivables, the pricing on the Units will be set in compliance with applicable policies of the CSE.

In connection with the agreement, the Company paid an arrangement fee to the lender consisting of 3,800,000 common shares (the "Fee Shares") (having a deemed value of $0.23 based on closing price of the common shares of NuRAN on the closing) representing approximately 5% of the total factoring facility. 2,500,000 of these Fee Shares were issued at the initial closing and the remainder were issued on January 2, 2024 (see note 18). The Fee Shares were subject to a statutory hold period in Canada of four months and a day.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

14. LOANS
PAYABLE (CONTINUED)

On October 17, 2023, the Company amended the terms of the agreement which called for additional cash payments, completion of other financing and securing the indebtedness by way of a general security agreement in favor of the lender or its duly authorized agent on or before September 30, 2023, this date was extended to October 31, 2023.

On December 4th, 2023, the Company further amended the terms of the agreement by selling receivables valued at $1.425 million for proceeds of $865,000 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $215,000 that have been received by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment $650,000 from October 31, 2023 to December 31, 2023 for the purpose of funding
 working capital requirements leading up to the finalisation of other loans.

Included in the amendment, the lender agreed to extend various deadlines until January 31, 2024.

Furthermore, pursuant to the amendment, if the Company chooses to satisfy the recourse account by issuing units, which is entirely at the discretion of the Company, the deemed price per unit is to be $0.225 per unit and the warrant exercise price will be $0.25. Finally, the amendment adjusted the timing and quantum of the Fee Shares so that the remaining balance of 1,300,000 Fee Shares has increased to 1,900,000, 1,000,000 were issued on or before January 31, 2024, and the remainder were issued on or before March 15, 2024 (see note 18). The Fee Shares was subject to a statutory hold period in Canada of four months and a day from the date of issuance.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.911 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $19,11 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,910,763 was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional US$2,000,000 by selling additional receivables as required by the Company.

On December 23, 2024, the Company further amended the terms of the agreement to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 30,000, 0000 units form the previous 80,000,000 units which are eligible to be issued. Each unit included three quarters of one warrant to purchase a common share at $0.25 till August 28, 2028. As consideration to the lender , the Company agreed to reduce the price per unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 19).

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

&nbsp;&nbsp;&nbsp;&nbsp;d) The
 loan from a non-related party was replaced with another loan which resulting on a debt
 settlement of USD $394,781, including interest, dated December 5, 2023. The loan bears
 interest at a rate of 11% and is payable over 24 months.

&nbsp;&nbsp;&nbsp;&nbsp;e) This
 loan bears interest at 15% per annum and was repayable on February 6, 2025 but was not
 repaid on that date.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

14. LOANS
PAYABLE (CONTINUED)

&nbsp;&nbsp;&nbsp;&nbsp;f) The
loan is pursuant to a two-year term loan facility of US$5,000,000 dated July 5, 2024 with FEI to NuRAN Wireless (Africa) Holding.
The loan is secured on the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under general security
agreement and bears interest at the Secured Overnight Financing Rate plus 8.5% per annum. Interest accrues but is not payable
until maturity.

15. EMPLOYEE
FUTURE BENEFITS

The Company implemented a tailored Simplified Pension Plan (SIPP). All employees in Canada are eligible after three months of continuous service. Participation in the plan is on a voluntary basis and the Company matches employee contributions up to a maximum of 3% of their gross annual salary.

16. LEASE
LIABILITIES

The maturity analysis of the lease liability as at reporting date was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Within 1 year** | **After 1<br> year but<br> less than**<br>**5 years** | **Total** |
| **At 31 December 2024** | **$** | **$** | **$** |
| Gross lease liability | **176230** | **65623** | **241853** |
| Less future interest costs | **13668** | **1116** | **14784** |
|  | **189898** | **66739** | **256637** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Within 1 year | After 1 <br> year but <br> less than <br> 5 years | Total |
| At 31 December 2023 | **$** | **$** | **$** |
| Gross lease liability | 225724 | 277745 | 503469 |
| Less future interest costs | 8096 | 16023 | 24118 |
|  | 233820 | 293768 | 527588 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

16. LEASE
LIABILITIES (CONTINUED)

---

| | |
|:---|:---|
|  | **For the years ended December 31,**<br>2023 |
| **Gross carrying amount** |  |
| Balance as at January 1, 2023 |  |
| Additions |  |
| Lease payments**)** |  |
| Lease interest |  |
| Waive off |  |
| Balance as at December 31, 2023 |  |
| Current |  |
| Non-current |  |

---

---

| | |
|:---|:---|
| **17A.** | **CONVERTIBLE DEBENTURES** |

---

As at December 31, 2024, the convertible debentures consist of the following:

---

| |
|:---|
| Balance at December 31, 2022 |
| Issuance (a) |
| Extension (b) |
| Original issuance discount (OID) (Note 3) |
| Accretion of OID |
| Effect of the modification (c) |
| Fair value adjustment (Note 3) |
| Conversion (d) |
| Accretion |
| Repayment (e) |
| Balance at December 31, 2023 |
| Extension (f) |
| Effect of the modification (g)**))** |
| Accretion of OID |
| Conversion (h)**))** |
| Accretion |
| **Closing balance, as at December 31, 2024** |

---

**38** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

**17A. CONVERTIBLE DEBENTURES (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ,(c)
 On February 21, 2023, the Company agreed with debenture holders agreed to extend the
 maturity for a further 6 months to August 2023 and waive certain rights pursuant to the
 debentures, including relating to events of default. As consideration to these debenture
 holders, the Company entered into debt settlement agreements pursuant to which the prior
 secured debentures and related security agreements from August 2022 were cancelled and
 the Company agreed to issue the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) secured
 convertible debentures in the aggregate principal amount of $2,975,914 (inclusive of
 all advances, accrued interest and fees) with a conversion price of $0.42 per common
 share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
aggregate of 750,000 bonus shares, which are subject to a 4-month hold.

The new debentures matured on August 23, 2023 and do not bear interest until maturity.

The debenture value determined using the current value method was $2,789,883 at the time of issuance in February 2023.

The fair value of the conversion option on February 21, 2023 was estimated at $0, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.42 |
| Exercise price | $0.42 |
| Time to maturity | 6 months |
| Risk-free rate | 4.23% |
| Expected volatility | 30.91% |
| Dividend yield | Nil |
| Dilution factor | 42.82% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 April 24, 2023, the Company issued an unsecured convertible debenture in the principal
 amount of $75,000.
The debenture was to mature on October 24, 2023 with interest accrued until the Maturity date. The debenture value determined
using the current value method was $69,243 (Note 18).

On August 29, 2023, the Company restructured its convertible secured debentures issued in February, 2023. The debenture holders agreed to extend the maturity for a further 12 months to August 28, 2024 and waive certain rights pursuant to the debentures, including relating to events of default. As consideration to these debenture holders, the Company entered into debt settlement agreements and agreed to pay a 5% extension fee pursuant to which the prior secured debentures and related security agreements from February 2023 were cancelled and the Company agreed to issue the following: (i) secured convertible debentures in the new aggregate principal amount of $2,792,810 (inclusive of accrued interest and fees) with a new conversion price of $0.35 per unit, with each unit comprised of one common share and three quarters of one warrant, with each whole warrant exercisable to acquire an additional common share at a price of $0.40 until August 28, 2026. The New Debentures will bear interest until at a rate of 15% per annum.

The debenture value determined using the current value method was $2,380,620.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

**17A. CONVERTIBLE DEBENTURES (CONTINUED)**

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.23 |
| Exercise price | $0.35 |
| Time to maturity | 12 months |
| Risk-free rate | 4.78% |
| Expected volatility | 39.54% |
| Dividend yield | Nil |
| Dilution factor | 36.04% |

---

As at September 30, 2023, the debentures holder agreed to certain amendments including the default provisions of the debentures. As consideration to these debenture holders, the Company agreed to a new conversion price of $0.225 per unit, with each unit comprised of one common share and three quarters (3/4) of one warrant, with each whole warrant exercisable to acquire an additional common share at a price of $0.25 until August 28, 2026. As additional consideration to the debenture holders, the Company agreed to issue 120,000 common shares, which are subject to a statutory hold period in Canada of four months and a day.

The Company issued an aggregate of 750,000 bonus shares, which are subject to a 4-month hold.

The fair value of the conversion option on September 30, 2023 was estimated at $24,203, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.212 |
| Exercise price | $0.225 |
| Time to maturity | 10 months |
| Risk-free rate | 4.97% |
| Expected volatility | 34.53% |
| Dividend yield | Nil |
| Dilution factor | 36.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 at December 20, 2023, the Company extended the maturity date of the Convertible Debentures
 entered into in July 2022. The maturity date of the Convertible Debentures was extended
 to July 12, 2024 along with other terms of the original debenture which were amended.
 The original debenture had an original issuance discount of 10% and this was increased
 to 16% leading to a maturity value of CA$2,645,502. In addition, the principal amount
 is convertible into common shares of the Company at a fixed price of $0.40 at the option
 of the debenture holder during the term of the Convertible Debenture. Under the terms
 of the Convertible Debenture the principal amount is due one year from the date of closing
 and does not bear interest until the maturity date or an event of default occurs. The
 number and terms of warrants issued in conjunction with the original debenture, as well
 as all other terms of the debenture did not change.

The debenture value determined using the current value method was $2,273,353.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

**17A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.11 |
| Exercise price | $0.40 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(e) As
at October 4th, 2023, the unsecured debenture was settled into a factoring agreement (Note 14). The amounts settled were the unsecured
debenture principal amount of $75,000, accrued interest of $5,610 and account payable of $44,544. $2,777 was recorded in profit
and loss as gain on debt settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During
the year ended December 31, 2023, the debenture holders requested the conversion of debentures totalling a value of $1,053,888
in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion
option, the carrying value recorded for these shares was $1,056,300.

---

| | |
|:---|:---|
| (a), (f), (g) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in profit and loss as financial expenses |

---

The debenture value determined using the current value method was $3,397,006.

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.20 per common share.

**41** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

**17A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.09 |
| Exercise price | $0.20 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) During the year ended December 31, 2024, the debenture holders requested the conversion of debentures totalling a value of $225,000 in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these shares was $227,000 (Note 18).

**17B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES**

As at December 31, 2024, the unsecured convertible debentures and derivative liability consist of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Unsecured <br> Convertible<br> debentures** | **Derivative<br> liability** | **Total** |
| Balance at December 31, 2023 |  |  |  |
| Issuance |  |  |  |
| Original issuance discount (OID)**))** |  |  |  |
| Fair value adjustment (Note 3) |  |  |  |
| Amortization of OID (Note 3) |  |  |  |
| Accretion |  |  |  |
| Fair value adjustment (Note 3)**))** |  |  |  |
| Effect of foreign exchange |  |  |  |
| **Closing balance, as at December 31, 2024** |  |  |  |

---

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of US$2,194,772 with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the current value method was $1,594,729. The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.225 per common share.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

**17B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)**

The fair value of derivative liability on August 16, 2024 was estimated at $53,482, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.12 |
| Exercise price | $0.225 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 57.08% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.08 |
| Exercise price | $0.225 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The Company measured the conversion feature of convertible debentures at FVTPL and the conversion feature was classified as a derivative financial liability for the loan, which was denominated in a currency other than the Company's functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into a variable number of both common shares and warrants. The embedded derivative did not qualify as an equity instrument due to not meeting the "fixed for fixed" criteria of IAS 32 Financial instruments: Presentation. Therefore, the Company separated the embedded derivative from the host contract and accounted for each element separately. The embedded derivative was initially recognized at its fair value. The amount of change in the fair value of the derivative is presented in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

18. SHARE
CAPITAL

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

Common shares, voting and participating

Preferred shares

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
|  | **Number** | Number |
| Balance as at December 31, 2023 | **43043579** | 35008197 |
| Issue of share capital (a) | **14650553** | 3659215 |
| Convertible Debenture (b) | **—** |  |
| Debenture conversion in share capital (c) | **1000000** | 3056167 |
| Issue of Warrants (d) | **—)** | —) |
| Exercise of Warrants (e) | **—** | 1250000 |
| Employee shared-based compensation (f) | **—** | 70000 |
| Balance as at December 31, 2024 | **58694132** | 43043579 |

---

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
January 10, 2024 to December 31, 2024, the Company issued 371,100 shares as of shares for services with shares price between $0.105
and $0.13, resulting in the recognition of $45,200 as administrative expenses in the profit and loss.

From January 31, 2024 to November 7, 2024, the Company issued 11,879,453 shares as of loan conversion with shares price between $0.10 and $0.166, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the profit and loss.

On January 2, 2024, 1,900,000 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the profit and loss.

On December 16, 2024, the Company issued 500,000 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the profit and loss. From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 August 16, 2024, $822,461 was recognized for the fair value on debentures. On December
 23, 2024, $765,742 was recognized for the fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 April 2025, the Company issued 1,000,000 shares upon the conversion of debenture at a
 share price of $0.225 (Note 17).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From
 January 31, 2024 to November 7, 2024, the Company issued 9,659,582 warrants for loan
 and debenture exercise. The fair value of the warrants was $77,106.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Nil
 in 2024 (Note 19).

&nbsp;&nbsp;&nbsp;&nbsp;(f) Nil
 in 2024 (Note 19).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

18. SHARE
CAPITAL (CONTINUED)

During the year ended December 31, 2023, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 February 21, 2023 to November 29, 2023, the Company issued 870,000 shares as of bonus
 shares, resulting in the recognition of $328,170 as a loss on debt settlement in the
 profit and loss.

From July 30, 2023 to October 10, 2023, the Company issued 289,215 shares as of shares for services at a share price between $0.19 and $0.305, resulting in the recognition of $67,800 as administrative expenses in the profit and loss.

On August 28, 2023, the Company issued 2,500,000 shares as of fee shares, resulting in the recognition of $575,00 as a Administrative expenses in the profit and loss. As stated in Note 14, on January 2, 2024, the Factor received the bonus shares at a price of $0.

&nbsp;&nbsp;&nbsp;&nbsp;(b) From
 February 21, 2023 to December 31, 2023, $611,054 was recognized for the fair value on
 debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From
 February 22, 2023 to December 31, 20233, the Company issued 3,056,167 shares following
 the conversion of debenture (Note 17).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From
 April 24, 2023 to December 31, 2023, the Company granted 7,979,625 warrants for factoring
 and debenture exercise. The fair value of the warrants was $60,873 (Note 19).

&nbsp;&nbsp;&nbsp;&nbsp;(e) From
 February 24, 2023 to October 31, 2023, 1,250,000 warrants were exercised for a present
 value of $1,888,000 (Note 19).

&nbsp;&nbsp;&nbsp;&nbsp;(f) From
 January 31, 2023 to March 31, 2023, issued 70,000 RSU shares to employees at a price
 of $0.

19. WARRANTS

The following is a summary of the activity of warrants:

---

| |
|:---|
| Balance as at December 31, 2022 |
| Issue of Warrants |
| Exercise of Warrants (a) |
| Employee shared-based compensation |
| Warrants expired**)** |
| Warrants forfeited |
| Balance as at December 31, 2023 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 2024, nil warrants were exercised at an exercise price of $nil (In 2023, 1,250,000 warrants
 were exercised at an exercise price of $0) (Note 18).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

19. WARRANTS (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | | **2024** |
|  | **Number of** <br> **warrants** | Weighted <br> **average** <br> **exercise price** |
|  |  | **$** |
| **Opening balance** | **11911105** | **1.20** |
| **Granted during the year** | **9659582** | **0.25** |
| **Expired during the year** | **(3031481)** | **0.98** |
| **Closing balance, as at December 31, 2024** | **18539206** | **0.38** |
| **Closing balance of exercisable warrants, as at December 31, 2024** | **18539206** | **0.38** |

---

---

| | | |
|:---|:---|:---|
|  | | 2023 |
|  | Number of<br> warrants | Weighted <br> average <br> exercise<br> price |
|  |  | $|
| Opening balance | 12297895 | 1.47 |
| Granted during the period | 7979625 | 0.29 |
| Exercised during the period | (1250000) |  |
| Expired during the period | (5116415) | 2.34 |
| Forfeited during the period | (2000000) | 0.40 |
| Closing balance of outstanding warrants, as at December 31, 2023 | 11911105 | 0.64 |
| Closing balance of exercisable warrants, as at December 31, 2023 | 5361105 | 1.20 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

19. WARRANTS
(CONTINUED)

The following is a summary of warrants outstanding and exercisable as at December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants<br> outstanding** | | **Warrants<br> exercisable** |
| | **Number** | **Weighted<br> average<br> contractual<br> life (years)** | **Number** | **Weighted<br> average<br> contractual<br> life (years)** |
|<br>**December 31, 2024<br> Exercise price** | | | | |
| $**0.25** | **10489207** | **1.66** | **10489207** | **1.66** |
| $**0.25** | **5000000** | **0.92** | **5000000** | **0.92** |
| $**0.40** | **150000** | **1.66** | **150000** | **1.66** |
| $**1.10** | **2899999** | **0.63** | **2899999** | **0.63** |
|  | **18539206** |  | **18539206** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Warrants<br> outstanding | | Warrants<br> exercisable |
| December 31, 2023<br> Exercise price | Number | Weighted<br> average<br> contractual<br> life (years) | Number | Weighted<br> average<br> contractual<br> life (years) |
| $000 | 700000 | 0.25 |  |  |
| $000 | 850000 | 0.68 |  |  |
| $0.25 | 5000000 | 1.92 |  |  |
| $0.25 | 829625 | 2.66 | 829625 | 2.66 |
| $0.40 | 150000 | 2.66 | 150000 | 2.66 |
| $1.10 | 2899999 | 1.64 | 2899999 | 1.64 |
| $200 | 1481481 | 0.53 | 1481481 | 0.53 |
|  | 11911105 |  | 5361105 |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

19. WARRANTS
(CONTINUED)

As at April 25th, 2023, the Company closed a non-convertible bridge loan from a US based institution. The Company also agreed to issue to the lender 2,000,000 share purchase warrants with each warrant exercisable to acquire a share of the Company at an exercise price of $0.40 for a period of two years from the closing date (Note 14).

The fair value of the warrants on April 25th, 2023 was estimated at $24,000, which was derived using the Black-Scholes option pricing model.

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.30 |
| Exercise price | $0.40 |
| Time to maturity | 2 years |
| Risk-free rate | 3.73% |
| Expected volatility | 50.21% |
| Dividend yield | Nil |
| Dilution factor | 42.35% |

---

On August 29, 2023, the Company restructured its convertible secured debentures issued in February, 2023. The debenture holders have agreed to extend the maturity for a further 12 months to August, 2024 and waive certain rights pursuant to the debentures, including relating to events of default. As consideration to these debenture holders, the Company entered into debt settlement agreements and agreed to pay a 5% extension fee pursuant to which the prior secured debentures and related security agreements from February 2023 were cancelled and the Company agreed to issue the following: (i) secured convertible debentures in the new aggregate principal amount of $2,792,810 (inclusive of accrued interest and fees) with a new conversion price of $0.35 per unit, with each unit comprised of one common share and three quarters of one warrant, with each whole warrant exercisable to acquire an additional common share at a price of $0.40 until August 28, 2026.

On September 30, 2023, the debentures holder agreed to extend the maturity to February 28, 2024. As consideration to these debenture holders, the Company agreed to a new conversion price of $0.225 per unit, with each unit comprised of one common share and three quarters (3/4) of one warrant, with each whole warrant exercisable to acquire an additional common share at a price of $0.25 until August 28, 2026

The fair value of the 150,000 warrants on November 1st, 2023 was estimated at $3,600, which was derived using a Black-Scholes option pricing model.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

19. WARRANTS
(CONTINUED)

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.16 |
| Exercise price | $0.25 |
| Time to maturity | 2.75 years |
| Risk-free rate | 4.53% |
| Expected volatility | 83.10% |
| Dividend yield | Nil |
| Dilution factor | 34.23% |

---

The fair value of the warrants 150,000 on November 30, 2023 was estimated at $2,550, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.15 |
| Exercise price | $0.25 |
| Time to maturity | 2.67 years |
| Risk-free rate | 4.20% |
| Expected volatility | 60.93% |
| Dividend yield | Nil |
| Dilution factor | 31.87% |

---

The fair value of the warrants 150,000 on December 5, 2023 was estimated at $2,250, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.13 |
| Exercise price | $0.25 |
| Time to maturity | 2.67 years |
| Risk-free rate | 4.07% |
| Expected volatility | 60.93% |
| Dividend yield | Nil |
| Dilution factor | 36.73% |

---

The fair value of the warrants 150,000 on December 11, 2023 was estimated at $1.350, which was derived using a Black-Scholes option pricing model.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

19. WARRANTS
(CONTINUED)

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.13 |
| Exercise price | $0.25 |
| Time to maturity | 2.67 years |
| Risk-free rate | 4.19% |
| Expected volatility | 60.83% |
| Dividend yield | Nil |
| Dilution factor | 36.57% |

---

The fair value of the warrants 150,000 on December 13, 2023 was estimated at $1.350, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.13 |
| Exercise price | $0.25 |
| Time to maturity | 2.67 years |
| Risk-free rate | 3.97% |
| Expected volatility | 61.12% |
| Dividend yield | Nil |
| Dilution factor | 36.72% |

---

The fair value of the warrants 154,625 on December 21, 2023 was estimated at $773, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.11 |
| Exercise price | $0.25 |
| Time to maturity | 2.67 years |
| Risk-free rate | 3.94% |
| Expected volatility | 61.15% |
| Dividend yield | Nil |
| Dilution factor | 41.07% |

---

On December 4th, 2023, the Company received an extension from the US based institution. As consideration, the Company issued to the lender 5,000,000 share purchase warrants to replace the existing warrants held by the lender, with each warrant exercisable to acquire a share of the Company at an exercise price of $0.25 for a period of two years.

**50** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

19. WARRANTS
(CONTINUED)

The fair value of the warrants on December 4th, 2023, was estimated at $25,000, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the warrants used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.14 |
| Exercise price | $0.25 |
| Time to maturity | 2 years |
| Risk-free rate | 4.07% |
| Expected volatility | 54.43% |
| Dividend yield | Nil |
| Dilution factor | 36.97% |

---

During the year, the Company issued 9,659,582 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.10 and $0.17.

20. CONTRIBUTED
SURPLUS

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | |
|:---|:---|:---|
|  | 2023 | 2023 |
|  | $— | $|
| Balance as at December 31, 2023 |  | 3020950 |
| Issue of stock options |  | 130000 |
| Warrants expired |  | 3448342 |
| Warrants forfeited |  | 24000 |
| Balance as at December 31, 2024 |  | 6623292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 3,041,481
warrants expired and nil forfeited during 2024 (5,116,415 expired and 2,000,000 forfeited in 2023)

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

20. CONTRIBUTED
SURPLUS (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | | **2024** |
|  | **Number of<br> options** | **Weighted <br> average<br> exercise price** |
|  |  | **$** |
| **Opening balance** | **3305000** | **1.54** |
| **Forfeited during the period** | **(435000)** | **1.82** |
| **Closing balance, as at December 31, 2024** | **2870000** | **1.34** |
| **Closing balance of exercisable options, as at December 31, 2024** | **2870000** | **1.34** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | | 2023 |
|  | Number of<br> options | Number of<br> options | Weighted <br> average<br> exercise price |
|  | | | $ |
| Opening balance |  | 2404000 | 1.94 |
| Granted during the period | 1250000 | 1250000 | 0.43 |
| Forfeited during the period | (349000 | (349000) | 1.48 |
| Closing balance, as at December 31, 2023 | 3305000 | 3305000 | 1.54 |
| Closing balance of exercisable options, as at December 31, 2023 | 3305000 | 3305000 | 1.54 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

20. CONTRIBUTED
SURPLUS (CONTINUED)

The following is a summary of stock options outstanding and exercisable as at December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options**<br> **outstanding** | | **Options**<br> **exercisable** |
| | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
| <br>**December 31, 2024 Exercise price** |  |  |  |  |
| $**0.43** | **1250000** | **1.26** | **1250000** | **1.26** |
| $**1.34** | **250000** | **2.07** | **250000** | **2.07** |
| $**1.67** | **100000** | **1.82** | **100000** | **1.82** |
| $**1.70** | **250000** | **1.80** | **250000** | **1.80** |
| $**2.35** | **1020000** | **1.11** | **1020000** | **1.11** |
|  | **2870000** |  | **2870000** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Options<br> outstanding | | Options<br> exercisable |
| |<br>Number | Weighted<br> average<br> contractual<br> life (years) | Number | Weighted<br> average<br> contractual<br> life (years) |
| December 31, 2023 Exercise price |  |  |  |  |
| $0.43 | 1250000 | 2.26 | 1250000 | 2.26 |
| $1.34 | 250000 | 3.08 | 250000 | 3.08 |
| $1.60 | 310000 | 0.86 | 310000 | 0.86 |
| $1.67 | 100000 | 2.82 | 100000 | 2.82 |
| $1.70 | 250000 | 2.81 | 250000 | 2.81 |
| $2.35 | 1145000 | 1.98 | 1145000 | 1.98 |
|  | 3305000 |  | 3305000 |  |

---

In total, $nil ($6,264 in 2023) of employee remuneration expense and consultant fees (all of which related to equity-settled share-based payment transactions) has been included in profit or loss and credited to contributed surplus.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

21. FAIR
VALUE OF CONVERSION OPTION

---

| |
|:---|
| Balance as at December 31, 2023 |
| Debenture issued (a) |
| Conversion of debentures**)** |
| Modification of the debentures (Note 17A)**)** |
| Balance as at December 31, 2024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) During
 the year, for the fair value of the conversion options on debentures issued estimation
 was derived using a Black-Scholes option pricing model (Note 17A and 17B).

22. LOSS
PER SHARE

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the year**)** |
| Weighted average number of outstanding common shares |
| Loss per share**)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the year 2024 and the year 2023 as all of the shares options and warrants outstanding are anti-dilutive.

**54** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

23. INCOME
TAXES

**Current income tax expense**

For the year ended December 31, 2024, the reconciliation of the combined Canadian federal and provincial statutory income tax rate of 26.50% to the effective tax rate is as follow:

---

| |
|:---|
| Loss before income taxes**)** |
| Income tax recovery calculated on the basis of the statutory rate in Canada of 26.50%, Mauritius, Cameroon, Madagascar, DRC, Ivory Coast**)** |
| Increase (decrease) of the following items: |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-deductible items |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized deferred tax assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Other**)** |
| Income tax expense in the consolidated statement of net loss and comprehensive loss |

---

The major component of tax reconciliation of the expected tax expense based on the domestic tax rate for NuRAN (26.50% in 2024; 26.50% in 2023) and the reported tax expense in profit or loss is the increase of the unused tax losses and deductible temporary difference for which no deferred tax assets are recognized.

**Deferred income taxes**

Deferred income taxes reflect the net tax effects of temporary difference between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

23. INCOME
TAXES (CONTINUED)

Significant components of the Company's deferred income tax assets (liabilities) are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **31-Dec-24** | **31-Dec-23** | **31-Dec-23** |
|  |  | $— | $|
| Non-capital loss carry-forwards |  |  | 3327329 |
| Share issue costs - Canada |  |  | 31379 |
| Property, plant and equipment and intangible assets |  |  | 290346 |
| Capital loss |  |  | 306749 |
|  |  |  | **3955803** |

---

The Company has the following deductible temporary differences for which no deferred tax assets have been recognized:

---

| | | | |
|:---|:---|:---|:---|
|  | **31-Dec-24** | 31-Dec-23 | 31-Dec-23 |
|  |  | $— | $|
| Non-capital loss carry-forwards |  |  | 71694529 |
| Share issue costs - Canada |  |  | 118410 |
| Property, plant and equipment and intangible assets |  |  | 1095645 |
| Capital loss |  |  | 2315084 |
|  |  |  | 75223668 |

---

Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can use benefits.

**56** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

23. INCOME
TAXES (CONTINUED)

The Company has unused tax losses from its operations totalling $74,402,230 for the federal level and $60,939,780 for the provincial level that may be carried forward and applied against taxable income over the following years:

---

| | | | |
|:---|:---|:---|:---|
|  | **Federal** | **Provincial** | **Provincial** |
|  |  | $— | $|
| 2026.0 |  |  | 4002728 |
| 2027.0 |  |  | 7111602 |
| 2028.0 |  |  | 839160 |
| 2029.0 |  |  | 1011425 |
| 2030.0 |  |  | 1733354 |
| 2031.0 |  |  | 319624 |
| 2032.0 |  |  | 1909838 |
| 2033.0 |  |  | 5191898 |
| 2034.0 |  |  | 62565 |
| 2035.0 |  |  | 370754 |
| 2036.0 |  |  | 1633722 |
| 2037.0 |  |  | 2283254 |
| 2038.0 |  |  | 2863446 |
| 2039.0 |  |  | 2930186 |
| 2040.0 |  |  | 2679981 |
| 2041.0 |  |  | 14144766 |
| 2042.0 |  |  | 3326978 |
| 2043.0 |  |  | 5816687 |
| 2044.0 |  |  | 2707812 |
|  |  |  | **60939780** |

---

**57** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

24. FINANCIAL
EXPENSES

Financial expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | For the years ended | For the years ended |
|  | **December 31,<br> 2024** | December 31,<br> 2023 |
|  |  | $|
| Foreign exchange loss / (gain) (a)**)** |  | 338595 |
| Factoring fees |  | 83798 |
| Bank charges |  | 33069 |
| Penalties |  | 105635 |
| Accretion expense on convertible debentures |  | 541924 |
| Interest expenses for financial liabilities at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  | 49713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities |  | 2447252 |
|  |  | 3599987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Exchange
differences arising from such monetary items are recognized in profit and loss in separate subsidiaries financial statements from
loans at the parent level.

25. EMPLOYEE
REMUNERATION

Expenses recognized for employee benefits such as wages, salaries and social security costs total $3,146,087 for the year ended December 31, 2024 ($2,834,363 for the year ended December 31, 2023).

26. LEASE
SERVICE CONTRACT

The Company leases offices under the scope of IFRS 16. The future lease payment for the 12 months period ending December 31, 2023 until expiration of the lease agreement is $271,422 ($527,588 for the year ended December 31, 2023).

The lease expense during the 12 months period amounts to the following, representing the minimum lease payments:

---

| | | |
|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 |
|  | $— | $|
| Lease expense (office) |  | 276644 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

27. COMMITMENTS

On June 29, 2021, the Company entered into a 10-year agreement with Space-Communication Ltd. ("Spacecom") for the provision of satellite capacity and bandwidth services on geostationary (GEO) satellites, expiring on June 28, 2031. Under the agreement, Spacecom has the commitment to meet the Company's satellite service requirements—whether for capacity, managed services, or related solutions— provided it can deliver the required services at the agreed price, by the required start date, and using satellites that meet the defined technical specifications. Spacecom must delivers the services directly or through third-party satellite providers subject to the execution of individual Service Orders between the parties.

28. RELATED
PARTY TRANSACTIONS

The Company's related parties include companies under common control as well as key management personnel.

**Transactions with key management personnel**

The Company's key management consists of the directors and executives. The key management personnel remuneration totals $1,694,187 ($1,689,722 for the year ended December 31, 2023), benefits totals $121,635 ($166,719 for the year ended December 31, 2023) and a share-based compensation totals $nil ($6,264 for year ended December 31, 2023) for the year ended December 31, 2024. The accounts payable and accrued liabilities related to key management personnel totals $412,797 as at December 31, 2024 ($498,589 - December 31, 2023).

29. FINANCIAL
INSTRUMENTS RISK

**Risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk.

The Company's risk management is coordinated by its executives and focuses on identifying risks and that the capital base is adequate in relation to those risks.

The Company does not actively engage in the trading of financial assets for speculative purposes and it does not write options.

The carrying amounts of the Company's financial assets and liabilities by category are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  |  | $— | $|
| Financial assets classified at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 172880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable |  |  | 1272655 |
|  |  |  | 1445535 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2024 and 2023

(Expressed in Canadian dollars)

**29.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  |  | $— | $|
| Financial liabilities carried at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable |  |  | 9192836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 4145918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable |  |  | 9393761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease Liabilities |  |  | 527588 |
|  |  |  | 23260103 |

---

The carrying amount of cash, trade accounts receivable, trade accounts payable, convertible debentures, loans payable approximate their fair values due to the short-term nature.

The most significant financial risks to which the Company is exposed are described below.

**Market risk analysis**

The Company is exposed to market risk through its use of financial instruments and specifically foreign currency risk which result from its operating and financing activities.

&nbsp;&nbsp;&nbsp;&nbsp;■ Foreign
 currency risk and foreign currency sensitivity:

The exposure to currency exchange rate fluctuations arises from the Company's sales and expenses outside Canada, which are primarily denominated in US dollars.

To mitigate the Company's exposure to foreign currency risk, non-Canadian cash flows are monitored, but no forward exchange contracts or other derivative financial instruments are entered in.

**Market risk analysis**

Foreign currency-denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. The amounts shown are those reported by key management. They are exposed to US dollars, XAF, XOF and Ariary and they are translated in Canadian dollars at the closing rate:

---

| | | |
|:---|:---|:---|
| **December 31, 2024** | | |
|  | **Profit or loss** | **Profit or loss** |
| ***Effects in Canadian dollars*** | **Strengthening**<br> **$**  | **Weakening**<br> **$**  |
| **USD (5% movement)** | **265878** | **(265878)** |
| **XAF (5% movement)** | **70581** | **(70581)** |
| **MGA (5% movement)** | **34** | **(34)** |
| **XOF (5% movement)** | **1012** | **(1012)** |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

29. FINANCIAL INSTRUMENT RISK (CONTINUED)

---

| | | |
|:---|:---|:---|
| December 31, 2023 |  |  |
|  | Profit or loss | Profit or loss |
| *Effects in Canadian dollars* | Strengthening<br> $ | Weakening<br> $ |
| USD (5% movement) | 179660 | (179660) |
| XAF (5% movement) | 63742 | (63742) |
| MGA (5% movement) | 35 | (35) |
| XOF (5% movement) | 107 | (108) |

---

A change in exchange rates of 5% is considered to be reasonably possible based on the observation of current market conditions and the market risk volatility in exchange rates in the previous 12 months. All other things being equal, such a change in exchange rates would have increased or decreased the net loss and deficit by $188,278 for the year ended December 31, 2024 ($256,484 in 2023) based on the Company's foreign currency financial instruments held at each reporting date.

**Credit risk analysis**

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk mainly due to trade accounts receivable from its customers. The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recognized as at its reporting date.

The Company continuously monitors defaults of customers and incorporates this information into its credit risk controls.

To assess the expected credit losses, trade accounts receivable have been assessed on an individual basis since they originate from specific contracts. There are few contracts, therefore, this gives a more precise assessment than using a calculation matrix and grouping all trade accounts receivable according to certain criteria. Note 6

The Company takes into account economic perspectives of regions served by its clients as well as economic decisions affecting the telecommunication industry in Canada and worldwide. Therefore the Company adjusted the hypothesis of assessment according to expected changes in these factors.

Trade accounts receivable are written off when there is no reasonable expectation of recovery. Failure to make payments within 120 days from the invoice date and failure to engage with the Company on alternative payment arrangement for instance are considered indicators of no reasonable expectation of recovery.

**61** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

29. FINANCIAL
INSTRUMENT RISK (CONTINUED)

**Credit risk analysis**

The Company's management considers that all of its financial assets that are not impaired or past due are of good credit quality. The amounts analyzed by the length of time past due are the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  |  | $— | $|
| No more than three months |  |  | 3681340 |
| More than three months but no more than six months |  |  | 1142549 |
| More than six months but no more than one year |  |  | 565252 |
| More than one year |  |  | 232721 |
|  |  |  | 5621862 |

---

The Company held cash and cash equivalents of CAD 1,171,550 at 31 December 2024 (2023: CAD 172,880). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings.

The Company is exposed to a credit risk concentration because 92% of its trade accounts receivable are due from three customers (94% from three customers as at December 31, 2023).

**Interest rate risk analysis**

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in market interest rates. A sensitivity analysis has determined that one percent change in interest rate have increased or decreased the net loss and deficit by $246,818 for the year ended December 31, 2024 ($79,490 in 2023) based on the Company's financial instruments held at each reporting date. The Company is exposed to interest rate price risk as all convertible debentures bear interest at a fixed rate for most of the debt instruments.

**Liquidity risk analysis**

Liquidity risk is the risk that the Company might be unable to meet its obligations. The Company manages its liquidity needs by monitoring forecasts of cash inflows and outflows due in day-to-day business. Net cash requirements on day-to-day, week-to-week and 30-day projections are compared to available borrowing facilities in order to determine headroom or any shortfalls. The Company's current year trade and other payables are in arrears.

The Company considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular its cash resources and trade accounts receivable. The Company's existing cash resources and its trade accounts receivable are insufficient to cover the current cash outflow requirement and, therefore, the Company is actively exploring possible sources of financing on the market. Cash flows from trade and other receivables are all contractually due within six months.

**62** 

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

29. FINANCIAL
INSTRUMENT RISK (CONTINUED)

**Liquidity risk analysis**

The Company's financial liabilities have contractual maturities (including interest payments, where applicable) which are summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Current** | | **Non-<br> current** | | |
|  | **6 to 12<br> months** | **1 to 5<br> years** | **Later than<br> 5 years** | **Total** | **Total** |
|  | $— | $— | $— | $— | **$** |
| Trade and other payables |  |  |  |  | **10557772** |
| Lease liabilities |  |  |  |  | **256637** |
| Loan payable |  |  |  |  | **14404483** |
| Convertible |  |  |  |  | **5069589** |
| Debenture |  |  |  |  |  |
| Convertible Debenture and derivative liabilities |  |  |  |  | **1706926** |
|  |  |  |  |  | **31995408** |

---

These amounts reflect the contractual undiscounted cash flows, and therefore may differ from the carrying amounts of the liabilities at the reporting date.

**Fair value measurement**

Financial assets and financial liabilities measured at amortized cost which fair value is disclosed in the consolidated statements of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;■ Level
 2: Inputs other than quoted prices included within level 1 that are observable for
 the asset or liability, either directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;■ Level
 3: Unobservable inputs for the asset or liability

The derivative liability is considered Level 3.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

30. CAPITAL
MANAGEMENT POLICIES AND PROCEDURES

The Company's capital management objectives are to ensure the Company's ability to continue as a going concern in order to fund future operations (Note 1).

The Company monitors capital and management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage.

31. REVENUE
FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION

**Disaggregation of Revenue**

The Company has examined its activities and has determined that, based on information reviewed on a regular basis by the main decision-makers, it has two reportable segments (NaaS and Direct sales). The Company has disaggregated revenue into various categories in the following table which is intended to:

● depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and

● enable users to understand the relationship with revenue segment information provided below.

The following information provides the required entity-wide disclosures:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | | | | |
| **Segment** | **Region** | **Sale of Goods** |<br>**Rendering of<br> Services** |<br>**Other** | **Total** | **Total** |
|  |  |  | $— | $— | $— | **$** |
| **NaaS** | **Africa** |  |  |  |  | **3430793** |
| **Direct** | **Africa** |  |  |  |  | **58825** |
| **Direct** | **Canada** |  |  |  |  | **197683** |
| **Direct** | **Europe** |  |  |  |  | **28323** |
| **Direct** | **Other** |  |  |  |  | **40064** |
| **Direct** | **Marshall Islands** |  |  |  |  | **608640** |
| **Total** |  |  |  |  |  | **4364327** |

---

---

| | |
|:---|:---|
| Cost of sales | **2032713** |
| Segment profit | **2331615** |
| Expenses | **(10892426)** |
| Gain / (loss) on debt settlement | **146946** |
| Impairment of inventory | **(4930)** |
| Impairment of assets | **(72357)** |
| Write-off of assets | **(22274)** |
| Write-off of inventory | **(173193)** |
| Waive of lease liabilities | **75648** |
| Loss before income tax | **(8610971)** |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

31. REVENUE
FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)

Year Ended December 31, 2023

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Segment | Region | Sale of Goods | Rendering of Services | Other | Total |
|  |  | $ | $ | $ | $ |
| NaaS | &nbsp;&nbsp;&nbsp;&nbsp;Africa | 660203 | 1126288 | 221432 | 2007923 |
| Direct | &nbsp;&nbsp;&nbsp;&nbsp;Africa | 588771 | 15831 | 12871 | 617473 |
| Direct | &nbsp;&nbsp;&nbsp;&nbsp;Canada |  | 12814 | 3130 | 15943 |
| Direct | &nbsp;&nbsp;&nbsp;&nbsp;US |  |  | 344 | 344 |
| Direct | &nbsp;&nbsp;&nbsp;&nbsp;Marshall Islands | 557442 |  |  | 557442 |
| Total |  | 1806416 | 1154933 | 237776 | 3199125 |

---

---

| | |
|:---|:---|
| Cost of sales | 2655305 |
| Segment profit | 543820 |
| Expenses | (12376744) |
| Gain / (Loss) debt settlement | (366340) |
| Gain / (loss) on disposal of assets | (757) |
| Gain / (loss) on loan | (106461) |
| Loss before income tax | (12306482) |

---

The Company is exposed to a credit risk concentration because 93% of its revenues are from three customers for the year ended December 31, 2024 (86% from two customers in 2023).

All of the Company's non-current assets are located in Canada ($7,692,678 in 2024, $7,559522 in 2023) and Africa ($60,690 in 2024, $202,166 in 2023).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

32. RECONCILIATION
OF LIABILITIES ARISING FROM FINANCING ACTIVITIES

The changes in the Company's liabilities arising from financing activities can be classified as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| |  | **Lease <br> liabilities** | **Convertible <br> debentures** | **Convertible <br> debentures<br> and <br> derivative <br> liability** | **Loans payable, Promissory<br> notes,<br> factoring** | **Total** |
| **January 1, 2024 <br> Cash flows** | **January 1, 2024 <br> Cash flows** |  |  |  |  |  |
|  | Repayment**)))** |  |  |  |  |  |
|  | Proceeds |  |  |  |  |  |
| **Non-cash** | Interest |  |  |  |  |  |
|  | Modification |  |  |  |  |  |
|  | OID**)))** |  |  |  |  |  |
|  | Loan settlement**))** |  |  |  |  |  |
|  | Amortization of OID |  |  |  |  |  |
|  | Accretion |  |  |  |  |  |
|  | Fair value adjustments**)))** |  |  |  |  |  |
|  | Conversion**)))** |  |  |  |  |  |
|  | Waive off**))** |  |  |  |  |  |
|  | Forex exchange |  |  |  |  |  |
| **December** 31, 2024** | **December** 31, 2024** |  |  |  |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2024 and 2023

(Expressed in Canadian dollars)

32. RECONCILIATION
OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | Lease liabilities | Loan payable |
| January 1, 2023 |  |  |
| Cash flows |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Addition |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds |  |  |
| Non-cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of convertible debenture |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of convertible debenture) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Conversion of convertible debentures |  |  |
| December 31, 2023 |  |  |

---

**33.** **SUBSEQUENT EVENTS** 

On February 28th, 2025, the Company received approval for the second drawdown of US$1.05 Million from a fund managed by FEI Capital. This follows the first drawdown of US$2.5 Million received on July 16, 2024, as part of the US$5 Million loan facility agreement entered on April 26, 2024 (Note 14(f)).

## Exhibit 99.8

**Exhibit 99.8**

![](img103_v1.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the year ended** 

**December 31, 2024 and 2023**

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the year ended December 31, 2024 has been prepared by management and should be read in conjunction with the audited consolidated financial statements for the years ended December 31, 2024 and 2023 and the related notes thereto. The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of April 30, 2025.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at December 31, 2024. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired these Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries.

**DESCRIPTION OF BUSINESS** 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold, or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in more dense urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues resulting in a compelling return over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES** 

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer millions of people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored led to a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**OVERALL PERFORMANCE AND OUTLOOK** 

 <u>Performance</u>

During the year ended December 31, 2024, the Company continued to execute on its Network As A Service (''NaaS'') strategy to become the supplier of choice to MNOs across the world to connect remote and rural areas that until now could not take advantage of the economic and social benefits of connectivity. In fact, performance of most of the sites that are currently in operation have shown both rapid uptake and average performance that either meets or exceeds the Company's business plan objectives on a per site basis, especially in Cameroon.

Management's decision to redirect NuRAN's efforts to the NaaS market was made with the awareness that this would require considerable initial investments in marketing, branding, sales, field tests and to prepare for increased production as well as working capital and capital investments to fund the rollout and installation of remote networks. Although not as rapid as expected, the recovery of this investment through recurring sustainable and more predictable revenues is being proven.

Despite the longer than expected timeframe that the MNOs rigorous qualification processes required before obtaining approval of NuRAN's equipment and operating procedures and endorsing the use of our systems, the contracts executed to date, those currently being negotiated, and the growing sales pipeline confirms management's vision.

The Company's ongoing investments in research and development, engineering and manufacturing have been rewarded with the acknowledgment by leading industry organizations and participants that NuRAN's Wireless Infrastructure Solutions are "at the top of their class". For the past couple of years, the Company has clearly demonstrated that technology ownership is key to its success. The improvement of its solution has produced an important gain of sustainable capacity of its network resulting in significantly increased revenue.

To further support the growth of the NaaS model, management maintained its focus on raising capital to support its deployment plans and on continuous improvement of its operating sites.

In July 2021, the Company completed a $11M private placement led by strategic investor AMOS Spacecom who provided a $4M investment. Of this, over half of the proceeds were used to build an inventory of 240 sites in Cameroon and the Democratic Republic of the Congo (DRC). The Company then sought additional funding to complete the rollout.

As of the year ending December 31<sup>st</sup>, 2024, the Company has secured 9 contracts with MTN and Orange for 8 countries totalling 5,092 sites. NuRAN is now operating in 4 countries and has completed the incorporation of its operating subsidiaries in 1 more country Deploying the current backlog and the projected pipeline will require continued capital-raising efforts considering the requirements of all country operations. The progress on these efforts is highlighted further on in this document.

As of December 31<sup>st</sup>, 2024, site revenue and traffic performance in Cameroon has completely exceeded management's expectations. Supported by impressive network performance and capacity, NuRAN has doubled its revenue per site compared to its financial plan, mainly due to increased usage, and more than tripled its revenue since March 2023. Monthly Average Revenue Per User (ARPU) in Cameroon has reached US$5.70 compared to US$2.40 in 2023.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following image demonstrates the evolution of traffic (measured in ERLANGs) and revenue per site and sets the trajectory for a highly profitable business model. On a per site basis, the Company is also reaching over 90% gross margin in Cameroon as the operation has established new standards of performance resulting in a significant cash contribution from the country. ERLANG is a traffic measure of channel occupancy, where 1 Erlang equates to one channel being used for an hour. The Cameroon network reached close to 500K ERLANGs in the month of December with over 100K active users.

![](img105_v1.jpg)

The image below shows how revenue per site in the last 5 months of December compared to NuRAN's financial model. By December it was double the projection and NuRAN has reset its expectations based on this historical data trend.

MANAGEMENT'S DISCUSSION AND ANALYSIS

![](img106_v1.jpg)

The Company has experienced significant revenue growth per site, alongside a notable reduction in the Cost of Goods Sold (COGS), culminating in a 91% Gross Margin as of December 31st, 2024, in Cameroon. The COGS encompasses expenses such as site lease, repair and maintenance, insurance, and satellite managed services. The comprehensive robustness and efficiency of NuRAN's technical solution contributes to reduced preventive and curative maintenance costs, as well as lower satellite bandwidth utilization.

Given that local overheads have not increased at the same rate as the gross margin, the cash contribution locally reached 79% of monthly revenue per site in Cameroon during this period. Consequently, this increase in operational contribution from Cameroon offers greater flexibility to manage the cash needs of the organization across geographies including the parent company. With average site CAPEX of US$25,000, the current payback period is less than 8 months. Management's focus on the operations in Cameroon should result in NuRAN achieving positive EBITDA in the very near future placing the company in a strong position to pursue its development plan.

Cameroon is performing well, but DRC is lagging. NuRAN has 25 billing sites in DRC, generating US$810 per month each—a 38.17% increase since December 2023. However, each site costs US$595, leading to losses due to insufficient gross profit to cover overhead costs. Management plans to relocate non-performing sites to improve revenue using better site selection. Based on last year's learnings and commercial support, NuRAN aims to make DRC profitable and expand operations.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The image above shows the level to which the actual results in Cameroon have outperformed management's expectations. Early results for 2025 show a continued increasing trend so management is confident that it will achieve its forecast and reach positive EBITDA with fewer sites and therefore sooner than expected. The cumulative number of accepted sites is subject to these meeting Key Performance indicators (KPIs) and the mobile operators' ability to accept these for billing in a timely manner. In conclusion, Cameroon has demonstrated its ability to independently drive the Company to profitability. The success seen in Cameroon will serve as a model for NuRAN to replicate in other target countries like Ivory Coast and Benin, where similar potential exists.

**Operational and Business Highlights:**

During the year 2024, NuRAN started to draw down from the recently signed a US$5M term loan facility agreement with Cygnum Capital (see below) and is progressing on other financing options. Management is now focusing on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through a syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

The long-term Loan Facility comprises much improved terms than those previously received from potential lenders and represents a crucial step forward in NuRAN's strategic plans to bolster telecommunications infrastructure in Africa. This will allow NuRAN to implement network infrastructure rollouts, particularly in Cameroon, DRC, Ivory Coast, Benin and Madagascar. As of the date of these financial statements, the potential lender has completed its due diligence and subject to receiving an equity or quasi-equity term sheet, has indicated that it is ready to submit the file to its investment committee for final approval.

Regarding the equity raise, management remains dedicated to fulfilling the conditions requested by the potential investment partners. With positive EBITDA and the Q2 2025 commencement of operations in new countries—where we anticipate achieving results comparable to those in Cameroon—management is actively engaging with equity investors. Investors have been receptive and are continuously updated on our progress.

With the proceeds of the Cygnum Capital facility, site rollout has resumed in Cameroon. NuRAN's operations team has been working on important improvements to the site selection and acquisition process and refining the improvements in network efficiency and capacity implemented during 2023 that have brought excellent results with significant increases in traffic and revenue on existing sites.

At the same time, management negotiated improved terms and pricing with key suppliers, resulting in, for example, a 50% reduction in monthly fees for satellite managed services leading to significantly increased gross margin.

As at the date of these consolidated financial statements, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, the Democratic Republic of the Congo (DRC), and Madagascar and with MTN in South Sudan, Cameroon, Namibia, Sudan, Ivory Coast and Benin for a potential lifetime contract value of over US$900M. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained and cashflow generated in existing operations.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. From the cash generated by its operations in Africa, the Company plans to reinvest in the project resulting in a reduction of the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its actual focus of delivering its backlog to reach profitability and to enable additional financings, management expects to structure its approach strategically. By prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

The business development and sales strategy revolves around leveraging the established Poles to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

MANAGEMENT'S DISCUSSION AND ANALYSIS

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

*Managements' belief in the increasing adoption of the NaaS model by MNOs and NuRAN's ability to efficiently and effectively manage the rollout of NaaS contracts is supported by a number of achievements since 2022:*

● On July 21, 2022, and subsequent to its earlier announcement, the Company announced the signing of the Group Framework Agreement (GFA) with MTN Group as mentioned above which offers the potential to connect up to 50 million additional people.

● On July 26, 2022, NuRAN announced its first signing following the GFA of a definitive 10-year NaaS contract with MTN Sudan Company Ltd. for the deployment of a minimum of 500 rural sites in Sudan. The agreement is estimated to generate up to approximately US$125M in revenues over its life and will support 2G and 3G. Due to the current situation in Sudan as of the date of these financial statements the Company has placed further development on hold.

● On October 11, 2022, the Company announced its second largest contract in terms of number of sites with an agreement for the rollout of up to 1,000 sites with MTN Ivory Coast. Over the 5-year period of the agreement, gross revenue is expected to be over US$75M. The contract includes an automatic renewal for an additional 5 years and similar to the previously announced MTN Sudan and MTN Namibia agreements, NuRAN expects to retain the ownership of the infrastructure after the completion of the contract. This shift in business model to the ownership of infrastructure with no handover to the MNO potentially increases the value of the agreement substantively to NuRAN and its shareholders by providing a continuous revenue stream.

● On January 17, 2023, NuRAN announced the entry into NaaS agreement with Orange Madagascar for the deployment of up to 500 rural sites on the east coast of Madagascar with contracted revenue potential of US$90M. The 10-year agreement is the Company's third contract with Orange and is expected to support 2G and 3G networks with variety of site categories to cover different population densities and coverage areas. NuRAN expects to retain the ownership of the infrastructure after completion of the contract which increases the overall value of the agreement.

● On February 21, 2023, the Company announced a US$1.41M purchase order from the Marshall Islands National Telecommunication Authority (MINTA) to extend and add 4G coverage to their existing network. MINTA is the end customer under a previous contract with Intelsat which NuRAN has deployed since 2021 which validates the strength of the Company's technology solution and deployment capabilities.

● On October 17, 2023, NuRAN announced that NuRAN Wireless Cameroon SARLU had received its Category 1 License for delivering and operating shared passive infrastructure to support digital communication networks. This license allows the Company to not only deliver its NaaS business model for Orange Cameroon but to expand its business by allowing for multiple mobile network operator (MNOs) or "tenants" on sites. NuRAN now has this added flexibility and can provide services similar to other tower companies in the future.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On November 16, 2023, the Company also announced that its wholly owned subsidiary, NuRAN Wireless DRC SARLU, has completed its application for a network infrastructure license in the DRC. The license is similar to the Category 1 License in Cameroon in that it allows for expansion of the business model beyond NaaS as well as the addition of VSAT services. The decision follows a Ministerial Decree published on October 10, 2023 which simplifies the obligations of holders of the license, specifically related to ownership requirements. A condition of this application included converting the subsidiary to a SA which was completed in September 2024.

● On June 5, 2024, NuRAN announced a five-year NaaS agreement for the deployment of 250 sites in Africa with MTN further to its GFA in place with the Group. This agreement is the fifth agreement signed with MTN totaling 2,150 sites in five different countries, representing up to approximately US$27 million in revenues over the course of five years assuming that the 250 sites are completed. The five-year term of the NaaS pursuant to the GFA can be extended or renewed for an additional five years subject to an extension or renewal agreement.

● On July 16, 2024, the Company announced an agreement for up to 200 sites with MTN Benin for the deployment of rural 2G, 3G and 4G sites under the NaaS business model in Benin, West Africa. The 5-year agreement with MTN Benin includes a renewal for an additional 5 years at the end of the initial term. This agreement has been signed under the MTN Framework Agreement announced on July 21, 2022, serving as further evidence of the strong partnership between MTN and NuRAN both dedicated to empowering lives in rural communities across Africa.

● On December 9, 2024, The Company announced that it has achieved positive Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) in its wholly owned Cameroon subsidiary. The recent developments specifically pertaining to site acceptance have accelerated subscriptions and mark a clear turning point for the company in Cameroon.

● On March 7, 2025 NuRAN reported that it had been closely monitoring the recently proposed changes in customs tariffs between the United States (US) and Canada. The majority of NuRAN's suppliers are not based in the US and are either in Canada or other international locations. Equipment sourced from the US accounts for less than 5% of the total material costs of base station radios. Other material from suppliers based in the United States is procured directly from Africa, avoiding any tariffs levied by the US on Canada. Therefore, the impact of the proposed tariffs on total operational costs will be negligible.

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility") for (re)financing of renewable energy assets for NuRAN Wireless (Africa) Holding. The Facility will have a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Loan Facility agreement with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital. The Loan Facility is for the purpose of financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new Network as a Service ("NaaS") agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This senior secured Loan Facility is intended to allow NuRAN to deploy more than 500 new sites. Combined with cash generated from operating sites, the Company intends to use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 to July 12, 2024. In addition the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor remains committed to the NuRAN business as the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On April 4, 2024, NuRAN announced the confirmation of US $800K credit facility from a local Cameroon Commercial Bank to NuRAN Cameroon and specifically to support the further deployment of sites. The announced credit facility has a 2-year tenor with a 9% interest rate per annum. By the end of the year, management had finalised the terms to work alongside the Cygnum Capital facility and agreed initial drawdown.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from the Facility for Energy Inclusion ("FEI") had been received. As a result of this NuRAN resumed its rollout plan. While the majority of the amount will be dedicated to Cameroon, NuRAN expects to dedicate a portion to initiate site build in the Ivory Coast, Benin and Madagascar. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of CDN$0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of CDN$0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on accelerating discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. The Company is utilising its flexible structure to allow for debt and equity fund-raising at various levels. The next financings are planned to occur at the NuRAN Wireless (Africa) Holding level in Mauritius to avoid share dilution at the parent level.

![](img107_v1.jpg)

Results in Cameroon have exceeded expectations with growth in traffic and revenue supported by enhancements of NuRAN's solution increasing network capacity. In addition, better site allocation and selection has ensured the success of new sites. We are adopting the same measures in DRC and have started to see signs of performance improvement. Technology effectiveness and ownership is a key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy reselling Orange products and services that has already shown important growth in user adoption and traffic resulting in revenue growth.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

MANAGEMENT'S DISCUSSION AND ANALYSIS

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 50% reducing the concentration risk. The recently signed US$5M bridge facility from Cygnum Capital, the US$1.6M private placement along with the 2024 announced US$15M Term Sheet of a possible US$70M Facility will support management's efforts to raise equity. While the Cygnum Facility is expected to allow the Company to reach operating 600 sites that will demonstrate/confirm the full potential of the NaaS business model, management is now focused on launching new countries starting with Benin and Ivory Coast in order to diversify its revenue sources.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

The team has been working to initiate operations in newly contracted countries and investment will therefore be utilised across the business to build diversified and growing coverage in Africa. Continued interest in the investment case and strong fundamentals of existing operations reinforce management's belief in the success of the Company's strategy and its belief that NuRAN is positioned to become the market leader in this very important and growing space.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have long been deployed by MNOs as an integral part of their network operations and now under the NaaS model in extending rural coverage. NuRAN solutions have been either tested or are now operated by MNOs in more than 20 countries across Southeast Asia, Africa, South America and Latin America. NuRAN has also established alliances with other key industry participants such as tower, satellite and power companies to further increase its market reach. Management continues to believe that the successful acceptance and adoption of NuRAN's system by MNOs and partnerships with key industry players place NuRAN in a position to generate significant sustainable business.

NuRAN previously announced its LiteRAN xG, a mobile wireless infrastructure solution that will provide operators with 2G, 3G & 4G capability from a single piece of equipment allowing them to run multiple technologies simultaneously and evolve their services over time. The addition of LiteRAN xG to the Company's portfolio, planned for early 2025, will significantly widen the Company's addressable market.

The additional contracts with MNOs and the signing of the Group Framework Agreement (GFA) with MTN Group is recognition of the quality of NuRAN's carrier-grade mobile network infrastructure solutions, its extensive expertise in the installation and management of cost-effective cellular networks as well as the economic benefits of being able to reach a large base of customers, not reachable without NuRAN's systems.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following discussion of the Company's financial performance is based on the consolidated financial statements for the year ended December 31, 2024 and 2023.

***Factors Concerning the Company's Financial Performance and Results of Operations***

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, started to generate sales with first sites live and should produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries.

Some of NuRAN's NaaS agreements include a guaranteed minimum revenue monthly fee (GMR) to ensure a return on each site, covering costs and interest. Recently, with high network performance, the Company is transitioning to a threshold model, whereby revenue is retained up the threshold but allowing them to retain more revenue and retain ownership of the sites. Under IFRS, current contracts require NuRAN to record site sales when operational, impacting revenue and gross profit margins. Future contracts without site transfer will better reflect invoicing and economic results. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees. This shift aims to create a stable and recurring revenue stream post-rollout completion.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running, however management recognises that, given the stage of NaaS rollout and implementation, the Company is likely to be loss-making for some time. To achieve an acceptable net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys, achievable through the NaaS model.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Tower Outlook Disclosure**

Regarding the outlook for site deployment, management continues to report on the status of its expected deployment of NaaS sites. In order to improve the accuracy of development plan expectations, management is pursuing site development in phases that are determined based on the confirmed availability of funds for a specific phase. As an example, the cash generated from its operation in Africa, the recently announced US$5M facility, local Cameroon financing and the investment in August from a long-time shareholder are now expected to contribute to the delivery of at least 600 sites. As of the date of these consolidated financial statements, an initial drawdown of US$2.5M was received in July 2024 and a further US$1.05M in March 2025 from the US$5M Facility from Cygnum Capital. Supported by continued strong cashflow from operations, subsequent drawdowns will fund the ongoing deployment plans.

As a result of the Company's ongoing financing efforts, management continued to increase its pipeline of financing options from other groups with expressions of interest of over US$80M including the US$15M term sheet announced in May and agreed mandate to further increase this amount. With the Company's contributed equity in NuRAN Wireless (Africa) Holding supporting this long-term debt, the additional financing options available, and cash generated in its subsidiaries, NuRAN is committed to showing regular progress in building the planned number of operating sites.

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the annual consolidated financial statements of the Company as at December 31, 2024 and December 31 2023 and for the periods then ended:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year ended December 31, 2024** | &nbsp;&nbsp;**Year ended December 31, 2023** | &nbsp;&nbsp;**Year ended December 31, 2022** |
| &nbsp;&nbsp;Total revenues | &nbsp;&nbsp; $4364327 | &nbsp;&nbsp; $3199125 | &nbsp;&nbsp; $4871890 |
| &nbsp;&nbsp;Total loss | &nbsp;&nbsp; $(8755860) | &nbsp;&nbsp; $(12322243) | &nbsp;&nbsp; $(9892114) |
| &nbsp;&nbsp;Net loss per share – basic | &nbsp;&nbsp; $(0.16) | &nbsp;&nbsp; $(0.32) | &nbsp;&nbsp; $(0.30) |
| &nbsp;&nbsp;Net loss per share – diluted | &nbsp;&nbsp; $(0.16) | &nbsp;&nbsp; $(0.32) | &nbsp;&nbsp; $(0.30) |
|  | &nbsp;&nbsp;**As at December 31, 2024** | &nbsp;&nbsp;**As at December 31, 2023** | &nbsp;&nbsp;**As at December 31, 2022** |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp; $23878422 | &nbsp;&nbsp; $20210608 | &nbsp;&nbsp; $18737500 |
| &nbsp;&nbsp;Total non-current financial liabilities | &nbsp;&nbsp; $66739 | &nbsp;&nbsp; $293768 | &nbsp;&nbsp; $405522 |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

**RESULTS OF OPERATIONS**

**Revenue**

Revenue for the year ended December 31 2024 of $4,364,327 was a significant increase of $1,165,202 from the year ended December 31, 2023 ($1,672,765 decrease for the year ended December 31, 2023 compared to the year ended December 31, 2022).

Of the total revenue for the year ended December 31, 2024, $3,431,300 was NaaS service revenue from site operations, including $793,341 invoiced in December related to sites not previously accepted as "live" by the mobile operator (disputed sites). This relates mostly to 2024 with a small portion from 2022 and 2023 and is $14k less than the estimate mentioned in our September 30, 2024 reporting. The dispute is now resolved. Also included in NaaS is $(120,875) that was an adjustment to comply with IFRS 15, which as mentioned earlier requires that we recognize a sale of the site and cost when it becomes operational. Over 90% of NaaS revenue relates to Cameroon and the remainder to DRC. Other revenue was related to CAPEX sales, including MINTA, of $933,027 for the year ended December 31, 2024.

**Gross Profit**

Gross profit for the year ended December 31, 2024 increased by $1,787,795 compared to the year ended December 31, 2023 (decreased by $1,492,787 for the year ended December 31, 2023 compared to the year ended December 31, 2022).

Gross margin for the year ended December 31 2024 increased to 53% from 17% for the year ended December 31, 2023 (decreased to 17% for the year ended December 31, 2023 from 42% for the year ended December 31, 2022).

The overall gross margin increased significantly and, although it includes the arrears revenue noted above, is more in line with the Company's projections based on the level of direct costs for the NaaS offering, including VSAT. The gross margin % is impacted by IFRS 15 adjustments in 2023 and 2024 which includes the sale of sites as described above. Overall, in 2024 NaaS gross margin was 59%, and 74% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site continues to fall. Further reductions will be realised in 2025 as a result of contract renegotiations as mentioned above as well as the expected increases in NaaS revenue.

**Expenses** 

During the year ended December 31, 2024, total expenses decreased by $1,484,318 from the year ended December 31, 2023 (for the year ended December 31, 2023 total expenses increased by $907,911 from the year ended December 31, 2022). All cost categories including financial expenses but excluding research and development costs went down as a result of continued cost containment initiatives undertaken by management. Financial expenses decreased mainly because of the reduction in the interest rate agreed with the factoring company to 5% for the year. Approximately 90% of financial expenses are non-cash charges including interest costs of short-term borrowings and accretion expenses of convertible debentures. The Company booked a foreign exchange gain as a result of intercompany accounts with subsidiaries denominated in USD which was for the most part offset by a loss in the translation of foreign operations; at the consolidated level these have negligible impact. Research and development costs increased as a result of continued focus on the development of the 3G/4G platform which is a continuing emphasis of the Company as it responds to the needs of its MNO customers.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net Loss Before Other Elements and Income Taxes**

As a result of all the factors mentioned above the Net Loss Before Other Elements and Income Taxes for year ended December 31, 2024 decreased to $8,560,812 from the year ended December 31, 2023 loss of $11,832,924 (for the year ended December 31, 2023 total Net Loss Before Other Elements and Income Taxes increased to $11,832,924 from the year ended December 31, 2022 loss of $9,432,226). The change for the year ended December 31, 2024 was a result of the increase in gross profit and the reductions in operating expenses including financial expenses. Going forward, expenses should not increase significantly whereas growth in revenue and gross profit related to more sites going live will allow the Company to realise operating leverage as management remains focused on achieving positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA). The Company will also look to shift the focus from short term credit facilities in Canada to long term for the African operations and continues to pursue several initiatives on this front.

**Other Elements** 

Other Elements for the year ended December 31, 2024 generated a net loss of $50,160 compared with a net loss of $473,558 in the year ended December 31, 2023 (a net loss of $473,558 for the year ended December 31, 2023 compared to a net loss of $459,400 for the year ended December 31, 2022). These relate mostly to a gain on the settlement of short-term borrowing facilities during the period offset a write-off of inventory booked in Canada.

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the year ended December 31, 2024 decreased to $8,755,860 from the year ended December 31, 2023 loss of $12,322,245, a significant improvement of $3,695,511 (for the year ended December 31, 2023 increased to $12,322,245 from the year period ended December 31, 2022 loss of $9,892,114).

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the year ended December 31, 2024 was a net loss of $1,170,878 (compared with a net gain of $191,355 for the year ended December 31, 2023). Even after taking this into account, the Total Comprehensive Loss for the year ended December 31, 2024 improved to $9,926,738 compared to $12,130,890 for the year ended December 31, 2023 (a Total Comprehensive Loss of $12,130,890 for the year ended December 31, 2023 compared to a Total Comprehensive Loss of $10,060,902 for the year ended December 31, 2022).

**Expenses** 

Below is a discussion of the expenses for the year ended December 31, 2024, and the year ended December 31, 2023.

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| | | | |
|:---|:---|:---|:---|
|  | **2024** | &nbsp;&nbsp; **2023** | &nbsp;&nbsp;**% change from 2023** |
| &nbsp;&nbsp;Selling expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798660 | &nbsp;&nbsp;910662 | &nbsp;&nbsp; -12.30% |
| &nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6821129 | &nbsp;&nbsp;7380941 | &nbsp;&nbsp; -7.58% |
| &nbsp;&nbsp;Employee share-based compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;6264 | &nbsp;&nbsp; -100% |
| &nbsp;&nbsp;Financial expenses | 2596960 | &nbsp;&nbsp;3599987 | &nbsp;&nbsp; -27.86% |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675678 | &nbsp;&nbsp;478889 | &nbsp;&nbsp; +41.09% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10892426 | &nbsp;&nbsp;12376744 | &nbsp;&nbsp; - 11,99% |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

***Selling expenses***

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the IR online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

***Administrative expenses***

Administrative expenses consist of staff remuneration, legal fees, audit and accounting fees, insurance, rent, consulting fees and general office expenses. These costs decreased from the previous year, with the most significant reduction being in outside advisory and professional fees as management internalised activities and focused on advancing and closing existing financing relationships. Some financing advisory costs will continue as management continues to raise debt and equity finance until the business becomes cashflow positive.

***Financial expenses***

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing and gain/loss on foreign exchange. The decrease in financial expenses for the year ended December 31, 2024, compared to the year ended December 31, 2023, is mainly a result of a reduction in the interest rate charged on factoring as well as costs associated with the debt restructuring at year end. Management's focus in 2024 continues to be on creating the conditions to repay these short-term facilities and to reduce the emphasis on these types of financing. As mentioned, a foreign exchange gain was booked offsetting a loss in the translation of foreign operations. The Company does have foreign exchange exposure to the US dollar which many sales and component costs are denominated in as well as the Communauté Financière Africaine (CFA) which is the denomination of revenue in Cameroon, and which is pegged to the Euro.

***Research and development***

Research and development costs for the year ended December 31, 2024 increased over the year ended December 31, 2023 as the Company continued to focus on control and continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management has streamlined operations as evidenced in the reduction in Selling and Administrative expenses. This follows a restructuring initiative that took place in 2023 to organise operations globally based on function rather than geography. It shows the Company's commitment to reach positive EBITDA which it expects to do in 2025. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company is building more sites generating an increasing amount of recurring revenue. With operating costs covered by NaaS revenue any new funds raised can be directed to site construction and servicing and repaying other debt. This will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SUMMARY OF QUARTERLY RESULTS** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Total revenues ($)** | &nbsp;&nbsp;**Total loss ($)** | &nbsp;&nbsp;**Basic and Diluted Loss**<br>**Per Share**<br>**($)**<br>|
| &nbsp;&nbsp;31-Dec-24 | &nbsp;&nbsp;663422 | &nbsp;&nbsp;(371968) | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;30-Sep-24 | &nbsp;&nbsp;1563061 | &nbsp;&nbsp;(3220575) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;30-Jun-24 | &nbsp;&nbsp;1512457 | &nbsp;&nbsp;(2425969) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Mar-24 | &nbsp;&nbsp;572727 | &nbsp;&nbsp;(2355685) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Dec-23 | &nbsp;&nbsp;1125235 | &nbsp;&nbsp;(2861581) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;30-Sep-23 | &nbsp;&nbsp;797067 | &nbsp;&nbsp;(3302317) | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;30-Jun-23 | &nbsp;&nbsp;602255 | &nbsp;&nbsp;(2823600) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;31-Mar-23 | &nbsp;&nbsp;671961 | &nbsp;&nbsp;(3365516) | &nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;31-Dec-22 | &nbsp;&nbsp;1193772 | &nbsp;&nbsp;(1313868) | &nbsp;&nbsp;(0.04) |

---

**Fourth Quarter**

During the three months ended December 31, 2024, the Company earned revenues of $663,422, including approximately $250,000 of NaaS service revenue related to sites not previously invoiced from 2024 in Cameroon. This compared to $1,128,235 during the three months ended December 31, 2023, a decrease of $464,813. This was a result of reduced revenue recognised for Capex sales as well as an adjustment for IFRS 15 resulting from sites going live in the quarter.

During the three months ended December 31, 2024, the Company generated gross margin of $289,704 compared to $612,057 during the three months ended December 31, 2023, a decrease of $322,353 resulting in a 44% gross profit. This was a result of the Capex sale and IFRS 15 adjustments mentioned above, both which contributed negatively.

During the three months ended December 31, 2024, the Company incurred a net loss of $371,968 compared to net loss of $2,861,581 for the three months ended December 31, 2023.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash increased to $1,171,558 as at December 31, 2024, from $172,880 as at December 31, 2023. Current assets increased to $16,125,341 as at December 31 2024, from $12,448,920 as at December 31, 2023 due to increases in Trade and other receivables, accrued revenues, inventories, work in progress and security deposits.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The cash position as at December 31, 2024 reflected inflows from financing from Cygnum Capital and the private placement not yet deployed. Given the ongoing deployment of network infrastructure for NaaS sites, the Company expects to be consuming cash and in a loss position for the foreseeable future. With the Cameroon entity now generating positive cash contribution based on its NaaS income, management sees the benefit of increasing scale in country operations to provide funding to continue to accelerate site construction. Additional cash at the Canada HQ level will be generated from product sales and services provided to external customers (e.g. MINTA). The current focus on site construction in Cameroon and other countries in the short term will allow the Company to improve its cash situation in as short a period as possible.

The recently closed US$5M Senior Secured Bridge Facility allowed the Company to refinance its expenditures on energy assets both on existing sites and in inventory, estimated at over US$1.5M. These funds, along with the US$1.6M private placement proceeds from a long-time shareholder brought additional liquidity to the Company allowing for implementation of site construction plans and continuity of operations. In addition, the Company has invested in its Radio Access Network production to support future installations of up to 250 sites. The Company also reduced accounts payable representing strategic supplier balances and repaid short term debt facilities amounting to almost $1.5M.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. The Company has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds as well as other sources such as equity and hybrid investors. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites utilising the recent cash injection and given the strong results it has seen from existing operations. It is transitioning some inventory from DRC to Cameroon and Ivory Coast as a means of improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of these financials the Company has placed on hold any effort to pursue the development of this network.

While the company remains reliant on external funding for CAPEX spending and short-term debt repayment and restructuring, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the recent US$5M Loan facility, the US$1.6M private placement and the term sheet and mandate letter aimed at raising up to US$70-80 million, management believes that the company will be able to raise the necessary financing, and that its financial position is expected to improve significantly. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**RISKS and Uncertainties**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of our product research and development expenses, integration services, customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

**Competition**

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals**

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends**

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know-how.

**Protection of Intellectual Property**

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers**

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Since 2014, approximately 52% of our sales were derived from sales outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase. Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Intellectual Property Risks**

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.9

**Exhibit 99.9**

**Form 52-109FV1**

***Certification of Annual Filings***

***Venture Issuer Basic Certificate***

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A,
 including, for greater certainty, all documents and information that are incorporated
 by reference in the AIF (together, the "annual filings") of **Nuran Wireless Inc.** (the "issuer") for the financial year ended **December 31, 2024.** 

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the annual filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, for the period
 covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 annual financial statements together with the other financial information included in
 the annual filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the annual filings.

Date: **April 30, 2025**

/s/ "*Francis Letourneau*"

Francis Letourneau

Chief Executive Officer

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br>|
| &nbsp;&nbsp;ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.10

**Exhibit 99.10**

**Form 52-109FV1**

***Certification of Annual Filings***

***Venture Issuer Basic Certificate***

I, **Jim Bailey, Chief Financial Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the AIF, if any, annual financial statements and annual MD&A,
 including, for greater certainty, all documents and information that are incorporated
 by reference in the AIF (together, the "annual filings") of **Nuran Wireless Inc.** (the "issuer") for the financial year ended **December 31, 2024.** 

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the annual filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, for the period
 covered by the annual filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 annual financial statements together with the other financial information included in
 the annual filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the annual filings.

Date: **April 30, 2025**

/s/ "*Jim Bailey*"

Jim Bailey

Chief Financial Officer

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>NOTE TO READER</u>** | &nbsp;&nbsp;**<u>NOTE TO READER</u>** |
| &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of | &nbsp;&nbsp;In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of |
| i) | controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br>|
| &nbsp;&nbsp;ii) | a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP. |
| &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. | &nbsp;&nbsp;The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation. |

---

## Exhibit 99.11

**Exhibit 99.11**

---

| | |
|:---|:---|
| ![](img108_v1.jpg) | **PRESS RELEASE** |

---

**FOR IMMEDIATE RELEASE**

**NURAN WIRELESS Reports Annual Audited** 

**2024 Financial Results**

**Quebec, QC, Canada, May 1<sup>st</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce its audited financial results for the year ended December 31, 2024:

**Highlights of the Company's financial results for the twelve months ended December 31, 2024, include the following:**

● Revenue of $4,364,327 compared to $3,199,125, for the twelve months ended December 31, 2024, an increase of 36.42%, almost 80% of which is attributable to the increase in live NaaS sites

● Gross profit of $2,331,615 (53%) for the twelve months ended December 31, 2024, compared to $543,820 (17%) in 2023, an improvement of $1,787,795 or 329%.

● Total expenses of $10,892,426 compared to $12,376,744 for the twelve months ended December 31, 2023, a decrease of 11.99%.

● Net Loss of $8,755,860 compared to $12,832,924 for the twelve months ended December 31, 2024, a decrease of 28.94%.

"The substantial rise in gross profit is further evidence of our site build progress as well as the continually improving robust performance of our sites. As we continue to expand our operations and diversify our site builds across various countries, we are clearly focused on achieving positive EBITDA in the near term. Our continually improving financial performance should open the door to more attractive financing opportunities for further expansion. The recent agreements and financing initiatives not only strengthen our financial position but also reaffirm our commitment to bridging the digital divide for rural communities. The ongoing success in Cameroon, with over 80% gross margin in NaaS revenue, is a testament to the efficiency and effectiveness of our business model. We look forward to continuing to deliver value to our shareholders as we grow and scale our innovative solutions across Africa." stated Francis Letourneau, President and CEO of NuRAN Wireless Inc.

**Q1 Guidance**

Management reports that the company should reach positive Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for its first quarter of operations in 2025. The revenue and traffic growth in Cameroon combined with the increase in number of sites built and billing, has allowed the company to achieve over 80% gross margin in Cameroon deducting direct costs of NaaS delivery from revenue.

---

| | |
|:---|:---|
| ![](img108_v1.jpg) | **PRESS RELEASE** |

---

Although EBITDA is a non-GAAP measure, NuRAN is encouraged by the ability of NaaS revenues in Cameroon and elsewhere to cover group operating costs with new capital being raised to continue to build and generate cash to repay debt.

**Highlights from the Year and Recent Announcements Include:**

● On July 16, 2024, NuRAN announced a US$32.2 million NaaS agreement for up to 200 sites with MTN Benin (JSE: MTN) for the deployment of rural 2G, 3G and 4G sites under the Network-as-a-Service ("NaaS") business model in Benin, West Africa. The 5-year agreement with MTN Benin now places NuRAN in 8 countries for 5092 sites throughout Sub-Saharan Africa with NaaS agreements signed. The contract includes a renewal for an additional 5 years at the end of the initial term. This agreement has been signed under the MTN Framework Agreement announced on July 21, 2022, serving as further evidence of the strong partnership between MTN and NuRAN both dedicated to empowering lives in rural communities across Africa.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from the Facility for Energy Inclusion ("FEI") has been received allowing for the resumption of site construction.

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until August 16, 2026, the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of CDN$0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of CDN$0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company.

● On December 9, 2024, the Company announced that it has achieved positive Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) in its wholly owned Cameroon subsidiary covering all operating expenses including a portion of central costs charged to the subsidiary. The recent developments specifically pertaining to site acceptance have accelerated subscriptions and mark a clear turning point for the company in Cameroon.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

---

| | |
|:---|:---|
| ![](img108_v1.jpg) | **PRESS RELEASE** |

---

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

<u>Frank.candido@nuranwireless.com</u>

Tel: (514) 969-5531

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

***Forward Looking Statements***

*This news release contains forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of NuRAN, that may cause the actual results, level of activity, performance or achievements of NuRAN to be materially different from those expressed or implied by such forward looking statements, including but not limited to management's business strategy for 2025. Although NuRAN has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause NuRAN''s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither NuRAN assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.12

**Exhibit 99.12**

**Nuran Wireless Inc.**

**Condensed Interim Consolidated**

**Financial Statements**

**March 31, 2025 and 2024**

---

| | |
|:---|:---|
| Condensed Interim Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Financial Position | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Shareholders' Equity (Deficiency) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Cash Flows | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes to Condensed Interim Consolidated Financial Statements | 6-29 |

---

The condensed interim consolidated financial statements of Nuran Wireless inc. for the first quarter ended March 31, 2025 as well as the corresponding comparative data were not subject to a review by the Company's auditor.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of Financial Position**

As at March 31, 2025 and December 31, 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| |
|:---|
| ***ASSETS*** |
| Current assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development |
| &nbsp;&nbsp;&nbsp;&nbsp;tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues (Note 3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories (Note 4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets |
| Non-current assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets (Note 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |
| Total assets |
| ***LIABILITIES*** |
| Current liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable (Note 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures (Note 10A) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 10B) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities (Note 9) |
| Non-current liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (Note 9) |
| Total liabilities |
| ***Shareholders' deficiency*** |
| Share capital (Note 11) |
| Warrants (Note 12) |
| Contributed surplus (Notes 13) |
| Fair value of conversion option (Note 14)**)** |
| Foreign exchange in translation of foreign operations**))** |
| Accumulated deficit |
| Total shareholders' deficiency |
| Total liabilities and shareholders' deficiency |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of net Loss and Comprehensive Loss**

For the periods ended March 31, 2025 and 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | ***Three months ended*** | ***Three months ended*** |
|  | **2025-03-31** | 2024-03-31 |
|  | **$** | $ |
| **Revenue**<br>|  |  |
| Cost of sales |  |  |
| **Gross profit (loss)** |  |  |
| Selling expenses  |  |  |
| Administrative expenses |  |  |
| Financial expenses |  |  |
| Research and development costs, net of $26,209 in tax credits for the three-month period ended March 31, 2025, ($29,740 for the three-month period ended March 31, 2024) |  |  |
| Loss before other elements |  |  |
| Other elements: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (Loss) on debt settlement |  |  |
| Loss before income taxes |  |  |
| Income tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax |  |  |
| **Net loss for the period** |  |  |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |  |  |
| Foreign exchange gain (loss) on translation of foreign operations |  |  |
| **Total comprehensive income for the period** |  |  |
| **Net loss per share (Note 15)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted loss per share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |  |  |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)**

For the periods ended March 31, 2025 and 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Warrants** | **Contributed Surplus** |
|  | **Number** | **$** | **$** |
| **Balance as at January 1, 2025** | $**58694132** | $**761495** | $**6731440)** **))** |
| Issue of shares (Note 11) | **3000000** | **—** | **—)** |
| Net loss for the period | **—** | **—** | **—))** |
| Debenture conversion in share capital (Notes 10A) | **3500000** |  |  |
| Foreign exchange in translation of foreign operations | **—** | **—** | **—))** |
| Issue of warrants (Notes 11 and 12) | **—)** | **45000** | **—** |
| **Balance as at March 31, 2025** | **65194132** | **806495** | **6731440)** **)))** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Share capital | C**ontributed Surplus** | **Contributed Surplus** | **Fair Value of the <br>conversion option** |
|  | Number | $ | $ | $ |
| **Balance as at January 1, 2024** | 43043579 | 792537 | 6623291 | 21990) |
| Issue of shares (Note 11) | 7735240 |  |  |  |
| Net loss for the period |  |  |  | —) |
| Foreign exchange in translation of foreign operations |  |  |  | —) |
| Issue of warrants (Notes 11 and 12) |  | 55060 |  |  |
| **Balance as at March 31, 2024** | 50778819 | 847597 | 6623291 | 21990 |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Amended Condensed Interim Consolidated Statements of Cash Flows**

For the periods ended March 31, 2025 and 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| |
|:---|
| ***OPERATING ACTIVITIES*** |
| Net loss**)** |
| Non-cash flow adjustments |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of Right-of-use assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on debt settlement |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;OID on convertible debenture**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payable |
| Net change in working capital items |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development |
| &nbsp;&nbsp;&nbsp;&nbsp;tax credits receivable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |
| Net cash from operating activities |
| ***INVESTING ACTIVITIES*** |
| Purchase of property, plant and equipment**)** |
| Purchase of intangible assets**)** |
| Purchase of Right-of-use assets |
| Net cash used in investing activities |
| ***FINANCING ACTIVITIES*** |
| Lease liabilities |
| Repayment of lease liabilities**)** |
| Repayment of loan payable**)** |
| Proceeds (repayment of) loan payable |
| Issue of common shares |
| Net cash used in financing activities |
| Net decrease in cash |
| Cash, beginning of period |
| Foreign exchange in translation of foreign operations |
| Cash, end of period |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Nuran Wireless Inc. ("Nuran" or the "Company") was incorporated in the province of British Columbia, Canada on September 23, 2014. The Company's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

The Company's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR".

The Company with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of the Company's subsidiaries included in these condensed interim financial statements as at March 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name of subsidiaries | &nbsp;&nbsp;Country of<br> incorporation | &nbsp;&nbsp;Percentage<br> ownership | &nbsp;&nbsp;Functional<br> currency | &nbsp;&nbsp;Principal activity |
| &nbsp;&nbsp;Innovation Nutaq Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;Wireless solutions |
| &nbsp;&nbsp;Nuran Wireless (Africa) Holding | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;Holding company |
| &nbsp;&nbsp;Nuran Wireless DRC SA | &nbsp;&nbsp;DRC | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;Wireless solutions |
| &nbsp;&nbsp;Nuran Wireless Cameroon Ltd | &nbsp;&nbsp;Cameroon | &nbsp;&nbsp;100% | &nbsp;&nbsp;XAF | &nbsp;&nbsp;Wireless solutions |
| &nbsp;&nbsp;Nuran Wireless Benin S.A.R.L.U | &nbsp;&nbsp;Benin | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;Wireless solutions |
| &nbsp;&nbsp;Nuran Wireless Madagascar S.A.R.L.U | &nbsp;&nbsp;Madagascar | &nbsp;&nbsp;100% | &nbsp;&nbsp;MGA | &nbsp;&nbsp;Wireless solutions |
| &nbsp;&nbsp;Nuran Wireless Cote d'Ivoire S.A.R.L.U | &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;Wireless solutions |

---

XAF – Central African Franc; XOF – West African Franc; MGA – Malagasy Ariary;

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars) (Unaudited)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build, sell to a customer and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These condensed interim consolidated financial statements have been prepared on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business These condensed interim consolidated financial statements should be read in conjunction with the 2024 audited annual financial statements.

During the three-month period ended March 31, 2025, the Company incurred a net loss of $1,689,530 ($2,355,685 for the three-month period ended March 31, 2024) and used net cash of $1,650,940 ($910,822 for the three-month period ended March 31, 2024) in operating activities and, as of that date, had an accumulated deficit of $74,487,143 as at March 31, 2025 ($66,397,438 for the three-month period ended March 31, 2024) and a working capital deficiency of $20,073,903 ($14,367,604 for the three-month period ended March 31, 2024)

While these conditions indicate the existence of uncertainties that cast a doubt on the Company's ability to continue as a going concern, they highlight the need for ongoing capital and operational management. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth, and the Company has also realised recent growth in revenue which reduces the need to raise capital at the same level in the future. Management is focused on executing its strategy centered around the Network-as-a-Service (NaaS) model, which includes the deployment of over 5,000 rural mobile sites under contracts signed between 2020 and 2024.

The transition to the NaaS model involves significant upfront investment in network infrastructure. However, the Company has made meaningful progress in restructuring and repositioning its operations, including improving revenue generation and the operational performance of existing NaaS sites.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

The condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on May 29, 2025.

**2.** **SUMMARY OF ACCOUNTING POLICIES** 

**Overall considerations**

The accounting policies are in accordance with those used in the preparation of the 2024 annual financial statements.

**Significant management judgement in applying accounting policies and estimation uncertainty**

When preparing the condensed interim financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgments, estimates and assumptions made by management and will seldom equal the estimated results.

The judgments, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Company's last annual financial statements for the year ended December 31, 2024.

**3.** **ACCRUED REVENUES** 

---

| | | |
|:---|:---|:---|
|  | **2025-03-31** | 2024-12-31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipments sale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sites revenues |  |  |

---

Accrued revenues represents the cumulative deployment and construction sites revenue recognized under IFRS 15 for which the performance obligation has not been delivered.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**4.** **INVENTORY** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025-03-31** | **2024-12-31** | **2024-12-31** |
|  |  | $— | **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raw materials |  |  | **1273705** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finished goods |  |  | **1107284** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work in progress |  |  | **2694961** |
|  |  |  | **5075950** |

---

**5.** **PROPERTY, PLANT AND EQUIPMENT** 

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross carrying amount** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current translation effects |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as at March 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depreciation and impairment** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as at December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current translation effects |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance as at March 31, 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Carrying amount as at March 31, 2025** |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**5.** **PROPERTY, PLANT AND EQUIPMENT (CONTINUED)** 

---

| | |
|:---|:---|
|  |<br>Leasehold improvements |
| Gross carrying amount Balance as at December 31, 2023 |  |
| Additions |  |
| Disposal |  |
| Write- off) |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| Depreciation and impairment Balance as at December 31, 2023 |  |
| Depreciation |  |
| Disposal |  |
| Write- off) |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| Carrying amount as at December 31, 2024 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**6.** **INTANGIBLE ASSETS** 

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
|  | **Software** | **Trademarks** | **Total** | **Total** |
|  |  | $— | $— | **$** |
| **Gross carrying amount** |  |  |  |  |
| Balance as at December 31, 2024 |  |  |  | **8204894** |
| Additions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Under development |  |  |  | **61353** |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired |  |  |  | **1012** |
| Balance as at March 31, 2025 |  |  |  | **8267259** |
| **Depreciation and impairment** |  |  |  |  |
| Balance as at December 31, 2024 |  |  |  | **872162** |
| Amortization |  |  |  | **5539** |
| Balance as at March 31, 2025 |  |  |  | **877701** |
| **Carrying amount as at March 31, 2025** |  |  |  | **7389557** |

---

---

| | |
|:---|:---|
|  | December 31, 2024 |
|  | Trademarks |
| Gross carrying |  |
| amount |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Under development |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired |  |
| Balance as at December 31, 2024 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2023 |  |
| Amortization |  |
| Balance as at December 31, 2024 |  |
| Carrying amount as at December 31, 2024 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**7.** **RIGHT-OF-USE ASSETS** 

The Company's right-of-use assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2025-03-31** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 | **815051** |
| Addition | **5881** |
| Impairment | **—**) |
| Current translation effects | **—** |
| Balance as at March 31, 2025 | **820932** |
| Depreciation and impairment |  |
| Balance as at December 31, 2024 | **588408** |
| Amortization | **43598** |
| Impairment | **—**) |
| Current translation effects | **—** |
| Balance as at March 31, 2025 | **632006** |
| **Carrying amount as March 31, 2025** | **188926** |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**8.** **LOANS PAYABLES** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025-03-31** | 2024-12-31 | 2024-12-31 |
|  |  | $— | $|
| Loan from non-related company (a) |  |  | 226910 |
| Loan from non-related company (b) |  |  | 2839102 |
| Loan from non-related company (c) |  |  | 7003329 |
| Loan from non-related company (d) |  |  | 355645 |
| Loan from non-related company (e) |  |  | 150000 |
| Loan from non-related company (f) |  |  | 3829499 |
|  |  |  | 14404484 |

---

Given their short-term maturity, the carrying amount of loans receivable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets.

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The
 loan from a non-related company is a secured promissory note.

On June 24, 2024 the Company further extended the loan facility until December 31, 2025. As consideration, the Company agreed to increase the principal amount of the loan by US $230,117 as an extension fee, increased the interest rate to the default rate of 24% per annum and agreed to a repayment schedule to commence following the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly thereafter starting October 31, 2024. The lender also agreed to subordinate the loan to the FEI. A lending fee of US$50,000, accrued interest of US$259,190, compounded interest of US$83,164 and an extension fee of US$230,117 were added to the principal amount. The repayment requirement was not met.

During the three-month period ended March 31, 2025, the Company repaid US$337,581 for a remaining balance of US$1,665,525.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**8.** **LOANS PAYABLE (CONTINUED)** 

c) The
loan from a non-related company relates to a factoring agreement with a factoring company.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.911 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $19,11 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,910,763 was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional US$2,000,000 by selling additional receivables as required by the Company.

On December 23, 2024, the Company further amended the terms of the agreement to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 30,000, 0000 units form the previous 80,000,000 units which are eligible to be issued. Each unit included three quarters of one warrant to purchase a common share at $0.25 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 19).

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

During the three-month period ended March 31, 2025, the lender requested the conversion of debt under the agreement totaling a value of $221,026, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $224,500.

d) This
loan from bear interest at 11% and is payable over 24 months from December 5, 2023. During the three-months period ended March
31, 2025, the Company repaid US$43,264 for a remaining balance of US$216,942.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;e) This
loan bears interest at 15% per annum and was repayable on February 6, 2025, but was not repaid on that date.

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bear interest at 15% and is payable on March 8, 2025, but was not repaid on that date.

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bear interest at 15% and is payable on March 14, 2025, but was not repaid on that date.

&nbsp;&nbsp;&nbsp;&nbsp;f) The
loan is pursuant to a two-year term loan facility of US$5,000,000 dated July 5, 2024 with FEI to NuRAN Wireless (Africa) Holding.
The loan is secured on the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under general security
agreement and bears interest at the Secured Overnight Financing Rate plus 8.5% per annum. Interest accrues but is not payable
until maturity.

On March 10, 2025, the Company received of drawdown of US1,050,000.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **LEASE LIABILITIES** 

The Company's lease liabilities and their carrying amounts are detailed as follows:

---

| |
|:---|
| **Gross carrying amount** |
| Balance as at December 31, 2024 |
| Additions |
| Lease payments**)** |
| Lease interest |
| Waive off |
| **Balance as at March 31, 2025** |
| Current |
| Non-current |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**10A. CONVERTIBLE DEBENTURES**

As at March 31, 2025, the convertible debentures and derivative liability consists of:

---

| | | |
|:---|:---|:---|
|  | **Unsecured**<br>**Convertible**<br>**debentures** |<br>**Total** |
|  |  | $— |
| Balance at December 31, 2023 |  |  |
| Extension (a) |  |  |
| Effect of the modification (b) |  |  |
| Accretion of OID |  |  |
| Conversion (c) |  |  |
| Accretion |  |  |
| Balance at December 31, 2024 |  |  |
| Accretion of OID |  |  |
| Conversion (d)**))** |  |  |
| Accretion |  |  |
| **Closing balance, as at March 31, 2025** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 at December 20, 2023, the Company extended the maturity date of the Convertible Debentures
 entered into in July 2022. The maturity date of the Convertible Debentures was extended
 to July 12, 2024 along with other terms of the original debenture which were amended.
 The original debenture had an original issuance discount of 10% and this was increased
 to 16% leading to a maturity value of CA$2,645,502. In addition, the principal amount
 is convertible into common shares of the Company at a fixed price of $0.40 at the option
 of the debenture holder during the term of the Convertible Debenture. Under the terms
 of the Convertible Debenture the principal amount is due one year from the date of closing
 and does not bear interest until the maturity date or an event of default occurs. The
 number and terms of warrants issued in conjunction with the original debenture, as well
 as all other terms of the debenture did not change.

The debenture value determined using the current value method was $2,273,353.

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**10A. CONVERTIBLE DEBENTURES (CONTINUED)**

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.11 |
| Exercise price | $0.40 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

---

| | | |
|:---|:---|:---|
| (a), | (b) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in profit and loss as financial expenses |

---

The debenture value determined using the current value method was $3,397,006.

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.20 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**10A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.09 |
| Exercise price | $0.20 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) During
the year ended December 31, 2024, the debenture holders requested the conversion of debentures totalling a value of $225,000 in
common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion
option, the carrying value recorded for these shares was $227,000 (Note 11).

&nbsp;&nbsp;&nbsp;&nbsp;(d) During
the three-month period ended March 31, 2025, the debenture holders requested the conversion of debentures totalling a value of
$700,000 in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value
of the conversion option, the carrying value recorded for these shares was $831,749 (Note 11).

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**10B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES**

As at March 31, 2025, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  |<br>**Derivative**<br>**liability** |
| Balance at December 31, 2023 |  |
| Issuance |  |
| Original issuance discount (OID) |  |
| Fair value adjustment |  |
| Accretion of OID |  |
| Accretion |  |
| Fair value adjustment) |  |
| Effect of foreign exchange |  |
| Closing balance, as at December 31, 2024 |  |
| Accretion of OID |  |
| Accretion |  |
| Effect of foreign exchange |  |
| **Closing balance, as at March 31, 2025** |  |

---

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of US$2,194,772 with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the current value method was $1,594,729. The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.225 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**10B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)**

The fair value of derivative liability on August 16, 2024 was estimated at $53,482, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.12 |
| Exercise price | $0.225 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 57.08% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.08 |
| Exercise price | $0.225 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The Company measured the conversion feature of convertible debentures at FVTPL and the conversion feature was classified as a derivative financial liability for the loan, which was denominated in a currency other than the Company's functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into a variable number of both common shares and warrants. The embedded derivative did not qualify as an equity instrument due to not meeting the "fixed for fixed" criteria of IAS 32 Financial instruments: Presentation. Therefore, the Company separated the embedded derivative from the host contract and accounted for each element separately. The embedded derivative was initially recognized at its fair value. The amount of change in the fair value of the derivative is presented in profit or loss.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11. SHARE CAPITAL**

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

Common shares, voting and participating

Preferred shares

---

| | | |
|:---|:---|:---|
|  | **2025-03-31** | 2024-12-31 |
|  | **Number** | Number |
| Balance as at December 31, 2024 | **58694132** | 43043579 |
| Issue of share capital | **3000000** | 14650553 |
| Convertible Debenture | **—** |  |
| Debenture conversion in share capital | **3500000** | 1000000 |
| Issue of Warrants | **—)** | —) |
| **Balance as at March 31, 2025** | **65194132** | 58694132 |

---

During the three-month period ended March 31, 2025, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
January 2, 2025, to February 12, 2025, the Company issued 3,000,000 shares as of loan conversion with shares price between $0.078
and $0.085, resulting in the recognition of $244,500 as share capital and $23,474 as loss on debt settlement in the profit and
loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nil
in 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From
January 20, 2025, to February 19, 2025, the Company issued 3,500,000 shares upon the conversion of debenture at a share price
of $0.20 (Note 10A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From
January 2, 2025, to February 19, 2025, the Company issued 6,000,000 warrants for loan and debenture exercise. The fair value of
the warrants was $45,000.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11. SHARES CAPITAL (CONTINUED)**

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(e) From
January 10, 2024 to December 31, 2024, the Company issued 371,100 shares as of shares for services with shares price between $0.105
and $0.13, resulting in the recognition of $45,200 as administrative expenses in the profit and loss.

From January 31, 2024 to November 7, 2024, the Company issued 11,879,453 shares as of loan conversion with shares price between $0.10 and $0.166, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the profit and loss.

On January 2, 2024, 1,900,000 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the profit and loss.

On December 16, 2024, the Company issued 500,000 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the profit and loss.

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(f) On
August 16, 2024, $822,461 was recognized for the fair value on debentures. On December 23, 2024, $765,742 was recognized for the
fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(g) On
 April 2025, the Company issued 1,000,000 shares upon the conversion of debenture at a
 share price of $0.225 (Note 17).

&nbsp;&nbsp;&nbsp;&nbsp;(h) From
 January 31, 2024 to November 7, 2024, the Company issued 9,659,582 warrants for loan
 and debenture exercise. The fair value of the warrants was $77,106.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**12. WARRANTS**

The following is a summary of the activity of warrants:

---

| |
|:---|
| Balance as at December 31, 2024 |
| Issue of Warrants |
| Warrants expired |
| **Balance as at March 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
|  | **Number of warrants** | **Weighted average exercise price** |
|  | | **$** |
| **Opening balance** | **18539206** | **0.38** |
| Granted during the period | **6000000** | **0.22** |
| **Closing balance, as at March 31, 2025** | **24539206** | **0.24** |
| **Closing balance of exercisable warrants, as at March 31, 2025** | **24539206** | **0.24** |

---

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31,<br> 2024 | Twelve months ended December 31,<br> 2024 |
|  | Number of <br>warrants | Weighted<br> average <br>exercise price |
| Opening  |  | $|
| balance | 11911105 | 1.20 |
| Granted during the period | 9659582 | 0.25 |
| Expired during the period | (3031481) | 0.98 |
| Closing balance, as at December 31, 2024 | 18539206 | 0.38 |
| Closing balance of exercisable warrants, as at December 31, 2024 | 18539206 | 0.38 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**12. WARRANTS (CONTINUED)**

The following is a summary of warrants outstanding and exercisable, as at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants**<br>**outstanding** | | **Warrants**<br>**exercisable** |
| |<br><br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |
|<br><br><br>**March 31, 2025**<br>**Exercise price** | | | | |
| $**0.20** | **3375000** | **3.41** | **3375000** | **3.41** |
| $**0.25** | **13114207** | **1.41** | **13114207** | **1.41** |
| $**0.25** | **5000000** | **0.67** | **5000000** | **0.67** |
| $**0.40** | **150000** | **1.41** | **150000** | **1.41** |
| $**1.10** | **2899999** | **0.39** | **2899999** | **0.39** |
|  | **24539206** |  | **24539206** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Warrants<br>outstanding | | Warrants<br>exercisable |
| | | Weighted | | Weighted |
| | | average | | average |
| December 31, 2024 |  | contractual |  | contractual |
| Exercise price | Number | life (years) | Number | life (years) |
| $0.25 | 10489207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | 10489207 | 1.66 |
| $0.25 | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | 5000000 | 0.92 |
| $0.40 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | 150000 | 1.66 |
| $1.10 | 2899999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | 2899999 | 0.63 |
|  | 18539206 |  | 18539206 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **WARRANTS (CONTINUED)** 

During the year ended December 31, 2024, the Company issued 9,659,582 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.10 and $0.17.

During the three-month period ended March 31, 2025, the Company issued 6,000,000 warrants. The value totaling $45,000 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.54% and 3.07%; expected volatility between 74.52% and 76.77%; expected dividend yield of 0%; expected life between 3.33 and 3.58 years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.078 and $0.085.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **CONTRIBUTED SURPLUS** 

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025-03-15** | 2024-12-31 | 2024-12-31 |
|  |  | $— | $|
| Balance as at December 31, 2024 |  |  | 6623292 |
| Warrants expired |  |  | 108148 |
| **Balance as at March 31, 2025** |  |  | 6731440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nil
 warrants expired and nil forfeited during the three-month period ended March 31, 2025
 (3,041,481 expired in 2024)

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**13. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31,**<br> **2025** | **Three months ended March 31,**<br> **2025** |
|  |<br>**Number of**<br>**options** | **Weighted**<br>**average**<br>**exercise price** |
|  |  | **$** |
| Opening balance | **2870000** | **1.34** |
| **Closing balance, as at March 31, 2025** | **2870000** | **1.34** |
| **Closing balance of exercisable options, as at March 31, 2025** | **2870000** | **1.34** |

---

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31,<br> 2024 | Twelve months ended December 31,<br> 2024 |
|  | Number of <br>options | Weighted average <br>exercise price |
|  | | $ |
| Opening balance  | 3305000 | 1.54 |
| Forfeited during the period | (435000) | 1.82 |
| Closing balance, as at December 31, 2024 | 2870000 | 1.34 |
| Closing balance of exercisable options, as at December 31, 2024 | 2870000 | 1.34 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars) (Unaudited)

**13. CONTRIBUTED SURPLUS (CONTINUED)**

The following is a summary of stock options outstanding and exercisable as at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options**<br>**outstanding** | | **Options**<br>**exercisable** |
| |<br><br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |
|<br><br><br>**March 31, 2024**<br>**Exercise price** | | | | |
| $**0.43** | **1250000** | **1.01** | **1250000** | **1.01** |
| $**134** | **250000** | **1.83** | **250000** | **1.83** |
| $**167** | **100000** | **1.57** | **100000** | **1.57** |
| $**170** | **250000** | **1.56** | **250000** | **1.56** |
| $**235** | **1020000** | **0.86** | **1020000** | **0.86** |
|  | **2870000** |  | **2870000** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, |  |  |  |  |
| 2024 |  |  |  |  |
| Exercise price |  |  |  |  |
| $0.43 | 1250000 | 1.26 | 1250000 | 1.26 |
| $134 | 250000 | 2.07 | 250000 | 2.07 |
| $167 | 100000 | 1.82 | 100000 | 1.82 |
| $170 | 250000 | 1.80 | 250000 | 1.80 |
| $235 | 1020000 | 1.11 | 1020000 | 1.11 |
|  | 2870000 |  | 2870000 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**14. FAIR VALUE OF CONVERSION OPTION**

---

| |
|:---|
| Balance as at December 31, 2024 |
| Debenture issued (a) |
| Conversion of debentures**)** |
| Restructuring of the debentures |
| **Balance as at March 31, 2025** |

---

**15.** **LOSS PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss per share |

---

**(b)** **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the three-month period ended March 31, 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial**

**Statements**

March 31, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**16. RELATED PARTY TRANSACTIONS**

The Company's related parties include companies under common control as well as key management personnel.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received.

**17. SUBSEQUENT EVENTS**

On May 8, 2025, NuRAN Wireless DRC SA entered into an amendment of its agreement with Orange RDC SA (Orange) signed in February 2021 (the Amendment) in which, amongst things, the parties agreed that the ownership of the NaaS sites and equipment will not be transferred to Orange at the end of the contractual period. The Company is in consultation with its auditors concerning the proper treatment of revenue recognition resulting from the Amendment but expects that it will no longer be governed by IFRS 15. It is expected this will take effect starting the period ending June 30, 2025.

## Exhibit 99.13

**Exhibit 99.13**

![](img109_v1.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the first quarter ended**

**March 31, 2025 and 2024**

![](img110_v1.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the quarter ended March 31, 2025 has been prepared by management and should be read in conjunction with the condensed interim consolidated financial statements for the three-month period ended March 31, 2025 and March 31, 2024 and the related notes thereto. The Company's condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the condensed interim consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of May 29, 2025.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at December 31, 2024. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired these Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries.

**DESCRIPTION OF BUSINESS** 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold, or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues resulting in a compelling return over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES** 

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer millions of people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored led to a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

**OVERALL PERFORMANCE AND OUTLOOK** 

<u>Performance</u>

During the quarter ended March 31, 2025, the Company continued to execute on its Network As A Service (''NaaS'') strategy to become the supplier of choice to MNOs across the world to connect remote and rural areas that until now could not take advantage of the economic and social benefits of connectivity. In fact, performance of most of the sites that are currently in operation have shown both rapid uptake and average performance that either meets or exceeds the Company's business plan objectives on a per site basis, especially in Cameroon.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Management's decision to redirect NuRAN's efforts to the NaaS market was made with the awareness that this would require considerable initial investments in marketing, branding, sales, field tests and to prepare for increased production as well as working capital and capital investments to fund the rollout and installation of remote networks. Although not as rapid as expected, the recovery of this investment through recurring sustainable and more predictable revenues is being proven.

Despite the longer than expected timeframe that the MNOs rigorous qualification processes required before obtaining approval of NuRAN's equipment and operating procedures and endorsing the use of our systems, the contracts executed to date, those currently being negotiated, and the growing sales pipeline confirms management's vision.

The Company's ongoing investments in research and development, engineering and manufacturing have been rewarded with the acknowledgment by leading industry organizations and participants that NuRAN's Wireless Infrastructure Solutions are "at the top of their class". For the past couple of years, the Company has clearly demonstrated that technology ownership is key to its success. The improvement of its solution has produced an important gain of sustainable capacity of its network resulting in significantly increased revenue.

To further support the growth of the NaaS model, management maintained its focus on raising capital to support its deployment plans and on continuous improvement of its operating sites.

In July 2021, the Company completed a $11M private placement led by strategic investor AMOS Spacecom who provided a $4M investment. Of this, over half of the proceeds were used to build an inventory of 240 sites in Cameroon and the Democratic Republic of the Congo (DRC). The Company then sought additional funding to complete the rollout.

As of the quarter ending March 31<sup>st</sup>, 2025, the Company has secured 9 contracts with MTN and Orange for 8 countries totalling 5,092 sites. NuRAN is now operating in 4 countries and has completed the incorporation of its operating subsidiaries in 1 more country. Deploying the current backlog and the projected pipeline will require continued capital-raising efforts considering the requirements of all country operations. The progress on these efforts is highlighted further on in this document.

While, The Company continues to experience sustainable revenue growth per site, alongside a notable reduction in the Cost of Goods Sold (COGS), the Company has now reached positive EBITDA status for the whole organization. The COGS encompasses expenses such as site lease, repair and maintenance, insurance, and satellite managed services. The comprehensive robustness and efficiency of NuRAN's technical solution contributes to reduced preventive and curative maintenance costs, as well as lower satellite bandwidth utilization.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Operational and Business Highlights:**

Through the first quarter of 2025, NuRAN continued to draw down against the US$5M term loan facility agreement with Cygnum Capital (see below) and is progressing on other financing options. Management is now focusing on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through a syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

The long-term Loan Facility comprises much improved terms than those previously received from potential lenders and represents a crucial step forward in NuRAN's strategic plans to bolster telecommunications infrastructure in Africa. This will allow NuRAN to implement network infrastructure rollouts, particularly in Cameroon, DRC, Ivory Coast, Benin and Madagascar. As of the date of these financial statements, the potential lender has completed its due diligence and subject to receiving an equity or quasi-equity term sheet, has indicated that it is ready to submit the file to its investment committee for final approval.

Regarding the equity raise, management remains dedicated to fulfilling the conditions requested by the potential investment partners. With positive EBITDA and the Q2 2025 commencement of operations in new countries—where we anticipate achieving results comparable to those in Cameroon—management is actively engaging with equity investors. Investors have now reached valuation discussions and negotiations which is an important step towards finalising an equity investment.

With the proceeds of the Cygnum Capital facility, site rollout is progressing in Cameroon. NuRAN's operations team has been working on important improvements to the site selection and acquisition process and refining the improvements in network efficiency and capacity implemented that have brought excellent results with significant increases in traffic and revenue on existing sites.

At the same time, management negotiated improved terms and pricing with key suppliers, resulting in, for example, a 50% reduction in monthly fees for satellite managed services leading to significantly increased gross margin. The Company has reached agreements for Custom Duty exoneration in Cameroon, Ivory Coast and DRC that will result in a significant reduction in capital expenditures allowing for better ROI and payback. As a result, this should allow the company to build more sites with capital raised.

As at the date of these consolidated financial statements, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, the Democratic Republic of the Congo (DRC), and Madagascar and with MTN in South Sudan, Cameroon, Namibia, Sudan, Ivory Coast and Benin for a potential lifetime contract value of over US$900M. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meet its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. From the cash generated by its operations in Africa, the Company plans to reinvest in the project resulting in a reduction of the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its actual focus of delivering its backlog to reach profitability and to enable additional financings, management expects to structure its approach strategically. By prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

The business development and sales strategy revolves around leveraging the established poles to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

MANAGEMENT'S DISCUSSION AND ANALYSIS

*Managements' belief in the increasing adoption of the NaaS model by MNOs and NuRAN's ability to efficiently and effectively manage the rollout of NaaS contracts is supported by a number of achievements since 2022:*

● On July 21, 2022, and subsequent to its earlier announcement, the Company announced the signing of the Group Framework Agreement (GFA) with MTN Group as mentioned above which offers the potential to connect up to 50 million additional people.

● On July 26, 2022, NuRAN announced its first signing following the GFA of a definitive 10-year NaaS contract with MTN Sudan Company Ltd. for the deployment of a minimum of 500 rural sites in Sudan. The agreement is estimated to generate up to approximately US$125M in revenues over its life and will support 2G and 3G. Due to the current situation in Sudan as of the date of these financial statements the Company has placed further development on hold.

● On October 11, 2022, the Company announced its second largest contract in terms of number of sites with an agreement for the rollout of up to 1,000 sites with MTN Ivory Coast. Over the 5-year period of the agreement, gross revenue is expected to be over US$75M. The contract includes an automatic renewal for an additional 5 years and similar to the previously announced MTN Sudan and MTN Namibia agreements, NuRAN expects to retain the ownership of the infrastructure after the completion of the contract. This shift in business model to the ownership of infrastructure with no handover to the MNO potentially increases the value of the agreement substantively to NuRAN and its shareholders by providing a continuous revenue stream.

● On January 17, 2023, NuRAN announced the entry into NaaS agreement with Orange Madagascar for the deployment of up to 500 rural sites on the east coast of Madagascar with contracted revenue potential of US$90M. The 10-year agreement is the Company's third contract with Orange and is expected to support 2G and 3G networks with variety of site categories to cover different population densities and coverage areas. NuRAN expects to retain the ownership of the infrastructure after completion of the contract which increases the overall value of the agreement.

● On February 21, 2023, the Company announced a US$1.41M purchase order from the Marshall Islands National Telecommunication Authority (MINTA) to extend and add 4G coverage to their existing network. MINTA is the end customer under a previous contract with Intelsat which NuRAN has deployed since 2021 which validates the strength of the Company's technology solution and deployment capabilities.

● On June 5, 2024, NuRAN announced a five-year NaaS agreement for the deployment of 250 sites in Africa with MTN further to its GFA in place with the Group. This agreement is the fifth agreement signed with MTN totaling 2,150 sites in five different countries, representing up to approximately US$27 million in revenues over the course of five years assuming that the 250 sites are completed. The five-year term of the NaaS pursuant to the GFA can be extended or renewed for an additional five years subject to an extension or renewal agreement.

● On July 16, 2024, the Company announced an agreement for up to 200 sites with MTN Benin for the deployment of rural 2G, 3G and 4G sites under the NaaS business model in Benin, West Africa. The 5-year agreement with MTN Benin includes a renewal for an additional 5 years at the end of the initial term. This agreement has been signed under the MTN Framework Agreement announced on July 21, 2022, serving as further evidence of the strong partnership between MTN and NuRAN both dedicated to empowering lives in rural communities across Africa.

MANAGEMENT'S DISCUSSION AND ANALYSIS

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility will have a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new Network as a Service ("NaaS") agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility is intended to allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company intends to use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries, which were completed as noted below.

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 to July 12, 2024. In addition, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor remains committed to the NuRAN business as the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from the Facility for Energy Inclusion ("FEI") had been received. As a result of this NuRAN resumed its rollout plan. While the majority of the amount will be dedicated to Cameroon, NuRAN expects to dedicate a portion to initiate site build in the Ivory Coast, Benin and Madagascar. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon.

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of CDN$0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of CDN$0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on accelerating discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. The Company is utilising its flexible structure to allow for debt and equity fund-raising at various levels. The next financings are planned to occur at the NuRAN Wireless (Africa) Holding level in Mauritius to avoid share dilution at the parent level.

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MANAGEMENT'S DISCUSSION AND ANALYSIS

Results in Cameroon have exceeded expectations with growth in traffic and revenue supported by enhancements of NuRAN's solution increasing network capacity. In addition, better site allocation and selection has ensured the success of new sites. We are adopting the same measures in DRC and have started to see signs of performance improvement. Technology effectiveness and ownership is a key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy reselling Orange products and services that has already shown important growth in user adoption and traffic resulting in revenue growth.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 50% reducing the concentration risk. The recently signed US$5M bridge facility from Cygnum Capital, the US$1.6M private placement along with the 2024 announced US$15M Term Sheet of a possible US$80M Facility will support management's efforts to raise equity. While the Cygnum Facility supports its rollout plan of 600 sites that will demonstrate/confirm the full potential of the NaaS business model, management is now focused on launching new countries starting with Benin and Ivory Coast in order to diversify its revenue sources. Management is now pursuing a potential increase of the Cygnum facility to support Benin and Ivory Coast 2025 deployment.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

The team has been working to initiate operations in newly contracted countries and investment will therefore be utilised across the business to build diversified and growing coverage in Africa. Continued interest in the investment case and strong fundamentals of existing operations reinforce management's belief in the success of the Company's strategy and its belief that NuRAN is positioned to become the market leader in this very important and growing space. The Company has now reached the valuation negotiation with equity partners leading to finalising an equity investment.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have long been deployed by MNOs as an integral part of their network operations and now under the NaaS model in extending rural coverage. NuRAN solutions have been either tested or are now operated by MNOs in more than 20 countries across Southeast Asia, Africa, South America and Latin America. NuRAN has also established alliances with other key industry participants such as tower, satellite and power companies to further increase its market reach. Management continues to believe that the successful acceptance and adoption of NuRAN's system by MNOs and partnerships with key industry players place NuRAN in a position to generate significant sustainable business.

NuRAN previously announced its LiteRAN xG, a mobile wireless infrastructure solution that will provide operators with 2G, 3G & 4G capability from a single piece of equipment allowing them to run multiple technologies simultaneously and evolve their services over time. The addition of LiteRAN xG to the Company's portfolio, planned for early 2025, will significantly widen the Company's addressable market.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The additional contracts with MNOs and the signing of the Group Framework Agreement (GFA) with MTN Group is recognition of the quality of NuRAN's carrier-grade mobile network infrastructure solutions, its extensive expertise in the installation and management of cost-effective cellular networks as well as the economic benefits of being able to reach a large base of customers, not reachable without NuRAN's systems.

The following discussion of the Company's financial performance is based on the consolidated financial statements for the year ended March 31, 2025 and 2024.

***Factors Concerning the Company's Financial Performance and Results of Operations***

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, started to generate sales with first sites live and should produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries.

Some of NuRAN's NaaS agreements include a guaranteed minimum revenue monthly fee (GMR) to ensure a return on each site, covering costs and interest. Recently, with high network performance, the Company is transitioning to a threshold model, whereby revenue is retained up the threshold but allowing them to retain more revenue and retain ownership of the sites. Under IFRS, current contracts require NuRAN to record site sales when operational, impacting revenue and gross profit margins. Future contracts without site transfer will better reflect invoicing and economic results. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees. This shift aims to create a stable and recurring revenue stream post-rollout completion.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net income** is a measure of how efficiently and effectively the business is running, however management recognises that, given the stage of NaaS rollout and implementation, the Company is likely to be loss-making for some time. To achieve an acceptable net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys, achievable through the NaaS model.

**Tower Outlook Disclosure**

Regarding the outlook for site deployment, management continues to report on the status of its expected deployment of NaaS sites. In order to improve the accuracy of development plan expectations, management is pursuing site development in phases that are determined based on the confirmed availability of funds for a specific phase. As an example, the cash generated from its operation in Africa, the recently announced US$5M facility, local Cameroon financing and the investment in August from a long-time shareholder are now expected to contribute to the delivery of at least 600 sites. As of the date of these consolidated financial statements, a total drawdown of US$3.55M has been received with an expected US$1.45M expected in Q2 from the US$5M Facility from Cygnum Capital. Supported by continued cashflow from operations, subsequent drawdowns will fund the ongoing deployment plans.

As a result of the Company's ongoing financing efforts, management continued to increase its pipeline of financing options from other groups with expressions of interest of over US$80M including the US$15M term sheet announced in May and agreed mandate to further increase this amount. With the Company's contributed equity in NuRAN Wireless (Africa) Holding supporting this long-term debt, the additional financing options available, and cash generated in its subsidiaries, NuRAN is committed to showing regular progress in building the planned number of operating sites.

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the first quarter condensed interim consolidated financial statements of the Company as at March 31, 2025 and March 2024 and for the periods then ended:

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| | | | |
|:---|:---|:---|:---|
| | **Three-month period <br> ended March 31, 2025** | **Three-month period <br> ended March 31, 2024** | **Three-month period <br> ended March 31, 2023** |
| &nbsp;&nbsp;Total revenues | $2209079 | $572727 | $671961 |
| &nbsp;&nbsp;Total loss | $(1689530) | $(2 355 685) | $(3365516) |
| &nbsp;&nbsp;Net loss per share – basic | $(0.03) | $(0.05) | $(0.09) |
| &nbsp;&nbsp;Net loss per share – diluted | $(0.03) | $(0.05) | $(0.09) |
|  | **As at March 31, 2025** | **As at March 31, 2024** | **As at March 31, 2023** |
| &nbsp;&nbsp;Total assets | $26399169 | $21130623 | $19049233 |
| &nbsp;&nbsp;Total non-current financial liabilities | $17369 | $232004 | $376174 |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

**RESULTS OF OPERATIONS**

**Revenue** 

Revenue for the three-month period ended March 31 2025 of $2,209,079 was a significant increase of $1,636,352 from the three-month period ended March 31, 2024 ($99,234 decrease for the three-month period ended March 31, 2024 compared to the three-month period ended March 31, 2023).

Of the total revenue for the three-month period ended March 31, 2025, $1,657,437 was NaaS service revenue from site operations. In addition to this, the Company recognised $343,943 that was an adjustment to comply with IFRS 15, which as mentioned earlier requires that we recognize a sale of the site and cost when it becomes operational. Over 90% of NaaS revenue relates to Cameroon and the remainder to DRC. Other revenue was related to product sales, of $207,699 for the three-month period ended March 31, 2025.

**Gross Profit**

Gross profit for the three-month period ended March 31, 2025 increased by $1,852,892 compared to the three-month period ended March 31, 2024 (decreased by $142,711 for the three-month period ended March 31, 2024 compared to the three-month period ended March 31, 2023).

Gross margin for the three-month period ended March 31, 2025 increased to 86% from 8% for the three-month period ended March 31, 2024 (decreased to 8% for the three-month period ended March 31, 2024 from 28% for the three-month period ended March 31, 2023).

The overall gross margin increased significantly and is more in line with the Company's projections based on the level of direct costs for the NaaS offering, including VSAT. Overall, the three-month period ended March 31 NaaS gross margin was 73%, and 89% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site continues to fall.

**Expenses** 

During the three-month period ended March 31, 2025, total expenses increased by $752,978 from the three-month period ended March 31, 2024 (for the three-month period ended March 31, 2024 total expenses decreased by $395,614 from the three-month period ended March 31, 2023). In aggregate, operating cost categories including selling, administrative and research and development increased by 12% or approx. $200k over 2024 as management continued cost containment initiatives while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. The remaining increase was due to financial expenses which increased as a result of the larger short term debt load as well as foreign exchange adjustments. Approximately 90% of financial expenses are non-cash charges which shows the ability of the company to cover its cash operating costs..

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net Loss Before Other Elements and Income Taxes**

As a result of all the factors mentioned above the Net Loss Before Other Elements and Income Taxes for three-month period ended March 31, 2025 decreased to $1,666,055 from the three-month period ended March 31, 2024 loss of $2,765,971 (for the three-month period ended March 31, 2024 total Net Loss Before Other Elements and Income Taxes decreased to $2,765,971 from the three-month period ended March 31, 2023 loss of $3,018,873). The change for the three-month period ended March 31, 2025 was a result of the increase in gross profit which more than offset the increase in financial expenses.

Financial expenses include $1.6 million of interest as well as $246k of non-cash forex charges. In addition, administrative expenses include $66,458 of depreciation and amortisation expenses. Adding these back leads to positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of just over $450k or 20% of revenue.

**Other Elements** 

Other Elements for the three-month period ended March 31, 2025 generated a net loss of $23,474 compared with a net gain of $410,285 in the three-month period ended March 31, 2024 (a net gain of $410,285 for the three-month period ended March 31, 2024 compared to a net loss of $346,643 for the three-month period ended March 31, 2023). These relate mostly to a gain on the settlement of short-term borrowing facilities during the period.

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the three-month period ended March 31, 2025 decreased to $1,689,530 from the three-month period ended March 31, 2024 loss of $2,355,685, an decrease of $666,155 (for the three-month period ended March 31, 2024 decreased to $2,355,685 from the three-month period ended March 31, 2023 loss of $3,365,516).

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the three-month period ended March 31, 2025 was a net loss of $107,740 compared with a net loss of $202,460 for the three-month period ended March 31, 2024. Even after taking this into account, the Total Comprehensive Loss for the three-month period ended March 31, 2025 decrease to $1,797,270 compared to $2,558,145 for the three-month period ended March 31, 2024 (a Total Comprehensive Loss of $2,558,146 for the three-month period ended March 31, 2024 compared to a Total Comprehensive Loss of $3,360,712 for the three-month period ended March 31, 2023).

**Expenses**

Below is a discussion of the expenses for the three-month period ended March 31, 2025, and the three-month period ended March 31, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp;**% change from<br> 2023** |
| &nbsp;&nbsp;Selling expenses | &nbsp;&nbsp; 149517 | &nbsp;&nbsp; 190119 | &nbsp;&nbsp; -21.36% |
| &nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297220 | &nbsp;&nbsp; 1169480 | &nbsp;&nbsp; +10.92% |
| &nbsp;&nbsp;Financial expenses | &nbsp;&nbsp; 1911196 | &nbsp;&nbsp; 1358193 | &nbsp;&nbsp; +41.72% |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp; 206503 | &nbsp;&nbsp; 93666 | &nbsp;&nbsp; +120.47% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564436 | &nbsp;&nbsp; 2811458 | &nbsp;&nbsp; +26.78% |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

***Selling expenses***

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the IR online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

***Administrative expenses***

Administrative expenses consist of staff remuneration, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs increased from the previous period in line with general growth of the business.

***Financial expenses***

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing and gain/loss on foreign exchange. The increase in financial expenses for the the three-month period ended March 31, 2025, compared to the three-month period ended March 31, 20234, is mainly a result of the renegotiation of the factoring facility as well as an increase in the use of this facility to support the covenants associated with the Cygnum Capital facility. Building on the positive results of the quarter, management will continue to focus on better and less onerous financing. The Company continues to have foreign exchange exposure to the US dollar which many sales and component costs are denominated in as well as the Communauté Financière Africaine (CFA) which is the denomination of revenue in Cameroon, and which is pegged to the Euro.

***Research and development***

Research and development costs for the three-month period ended March 31, 2025 increased over the three-month period ended March 31, 2024 as the Company continued to focus on control and continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating sustainable recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. With operating costs covered by NaaS revenue any new funds raised can be directed to site construction and servicing and repaying other debt. This will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

**SUMMARY OF QUARTERLY RESULTS** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Total revenues ($)** | &nbsp;&nbsp;**Total loss ($)** | &nbsp;&nbsp;**Basic and Diluted Loss**<br> **Per Share**<br> **($)** |
| &nbsp;&nbsp;31-Mar-25 | &nbsp;&nbsp;2209079 | &nbsp;&nbsp;(1689530) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;31-Dec-24 | &nbsp;&nbsp;663422 | &nbsp;&nbsp;(371968) | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;30-Sep-24 | &nbsp;&nbsp;1563061 | &nbsp;&nbsp;(3220575) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;30-Jun-24 | &nbsp;&nbsp;1512457 | &nbsp;&nbsp;(2425969) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Mar-24 | &nbsp;&nbsp;572727 | &nbsp;&nbsp;(2355685) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Dec-23 | &nbsp;&nbsp;1125235 | &nbsp;&nbsp;(2861581) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;30-Sep-23 | &nbsp;&nbsp;797067 | &nbsp;&nbsp;(3302317) | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;30-Jun-23 | &nbsp;&nbsp;602255 | &nbsp;&nbsp;(2823600) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;31-Mar-23 | &nbsp;&nbsp;671961 | &nbsp;&nbsp;(3365516) | &nbsp;&nbsp;(0.09) |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

**First Quarter**

During the three months ended March 31, 2025, the Company earned revenues of $2,209,079 compared to $572,727 during the three months ended March 31, 2024, an increase of $1,636,352.

During the three months ended March 31, 2025, the Company generated gross margin of $1,898,380 compared to $45,488 during the three months ended March 31, 2024, an increase of $1,852,892 resulting in a 86% gross profit.

During the three months ended March 31, 2025, the Company incurred a net loss of $1,689,530 compared to net loss of $2,355,685 for the three months ended March 31, 2024.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash increased to $1,225,990 as at March 31, 2025, from $215,716 as at March 31, 2024. Current assets increased to $18,577,723 as at March 31, 2025, from $16,125,341 as at March 31, 2024 due to increases in Trade and other receivables, accrued revenues, inventories, work in progress and security deposits.

The cash position as at March 31, 2025 reflected inflows from financing from Cygnum Capital and operating cashflow. Given the ongoing deployment of network infrastructure for NaaS sites, the Company expects to be consuming cash and in a loss position for the foreseeable future. With the Cameroon entity now generating positive cash contribution based on its NaaS income, management sees the benefit of increasing scale in country operations to provide funding to continue to accelerate site construction. Additional cash at the Canada HQ level will be generated from product sales and services provided to external customers. The current focus on site construction in Cameroon and other countries in the short term will allow the Company to improve its cash situation in as short a period as possible.

The closing of the US$5M Senior Secured Bridge Facility allowed the Company to refinance its expenditures on energy assets both on existing sites and in inventory, estimated at over US$1.5M. These funds along with local bank funding and collection of arrears from Orange Cameroon brought additional liquidity to the Company allowing for implementation of site construction plans and continuity of operations. In addition, the Company has invested in its Radio Access Network production to support future installations and continues to reduce accounts payable representing strategic supplier balances.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. The Company has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds as well as other sources such as equity and hybrid investors. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites utilising the recent cash injection and given the strong results it has seen from existing operations. It is transitioning some inventory from DRC to Cameroon and Ivory Coast as a means of improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of these financials the Company has placed on hold any effort to pursue the development of this network.

While the company remains reliant on external funding for CAPEX spending and short-term debt repayment and restructuring, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the recent US$5M Loan facility, the US$1.6M private placement and the term sheet and mandate letter aimed at raising up to US$70-80 million, management believes that the company will be able to raise the necessary financing, and that its financial position is expected to improve significantly. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS and Uncertainties**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of our product research and development expenses, integration services, customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

**Competition**

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals**

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends**

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know-how.

**Protection of Intellectual Property**

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers**

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Since 2014, approximately 52% of our sales were derived from sales outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

● Introduction of new products, including products with price-performance advantages;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase. Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks**

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.14

**Exhibit 99.14**

**Form 52-109FV2<br> *Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, **Jim Bailey, Chief Financial Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of **Nuran Wireless Inc.** (the "issuer")
 for the interim period ended **March 31, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the interim filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, with respect to
 the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 interim financial report together with the other financial information included in the
 interim filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the interim filings.

Date: **May 29, 2025**

/s/ "*Jim Bailey*"

**Jim Bailey**

Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>NOTE TO READER</u>**<br>In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br>i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br>ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.<br>The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

## Exhibit 99.15

**Exhibit 99.15**

**Form 52-109FV2**

***Certification of Interim Filings<br> Venture Issuer Basic Certificate***

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of **Nuran Wireless Inc.** (the "issuer")
 for the interim period ended **March 31, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the interim filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, with respect to
 the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 interim financial report together with the other financial information included in the
 interim filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the interim filings.

Date: **May 29, 2025**

/s/ "*Francis Letourneau*"

**Francis Letourneau** 

Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**NOTE TO READER**</u><br>In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of<br>i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and<br>ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.<br>The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.<br>

## Exhibit 99.16

**Exhibit 99.16**

---

| | |
|:---|:---|
| ![](img112_v1.jpg) | **PRESS RELEASE** |

---

**FOR IMMEDIATE RELEASE**

**NURAN WIRELESS Reports First Quarter**

**2025 Financial Results**

**Quebec, QC, Canada, May 29<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce its financial results for the quarter ended March 31, 2025.

**Highlights of the Company's financial results for the three months ended March 31, 2025, include the following:**

● Revenue of $2,209,079 compared to $572,727, for the three months ended March 31, 2025, an increase of 285%, with approximately 75% attributable to the increase in Network as a Service (''NaaS'') revenue.

● Gross profit of $1,898,380 (86%) for the three months ended March 31, 2025, compared to $45,488 (8%) in 2024, an improvement of $1,852,892 or 4073%.

● Total expenses of $3,564,436 compared to $2,811,458 for the three months ended March 31, 2024, an increase of 27% mainly due to increased financial expenses related to short term debt service costs to support the Cygnum Capital facility.

● Net Loss of $1,689,530 compared to $2,355,685 for the three months ended March 31, 2025, a decrease of 28%.

Although EBITDA is a non-GAAP measure, NuRAN is encouraged by the ability of NaaS revenues in Cameroon and elsewhere to cover group operating costs with new capital being raised to continue to build and generate cash. Management reports that the company has reached positive Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for its first quarter of operations in 2025. Financial expenses include $1.6 million of interest as well as $246k of non-cash forex charges. In addition, administrative expenses include $66,458 of depreciation and amortization expenses. Adding these back leads to positive Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) of just over $450k or 20% of revenue.

"Building new sites and improving network performance demonstrate the progress in expanding connectivity to rural and underserved areas. While challenges remain, the Company is encouraged by the current growth and operational achievements, which are expected to support its ongoing financing strategy," stated Francis Letourneau, President and CEO of NuRAN Wireless Inc.

---

| | |
|:---|:---|
| ![](img112_v1.jpg) | **PRESS RELEASE** |

---

**Highlights from the Quarter and Recent Announcements Include:**

● On January 10, 2025, NuRAN announced that it has received the full payment of an outstanding balance of arrears from its Mobile Network Operator (MNO) partner in Cameroon for an amount of approx. CA$788,000.

● On February 28, 2025, The Company announced that it has received approval for the second drawdown of US$1.05M from the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital. This follows the first drawdown of US$2.5M received on July 16, 2024, as part of the US$5M loan facility agreement announced on April 26, 2024.

● On March 3, 2025, NuRAN announced the successful delivery and installation of 20 network sites in rural Africa in the month of February 2025. This milestone aligns with NuRAN's strategic growth objectives as set out on February 10, 2025, and our commitment to expanding mobile connectivity in underserved regions.

● On April 2, 2025, NuRAN announced 20 new network sites in rural Africa in the month of March 2025. NuRAN previously targeted 42 new sites for the month of March.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

<u>Frank.candido@nuranwireless.com</u>

Tel: (514) 969-5531

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

| | |
|:---|:---|
| ![](img112_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of NuRAN, that may cause the actual results, level of activity, performance or achievements of NuRAN to be materially different from those expressed or implied by such forward looking statements, including but not limited to management's business strategy for 2025. Although NuRAN has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause NuRAN''s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither NuRAN assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.17

**Exhibit 99.17**

---

| | |
|:---|:---|
| July 31, 2025 | ![](img113_v1.jpg) |

---

*Filed via SEDAR+*

To All Applicable Exchanges and Securities Administrators

---

| | |
|:---|:---|
| **Subject:** | **Nuran Wireless Inc. (the "Issuer") <br> Notice of Meeting and Record Date** |

---

Dear Sir/Madam:

We are pleased to confirm the following information with respect to the Issuer's upcoming meeting of securityholders:

---

| | |
|:---|:---|
| Meeting Type: | Annual General and Special Meeting |
| Meeting Date: | September 30, 2025 |
| Record Date for Notice of Meeting: | August 25, 2025 |
| Record Date for Voting (if applicable): | August 25, 2025 |
| Beneficial Ownership Determination Date: | August 25, 2025 |
| Class of Securities Entitled to Vote: | Common Stock |
| ISIN: | CA67059X2059 |
| Issuer sending proxy materials directly to NOBOs: | No |
| Issuer paying for delivery to OBOs: | No |
| Notice and Access for Beneficial Holders: | No |
| Notice and Access for Registered Holders: | No |

---

In accordance with applicable securities regulations we are filing this information with you in our capacity as agent of the Issuer.

Yours truly,

**Odyssey Trust Company** 

**as agent for Nuran Wireless Inc.**

## Exhibit 99.18

**Exhibit 99.18**

---

| | |
|:---|:---|
| ![](img114_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Closes Private Placement of Shares While it Continues Negotiations to Replace or Restructure its Current Debt** 

**Quebec, QC, Canada, August 26, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce it has closed a non-brokered private placement financing for gross proceeds of CAD$1,500,000 (the "**Private Placement**") through the issuance of 30,000,000 common shares of the Company (each a "**Share**") at a price of $0.05 per Share. The proceeds raised from the Private Placement will be used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025. The cash flow from the company's African operations is allocated to site maintenance, upgrades, and deployments. Additionally, due to delays in accessing funds from its US$5 million facility, this private placement addresses the company's short-term financial requirements. The Common Shares issued under the Private Placement are subject to a statutory hold period expiring December 26, 2025.

Further to the Company's news release dated July 18, 2025, the Company is negotiating with its current debt holders and with new potential institutional investors and lenders to raise additional operating funds to potentially restructure or replace much of its outstanding current debt instruments with better terms and provide the Company with additional working capital. The Company is pursuing two main tracks broadly to include either 1) replacing the existing debt with longer term, non-convertible or hybrid instruments or 2) a debt for equity swap which would replace debt with equity on the Company's balance sheet.

The Company's negotiations with the new potential institutional lenders and investors are ongoing and include governmental agencies that require sufficient time to complete their process. This first option might also include other private lenders and investors who know the Company well and are working in parallel.

Current debt holders are an integral part of the process and terms of potential repayment, conversion and write-off, or a combination of these, is being discussed. The second option includes a potential restructuring of most of their outstanding current debt instruments with significantly better terms which to allow the Company to reduce their interest obligations and clean up its balance sheet.

Both proposals would include additional tranches of the Private Placement to raise cash and achieve a more streamlined capital structure suited to future fund-raising and value creation.

The Company decided to close this Private Placement at this time to ensure that it has sufficient working capital for the duration of the discussions. Any elements of the proposals that require shareholder approval will be included in the Company's information circular for its the annual general and special shareholders meeting to be held on September 30, 2025, which will be mailed in the coming days. The Company will provide an update if and when terms have been settled.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

---

| | |
|:---|:---|
| ![](img114_v1.jpg) | **PRESS RELEASE** |

---

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.19

**Exhibit 99.19**

**Nuran Wireless Inc.**

**Condensed Interim Consolidated** <br> **Financial Statements**

**June 30, 2025 and 2024**

---

| | |
|:---|:---|
| Condensed Interim Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Financial Position | 2 |
| &nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss | 3 |
| &nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Shareholders' Equity (Deficiency) | 4 |
| &nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Cash Flows | 5 |
| &nbsp;&nbsp;&nbsp;Notes to Condensed Interim Consolidated Financial Statements | 6 - 32 |

---

The condensed interim consolidated financial statements of Nuran Wireless inc. for the second quarter ended June 30, 2025 as well as the corresponding comparative data were not subject to a review by the Company's auditor.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of Financial Position**

As at June 30, 2025 and December 31, 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| |
|:---|
| ***ASSETS*** |
| Current assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Revenues (Notes 3 and 4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories (Notes 3 and 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets |
| Non-current assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (Notes 3 and 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets (Note 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |
| Total assets |
| ***LIABILITIES***  |
| Current liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable (Note 9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures (Note 11A) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 11B) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |
| Non-current liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Liabilities (Note 10) |
| Total liabilities |
| ***EQUITY (DEFICIENCY)*** |
| Share capital (Note 12) |
| Warrants (Note 13) |
| Contributed surplus (Note 14) |
| Fair value of conversion option (Note 15)**)** |
| Foreign exchange in translation of foreign operations**)** |
| Accumulated deficit |
| Total shareholders' deficiency |
| Total liabilities and shareholders' deficiency |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of net Loss and Comprehensive Loss**

Periods ended June 30, 2025 and 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | ***3 months ended*** | ***6 months ended*** |
| **Revenue** |  |  |
| Cost of sales |  |  |
| **Gross profit (loss)** |  |  |
| Selling expenses |  |  |
| Administrative expenses |  |  |
| Share-based compensation |  |  |
| Financial expenses |  |  |
| Research and development costs, net of $(26358) in tax credits for the three-month period ended June 30, 2025, $(149) for the six-month period ended June 30, 2025 ($31,524 for the three-month period ended June 30, 2024, $61,263 for the six-month period ended June 30, 2024) |  |  |
| Loss before other gain |  |  |
| Other elements: |  |  |
| &nbsp;&nbsp;&nbsp;Loss on debt settlement |  |  |
| &nbsp;&nbsp;&nbsp;Gain/Loss on disposal of assets |  |  |
| &nbsp;&nbsp;&nbsp;Gain/Loss on write - off of assets |  |  |
| &nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |  |  |
| Loss before income taxes |  |  |
| Income tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Tax |  |  |
| **Net loss for the period** |  |  |
| **Other comprehensive income to be reclassified to profit or loss in subsequent periods:** |  |  |
| Foreign exchange difference on translation of foreign operations |  |  |
| **Total comprehensive income (loss) for the period** |  |  |
| **Loss per share (Note 16)** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |  |  |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of Changes in Surplus (Deficiency)**

Periods ended June 30, 2025 and 2024

(Expressed in Canadian dollars)

(Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital** | **Warrants** | **Contributed surplus** | **Fair value of the conversion option** | **Translation reserve** | **Deficit** | **Total Surplus (Deficiency)** |
|  | **Number** | | **$** | **$** | **$** | **$** | **$** |
| **Balance as at January 1, 2025** | **58694132** | **761495** | **6731440** |  |  |  |  |
| Issue of share capital (Note 12) | **11500000** | **—** | **—** |  |  |  |  |
| Net loss for the period | **—** | **—** | **—** |  |  |  |  |
| Foreign exchange in translation of foreign operations | **—** | **—** | **—** |  |  |  |  |
| Convertible Debenture (Note 11A) | **—** | **—** | **—** |  |  |  |  |
| Debenture conversion in share capital (Notes 11A and 12) | **4000000** | **—** | **—** |  |  |  |  |
| Employee shared-based compensation - Warrants (Note 13) | **—** | **(691924)** | **—** |  |  |  |  |
| Issue of Warrants (Note 13) | **—** | **101250** | **—** |  |  |  |  |
| **Balance as at June 30, 2025** | **74194132** | **170821** | **6731440** |  |  |  |  |
|  | Share capital | Warrants | Contributed surplus | Fair value of the conversion option | Translation reserve | Deficit | Total Surplus (Deficiency) |
|  | Number |  | $ | $ | $ | $ | $ |
| **Balance as at January 1, 2024** | 43043579 | 792537 | 6623291 |  |  |  |  |
| Issue of share capital (Note 11) | 11432076 |  |  |  |  |  |  |
| Net loss for the period |  |  |  |  |  |  |  |
| Foreign exchange in translation of foreign operations |  |  |  |  |  |  |  |
| Convertible debenture (note 10) |  |  |  |  |  |  |  |
| Debenture conversion in share capital (Notes 10 and 11) | 1000000 |  |  |  |  |  |  |
| Issue of Warrants |  | 75547 |  |  |  |  |  |
| **Balance as at June 30, 2024** | 55475655 | 868084 | 6623291 |  |  |  |  |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of Cash Flows**

Periods ended June 30, 2025 and 2024

(In Canadian dollars)

(Unaudited)

---

| |
|:---|
| ***OPERATING ACTIVITIES*** |
| Net loss**)** |
| Non-cash flow adjustments |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |
| &nbsp;&nbsp;&nbsp;Depreciation of intangible assets |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |
| &nbsp;&nbsp;&nbsp;Amortization of OID |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities |
| &nbsp;&nbsp;&nbsp;Gain (loss) on disposal of assets |
| &nbsp;&nbsp;&nbsp;Gain (loss) on debt settlement |
| &nbsp;&nbsp;&nbsp;Gain (loss) write-off of assets |
| &nbsp;&nbsp;&nbsp;Gain (loss) on modification of contract |
| &nbsp;&nbsp;&nbsp;Non-employee share-based transaction |
| &nbsp;&nbsp;&nbsp;Employee share-based transaction**)** |
| &nbsp;&nbsp;&nbsp;Accretion of convertible debentures |
| &nbsp;&nbsp;&nbsp;Accretion of unsecured debentures |
| &nbsp;&nbsp;&nbsp;OID on debenture**)** |
| &nbsp;&nbsp;&nbsp;Expected credit loss**)** |
| &nbsp;&nbsp;&nbsp;Loan payable**)** |
| Net change in working capital items |
| &nbsp;&nbsp;&nbsp;Trade and other receivables**)** |
| &nbsp;&nbsp;&nbsp;Accrued revenues) |
| &nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable) |
| &nbsp;&nbsp;&nbsp;Work in progress) |
| &nbsp;&nbsp;&nbsp;Inventories**)** |
| &nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods) |
| &nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;Deferred revenue |
| Net cash used in operating activities |
| ***INVESTING ACTIVITIES*** |
| Purchase of property, plant and equipment**)** |
| Purchase of intangible assets**)** |
| Right-of-use assets |
| Net cash generated in investing activities |
| ***FINANCING ACTIVITIES*** |
| Lease liabilities |
| Proceeds (repayment of) from loan payable |
| Proceeds (repayment of) from promissory notes |
| Proceeds (repayment of) from factoring agreement |
| Repayment of promissory notes**)** |
| Repayment of lease liabilities**)** |
| Repayment of loan payable**)** |
| Repayment of convertible debenture |
| Convertible debentures and derivative liability |
| Unsecured debenture |
| Issue of common shares |
| Net cash used in financing activities |
| **Net decrease in cash)** |
| Cash, beginning of period |
| Foreign exchange in translation of foreign operations |
| Cash, end of period |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN

Nuran Wireless Inc. ("Nuran" or the "Company") was incorporated in the province of British Columbia, Canada on September 23, 2014. The Company's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

The Company's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR".

The Company with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of the Company's subsidiaries included in these condensed interim financial statements as at June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries  | Country of <br> incorporation | Percentage <br> ownership | Functional <br> currency | Principal activity |
| Innovation Nutaq Inc. | Canada | 100% | CAD | Wireless solutions |
| Nuran Wireless (Africa) Holding | Mauritius | 100% | USD | Holding company |
| Nuran Wireless DRC SA | DRC | 100% | USD | Wireless solutions |
| Nuran Wireless Cameroon Ltd | Cameroon | 100% | XAF | Wireless solutions |
| Nuran Wireless Benin S.A.R.L.U | Benin | 100% | XOF | Wireless solutions |
| Nuran Wireless Madagascar S.A.R.L.U | Madagascar | 100% | MGA | Wireless solutions |
| Nuran Wireless Cote d'Ivoire S.A.R.L.U | Ivory Coast | 100% | XOF | Wireless solutions |

---

XAF – Central African Franc; XOF – West African Franc; MGA – Malagasy Ariary;

**NuRAN Wireless Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These condensed interim consolidated financial statements have been prepared on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business These condensed interim consolidated financial statements should be read in conjunction with the 2024 audited annual financial statements.

During the six-month period ended June 30, 2025, the Company incurred a net loss of $5,319,261 ($4,882,809 for the six-month period ended June 30, 2024) and used net cash of $13,350,969 ($1,438,341 for the six-month period ended June 30, 2024) in operating activities and, as of that date, had an accumulated deficit of $78,116,874 as at June 30, 2025 ($68,924,562 for the six-month period ended June 30, 2024) and a working capital deficiency of $24,737,279 ($16,419,217 for the six-month period ended June 30, 2024)

While these conditions indicate the existence of uncertainties that cast a doubt on the Company's ability to continue as a going concern, they highlight the need for ongoing capital and operational management. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth. It is also pursuing discussions with its short term creditors and others to restructure its financing and improve the balance sheet. Management is focused on executing its strategy centered around the Network-as-a-Service (NaaS) model, which includes the deployment of over 5,000 rural mobile sites under contracts signed between 2020 and 2024.

The transition to the NaaS model involves significant upfront investment in network infrastructure. However, the Company has made meaningful progress in restructuring and repositioning its operations, including improving revenue generation and the operational performance of existing NaaS sites.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

The condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025.

2. SUMMARY OF ACCOUNTING POLICIES

**Overall considerations**

The accounting policies are in accordance with those used in the preparation of the 2024 annual financial statements.

**Significant management judgement in applying accounting policies and estimation uncertainty**

When preparing the condensed interim financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgments, estimates and assumptions made by management and will seldom equal the estimated results.

The judgments, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Company's last annual financial statements for the year ended December 31, 2024.

3. CONTRACT MODIFICATION (ADDENDUM SIGNED 08 MAY 2025)

During the period, the Group entered into an addendum between Nuran Wireless DRC SA and Orange RDC which amended the original revenue-sharing agreement by removing the obligation to transfer ownership of the network infrastructure and replacing the minimum guaranteed revenue mechanism with a usage-based remuneration model. The amendment represents a contract modification under IFRS 15 and has resulted in the following impacts:

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

3. CONTRACT MODIFICATION (ADDEMDUM SIGNE 08 MAY 2025) (CONTINUED)

---

| | |
|:---|:---|
| Area | Impact |
| Nature of modification | Removal of the infrastructure transfer obligation and introduction of usage-based revenue model |
| Revenue recognition | An amount of US$1,236,451 of deferred revenue (previously allocated to the transfer obligation) was reversed and recognised in the current period as a cumulative catch-up adjustment. Future revenue is recognised over time based on the provision of ongoing services. |
| Gain on contract modification | A gain of US$1,022,072 relating to the reversal of previously accrued cost of sales was recognised separately as "Gain on contract modification" in the statement of profit or loss. |
| Reclassification of assets | Infrastructure assets previously classified as inventory were reclassified to property, plant and equipment at carrying amount (US$1,022,072). |
| Impairment assessment | An impairment review was performed under IAS 36 immediately after reclassification. No impairment loss was identified. |
| Useful life reassessment | Based on peer benchmarking (MTN) and management assessment, the remaining useful life of the infrastructure was revised to approximately 22 years. The change was accounted for prospectively as a change in accounting estimate (IAS 8). |

---

4. ACRRUED REVENUES

---

| |
|:---|
| Equipment sales |
| Services revenues |
| Interest Revenues |
| Sites revenues |

---

Accrued revenues represents the cumulative deployment and construction sites revenue recognized under IFRS 15 for which the performance obligation has not been delivered.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

5. INVENTORY

---

| | | | |
|:---|:---|:---|:---|
|  | **2025-06-30** | **2024-12-31** | **2024-12-31** |
|  |  | $— | **$** |
| Raw materials |  |  | **1273705** |
| Finished goods |  |  | **1107284** |
| Work in progress |  |  | **2694961** |
|  |  |  | **5075950** |

---

**6.** **PROPERTY, PLANT AND EQUIPMENT** 

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
|  | **Leasehold<br> improvements** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 |  |
| Additions |  |
| Current translation effects |  |
| Balance as at June 30, 2025 |  |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 |  |
| Depreciation |  |
| Current translation effects |  |
| Balance as at June 30, 2025 |  |
| **Carrying amount as at June 30, 2025** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

---

| | |
|:---|:---|
|  | December 31, 2024 |
|  | Leasehold<br> improvements |
| Gross carrying amount |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| Disposal |  |
| Write- off) |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2023 |  |
| Depreciation |  |
| Disposal |  |
| Write- off) |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| Carrying amount as at December 31, 2024 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

7. INTANGIBLE ASSETS

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
|  | **Software** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 |  |
| Additions |  |
| &nbsp;&nbsp;&nbsp;Under development |  |
| &nbsp;&nbsp;&nbsp;Acquired |  |
| Write-off |  |
| Balance as at June 30, 2025 |  |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 |  |
| Amortization |  |
| Balance as at June 30, 2025 |  |
| **Carrying amount as at June 30, 2025** |  |

---

---

| | |
|:---|:---|
|  | December 31, 2024 |
|  | Trademarks |
| Gross carrying amount |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| &nbsp;&nbsp;&nbsp;Under development |  |
| &nbsp;&nbsp;&nbsp;Acquired |  |
| Balance as at December 31, 2024 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2023 |  |
| Amortization |  |
| Balance as at December 31, 2024 |  |
| Carrying amount as at December 31, 2024 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

8. RIGHT-OF-USE ASSETS

The Company's right-of-use assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2025-06-30** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 |  |
| Addition (adjustment)**)** |  |
| Impairment) |  |
| Current translation effects |  |
| Balance as at June 30, 2025 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2024 |  |
| Amortization |  |
| Impairment) |  |
| Current translation effects |  |
| Balance as at June 30, 2025 |  |
| **Carrying amount as at June 30, 2025** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

9. LOANS PAYABLES

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  |  | $— | $|
| Loan from non-related company (a) |  |  | 226910 |
| Loan from non-related company (b) |  |  | 2839102 |
| Loan from non-related company (c) |  |  | 7003329 |
| Loan from non-related company (d) |  |  | 355645 |
| Loan from non-related company (e) |  |  | 150000 |
| Loan from non-related company (f) |  |  | 3829499 |
| Loan from non-related company (g) |  |  |  |
|  |  |  | **14404484** |

---

Given their short-term maturity, the carrying amount of loans receivable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The loan from a non-related company is secured by
a chattel mortgage on the universality of the Company's assets.

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

&nbsp;&nbsp;&nbsp;&nbsp;b) The loan from a non-related company is a secured promissory
note.

On June 24, 2024 the Company further extended the loan facility until December 31, 2025. As consideration, the Company agreed to increase the principal amount of the loan by US$230,117 as an extension fee, increased the interest rate to the default rate of 24% per annum and agreed to a repayment schedule to commence following the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly thereafter starting October 31, 2024. The lender also agreed to subordinate the loan to the FEI. A lending fee of US$50,000, accrued interest of US$259,190, compounded interest of US$83,164 and an extension fee of US$230,117 were added to the principal amount. The repayment requirement was not met.

During the six-month period ended June 30, 2025, the Company repaid US$690,565 for a remaining balance of US$1,342,541.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**9.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;c) The loan from a non-related company relates to a factoring
agreement with a factoring company.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.911 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $19,11 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,910,763 was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional US$2,000,000 by selling additional receivables as required by the Company.

On December 23, 2024, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 30,000, 0000 units form the previous 80,000,000 units which are eligible to be issued. Each unit included three quarters of one warrant to purchase a common share at $0.25 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 19).

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

On April 15, 2025, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $26.8 million and increase the amount to be drawn to $10.4 million. The Company also settled promissory notes totaling $345,435 in principal.

During the six-month period ended June 30, 2025, the lender requested the conversion of debt under the agreement totaling a value of $841,535, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $975,500.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**9.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;d) This loan from bear interest at 11% and is payable
over 24 months from December 5, 2023. During the six-months period ended June 30, 2025, the Company repaid US$39,834 for a remaining
balance of US$207,331.

&nbsp;&nbsp;&nbsp;&nbsp;e) This loan bears interest at 15% per annum and was
repayable on February 6, 2025.

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bear interest at 15% and is payable on March 8, 2025.

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bear interest at 15% and is payable on March 14, 2025.

On April 15, 2025, these promissory notes were settled with the factoring amendment.

On April 15, 2025, the Company issued a promissory note of $200,000. The note bears interest at 15% and is payable on May 30, 2025, but was not repaid on that date.

On May 2, 2025, the Company issued a promissory note of $50,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

On May 6, 2025, the Company issued a promissory note of $150,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

On May 27, 2025, the Company issued a promissory note of $105,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

On June 4, 2025, the Company issued a promissory note of $70,000. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On June 10, 2025, the Company issued a promissory note of $127,778. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On June 13, 2025, the Company issued a promissory note of $11,830. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On June 20, 2025, the Company issued a promissory note of $100,000. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

The above notes were settled by way of a private placement announced on August 26 (Note 18 – Subsequent Events).

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**9.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;f) The loan is pursuant to a two-year term loan facility
of US$5,000,000 dated July 5, 2024 with FEI to NuRAN Wireless (Africa) Holding. The loan is secured on the business and assets
of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under general security agreement and bears interest at the Secured Overnight
Financing Rate plus 8.5% per annum. Interest accrues but is not payable until maturity.

On March 10, 2025, the Company received of drawdown of US$1,050,000.

&nbsp;&nbsp;&nbsp;&nbsp;d) The loan is pursuant to a bank facility of CFA 150,000,000
(approx. $366K) with Société Générale Cameron to Nuran Cameroon Ltd, dated June 20, 2024. The disbursement
was made on February 25, 2025. The loan bear interest at a rate of 7% and is payable monthly in the amount of CFA 13,081,315 (approx.
$32K) over 12 months from the disbursement date.

10. LEASE LIABILITIES

The Company's lease liabilities and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2025-06-30** |
|  | **$** |
| Gross carrying amount |  |
| Balance as at December 31, 2024 |  |
| Additions |  |
| Lease payments**)** |  |
| Lease interest |  |
| Waive off |  |
| **Balance as at June 30, 2025** |  |
| **Current** |  |
| **Non-current** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11A. CONVERTIBLE DEBENTURES**

As at June 30, 2025, the convertible debentures and derivative liability consists of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible debentures** | **Unsecured Convertible debentures** | **Total** |
|  |  |  | $— |
| Balance at December 31, 2023 |  |  |  |
| Extension (a) |  |  |  |
| Effect of the modification (b) |  |  |  |
| Accretion of OID |  |  |  |
| Conversion (c) |  |  |  |
| Accretion |  |  |  |
| Balance at December 31, 2024 |  |  |  |
| Accretion of OID |  |  |  |
| Conversion (d)**))** |  |  |  |
| Accretion |  |  |  |
| **Closing balance, as at June 30, 2025** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As at December 20, 2023, the Company extended the maturity
date of the Convertible Debentures entered into in July 2022. The maturity date of the Convertible Debentures was extended to
July 12, 2024 along with other terms of the original debenture which were amended. The original debenture had an original issuance
discount of 10% and this was increased to 16% leading to a maturity value of $2,645,502. In addition, the principal amount is
convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term
of the Convertible Debenture. Under the terms of the Convertible Debenture the principal amount is due one year from the date
of closing and does not bear interest until the maturity date or an event of default occurs. The number and terms of warrants
issued in conjunction with the original debenture, as well as all other terms of the debenture did not change.

The debenture value determined using the current value method was $2,273,353.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.11 |
| Exercise price | $0.40 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

---

| | |
|:---|:---|
| (a), (b) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in profit and loss as financial expenses |

---

The debenture value determined using the current value method was $3,397,006.

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.20 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.09 |
| Exercise price | $0.20 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) During the year ended December 31, 2024, the debenture
holders requested the conversion of debentures totalling a value of $225,000 in common shares of the Company. Taking into account
the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these
shares was $227,000 (Note 11).

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the six-month period ended June 30, 2025, the
debenture holders requested the conversion of debentures totalling a value of $800,000 in common shares of the Company. Taking
into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded
for these shares was $950,571 (Note 11).

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES**

As at June 30, 2025, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  | **Derivative <br> liability** |
| Balance at December 31, 2023 |  |
| Issuance |  |
| Original issuance discount (OID) |  |
| Fair value adjustment |  |
| Accretion of OID |  |
| Accretion |  |
| Fair value adjustment) |  |
| Effect of foreign exchange |  |
| Closing balance, as at December 31, 2024 |  |
| Accretion of OID |  |
| Accretion |  |
| Effect of foreign exchange |  |
| **Closing balance, as at June 30, 2025** |  |

---

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of US$2,194,772 with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the current value method was $1,594,729. The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.225 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)**

The fair value of derivative liability on August 16, 2024 was estimated at $53,482, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.12 |
| Exercise price | $0.225 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 57.08% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black- Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.08 |
| Exercise price | $0.225 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The Company measured the conversion feature of convertible debentures at FVTPL and the conversion feature was classified as a derivative financial liability for the loan, which was denominated in a currency other than the Company's functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into a variable number of both common shares and warrants. The embedded derivative did not qualify as an equity instrument due to not meeting the "fixed for fixed" criteria of IAS 32 Financial instruments: Presentation. Therefore, the Company separated the embedded derivative from the host contract and accounted for each element separately. The embedded derivative was initially recognized at its fair value. The amount of change in the fair value of the derivative is presented in profit or loss.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

12. SHARE CAPITAL

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

Common shares, voting and participating

Preferred shares

---

| | | |
|:---|:---|:---|
|  | **2025-06-30** | 2024-12-31 |
|  | **Number** | Number |
| Balance as at December 31, 2023 | 58694132 | 43043579 |
| Issue of share capital (a) | **11500000** | 14650553 |
| Convertible Debenture (b) | **-** |  |
| Debenture conversion in share capital (c) | **4000000** | 1000000 |
| Issue of Warrants (d) | **-)** | -) |
| **Balance as at June 30, 2024** | **74194132** | 58694132 |

---

During the six-month period ended June 30, 2025, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 2, 2025, to June 26, 2025, the Company issued 3,000,000 shares as of loan
 conversion with shares price between $0.078 and $0.095, resulting in the recognition of $975,500 as share capital and $133,965 as loss on
debt settlement in the profit and loss.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Nil in 2025

&nbsp;&nbsp;&nbsp;&nbsp;(c) From January 20, 2025, to June 26, 2025, the Company
issued 4,00,000 shares upon the conversion of debenture at a share price of $0.20 (Note 10A).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From January 2, 2025, to June 26, 2025, the Company
issued 15,375,000 warrants for loan and debenture exercise. The fair value of the warrants was $101,250.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

12. SHARES CAPITAL (CONTINUED)

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 10, 2024 to December 31, 2024, the Company
issued 371,100 shares as of shares for services with shares price between $0.105 and $0.13, resulting in the recognition of $45,200
as administrative expenses in the profit and loss.

From January 31, 2024 to November 7, 2024, the Company issued 11,879,453 shares as of loan conversion with shares price between $0.10 and $0.166, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the profit and loss.

On January 2, 2024, 1,900,000 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the profit and loss.

On December 16, 2024, the Company issued 500,000 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the profit and loss.

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(b) On August 16, 2024, $822,461 was recognized for the
fair value on debentures. On December 23, 2024, $765,742 was recognized for the fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On April 2025, the Company issued 1,000,000 shares
upon the conversion of debenture at a share price of $0.225 (Note 17). ???? is this correct

&nbsp;&nbsp;&nbsp;&nbsp;(d) From January 31, 2024 to November 7, 2024, the Company
issued 9,659,582 warrants for loan and debenture exercise. The fair value of the warrants was $77,106.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS

The following is a summary of the activity of warrants:

---

| | |
|:---|:---|
|  | **2025-06-30** |
|  | **$** |
| **Balance as at December 31, 2024** |  |
| Issue of Warrants |  |
| Share-based compensation adjustment**)** |  |
| Warrants expired |  |
| **Balance as at June 30, 2025** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  | **Number of <br> warrants** | **Weighted <br> average <br> exercise price** |
|  |  | **$** |
| Opening balance | **18539206** | **0.38** |
| Granted during the period | **11625000** | **0.21** |
| **Closing balance, as at June 30, 2025** | **30164206** | **0.32** |
| **Closing balance of exercisable warrants, as at June 30, 2025** | **30164206** | **0.32** |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2024 |
|  | Number of <br> warrants | Weighted <br> average <br> exercise price |
|  |  | $|
| Opening balance | 11911105 | 1.20 |
| Granted during theyear | 9659582 | 0.25 |
| Expired during the year | (3031481) | 0.65 |
| Closing balance, as at December 31, 2024 | 18539206 | 0.38 |
| Closing balance of exercisable warrants, as at December 31, 2024 | 18539206 | 0.38 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS (CONTINUED)

The following is a summary of warrants outstanding and exercisable, as at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number** | **average <br> contractual <br> life (years)** | **Number** | **average <br> contractual <br> life (years)** |
| <br>**June 30, 2025**<br>**Exercise price** | | | | |
| **$0.20** | **9000000** | **3.16** | **9000000** | **3.16** |
| **$0.25** | **13114207** | **1.16** | **13114207** | **1.16** |
| **$0.25** | **5000000** | **0.42** | **5000000** | **0.42** |
| **$0.40** | **150000** | **1.16** | **150000** | **1.16** |
| **$1.10** | **2899999** | **0.14** | **2899999** | **0.14** |
|  | **30164206** |  | **30164206** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Warrants <br> outstanding | | Warrants <br> exercisable |
| December 31, 2024 <br> Exercise price | Number | Weighted <br> average <br> contractual <br> life (years) | Number | Weighted <br> average <br> contractual <br> life (years) |
| $0.25 | 10489207 | 1.66 | 10489207 | 1.66 |
| $0.25 | 5000000 | 0.92 | 5000000 | 0.92 |
| $0.40 | 150000 | 1.66 | 150000 | 1.66 |
| $1.10 | 2899999 | 0.63 | 2899999 | 0.63 |
|  | 18539206 |  | 18539206 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS (CONTINUED)

During the year ended December 31, 2024, the Company issued 9,659,582 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.10 and $0.17.

During the six-month period ended June 30, 2025, the Company issued 11,625,000 warrants. The value totaling $101,250 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.44% and 3.07%; expected volatility between 72.24% and 76.77%; expected dividend yield of 0%; expected life between 1.08 and 3.58 years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.06 and $0.085.

Also, during the six-month period ended June 30, 2025, the Company cancelled a total of 450,000 warrants previously granted to management, due to unmet milestones. As a result, the Company reversed a previously booked cost of $691,924.

14. CONTRIBUTED SURPLUS

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | |
|:---|:---|:---|
|  | **2025-06-30** | 2024-12-31 |
|  | **$** | $ |
| Balance as at December 31, 2024 | **6731440** | 6623292 |
| Warrants expired | **-** | 108148 |
| **Balance as at June 30, 2025** | **6731440** | 6731440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Nil warrants expired and nil forfeited during the
six-month period ended June 30, 2025 (3,041,481 expired in 2024)

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**14. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
|  | **Number of <br> options** | **Weighted <br> average <br> exercise price** |
|  |  | **$** |
| Opening balance | **2870000** | **1.34** |
| **Closing balance, as at June 30, 2025** | **2870000** | **1.34** |
| **Closing balance of exercisable options, as at June 30, 2025** | **2870000** | **1.34** |

---

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2024 |
|  | Number of <br> options | Weighted <br> average <br> exercise price |
|  |  | $|
| Opening balance | 3305000 | 1.54 |
| Forfeited during the period | (435000) | 1.82 |
| Closing balance, as at December 31, 2024 | 2870000 | 1.34 |
| Closing balance of exercisable options, as at December 31, 2024 | 2870000 | 1.34 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**14. CONTRIBUTED SURPLUS (CONTINUED)**

The following is a summary of stock options outstanding and exercisable as at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options <br> outstanding** | | **Options <br> exercisable** |
| | **Number** | **Weighted <br> average <br> contractual <br> life (years)** | **Number** | **Weighted <br> average <br> contractual <br> life (years)** |
| <br>**June 30, 2024**<br>**Exercise price** | | | | |
| **$0.43** | **1250000** | **0.76** | **1250000** | **0.76** |
| **$134** | **250000** | **1.58** | **250000** | **1.58** |
| **$167** | **100000** | **1.32** | **100000** | **1.32** |
| **$170** | **250000** | **1.31** | **250000** | **1.31** |
| **$235** | **1020000** | **0.61** | **1020000** | **0.61** |
|  | **2870000** |  | **2870000** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2024<br> Exercise price |  |  |  |  |
| $0.43 | 1250000 | 1.26 | 1250000 | 1.26 |
| $134 | 250000 | 2.07 | 250000 | 2.07 |
| $167 | 100000 | 1.82 | 100000 | 1.82 |
| $170 | 250000 | 1.80 | 250000 | 1.80 |
| $235 | 1020000 | 1.11 | 1020000 | 1.11 |
|  | 2870000 |  | 2870000 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

15. FAIR VALUE OF CONVERSION OPTION

---

| |
|:---|
| Balance as at December 31, 2024 |
| Debenture issued (a) |
| Conversion of debentures**)** |
| Restructuring of the debentures |
| **Balance as at June 30, 2025** |

---

**16.** **LOSS PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the period**)** |
| Weighted average number of outstanding common shares |
| Loss per share |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the six-month period ended June 30, 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

June 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

17. RELATED PARTY TRANSACTIONS

The Company's related parties include companies under common control as well as key management personnel.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received.

18. SUBSEQUENT EVENTS

On August 26, 2025, the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement will be used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025. The cash flow from the company's African operations is allocated to site maintenance, upgrades, and deployments. Additionally, due to delays in accessing funds from its US$5 million facility, this private placement addresses the company's short-term financial requirements. The Common Shares issued under the Private Placement are subject to a statutory hold period expiring December 26, 2025.

## Exhibit 99.20

**Exhibit 99.20**

![](img115_v1.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the second quarter ended**

**June 30, 2025 and 2024**

![](img116_v1.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the quarter ended June 30, 2025 has been prepared by management and should be read in conjunction with the condensed interim consolidated financial statements for the six-month period ended June 30, 2025 and June 30, 2024 and the related notes thereto. The Company's condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the condensed interim consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of August 29, 2025.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at December 31, 2024. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries.

**DESCRIPTION OF BUSINESS** 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues resulting in a compelling return over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES** 

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer millions of people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored led to a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

**OVERALL PERFORMANCE AND OUTLOOK** 

<u>Performance</u>

During the quarter ended June 30, 2025, the Company continued to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet or exceed the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of filing these financial statements, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected.

MANAGEMENT'S DISCUSSION AND ANALYSIS

During the second quarter, management was informed by Orange of an error in their billing system that resulted in a segment of traffic being incorrectly billed as international due to area code misallocation. Prefixes not identified as local calls were classified as international calls or SMS, leading to revenue calculations exceeding local tariffs by ten times or more. The issue arises from their introduction of new area codes to accommodate increasing mobile penetration; however, these numbers were not configured as local calls, resulting in their classification as international calls by default. As a result of the billing information that Orange provided to us, which was used to generate our invoice to them, was overstated. The Company has adjusted Q1 revenue and Q2 revenue reflects the current billing information provided by Orange. Orange and NuRAN are currently assessing and negotiating a definitive solution for this issue.

Reported revenue per site has decreased in comparison to Q1 but aligns with the Company's previous financial projections. The Company maintains its expectation that gross margin will exceed 75% and EBITDA margin will be around 50% for global operations.

Although the outlined issue is influencing short-term results, the Company anticipates returning to a positive EBITDA position as the number of active sites grows in Cameroon, Ivory Coast, Benin, Ghana, Madagascar, and particularly the Democratic Republic of the Congo (DRC), where billing sites experienced traffic growth of more than 20% in Q2. Following the final drawdown under the US$5M term loan facility agreement with Cygnum Capital (see below), plans include launching the first 10 sites in Ivory Coast, resuming 7 sites in Ghana, relocating non-performing sites, and completing delivery of the 118 sites now in inventory in DRC.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders, with its Wireless Infrastructure Solutions being rated among the best in their category. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

In July 2021, the Company completed an $11M private placement led by strategic investor AMOS Spacecom, which contributed $4M. Over half of these proceeds were allocated to building an inventory of 240 sites in Cameroon and DRC. The Company subsequently sought further funding to finalize the rollout.

As of the quarter ended June 30th, 2025, the Company has secured nine contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites. NuRAN is currently operating in four countries and has finalized the incorporation of its operating subsidiaries in an additional country. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document.Enabled by supplemental funding from the Cygnum Capital loan facility, cash contributions from the Cameroon operation, the Societe Generale credit facility, and receipt of outstanding payments from Orange Cameroon, the Company successfully expanded site rollouts, initiated activities in new countries, and enhanced the network to facilitate the introduction of 3G services.

The Company continues to achieve sustainable revenue growth per site and has seen a significant reduction in the Cost of Goods Sold (COGS), aiming for sustained positive EBITDA for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

Through the second quarter of 2025, NuRAN continued to work on drawing down against the Cygnum Capital loan facility and is progressing on other financing options. Management is now focusing on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

The long-term Loan Facility includes terms that are different from those previously offered by other lenders and marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility will support NuRAN's network infrastructure rollouts in Cameroon, DRC, Ivory Coast, Benin, and Madagascar. As of the date of these consolidated financial statements, the potential lender has completed its due diligence and, pending receipt of an equity or quasi-equity term sheet, has indicated readiness to submit the application to its investment committee for approval. For the equity raise, management continues to address the requirements set by potential investment partners. With Q1 positive EBITDA and the initiation of operations in new countries—where outcomes similar to those in Cameroon are anticipated—management is progressing discussions with several potential investors. Valuation discussions and negotiations have begun, representing an important step forward in finalising an investment. In addition to other criteria important to these investors, concerns have been raised over the level and terms of short-term borrowing at the NuRAN Canada level. Management understands and shares these concerns and over recent months, including meetings in Q2 in conjunction with the CEO Forum in Abidjan, Ivory Coast, management has been working with several parties to find a solution including Canadian institutions able to refinance this short-term debt. This could include removing the conversion feature, extending the term and reducing overall borrowing costs. Equity and quasi-equity instruments are being considered as a way to allow lenders and investors to benefit from the significant value creation expected to follow.

MANAGEMENT'S DISCUSSION AND ANALYSIS

To support equity efforts in Africa, management has implemented several measures to address short-term liabilities impacting the balance sheet. The shareholder deficiency has increased, restricting the ability to raise capital at the African level. Parties interested in potential equity raises for NuRAN Africa Holding have requested that management address these concerns promptly. While exploring options to refinance short-term liabilities, management has initiated discussions with groups holding these liabilities about potentially converting debt into shares. Since the conversion of debt could result in potential dilution that would exceed a certain threshold, the Board of Directors must propose a debt restructuring transaction to be approved at the Annual General and Special Meeting of Shareholders at the end of September.

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, a 50% reduction in monthly satellite managed service fees, which has significantly increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon, Ivory Coast, and DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

As at the date of these consolidated financial statements, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in South Sudan, Cameroon, Namibia, Sudan, Ivory Coast and Benin for a potential lifetime contract value of over US$900M. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. From the cash generated by its operations in Africa, the Company plans to reinvest in the project resulting in a reduction of the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be invested in other countries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management expects to structure its approach strategically. By prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

The business development and sales strategies revolve around leveraging the established poles to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

*Managements' belief in the increasing adoption of the NaaS model by MNOs and NuRAN's ability to efficiently and effectively manage the rollout of NaaS contracts is supported by a number of achievements since 2022:*

● On July 21, 2022, and subsequent to its earlier announcement, the Company announced the signing of the Group Framework Agreement (GFA) with MTN Group as mentioned above which offers the potential to connect up to 50 million additional people.

● On July 26, 2022, NuRAN announced its first signing following the GFA of a definitive 10-year NaaS contract with MTN Sudan Company Ltd. for the deployment of a minimum of 500 rural sites in Sudan. The agreement is estimated to generate up to approximately US$125M in revenues over its life and will support 2G and 3G. Due to the current situation in Sudan as of the date of these consolidated financial statements the Company has placed further development on hold.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On October 11, 2022, the Company announced its second largest contract in terms of number of sites with an agreement for the rollout of up to 1,000 sites with MTN Ivory Coast. Over the 5-year period of the agreement, gross revenue is expected to be over US$75M. The contract includes an automatic renewal for an additional 5 years and similar to the previously announced MTN Sudan and MTN Namibia agreements, NuRAN expects to retain the ownership of the infrastructure after the completion of the contract. This shift in business model to the ownership of infrastructure with no handover to the MNO potentially increases the value of the agreement substantively to NuRAN and its shareholders by providing a continuous revenue stream.

● On January 17, 2023, NuRAN announced the entry into NaaS agreement with Orange Madagascar for the deployment of up to 500 rural sites on the east coast of Madagascar with contracted revenue potential of US$90M. The 10-year agreement is the Company's third contract with Orange and is expected to support 2G and 3G networks with variety of site categories to cover different population densities and coverage areas. NuRAN expects to retain the ownership of the infrastructure after completion of the contract which increases the overall value of the agreement.

● On February 21, 2023, the Company announced a US$1.41M purchase order from the Marshall Islands National Telecommunication Authority (MINTA) to extend and add 4G coverage to their existing network. MINTA is the end customer under a previous contract with Intelsat which NuRAN has deployed since 2021 which validates the strength of the Company's technology solution and deployment capabilities.

● On June 5, 2024, NuRAN announced a five-year NaaS agreement for the deployment of 250 sites in Africa with MTN further to its GFA in place with the Group. This agreement is the fifth agreement signed with MTN totaling 2,150 sites in five different countries, representing up to approximately US$27 million in revenues over the course of five years assuming that the 250 sites are completed. The five-year term of the NaaS pursuant to the GFA can be extended or renewed for an additional five years subject to an extension or renewal agreement.

● On July 16, 2024, the Company announced an agreement for up to 200 sites with MTN Benin for the deployment of rural 2G, 3G and 4G sites under the NaaS business model in Benin, West Africa. The 5-year agreement with MTN Benin includes a renewal for an additional 5 years at the end of the initial term. This agreement has been signed under the MTN Framework Agreement announced on July 21, 2022, serving as further evidence of the strong partnership between MTN and NuRAN both dedicated to empowering lives in rural communities across Africa.

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility will have a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility is intended to allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company intends to use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries, which were completed as noted below.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 to July 12, 2024. In addition, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor remains committed to the NuRAN business as the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. While the majority of the amount will be dedicated to Cameroon, NuRAN expects to dedicate a portion to initiate site build in the Ivory Coast, Benin and Madagascar. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon.

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of CDN$0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of CDN$0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on accelerating discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company has amended the NaaS contract with Orange DRC to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders.

Additionally, during discussions regarding the valuation of NuRAN Africa Holding, potential equity partners have expressed concerns about the short-term convertible debt facility at the NuRAN Canada level. Management has initiated discussions with its debt holders regarding the potential conversion to equity. The Company is also discussing various options with Canadian institutional investors including extending the term of the debt, removing the conversion option and/or mezzanine financing.

Results in Cameroon, while being impacted by the afore-mentioned billing system error, are still on target with initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is a key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy reselling Orange products and services that has already shown important growth in user adoption and traffic resulting in revenue growth.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing the concentration risk. The US$5M bridge facility from Cygnum Capital and US$1.6M private placement along with the 2024 announced US$15M Term Sheet of a possible US$80M Facility continues to support management's efforts to raise equity. This financing is expected to support the rollout of up to 600 sites across a number of countries to further diversify its revenue sources. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast 2025 deployment.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of July 2024, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

The following section discusses the Company's financial performance based on consolidated financial statements for the six months ended June 30, 2025 and 2024.

***Factors Concerning the Company's Financial Performance and Results of Operations***

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, started to generate sales with first sites live and should produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries.

Some of NuRAN's NaaS agreements include a guaranteed minimum revenue monthly fee (GMR) to ensure a return on each site, covering costs and interest. Recently, with high network performance, the Company is transitioning to a threshold model, whereby revenue is retained up the threshold but allowing them to retain more revenue and retain ownership of the sites. Under IFRS, current contracts require NuRAN to record site sales when operational, impacting revenue and gross profit margins. Future contracts without site transfer will better reflect invoicing and economic results. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees. This shift aims to create a stable and recurring revenue stream post-rollout completion.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running, however management recognises that, given the stage of NaaS rollout and implementation, the Company is likely to be loss-making for some time. To achieve an acceptable net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys, achievable through the NaaS model.

**Tower Outlook Disclosure**

Regarding the outlook for site deployment, management reported on the status of its expected deployment of NaaS sites. In order to improve the accuracy of development plan expectations, management is pursuing site development in phases that are determined based on the confirmed availability of funds for a specific phase. As an example, the cash generated from its operation in Africa, the US$5M facility, local Cameroon financing and the investment in August from a long-time shareholder are now contributing to the delivery of at least 600 sites. As of the date of these consolidated financial statements, a total drawdown of US$3.55M has been received with a remainder US$1.45M from the US$5M Facility from Cygnum Capital. Supported by continued cashflow from operations, subsequent drawdowns will fund the ongoing deployment plans.

As a result of the Company's ongoing financing efforts, management continued to increase its pipeline of financing options from other groups with expressions of interest of over US$80M including the US$15M term sheet announced in May and agreed mandate to further increase this amount. With the Company's contributed equity in NuRAN Wireless (Africa) Holding supporting this long-term debt, the additional financing options available, and cash generated in its subsidiaries, NuRAN is committed to showing regular progress in building the planned number of operating sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the second quarter condensed interim consolidated financial statements of the Company as at June 30, 2025 and 2024 and for the periods then ended:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Three-months ended June 30, 2025** | &nbsp;&nbsp;**Three-months ended June 30, 2024** | &nbsp;&nbsp;**Six-months ended June 30, 2025** | &nbsp;&nbsp;**Six-months ended June 30, 2024** |
| &nbsp;&nbsp;Total revenues | $&nbsp;&nbsp;627920 | $&nbsp;&nbsp;1512457 | $&nbsp;&nbsp;2909754 | $&nbsp;&nbsp;2085634 |
| &nbsp;&nbsp;Total loss | $&nbsp;&nbsp;(3542950) | $&nbsp;&nbsp;(2425969) | $&nbsp;&nbsp;(5319261) | $&nbsp;&nbsp;(4882809) |
| &nbsp;&nbsp;Net loss per share – basic | $&nbsp;&nbsp;(0.05) | $&nbsp;&nbsp;(0.05) | $&nbsp;&nbsp;(0.08) | $&nbsp;&nbsp;(0.10) |
| &nbsp;&nbsp;Net loss per share – diluted | $&nbsp;&nbsp;(0.05) | $&nbsp;&nbsp;(0.05) | $&nbsp;&nbsp;(0.08) | $&nbsp;&nbsp;(0.10) |
|  | &nbsp;&nbsp;**Six-months ended June 30, 2025** | &nbsp;&nbsp;**Six-months ended June 30, 2024** |  |  |
| &nbsp;&nbsp;Total assets | $&nbsp;&nbsp;25619640 | $&nbsp;&nbsp;21899246 |  |  |
| &nbsp;&nbsp;Total non-current financial liabilities | $&nbsp;&nbsp;— | $&nbsp;&nbsp;173043 |  |  |

---

**RESULTS OF OPERATIONS**

**Revenue**

Revenue for the six-month period ended June 30, 2025 of $2,909,754 was an increase of $824,120 from the six-month period ended June 30, 2024 ($815,473 increase for the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023).

Of the total revenue for the six-month period ended June 30, 2025, $1,649,146 was NaaS service revenue from site operations. In addition to this, the Company recognised $664,690 that was an adjustment to comply with IFRS 15, which as mentioned earlier requires that we recognize a sale of the site and cost when it becomes operational. Over 90% of NaaS revenue relates to Cameroon and the remainder to DRC. Other revenue was related to product sales, of $290,234 and an adjustment of $305,684 on the Naas service revenue for the six-month period ended June 30, 2025.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Gross Profit**

Gross profit for the six-month period ended June 30, 2025 increased by $444,669 compared to the six-month period ended June 30, 2024 (decreased by $1,202,180 for the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023).

Gross margin for the six-month period ended June 30, 2025 decreased to 57.66% from 59.12% for the six-month period ended June 30, 2024 (increased to 59.12% for the six-month period ended June 30, 2024 from 2.42% for the six-month period ended June 30, 2023).

The overall gross margin increased significantly and is more in line with the Company's projections based on the level of direct costs for the NaaS offering, including VSAT. Overall, the six-month period ended June 30, 2025 NaaS gross margin was 59%, and 82% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method, now in place in DRC, will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site continues to fall.

**Expenses** 

During the six-month period ended June 30, 2025, total expenses decreased by $835,929 from the six-month period ended June 30, 2024 (for the six-month period ended June 30, 2024 total expenses increased by $1,109,161 from the six-month period ended June 30, 2023). In aggregate, operating cost categories including selling, administrative and research and development decreased by approx. $600k over 2024 as management continued cost containment initiatives while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. Financial expenses increased by approx. $900k because of the greater short term debt load, higher interest costs and foreign exchange impact. Approximately 90% of financial expenses are non-cash charges. A one time reversal of previously charged share-based compensation resulted in a credit of $692k.

**Net Loss Before Other Elements and Income Taxes**

As a result of all the factors mentioned above the Net Loss Before Other Elements and Income Taxes for six-month period ended June 30, 2025 decreased to $4,823,878 from the six-month period ended June 30, 2024 loss of $5,659,807 (for the six-month period ended June 30, 2024 total Net Loss Before Other Elements and Income Taxes decreased to $5,659,807 from the six-month period ended June 30, 2023 loss of $5,752,829). The change for the six-month period ended June 30, 2025 was a result of an increase in gross profit and a reduction in selling, administrative and R&D costs partially offset the increase in financial expenses.

**Other Elements and Income tax**

Other Elements and Income tax for the six-month period ended June 30, 2025 generated a net loss of $480,355 compared with a net gain of $801,327 in the six-month period ended June 30, 2024 (a net gain of $825,657 for the six-month period ended June 30, 2024 compared to a net loss of $422,689 for the six-month period ended June 30, 2023). These relate mostly to the loss on the modification of the DRC NaaS contract versus a gain on the settlement of short-term borrowing facilities in 2024.

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the six-month period ended June 30, 2025 increased to $5,319,261 from the six-month period ended June 30, 2024 loss of $4,882,809, an increase of $436,452 (for the six-month period ended June 30, 2024 decreased to $4,882,809 from the six-month period ended June 30, 2023 loss of $6,175,514).

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the six-month period ended June 30, 2025 was a net gain of $488,459 compared with a net loss of $302,608 for the six-month period ended June 30, 2024. Even after taking this into account, the Total Comprehensive Loss for the six-month period ended June 30, 2025 increase to $5,701,028 compared to $4,830,802 for the six-month period ended June 30, 2024 (a Total Comprehensive Loss of $5,185,417 for the six-month period ended June 30, 2024 compared to a Total Comprehensive Loss of $6,039,942 for the six-month period ended June 30, 2023).

**Expenses** 

Below is a discussion of the expenses for the six-month period ended June 30, 2025, and the six-month period ended June 30, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp;**% change from 2024** |
| &nbsp;&nbsp;Selling expenses | 372429 | &nbsp;&nbsp; 388173 | &nbsp;&nbsp; -4.06% |
| &nbsp;&nbsp;Administrative expenses | 2088174 | &nbsp;&nbsp; 2959948 | &nbsp;&nbsp; -29.45% |
| &nbsp;&nbsp;Share-based compensation | (691924) | &nbsp;&nbsp;- | &nbsp;&nbsp; -100% |
| &nbsp;&nbsp;Financial expenses | 4196101 | &nbsp;&nbsp;3296540 | &nbsp;&nbsp; +27.29% |
| &nbsp;&nbsp;Research and development costs | 536745 | &nbsp;&nbsp;248124 | &nbsp;&nbsp; +117.53% |
|  | 4196101 | &nbsp;&nbsp; 6892785 | &nbsp;&nbsp; -39.12% |

---

***Selling expenses***

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the IR online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

***Administrative expenses***

Administrative expenses consist of staff remuneration, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs decreased from the previous period as a result of cost containment measures as well as an adjustment for prior year expenses.

***Financial expenses***

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing and gain/loss on foreign exchange. The increase in financial expenses for the six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024, is mainly a result of the higher short term debt load, higher interest costs and foreign exchange impact.

MANAGEMENT'S DISCUSSION AND ANALYSIS

***Research and development***

Research and development costs for the six-month period ended June 30, 2025 increased over the six-month period ended June 30, 2024 as the Company continued to focus on continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating sustainable recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. With operating costs covered by NaaS revenue any new funds raised can be directed to site construction and servicing and repaying other debt. This will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

**SUMMARY OF QUARTERLY RESULTS** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Total revenues ($)** | &nbsp;&nbsp;**Total loss ($)** | &nbsp;&nbsp;**Basic and Diluted Loss**<br>**Per Share**<br> **($)**  |
| &nbsp;&nbsp;30-Jun-25 | &nbsp;&nbsp;627920 | &nbsp;&nbsp;(3542950) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Mar 25 | &nbsp;&nbsp;2209079 | &nbsp;&nbsp;(1689530) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;31-Dec-24 | &nbsp;&nbsp;663422 | &nbsp;&nbsp;(371968) | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;30-Sep-24 | &nbsp;&nbsp;1563061 | &nbsp;&nbsp;(3220575) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;30-Jun-24 | &nbsp;&nbsp;1512457 | &nbsp;&nbsp;(2425969) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Mar-24 | &nbsp;&nbsp;572727 | &nbsp;&nbsp;(2355685) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Dec-23 | &nbsp;&nbsp;1125235 | &nbsp;&nbsp;(2861581) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;30-Sep-23 | &nbsp;&nbsp;797067 | &nbsp;&nbsp;(3302317) | &nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;30-Jun-23 | &nbsp;&nbsp;602255 | &nbsp;&nbsp;(2823600) | &nbsp;&nbsp;(0.07) |

---

**Second Quarter**

During the three months ended June 30, 2025, the Company earned revenues of $627,920 compared to $1,512,457 during the three months ended June 30, 2024, a decrease of $884,537.

During the three months ended June 30, 2025, the Company generated gross margin of $(249,087) compared to $1,188,180 during the three months ended June 30, 2024, a decrease of $1,437,267 resulting in a (40)% gross profit.

During the three months ended June 30, 2025, the Company incurred a net loss of $3,542,950 compared to net loss of $2,245,969 for the three months ended June 30, 2024.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash decreased to $113,117 as at June 30, 2025, from $228,979 as at June 30, 2024. Current assets increased to $16,046,643 as at June 30, 2025, from $14,152,936 as at June 30, 2024 due to increases in Trade and other receivables, accrued revenues, inventories, work in progress and security deposits.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The cash position as at June 30, 2025 reflected the ongoing deployment of network infrastructure for NaaS sites and a reduction in revenue due to the Orange billing issue. As of the date of these consolidated financial statements the Company has not met the conditions to initiate the final drawdown of the Cygnum facility. The Company expects to be consuming cash and in a loss position for the foreseeable future. With the Cameroon entity now generating positive cash contribution based on its NaaS income, management sees the benefit of increasing scale in country operations to provide funding to continue to accelerate site construction. Additional cash at the Canada HQ level will be generated from product sales and services provided to external customers. The current focus on site construction in Cameroon and other countries in the short term will allow the Company to improve its cash situation in the near future.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. The Company has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. It is also analysing a restructuring of its short term credit facilities in order to strengthen its balance sheet. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites. It has transitioned some inventory from DRC to Cameroon as a means of improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of these consolidated financial statements the Company has placed on hold any effort to pursue the development of this network.

While the company remains reliant on external funding for CAPEX spending and short-term debt repayment and restructuring, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the recent US$5M Loan facility (with a possible increase related to Ivory Coast and Benin), the US$1.6M private placement and the term sheet and mandate letter aimed at raising up to US$70-80 million, management believes that the company will be able to raise the necessary financing, and that its financial position is expected to improve significantly. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS and Uncertainties**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of our product research and development expenses, integration services, customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

**Competition**

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals**

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends**

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know-how.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Protection of Intellectual Property**

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers**

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Since 2014, approximately 52% of our sales were derived from sales outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable**

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase. Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks**

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.21

**Exhibit 99.21**

**Form 52-109FV2**

 ***Certification of Interim Filings<br> Venture Issuer Basic Certificate***

I, **Jim Bailey, Chief Financial Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of **Nuran Wireless Inc.** (the "issuer")
 for the interim period ended **June 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the interim filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, with respect to
 the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 interim financial report together with the other financial information included in the
 interim filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the interim filings.

Date: **August 29, 2025**

<u>(signed) *"Jim Bailey"*</u>

**Jim Bailey**

Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required
to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation
is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.22

**Exhibit 99.22**

**Form 52-109FV2**

 ***Certification of Interim Filings<br> Venture Issuer Basic Certificate***

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of **Nuran Wireless Inc.** (the "issuer")
 for the interim period ended **June 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the interim filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, with respect to
 the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 interim financial report together with the other financial information included in the
 interim filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the interim filings.

Date: **August 29, 2025**

<u>(signed) *"Francis Letourneau"*</u>

**Francis Letourneau**

Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed
or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in
securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.23

**Exhibit 99.23**

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| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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**FOR IMMEDIATE RELEASE**

**NURAN WIRELESS Reports Second Quarter** 

**2025 Financial Results**

**Quebec, QC, Canada, September 2<sup>nd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce its financial results for the quarter ended June 30, 2025.

Highlights of the Company's financial results for the six months ended June 31, 2025, include the following:

● Revenue of $2,909,754 compared to $2,085,634, for the six months ended June 30, 2024, an increase of 39%, entirely attributable to the increase in Network as a Service (''NaaS'') revenue.

● Gross profit of $1,677,647 (58%) for the six months ended June 30, 2025, compared to $1,232,978 in 2024, an increase of $444,669 or 36%.

● Total expenses of $6,501,525 compared to $6,892,785 for the six months ended June 30, 2024, a decrease of 6%. Savings in selling, general and administrative expenses were offset by increased financial expenses related to debt service costs of short-term borrowings and the Cygnum Capital facility with most of these charges being non-cash.

● Net Loss of $5,319,261 compared to $4,882,809 for the six months ended June 31, 2025, an increase of 9%. The 2024 loss was reduced by a gain on debt settlement of $801,670. In 2025, charges not directly related to operations including a small loss on debt settlement as well as the book loss on the DRC contract amendment contributed to the increase in the loss. Excluding these, the Loss before other elements improved by 15%.

During the second quarter, management was informed by its MNO client of an error in their billing system that resulted in a segment of traffic being incorrectly billed as international due to area code misallocation. Prefixes not identified as local calls were classified as international calls or SMS, leading to revenue calculations exceeding local tariffs by ten times or more. The issue arises from their introduction of new area codes to accommodate increasing mobile penetration; however, these numbers were not configured as local calls, resulting in their classification as international calls by default. As a result of the billing information provided to NuRAN, which was used to generate our invoice to them, was overstated. The Company has adjusted Q1 revenue and Q2 revenue to reflect the current billing information provided by its client. While the situation is not finally resolved, the two parties are currently assessing and negotiating a definitive solution for this issue.

While NaaS revenue per site is negatively impacted, the Company reports that this is still in line with its initial projections for site economics, specifically gross margin and EBITDA as well as (ROI) return on investment. Even after accounting for the additional sites brought live, the growth in revenue over 2024 shows the strong performance of the NaaS business model. Although EBITDA is a non-GAAP measure, the Q2 results remain positive, bolstered by prior year adjustments. In addition, the ongoing Cameroon rollout, the relocation of low traffic sites in the DRC, resumption of operations in Ghana following the MOU, new country deployments, and 3G network expansion are all expected to mitigate the short-term effects of international tariffs on global revenue.

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| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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NuRAN Wireless's second quarter financial results reflect a company in transition, striving for operational sustainability even as it invests in growth. Revenue climbed to $2.9M for the six months ended June 30, 2025, marking a robust 39% increase over the prior period—a surge largely driven by the expansion of its NaaS model. Gross profit margin remained healthy, suggesting stable cost management despite scaling operations. Notably, total expenses decreased reflecting improved cost discipline, though elevated financial expenses related to short-term debt did weigh on overall profitability. The net loss widened by 9% to $5,319,261, indicating that while topline growth is accelerating, the company continues to prioritize network expansion and strategic investments over immediate profitability. Collectively, these figures highlight NuRAN's commitment to bridging the digital divide, balancing short-term financial pressures with long-term growth aspirations.

"As we reflect on our Q2 results, I am pleased with the progress NuRAN has made in expanding our network and delivering strong revenue growth. Despite short-term challenges, our team's dedication and operational achievements have laid a solid foundation for continued momentum. With our Network as a Service model gaining traction and new sites coming online, we are confident in our path to sustainable growth and our mission to connect underserved communities around the world."— Francis Létourneau, President and CEO of NuRAN Wireless Inc.

**Highlights from the Quarter and Recent Announcements Include:**

● On July 18, 2025, NuRAN announced that it has initiated negotiations with its current debt holders and with new potential institutional investors and lenders to raise additional operating funds. The plan is to potentially restructure or replace much of its outstanding current debt instruments with better terms.

● On August 26, 2025, the Company announced that it completed an initial step towards this objective by closing a non-brokered private placement for proceeds of $1.5M to be used for working capital purposes and payment of short-term debt. The Common Shares issued under the private placement are subject to a statutory hold period expiring December 26, 2025. The Company decided to close this Private Placement at this time to ensure that it has sufficient working capital for the duration of the discussions.

● In addition, the Company provided an update on planned debt restructuring. It is pursuing two tracks to either 1) replace existing debt with longer term, non-convertible or hybrid instruments or 2) swap debt for equity to replace this debt on the Company's balance sheet. Negotiations with institutional lenders and investors are ongoing and include governmental agencies that require sufficient time to complete their process. This first option might also include other private lenders and investors who know the Company well and are working in parallel.

● Current debt holders are an integral part of the process and terms of potential repayment, conversion and write-off, or a combination of these, is being discussed and proposals being considered include additional tranches of the private placement to achieve a more streamlined capital structure suited to future fund-raising and value creation.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

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| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

<u>Frank.candido@nuranwireless.com</u>

Tel: (514) 969-5531

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

***Forward Looking Statements***

*This news release contains forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of NuRAN, that may cause the actual results, level of activity, performance or achievements of NuRAN to be materially different from those expressed or implied by such forward looking statements, including but not limited to management's business strategy for 2025. Although NuRAN has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause NuRAN''s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither NuRAN assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.24

**Exhibit 99.24**

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| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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**FOR IMMEDIATE RELEASE**

**NuRAN Announces a $7.2M CAPEX Contract** 

**for Rural Mobile Network Expansion Project in Africa**

**Quebec, QC, Canada – September 4<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the award of a contract worth approximately CA$7.2M by a state-owned Mobile Network Operator (MNO) for a major network expansion project in a rural region of West Africa.

The agreement is structured as a CAPEX contract valued at approximately CA$7.2M and provides for the deployment of up to 200 sites to expand mobile coverage to underserved communities. The contract is expected to span 3 years and payments will be made to NuRAN based on agreed project milestones. NuRAN will act as lead contractor, overseeing and managing all suppliers and other stakeholders involved in the project. The Company will provide its Radio Access Network (RAN) equipment for the sites while managing the end-to-end delivery, including sourcing (transmission materials, towers, power systems and other ancillaries), logistics, site selection, delivery and installation at rural and remote sites. This project supports two core pillars of NuRAN's growth strategy: 1) establishing an cost-efficient and operational hub in proximity to deployment sites, which reduces costs and improves project efficiency; and 2) leveraging NuRAN's expertise to deliver innovative connectivity solutions and scale operations, strengthening its leadership in rural telecommunications. The margins generated by comparable projects are expected to enable the Company to support capital investments in its NaaS deployment.

"This agreement represents another significant step forward in NuRAN's mission to bridge the digital divide. By leading this turn-key project, we are proud to deliver reliable and sustainable connectivity solutions that will transform rural communities. This project underscores the trust that operators place in our expertise and our ability to drive large-scale deployments in partnership with world-class stakeholders," stated Francis Létourneau, CEO of NuRAN Wireless.

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|:---|:---|
| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

<u>Francis.letourneau@nuranwireless.com</u><br> Tel: (418) 264-1337

Frank Candido

Investor relations

<u>Frank.candido@nuranwireless.com</u>

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

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|:---|:---|
| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the MTN definitive agreement terms and conditions and the proposed sites and revenues from the sites in this country, projected build out of 250 live sites in 2 years, and the potential value of this MTN Agreement in the future due to the ownership of the infrastructure. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to adequately structure its operations with respect to its new model of NaaS service contracts; the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and any other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

*The estimates included in this news release relating to the calculation of the gross revenue of the agreements with MTN are based on multiplying an average population per site by the expected penetration rate which yields the number of mobile customers. This is then multiplied by the average revenue per customer per month (ARPU) to derive total revenue. MTN's direct costs associated with this revenue are deducted and the resulting amount is shared by both parties. The revenue share only applies to revenue in excess of a guaranteed amount which is the minimum paid to NuRAN. A penetration rate reduction factor has been used to mitigate risk. The base data used to calculate the total potential revenue of this agreement was provided by MTN based on average population, penetration rate and ARPU. Management of the Company believes that the estimates have been prepared on a reasonable basis, reflecting best estimates and judgments, and based on a number of assumptions management believes are reasonable as well as information provided to the Company by MTN. However, because this information is highly subjective and subject to numerous risks, including the risks discussed above, it should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the estimates prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.*

## Exhibit 99.25

**Exhibit 99.25**

**NuRAN Wireless Inc.**

**FORM 51-102F3**

***Material Change Report***

**Item 1: Name and Address of Company**

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")<br> 2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change**

August 26, 2025

**Item 3: News Release**

A news release was issued and disseminated on August 26, 2025 and filed on SEDAR at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change**

The Company announced it has closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per share, with no finders fees. The proceeds will be used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025.

**Item 5.1: Full Description of Material Change**

See attached news release at Schedule "A" to this report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)**

Not applicable.

**Item 7: Omitted Information**

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer**

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u> 

Tel: (418) 264-1337

**Item 9: Date of Report**

This report is dated as of September 8, 2025

**SCHEDULE "A"**

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| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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For immediate release

**NuRAN Closes Private Placement of Shares While it Continues Negotiations to Replace or Restructure its Current Debt**

Quebec, QC, Canada, August 26, 2025 – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce it has closed a non-brokered private placement financing for gross proceeds of CAD$1,500,000 (the "Private Placement") through the issuance of 30,000,000 common shares of the Company (each a "Share") at a price of $0.05 per Share. The proceeds raised from the Private Placement will be used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025. The cash flow from the company's African operations is allocated to site maintenance, upgrades, and deployments. Additionally, due to delays in accessing funds from its US$5 million facility, this private placement addresses the company's short-term financial requirements. The Common Shares issued under the Private Placement are subject to a statutory hold period expiring December 26, 2025.

Further to the Company's news release dated July 18, 2025, the Company is negotiating with its current debt holders and with new potential institutional investors and lenders to raise additional operating funds to potentially restructure or replace much of its outstanding current debt instruments with better terms and provide the Company with additional working capital. The Company is pursuing two main tracks broadly to include either 1) replacing the existing debt with longer term, non-convertible or hybrid instruments or 2) a debt for equity swap which would replace debt with equity on the Company's balance sheet.

The Company's negotiations with the new potential institutional lenders and investors are ongoing and include governmental agencies that require sufficient time to complete their process. This first option might also include other private lenders and investors who know the Company well and are working in parallel.

Current debt holders are an integral part of the process and terms of potential repayment, conversion and write-off, or a combination of these, is being discussed. The second option includes a potential restructuring of most of their outstanding current debt instruments with significantly better terms which to allow the Company to reduce their interest obligations and clean up its balance sheet.

Both proposals would include additional tranches of the Private Placement to raise cash and achieve a more streamlined capital structure suited to future fund-raising and value creation. The Company decided to close this Private Placement at this time to ensure that it has sufficient working capital for the duration of the discussions. Any elements of the proposals that require

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| ![](img117_v1.jpg) | **PRESS RELEASE**<br>|

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shareholder approval will be included in the Company's information circular for its the annual general and special shareholders meeting to be held on September 30, 2025, which will be mailed in the coming days. The Company will provide an update if and when terms have been settled.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com

Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

*Forward Looking Statements*

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.

## Exhibit 99.26

**Exhibit 99.26**

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| ![](img118_v1.jpg) | ![](img119_v1.jpg) |

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| **NuRAN Wireless Inc. <br> Form of Proxy – Annual General Meeting to be held on September 30, 2025** | Trader's Bank Building<br> 1100, 67 Yonge Street <br> Toronto ON M5E 1J8 |

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| **Appointment of Proxyholder**<br> I/We being the undersigned holder(s) of **NuRAN Wireless Inc.** hereby appoint **Francis Letourneau** or failing this person, **James Albert Bailey** |  | **Print the name of the person you are appointing if this person is** <br> **someone other than the Management Nominees listed herein:** |
| **Appointment of Proxyholder**<br> I/We being the undersigned holder(s) of **NuRAN Wireless Inc.** hereby appoint **Francis Letourneau** or failing this person, **James Albert Bailey** | **OR** |  |

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as my/our proxyholder with full power of substitution and to attend, act, and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and all other matters that may properly come before the Annual General Meeting of NuRAN Wireless Inc. to be held at the offices of 2150 Cyrille-Duquet Street, Suite 100, Quebec City, Quebec, G1N 2N3 at at 10:00 a.m. (Eastern Standard Time) on Tuesday, September 30, 2025 or at any adjournment thereof.

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| &nbsp;&nbsp;**1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). | **For**<br> ☐ | Against<br> ☐ |

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**2.** **Election of Directors.** **For** Withhold **For** Withhold **For** Withhold

**a.** Francis Letourneau ☐ ☐ **b.** Avi Minkowitz ☐ ☐ **c.** Vitor Fonseca ☐ ☐

**d.** Brendan Purdy ☐ ☐ **e.** Binyomin Posen ☐ ☐ **f.** Navindran Naidoo ☐ ☐

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| &nbsp;&nbsp;**3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | &nbsp;&nbsp;**For**<br> ☐ | &nbsp;&nbsp;Withhold<br> ☐ |
| &nbsp;&nbsp;**4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | &nbsp;&nbsp;**For** <br> ☐ | &nbsp;&nbsp;Against<br> ☐ |
| &nbsp;&nbsp;**5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | &nbsp;&nbsp;**For**<br> ☐ | &nbsp;&nbsp;Against<br> ☐ |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Authorized Signature(s) – This section must be completed for your instructions to be executed.**<br>I/we authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, **this Proxy will be voted as recommended by Management.**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Signature(s):**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Date**<br>**MM / DD / YY**<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Interim Financial Statements –** Check the box to the right if you would like to receive interim financial statements and accompanying Management's Discussion & Analysis by mail. See reverse for instructions to sign up for delivery by email. | ☐ | &nbsp;&nbsp;&nbsp;&nbsp; **Annual Financial Statements –** Check the box to the right if you would like to RECEIVE the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. See reverse for instructions to sign up for delivery by email. | ☐ |

---

DN:

**INSTEAD OF MAILING THIS PROXY, YOU MAY SUBMIT YOUR PROXY USING SECURE ONLINE VOTING AVAILABLE ANYTIME:**

**This form of proxy is solicited by and on behalf of Management. Proxies must be received by 10:00 AM EST, on September 26, 2025.**

**Notes to Proxy**

1. Each
 holder has the right to appoint a person, who need not be a holder, to attend and represent
 them at the Meeting. If you wish to appoint a person other than the persons whose names
 are printed herein, please insert the name of your chosen proxyholder in the space provided
 on the reverse.

2. If
 the securities are registered in the name of more than one holder (for example, joint
 ownership, trustees, executors, etc.) then all of the registered owners must sign this
 proxy in the space provided on the reverse. If you are voting on behalf of a corporation
 or another individual, you may be required to provide documentation evidencing your power
 to sign this proxy with signing capacity stated.

3. This
 proxy should be signed in the exact manner as the name appears on the proxy.

4. If
 this proxy is not dated, it will be deemed to bear the date on which it is mailed by
 Management to the holder.

5. The
 securities represented by this proxy will be voted as directed by the holder; however,
 if such a direction is not made in respect of any matter, this proxy will be voted as
 recommended by Management.

6. The
 securities represented by this proxy will be voted or withheld from voting, in accordance
 with the instructions of the holder, on any ballot that may be called for and, if the
 holder has specified a choice with respect to any matter to be acted on, the securities
 will be voted accordingly.

7. This
 proxy confers discretionary authority in respect of amendments to matters identified
 in the Notice of Meeting or other matters that may properly come before the meeting.

8. This
 proxy should be read in conjunction with the accompanying documentation provided by Management.

---

| | |
|:---|:---|
| ![](img120_v1.jpg) | **To Vote Your Proxy Online please visit:**<br>**<u>https://vote.odysseytrust.com</u>**<br>**You will require the CONTROL NUMBER printed with your address to the right.**<br>**If you vote by Internet, <u>do not mail</u> this proxy.** |

---

**To request the receipt of future documents via email and/or to sign up for Securityholder Online services, you may contact Odyssey Trust Company at <u>https://odysseytrust.com/ca-en/help/</u>**<u>.</u>

Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. A return envelope has been enclosed for voting by mail.

## Exhibit 99.27

**Exhibit 99.27**

![](img121_v1.jpg)

**2150 Cyrille-Duquet Street, Suite 100** 

**Quebec City, Quebec**

**G1N 2G3**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **2025**<br>|  |
| &nbsp;&nbsp; **ANNUAL GENERAL MEETING**<br>**of** <br>**NURAN WIRELESS INC.** |  |
| &nbsp;&nbsp;**Location:** | &nbsp;&nbsp; **2150 Cyrille-Duquet Street, Suite 100**<br> **Quebec City, Quebec, G1N 2G3**<br>|
| &nbsp;&nbsp;**Time:** | &nbsp;&nbsp;**10:00** **a.m. (Eastern Standard Time)** |
| &nbsp;&nbsp; **Date:** | &nbsp;&nbsp; **Tuesday September 30, 2025** <br>|

---

![](img122_v1.jpg)

2150 Cyrille-Duquet Street, Suite 100

Quebec City, Quebec

G1N 2G3

**NOTICE OF ANNUAL GENERAL MEETING**

**NOTICE IS HEREBY GIVEN** that the annual general meeting (the **"Meeting"**) of shareholders (**"Shareholders"**) of NuRAN Wireless Inc. (the **"Company"**) will be held at the offices of 2150 Cyrille-Duquet Street, Suite 100, Quebec City, Quebec, on Tuesday, September 30, 2025 at the hour of 10:00 a.m. (Eastern Standard Time) for the following purposes:

1. to receive the audited financial statements of the Company for the financial years ended December
31, 2023 and December 31, 2024, together with the auditor's report thereon;

2. to set the number of directors of the Company for the ensuing year at six (6);

3. to elect the following persons as directors of the Company for the ensuing year: Francis Letourneau, Avi Minkowitz, Vitor Fonseca,
Brendan Purdy, Binyomin Posen, and Navindran Naidoo;

4. to appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December
31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "**Board** ");

5. to consider and, if deemed advisable, to pass with or without variation, a resolution providing
for the consolidation of the Company's issued and outstanding common shares (the "**Common Shares**") at such
a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and
necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national
securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share
Consolidation" in the Information Circular;

6. to consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders,
the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the
issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ()"**CSE**") (as
such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction"
in the Information Circular;

7. to transact such further or other business as may properly come before the Meeting and any adjournment
or postponement thereof.

The accompanying information circular (the "**Information Circular**") provides additional information relating to the matters to be dealt with at the Meeting and is supplemental to, and expressly made a part of, this Notice of Meeting. The specific details of the matters proposed to be put before the Meeting are set forth under the heading *"Business of the Meeting"*.

The notice of meeting ("**Notice**") and Information Circular dated September 9, 2025 in respect of the Meeting, and the annual financial statements for the years ended December 31, 2023 and December 31, 2024 along with the related management discussion and analysis (collectively, the "**Meeting Materials**") have been posted and are available for review on our website www.nuranwireless.com and filed on SEDAR+ at <u>www.sedarplus.ca</u>.

The Board has fixed August 25, 2025, as the record date for the determination of shareholders entitled to receive notice of and to vote at the Meeting and at any adjournment or postponement thereof. Each registered shareholder at the close of business on that date is entitled to receive such notice and to vote at the Meeting in the circumstances set out in the accompanying Information Circular.

If you are a registered shareholder of the Company as at the record date of August 25, 2025, we encourage you to complete, date and sign the accompanying form of proxy and deposit it with the Company's transfer agent, Odyssey Trust Company, 350 – 409 Granville Street, Vancouver BC V6C 1T2 or Telephone 1.888.290.1175, at least 48 hours (excluding Saturdays, Sundays and holidays recognized in city of Vancouver) before the time and date of the Meeting or any adjournment or postponement thereof. Shareholders are encouraged to return their form of proxy or voting instruction form as soon as possible. As an alternative, shareholders may choose to vote online as provided for on the form of proxy or voting instruction form.

If you are a non-registered shareholder of the Company and have received this Notice and accompanying materials through a broker, a financial institution, a participant, a trustee or administrator of a self-administered retirement savings plan, retirement income fund, education savings plan or other similar self-administered savings or investment plan registered under the *Income Tax Act* (Canada), or a nominee of any of the foregoing that holds your securities on your behalf (the "**Intermediary**"), please complete and return the materials in accordance with the instructions provided to you by your Intermediary.

DATED at Vancouver, British Columbia, this 9<sup>th</sup> day of September, 2025.

By Order of the Board<br>

*/s/ Francis Letourneau*

**Francis Letourneau**<br> President and CEO

**NURAN WIRELESS INC.**

2150 Cyrille-Duquet Street, Suite 100

Quebec City, Quebec

G1N 2N3

**INFORMATION CIRCULAR**<br> September 9, 2025

**INTRODUCTION**

This Information Circular accompanies the Notice of Annual and Special Meeting (the "**Notice**") and is furnished to shareholders holding common shares (the "**Common Shares**") in the capital of NuRAN Wireless Inc. (the "**Company**") in connection with the solicitation by the management of the Company of proxies to be voted at the annual general meeting (the "**Meeting**") of the shareholders to be held at 10:00 a.m. (Eastern Standard Time) on Tuesday, September 30, 2025, at the offices of #2150 Cyrille-Duquet Street, Suite 100, Quebec City, Quebec or at any adjournment or postponement thereof.

We strongly discourage in-person attendance at the Meeting and for shareholders to vote their shares by submitting their voting instructions over the Internet, or by completing, dating and signing the proxy card they received and returning it promptly (following the instructions on the proxy card and below).

**Date and Currency**

The date of this Information Circular is September 9, 2025. Unless otherwise stated, all amounts herein are in Canadian dollars.

**PROXIES AND VOTING RIGHTS**

**Management Solicitation**

The solicitation of proxies by the Company will be conducted by mail and may be supplemented by internet or other personal contact to be made without special compensation by the directors, officers and employees of the Company. The form of proxy accompanying this Information Circular is being solicited by management of the Company. The Company does not reimburse shareholders, nominees or agents for costs incurred in obtaining from their principals authorization to execute forms of proxy, except that the Company has requested brokers and nominees who hold stock in their respective names to furnish the Meeting Material to their customers if paper copies of the Meeting Materials are requested, and the Company will reimburse such brokers and nominees for their related out of pocket expenses. No solicitation will be made by specially engaged employees or soliciting agents. The cost of solicitation will be borne by the Company.

No person has been authorized to give any information or to make any representation other than as contained in this Information Circular in connection with the solicitation of proxies. If given or made, such information or representations must not be relied upon as having been authorized by the Company. The availability or delivery of this Information Circular shall not create, under any circumstances, any implication that there has been no change in the information set forth herein since the date of this Information Circular. This Information Circular does not constitute the solicitation of a proxy by anyone in any jurisdiction in which such solicitation is not authorized, or in which the person making such solicitation is not qualified to do so, or to anyone to whom it is unlawful to make such an offer of solicitation.

**Appointment of Proxy**

Though registered shareholders are entitled to vote at the Meeting, we strongly discourage in-person attendance at the Meeting. A shareholder is entitled to one vote for each Common Share that such shareholder holds on the record date of August 25, 2025 (the "**Record Date**") on the resolutions to be voted upon at the Meeting, and any other matter to come before the Meeting.

The persons named as proxyholders (the "**Designated Persons**") in the enclosed form of proxy are directors and/or officers of the Company.

**A Shareholder has the right to appoint a person or COMPANY (who need not be a Shareholder) to attend and act for or on behalf of that Shareholder at the Meeting, other than the Designated Persons named in the enclosed form of proxy.** 

**To exercise the right, the Shareholder may do so by striking out the printed names and inserting the name of such other person and, if desired, an alternate to such person, in the blank space provided in the form of proxy. such shareholder should notify the nominee of the appointment, obtain the nominee's consent to act as proxy and should provide instruction to the nominee on how the shareholder's shares should be voted. the nominee should bring personal identification to the meeting.**

In order to be voted, the completed form of proxy must be received by the Company's registrar and transfer agent, Odyssey Trust Company (the "**Transfer Agent**") in accordance with the instructions provided in the form of proxy at least 48 hours (excluding Saturdays, Sundays and holidays recognized in the Province of Ontario or Quebec) prior to the scheduled time of the Meeting, or any adjournment or postponement thereof. Alternatively, the completed form of proxy may be delivered to the Chairman of the Meeting on the date of the Meeting, or any adjournment or postponement thereof.

A proxy may not be valid unless it is dated and signed by the shareholder who is giving it or by that shareholder's attorney-in-fact duly authorized by that shareholder in writing or, in the case of a corporation, dated and executed by a duly authorized officer or attorney-in-fact for the corporation. If a form of proxy is executed by an attorney-in-fact for an individual shareholder or joint shareholders, or by an officer or attorney-in-fact for a corporate shareholder, the instrument so empowering the officer or attorney-in-fact, as the case may be, or a notarially certified copy thereof, must accompany the form of proxy.

**Revocation of Proxies**

A shareholder who has given a proxy may revoke it at any time before it is exercised by an instrument in writing (a) executed by that shareholder or by that shareholder's attorney-in-fact authorized in writing or, where the shareholder is a corporation, by a duly authorized officer of, or attorney-in-fact for, the corporation and (b) delivered either: (i) to the Company at the address set forth above, at any time up to and including the last business day preceding the day of the Meeting or, if adjourned or postponed, any reconvening thereof, (ii) to the Chairman of the Meeting prior to the vote on matters covered by the proxy on the day of the Meeting or, if adjourned or postponed, any reconvening thereof, or (iii) in any other manner provided by law.

Also, a proxy will automatically be revoked by either: (a) attendance at the Meeting and participation in a poll (ballot) by a shareholder, or (b) submission of a subsequent proxy in accordance with the foregoing procedures. A revocation of a proxy does not affect any matter on which a vote has been taken prior to any such revocation.

**Voting of Common Shares and Proxies and Exercise of Discretion by Designated Persons**

A shareholder may indicate the manner in which the Designated Persons are to vote with respect to a matter to be voted upon at the Meeting by marking the appropriate space. If the instructions as to voting indicated in the proxy are certain, the Common Shares represented by the proxy will be voted or withheld from voting in accordance with the instructions given in the proxy. If the shareholder specifies a choice in the proxy with respect to a matter to be acted upon, then the Common Shares represented will be voted or withheld from the vote on that matter accordingly. **The Common Shares represented by a proxy will be voted or withheld from voting in accordance with the instructions of the shareholder on any ballot that may be called for and if the shareholder specifies a choice with respect to any matter to be acted upon, the Common Shares will be voted accordingly.**

**If no choice is specified in the proxy with respect to a matter to be acted upon, the proxy confers discretionary authority with respect to that matter upon the Designated Persons named in the form of proxy. It is intended that the Designated Persons will vote the Common Shares represented by the proxy in favour of each matter identified in the proxy and for the nominees of the Company's Board of Directors for directors AND THE auditor and Their remuneration.**

The form of proxy confers discretionary authority upon the persons named therein with respect to other matters which may properly come before the Meeting, including any amendments or variations to any matters identified in the Notice, and with respect to other matters which may properly come before the Meeting. At the date of this Information Circular, management of the Company is not aware of any such amendments, variations, or other matters to come before the Meeting.

In the case of abstentions from, or withholding of, the voting of the Common Shares on any matter, the Common Shares that are the subject of the abstention or withholding will be counted for determination of a quorum, but will not be counted as affirmative or negative on the matter to be voted upon.

**NOTICE TO BENEFICIAL SHAREHOLDERS**

**The information set out in this section is of significant importance to those shareholders who do not hold shares in their own name. Shareholders who do not hold their shares in their own name (referred to in this Information Circular as "Beneficial Shareholders") should note that only proxies deposited by shareholders whose names appear on the records of the Company as the registered holders of Common Shares can be recognized and acted upon at the Meeting.** If Common Shares are listed in an account statement provided to a shareholder by a broker, then in almost all cases those Common Shares will not be registered in the shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the names of the shareholder's broker or an agent of that broker. In the United States, the vast majority of such Common Shares are registered under the name of Cede & Co. as nominee for The Depository Trust Company (which acts as depositary for many U.S. brokerage firms and custodian banks), and in Canada, under the name of CDS & Co. (the registration name for The Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms). **Beneficial Shareholders should ensure that instructions respecting the voting of their Common Shares are communicated to the appropriate person well in advance of the Meeting.**

The Company does not have access to names of Beneficial Shareholders. Applicable regulatory policy requires intermediaries/brokers to seek voting instructions from Beneficial Shareholders in advance of shareholders' meetings. Every intermediary/broker has its own mailing procedures and provides its own return instructions to clients, which should be carefully followed by Beneficial Shareholders in order to ensure that their Common Shares are voted at the Meeting. The form of proxy supplied to a Beneficial Shareholder by its broker (or the agent of the broker) is similar to the Form of Proxy provided to registered shareholders by the Company. However, its purpose is limited to instructing the registered shareholder (the broker or agent of the broker) how to vote on behalf of the Beneficial Shareholder. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Solutions, Inc. ("**Broadridge**") in the United States and in Canada. Broadridge typically prepares a special voting instruction form, mails this form to the Beneficial Shareholders and asks for appropriate instructions regarding the voting of Common Shares to be voted at the Meeting. Beneficial Shareholders are requested to complete and return the voting instructions to Broadridge by mail or facsimile. Alternatively, Beneficial Shareholders can call a toll-free number and access Broadridge's dedicated voting website (each as noted on the voting instruction form) to deliver their voting instructions and to vote the Common Shares held by them. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of shares to be represented at the Meeting. **A Beneficial Shareholder receiving a Broadridge voting instruction form cannot use that form as a proxy to vote Common Shares directly at the Meeting - the voting instruction form must be returned to Broadridge well in advance of the Meeting in order to have its Common Shares voted at the Meeting.**

Although a Beneficial Shareholder may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of his broker (or agent of the broker), a Beneficial Shareholder may attend at the Meeting as proxyholder for the registered shareholder and vote the Common Shares in that capacity. Beneficial Shareholders who wish to attend at the Meeting and indirectly vote their Common Shares as proxyholder for the registered shareholder should enter their own names in the blank space on the instrument of proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting.

Alternatively, a Beneficial Shareholder may request in writing that his or her broker send to the Beneficial Shareholder a legal proxy which would enable the Beneficial Shareholder to attend at the Meeting and vote his or her Common Shares. Management of the Company does not intend to pay for intermediaries to forward to those who object to their name being made known to the issuers of securities which they own (called "OBOs" for Objecting Beneficial Owners) under National Instrument 54-101 — *Communications with Beneficial Owners of Securities of a Reporting Issuer* of the Canadian Securities Administrators the Meeting materials, and that in the case of an OBO, the OBO will not receive the Meeting materials unless the OBO's intermediary assumes the cost of delivery.

All references to shareholders in this Information Circular are to registered shareholders, unless specifically stated otherwise.

**DOCUMENTS INCORPORATED BY REFERENCE**

The following documents filed with the British Columbia Securities Commission, Alberta Securities Commission and Ontario Securities Commission are specifically incorporated by reference into, and form an integral part of, this Information Circular: audited annual financial statements for the years ended December 31, 2023 and December 31, 2024, report of the auditor thereon and related management discussion and analysis. Copies of documents incorporated herein by reference may be obtained by a shareholder upon request without charge from the Company. These documents are also available through the internet on SEDAR+, which can be accessed at <u>www.sedarplus.ca</u>.

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON**

Except as disclosed elsewhere in this Information Circular, no director or executive officer of the Company who was a director or executive officer since the beginning of the Company's last financial year, each proposed nominee for election as a director of the Company, or any associates or affiliates of any such directors, executive officers or nominees, has any material interest, direct or indirect, by way of beneficial ownership of Common Shares or other securities in the Company or otherwise, in any matter to be acted upon at the Meeting other than the election of directors.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES**

The Company is authorized to issue an unlimited number of Common Shares without par value. As of the Record Date, determined by the Company's board of directors (the "**Board**") to be the close of business on August 25, 2025, a total of 109,194,132 Common Shares were issued and outstanding. Each Common Share carries the right to one vote at the Meeting.

Only registered shareholders as of the Record Date are entitled to receive notice of, and to attend and vote at, the Meeting or any adjournment or postponement of the Meeting.

To the knowledge of the directors or executive officers of the Company, no person or company beneficially owns, or controls or directs, directly or indirectly, Common Shares carrying 10% or more of the voting rights attached to the outstanding Common Shares of the Company, other than as set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Shareholder** | &nbsp;&nbsp;**Number of Common Shares <br> Owned** | &nbsp;&nbsp;**Percentage of** <br> **Outstanding Common Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;CDS & Co.<sup>(2)</sup> | &nbsp;&nbsp;72437423 | &nbsp;&nbsp;66.34% |

---

<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on 109,194,132 Common Shares of the Company issued and outstanding as of August 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company is not aware of the beneficial holders of the shares so registered.

**MATTERS TO BE ACTED UPON AT THE MEETING**

**ITEM 1 - RECEIPT OF FINANCIAL STATEMENTS**

The directors will place before the Meeting the financial statements for the years ended December 31, 2023 and December 31, 2024, together with the auditors' reports thereon.

**ITEM 2 - NUMBER OF DIRECTORS**

The Articles of the Company provide for a board of directors of no greater than or less than a number as fixed or changed from time to time by majority approval of the shareholders.

At the Meeting, shareholders will be asked to pass an ordinary resolution to set the number of directors of the Company for the ensuing year at seven (7). The number of directors will be approved if the affirmative vote of the majority of Common Shares present or represented by proxy at the Meeting and entitled to vote are voted in favour to set the number of directors at seven (7).

**Management recommends the approval of the resolution to set the number of directors of the Company at seven (7).**

**ITEM 3 - ELECTION OF DIRECTORS**

At present, the directors of the Company are elected at each annual general meeting and hold office until the next annual general meeting, or until their successors are duly elected or appointed in accordance with the Company's Articles or until such director's earlier death, resignation or removal. In the absence of instructions to the contrary, the enclosed form of proxy will be voted for the nominees listed in the form of proxy. All of the nominees listed in the form of proxy are presently members of the Board.

Management of the Company proposes to nominate the persons named in the table below for election by the shareholders as directors of the Company. Information concerning such persons, as furnished by the individual nominees, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name**<br> **Province or State and**<br> **Country of Residence**<br> **Position(s)**<br> **with the Company** | &nbsp;&nbsp;**Principal Occupation,**<br> **Business or Employment**<br> **for Last Five Years** | &nbsp;&nbsp;**Periods during which**<br> **Nominee has Served**<br> **as a Director** | &nbsp;&nbsp;**Number of** <br> **Common Shares**<br> **Owned**<sup>(2)</sup> |
| &nbsp;&nbsp; <br> **Francis Letourneau<sup>(3)</sup>**<br> Quebec City, QC<br>*President, CEO and Director*<br>| CEO and President of NuRAN Wireless since August 28, 2020 and October 16, 2020, respectively; VP, Sales & Marketing of NuRAN Wireless 2015 to 2020 | &nbsp;&nbsp;Since March 16, 2016 | &nbsp;&nbsp;1880188 |
| &nbsp;&nbsp; <br> **Binyomin Posen <sup>(1)(4)</sup>**<br> Toronto, ON<br>*Director*<br>| Senior Analyst at Plaza Capital Ltd. since 2017 | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp; <br> **Brendan Purdy<sup>(1)(5)</sup>**<br> Toronto, ON<br>*Director*<br>| Principal lawyer at Purdy Law since January 2014, | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp; <br> **Vitor Fonseca<sup>(1)(6)</sup>**<br> Toronto, ON<br>*Director*<br>| Treasurer and Vice President of Romspen Investment Corp. from February 2007 to February 2022; Director of Canntab Therapeutics Ltd. from April 11, 2018 to May 1, 2023 | &nbsp;&nbsp;Since March 11, 2021 | &nbsp;&nbsp;24147 |
| &nbsp;&nbsp; <br> **Navindran Naidoo**<br> Johannesburg, South Africa<br>*Director*<br>| Various Senior Management positions in Group Technology as well as being the Network Executive from 2013 to 2021. He has had previous assignments in Nigeria, Uganda, Cameroon, and Swaziland | &nbsp;&nbsp;Since February 1<sup>st</sup> ,2024 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp; <br> ***Avi Minkowitz****<br> Toronto, ON*<br>*Director Nominee*<br>| *Entrepreneur and finance professional with various private hedge funds* | &nbsp;&nbsp;*Nominee* | &nbsp;&nbsp;*0* |

---

**<u>Notes:</u>**

(1) Member of audit committee for the fiscal year ending December 31, 2022.

(2) The information as to the number of Shares (being the only voting securities of the Company) beneficially
owned, or controlled or directed, directly or indirectly, is as of August 26, 2025, and has been furnished to the Company by the
respective nominees individually. These figures do not include any securities that are convertible into or exercisable for Common
Shares of the Company.

(3) Mr. Letourneau owns 400,000 options with exercise price of
$2.35 per Common Share until February 9, 2026.

(4) Mr. Posen owns 20,000 options with exercise price of $2.35 per Common Share until February 8, 2026.

(5) Mr. Purdy owns 20,000 options with exercise price of $2.35 per Common Share until February 8, 2026.

(6) Mr. Fonseca owns 50,000 options with an exercise price of
$1.67 until October 26, 2026 and 100,000 options with an exercise price of $1.34 until January 1, 2027.

Management does not contemplate that any of its nominees will be unable to serve as directors. If any vacancies occur in the slate of nominees listed above before the Meeting, then the Designated Persons intend to exercise discretionary authority to vote the Common Shares represented by proxy for the election of any other persons as directors.

**Management recommends the approval of each of the nominees listed above for election as directors of the Company for the ensuing year.**

**Cease Trade Orders** 

Other than as disclosed herein and to the best of management's knowledge, no proposed director of the Company is, or within the ten (10) years before the date of this Information Circular has been, a director, chief executive officer or chief financial officer of any company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to an order that was issued while the proposed director was acting in the capacity
as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to an order that was issued after the proposed director ceased to be a director, chief
executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the
capacity as director, chief executive officer or chief financial officer.

On May 19, 2022, the Company was subject to a cease trade order due to the Company's prior auditor, Mallette LLP, including an auditor's report that expressed a modified audit opinion with the Company's audited annual financial statements for the year ended December 31, 2021. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company re-filed its audited annual financial statements for the year ended December 31, 2021 including an auditor's report that expressed an unmodified audit opinion, the British Columbia Securities Commission issued a revocation order on June 29, 2022.

On May 2, 2023, the Company was subject to a management cease trade order due to the Company failing to file its annual audited financial statements for the year ended December 31, 2022, and its management's discussion and analysis relating thereto before the prescribed deadline of May 1, 2023. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company filed its audited annual financial statements for the year ended December 31, 2022 and its management's discussion and analysis relating thereto, the British Columbia Securities Commission issued a revocation order on May 15, 2023.

Brendan Purdy was director of Boomerang Oil, Inc. ("**Boomerang**") when on February 3, 2015, which was subject to a cease trade order issued by the British Columbia Securities Commission(the "BCSC") due to Boomerang failing to file its annual audited financial statements for the period ended September 30, 2014, and its management's discussion and analysis relating thereto before the prescribed deadline under National Instrument 51-102 – Continuous Disclosure Obligations ("**NI 51-102**"). Mr. Purdy is no longer a director of Boomerang.

Binyomin Posen was a director of i3 Interactive Inc. ("**i3**") when on June 29, 2022, the BCSC issued a management cease trade order (the "**i3 MCTO**") against i3 and insiders of i3, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended February 28, 2022 and corresponding certifications of the foregoing within the time prescribed under NI 51-102. Binyomin Posen was a director of i3 at the time of the i3 MCTO, and remains a director as of the date hereof. The i3 MCTO remains in effect as of the date hereof.

Binyomin Posen was a director of Ryah Group Inc. ("**Ryah**") when on July 5, 2022, the Ontario Securities Commission (the "**OSC**") issued a cease trade order (the "**Ryah CTO**") against Ryah, to replace the management cease trade order issued by the OSC on May 5, 2022 (the "**Ryah MCTO**"), for failure to file its (i) audited annual financial statements and related management's discussion and analysis for the year ended December 31, 2021 and corresponding certifications of the foregoing (the "**2021 Annual Records**"); and (ii) interim financial statements and related management's discussion and analysis for the interim period ended March 31, 2022 and corresponding certifications of the foregoing (the "**2022 Interim Records**") within the time prescribed under NI 51-102. Binyomin Posen was a director of Ryah at the time of the Ryah CTO and Ryah MCTO, and remains a director as of the date hereof. The Ryah CTO remains in effect as of the date hereof.

**Bankruptcies** 

Other than as disclosed below and to the best of management's knowledge, no proposed director of the Company is, as at the date of this Information Circular, or has been within ten (10) years before the date of this Information Circular, a director or executive officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

To the best of management's knowledge, no proposed director of the Company has, within 10 years before the date of this Information Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

On August 28, 2020, the board of directors of Nutaq Innovation Inc. ("Nutaq"), a wholly owned subsidiary of the Company, ceased operations and all directors except for Mr. Letourneau resigned their respective positions. On September 2, 2020, Nutaq filed for bankruptcy with the Office of the Superintendent of Bankruptcy under the *Bankruptcy and Insolvency Act* (Canada). Mr. Letourneau has been director of Nutaq Innovation Inc since December 8, 2017. On September 22, 2020, the assigned trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all of the assets of Nutaq, including all of Nutaq's inventory, equipment and R&D equipment, trademarks, patents, accounts receivable, bank account and SR&ED credits would be sold by the Trustee with the consent of the first ranking secured creditors. Subsequent to the year ended October 31, 2020, the only operations of the Company is through the parent company and the Company intends to continue the former business of its subsidiary going forward.

**Penalties or Sanctions** 

Other than as disclosed herein and to the best of management's knowledge, no proposed director of the Company has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities
regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other penalties or sanctions imposed by a court or regulatory body that would likely to be
considered important to a reasonable shareholder in deciding whether to vote for a proposed director.

On May 3, 2019, pursuant to a disciplinary hearing of the Law Society of Ontario, Mr. Purdy admitted fault for failing to cooperate with an investigation of the Law Society of Ontario by failing to provide a prompt and complete response to written and oral requests from the Law Society. Mr Purdy was issued a reprimand and ordered to pay costs to the Law Society. Mr. Purdy remains a member of the Law Society of Ontario.

**ITEM 4 - APPOINTMENT OF AUDITOR**

Zeifmans LLP, located at 201 Bridgeland Ave, North York, ON M6A 1Y7 are the current auditors of the Company and receive remuneration fixed by the Board. Zeifmans LLP was first appointed as the Company's auditors on December 9, 2024.

At the Meeting, shareholders will be asked to vote to appoint Zeifmans LLP to serve as auditor of the Company for the Company's fiscal year ending December 31, 2025, at a remuneration to be fixed by the Company's Board.

A copy of the reporting package is attached hereto as Schedule "B" and includes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Notice of Change of Auditor dated November 22, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;2. Letter from Zeifmans LLP dated November 19, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;3. Letter from Ecovis Jeremy Levi dated November 19, 2024.

**Management recommends shareholders vote in favour of the appointment of Zeifmans LLP as the Company's auditors for the Company's fiscal year ending December 31, 2025, at a remuneration to be fixed by the Board.**

**Proxies and/or voting instructions received in favour of management designees will be voted for the appointment of Zeifmans LLP unless the shareholder has specified in their proxy or voting instructions that his shares are to be withheld from voting on such resolution.**

**ITEM 5 - APPROVAL OF SHARE CONSOLIDATION**

At the Meeting, the Shareholders will be asked to consider and, if thought advisable, to pass, with or without variation, an ordinary resolution providing for the consolidation (the "**Consolidation'**) of the Company's issued and outstanding Common Shares at such a consolidation ratio, to be determined by the Board in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("**NYSE**"), or such other U.S. national securities exchange as the Board may determine in its sole discretion. Under the current policies of the CSE, the Company is required to seek the approval of Shareholders for consolidations if the consolidation ratio is greater than 10 to 1. As the proposed Consolidation is at a ratio that is likely to be greater that 10 to 1, Shareholder approval is required in order to give effect to the Consolidation.

**Rationale for Consolidation and U.S. Listing**

The Board believes that pursuing a listing of the Company's Common Shares on a major U.S. securities exchange, such as the NASDAQ or NYSE (the "**American Exchange Listing**"), would represent a significant strategic milestone for the Company.

The American Exchange Listing would offer several important benefits:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Access to Larger Capital Markets** – The U.S. equity markets are among the deepest and
most liquid in the world, providing the Company with greater access to a broader and more diverse investor base, including large
U.S. institutional investors who are often restricted from investing in companies traded only on Canadian or smaller exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Enhanced Visibility and Credibility** – A listing on a premier U.S. exchange would elevate
the Company's profile among analysts, institutional investors, strategic partners, and customers. This increased visibility
can support business development initiatives and attract long-term shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Improved Liquidity for Shareholders** – U.S. exchanges generally offer higher trading
volumes, which can improve share liquidity, reduce bid-ask spreads, and create a more efficient market for the Company's
stock.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Support for Future Financings** – Meeting the listing requirements of a major U.S. exchange,
including minimum share price thresholds, enhances the Company's ability to conduct future equity financings on favourable
terms.

To meet these listing requirements and to position the Company for success in the U.S. market, the Board believes the Consolidation is a necessary step. The Consolidation would help ensure compliance with minimum pricing rules while improving the capital structure, thereby giving the Company greater flexibility to execute its growth strategy and pursue attractive financing opportunities.

While there can be no assurance that the Company's financial position will improve immediately following the Consolidation and listing, the Board is confident that these steps collectively form a strong foundation for long-term value creation.

**Effect of Consolidation** 

If approved and implemented, the Consolidation will occur simultaneously for all of the Company's issued and outstanding Common Shares. The Common Shares will be consolidated at a ratio to be determined by the Board in its sole discretion, such that following the Consolidation, the Company will be able to satisfy NASDAQ, NYSE or other U.S. national securities exchange listing requirements. The implementation of the Consolidation would not affect the total Shareholders' equity of the Company or any components of Shareholders' equity as reflected on the Company's financial statements except to change the number of issued and outstanding Common Shares to reflect the Consolidation.

**Effect on Convertible Securities** 

The exercise or conversion price and/or the number of Common Shares issuable under any outstanding convertible securities, including under outstanding options, restricted share units, warrants, rights, and any other similar securities will be proportionately adjusted upon the implementation of the Consolidation, in accordance with the terms of such securities, on the same basis as the Consolidation.

**Implementation**

The Consolidation resolution (the "**Consolidation Resolution**"), as set out below, provides that the Board is authorized, in its sole discretion, to determine not to proceed with the proposed Consolidation without further approval of the Shareholders of the Company. The Board is authorized to revoke the Consolidation Resolution in its sole discretion without further approval of the Shareholders of the Company at any time prior to implementation of the Consolidation.

**Effective Date** 

Subject to applicable regulatory requirements, the Consolidation Resolution will be effective on the date on which the directors of the Company determine to carry out the Consolidation.

If the Consolidation Resolution is approved, no further action on the part of the Shareholders will be required in order for the Board to implement the Consolidation.

**Shareholder Approval**

At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve and authorize the Consolidation Resolution, as follows:

**BE IT RESOLVED, THAT:** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) the board of directors (the "**Board**") of Nuran Wireless Inc. (the "**Company** ")
is authorized to take such actions as are necessary to consolidate (the "**Consolidation**") all of the issued and
outstanding common shares in the capital of the Company (the "**Common Shares**") at such a consolidation ratio
to be determined by the Board in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory
approvals to list the Common Shares on the NASDAQ, NYSE or such other U.S. national securities exchange as the Board may determine
in its sole discretion (the "**American Exchange Listing Approval** ");

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Board be and is hereby authorized in its sole discretion to fix the ratio to be used in the
Consolidation in connection with the American Exchange Listing Approval;

&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that the Consolidation would otherwise result in the issuance of a fractional Common
Shares, no fractional Common Share shall be issued and such fraction will be rounded to the nearest whole number;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Board, in its sole discretion, may act upon this resolution to effect the Consolidation, or,
if deemed appropriate and without any further approval from the shareholders of the Company, may choose not to act upon this resolution
notwithstanding shareholder approval of the Consolidation, and it is authorized to revoke this resolution in its sole discretion
at any time prior to effecting the Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any officer or director of the Company is authorized to cancel (or cause to be cancelled) any certificates
evidencing the existing Common Shares and to issue (or cause to be issued) certificates representing the new Common Shares to the
holders thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) any one officer or director of the Company is authorized to do all acts and to execute and deliver
all documents or instruments desirable to give effect to the foregoing, including, without limitation, articles of amendment, if
necessary, in the form required pursuant to the *Business Corporations Act* (British Columbia) the execution of any such document
or the doing of any such other act or thing being conclusive evidence of such determination.

**Management recommends shareholders vote <u>IN FAVOUR</u> of the Consolidation Resolution.**

**Proxies and/or voting instructions received in favour of management designees will be voted <u>FOR</u> the Consolidation Resolution unless the shareholder has specified in their proxy or voting instructions that his shares are to be withheld from voting on such resolution.**

**ITEM 6 - APPROVAL OF THE RESTRUCTURING TRANSACTION**

**Overview of the Restructuring Transaction**

On July 18, 2025, the Company announced it is engaged in negotiations with debt holders ("**Debt Holders**") and prospective institutional investors to secure additional operating capital and potentially restructure the majority of its outstanding debt instruments. The Company acknowledges the importance of strengthening its financial position and is actively pursuing several strategies to address this objective. As part of these efforts, the Company has initiated discussions regarding a comprehensive refinancing of its short-term debt with Canadian organizations.

The Board is currently evaluating alternatives to the proposed Restructuring Transaction, including additional debt financing, equity financing, asset divestitures, or maintaining the current status. During these deliberations, the Board will assess each option's impact on overall debt levels, timing, terms, limitations, risks, and availability, and may elect to proceed with one of these alternatives in place of the Restructuring Transaction.

As described in Item 5 - Approval of Share Consolidation, above, the Board believes that pursuing the American Exchange Listing is in the best interest of the Company. To meet the listing requirements of a major U.S. exchange and to position the Company for success in the U.S. market, a restructuring of the Company's debt instruments is necessary, and will allow the Company to realize significant saving on its interest obligations.

As such, the Company wishes to proceed with a restructuring transaction (the "**Restructuring Transaction**") as described below, which will result in the Company entering into debt settlement agreements with Debt Holders to convert up to $25,000,000 of debt (inclusive of accrued interest) into equity, or some other form of agreement and structure with similar effect, which may include an acquisition agreement, and raise an additional $5,000,000 of equity, or such other ratio to be determined by the Company.

The Restructuring Transaction is intended to (i) significantly reduce the Company's debt burden, (ii) provide annual interest savings of approximately $3.3 million, and (iii) improve the Company's balance sheet to support ongoing operations and growth initiatives.

At the Meeting, Shareholders will be asked to consider, and if deemed advisable, to pass, with or without modification, an ordinary resolution of disinterested Shareholders (the "**Restructuring Transaction Resolution**") authorizing and approving the Restructuring Transaction and the issuance of the Units.

The following is a summary of the material terms of the Restructuring Transaction, and Shareholders are cautioned these terms are summary in nature and may not contain all of the terms that are contained in the definitive documentation.

**Strategic Rationale**

The Board believes the Restructuring Transaction is in the best interests of the Company and shareholders because it:

&nbsp;&nbsp;&nbsp;&nbsp;1. Reduces interest-bearing debt by $25 million.

&nbsp;&nbsp;&nbsp;&nbsp;2. Frees approximately $3.3 million per year in cash flow from reduced interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;3. Strengthens the Company's capital structure to facilitate future financings and growth.

&nbsp;&nbsp;&nbsp;&nbsp;4. Improves the Company's ability to meet ongoing obligations and continue as a going concern

**Restructuring Transaction Details**

The Company is to enter into agreements with Debt Holders and new investors (collectively, the "**Subscribers**") to issue up to $30,000,000 worth of units of the Company (the "**Units**") or some other form of equity instrument that subsequently converts into Units, at a price per Unit (the "**Issue Price**") equal to ten-day volume weighted average price of the Common Shares ending on the date prior to issuance of the Units, subject to a floor price if required by the CSE's policies. Each Unit will consists of either: (i) one Common Share and up to one Common Shares purchase warrant (each whole warrant, a "**Warrant**") (currently we anticipate that each Unit will include only a half (1/2) warrant) (each, a "**Common Share Unit**"); or (ii) one pre-funded common share purchase warrant (a "**Pre-Funded Warrant**") and up to one Warrant (each whole warrant, a "**Pre-Funded Warrant Unit**"). Where the purchase of Units would otherwise cause the Subscriber (and its affiliates) to hold over 9.99% or more of the issued and outstanding Common Shares, the Company shall allocate among the Units to be issued to the Subscriber such number of Common Share Units and Pre-Funded Warrant Units such that the amount of that Subscriber's holdings of Common Shares after the purchase of Units shall not exceed the applicable percentage threshold. Each Warrant will be exercisable at an exercise price of 150% of the Issue Price for a period of sixty (60) months from the date of issuance into either: (i) one Common Share; or (ii) where the exercise of Warrants for Common Shares would otherwise result in the Subscriber exceeding the applicable percentage threshold, one pre-funded common share purchase warrant. Subject to compliance with the policies of the CSE, in lieu of exercising the Warrants for cash, the holder thereof may exercise the Warrants on a cashless basis, based on the value of the Common Shares at the time of exercise.

The Restructuring Transaction is being offered for purchase and sale to investors in the United States on a private placement basis pursuant to available exemptions from the registration requirements under the *United States Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), provided that no prospectus, registration statement or similar document is required to be filed.

All securities issued under the Restructuring Transaction will be subject to: (i) a four (4) month and one (1) day hold period from the date of issuance and (ii) applicable legends as required pursuant to the U.S. Securities Act and Canadian securities laws.

The securities to be offered pursuant to the Restructuring Transaction have not been, and will not be, registered under the U.S. Securities Act or any United States state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable United States state securities laws.

**Use of Proceeds**

The Company intends to use the net cash proceeds from the Restructuring Transaction for working capital and general corporate purposes.

**Dilution Impact** 

Upon closing of the Restructuring Transaction, total issued and outstanding common shares could increase from 109 million to 709 million, assuming an Issue Price of $0.05, representing dilution of approximately 85% to existing shareholders.

As of June 30, 2025, the Company's net book value was negative $15.4 million, or negative $0.21 per share. The Company's net book value is the amount of the Company's total assets less the Company's total liabilities. Net book value per share represents historical net book value divided by the 74,194,132 Common Shares outstanding as of June 30, 2025.

After giving effect to the Company's issuance of an aggregate of 35,000,000 Common Shares subsequent to June 30, 2025, the Company's pro forma net book value as of June 30, 2025 would have been negative $13.5 million, or negative $0.12 per share.

After giving effect to the pro forma adjustments described above and the issuance of approximately 600,000,000 Units in the Restructuring Transaction, assuming an Issue Price of $0.05, the Company's pro forma as adjusted net book value as of June 30, 2024, would have been approximately $16.5 million, or approximately $0.02 per Common Share.

**Shareholder Approval Requirements**

Pursuant to section 4.6(2)(a)(i)(2) of CSE Policy 4, the CSE requires Shareholder approval for a proposed securities offering if the number of securities issuable in the offering (calculated on a fully diluted basis) is more than 50% of the total number of securities or votes of the listed issuer outstanding (calculated on a non-diluted basis) accompanied by a new Control Person (as defined in CSE Policy 1) or more than 100% of the total number of securities or votes outstanding. In addition, section 4.6(3)(a)(ii) of CSE Policy 4, the CSE requires Shareholder approval for a proposed acquisition if the number of securities issuable in the acquisition (calculated on a fully diluted basis) is more than 50% of the total number of securities or votes of the listed issuer outstanding (calculated on a non-diluted basis) accompanied by a new Control Person (as defined in CSE Policy 1) or more than 100% of the total number of securities or votes outstanding

If the Company is successful in closing the Restructuring Transaction, in part or fully, the Subscribers are expected to have beneficial ownership of such number of Units as shown in the chart below, which represents more than 100% of the current issued and outstanding Common Shares on a non-diluted basis and on a partially-diluted basis.

The following chart is for illustration purposes, which are presented for indicative purposes only and remain subject to modification as outlined herein, and assumes various Issue Prices and part or fully closing of the Restructuring Transaction, and assuming that each Unit only includes a half (1/2) Warrant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;$15 million<sup>(2)</sup> | &nbsp;&nbsp;$15 million<sup>(2)</sup> | &nbsp;&nbsp;$15 million<sup>(2)</sup> | &nbsp;&nbsp;$30 million<sup>(3)</sup> | &nbsp;&nbsp;$30 million<sup>(3)</sup> | &nbsp;&nbsp;$30 million<sup>(3)</sup> |
| &nbsp;&nbsp;Issue<br> Price<sup>(1)</sup> | &nbsp;&nbsp;Number of<br> Units<sup>(4)</sup> | &nbsp;&nbsp;Number of <br> Warrants<sup>(5)</sup> | &nbsp;&nbsp;Total <br> securities <br> issuable<sup>(6)</sup> | &nbsp;&nbsp;Number of <br> Units<sup>(4)</sup> | &nbsp;&nbsp;Number of <br> Warrants<sup>(5)</sup> | &nbsp;&nbsp;Total <br> securities <br> issuable<sup>(6)</sup> |
| &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;187500000 | &nbsp;&nbsp;562500000 | &nbsp;&nbsp;750000000 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;1125000000 |
| &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;450000000 | &nbsp;&nbsp;600000000 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;900000000 |
| &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;250000000 | &nbsp;&nbsp;125000000 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;500000000 | &nbsp;&nbsp;250000000 | &nbsp;&nbsp;750000000 |
| &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;214285714 | &nbsp;&nbsp;107142857 | &nbsp;&nbsp;321428571 | &nbsp;&nbsp;428571429 | &nbsp;&nbsp;214285714 | &nbsp;&nbsp;642857143 |
| &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;187500000 | &nbsp;&nbsp;93750000 | &nbsp;&nbsp;281250000 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;187500000 | &nbsp;&nbsp;562500000 |
| &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;225000000 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;450000000 |

---

<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumptions regarding various Issue Prices, which may be on a post- Consolidation basis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes only half of the amount in Restructuring Transaction is completed.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Assumes the full amount in Restructuring Transaction is completed.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Either as Common Shares or Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Assumes that each Unit only includes a half (1/2) Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Includes the Common Shares or Pre-Funded Warrants issuable upon exercise of the Warrants.

As the Restructuring Transaction involves the potential issuance of securities that represents more than 100% of the total number of securities or votes outstanding (and possibly the creation of one or more new Control Person), disinterested Shareholders must approve the Restructuring Transaction and the issuance of the Units. Shareholder approval of the Restructuring Transaction Resolution on a disinterested Shareholder basis means that the votes attached to any Common Shares held by the Subscribers will be excluded.

Accordingly, disinterested Shareholders will be asked to consider and, if thought advisable, to pass the following Restructuring Transaction Resolution at the Meeting:

"**BE IT RESOLVED, AS AN ORDINARY RESOLUTION, THAT**:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the issuance of up to $30,000,000 worth of units, to the Subscribers at the Issue Price, representing
more than 100% of the current issued and outstanding Common Shares on a non-diluted basis and on a partially-diluted basis, is
hereby approved;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any one director or officer of the Company is hereby authorized, for and on behalf of the Company,
to execute and deliver all such further agreements, documents and instruments and to do all such other acts and things as such
director or officer may determine to be necessary or advisable for the purpose of giving full force and effect to the provisions
of this resolution, the execution and delivery by such director or officer of any such agreement, document or instrument or the
doing of any such act or thing being conclusive evidence of such determination; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding that this resolution has been duly passed by the Shareholders, the directors of
the Company be and they are hereby authorized without further approval of the Shareholders, to revoke this resolution and determine
not to proceed with the Restructuring Transaction."

**Reasons for Recommendation of the Board**

In making its recommendation that Shareholders vote **<u>FOR</u>** the Restructuring Transaction Resolution approving the Restructuring Transaction, the Board carefully considered a number of factors, including those listed below. The Board based its recommendation upon the totality of the information presented to and considered by it in light of its knowledge of the business, financial condition and prospects of the Company, after having undertaken a thorough review of, and having carefully considered the terms of the Restructuring Transaction.

In approving the Restructuring Transaction, and in making its recommendation that the disinterested Shareholders approve the Restructuring Transaction Resolution, the disinterested directors (excluding Mr. Posen who may have a conflict of interest so recused himself from this approval) carefully considered a number of factors including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Restructuring Transaction is required by the Company in order to complete the American Exchange
Listing, and the factors described above under "Rationale for Consolidation and U.S. Listing" in Item 5 - Approval
of Share Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the historical market prices and trading information with respect to the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the need to restructure the Company's debt obligations to allow it to continue as a going
concern;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the need to restructure the Company's debt obligations to eliminate a significant portion
of its interest obligations;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the terms of the Restructuring Transaction were negotiated with and agreed upon by arm's-length
parties to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) the capital expenditure and working capital needs of the Company if it is to execute on its business
plan and grow its operations.

The disinterested members of the Board believe that any possible dilution to existing Shareholders or any other possible adverse effects or risks of the Restructuring Transaction are more than outweighed by the potential benefits of the Restructuring Transaction and the use of the net proceeds thereof to fund the capital expenditure and for general working capital purposes.

The foregoing discussion of the information and factors considered by the Board is not intended to be exhaustive but is believed to include the material factors considered by the Board. In view of the wide variety of factors considered by the Board, the Board did not find it practical to, nor did it attempt to, quantify or otherwise assign relative weight to the specific factors it considered in reaching its decision. Furthermore, individual members of the Board may have given different weight to different factors. The Board considered this information and these factors as a whole, and as a result, found the relevant information and factors to be favourable to, and in support of, its determinations and recommendation.

**Management recommends disinterested Shareholders vote <u>IN FAVOUR</u> of the Restructuring Transaction Resolution.**

**Proxies and/or voting instructions received in favour of management designees will be voted <u>FOR</u> the Restructuring Transaction Resolution unless the disinterested shareholder has specified in their proxy or voting instructions that his shares are to be withheld from voting on such resolution.**

**STATEMENT OF EXECUTIVE COMPENSATION**

**General**

Securities laws require that a "Statement of Executive Compensation" in accordance with Form 51-102F6 be included in this Information Circular. Form 51-102F6 prescribes the disclosure requirements in respect of the compensation of executive officers and directors of reporting issuers. Form 51-102F6 provides that compensation disclosure must be provided for the Chief Executive Officer and the Chief Financial Officer of an issuer and each of the three most highly compensated executive officers whose total compensation exceeds $150,000. Based on those requirements, the executive officers of the Company for whom disclosure is required under Form 51-102F6 are Mr. Francis Letourneau (Chief Executive Officer, President and director), and Mr. Jim Bailey (Chief Financial Officer), who are collectively referred to as the "Named Executive Officers".

For the purpose of this Statement of Executive Compensation:

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the Company or one of its subsidiaries (if any) for services provided or to be provided, directly or indirectly to the Company or any of its subsidiaries (if any);

"**NEO**" or "**named executive officer**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each individual who served as chief executive officer ()"**CEO**") of the Company,
or who performed functions similar to a CEO, during any part of the most recently completed financial year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each individual who served as chief financial officer ()"**CFO**") of the Company,
or who performed functions similar to a CFO, during any part of the most recently completed financial year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the most highly compensated executive officer of the Company or any of its subsidiaries (if any)
other than individuals identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total
compensation was more than $150,000 for that financial year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each individual who would be an NEO under paragraph (c) but for the fact that the individual was
neither an executive officer of the Company or its subsidiaries, nor acting in a similar capacity, at the end of that financial
year;

"**plan**" includes any plan, contract, authorization or arrangement, whether or not set out in any formal document, where cash, compensation securities or any other property may be received, whether for one or more persons; and

"**underlying securities**" means any securities issuable on conversion, exchange or exercise of compensation securities.

**Director and Named Executive Officer Compensation, Excluding Compensation Securities** 

The following table sets forth all direct and indirect compensation paid, payable, awarded, granted, given or otherwise provided, directly or indirectly, by the Company or any subsidiary thereof to each NEO and each director of the Company, in any capacity, including, for greater certainty, all plan and non-plan compensation, direct and indirect pay, remuneration, economic or financial award, reward, benefit, gift or perquisite paid, payable, awarded, granted, given or otherwise provided to the NEO or director for services provided and for services to be provided, directly or indirectly, to the Company or any subsidiary thereof:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Position**  | &nbsp;&nbsp; **Year Ended December 31**  | &nbsp;&nbsp; **Salary, Consulting Fee, Retainer or Commission** <br> **($)**  | &nbsp;&nbsp;**Total Compensation** <br> **($)** |
| **Francis Letourneau**<sup>(1)</sup><br> President, CEO and Director | 2024<br> 2023 | 121154<br> 173846 Nil<br> Nil | 121154<br> 173846 |
| **Jim Bailey** <sup>(2)</sup><br> Chief Financial Officer and Director | 2024<br> 2023 | 114867<br> 158005 Nil<br> Nil | 114867<br> 158005 |

---

<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(7) Francis Letourneau was appointed President of the Company on October 16, 2020 and CEO of the Company
on August 28, 2020, and has been a director of the Company since March 16, 2016. Mr. Letourneau resigned as CFO October 16, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Jim Bailey was appointed Chief Financial Officer of the Company on October 16, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Jim Bailey was compensated indirectly through the CFO Centre until June 2021.

***Narrative Discussion***

No director of NuRAN who is not an NEO has received, other than described below, during the most recently completed financial year, compensation pursuant to:

(a) any standard arrangement for the compensation of directors for their services in their capacity
as directors, including any additional amounts payable for committee participation or special assignments;

(b) any other arrangement, in addition to, or in lieu of, any standard arrangement, for the compensation
of directors in their capacity as directors; or

(c) any arrangement for the compensation of directors for services as consultants or expert.

The Company's NEOs have all entered into employment agreements with the Company. Each agreement specifies the terms and conditions of employment, the duties and responsibilities of the executive during the term, the compensation and benefits to be provided by the Company in exchange for each executive's services, and the compensation and benefits to be provided by the Company in the event of a termination of employment.

On March 30, 2021, Mr. Letourneau entered into a new employment agreement (the "**Letourneau Employment Agreement**") pursuant to which he is entitled to a base annual salary of $240,000 which is subject to increase to $350,000 on the earlier of: (i) the Company achieving a project debt financing under any of its network as a service agreements, or (ii) the date the Company completes an equity financing for minimum gross proceeds of $1,000,000. Mr. Letourneau is entitled to participate in any executive incentive bonus plans and is entitled to receive options at the discretion of the Board and received a special warrant to acquire up to 3,200,000 Common Shares of the Company upon the achievement of certain performance milestones including but not limited to the execution of additional network as a service or other agreements for proposed build out of site in a new country not previously contracted for the build out of sites by the Company; execution of a network as a service agreement resulting in an additional 1,000-5.000 cumulative sites under contract; the first $1,000,000 of revenue achieved from any network as a service agreement; and upon the first closing of any network as a service project financing in any country.

On September 3, 2021, the Company entered into an employment agreement with Questus Consulting Ltd. ("**Questus**"), a company that is 50% controlled by Jim Bailey, Chief Financial Officer, and 50% controlled by his spouse (the "**Questus Employment Agreement**"). Pursuant to the terms of the Questus Employment Agreement, the Company will pay Questus a fixed fee of $20,833.33 per month in consideration of certain management consulting services provided by Questus including managing the financing and banking functions of the Company and overseeing the procedures for internal controls management of continuous disclosure filings of the Company. Under the terms of the Questus Employment Agreement, Questus will be entitled to receive options of the Company under the Company's equity compensation plan at the discretion of the Board and was issued a performance warrant to acquire a total of up to 1,600,000 Common Shares of the Company based on the Company reaching certain successful milestones in strategic planning, growth, increased revenue and achievement of operation targets and subject to the completion of a minimum of four months of continued employment from the date of the Questus Employment Agreement. The Questus Employment Agreement does not have a predetermined term.

**Employment, Consulting and Management Agreements** 

For the years ended December 31, 2023 and December 31, 2024, other than described above, the Company does not have any employment, consulting or management agreements or arrangements with any of the current NEOs or directors.

***Termination and Change of Control Benefits***

Other than as described below, the Company does not have any compensatory plan, contract or arrangement where a NEO is entitled to receive a payment from the Company or its subsidiary, including periodic payments or instalments in the event of: (i) a change of control of the Company or its subsidiary or (ii) a change in the responsibilities of such Named Executive Officer following a change in control.

The Letourneau Employment Agreement provides for certain compensation in the case of either (i) the director or indirect acquisition by any person or persons of more than 50% of the outstanding voting shares of the Company or the rights to acquire such shares; or (ii) any director or indirect sale, transfer or disposition of all or substantially all of the assets of the Company (a "Change of Control"). In the event of a Change of Control of the Company and the occurrence of one or more of the following events: (i) the Company terminates Mr. Letourneau's employment without cause within 12 months of the Change of Control of the Company; (ii) Mr. Letourneau resigns because of a reduction in salary of greater than 10% material reduction in his status, title, position or duties or responsibilities; or (iii) a material breach of the terms and conditions, pursuant to the Letourneau Employment Agreement, the Company will pay Mr. Letourneau an amount that includes the following: (i) the equivalent to 12- months of base salary in a lump sum and subject to applicable statutory deductions or withholdings or both, but not subject to any duty to mitigate or other principle of mitigation; (ii) 12-months of incentive compensation within 30 days of the termination of employment in a lump sum and subject to applicable statutory deductions and withholdings; (iii) accrued but outstanding vacation pay; (iv) and all options under the stock option plan will immediately vest and become exercisable for a period of 90 days from the end of the term of employment after which time all unexercised stock options will expire and will not be exercisable. If Mr. Letourneau's employment is terminated without cause he is entitled to termination or pay in lieu of notice or any combination of the same as follows: (i) within 12 consecutive months of employment, one month of termination notice or pay in lieu of notice or any combination of the same; and (ii) after the first 12 consecutive month of employment, three months of termination notice or pay in lieu of notice or any combination of the same plus an additional one month of termination notice or pay in lieu of notice or any combination of same for each completed year of employment, to a total of a maximum of 12 months of termination notice or pay in lieu of notice or any combination of the same.

In the event of a change of control of the Company and pursuant to the terms and conditions of the Questus Employment Agreement, whereby more than 50% of the outstanding voting shares of the Company are acquired by a person or persons, acting jointly and in concert, Questus is entitled to payment in the amount equivalent to 12-months of the aforementioned fixed fee, incentive compensation pursuant to the incentive compensation plan and the vesting of all of Questus' unvested stock options under the Company's stock option plan.

<u>Stock Options and Other Compensation Securities</u>

The following table sets forth all direct compensation securities granted or issued to any director and NEO by the Company or any subsidiary thereof in the years ended December 31, 2023 and December 31, 2024 for services provided, or to be provided, directly or indirectly, to the Company or any subsidiary thereof.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name and Position**  | &nbsp;&nbsp; **Type of compensation security <sup>(1)</sup>**  | &nbsp;&nbsp; **Number of compensation securities, number of underlying securities, and percentage of class**  | &nbsp;&nbsp; **Date of issue or grant**  | &nbsp;&nbsp; **Issue, conversion or exercise price** <br> **($)**  | &nbsp;&nbsp; **Closing price of security or underlying security on date of grant** <br> **($)**  | &nbsp;&nbsp;**Expiry Date** |
| &nbsp;&nbsp;**Francis Letourneau**<br> President, CEO and Director | Options | 400000 | Feb 10, 2021 | $2.35 | $2.42 | Feb 9, 2026 |
| &nbsp;&nbsp;**Binyomin Posen**<br> Director | Options | 20000 | Feb 10, 2021 | $2.35 | $2.42 | Feb 8, 2026 |
| &nbsp;&nbsp;**Brendan Purdy**<br> Director | Options | &nbsp;&nbsp;20000 | &nbsp;&nbsp;Feb 10, 2021 | &nbsp;&nbsp;$2.35 | &nbsp;&nbsp;$2.42 | &nbsp;&nbsp;Feb 8, 2026 |
| &nbsp;&nbsp;**Vitor Fonseca**<br> Director<sup>(2)</sup> | &nbsp;&nbsp; Options <br> Options  | &nbsp;&nbsp; 50000 <br> 100000  | &nbsp;&nbsp; Oct 26, 2021 <br> Jan 27, 2022  | &nbsp;&nbsp; $1.67 <br> $1.34  | &nbsp;&nbsp; $1.67 <br> 1.34  | &nbsp;&nbsp; Oct 26, 2026 <br> Jan 27, 2027  |
| &nbsp;&nbsp;**Jim Bailey**<br> CFO and Director | &nbsp;&nbsp; Options  | &nbsp;&nbsp; 150000  | &nbsp;&nbsp; Feb 10, 2021  | &nbsp;&nbsp; $2.35  | &nbsp;&nbsp; $2.42  | &nbsp;&nbsp; Feb 9, 2026  |
| &nbsp;&nbsp;**Navindran Naidoo**<br> Director | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

<u>Notes:</u>

(1) On October 21, 2020, the Company completed a consolidation of its shares at a ratio of 25:1. All
securities reflects post-consolidation information.

(2) Mr. Fonseca was not appointed director until March 11, 2021.

**Exercise of Compensation Securities by Directors and NEOs**

The following table sets forth details of each exercise by any director or NEO of stock options and other compensation securities during the most recently completed financial year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** | &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** | &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** | &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** | &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** | &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** | &nbsp;&nbsp;**Exercise of Compensation Securities by Directors and NEOs** |
| &nbsp;&nbsp;**Name and Position** | **Type of compensation security** | **Number of underlying securities exercised** | **Exercise price per security ($)** | **Date of exercise** | **Closing price per security on date of exercise ($)** | **Total value on <br> exercise date ($)** |
| &nbsp;&nbsp;**N/A** | **N/A** | **N/A** | **N/A** | **N/A** | **N/A** Nil | **N/A** |

---

**Stock Option Plans and Other Incentive Plans** 

The Company's stock option plan ("**Stock Option Plan**") provides that the Board may, from time to time, in its discretion, grant to directors, officers, employees, consultants and other personnel of the Company and its subsidiaries or affiliates, options to purchase Shares. The Stock Option Plan is a "rolling" stock option plan, whereby the aggregate number of Shares reserved for issuance, together with any other Shares reserved for issuance under any other plan or agreement of the Company, shall not exceed ten (10%) percent of the total number of issued Shares (calculated on a non-diluted basis) at the time an option is granted.

The Company has a stock option plan dated for reference August 8, 2022, and initially approved by the directors of the Company on August 8, 2022, which was established to provide incentive to qualified parties to increase their proprietary interest in the Company and thereby encourage their continuing association with the Company. See disclosure under the heading "Approval of Stock Option Plan". Management proposes share option grants to members of the Board based on such criteria as performance, previous grants, and hiring incentives.

**Oversight and Description of Director and NEO Compensation** 

The Board has not created or appointed a compensation committee given the Company's current size and stage of development.

All tasks related to developing and monitoring the Company's approach to the compensation of its NEOs and directors are performed by the members of the Board. The compensation of the NEOs, directors and the Company's employees or consultants is reviewed, recommended and approved by the Board without reference to any specific formula or criteria. NEOs that are also directors of the Company are involved in discussion relating to compensation and disclose their interest in and abstain from voting on compensation decisions relating to them, as applicable, in accordance with the applicable corporate legislation.

The Company's compensation program is intended to attract, motivate, reward and retain the management talent needed to achieve the Company's business objectives of improving overall corporate performance and creating long-term value for the shareholders. The compensation program is intended to reward executive officers on the basis of individual performance and achievement of corporate objectives, including the advancement of the exploration and development goals of the Company.

The Company's current compensation program is comprised of three major components: base salary or fees, short term incentives such as discretionary bonuses and long-term incentives such as stock options.

In making compensation decisions, the Board strives to find a balance between short-term and long-term compensation and cash versus equity incentive compensation. Base salaries or fees and discretionary cash bonuses primarily reward recent performance and incentive stock options encourage NEOs and directors to continue to deliver results over a longer period of time and serve as a retention tool. The annual salary or fee for each NEO, as applicable, is determined by the Board based on the level of responsibility and experience of the individual, the relative importance of the position to the Company, the professional qualifications of the individual and the performance of the individual over time. The NEOs' performances and salaries or fees are to be reviewed periodically. Increases in salary or fees are to be evaluated on an individual basis and are performance and market-based. The amount and award of cash bonuses to key executives and senior management is discretionary, depending on, among other factors, the financial performance of the Company and the position of a participant.

**Pension Benefits**

The Company does not have a pension benefit arrangement under which the Company have made payments to the directors and or Named Executive Officers of the Company during its fiscal years ended December 31, 2021 and December 31, 2022 or intends to make payments to the Company's directors or Named Executive Officers upon their retirement (other than the payments set out above and those made, if any, pursuant to the Canada Pension Plan or any government plan similar to it).

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

The following table sets forth details of the Company's compensation plans under which equity securities of the Company are authorized for issuance at the end of the Company's most recently completed financial years ended December 31, 2023 and December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Plan Category** | &nbsp;&nbsp; **Number of securities to be issued upon exercise of outstanding options**<br> **(a)**  | &nbsp;&nbsp; **Number of securities to be issued upon exercise of outstanding options**<br> **(a)**  | &nbsp;&nbsp; **Weighted-average exercise price of outstanding options**<br> **(b)**  | &nbsp;&nbsp; **Weighted-average exercise price of outstanding options**<br> **(b)**  | &nbsp;&nbsp;**Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))**<br> **(c)** | &nbsp;&nbsp;**Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))**<br> **(c)** |
| &nbsp;&nbsp;**Plan Category** | &nbsp;&nbsp;**Dec 31, 2023** | &nbsp;&nbsp;**Dec 31, 2024** | &nbsp;&nbsp;**Dec 31, 2023** | &nbsp;&nbsp;**Dec 31, 2024** | &nbsp;&nbsp;**Dec 31, 2023** | &nbsp;&nbsp;**Dec 31, 2024** |
| &nbsp;&nbsp;Equity compensation plans previously approved by security holders | &nbsp;&nbsp;3305000 | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;$1.54 | &nbsp;&nbsp;$1.34 | &nbsp;&nbsp;999357 | &nbsp;&nbsp;2999413 |
| &nbsp;&nbsp;Equity compensation plans not previously approved by security holders | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |

---

**AUDIT COMMITTEE DISCLOSURE**

National Instrument 52-110 of the Canadian Securities Administrators requires the Company, as a venture issuer, to disclose annually in its Information Circular certain information concerning the constitution of its Audit Committee and its relationship with its independent auditor.

**The Audit Committee Charter**

The full text of the Company's Audit Committee Charter is disclosed at Schedule "A" to this Information Circular.

**Composition of the Audit Committee**

As of the date of this Information Circular, Binyomin Posen, Brendan Purdy, and Vitor Fonseca have been members of the Audit Committee. Pursuant to National Instrument 52-110, the majority of the members of the Audit Committee are directors that are independent and free from any interest and any business or other relationship which could or could reasonably be perceived to, materially interfere with the director's ability to act with the best interests of the Company, other than the interests and relationships arising from shareholders. All members of the Audit Committee are independent except for Jim Bailey who is the Chief Financial Officer of the Company.

All of the Audit Committee members are "financially literate" as defined in National Instrument 52-110, as all have the industry experience necessary to understand and analyze financial statements of the Company, as well as the understanding of internal controls and procedures necessary for financial reporting.

The Audit Committee is responsible for review of both interim and annual financial statements for the Company. For the purposes of performing their duties, the members of the Audit Committee have the right at all times, to inspect all the books and financial records of the Company and any subsidiaries and to discuss with management and the external auditors of the Company any accounts, records and matters relating to the financial statements of the Company. The audit committee members meet periodically with management and annually with the external auditors.

**Relevant Education and Experience**

Each of Binyomin Posen, Vitor Fonseca, and Brendan Purdy meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

*<u>Vitor Fonseca</u>*

Mr. Fonseca was the Vice President and Treasurer of Romspen Investment Corporation, one of the largest private commercial real estate lenders in Canada with a $3 billion north American portfolio. Immediately prior to joining Romspen he was COO of a retirement home developer and operator. He was also a director and Chair of the Audit Committee of Canntab Therapeutics Inc. and is a director of Magellan Communities Care a not for profit organization developing a senior care complex in downtown Toronto. He was a former director and Chair of the Audit Committee of Mission Ready Services Inc. and Enwave Energy Corporation. Mr. Fonseca holds an MBA from the Rotman School of Management , a CPA-CGA and is also a graduate of the Institute of Corporate Directors.

*<u>Brendan Purdy</u>*

Mr. Purdy is a practicing securities lawyer focused on the resource, life sciences, and technology sectors. In his private practice, he has developed extensive experience with respect to public companies, capital markets, mergers and acquisitions, and other transactions fundamental to the Canadian junior equity markets. Prior to receiving his J.D. from the University of Ottawa, Mr. Purdy completed a Bachelor of Management and Organizational Studies degree from the University of Western Ontario, majoring in finance and administration. Mr. Purdy was previously CEO of Enforcer Gold Corp. and High Hampton Holdings Corp., and has served as director of several private and public companies. Mr. Purdy is currently serving on the board of DGTL Holdings Inc., a digital media technology incubator.

*<u>Binyomin Posen</u>*

Mr. Binyomin Y. Posen is a CEO, Chief Financial Officer & Director at Rio Verde Industries, Inc., a Director, Chief Executive & Financial Officer at TransGlobe Internet & Telecom Co. Ltd., a Director, Chief Executive & Financial Officer at Shane Resources Ltd., an Independent Director at Pacific Iron Ore Corp., a Director, Chief Executive & Financial Officer at Prominex Resource Corp., an Independent Director at Red Light Holland Corp., a Director, Chief Executive & Financial Officer at Jiminex, Inc., a Director, Chief Executive & Financial Officer at Sniper Resources Ltd., a Chief Executive Officer, CFO & Director at Academy Explorations Ltd., an Independent Director at Senternet Phi Gamma, Inc., a President, CEO, CFO, Secretary & Director at Agau Resources, Inc. and a President at 2778533 Ontario, Inc.

**Audit Committee Oversight**

Since the commencement of the Company's most recently completed financial year, the Company's Board has not failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

**Reliance on Certain Exemptions**

Since the commencement of the Company's most recently completed financial year, the Company has not relied on the exemptions contained in sections 2.4 or 8 of National Instrument 52-110. Section 2.4 *(De Minimis Non-audit Services)* provides an exemption from the requirement that the Audit Committee must pre-approve all non-audit services to be provided by the auditor, where the total amount of fees related to the non-audit services are not expected to exceed 5% of the total fees payable to the auditor in the fiscal year in which the non-audit services were provided. Section 8 *(Exemptions)* permits a company to apply to a securities regulatory authority for an exemption from the requirements of National Instrument 52-110 in whole or in part.

**Pre-Approval Policies and Procedures**

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter of the Company. The full text of the Company's Audit Committee Charter is disclosed at Schedule "A" to this Information Circular.

**External Auditor Service Fees**

In the following table, "audit fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of the Company's financial statements. "Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All other fees" are fees billed by the auditor for products and services not included in the foregoing categories.

The aggregate fees billed by the Company's external auditor in the last two fiscal years, by category, are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Financial Year Ended** | &nbsp;&nbsp;**Audit Fees ($)** | &nbsp;&nbsp;**All Other Fees ($)** |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp; $127500 &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3555 |
| &nbsp;&nbsp;December 31, 2023 | &nbsp;&nbsp;$78648 &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3282 |

---

**Exemption**

The Company is relying on the exemption provided by section 6.1 of National Instrument 52-110 which provides that the Company, as a venture issuer, is not required to comply with Part 3 (*Composition of the Audit Committee*) and Part 5 (*Reporting Obligations*) of National Instrument 52-110.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No current or former director, executive officer or employee, proposed nominee for election to the Board, or associate of such persons is, or has been, indebted to the Company since the beginning of the most recently completed financial year of the Company and no indebtedness remains outstanding as at the date of this Information Circular.

None of the directors or executive officers of the Company is or, at any time since the beginning of the most recently completed financial year, has been indebted to the Company. None of the directors' or executive officers' indebtedness to another entity is, or at any time since the beginning of the most recently completed financial year, has been the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Other than as disclosed herein, no: (a) director, proposed director or executive officer of the Company; (b) person or company who beneficially owns, directly or indirectly, Shares or who exercises control or direction of Shares, or a combination of both carrying more than ten percent of the voting rights attached to the Shares outstanding (an "**Insider**"); (c) director or executive officer of an Insider; or (d) associate or affiliate of any of the directors, executive officers or Insiders, has had any material interest, direct or indirect, in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which has materially affected or would materially affect the Company, except with an interest arising from the ownership of Shares where such person will receive no extra or special benefit or advantage not shared on a pro rata basis by all holders of the same class of shares.

**MANAGEMENT CONTRACTS**

There are no management functions of the Company, which are, to any substantial degree, performed by a person other than the directors or executive officers of the Company.

**CORPORATE GOVERNANCE**

Pursuant to National Instrument 58-101 *Disclosure of Corporate Governance Practices*, the Company is required to disclose its corporate governance practices as follows:

**Board of Directors**

The Board of the Company facilitates its exercise of independent supervision over the Company's management through frequent meetings of the Board.

Directors are considered to be independent if they have no direct or indirect material relationship with the Company. A "material relationship" is a relationship which could, in the view of the Company's Board, be reasonably expected to interfere with the exercise of a director's independent judgment. The independent directors are given full access to management so that they can develop an independent perspective and express their views and communicate their expectations of management.

The independent directors are Navindran Naidoo, Binyomin Posen, Brendan Purdy, and Vitor Fonseca. Upon election of the current proposed nominated directors, Avi Minkowitz will also be an independent member of the Board. Francis Letourneau is not considered independent by virtue of his being Chief Executive Officer of the Company.

**Orientation and Continuing Education** 

The Company has not formalized an orientation program. If a new director was appointed or elected, however, he or she would be provided with orientation and education about the Company which would include information about the duties and obligations of directors, the business and operations of the Company, documents from recent board meetings and opportunities for meetings and discussion with senior management and other directors. Specific details of the orientation of each new director would be tailored to that director's individual needs and areas of interest.

The Company does provide continuing education opportunities to directors so that they may maintain or enhance their skills and abilities as directors and ensure that their knowledge and understanding of the Company's business remains current.

**Ethical Business Conduct** 

The Company has not taken any formal steps to promote a culture of ethical business conduct, but the Company and its management are committed to conducting its business in an ethical manner. This is accomplished by management actively doing the following in its administration and conduct of the Company's business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The promotion of integrity and deterrence of wrongdoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The promotion of honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The promotion of avoidance or absence of conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The promotion of full, fair, accurate, timely and understandable disclosure in public communications
made by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The promotion of compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Providing guidance to the Company's directors, officers and employees to help them recognize
and deal with ethical issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Helping foster a culture of integrity, honesty and accountability throughout the Company.

**Nomination of Directors**

The directors will be elected each year by the shareholders at the annual meeting of shareholders. The Board proposes a slate of nominees to the shareholders for election to the Board at such meeting. Between annual meetings of shareholders, the Board may fill casual vacancies on the Board and, subject to the Company's Articles, increase the size of the Board and elect directors to fill the resulting vacancies until the next annual meeting of shareholders.

The Board as a whole is responsible for identifying and evaluating qualified candidates for nomination to the Board. In identifying candidates, the Board considers the competencies and skills that the Board considers to be necessary for the Board, as a whole, to possess, the competencies and skills that the Board considers each existing director to possess, the competencies and skills each new nominee will bring to the Board and the ability of each new nominee to devote sufficient time and resources to his or her duties as a director.

**Compensation**

The Board as a whole is responsible for reviewing the adequacy and form of compensation paid to the Company's executives and key employees, and ensuring that such compensation realistically reflects the responsibilities and risks of such positions. In fulfilling these responsibilities, the Board evaluates the performance of the Company's chief executive officer and other senior management in light of corporate goals and objectives, and makes recommendations with respect to compensation levels based on such evaluations.

**Other Board Committees**

The Board has no other committees other than the Audit Committee.

**Assessments**

The Board has not, as of the present time, taken any formal steps to assess whether the Board, its committees and its individual directors are performing effectively.

**ADDITIONAL INFORMATION**

Additional information relating to the Company is available on SEDAR+ at <u>www.sedarplus.ca</u>.

Shareholders may contact the Company at its office by mail at 2150 Cyrille-Duquet Street, Quebec City, Quebec G1N 2G3, to request copies of the Company's financial statements and related Management's Discussion and Analysis (the "**MD&A**"). Financial information is provided in the Company's audited financial statements and MD&A for the years ended December 31, 2023 and December 31, 2024.

**OTHER MATTERS**

Other than the above, management of the Company knows of no other matters to come before the Meeting other than those referred to in the Notice of Meeting. However, if any other matters that are not known to management should properly come before the Meeting, the accompanying form of proxy confers discretionary authority upon the persons named therein to vote on such matters in accordance with their best judgment.

**APPROVAL OF THE BOARD OF DIRECTORS**

The contents of this Information Circular have been approved and the delivery of it to each shareholder of the Company entitled thereto and to the appropriate regulatory agencies has been authorized by the Board of the Company which are available on the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

DATED at Quebec City, QC as of this 9<sup>th</sup> day of September, 2025

/s/ Francis Letourneau

**Francis Letourneau**<br> President, CEO and Director

**SCHEDULE "A"**

**AUDIT COMMITTEE CHARTER**

The following Audit Committee Charter was adopted by the Audit Committee of the Board of Directors and the Board of Directors of NuRAN Wireless Inc. (the "**Company**"):

***Mandate***

The primary function of the audit committee (the "**Committee**") is to assist the Company's Board of Directors in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the Company to regulatory authorities and shareholders, the Company's systems of internal controls regarding finance and accounting and the Company's auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement of, and should foster adherence to, the Company's policies, procedures and practices at all levels. The Committee's primary duties and responsibilities are to:

● serve as an independent and objective party to monitor the Company's financial reporting and internal control system and review the Company's financial statements;

● review and appraise the performance of the Company's external auditors; and

● provide an open avenue of communication among the Company's auditors, financial and senior management and the Board of Directors.

***Composition***

The Committee shall be comprised of a minimum of three directors as determined by the Board of Directors. If the Company ceases to be a "venture issuer" (as that term is defined in NI 52-110), then all of the members of the Committee shall be free from any relationship that, in the opinion of the Board of Directors, would interfere with the exercise of his or her independent judgment as a member of the Committee.

If the Company ceases to be a "venture issuer" (as that term is defined in NI 52-110), then all members of the Committee shall have accounting or related financial management expertise. All members of the Committee that are not financially literate will work towards becoming financially literate to obtain a working familiarity with basic finance and accounting practices. For the purposes of the Company's Audit Committee Charter, the definition of "financially literate" is the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company's financial statements.

The members of the Committee shall be elected by the Board of Directors at its first meeting following the annual shareholders' meeting. Unless a Chair is elected by the full Board of Directors, the members of the Committee may designate a Chair by a majority vote of the full Committee membership.

***Meetings***

The Committee shall meet at least twice annually, or more frequently as circumstances dictate. As part of its job to foster open communication, the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.

***Responsibilities and Duties***

To fulfill its responsibilities and duties, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Documents/Reports Review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review and update this Audit Committee Charter annually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the Company's financial statements, MD&A and any annual and interim earnings press
releases before the Company publicly discloses this information and any reports or other financial information (including quarterly
financial statements), which are submitted to any governmental body, or to the public, including any certification, report, opinion,
or review rendered by the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. External Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review annually, the performance of the external auditors who shall be ultimately accountable to
the Company's Board of Directors and the Committee as representatives of the shareholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain annually, a formal written statement of external auditors setting forth all relationships
between the external auditors and the Company, consistent with Independence Standards Board Standard 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review and discuss with the external auditors any disclosed relationships or services that may
impact the objectivity and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take, or recommend that the Company's full Board of Directors take appropriate action to
oversee the independence of the external auditors, including the resolution of disagreements between management and the external
auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) recommend to the Company's Board of Directors the selection and, where applicable, the replacement
of the external auditors nominated annually for shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) recommend to the Company's Board of Directors the compensation to be paid to the external
auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) at each meeting, consult with the external auditors, without the presence of management, about
the quality of the Company's accounting principles, internal controls and the completeness and accuracy of the Company's
financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review and approve the Company's hiring policies regarding partners, employees and former
partners and employees of the present and former external auditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review with management and the external auditors the audit plan for the year-end financial statements
and intended template for such statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) review and pre-approve all audit and audit-related services and the fees and other compensation
related thereto, and any non-audit services, provided by the Company's external auditors. The pre-approval requirement is
waived with respect to the provision of non-audit services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the aggregate amount of all such non-audit services provided to the Company constitutes not more
than five percent of the total amount of revenues paid by the Company to its external auditors during the fiscal year in which
the non-audit services are provided,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such services were not recognized by the Company at the time of the engagement to be non-audit
services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such services are promptly brought to the attention of the Committee by the Company and approved
prior to the completion of the audit by the Committee or by one or more members of the Committee who are members of the Board of
Directors to whom authority to grant such approvals has been delegated by the Committee.

Provided the pre-approval of the non-audit services is presented to the Committee's first scheduled meeting following such approval such authority may be delegated by the Committee to one or more independent members of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Financial Reporting Processes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in consultation with the external auditors, review with management the integrity of the Company's
financial reporting process, both internal and external;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consider the external auditors' judgments about the quality and appropriateness of the Company's
accounting principles as applied in its financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consider and approve, if appropriate, changes to the Company's auditing and accounting principles
and practices as suggested by the external auditors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review significant judgments made by management in the preparation of the financial statements
and the view of the external auditors as to appropriateness of such judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) following completion of the annual audit, review separately with management and the external auditors
any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access
to required information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review any significant disagreement among management and the external auditors in connection with
the preparation of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review with the external auditors and management the extent to which changes and improvements in
financial or accounting practices have been implemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review any complaints or concerns about any questionable accounting, internal accounting controls
or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review the certification process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) establish a procedure for the receipt, retention and treatment of complaints received by the Company
regarding accounting, internal accounting controls or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) establish a procedure for the confidential, anonymous submission by employees of the Company of
concerns regarding questionable accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review any related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) engage independent counsel and other advisors as it determines necessary to carry out its duties;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to set and pay compensation for any independent counsel and other advisors employed by the Committee.

**SCHEDULE "B"**

NURAN WIRELESS INC.

NOTICE OF CHANGE OF AUDITORS PURSUANT TO

NATIONAL INSTRUMENT 51-102

**Alberta Securities Commission**

**British Columbia Securities Commission**

**Ontario Securities Commission**

Dear Sirs/Madams:

<u>Re:</u> <u>Notice Regarding Change of Auditor Pursuant to National Instrument 51-102</u>

Notice is hereby given that NuRAN Wireless Inc. (the "Company" or "NuRAN") has accepted the resignation of Jeremy Levi, CPA (the "Fonder Auditor") as of November 19, 2024 and that Zeifmans LLP (the "Successor Auditor") has agreed to act as the Company's auditor effective November 19, 2024.

The resignation of the Former Auditor and the recommendation to appoint Zeifmans LLP as successor auditor has been approved by the Board of Directors of the Company.

There have been no reservations in the Fonder Auditors Report on any of the Company's Financial statements commencing at the beginning of the two most recently completed fiscal years and ending 011 December 31, 2023. The Former Auditor did not audit any financial statements of the Company subsequent to the December 31, 2023 fiscal year of the Company.

In the opinion of the Company, there are no reportable events, as defined in National Instrument 51-102 - *Continuous Disclosure Obligations*, during the period the Fonder Auditor was the auditor for the Company.

DATED as of the 22 day of November, 2024.

**NURAN WIRELES INC.**

---

| | |
|:---|:---|
| Per: | ![](img123_v1.jpg) |

---

James Bailey

ChIef Financial Officer

![](img124_v1.jpg)

November 19, 2024

Ontario Securities Commission

Alberta Securities Commission

British Columbia Securities Commission

Canadian Securities Exchange

Dear Sirs/Mesdames,

**<u>Re: Notice of Change of Auditor - Nuran Wireless Inc. (the "Company")</u>**

Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, we have reviewed the information continued in the Notice of Change of Auditor of the Company dated November 19, 2024 (the "Notice") and, based on our knowledge of such information at this time, we agree with the statements made in the Notice pertaining to our firm. We advise that we have no basis to agree or disagree with the comments in the Notice relating to ECOVIS.

Yours truly,

![](img124a_v1.jpg)

Chartered Professional Accountants

Licensed Public Accountants

![](img125_v1.jpg)

November 19, 2024

Ontario Securities Commission

Alberta Securities Commission

British Columbia Securities Commission

Canadian Securities Exchange

---

| | |
|:---|:---|
| **SUBJECT:** | **NuRan Wireless Inc. (the "Company") <br> Notice pursuant to National Instrument 51-102, Continuous Disclosure Obligations ("NI 51-102") - Change of Auditor** |

---

We acknowledge receipt of a Notice of Change of Auditor (the "Notice") dated November 19, 2024, delivered to us by the Company. Pursuant to NI 51-102, please accept this letter as confirmation that we have reviewed the Notice and, based on our knowledge as at the time of receipt of the Notice, we agree with the statements set out in the Notice.

Regards,

![](img125a_v1.jpg)

ECOVIS Jeremy Levi

## Exhibit 99.28

**Exhibit 99.28**

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| | |
|:---|:---|
| ![](img126_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Obtains Authorization for DRC Infrastructure License**

**Quebec, QC, Canada, September 12<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce that it has received authorization from the approval committee for its infrastructure license to operate telecom sites in the Democratic Republic of Congo ("DRC"). The license invoice has now been issued and fully paid, fulfilling the final condition required for the third drawdown under its financing facility with Cygnum Capital, in the amount of USD $1.45M.

**About NuRAN Wireless**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

| | |
|:---|:---|
| ![](img126_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the signing of and drawdowns under the Loan Facility,* statements with respect to setting up our construction plan for 2024 and accelerating the achievement of major milestones by the end of the calendar year from proceeds of the Loan Facility, *statements with respect to any potential restructuring of debt and that the execution of the loan agreement with the DFIs will propel NuRAN to build towers at an aggressive pace and fulfil our 2024 and 2025 expectation. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to drawdown under the Loan Facility and obtain any required consents for the drawdowns under the Loan Facility, NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; NuRAN's ability to complete the DFI financings, our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.29

**Exhibit 99.29**

---

| | |
|:---|:---|
| ![](img127_v1.jpg) | ![](img128_v1.jpg) |
| **NuRAN Wireless Inc.**<br> **Form of Proxy – Annual General and Special Meeting to be held on September 30, 2025** | Trader's Bank Building<br> 1100, 67 Yonge Street<br> Toronto ON M5E 1J8 |

---

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| | | |
|:---|:---|:---|
| **Appointment of Proxyholder** <br> I/We being the undersigned holder(s) of **NuRAN Wireless Inc.** hereby appoint **Francis Letourneau** or failing this person, **James Albert Bailey** | **OR** | **Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein:** |
| **Appointment of Proxyholder** <br> I/We being the undersigned holder(s) of **NuRAN Wireless Inc.** hereby appoint **Francis Letourneau** or failing this person, **James Albert Bailey** | **OR** | |

---

as my/our proxyholder with full power of substitution and to attend, act, and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and all other matters that may properly come before the Annual General and Special Meeting of NuRAN Wireless Inc. to be held at the offices of 2150 Cyrille-Duquet Street, Suite 100, Quebec City, Quebec, G1N 2N3 at at 10:00 a.m. (Eastern Standard Time) on Tuesday, September 30, 2025 or at any adjournment thereof.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **For** | Against |
| **1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). | **1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). | **1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). | **1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). | **1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). | **1. Number of Directors.** To set the number of directors to be elected at the Meeting at six (6). |  | ☐ | ☐ |
| **2. Election of Directors.** | **For** | Withhold |  | **For** | Withhold |  | **For** | Against |
| **a.** Francis Letourneau | ☐ | ☐ | &nbsp;&nbsp;&nbsp;**b.** Avi Minkowitz | ☐ | ☐ | &nbsp;&nbsp;&nbsp;**c.** Vitor Fonseca | ☐ | ☐ |
| **d.** Brendan Purdy | ☐ | ☐ | &nbsp;&nbsp;&nbsp;**e.** Binyomin Posen | ☐ | ☐ | &nbsp;&nbsp;&nbsp;**f.** Navindran Naidoo | ☐ | ☐ |
| **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **3. Appointment of Auditors.** To appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending December 31, 2025, at a remuneration to be fixed by the board of directors of the Company (the "Board"). | **For** <br> ☐  | Withhold <br> ☐ |
| **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **4. Approval of Share Consolidation.** To consider and, if deemed advisable, to pass with or without variation, a resolution providing for the consolidation of the Company's issued and outstanding common shares (the "Common Shares") at such a consolidation ratio to be determined by the Board, in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York Stock Exchange, or such other U.S. national securities exchange as the Board may determine in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation" in the Information Circular; | **For** <br> ☐<br>| Against <br> ☐<br>|
| **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **5. Approval of the Restructuring Transaction.** To consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders, the full text of which is included in the Information Circular, authorizing and approving the Restructuring Transaction and the issuance of the Units, as required pursuant to the policies of the Canadian Securities Exchange ("CSE") (as such terms are defined in the Information Circular). For more information, see "Item 6 - Approval of the Restructuring Transaction" in the Information Circular | **For** <br> ☐<br>| Against <br> ☐<br>|

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| | | |
|:---|:---|:---|
| **Authorized Signature(s) – This section must be completed for your instructions to be executed.** | **Signature(s):** | **Date** |
| I/we authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, **this Proxy will be voted as recommended by Management.** | | |
| I/we authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, **this Proxy will be voted as recommended by Management.** |  | **MM / DD / YY** |

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| | | | |
|:---|:---|:---|:---|
| **Interim Financial Statements –** Check the box to the right if you would like to receive interim financial statements and accompanying Management's Discussion & Analysis by mail. See reverse for instructions to sign up for delivery by email. | ☐ | **Annual Financial Statements –** Check the box to the right if you would like to RECEIVE the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. See reverse for instructions to sign up for delivery by email. | ☐ |

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DN:

**INSTEAD OF MAILING THIS PROXY, YOU MAY SUBMIT YOUR PROXY USING SECURE ONLINE VOTING AVAILABLE ANYTIME:**

**This form of proxy is solicited by and on behalf of Management. Proxies must be received by 10:00 AM EST, on September 26, 2025.**

**Notes to Proxy**

&nbsp;&nbsp;&nbsp;&nbsp;1. Each holder has the right to appoint a person, who need not be a holder, to attend and represent
them at the Meeting. If you wish to appoint a person other than the persons whose names are printed herein, please insert the name
of your chosen proxyholder in the space provided on the reverse.

&nbsp;&nbsp;&nbsp;&nbsp;2. If the securities are registered in the name of more than one holder (for example, joint ownership,
trustees, executors, etc.) then all of the registered owners must sign this proxy in the space provided on the reverse. If you
are voting on behalf of a corporation or another individual, you may be required to provide documentation evidencing your power
to sign this proxy with signing capacity stated.

&nbsp;&nbsp;&nbsp;&nbsp;3. This proxy should be signed in the exact manner as the name appears on the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;4. If this proxy is not dated, it will be deemed to bear the date on which it is mailed by Management
to the holder.

&nbsp;&nbsp;&nbsp;&nbsp;5. The securities represented by this proxy will be voted as directed by the holder; however, if
such a direction is not made in respect of any matter, this proxy will be voted as recommended by Management.

&nbsp;&nbsp;&nbsp;&nbsp;6. The securities represented by this proxy will be voted or withheld from voting, in accordance
with the instructions of the holder, on any ballot that may be called for and, if the holder has specified a choice with respect
to any matter to be acted on, the securities will be voted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;7. This proxy confers discretionary authority in respect of amendments to matters identified in
the Notice of Meeting or other matters that may properly come before the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;8. This proxy should be read in conjunction with the accompanying documentation provided by Management.

&nbsp;&nbsp; **To Vote Your Proxy Online please visit:** <br> **<u>https://vote.odysseytrust.com</u>**<br>**You will require the CONTROL NUMBER printed with your address to the right.**<br>**If you vote by Internet, <u>do not mail</u> this proxy.** <br>

**To request the receipt of future documents via email and/or to sign up for Securityholder Online services, you may contact Odyssey Trust Company at <u>https://odysseytrust.com/ca-en/help/</u>**.

Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. A return envelope has been enclosed for voting by mail.

## Exhibit 99.30

**Exhibit 99.30**

![](img130_v1.jpg)

**2150 Cyrille-Duquet Street, Suite 100**

**Quebec City, Quebec**

**G1N 2G3**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**2025**<br>|  |
| &nbsp;&nbsp;**ANNUAL GENERAL AND SPECIAL MEETING**<br>**of** <br>**NURAN WIRELESS INC.** |  |
| &nbsp;&nbsp;**Location:** | &nbsp;&nbsp;**2150 Cyrille-Duquet Street, Suite 100**<br> **Quebec City, Quebec, G1N 2G3**<br>|
| &nbsp;&nbsp;**Time:** | &nbsp;&nbsp;**10:00** **a.m. (Eastern Standard Time)** |
| &nbsp;&nbsp;**Date:**<br>| &nbsp;&nbsp;**Tuesday September 30, 2025**<br>|

---

&nbsp;&nbsp;This amended and restated information circular replaces and supersedes the information circular, which was mailed to registered shareholders of Nuran Wireless Inc. on September 9, 2025, to correct an administrative error that incorrectly referred to the shareholders' meeting as an annual general meeting rather than an annual general and special meeting and the setting the number of members of the board of directors at seven rather than six. This amended and restated information circular is unchanged in all other respects.

![](img131_v1.jpg)

2150 Cyrille-Duquet Street, Suite 100

Quebec City, Quebec

G1N 2G3

**NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING**

**NOTICE IS HEREBY GIVEN** that the annual general and special meeting (the **"Meeting"**) of shareholders (**"Shareholders"**) of NuRAN Wireless Inc. (the **"Company"**) will be held at the offices of 2150 Cyrille-Duquet Street, Suite 100, Quebec City, Quebec, on Tuesday, September 30, 2025 at the hour of 10:00 a.m. (Eastern Standard Time) for the following purposes:

1. to
 receive the audited financial statements of the Company for the financial years ended
 December 31, 2023 and December 31, 2024, together with the auditor's report thereon;

2. to
 set the number of directors of the Company for the ensuing year at six (6);

3. to
 elect the following persons as directors of the Company for the ensuing year: Francis
 Letourneau, Avi Minkowitz, Vitor Fonseca, Brendan Purdy, Binyomin Posen, and Navindran
 Naidoo;

4. to
 appoint Zeifmans LLP as the auditors of the Company for the ensuing fiscal year ending
 December 31, 2025, at a remuneration to be fixed by the board of directors of the Company
 (the "**Board** ");

5. to
 consider and, if deemed advisable, to pass with or without variation, a resolution providing
 for the consolidation of the Company's issued and outstanding common shares (the
 "**Common Shares**") at such a consolidation ratio to be determined by
 the Board, in its sole discretion, to permit the Company to satisfy all conditions and
 necessary regulatory approvals to list the Common Shares on the NASDAQ, the New York
 Stock Exchange, or such other U.S. national securities exchange as the Board may determine
 in its sole direction. For more information, see "Item 5 - Approval of Share Consolidation"
 in the Information Circular;

6. to
 consider, and if thought fit, to pass an ordinary resolution of disinterested Shareholders,
 the full text of which is included in the Information Circular, authorizing and approving
 the Restructuring Transaction and the issuance of the Units, as required pursuant to
 the policies of the Canadian Securities Exchange ()"**CSE**") (as such
 terms are defined in the Information Circular). For more information, see "Item
 6 - Approval of the Restructuring Transaction" in the Information Circular;

7. to
 transact such further or other business as may properly come before the Meeting and any
 adjournment or postponement thereof.

The accompanying information circular (the "**Information Circular**") provides additional information relating to the matters to be dealt with at the Meeting and is supplemental to, and expressly made a part of, this Notice of Meeting. The specific details of the matters proposed to be put before the Meeting are set forth under the heading *"Business of the Meeting"*.

The notice of meeting ("**Notice**") and Information Circular dated September 9, 2025 in respect of the Meeting, and the annual financial statements for the years ended December 31, 2023 and December 31, 2024 along with the related management discussion and analysis (collectively, the "**Meeting Materials**") have been posted and are available for review on our website www.nuranwireless.com and filed on SEDAR+ at <u>www.sedarplus.ca</u>.

The Board has fixed August 25, 2025, as the record date for the determination of shareholders entitled to receive notice of and to vote at the Meeting and at any adjournment or postponement thereof. Each registered shareholder at the close of business on that date is entitled to receive such notice and to vote at the Meeting in the circumstances set out in the accompanying Information Circular.

If you are a registered shareholder of the Company as at the record date of August 25, 2025, we encourage you to complete, date and sign the accompanying form of proxy and deposit it with the Company's transfer agent, Odyssey Trust Company, 350 – 409 Granville Street, Vancouver BC V6C 1T2 or Telephone 1.888.290.1175, at least 48 hours (excluding Saturdays, Sundays and holidays recognized in city of Vancouver) before the time and date of the Meeting or any adjournment or postponement thereof. Shareholders are encouraged to return their form of proxy or voting instruction form as soon as possible. As an alternative, shareholders may choose to vote online as provided for on the form of proxy or voting instruction form.

If you are a non-registered shareholder of the Company and have received this Notice and accompanying materials through a broker, a financial institution, a participant, a trustee or administrator of a self-administered retirement savings plan, retirement income fund, education savings plan or other similar self-administered savings or investment plan registered under the *Income Tax Act* (Canada), or a nominee of any of the foregoing that holds your securities on your behalf (the "**Intermediary**"), please complete and return the materials in accordance with the instructions provided to you by your Intermediary.

DATED at Vancouver, British Columbia, this 9<sup>th</sup> day of September, 2025.

By Order of the Board<br>*<u>/s/ Francis Letourneau____</u>*<u>___</u> <br> **Francis Letourneau** <br> President and CEO

**NURAN WIRELESS INC.**

2150 Cyrille-Duquet Street, Suite 100

Quebec City, Quebec

G1N 2N3

**AMENDED AND RESTATED INFORMATION CIRCULAR**<br> September 9, 2025

**INTRODUCTION**

This Information Circular accompanies the Notice of Annual and Special Meeting (the "**Notice**") and is furnished to shareholders holding common shares (the "**Common Shares**") in the capital of NuRAN Wireless Inc. (the "**Company**") in connection with the solicitation by the management of the Company of proxies to be voted at the annual general and special meeting (the "**Meeting**") of the shareholders to be held at 10:00 a.m. (Eastern Standard Time) on Tuesday, September 30, 2025, at the offices of #2150 Cyrille-Duquet Street, Suite 100, Quebec City, Quebec or at any adjournment or postponement thereof.

We strongly discourage in-person attendance at the Meeting and for shareholders to vote their shares by submitting their voting instructions over the Internet, or by completing, dating and signing the proxy card they received and returning it promptly (following the instructions on the proxy card and below).

**Date and Currency**

The date of this Information Circular is September 9, 2025. Unless otherwise stated, all amounts herein are in Canadian dollars.

**PROXIES AND VOTING RIGHTS**

**Management Solicitation**

The solicitation of proxies by the Company will be conducted by mail and may be supplemented by internet or other personal contact to be made without special compensation by the directors, officers and employees of the Company. The form of proxy accompanying this Information Circular is being solicited by management of the Company. The Company does not reimburse shareholders, nominees or agents for costs incurred in obtaining from their principals authorization to execute forms of proxy, except that the Company has requested brokers and nominees who hold stock in their respective names to furnish the Meeting Material to their customers if paper copies of the Meeting Materials are requested, and the Company will reimburse such brokers and nominees for their related out of pocket expenses. No solicitation will be made by specially engaged employees or soliciting agents. The cost of solicitation will be borne by the Company.

No person has been authorized to give any information or to make any representation other than as contained in this Information Circular in connection with the solicitation of proxies. If given or made, such information or representations must not be relied upon as having been authorized by the Company. The availability or delivery of this Information Circular shall not create, under any circumstances, any implication that there has been no change in the information set forth herein since the date of this Information Circular. This Information Circular does not constitute the solicitation of a proxy by anyone in any jurisdiction in which such solicitation is not authorized, or in which the person making such solicitation is not qualified to do so, or to anyone to whom it is unlawful to make such an offer of solicitation.

**Appointment of Proxy**

Though registered shareholders are entitled to vote at the Meeting, we strongly discourage in-person attendance at the Meeting. A shareholder is entitled to one vote for each Common Share that such shareholder holds on the record date of August 25, 2025 (the "**Record Date**") on the resolutions to be voted upon at the Meeting, and any other matter to come before the Meeting.

The persons named as proxyholders (the "**Designated Persons**") in the enclosed form of proxy are directors and/or officers of the Company.

**A Shareholder has the right to appoint a person or COMPANY (who need not be a Shareholder) to attend and act for or on behalf of that Shareholder at the Meeting, other than the Designated Persons named in the enclosed form of proxy.** 

**To exercise the right, the Shareholder may do so by striking out the printed names and inserting the name of such other person and, if desired, an alternate to such person, in the blank space provided in the form of proxy. such shareholder should notify the nominee of the appointment, obtain the nominee's consent to act as proxy and should provide instruction to the nominee on how the shareholder's shares should be voted. the nominee should bring personal identification to the meeting.**

In order to be voted, the completed form of proxy must be received by the Company's registrar and transfer agent, Odyssey Trust Company (the "**Transfer Agent**") in accordance with the instructions provided in the form of proxy at least 48 hours (excluding Saturdays, Sundays and holidays recognized in the Province of Ontario or Quebec) prior to the scheduled time of the Meeting, or any adjournment or postponement thereof. Alternatively, the completed form of proxy may be delivered to the Chairman of the Meeting on the date of the Meeting, or any adjournment or postponement thereof.

A proxy may not be valid unless it is dated and signed by the shareholder who is giving it or by that shareholder's attorney-in-fact duly authorized by that shareholder in writing or, in the case of a corporation, dated and executed by a duly authorized officer or attorney-in-fact for the corporation. If a form of proxy is executed by an attorney-in-fact for an individual shareholder or joint shareholders, or by an officer or attorney-in-fact for a corporate shareholder, the instrument so empowering the officer or attorney-in-fact, as the case may be, or a notarially certified copy thereof, must accompany the form of proxy.

**Revocation of Proxies**

A shareholder who has given a proxy may revoke it at any time before it is exercised by an instrument in writing (a) executed by that shareholder or by that shareholder's attorney-in-fact authorized in writing or, where the shareholder is a corporation, by a duly authorized officer of, or attorney-in-fact for, the corporation and (b) delivered either: (i) to the Company at the address set forth above, at any time up to and including the last business day preceding the day of the Meeting or, if adjourned or postponed, any reconvening thereof, (ii) to the Chairman of the Meeting prior to the vote on matters covered by the proxy on the day of the Meeting or, if adjourned or postponed, any reconvening thereof, or (iii) in any other manner provided by law.

Also, a proxy will automatically be revoked by either: (a) attendance at the Meeting and participation in a poll (ballot) by a shareholder, or (b) submission of a subsequent proxy in accordance with the foregoing procedures. A revocation of a proxy does not affect any matter on which a vote has been taken prior to any such revocation.

**Voting of Common Shares and Proxies and Exercise of Discretion by Designated Persons**

A shareholder may indicate the manner in which the Designated Persons are to vote with respect to a matter to be voted upon at the Meeting by marking the appropriate space. If the instructions as to voting indicated in the proxy are certain, the Common Shares represented by the proxy will be voted or withheld from voting in accordance with the instructions given in the proxy. If the shareholder specifies a choice in the proxy with respect to a matter to be acted upon, then the Common Shares represented will be voted or withheld from the vote on that matter accordingly. **The Common Shares represented by a proxy will be voted or withheld from voting in accordance with the instructions of the shareholder on any ballot that may be called for and if the shareholder specifies a choice with respect to any matter to be acted upon, the Common Shares will be voted accordingly.**

**If no choice is specified in the proxy with respect to a matter to be acted upon, the proxy confers discretionary authority with respect to that matter upon the Designated Persons named in the form of proxy. It is intended that the Designated Persons will vote the Common Shares represented by the proxy in favour of each matter identified in the proxy and for the nominees of the Company's Board of Directors for directors AND THE auditor and Their remuneration.**

The form of proxy confers discretionary authority upon the persons named therein with respect to other matters which may properly come before the Meeting, including any amendments or variations to any matters identified in the Notice, and with respect to other matters which may properly come before the Meeting. At the date of this Information Circular, management of the Company is not aware of any such amendments, variations, or other matters to come before the Meeting.

In the case of abstentions from, or withholding of, the voting of the Common Shares on any matter, the Common Shares that are the subject of the abstention or withholding will be counted for determination of a quorum, but will not be counted as affirmative or negative on the matter to be voted upon.

**NOTICE TO BENEFICIAL SHAREHOLDERS**

**The information set out in this section is of significant importance to those shareholders who do not hold shares in their own name. Shareholders who do not hold their shares in their own name (referred to in this Information Circular as "Beneficial Shareholders") should note that only proxies deposited by shareholders whose names appear on the records of the Company as the registered holders of Common Shares can be recognized and acted upon at the Meeting.** If Common Shares are listed in an account statement provided to a shareholder by a broker, then in almost all cases those Common Shares will not be registered in the shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the names of the shareholder's broker or an agent of that broker. In the United States, the vast majority of such Common Shares are registered under the name of Cede & Co. as nominee for The Depository Trust Company (which acts as depositary for many U.S. brokerage firms and custodian banks), and in Canada, under the name of CDS & Co. (the registration name for The Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms). **Beneficial Shareholders should ensure that instructions respecting the voting of their Common Shares are communicated to the appropriate person well in advance of the Meeting.**

The Company does not have access to names of Beneficial Shareholders. Applicable regulatory policy requires intermediaries/brokers to seek voting instructions from Beneficial Shareholders in advance of shareholders' meetings. Every intermediary/broker has its own mailing procedures and provides its own return instructions to clients, which should be carefully followed by Beneficial Shareholders in order to ensure that their Common Shares are voted at the Meeting. The form of proxy supplied to a Beneficial Shareholder by its broker (or the agent of the broker) is similar to the Form of Proxy provided to registered shareholders by the Company. However, its purpose is limited to instructing the registered shareholder (the broker or agent of the broker) how to vote on behalf of the Beneficial Shareholder. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Solutions, Inc. ("**Broadridge**") in the United States and in Canada. Broadridge typically prepares a special voting instruction form, mails this form to the Beneficial Shareholders and asks for appropriate instructions regarding the voting of Common Shares to be voted at the Meeting. Beneficial Shareholders are requested to complete and return the voting instructions to Broadridge by mail or facsimile. Alternatively, Beneficial Shareholders can call a toll-free number and access Broadridge's dedicated voting website (each as noted on the voting instruction form) to deliver their voting instructions and to vote the Common Shares held by them. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of shares to be represented at the Meeting. **A Beneficial Shareholder receiving a Broadridge voting instruction form cannot use that form as a proxy to vote Common Shares directly at the Meeting - the voting instruction form must be returned to Broadridge well in advance of the Meeting in order to have its Common Shares voted at the Meeting.**

Although a Beneficial Shareholder may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of his broker (or agent of the broker), a Beneficial Shareholder may attend at the Meeting as proxyholder for the registered shareholder and vote the Common Shares in that capacity. Beneficial Shareholders who wish to attend at the Meeting and indirectly vote their Common Shares as proxyholder for the registered shareholder should enter their own names in the blank space on the instrument of proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting.

Alternatively, a Beneficial Shareholder may request in writing that his or her broker send to the Beneficial Shareholder a legal proxy which would enable the Beneficial Shareholder to attend at the Meeting and vote his or her Common Shares. Management of the Company does not intend to pay for intermediaries to forward to those who object to their name being made known to the issuers of securities which they own (called "OBOs" for Objecting Beneficial Owners) under National Instrument 54-101 — *Communications with Beneficial Owners of Securities of a Reporting Issuer* of the Canadian Securities Administrators the Meeting materials, and that in the case of an OBO, the OBO will not receive the Meeting materials unless the OBO's intermediary assumes the cost of delivery.

All references to shareholders in this Information Circular are to registered shareholders, unless specifically stated otherwise.

**DOCUMENTS INCORPORATED BY REFERENCE**

The following documents filed with the British Columbia Securities Commission, Alberta Securities Commission and Ontario Securities Commission are specifically incorporated by reference into, and form an integral part of, this Information Circular: audited annual financial statements for the years ended December 31, 2023 and December 31, 2024, report of the auditor thereon and related management discussion and analysis. Copies of documents incorporated herein by reference may be obtained by a shareholder upon request without charge from the Company. These documents are also available through the internet on SEDAR+, which can be accessed at <u>www.sedarplus.ca</u>.

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON**

Except as disclosed elsewhere in this Information Circular, no director or executive officer of the Company who was a director or executive officer since the beginning of the Company's last financial year, each proposed nominee for election as a director of the Company, or any associates or affiliates of any such directors, executive officers or nominees, has any material interest, direct or indirect, by way of beneficial ownership of Common Shares or other securities in the Company or otherwise, in any matter to be acted upon at the Meeting other than the election of directors.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES**

The Company is authorized to issue an unlimited number of Common Shares without par value. As of the Record Date, determined by the Company's board of directors (the "**Board**") to be the close of business on August 25, 2025, a total of 109,194,132 Common Shares were issued and outstanding. Each Common Share carries the right to one vote at the Meeting.

Only registered shareholders as of the Record Date are entitled to receive notice of, and to attend and vote at, the Meeting or any adjournment or postponement of the Meeting.

To the knowledge of the directors or executive officers of the Company, no person or company beneficially owns, or controls or directs, directly or indirectly, Common Shares carrying 10% or more of the voting rights attached to the outstanding Common Shares of the Company, other than as set forth below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Shareholder** | &nbsp;&nbsp;**Number of Common Shares Owned** | &nbsp;&nbsp;**Percentage of** <br> **Outstanding Common Shares<sup>(1)</sup>** |
| &nbsp;&nbsp;CDS & Co.<sup>(2)</sup> | &nbsp;&nbsp;72437423 | &nbsp;&nbsp;66.34% |

---

<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based
 on 109,194,132 Common Shares of the Company issued and outstanding as of August 25, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Company is not aware of the beneficial holders of the shares so registered.

**MATTERS TO BE ACTED UPON AT THE MEETING**

**ITEM 1 - RECEIPT OF FINANCIAL STATEMENTS**

The directors will place before the Meeting the financial statements for the years ended December 31, 2023 and December 31, 2024, together with the auditors' reports thereon.

**ITEM 2 - NUMBER OF DIRECTORS**

The Articles of the Company provide for a board of directors of no greater than or less than a number as fixed or changed from time to time by majority approval of the shareholders.

At the Meeting, shareholders will be asked to pass an ordinary resolution to set the number of directors of the Company for the ensuing year at six (6). The number of directors will be approved if the affirmative vote of the majority of Common Shares present or represented by proxy at the Meeting and entitled to vote are voted in favour to set the number of directors at six (6).

**Management recommends the approval of the resolution to set the number of directors of the Company at six (6).**

**ITEM 3 - ELECTION OF DIRECTORS**

At present, the directors of the Company are elected at each annual general meeting and hold office until the next annual general meeting, or until their successors are duly elected or appointed in accordance with the Company's Articles or until such director's earlier death, resignation or removal. In the absence of instructions to the contrary, the enclosed form of proxy will be voted for the nominees listed in the form of proxy. All of the nominees listed in the form of proxy are presently members of the Board.

Management of the Company proposes to nominate the persons named in the table below for election by the shareholders as directors of the Company. Information concerning such persons, as furnished by the individual nominees, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name**<br> **Province or State and**<br> **Country of Residence**<br> **Position(s)**<br> **with the Company** | &nbsp;&nbsp;**Principal Occupation,**<br> **Business or Employment**<br> **for Last Five Years** | &nbsp;&nbsp;**Periods during which**<br> **Nominee has Served**<br> **as a Director** | &nbsp;&nbsp;**Number of** <br> **Common Shares**<br> **Owned**<sup>(2)</sup> |
| &nbsp;&nbsp; <br> **Francis Letourneau<sup>(3)</sup>**<br> Quebec City, QC<br>*President, CEO and Director*<br>| CEO and President of NuRAN Wireless since August 28, 2020 and October 16, 2020, respectively; VP, Sales & Marketing of NuRAN Wireless 2015 to 2020 | &nbsp;&nbsp;Since March 16, 2016 | &nbsp;&nbsp;1880188 |
| &nbsp;&nbsp; <br> **Binyomin Posen <sup>(1)(4)</sup>**<br> Toronto, ON<br>*Director*<br>| Senior Analyst at Plaza Capital Ltd. since 2017 | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp; <br> **Brendan Purdy<sup>(1)(5)</sup>**<br> Toronto, ON<br>*Director*<br>| Principal lawyer at Purdy Law since January 2014, | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp; <br> **Vitor Fonseca<sup>(1)(6)</sup>**<br> Toronto, ON<br>*Director*  | Treasurer and Vice President of Romspen Investment Corp. from February 2007 to February 2022; Director of Canntab Therapeutics Ltd. from April 11, 2018 to May 1, 2023 | &nbsp;&nbsp;Since March 11, 2021 | &nbsp;&nbsp;24147 |
| &nbsp;&nbsp; <br> **Navindran Naidoo**<br> Johannesburg, South Africa<br>*Director*  | Various Senior Management positions in Group Technology as well as being the Network Executive from 2013 to 2021. He has had previous assignments in Nigeria, Uganda, Cameroon, and Swaziland | &nbsp;&nbsp;Since February 1<sup>st</sup> ,2024 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp; <br> ***Avi Minkowitz***<br> *Toronto, ON*<br>*Director Nominee*<br>| *Entrepreneur and finance professional with various private hedge funds* | &nbsp;&nbsp;*Nominee* | &nbsp;&nbsp;*0* |

---

**<u>Notes:</u>**

(1) Member
 of audit committee for the fiscal year ending December 31, 2022.

(2) The
 information as to the number of Shares (being the only voting securities of the Company)
 beneficially owned, or controlled or directed, directly or indirectly, is as of August
 26, 2025, and has been furnished to the Company by the respective nominees individually.
 These figures do not include any securities that are convertible into or exercisable
 for Common Shares of the Company.

(3) Mr.
 Letourneau owns 400,000 options with exercise price of $2.35 per Common Share until February
 9, 2026.

(4) Mr.
 Posen owns 20,000 options with exercise price of $2.35 per Common Share until February
 8, 2026.

(5) Mr.
 Purdy owns 20,000 options with exercise price of $2.35 per Common Share until February
 8, 2026.

(6) Mr.
 Fonseca owns 50,000 options with an exercise price
 of $1.67 until October 26, 2026 and 100,000 options with an exercise price of $1.34 until
 January 1, 2027.

Management does not contemplate that any of its nominees will be unable to serve as directors. If any vacancies occur in the slate of nominees listed above before the Meeting, then the Designated Persons intend to exercise discretionary authority to vote the Common Shares represented by proxy for the election of any other persons as directors.

**Management recommends the approval of each of the nominees listed above for election as directors of the Company for the ensuing year.**

**Cease Trade Orders** 

Other than as disclosed herein and to the best of management's knowledge, no proposed director of the Company is, or within the ten (10) years before the date of this Information Circular has been, a director, chief executive officer or chief financial officer of any company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was
 subject to an order that was issued while the proposed director was acting in the capacity
 as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 subject to an order that was issued after the proposed director ceased to be a director,
 chief executive officer or chief financial officer and which resulted from an event that
 occurred while that person was acting in the capacity as director, chief executive officer
 or chief financial officer.

On May 19, 2022, the Company was subject to a cease trade order due to the Company's prior auditor, Mallette LLP, including an auditor's report that expressed a modified audit opinion with the Company's audited annual financial statements for the year ended December 31, 2021. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company re-filed its audited annual financial statements for the year ended December 31, 2021 including an auditor's report that expressed an unmodified audit opinion, the British Columbia Securities Commission issued a revocation order on June 29, 2022.

On May 2, 2023, the Company was subject to a management cease trade order due to the Company failing to file its annual audited financial statements for the year ended December 31, 2022, and its management's discussion and analysis relating thereto before the prescribed deadline of May 1, 2023. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company filed its audited annual financial statements for the year ended December 31, 2022 and its management's discussion and analysis relating thereto, the British Columbia Securities Commission issued a revocation order on May 15, 2023.

Brendan Purdy was director of Boomerang Oil, Inc. ("**Boomerang**") when on February 3, 2015, which was subject to a cease trade order issued by the British Columbia Securities Commission(the "BCSC") due to Boomerang failing to file its annual audited financial statements for the period ended September 30, 2014, and its management's discussion and analysis relating thereto before the prescribed deadline under National Instrument 51-102 – Continuous Disclosure Obligations ("**NI 51-102**"). Mr. Purdy is no longer a director of Boomerang.

Binyomin Posen was a director of i3 Interactive Inc. ("**i3**") when on June 29, 2022, the BCSC issued a management cease trade order (the "**i3 MCTO**") against i3 and insiders of i3, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended February 28, 2022 and corresponding certifications of the foregoing within the time prescribed under NI 51-102. Binyomin Posen was a director of i3 at the time of the i3 MCTO, and remains a director as of the date hereof. The i3 MCTO remains in effect as of the date hereof.

Binyomin Posen was a director of Ryah Group Inc. ("**Ryah**") when on July 5, 2022, the Ontario Securities Commission (the "**OSC**") issued a cease trade order (the "**Ryah CTO**") against Ryah, to replace the management cease trade order issued by the OSC on May 5, 2022 (the "**Ryah MCTO**"), for failure to file its (i) audited annual financial statements and related management's discussion and analysis for the year ended December 31, 2021 and corresponding certifications of the foregoing (the "**2021 Annual Records**"); and (ii) interim financial statements and related management's discussion and analysis for the interim period ended March 31, 2022 and corresponding certifications of the foregoing (the "**2022 Interim Records**") within the time prescribed under NI 51-102. Binyomin Posen was a director of Ryah at the time of the Ryah CTO and Ryah MCTO, and remains a director as of the date hereof. The Ryah CTO remains in effect as of the date hereof.

**Bankruptcies** 

Other than as disclosed below and to the best of management's knowledge, no proposed director of the Company is, as at the date of this Information Circular, or has been within ten (10) years before the date of this Information Circular, a director or executive officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

To the best of management's knowledge, no proposed director of the Company has, within 10 years before the date of this Information Circular, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

On August 28, 2020, the board of directors of Nutaq Innovation Inc. ("Nutaq"), a wholly owned subsidiary of the Company, ceased operations and all directors except for Mr. Letourneau resigned their respective positions. On September 2, 2020, Nutaq filed for bankruptcy with the Office of the Superintendent of Bankruptcy under the *Bankruptcy and Insolvency Act* (Canada). Mr. Letourneau has been director of Nutaq Innovation Inc since December 8, 2017. On September 22, 2020, the assigned trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all of the assets of Nutaq, including all of Nutaq's inventory, equipment and R&D equipment, trademarks, patents, accounts receivable, bank account and SR&ED credits would be sold by the Trustee with the consent of the first ranking secured creditors. Subsequent to the year ended October 31, 2020, the only operations of the Company is through the parent company and the Company intends to continue the former business of its subsidiary going forward.

**Penalties or Sanctions** 

Other than as disclosed herein and to the best of management's knowledge, no proposed director of the Company has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 penalties or sanctions imposed by a court relating to securities legislation or by a
 securities regulatory authority or has entered into a settlement agreement with a securities
 regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other penalties or sanctions imposed by a court or regulatory body that would likely
 to be considered important to a reasonable shareholder in deciding whether to vote for
 a proposed director.

On May 3, 2019, pursuant to a disciplinary hearing of the Law Society of Ontario, Mr. Purdy admitted fault for failing to cooperate with an investigation of the Law Society of Ontario by failing to provide a prompt and complete response to written and oral requests from the Law Society. Mr Purdy was issued a reprimand and ordered to pay costs to the Law Society. Mr. Purdy remains a member of the Law Society of Ontario.

**ITEM 4 - APPOINTMENT OF AUDITOR**

Zeifmans LLP, located at 201 Bridgeland Ave, North York, ON M6A 1Y7 are the current auditors of the Company and receive remuneration fixed by the Board. Zeifmans LLP was first appointed as the Company's auditors on December 9, 2024.

At the Meeting, shareholders will be asked to vote to appoint Zeifmans LLP to serve as auditor of the Company for the Company's fiscal year ending December 31, 2025, at a remuneration to be fixed by the Company's Board.

A copy of the reporting package is attached hereto as Schedule "B" and includes:

&nbsp;&nbsp;&nbsp;&nbsp;1. Notice
 of Change of Auditor dated November 22, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;2. Letter
 from Zeifmans LLP dated November 19, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;3. Letter
 from Ecovis Jeremy Levi dated November 19, 2024.

**Management recommends shareholders vote in favour of the appointment of Zeifmans LLP as the Company's auditors for the Company's fiscal year ending December 31, 2025, at a remuneration to be fixed by the Board.**

**Proxies and/or voting instructions received in favour of management designees will be voted for the appointment of Zeifmans LLP unless the shareholder has specified in their proxy or voting instructions that his shares are to be withheld from voting on such resolution.**

**ITEM 5 - APPROVAL OF SHARE CONSOLIDATION**

At the Meeting, the Shareholders will be asked to consider and, if thought advisable, to pass, with or without variation, an ordinary resolution providing for the consolidation (the "**Consolidation'**) of the Company's issued and outstanding Common Shares at such a consolidation ratio, to be determined by the Board in its sole discretion, to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("**NYSE**"), or such other U.S. national securities exchange as the Board may determine in its sole discretion. Under the current policies of the CSE, the Company is required to seek the approval of Shareholders for consolidations if the consolidation ratio is greater than 10 to 1. As the proposed Consolidation is at a ratio that is likely to be greater that 10 to 1, Shareholder approval is required in order to give effect to the Consolidation.

**Rationale for Consolidation and U.S. Listing**

The Board believes that pursuing a listing of the Company's Common Shares on a major U.S. securities exchange, such as the NASDAQ or NYSE (the "**American Exchange Listing**"), would represent a significant strategic milestone for the Company.

The American Exchange Listing would offer several important benefits:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Access to Larger Capital Markets** – The U.S. equity markets are among the deepest and
 most liquid in the world, providing the Company with greater access to a broader and
 more diverse investor base, including large U.S. institutional investors who are often
 restricted from investing in companies traded only on Canadian or smaller exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Enhanced Visibility and Credibility** – A listing on a premier U.S. exchange would elevate
 the Company's profile among analysts, institutional investors, strategic partners,
 and customers. This increased visibility can support business development initiatives
 and attract long-term shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Improved Liquidity for Shareholders** – U.S. exchanges generally offer higher trading
 volumes, which can improve share liquidity, reduce bid-ask spreads, and create a more
 efficient market for the Company's stock.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Support for Future Financings** – Meeting the listing requirements of a major U.S. exchange,
 including minimum share price thresholds, enhances the Company's ability to conduct
 future equity financings on favourable terms.

To meet these listing requirements and to position the Company for success in the U.S. market, the Board believes the Consolidation is a necessary step. The Consolidation would help ensure compliance with minimum pricing rules while improving the capital structure, thereby giving the Company greater flexibility to execute its growth strategy and pursue attractive financing opportunities.

While there can be no assurance that the Company's financial position will improve immediately following the Consolidation and listing, the Board is confident that these steps collectively form a strong foundation for long-term value creation.

**Effect of Consolidation** 

If approved and implemented, the Consolidation will occur simultaneously for all of the Company's issued and outstanding Common Shares. The Common Shares will be consolidated at a ratio to be determined by the Board in its sole discretion, such that following the Consolidation, the Company will be able to satisfy NASDAQ, NYSE or other U.S. national securities exchange listing requirements. The implementation of the Consolidation would not affect the total Shareholders' equity of the Company or any components of Shareholders' equity as reflected on the Company's financial statements except to change the number of issued and outstanding Common Shares to reflect the Consolidation.

**Effect on Convertible Securities** 

The exercise or conversion price and/or the number of Common Shares issuable under any outstanding convertible securities, including under outstanding options, restricted share units, warrants, rights, and any other similar securities will be proportionately adjusted upon the implementation of the Consolidation, in accordance with the terms of such securities, on the same basis as the Consolidation.

**Implementation**

The Consolidation resolution (the "**Consolidation Resolution**"), as set out below, provides that the Board is authorized, in its sole discretion, to determine not to proceed with the proposed Consolidation without further approval of the Shareholders of the Company. The Board is authorized to revoke the Consolidation Resolution in its sole discretion without further approval of the Shareholders of the Company at any time prior to implementation of the Consolidation.

**Effective Date** 

Subject to applicable regulatory requirements, the Consolidation Resolution will be effective on the date on which the directors of the Company determine to carry out the Consolidation.

If the Consolidation Resolution is approved, no further action on the part of the Shareholders will be required in order for the Board to implement the Consolidation.

**Shareholder Approval**

At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve and authorize the Consolidation Resolution, as follows:

**BE IT RESOLVED, THAT:** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 board of directors (the "**Board**") of Nuran Wireless Inc. (the "**Company** ")
 is authorized to take such actions as are necessary to consolidate (the "**Consolidation** ")
 all of the issued and outstanding common shares in the capital of the Company (the "**Common Shares**") at such a consolidation ratio to be determined by the Board in its
 sole discretion, to permit the Company to satisfy all conditions and necessary regulatory
 approvals to list the Common Shares on the NASDAQ, NYSE or such other U.S. national securities
 exchange as the Board may determine in its sole discretion (the "**American Exchange Listing Approval** ");

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Board be and is hereby authorized in its sole discretion to fix the ratio to be used
 in the Consolidation in connection with the American Exchange Listing Approval;

&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 the event that the Consolidation would otherwise result in the issuance of a fractional
 Common Shares, no fractional Common Share shall be issued and such fraction will be rounded
 to the nearest whole number;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Board, in its sole discretion, may act upon this resolution to effect the Consolidation,
 or, if deemed appropriate and without any further approval from the shareholders of the
 Company, may choose not to act upon this resolution notwithstanding shareholder approval
 of the Consolidation, and it is authorized to revoke this resolution in its sole discretion
 at any time prior to effecting the Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 officer or director of the Company is authorized to cancel (or cause to be cancelled)
 any certificates evidencing the existing Common Shares and to issue (or cause to be issued)
 certificates representing the new Common Shares to the holders thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 one officer or director of the Company is authorized to do all acts and to execute and
 deliver all documents or instruments desirable to give effect to the foregoing, including,
 without limitation, articles of amendment, if necessary, in the form required pursuant
 to the *Business Corporations Act* (British Columbia) the execution of any such
 document or the doing of any such other act or thing being conclusive evidence of such
 determination.

**Management recommends shareholders vote <u>IN FAVOUR</u> of the Consolidation Resolution.**

**Proxies and/or voting instructions received in favour of management designees will be voted <u>FOR</u> the Consolidation Resolution unless the shareholder has specified in their proxy or voting instructions that his shares are to be withheld from voting on such resolution.**

**ITEM 6 - APPROVAL OF THE RESTRUCTURING TRANSACTION**

**Overview of the Restructuring Transaction**

On July 18, 2025, the Company announced it is engaged in negotiations with debt holders ("**Debt Holders**") and prospective institutional investors to secure additional operating capital and potentially restructure the majority of its outstanding debt instruments. The Company acknowledges the importance of strengthening its financial position and is actively pursuing several strategies to address this objective. As part of these efforts, the Company has initiated discussions regarding a comprehensive refinancing of its short-term debt with Canadian organizations.

The Board is currently evaluating alternatives to the proposed Restructuring Transaction, including additional debt financing, equity financing, asset divestitures, or maintaining the current status. During these deliberations, the Board will assess each option's impact on overall debt levels, timing, terms, limitations, risks, and availability, and may elect to proceed with one of these alternatives in place of the Restructuring Transaction.

As described in Item 5 - Approval of Share Consolidation, above, the Board believes that pursuing the American Exchange Listing is in the best interest of the Company. To meet the listing requirements of a major U.S. exchange and to position the Company for success in the U.S. market, a restructuring of the Company's debt instruments is necessary, and will allow the Company to realize significant saving on its interest obligations.

As such, the Company wishes to proceed with a restructuring transaction (the "**Restructuring Transaction**") as described below, which will result in the Company entering into debt settlement agreements with Debt Holders to convert up to $25,000,000 of debt (inclusive of accrued interest) into equity, or some other form of agreement and structure with similar effect, which may include an acquisition agreement, and raise an additional $5,000,000 of equity, or such other ratio to be determined by the Company.

The Restructuring Transaction is intended to (i) significantly reduce the Company's debt burden, (ii) provide annual interest savings of approximately $3.3 million, and (iii) improve the Company's balance sheet to support ongoing operations and growth initiatives.

At the Meeting, Shareholders will be asked to consider, and if deemed advisable, to pass, with or without modification, an ordinary resolution of disinterested Shareholders (the "**Restructuring Transaction Resolution**") authorizing and approving the Restructuring Transaction and the issuance of the Units.

The following is a summary of the material terms of the Restructuring Transaction, and Shareholders are cautioned these terms are summary in nature and may not contain all of the terms that are contained in the definitive documentation.

**Strategic Rationale**

The Board believes the Restructuring Transaction is in the best interests of the Company and shareholders because it:

&nbsp;&nbsp;&nbsp;&nbsp;1. Reduces
 interest-bearing debt by $25 million.

&nbsp;&nbsp;&nbsp;&nbsp;2. Frees
approximately $3.3 million per year in cash flow from reduced interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;3. Strengthens
the Company's capital structure to facilitate future financings and growth.

&nbsp;&nbsp;&nbsp;&nbsp;4. Improves
the Company's ability to meet ongoing obligations and continue as a going concern

**Restructuring Transaction Details**

The Company is to enter into agreements with Debt Holders and new investors (collectively, the "**Subscribers**") to issue up to $30,000,000 worth of units of the Company (the "**Units**") or some other form of equity instrument that subsequently converts into Units, at a price per Unit (the "**Issue Price**") equal to ten-day volume weighted average price of the Common Shares ending on the date prior to issuance of the Units, subject to a floor price if required by the CSE's policies. Each Unit will consists of either: (i) one Common Share and up to one Common Shares purchase warrant (each whole warrant, a "**Warrant**") (currently we anticipate that each Unit will include only a half (1/2) warrant) (each, a "**Common Share Unit**"); or (ii) one pre-funded common share purchase warrant (a "**Pre-Funded Warrant**") and up to one Warrant (each whole warrant, a "**Pre-Funded Warrant Unit**"). Where the purchase of Units would otherwise cause the Subscriber (and its affiliates) to hold over 9.99% or more of the issued and outstanding Common Shares, the Company shall allocate among the Units to be issued to the Subscriber such number of Common Share Units and Pre-Funded Warrant Units such that the amount of that Subscriber's holdings of Common Shares after the purchase of Units shall not exceed the applicable percentage threshold. Each Warrant will be exercisable at an exercise price of 150% of the Issue Price for a period of sixty (60) months from the date of issuance into either: (i) one Common Share; or (ii) where the exercise of Warrants for Common Shares would otherwise result in the Subscriber exceeding the applicable percentage threshold, one pre-funded common share purchase warrant. Subject to compliance with the policies of the CSE, in lieu of exercising the Warrants for cash, the holder thereof may exercise the Warrants on a cashless basis, based on the value of the Common Shares at the time of exercise.

The Restructuring Transaction is being offered for purchase and sale to investors in the United States on a private placement basis pursuant to available exemptions from the registration requirements under the *United States Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), provided that no prospectus, registration statement or similar document is required to be filed.

All securities issued under the Restructuring Transaction will be subject to: (i) a four (4) month and one (1) day hold period from the date of issuance and (ii) applicable legends as required pursuant to the U.S. Securities Act and Canadian securities laws.

The securities to be offered pursuant to the Restructuring Transaction have not been, and will not be, registered under the U.S. Securities Act or any United States state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable United States state securities laws.

**Use of Proceeds**

The Company intends to use the net cash proceeds from the Restructuring Transaction for working capital and general corporate purposes.

**Dilution Impact** 

Upon closing of the Restructuring Transaction, total issued and outstanding common shares could increase from 109 million to 709 million, assuming an Issue Price of $0.05, representing dilution of approximately 85% to existing shareholders.

As of June 30, 2025, the Company's net book value was negative $15.4 million, or negative $0.21 per share. The Company's net book value is the amount of the Company's total assets less the Company's total liabilities. Net book value per share represents historical net book value divided by the 74,194,132 Common Shares outstanding as of June 30, 2025.

After giving effect to the Company's issuance of an aggregate of 35,000,000 Common Shares subsequent to June 30, 2025, the Company's pro forma net book value as of June 30, 2025 would have been negative $13.5 million, or negative $0.12 per share.

After giving effect to the pro forma adjustments described above and the issuance of approximately 600,000,000 Units in the Restructuring Transaction, assuming an Issue Price of $0.05, the Company's pro forma as adjusted net book value as of June 30, 2024, would have been approximately $16.5 million, or approximately $0.02 per Common Share.

**Shareholder Approval Requirements**

Pursuant to section 4.6(2)(a)(i)(2) of CSE Policy 4, the CSE requires Shareholder approval for a proposed securities offering if the number of securities issuable in the offering (calculated on a fully diluted basis) is more than 50% of the total number of securities or votes of the listed issuer outstanding (calculated on a non-diluted basis) accompanied by a new Control Person (as defined in CSE Policy 1) or more than 100% of the total number of securities or votes outstanding. In addition, section 4.6(3)(a)(ii) of CSE Policy 4, the CSE requires Shareholder approval for a proposed acquisition if the number of securities issuable in the acquisition (calculated on a fully diluted basis) is more than 50% of the total number of securities or votes of the listed issuer outstanding (calculated on a non-diluted basis) accompanied by a new Control Person (as defined in CSE Policy 1) or more than 100% of the total number of securities or votes outstanding

If the Company is successful in closing the Restructuring Transaction, in part or fully, the Subscribers are expected to have beneficial ownership of such number of Units as shown in the chart below, which represents more than 100% of the current issued and outstanding Common Shares on a non-diluted basis and on a partially-diluted basis.

The following chart is for illustration purposes, which are presented for indicative purposes only and remain subject to modification as outlined herein, and assumes various Issue Prices and part or fully closing of the Restructuring Transaction, and assuming that each Unit only includes a half (1/2) Warrant.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;$15 million<sup>(2)</sup> | &nbsp;&nbsp;$15 million<sup>(2)</sup> | &nbsp;&nbsp;$15 million<sup>(2)</sup> | &nbsp;&nbsp;$30 million<sup>(3)</sup> | &nbsp;&nbsp;$30 million<sup>(3)</sup> | &nbsp;&nbsp;$30 million<sup>(3)</sup> |
| &nbsp;&nbsp;Issue Price<sup>(1)</sup> | &nbsp;&nbsp;Number of Units<sup>(4)</sup> | &nbsp;&nbsp;Number of Warrants<sup>(5)</sup> | &nbsp;&nbsp;Total securities issuable<sup>(6)</sup> | &nbsp;&nbsp;Number of Units<sup>(4)</sup> | &nbsp;&nbsp;Number of Warrants<sup>(5)</sup> | &nbsp;&nbsp;Total securities issuable<sup>(6)</sup> |
| &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;187500000 | &nbsp;&nbsp;562500000 | &nbsp;&nbsp;750000000 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;1125000000 |
| &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;450000000 | &nbsp;&nbsp;600000000 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;900000000 |
| &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;250000000 | &nbsp;&nbsp;125000000 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;500000000 | &nbsp;&nbsp;250000000 | &nbsp;&nbsp;750000000 |
| &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;214285714 | &nbsp;&nbsp;107142857 | &nbsp;&nbsp;321428571 | &nbsp;&nbsp;428571429 | &nbsp;&nbsp;214285714 | &nbsp;&nbsp;642857143 |
| &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;187500000 | &nbsp;&nbsp;93750000 | &nbsp;&nbsp;281250000 | &nbsp;&nbsp;375000000 | &nbsp;&nbsp;187500000 | &nbsp;&nbsp;562500000 |
| &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;225000000 | &nbsp;&nbsp;300000000 | &nbsp;&nbsp;150000000 | &nbsp;&nbsp;450000000 |

---

<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumptions
 regarding various Issue Prices, which may be on a post- Consolidation basis.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes
 only half of the amount in Restructuring Transaction is completed.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Assumes
 the full amount in Restructuring Transaction is completed.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Either
 as Common Shares or Pre-Funded Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Assumes
 that each Unit only includes a half (1/2) Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Includes
 the Common Shares or Pre-Funded Warrants issuable upon exercise of the Warrants.

As the Restructuring Transaction involves the potential issuance of securities that represents more than 100% of the total number of securities or votes outstanding (and possibly the creation of one or more new Control Person), disinterested Shareholders must approve the Restructuring Transaction and the issuance of the Units. Shareholder approval of the Restructuring Transaction Resolution on a disinterested Shareholder basis means that the votes attached to any Common Shares held by the Subscribers will be excluded.

Accordingly, disinterested Shareholders will be asked to consider and, if thought advisable, to pass the following Restructuring Transaction Resolution at the Meeting:

"**BE IT RESOLVED, AS AN ORDINARY RESOLUTION, THAT**:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 issuance of up to $30,000,000 worth of units, to the Subscribers at the Issue Price,
 representing more than 100% of the current issued and outstanding Common Shares on a
 non-diluted basis and on a partially-diluted basis, is hereby approved;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 one director or officer of the Company is hereby authorized, for and on behalf of the
 Company, to execute and deliver all such further agreements, documents and instruments
 and to do all such other acts and things as such director or officer may determine to
 be necessary or advisable for the purpose of giving full force and effect to the provisions
 of this resolution, the execution and delivery by such director or officer of any such
 agreement, document or instrument or the doing of any such act or thing being conclusive
 evidence of such determination; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) notwithstanding
 that this resolution has been duly passed by the Shareholders, the directors of the Company
 be and they are hereby authorized without further approval of the Shareholders, to revoke
 this resolution and determine not to proceed with the Restructuring Transaction."

**Reasons for Recommendation of the Board**

In making its recommendation that Shareholders vote **<u>FOR</u>** the Restructuring Transaction Resolution approving the Restructuring Transaction, the Board carefully considered a number of factors, including those listed below. The Board based its recommendation upon the totality of the information presented to and considered by it in light of its knowledge of the business, financial condition and prospects of the Company, after having undertaken a thorough review of, and having carefully considered the terms of the Restructuring Transaction.

In approving the Restructuring Transaction, and in making its recommendation that the disinterested Shareholders approve the Restructuring Transaction Resolution, the disinterested directors (excluding Mr. Posen who may have a conflict of interest so recused himself from this approval) carefully considered a number of factors including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
Restructuring Transaction is required by the Company in order to complete the American Exchange Listing, and the factors described
above under "Rationale for Consolidation and U.S. Listing" in Item 5 - Approval of Share Consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
historical market prices and trading information with respect to the Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
need to restructure the Company's debt obligations to allow it to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the
need to restructure the Company's debt obligations to eliminate a significant portion of its interest obligations;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the
terms of the Restructuring Transaction were negotiated with and agreed upon by arm's-length parties to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;(f) the
capital expenditure and working capital needs of the Company if it is to execute on its business plan and grow its operations.

The disinterested members of the Board believe that any possible dilution to existing Shareholders or any other possible adverse effects or risks of the Restructuring Transaction are more than outweighed by the potential benefits of the Restructuring Transaction and the use of the net proceeds thereof to fund the capital expenditure and for general working capital purposes.

The foregoing discussion of the information and factors considered by the Board is not intended to be exhaustive but is believed to include the material factors considered by the Board. In view of the wide variety of factors considered by the Board, the Board did not find it practical to, nor did it attempt to, quantify or otherwise assign relative weight to the specific factors it considered in reaching its decision. Furthermore, individual members of the Board may have given different weight to different factors. The Board considered this information and these factors as a whole, and as a result, found the relevant information and factors to be favourable to, and in support of, its determinations and recommendation.

**Management recommends disinterested Shareholders vote <u>IN FAVOUR</u> of the Restructuring Transaction Resolution.**

**Proxies and/or voting instructions received in favour of management designees will be voted <u>FOR</u> the Restructuring Transaction Resolution unless the disinterested shareholder has specified in their proxy or voting instructions that his shares are to be withheld from voting on such resolution.**

**STATEMENT OF EXECUTIVE COMPENSATION**

**General**

Securities laws require that a "Statement of Executive Compensation" in accordance with Form 51-102F6 be included in this Information Circular. Form 51-102F6 prescribes the disclosure requirements in respect of the compensation of executive officers and directors of reporting issuers. Form 51-102F6 provides that compensation disclosure must be provided for the Chief Executive Officer and the Chief Financial Officer of an issuer and each of the three most highly compensated executive officers whose total compensation exceeds $150,000. Based on those requirements, the executive officers of the Company for whom disclosure is required under Form 51-102F6 are Mr. Francis Letourneau (Chief Executive Officer, President and director), and Mr. Jim Bailey (Chief Financial Officer), who are collectively referred to as the "Named Executive Officers".

For the purpose of this Statement of Executive Compensation:

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the Company or one of its subsidiaries (if any) for services provided or to be provided, directly or indirectly to the Company or any of its subsidiaries (if any);

"**NEO**" or "**named executive officer**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 individual who served as chief executive officer ()"**CEO**") of the Company,
 or who performed functions similar to a CEO, during any part of the most recently completed
 financial year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 individual who served as chief financial officer ()"**CFO**") of the Company,
 or who performed functions similar to a CFO, during any part of the most recently completed
 financial year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 most highly compensated executive officer of the Company or any of its subsidiaries (if
 any) other than individuals identified in paragraphs (a) and (b) at the end of the most
 recently completed financial year whose total compensation was more than $150,000 for
 that financial year, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 individual who would be an NEO under paragraph (c) but for the fact that the individual
 was neither an executive officer of the Company or its subsidiaries, nor acting in a
 similar capacity, at the end of that financial year;

"**plan**" includes any plan, contract, authorization or arrangement, whether or not set out in any formal document, where cash, compensation securities or any other property may be received, whether for one or more persons; and

"**underlying securities**" means any securities issuable on conversion, exchange or exercise of compensation securities.

**Director and Named Executive Officer Compensation, Excluding Compensation Securities** 

The following table sets forth all direct and indirect compensation paid, payable, awarded, granted, given or otherwise provided, directly or indirectly, by the Company or any subsidiary thereof to each NEO and each director of the Company, in any capacity, including, for greater certainty, all plan and non-plan compensation, direct and indirect pay, remuneration, economic or financial award, reward, benefit, gift or perquisite paid, payable, awarded, granted, given or otherwise provided to the NEO or director for services provided and for services to be provided, directly or indirectly, to the Company or any subsidiary thereof:

---

| | | | |
|:---|:---|:---|:---|
| **Name and Position** | **Year Ended December 31**  | **Salary, Consulting Fee, Retainer or Commission** <br> **($)**  | **Total Compensation** <br> **($)** |
| **Francis Letourneau**<sup>(1)</sup><br> President, CEO and Director | 2024<br> 2023 | 121154<br> 173846 Nil<br> Nil | 121154<br> 173846 |
| **Jim Bailey** <sup>(2)</sup><br> Chief Financial Officer and Director | 2024<br> 2023 | 114867<br> 158005 Nil<br> Nil | 114867<br> 158005 |

---

<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(7) Francis
 Letourneau was appointed President of the Company on October 16, 2020 and CEO of the
 Company on August 28, 2020, and has been a director of the Company since March 16, 2016.
 Mr. Letourneau resigned as CFO October 16, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Jim
 Bailey was appointed Chief Financial Officer of the Company on October 16, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Jim
 Bailey was compensated indirectly through the CFO Centre until June 2021.

***Narrative Discussion***

No director of NuRAN who is not an NEO has received, other than described below, during the most recently completed financial year, compensation pursuant to:

(a) any
 standard arrangement for the compensation of directors for their services in their capacity
 as directors, including any additional amounts payable for committee participation or
 special assignments;

(b) any
 other arrangement, in addition to, or in lieu of, any standard arrangement, for the compensation
 of directors in their capacity as directors; or

(c) any
 arrangement for the compensation of directors for services as consultants or expert.

The Company's NEOs have all entered into employment agreements with the Company. Each agreement specifies the terms and conditions of employment, the duties and responsibilities of the executive during the term, the compensation and benefits to be provided by the Company in exchange for each executive's services, and the compensation and benefits to be provided by the Company in the event of a termination of employment.

On March 30, 2021, Mr. Letourneau entered into a new employment agreement (the "**Letourneau Employment Agreement**") pursuant to which he is entitled to a base annual salary of $240,000 which is subject to increase to $350,000 on the earlier of: (i) the Company achieving a project debt financing under any of its network as a service agreements, or (ii) the date the Company completes an equity financing for minimum gross proceeds of $1,000,000. Mr. Letourneau is entitled to participate in any executive incentive bonus plans and is entitled to receive options at the discretion of the Board and received a special warrant to acquire up to 3,200,000 Common Shares of the Company upon the achievement of certain performance milestones including but not limited to the execution of additional network as a service or other agreements for proposed build out of site in a new country not previously contracted for the build out of sites by the Company; execution of a network as a service agreement resulting in an additional 1,000-5.000 cumulative sites under contract; the first $1,000,000 of revenue achieved from any network as a service agreement; and upon the first closing of any network as a service project financing in any country.

On September 3, 2021, the Company entered into an employment agreement with Questus Consulting Ltd. ("**Questus**"), a company that is 50% controlled by Jim Bailey, Chief Financial Officer, and 50% controlled by his spouse (the "**Questus Employment Agreement**"). Pursuant to the terms of the Questus Employment Agreement, the Company will pay Questus a fixed fee of $20,833.33 per month in consideration of certain management consulting services provided by Questus including managing the financing and banking functions of the Company and overseeing the procedures for internal controls management of continuous disclosure filings of the Company. Under the terms of the Questus Employment Agreement, Questus will be entitled to receive options of the Company under the Company's equity compensation plan at the discretion of the Board and was issued a performance warrant to acquire a total of up to 1,600,000 Common Shares of the Company based on the Company reaching certain successful milestones in strategic planning, growth, increased revenue and achievement of operation targets and subject to the completion of a minimum of four months of continued employment from the date of the Questus Employment Agreement. The Questus Employment Agreement does not have a predetermined term.

**Employment, Consulting and Management Agreements** 

For the years ended December 31, 2023 and December 31, 2024, other than described above, the Company does not have any employment, consulting or management agreements or arrangements with any of the current NEOs or directors.

***Termination and Change of Control Benefits***

Other than as described below, the Company does not have any compensatory plan, contract or arrangement where a NEO is entitled to receive a payment from the Company or its subsidiary, including periodic payments or instalments in the event of: (i) a change of control of the Company or its subsidiary or (ii) a change in the responsibilities of such Named Executive Officer following a change in control.

The Letourneau Employment Agreement provides for certain compensation in the case of either (i) the director or indirect acquisition by any person or persons of more than 50% of the outstanding voting shares of the Company or the rights to acquire such shares; or (ii) any director or indirect sale, transfer or disposition of all or substantially all of the assets of the Company (a "Change of Control"). In the event of a Change of Control of the Company and the occurrence of one or more of the following events: (i) the Company terminates Mr. Letourneau's employment without cause within 12 months of the Change of Control of the Company; (ii) Mr. Letourneau resigns because of a reduction in salary of greater than 10% material reduction in his status, title, position or duties or responsibilities; or (iii) a material breach of the terms and conditions, pursuant to the Letourneau Employment Agreement, the Company will pay Mr. Letourneau an amount that includes the following: (i) the equivalent to 12- months of base salary in a lump sum and subject to applicable statutory deductions or withholdings or both, but not subject to any duty to mitigate or other principle of mitigation; (ii) 12-months of incentive compensation within 30 days of the termination of employment in a lump sum and subject to applicable statutory deductions and withholdings; (iii) accrued but outstanding vacation pay; (iv) and all options under the stock option plan will immediately vest and become exercisable for a period of 90 days from the end of the term of employment after which time all unexercised stock options will expire and will not be exercisable. If Mr. Letourneau's employment is terminated without cause he is entitled to termination or pay in lieu of notice or any combination of the same as follows: (i) within 12 consecutive months of employment, one month of termination notice or pay in lieu of notice or any combination of the same; and (ii) after the first 12 consecutive month of employment, three months of termination notice or pay in lieu of notice or any combination of the same plus an additional one month of termination notice or pay in lieu of notice or any combination of same for each completed year of employment, to a total of a maximum of 12 months of termination notice or pay in lieu of notice or any combination of the same.

In the event of a change of control of the Company and pursuant to the terms and conditions of the Questus Employment Agreement, whereby more than 50% of the outstanding voting shares of the Company are acquired by a person or persons, acting jointly and in concert, Questus is entitled to payment in the amount equivalent to 12-months of the aforementioned fixed fee, incentive compensation pursuant to the incentive compensation plan and the vesting of all of Questus' unvested stock options under the Company's stock option plan.

<u>Stock Options and Other Compensation Securities</u>

The following table sets forth all direct compensation securities granted or issued to any director and NEO by the Company or any subsidiary thereof in the years ended December 31, 2023 and December 31, 2024 for services provided, or to be provided, directly or indirectly, to the Company or any subsidiary thereof.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position**<br>| **Type of compensation security <sup>(1)</sup>**<br>| **Number of compensation securities, number of underlying securities, and percentage of class**<br>| **Date of issue or grant** <br>| **Issue, conversion or exercise price** <br> **($)**  | **Closing price of security or underlying security on date of grant** <br> **($)**  | <br>**Expiry Date** |
| **Francis Letourneau**<br> President, CEO and Director | Options<br>| 400000<br>| Feb 10, 2021<br>| $2.35<br>| $2.42<br>| Feb 9, 2026<br>|
| **Binyomin Posen**<br> Director | Options<br>| 20000<br>| Feb 10, 2021<br>| $2.35<br>| $2.42<br>| Feb 8, 2026<br>|
| **Brendan Purdy**<br> Director | Options | 20000 | Feb 10, 2021 | $2.35 | $2.42 | Feb 8, 2026 |
| **Vitor Fonseca**<br> Director<sup>(2)</sup> | Options<br>Options<br>| 50000<br>100000 | Oct 26, 2021<br>Jan 27, 2022<br>| $1.67<br>$1.34<br>| $1.67<br>1.34  | Oct 26, 2026<br>Jan 27, 2027<br>|
| **Jim Bailey**<br> CFO and Director | Options | 150000 | Feb 10, 2021 | $2.35 | $2.42 | Feb 9, 2026  |
| **Navindran Naidoo**<br> Director | N/A | N/A | N/A | N/A | N/A | N/A |

---

<u>Notes:</u>

(1) On
 October 21, 2020, the Company completed a consolidation of its shares at a ratio of 25:1.
 All securities reflects post-consolidation information.

(2) Mr.
 Fonseca was not appointed director until March 11, 2021.

**Exercise of Compensation Securities by Directors and NEOs**

The following table sets forth details of each exercise by any director or NEO of stock options and other compensation securities during the most recently completed financial year ended December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Exercise of Compensation Securities by Directors and NEOs** | **Exercise of Compensation Securities by Directors and NEOs** | **Exercise of Compensation Securities by Directors and NEOs** | **Exercise of Compensation Securities by Directors and NEOs** | **Exercise of Compensation Securities by Directors and NEOs** | **Exercise of Compensation Securities by Directors and NEOs** | **Exercise of Compensation Securities by Directors and NEOs** |
| **Name and Position** | **Type of compensation security** | **Number of underlying securities exercised** | **Exercise price per security ($)** | **Date of exercise** | **Closing price per security on date of exercise ($)** | **Total value on exercise date ($)** |
| **N/A** | **N/A** | **N/A** | **N/A** | **N/A** | **N/A**<br> Nil | **N/A** |

---

**Stock Option Plans and Other Incentive Plans** 

The Company's stock option plan ("**Stock Option Plan**") provides that the Board may, from time to time, in its discretion, grant to directors, officers, employees, consultants and other personnel of the Company and its subsidiaries or affiliates, options to purchase Shares. The Stock Option Plan is a "rolling" stock option plan, whereby the aggregate number of Shares reserved for issuance, together with any other Shares reserved for issuance under any other plan or agreement of the Company, shall not exceed ten (10%) percent of the total number of issued Shares (calculated on a non-diluted basis) at the time an option is granted.

The Company has a stock option plan dated for reference August 8, 2022, and initially approved by the directors of the Company on August 8, 2022, which was established to provide incentive to qualified parties to increase their proprietary interest in the Company and thereby encourage their continuing association with the Company. See disclosure under the heading "Approval of Stock Option Plan". Management proposes share option grants to members of the Board based on such criteria as performance, previous grants, and hiring incentives.

**Oversight and Description of Director and NEO Compensation** 

The Board has not created or appointed a compensation committee given the Company's current size and stage of development.

All tasks related to developing and monitoring the Company's approach to the compensation of its NEOs and directors are performed by the members of the Board. The compensation of the NEOs, directors and the Company's employees or consultants is reviewed, recommended and approved by the Board without reference to any specific formula or criteria. NEOs that are also directors of the Company are involved in discussion relating to compensation and disclose their interest in and abstain from voting on compensation decisions relating to them, as applicable, in accordance with the applicable corporate legislation.

The Company's compensation program is intended to attract, motivate, reward and retain the management talent needed to achieve the Company's business objectives of improving overall corporate performance and creating long-term value for the shareholders. The compensation program is intended to reward executive officers on the basis of individual performance and achievement of corporate objectives, including the advancement of the exploration and development goals of the Company.

The Company's current compensation program is comprised of three major components: base salary or fees, short term incentives such as discretionary bonuses and long-term incentives such as stock options.

In making compensation decisions, the Board strives to find a balance between short-term and long-term compensation and cash versus equity incentive compensation. Base salaries or fees and discretionary cash bonuses primarily reward recent performance and incentive stock options encourage NEOs and directors to continue to deliver results over a longer period of time and serve as a retention tool. The annual salary or fee for each NEO, as applicable, is determined by the Board based on the level of responsibility and experience of the individual, the relative importance of the position to the Company, the professional qualifications of the individual and the performance of the individual over time. The NEOs' performances and salaries or fees are to be reviewed periodically. Increases in salary or fees are to be evaluated on an individual basis and are performance and market-based. The amount and award of cash bonuses to key executives and senior management is discretionary, depending on, among other factors, the financial performance of the Company and the position of a participant.

**Pension Benefits**

The Company does not have a pension benefit arrangement under which the Company have made payments to the directors and or Named Executive Officers of the Company during its fiscal years ended December 31, 2021 and December 31, 2022 or intends to make payments to the Company's directors or Named Executive Officers upon their retirement (other than the payments set out above and those made, if any, pursuant to the Canada Pension Plan or any government plan similar to it).

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

The following table sets forth details of the Company's compensation plans under which equity securities of the Company are authorized for issuance at the end of the Company's most recently completed financial years ended December 31, 2023 and December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be issued upon exercise of outstanding options**<br> **(a)**  | **Number of securities to be issued upon exercise of outstanding options**<br> **(a)**  | **Weighted-average exercise price of outstanding options**<br> **(b)**  | **Weighted-average exercise price of outstanding options**<br> **(b)**  | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))**<br> **(c)** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))**<br> **(c)** |
| **Plan Category** | **Dec 31, 2023** | **Dec 31, 2024** | **Dec 31, 2023** | **Dec 31, 2024** | **Dec 31, 2023** | **Dec 31, 2024** |
| Equity compensation plans previously approved by security holders | 3305000 | 2870000 | $1.54 | $1.34 | 999357 | 2999413 |
| Equity compensation plans not previously approved by security holders | Nil | Nil | Nil | Nil | Nil | Nil |

---

**AUDIT COMMITTEE DISCLOSURE**

National Instrument 52-110 of the Canadian Securities Administrators requires the Company, as a venture issuer, to disclose annually in its Information Circular certain information concerning the constitution of its Audit Committee and its relationship with its independent auditor.

**The Audit Committee Charter**

The full text of the Company's Audit Committee Charter is disclosed at Schedule "A" to this Information Circular.

**Composition of the Audit Committee**

As of the date of this Information Circular, Binyomin Posen, Brendan Purdy, and Vitor Fonseca have been members of the Audit Committee. Pursuant to National Instrument 52-110, the majority of the members of the Audit Committee are directors that are independent and free from any interest and any business or other relationship which could or could reasonably be perceived to, materially interfere with the director's ability to act with the best interests of the Company, other than the interests and relationships arising from shareholders. All members of the Audit Committee are independent except for Jim Bailey who is the Chief Financial Officer of the Company.

All of the Audit Committee members are "financially literate" as defined in National Instrument 52-110, as all have the industry experience necessary to understand and analyze financial statements of the Company, as well as the understanding of internal controls and procedures necessary for financial reporting.

The Audit Committee is responsible for review of both interim and annual financial statements for the Company. For the purposes of performing their duties, the members of the Audit Committee have the right at all times, to inspect all the books and financial records of the Company and any subsidiaries and to discuss with management and the external auditors of the Company any accounts, records and matters relating to the financial statements of the Company. The audit committee members meet periodically with management and annually with the external auditors.

**Relevant Education and Experience**

Each of Binyomin Posen, Vitor Fonseca, and Brendan Purdy meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

*<u>Vitor Fonseca</u>*

Mr. Fonseca was the Vice President and Treasurer of Romspen Investment Corporation, one of the largest private commercial real estate lenders in Canada with a $3 billion north American portfolio. Immediately prior to joining Romspen he was COO of a retirement home developer and operator. He was also a director and Chair of the Audit Committee of Canntab Therapeutics Inc. and is a director of Magellan Communities Care a not for profit organization developing a senior care complex in downtown Toronto. He was a former director and Chair of the Audit Committee of Mission Ready Services Inc. and Enwave Energy Corporation. Mr. Fonseca holds an MBA from the Rotman School of Management , a CPA-CGA and is also a graduate of the Institute of Corporate Directors.

*<u>Brendan Purdy</u>*

Mr. Purdy is a practicing securities lawyer focused on the resource, life sciences, and technology sectors. In his private practice, he has developed extensive experience with respect to public companies, capital markets, mergers and acquisitions, and other transactions fundamental to the Canadian junior equity markets. Prior to receiving his J.D. from the University of Ottawa, Mr. Purdy completed a Bachelor of Management and Organizational Studies degree from the University of Western Ontario, majoring in finance and administration. Mr. Purdy was previously CEO of Enforcer Gold Corp. and High Hampton Holdings Corp., and has served as director of several private and public companies. Mr. Purdy is currently serving on the board of DGTL Holdings Inc., a digital media technology incubator.

*<u>Binyomin Posen</u>*

Mr. Binyomin Y. Posen is a CEO, Chief Financial Officer & Director at Rio Verde Industries, Inc., a Director, Chief Executive & Financial Officer at TransGlobe Internet & Telecom Co. Ltd., a Director, Chief Executive & Financial Officer at Shane Resources Ltd., an Independent Director at Pacific Iron Ore Corp., a Director, Chief Executive & Financial Officer at Prominex Resource Corp., an Independent Director at Red Light Holland Corp., a Director, Chief Executive & Financial Officer at Jiminex, Inc., a Director, Chief Executive & Financial Officer at Sniper Resources Ltd., a Chief Executive Officer, CFO & Director at Academy Explorations Ltd., an Independent Director at Senternet Phi Gamma, Inc., a President, CEO, CFO, Secretary & Director at Agau Resources, Inc. and a President at 2778533 Ontario, Inc.

**Audit Committee Oversight**

Since the commencement of the Company's most recently completed financial year, the Company's Board has not failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

**Reliance on Certain Exemptions**

Since the commencement of the Company's most recently completed financial year, the Company has not relied on the exemptions contained in sections 2.4 or 8 of National Instrument 52-110. Section 2.4 *(De Minimis Non-audit Services)* provides an exemption from the requirement that the Audit Committee must pre-approve all non-audit services to be provided by the auditor, where the total amount of fees related to the non-audit services are not expected to exceed 5% of the total fees payable to the auditor in the fiscal year in which the non-audit services were provided. Section 8 *(Exemptions)* permits a company to apply to a securities regulatory authority for an exemption from the requirements of National Instrument 52-110 in whole or in part.

**Pre-Approval Policies and Procedures**

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter of the Company. The full text of the Company's Audit Committee Charter is disclosed at Schedule "A" to this Information Circular.

**External Auditor Service Fees**

In the following table, "audit fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of the Company's financial statements. "Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All other fees" are fees billed by the auditor for products and services not included in the foregoing categories.

The aggregate fees billed by the Company's external auditor in the last two fiscal years, by category, are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Financial Year Ended** | &nbsp;&nbsp;**Audit Fees ($)** | &nbsp;&nbsp;**All Other Fees ($)** |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp; $127500 &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3555 |
| &nbsp;&nbsp;December 31, 2023 | &nbsp;&nbsp;$78648 &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3282 |

---

**Exemption**

The Company is relying on the exemption provided by section 6.1 of National Instrument 52-110 which provides that the Company, as a venture issuer, is not required to comply with Part 3 (*Composition of the Audit Committee*) and Part 5 (*Reporting Obligations*) of National Instrument 52-110.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No current or former director, executive officer or employee, proposed nominee for election to the Board, or associate of such persons is, or has been, indebted to the Company since the beginning of the most recently completed financial year of the Company and no indebtedness remains outstanding as at the date of this Information Circular.

None of the directors or executive officers of the Company is or, at any time since the beginning of the most recently completed financial year, has been indebted to the Company. None of the directors' or executive officers' indebtedness to another entity is, or at any time since the beginning of the most recently completed financial year, has been the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Other than as disclosed herein, no: (a) director, proposed director or executive officer of the Company; (b) person or company who beneficially owns, directly or indirectly, Shares or who exercises control or direction of Shares, or a combination of both carrying more than ten percent of the voting rights attached to the Shares outstanding (an "**Insider**"); (c) director or executive officer of an Insider; or (d) associate or affiliate of any of the directors, executive officers or Insiders, has had any material interest, direct or indirect, in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which has materially affected or would materially affect the Company, except with an interest arising from the ownership of Shares where such person will receive no extra or special benefit or advantage not shared on a pro rata basis by all holders of the same class of shares.

**MANAGEMENT CONTRACTS**

There are no management functions of the Company, which are, to any substantial degree, performed by a person other than the directors or executive officers of the Company.

**CORPORATE GOVERNANCE**

Pursuant to National Instrument 58-101 *Disclosure of Corporate Governance Practices*, the Company is required to disclose its corporate governance practices as follows:

**Board of Directors**

The Board of the Company facilitates its exercise of independent supervision over the Company's management through frequent meetings of the Board.

Directors are considered to be independent if they have no direct or indirect material relationship with the Company. A "material relationship" is a relationship which could, in the view of the Company's Board, be reasonably expected to interfere with the exercise of a director's independent judgment. The independent directors are given full access to management so that they can develop an independent perspective and express their views and communicate their expectations of management.

The independent directors are Navindran Naidoo, Binyomin Posen, Brendan Purdy, and Vitor Fonseca. Upon election of the current proposed nominated directors, Avi Minkowitz will also be an independent member of the Board. Francis Letourneau is not considered independent by virtue of his being Chief Executive Officer of the Company.

**Orientation and Continuing Education** 

The Company has not formalized an orientation program. If a new director was appointed or elected, however, he or she would be provided with orientation and education about the Company which would include information about the duties and obligations of directors, the business and operations of the Company, documents from recent board meetings and opportunities for meetings and discussion with senior management and other directors. Specific details of the orientation of each new director would be tailored to that director's individual needs and areas of interest.

The Company does provide continuing education opportunities to directors so that they may maintain or enhance their skills and abilities as directors and ensure that their knowledge and understanding of the Company's business remains current.

**Ethical Business Conduct** 

The Company has not taken any formal steps to promote a culture of ethical business conduct, but the Company and its management are committed to conducting its business in an ethical manner. This is accomplished by management actively doing the following in its administration and conduct of the Company's business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 promotion of integrity and deterrence of wrongdoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 promotion of honest and ethical conduct, including the ethical handling of actual or
 apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 promotion of avoidance or absence of conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 promotion of full, fair, accurate, timely and understandable disclosure in public communications
 made by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 promotion of compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Providing
 guidance to the Company's directors, officers and employees to help them recognize
 and deal with ethical issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Helping
 foster a culture of integrity, honesty and accountability throughout the Company.

**Nomination of Directors**

The directors will be elected each year by the shareholders at the annual meeting of shareholders. The Board proposes a slate of nominees to the shareholders for election to the Board at such meeting. Between annual meetings of shareholders, the Board may fill casual vacancies on the Board and, subject to the Company's Articles, increase the size of the Board and elect directors to fill the resulting vacancies until the next annual meeting of shareholders.

The Board as a whole is responsible for identifying and evaluating qualified candidates for nomination to the Board. In identifying candidates, the Board considers the competencies and skills that the Board considers to be necessary for the Board, as a whole, to possess, the competencies and skills that the Board considers each existing director to possess, the competencies and skills each new nominee will bring to the Board and the ability of each new nominee to devote sufficient time and resources to his or her duties as a director.

**Compensation**

The Board as a whole is responsible for reviewing the adequacy and form of compensation paid to the Company's executives and key employees, and ensuring that such compensation realistically reflects the responsibilities and risks of such positions. In fulfilling these responsibilities, the Board evaluates the performance of the Company's chief executive officer and other senior management in light of corporate goals and objectives, and makes recommendations with respect to compensation levels based on such evaluations.

**Other Board Committees**

The Board has no other committees other than the Audit Committee.

**Assessments**

The Board has not, as of the present time, taken any formal steps to assess whether the Board, its committees and its individual directors are performing effectively.

**ADDITIONAL INFORMATION**

Additional information relating to the Company is available on SEDAR+ at <u>www.sedarplus.ca</u>.

Shareholders may contact the Company at its office by mail at 2150 Cyrille-Duquet Street, Quebec City, Quebec G1N 2G3, to request copies of the Company's financial statements and related Management's Discussion and Analysis (the "**MD&A**"). Financial information is provided in the Company's audited financial statements and MD&A for the years ended December 31, 2023 and December 31, 2024.

**OTHER MATTERS**

Other than the above, management of the Company knows of no other matters to come before the Meeting other than those referred to in the Notice of Meeting. However, if any other matters that are not known to management should properly come before the Meeting, the accompanying form of proxy confers discretionary authority upon the persons named therein to vote on such matters in accordance with their best judgment.

**APPROVAL OF THE BOARD OF DIRECTORS**

The contents of this Information Circular have been approved and the delivery of it to each shareholder of the Company entitled thereto and to the appropriate regulatory agencies has been authorized by the Board of the Company which are available on the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

DATED at Quebec City, QC as of this 9<sup>th</sup> day of September, 2025

*<u>/s/ Francis Letourneau</u>* <br> **Francis Letourneau** <br> President, CEO and Director

**SCHEDULE "A"**

**AUDIT COMMITTEE CHARTER**

The following Audit Committee Charter was adopted by the Audit Committee of the Board of Directors and the Board of Directors of NuRAN Wireless Inc. (the "**Company**"):

***Mandate***

The primary function of the audit committee (the "**Committee**") is to assist the Company's Board of Directors in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the Company to regulatory authorities and shareholders, the Company's systems of internal controls regarding finance and accounting and the Company's auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement of, and should foster adherence to, the Company's policies, procedures and practices at all levels. The Committee's primary duties and responsibilities are to:

● serve as an independent and objective party to monitor the Company's financial reporting and internal control system and review the Company's financial statements;

● review and appraise the performance of the Company's external auditors; and

● provide an open avenue of communication among the Company's auditors, financial and senior management and the Board of Directors.

***Composition***

The Committee shall be comprised of a minimum of three directors as determined by the Board of Directors. If the Company ceases to be a "venture issuer" (as that term is defined in NI 52-110), then all of the members of the Committee shall be free from any relationship that, in the opinion of the Board of Directors, would interfere with the exercise of his or her independent judgment as a member of the Committee.

If the Company ceases to be a "venture issuer" (as that term is defined in NI 52-110), then all members of the Committee shall have accounting or related financial management expertise. All members of the Committee that are not financially literate will work towards becoming financially literate to obtain a working familiarity with basic finance and accounting practices. For the purposes of the Company's Audit Committee Charter, the definition of "financially literate" is the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company's financial statements.

The members of the Committee shall be elected by the Board of Directors at its first meeting following the annual shareholders' meeting. Unless a Chair is elected by the full Board of Directors, the members of the Committee may designate a Chair by a majority vote of the full Committee membership.

***Meetings***

The Committee shall meet at least twice annually, or more frequently as circumstances dictate. As part of its job to foster open communication, the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.

***Responsibilities and Duties***

To fulfill its responsibilities and duties, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Documents/Reports
Review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
 and update this Audit Committee Charter annually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review
 the Company's financial statements, MD&A and any annual and interim earnings
 press releases before the Company publicly discloses this information and any reports
 or other financial information (including quarterly financial statements), which are
 submitted to any governmental body, or to the public, including any certification, report,
 opinion, or review rendered by the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. External
Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
 annually, the performance of the external auditors who shall be ultimately accountable
 to the Company's Board of Directors and the Committee as representatives of the
 shareholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain
 annually, a formal written statement of external auditors setting forth all relationships
 between the external auditors and the Company, consistent with Independence Standards
 Board Standard 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review
 and discuss with the external auditors any disclosed relationships or services that may
 impact the objectivity and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take,
 or recommend that the Company's full Board of Directors take appropriate action
 to oversee the independence of the external auditors, including the resolution of disagreements
 between management and the external auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) recommend
 to the Company's Board of Directors the selection and, where applicable, the replacement
 of the external auditors nominated annually for shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) recommend
 to the Company's Board of Directors the compensation to be paid to the external
 auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) at
 each meeting, consult with the external auditors, without the presence of management,
 about the quality of the Company's accounting principles, internal controls and
 the completeness and accuracy of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review
 and approve the Company's hiring policies regarding partners, employees and former
 partners and employees of the present and former external auditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
 with management and the external auditors the audit plan for the year-end financial statements
 and intended template for such statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) review
 and pre-approve all audit and audit-related services and the fees and other compensation
 related thereto, and any non-audit services, provided by the Company's external
 auditors. The pre-approval requirement is waived with respect to the provision of non-audit
 services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 aggregate amount of all such non-audit services provided to the Company constitutes not
 more than five percent of the total amount of revenues paid by the Company to its external
 auditors during the fiscal year in which the non-audit services are provided,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 services were not recognized by the Company at the time of the engagement to be non-audit
 services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
 services are promptly brought to the attention of the Committee by the Company and approved
 prior to the completion of the audit by the Committee or by one or more members of the
 Committee who are members of the Board of Directors to whom authority to grant such approvals
 has been delegated by the Committee.

Provided the pre-approval of the non-audit services is presented to the Committee's first scheduled meeting following such approval such authority may be delegated by the Committee to one or more independent members of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Financial
Reporting Processes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 consultation with the external auditors, review with management the integrity of the
 Company's financial reporting process, both internal and external;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consider
 the external auditors' judgments about the quality and appropriateness of the Company's
 accounting principles as applied in its financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consider
 and approve, if appropriate, changes to the Company's auditing and accounting principles
 and practices as suggested by the external auditors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review
 significant judgments made by management in the preparation of the financial statements
 and the view of the external auditors as to appropriateness of such judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) following
 completion of the annual audit, review separately with management and the external auditors
 any significant difficulties encountered during the course of the audit, including any
 restrictions on the scope of work or access to required information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review
 any significant disagreement among management and the external auditors in connection
 with the preparation of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review
 with the external auditors and management the extent to which changes and improvements
 in financial or accounting practices have been implemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review
 any complaints or concerns about any questionable accounting, internal accounting controls
 or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
 the certification process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) establish
 a procedure for the receipt, retention and treatment of complaints received by the Company
 regarding accounting, internal accounting controls or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) establish
 a procedure for the confidential, anonymous submission by employees of the Company of
 concerns regarding questionable accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
 any related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) engage
 independent counsel and other advisors as it determines necessary to carry out its duties;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 set and pay compensation for any independent counsel and other advisors employed by the
 Committee.

**SCHEDULE "B"**

NURAN VVRELESS INC.

NOTICE OF CHANGE OF AUDITORS PURSUANT TO

NATIONAL INSTRUNEENT 51-102

**Alberta Securities Commission**

**British Columbia Securities Commission**

**Ontario Securities Commission**

Dear Sirs/Madams:

Re: Notice Regarding Change of Auditor Pursuant to National Instrument 51-102

Notice is hereby given that NuRAN Wireless Inc. (the "Company" or "NuRAN") has accepted the resignation of Jeremy Levi, CPA (the "Former Auditor") as of November 19, 2024 and that Zeifmans LLP (the "Successor Auditor") has agreed to act as the Company's auditor effective November 19, 2024.

The resignation of the Former Auditor and the recommendation to appoint Zeifmans LLP as successor auditor has been approved by the Board of Directors of the Company.

There have been no reservations in the Fonner Auditor's Report on any of the Company's financial statements commencing at the beginning of the two most recently completed fiscal years and ending on December 31, 2023. The Former Auditor did not audit any financial statements of the Company subsequent to the December 31, 2023 fiscal year of the Company.

In the opinion of the Company, there are no reportable events, as defined in National Instrument 51-102 - *Continuous Disclosure Obligations,* during the period the Former Auditor was the auditor for the Company.

DATED as of the 22 day of November, 2024.

**NURAN WIRELESS ICC.**

---

| | |
|:---|:---|
| Per: | ![](img132_v1.jpg) |

---

James Bailey

Chief Financial Officer

![](img133_v1.jpg)

November 19, 2024

Ontario Securities Commission

Alberta Securities Commission

British Columbia Securities Commission

Canadian Securites Exchange

Dear Sirs/Mesdames,

**<u>Re: Notice of Change of Auditor - Nuran Wireless Inc. (the "Company")</u>**

Pursuant to National Instrument 51 -102 Continuous Disclosure Obligations, we have reviewed the information continued in the Notice of Change of Auditor of the Company dated November 19, 2024 (the "Notice") and, based on our knowledge of such information at this time, we agree with the statements made in the Notice pertaining to our firm. We advise mat we have no basis to agree or disagree with the comments in the Notice relating to ECOVIS.

Yours truly.

![](img133a_v1.jpg)

Chartered Professional Accountants

Licensed Public Accountants

---

| | |
|:---|:---|
| ![](img134_v1.jpg) | ![](img134a_v1.jpg) |

---

November 19, 2024

Ontario Securities Commission

Alberta Securities Commission

British Columbia Securities Commission

Canadian Securities Exchange

---

| | |
|:---|:---|
| **SUBJECT:** | **NuRan Wireless Inc. (the "Company")** |
|  | **Notice pursuant to National Instrument 51-102, Continuous Disclosure**<br> **Obligations ("NI 51-102") - Change of Auditor** |

---

We acknowledge receipt of a Notice of Change of Auditor (the "Notice")dated November 19, 2024, delivered to us by the Company. Pursuant to NI 51-102, please accept this letter as confirmation that we have reviewed the Notice and, based on our knowledge as at the time of receipt of the Notice, we agree with the statements set out in the Notice.

Regards,

![](img134b_v1.jpg)

ECOVIS Jeremy Levi

## Exhibit 99.31

**Exhibit 99.31**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

November 29, 2023

**Item 3: News Release** 

A news release was issued and disseminated on December 4, 2023 and filed on SEDAR at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change** 

The Company announced it has amended the terms of the factoring agreement dated August 28, 2023. The Company sold Receivables valued at $1.425 million for proceeds of $865,000 consisting of: (i) a cash payment of $215,000 that have been received by the Company; and (ii) a cash payment $650,000 on or before December 31, 2023 for the purpose of funding working capital requirements leading up to the finalisation of other loans. Included in the Amendment, the factoring company agreed to extend various deadlines until January 31, 2024. Furthermore, pursuant to the Amendment, if the Company chooses to satisfy the Recourse Account by issuing Units, which is entirely at the discretion of the Company, the deemed price per Unit will be $0.225 per Unit and the warrant exercise price will be $0.25. Finally, the Amendment adjusted the timing and quantum of the Fee Shares (as defined in the Company's news release dated August 28, 2023) so that the remaining balance of 1,300,000 Fee Shares has increased to 1,900,000, 1,000,000 of which will be issued on or before January 31, 2024, and the remainder will be issued on or before March 15, 2024. The Fee Shares will be subject to a statutory hold period in Canada of four months and a day from issuance.

**Item 5.1: Full Description of Material Change** 

See attached news release at Schedule "A" to this report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of September 26, 2025

**SCHEDULE "A"**

Please see attached.

**For Immediate release**

**NuRAN Provides Corporate Update**

●  ***Bridge Loan Extension*** 

●  ***Updated factoring agreement*** 

●  ***Extending Secured Convertible Debentures*** 

**Quebec, QC, Canada, December 4, 2023** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, provides the following corporate update on business:

**Extension of Bridge Loan for US$1.5 Million**

NuRAN is pleased to announce that it has received an extension from the US based institution that provided the bridge loan (as announced on April 4, 2023 and April 24, 2023) that it has agreed to extend the bridge loan until October 21, 2024 to allow the Company sufficient time to complete other financing aimed at building out NaaS infrastructure. As consideration, the Company has agreed to increase the principal amount on the loan by 10% as an extension fee and issue the lender 5,000,000 share purchase warrants to replace the existing warrants held by the lender, with each warrant exercisable to acquire a share of the Company at an exercise price of $0.25 for a period of two years. In addition, the Company has agreed to add a conversion feature to the loan, at $0.225 per common shares of the Company. Any securities issuable upon exercise of these warrants or conversion of the loan will be subject to a statutory hold period of four months and one day.

**Update on the Factoring Agreement.**

NuRAN is pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 (the "Amendment"). Pursuant to the Amendment, the Company has sold Receivables (as defined in the Company's news release dated August 28, 2023) valued at $1.425 million for proceeds of $865,000 consisting of: (i) a cash payment of $215,000 that have been received by the Company; and (ii) a cash payment $650,000 on or before December 31, 2023 for the purpose of funding working capital requirements leading up to the finalisation of other loans. Included in the Amendment, the factoring company agreed to extend various deadlines until January 31, 2024. Furthermore, pursuant to the Amendment, if the Company chooses to satisfy the Recourse Account (as defined in the Company's news release dated August 28, 2023) by issuing Units (as defined in the Company's news release dated August 28, 2023), which is entirely at the discretion of the Company, the deemed price per Unit will be $0.225 per Unit and the warrant exercise price will be $0.25. Finally, the Amendment adjusted the timing and quantum of the Fee Shares (as defined in the Company's news release dated August 28, 2023) so that the remaining balance of 1,300,000 Fee Shares has increased to 1,900,000, 1,000,000 of which will be issued on or before January 31, 2024, and the remainder will be issued on or before March 15, 2024. The Fee Shares will be subject to a statutory hold period in Canada of four months and a day from issuance.

**Update on the Secured Convertible Debentures**

NuRAN is also pleased to announce that the holders of its convertible secured debentures issued in August 2023 have agreed to waive certain rights pursuant to the debentures, including relating to events of default and extending those deadlines to February 28, 2024. As consideration to these debenture holders, the Company has agreed to a new conversion price of $0.225 per unit, with each unit comprised of one common share and three quarters (3/4) of one warrant, with each whole warrant exercisable to acquire an additional common share at a price of $0.25 until August 28, 2026. As additional consideration to the debenture holders, the Company has agreed to issue 120,000 common shares, which are subject to a statutory hold period in Canada of four months and a day.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the timing of the network infrastructure license and terms on financing. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www. sedarplus.ca.*

## Exhibit 99.32

**Exhibit 99.32**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

September 27, 2023

**Item 3: News Release** 

A news release was issued and disseminated on October 17, 2023 and filed on SEDAR at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change** 

The Company announced it has amended the terms of the factoring agreement dated August 28, 2023. Whereas the Factoring Agreement called for additional cash payments, completion of the DFI Financing and securing of the indebtedness by way of a Hypothec in favour of the Factor or its duly authorised agent on or before September 30, 2023, this date has now been extended to October 31, 2023.

**Item 5.1: Full Description of Material Change** 

See attached news release at Schedule "A" to this report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of September 8, 2025

**SCHEDULE "A"**

Please see attached.

**For Immediate release**

**NuRAN Provides Corporate Update**

**Quebec, QC, Canada, October 17, 2023** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to provide the following corporate update on business:

**Cameroon Operating License**

The Company is pleased to announce that it has received its Category 1 License for delivering and operating shared passive infrastructure to support digital communication networks. This license allows the Company to not only deliver its NaaS business model for Orange Cameroon (Orange) but to expand its business by allowing for multiple mobile network operator (MNOs) or "tenants" on sites. NuRAN can now provide services similar to other tower companies. NuRAN now has this added flexibility in the future and, although not strictly necessary for the current NaaS offering, the license means full satisfaction of the DFI conditions precedent.

**Update on the Factoring Agreement.**

NuRAN is pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 (the "**Factoring Agreement**"). Whereas the Factoring Agreement called for additional cash payments, completion of the DFI Financing and securing of the indebtedness by way of a Hypothec in favour of the Factor or its duly authorised agent on or before September 30, 2023, this date has now been extended to October 31, 2023. The Company continues to work closely with the Factor in providing adequate funding for the business in this period leading up to the securing of additional funding.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.33

**Exhibit 99.33**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

April 2, 2024

**Item 3: News Release** 

A news release was issued and disseminated on April 4, 2024 and filed on SEDAR at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change** 

The Company announced it has amended the terms of the factoring agreement dated August 28, 2023. Pursuant to the Amendment, the Company has sold additional Receivables valued at $1.911 million bringing the current total of Receivables currently owed to the Factor being $12 million. As consideration for the sale of these additional Receivables, the Company has already received cash of $675,000 and is to receive an additional cash payment of $325,000 on or before April 30, 2024 for the purpose of funding working capital requirements leading up to the finalisation of recently approved US $5M Loan Facility. Included in the Amendment, the factoring company agreed to extend various deadlines until April 30, 2024 and a certain limitations on converting into shares of the Company.

**Item 5.1: Full Description of Material Change** 

See attached news release at Schedule "A" to this report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of September 26, 2025

**SCHEDULE "A"**

Please see attached.

**For immediate release**

**NuRAN Confirms US $800K Credit Facility and Completes 19 New**

**Sites** 

**Quebec, QC, Canada, April 4th, 2024** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the confirmation of US $800K credit facility from a local Cameroon Commercial Bank to NuRAN Cameroon and specifically to support further deployment of sites. The announced credit facility has a 2-year tenor with a 9% interest rate per annum.

"With this new cash injection, NuRAN will continue to deploy new sites in Africa. As we deploy new sites, NuRAN will be in a stronger position of reporting site data which will help us to further secure additional funds to achieve new milestones of total sites deployed" stated Francis Letourneau, CEO of Nuran Wireless Inc.

NuRAN is also pleased to announce that it has now completed 19 of 21 sites and 5 site upgrades. The site builds were funded partially by cashflow generated in country and equipment previously paid for and in inventory. The total number of live sites in Africa is now 183 from the previous 164.

**Update on the Factoring Agreement**

NuRAN is pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 and later amended as announced on the 1st of December (the "Amendment"). Pursuant to the Amendment, the Company has sold additional Receivables (as defined in the Company's news release dated August 28, 2023) valued at $1.911 million bringing the current total of Receivables currently owed to the Factor (as defined in the Company's news release dated August 28, 2023) being $12 million. As consideration for the sale of these additional Receivables, the Company has already received cash of $675,000 and is to receive an additional cash payment of $325,000 on or before April 30, 2024 for the purpose of funding working capital requirements leading up to the finalisation of recently approved US $5M Loan Facility. Included in the Amendment, the factoring company agreed to extend various deadlines until April 30, 2024 and a certain limitations on converting into shares of the Company.

The CEO of the Factor commented "while we share the public sentiment regarding the delays in Nuran securing the various capex loans that are needed to propel Nuran's business forward, we remain confident in Nuran's business model and bright future. As such, we are happy to continue funding Nuran on the interim basis until the various capex loans are funded and wish to clarify that we have no present intention to exercise any rights related to event of defaults, like all shareholders, we are waiting patiently for Nuran's bright future."

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the signing and closing of the DFI loans, statements with respect to the number of live towers to be installed and proposed revenues over 2023, 2024 and 2025, statements with respect to financing at the NuRAN Africa intended to be complementary to the DFI loans and if completed is intended be used to accelerate growth in other markets, including recent contracts signed in Ivory Coast and Madagascar, statements with respect to the future conversion of sites in inventory to live sites as the Company secures additional financing to support the conversion, statements with respect to proposed debt settlements with management and short term and long term lenders including any potential restructuring of debt and that the execution of the loan agreement with the DFIs will propel NuRAN to build towers at an aggressive pace and fulfil our 2024 and 2025 expectation. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term and short term debt; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; NuRAN's ability to complete the DFI financings, our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

*The estimates included in this news release relating to the calculation of the gross revenue of the agreements with Orange and MTN are based on multiplying an average population per site by the expected penetration rate which yields the number of mobile customers. This is then multiplied by the average revenue per customer per month (ARPU) to derive total revenue. Orange and MTN's direct costs associated with this revenue are deducted and the resulting amount is shared by both parties. The revenue share only applies to revenue in excess of a guaranteed amount which is the minimum paid to NuRAN. A penetration rate reduction factor has been used to mitigate risk. The base data used to calculate the total potential revenue of this agreement was provided by Orange and MTN based on average population, penetration rate and ARPU. Management of the Company believes that the estimates have been prepared on a reasonable basis, reflecting best estimates and judgments, and based on a number of assumptions management believes are reasonable as well as information provided to the Company by Orange and MTN. However, because this information is highly subjective and subject to numerous risks, including the risks discussed above, it should not be relied on as necessarily indicative of future results. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the estimates prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.*

*CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION*

*This press release may contain future oriented financial information ("FOFI") within the meaning of Canadian securities legislation, about prospective results of operations including projected revenue, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled "Forward-Looking Statements" and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.*

*The FOFI contained in this press release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future installation and funding of towers under the Company's NAAS agreements in Africa, (ii) continued revenue generation by the Mobile Network Operators (MNOs) over our NAAS infrastructure in line with our projections as well as the continued viability of these MNOs given the concentration of our operations on few key customers, (iii) no adverse changes in exchange rates our the ability to transfer currency in countries with foreign currency denominated NAAS contracts or economies, (iv) the future viability and competitiveness of our RAN solutions which are sold under traditional equipment sale contracts and provide a source of additional cashflow, (v) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company's business, (vi) the continuation of our NAAS agreements beyond their current contractual minimum periods to assure long term revenue, (vii) on-going costs of operating our NAAS towers including maintenance, repair, replacement of damaged or stolen equipment as well as VSAT and other input costs in line with our expectations, (viii) the Company's ongoing inventory levels, build and other operating cost estimates, (ix) no adverse factors in the political and regulatory regimes in which the Company operates, (x) no significant competitive threat from alternative rural connectivity solutions such as low-earth orbit or other technologies as well as alternative NAAS providers, (xi) availability and net proceeds from the Company's proposed loans with DFIs and other alternative financings, including, without limitation the equity financing of the parent company and the Company's subsidiaries; (xii) the ability to successfully extend maturity dates and obtain bridge capital when needed for working capital purposes, (xiii) the ability to continue to source products and services from critical outsourced providers including producers of its Radio-Access Network (RAN) equipment and construction and maintenance of NAAS sites, (xiv) assurance of supply from critical third party providers of technical equipment for our NAAS sites including solar and satellite equipment and terminals, (xv) access to qualified staff in new markets we are entering and in markets where we are growing, and (xvi) risks from the COVID-19 pandemic or other public health epidemics which could affect our staff but especially in African countries which are more vulnerable to these outbreaks. The FOFI or financial outlook contained in this press release do not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled "Forward-Looking Statements" and under the heading "Risk Factors" in the Company's public disclosures, FOFI or financial outlook within this press release should not be relied on as necessarily indicative of future results. Readers are cautioned not to place undue reliance on the FOFI, or financial outlook contained in this press release. Except as required by Canadian securities laws, the Company does not intend, and does not assume any obligation, to update such FOFI.*

## Exhibit 99.34

**Exhibit 99.34**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

 ***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

June 25, 2024

**Item 3: News Release** 

A news release was issued and disseminated on July 5, 2024 and filed on SEDAR at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change** 

The Company announced it has amended the terms of the factoring agreement dated August 28, 2023 in connection with the closing of the US $5M Loan Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital (the "Facility"). It reached agreement factor and certain existing holders of convertible debentures (the "Debentureholders") pursuant to which the Factor and Debentureholders agreed to subordinate their outstanding security to the Facility with respect to all Africa assets and to waive any current events of default. The Company has also extended the maturity date of the Convertible Debentures entered into in July 2022 to December 31, 2025 in return for an increase in the principal amount to US$2.53M plus an agreed cash repayment plan and increased interest charges of 24% equal to the default rate. NuRAN also increased the amounts available for factoring under the Factoring Agreement entered into in August 2023 allowing the Company to draw additional amounts at its discretion. No changes were made to the conversion price of outstanding convertible debentures and the conversion price in the factoring agreement.

**Item 5.1: Full Description of Material Change** 

See attached news release at Schedule "A" to this report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of September 26, 2025

**SCHEDULE "A"**

Please see attached.

**For Immediate release**

**NuRAN Closes US$5M Financing**

**Quebec, QC, Canada, July 5, 2024** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the financial close of the US $5M Loan Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital (the "Facility") <u>previously announced on April 26<sup>th</sup>, 2024</u>. The initial drawdown of US$2.5M under the Facility is underway and the funds will be disbursed within 5 to10 business days.

"We are pleased to have successfully completed this important financing allowing the Company to focus on building more sites in Africa with the aim of demonstrating the effectiveness and profitability of these rural and remote sites. As we continue to add live sites to our inventory, we believe that our business model will not only prove to be successful but will demonstrate the value of the more than 5,000 sites that we already have under contract" stated Francis Letourneau, President and CEO of NuRAN Wireless Inc.

**US$5M Loan Facility**

The initial draw down under the Facility consists of the principal amount of US$2.5M which amount includes a US$1.07M refinancing of renewable energy assets already previously shipped and installed by NuRAN in Cameroon. Combined with the operating cash generated by operations, this is expected to allow the company to complete the 122 sites from the initial contract and to build up to an additional 120 new sites.

Based on the recent performance of its sites in Cameroon the new site build represents an important milestone in expanding connectivity in underserved regions across the country. A drawdown under the Facility for the Democratic Republic of the Congo (DRC) is expected to follow subject to compliance with all drawdown conditions and upon closing is expected to fund the completion of over 100 sites in DRC. Management also intends to kickoff operations in Ivory Coast and to build sites from inventory in South Sudan before the end of 2024 subject to further financing.

**Restructuring of Outstanding Debentures and Factoring Agreement Outstanding Debt**

NuRAN is also pleased to announce that, in connection with the closing of the Facility, it has reached agreement with Advance Factoring Inc., the holder of debt under the Factoring Agreement dated as of August 28, 2023 (the "Factor) and certain existing holders of convertible debentures (the "Debentureholders") pursuant to which the Factor and Debentureholders agreed to subordinate their outstanding security to the Facility with respect to all Africa assets and to waive any current events of default. The Company has also extended the maturity date of the Convertible Debentures entered into in July 2022 to December 31, 2025 in return for an increase in the principal amount to US$2.53M plus an agreed cash repayment plan and increased interest charges of 24% equal to the default rate. NuRAN also increased the amounts available for factoring under the Factoring Agreement entered into in August 2023 allowing the Company to draw additional amounts at its discretion. No changes were made to the conversion price of outstanding convertible debentures and the conversion price in the factoring agreement.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company building more sites in Africa with the aim of demonstrating the effectiveness and profitability of these rural and remote sites, statements with respect to the business model proving to be successful and demonstrate the value of the more than 5,000 sites under contract, use of funds from the Facility to build new sites statements with respect to building new sites from future funding in DRC and South Sudan. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.35

**Exhibit 99.35**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

December 23, 2024

**Item 3: News Release** 

A news release was issued and disseminated on December 23, 2024 and filed on SEDAR at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change** 

The Company announced it has amended the terms of the factoring agreement dated August 28, 2023 The factoring company has agreed to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the factoring company has agreed to cap conversions so that no more than 30,000, 0000 Units from the previous 80,000,000 Units which are eligible to be issued. As consideration to the factoring company, the Company agreed to reduce the price per Unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. The amendment to this agreement provides the Company with the assurance of additional working capital, if needed, to continue its build focused on achieving positive Earnings Before Interest, Tax, Depreciation and Amortisation at group level as soon as possible.

**Item 5.1: Full Description of Material Change** 

See attached news release at Schedule "A" to this report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of September 26, 2025

**SCHEDULE "A"**

Please see attached.

**For Immediate release**

**NuRAN Provides Corporate Update**

**Quebec, QC, Canada, December 23<sup>rd</sup>, 2024** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to provide the following corporate update on business:

**MNO Settlement and Site Acceptance**

The Company's subsidiary in Cameroon (NuRAN Cameroon) has reached an agreement with its Mobile Network Operator (MNO) Partner for the settlement of arrears relating to Network as a Service (NaaS) sites that are live but had not to date been invoiced. The agreement sets dates of acceptance when sites are deemed live and invoiced dating back to January 2022. The agreement means that beginning in November 2024, NuRAN Cameroon will issue an invoice for the additional sites increasing monthly revenue by over 20%. In addition, the Company has also reached an agreement on the basis for new site provisioning and acceptance which provides a basis to add sites to be invoiced going forward. This is an important milestone removing uncertainty and allowing for both parties to continue to pursue their growth plans. The Cameroon operation has quickly become the benchmark for NuRAN and management is keen to replicate its results in other markets.

**Extension of Secured Convertible Debentures**

NuRAN is also pleased to announce that it has completed negotiations for an extension of its convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing to include interest accrued to date, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit (as defined in the Company's news release dated August 28, 2023) to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028.

**Update on the Factoring Agreement.** 

NuRAN is also pleased to announce that it has amended the terms of the factoring agreement dated August 28, 2023 (the "**Amendment**"). Pursuant to the Amendment, the factoring company has agreed to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the factoring company has agreed to cap conversions so that no more than 30,000, 0000 Units from the previous 80,000,000 Units which are eligible to be issued. As consideration to the factoring company, the Company agreed to reduce the price per Unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. The amendment to this agreement provides the Company with the assurance of additional working capital, if needed, to continue its build focused on achieving positive Earnings Before Interest, Tax, Depreciation and Amortisation at group level as soon as possible. It is still NuRAN's intention to pay back this Factoring Facility in cash to minimize dilution.

**Issuance of Shares for Interest Owed** 

The Company also announces that its board of directors has approved the issuance of 500,000 common shares in the capital of the Corporation to pay interest owing to an arm's length creditors of a short term loan which has now been fully repaid in cash for the amount funded by this party, which common shares are subject to a statutory hold period in Canada of four months and a day.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to provide services similar to other tower companies and the Factor providing adequate funding for the business in this period leading up to the securing of additional funding. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.36

**Exhibit 99.36**

**FACTORING AMENDING AGREEMENT**

**THIS FACTORING AMENDING AGREEMENT** (this "**Amending Agreement**") is dated as of September 27, 2023 (the "**Effective Date**"), by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties have entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS**, all capitalized terms used in this Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 reference to "September 30, 2023" in Section 4.5.2 in the Factoring Agreement
 is hereby deleted and replaced with "October 31, 2023".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 reference to "September 30, 2023" in Section 13.1.3 in the Factoring Agreement
 is hereby deleted and replaced with "October 31, 2023".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement is hereby
 deleted and replaced with "60 days".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In
 all other respects the terms and conditions set forth in the Factoring Agreement shall
 remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. It
 is agreed and understood that this Amending Agreement may be executed by way of facsimile
 transmission and, further, may be executed in any number of counterparts and all such
 counterparts shall, for all purposes, constitute one agreement binding on the Parties
 hereto, providing each party hereto has executed at least one counterpart, and shall
 be deemed to be an original notwithstanding that all Parties are not signatory to the
 same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This
 Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Francis Letourneau"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.** | **ADVANCE FACTORING INC.** |
| Per: | /s/ *"Shimshon Posen"* |
|  | Authorized Signatory |

---

## Exhibit 99.37

**Exhibit 99.37**

**SECOND FACTORING AMENDING AGREEMENT**

**THIS SECOND FACTORING AMENDING AGREEMENT** (this "**Second Amending Agreement**") is dated as of November 29, 2023, effective as of September 30, 2023, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS** the Parties entered into a factoring amending agreement dated August September 27, 2023 (the "**Amending Agreement**");

**AND WHEREAS**, all capitalized terms used in this Second Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to further amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 reference to "$0.35" in the definition for "Conversion Price"
 in Section 1.1 in the Factoring Agreement is hereby deleted and replaced with "$0.225".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 reference to "$0.40" in the definition for "Warrant" in Section
 1.1 in the Factoring Agreement is hereby deleted and replaced with "$0.25",
 and all references to "$0.40" in Schedule 8 in the Factoring Agreement are
 replaced with "$0.25".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Section
 4.5 in the Factoring Agreement is hereby deleted and replaced with the following:

---

| | |
|:---|:---|
| "4.5 | The Seller and Factor acknowledge and agree that concurrent with the execution of this Agreement (the "**Initial Closing Date**"), Approved Accounts in the aggregate amount of $10,075,289.36 (the "**Initial Approved Accounts**") as set out in Schedule 3 hereto shall be sold to the Factor effective as of the date of this Agreement in consideration of the payment by the Factor of a Purchase Price in the aggregate amount of $6,303,340.95 (the "**Initial Purchase Amount**") to the Seller consisting of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 a cash payment of $4,638,340.95 payable to Garfinkle Biderman LLP in trust, to be paid by the Factor and made pursuant to a direction to be provided by the Seller at closing to repay outstanding indebtedness of the Seller, which was completed on August 28, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 a cash payment of $800,000 payable to the Seller by wire, in tranches, on or before October 31, 2023, which was completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 a cash payment of $215,000 payable to the Seller by wire, in tranches, on or before November 14, 2023, which was completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4 a cash payment of $650,000 payable to the Seller by wire, in tranches, on or before December 31, 2023."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Section
 4.6 in the Factoring Agreement is hereby deleted and replaced with the following:

---

| | |
|:---|:---|
| "4.6 | The Seller and Factor acknowledge and agree that in consideration of the Factor's entry into this agreement and payment of the Initial Purchase Amount the Seller shall issue the following as an arrangement fee to the Factor: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1 2,500,000 common shares of the Seller on the Initial Closing Date, which have been issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2 1,000,000 common shares of the Seller on or before January 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3 900,000 common shares of the Seller on or before March 15, 2024."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "September 30, 2023" in Section 13.1.3 in the Factoring Agreement,
 as amended pursuant the Section 2 of the Amending Agreement to "October 31, 2023",
 is hereby deleted and replaced with "January 31, 2024".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement, as amended
 pursuant the Section 3 of the Amending Agreement to "60 days", is hereby
 deleted and replaced with "125 days".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 reference to "December 31, 2023" in Schedule 1 in the Factoring Agreement
 is hereby deleted and replaced with "January 31, 2024".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Schedule
 3 in the Factoring Agreement is hereby deleted and replaced with "Schedule 3 (revised
 Nov 2023)" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Regarding
 any Initial Approved Account listed on Schedule 3 (revised Nov 2023) as MINTA, the Factor
 has the option, which is entirely at the discretion of the Factor, to choose to receive
 the applicable payment of US$47,554.10 or waive any applicable payment and allow the
 Seller to receive the applicable payment. This option may be exercised by the Factor
 at any time. If the Factor elects to waive the applicable payment, an amount equal to
 each applicable payment plus US$15,000 will be added to the face value of the Approved
 Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In
 all other respects the terms and conditions set forth in the Factoring Agreement and
 the Amending Agreement shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. It
 is agreed and understood that this Second Amending Agreement may be executed by way of
 facsimile transmission and, further, may be executed in any number of counterparts and
 all such counterparts shall, for all purposes, constitute one agreement binding on the
 Parties hereto, providing each party hereto has executed at least one counterpart, and
 shall be deemed to be an original notwithstanding that all Parties are not signatory
 to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This
 Second Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Second Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.** | **ADVANCE FACTORING INC.** |
| Per: | /s/ *"Shimmy Posen"* |
|  | Authorized Signatory |

---

Pursuant to the Guarantee between the Parties dated August 28, 2023, the undersigned hereby acknowledges and confirms that the amounts included in this Second Amending Agreement are covered by the Guarantee.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Schedule 3 (revised Nov 2023)** | &nbsp;&nbsp;**Schedule 3 (revised Nov 2023)** | &nbsp;&nbsp;**Schedule 3 (revised Nov 2023)** |
| &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;1.35 |
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1172193.89 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1051990.36 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;$2424022.78 | &nbsp;&nbsp;$3272430.75 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;$2535636.83 | &nbsp;&nbsp;$3423109.72 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;$855973.80 | &nbsp;&nbsp;$1155564.63 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$7463177.30 | &nbsp;&nbsp;$10075289.36 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** |
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10127 | &nbsp;&nbsp;2021-11-25 | &nbsp;&nbsp;$287266.65 | &nbsp;&nbsp;$387809.98 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10143 | &nbsp;&nbsp;2021-12-08 | &nbsp;&nbsp;$30460.22 | &nbsp;&nbsp;$41121.30 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10189 | &nbsp;&nbsp;2022-06-17 | &nbsp;&nbsp;$354776.55 | &nbsp;&nbsp;$478948.34 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$87472.00 | &nbsp;&nbsp;$118087.20 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$1897.35 | &nbsp;&nbsp;$2561.42 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$143665.65 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1172193.89 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10107 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$31026.90 | &nbsp;&nbsp;$41886.32 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10109 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$279044.15 | &nbsp;&nbsp;$376709.60 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$244780.45 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10190 | &nbsp;&nbsp;2022-06-08 | &nbsp;&nbsp;$1402.12 | &nbsp;&nbsp;$1892.86 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$27651.00 | &nbsp;&nbsp;$37328.85 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$39350.85 | &nbsp;&nbsp;$53123.65 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$24281.70 | &nbsp;&nbsp;$32780.30 |
| &nbsp;&nbsp;Equipment – Cameroon |  |  | &nbsp;&nbsp;$23403.00 | &nbsp;&nbsp;$31594.05 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1051990.36 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10248 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$104400.23 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10250 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$564329.19 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10252 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$382565.46 | &nbsp;&nbsp;$516463.37 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10256 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$315900.00 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10280 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$54214.00 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10281 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$117680.78 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10299 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$19487.50 | &nbsp;&nbsp;$26308.13 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10301 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$66799.78 | &nbsp;&nbsp;$90179.70 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10303 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$107436.27 | &nbsp;&nbsp;$145038.96 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10286 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$376800.00 | &nbsp;&nbsp;$508680.00 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10341 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$15337.50 | &nbsp;&nbsp;$20705.63 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10340 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$78968.75 | &nbsp;&nbsp;$106607.81 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10339 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$270000.00 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10338 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$86050.27 | &nbsp;&nbsp;$116167.86 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$2424022.78 | &nbsp;&nbsp;$3272750.75 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10242 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$104400.23 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10244 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$564329.19 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10246 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$358655.26 | &nbsp;&nbsp;$484184.60 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10254 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$315900.00 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$339799.98 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10279 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$54214.00 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10282 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$117680.78 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10285 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$94200.00 | &nbsp;&nbsp;$127170.00 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$227168.39 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10298 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$22926.48 | &nbsp;&nbsp;$30950.75 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10337 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$18044.12 | &nbsp;&nbsp;$24359.56 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10336 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$85845.62 | &nbsp;&nbsp;$115891.59 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10335 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10334 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$101235.65 | &nbsp;&nbsp;$136668.13 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10352 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$86331.14 | &nbsp;&nbsp;$116547.04 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$2535636.83 | &nbsp;&nbsp;$3423109.72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Apr-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TBD | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$64198.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;MINTA | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$855973.80 | &nbsp;&nbsp;$1155564.63 |

---

## Exhibit 99.38

**Exhibit 99.38**

**FOURTH FACTORING AMENDING AGREEMENT**

**THIS FOURTH FACTORING AMENDING AGREEMENT** (this "**Fourth Amending Agreement**") is dated as of April 2, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS** the Parties entered into a factoring amending agreement dated August September 27, 2023 (the "**Amending Agreement**");

**AND WHEREAS** the Parties entered into a second factoring amending agreement dated November 29, 2023 (the "**Second Amending Agreement**");

**AND WHEREAS** the Parties entered into a third factoring amending agreement dated December 22, 2023 (the "**Third Amending Agreement**");

**AND WHEREAS**, all capitalized terms used in this Fourth Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to further amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section
 4.5 in the Factoring Agreement is hereby deleted and replaced with the following:

---

| | |
|:---|:---|
| "4.5 | The Seller and Factor acknowledge and agree that concurrent with the execution of this Agreement (the "**Initial Closing Date**"), Approved Accounts in the aggregate amount of $11,986,052.44 (the "**Initial Approved Accounts**") as set out in Schedule 3 hereto shall be sold to the Factor effective as of the date of this Agreement in consideration of the payment by the Factor of a Purchase Price in the aggregate amount of $7,303,340.95 (the "**Initial Purchase Amount**") to the Seller consisting of the following: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 a cash payment of $4,638,340.95 payable to Garfinkle Biderman LLP in trust, to be paid by the Factor and made pursuant to a direction to be provided by the Seller at closing to repay outstanding indebtedness of the Seller, which was completed on August 28, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 a cash payment of $1,665,000 payable to the Seller by wire, or as the Seller directs, in tranches, on or before January 31, 2024, which was completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3 a cash payment of $525,000 payable to the Seller by wire, or as the Seller directs, in tranches, on or before March 19, 2024, which was completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4 a cash payment of $475,000 payable to the Seller by wire, in tranches, on or before April 30, 2024."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Parties hereby confirm that all payments pursuant to Section 4.6 in the Factoring Agreement,
 as amended pursuant the Section 4 of the Second Amending Agreement, have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Schedule
 3 in the Factoring Agreement, as amended pursuant to Section 8 of the Second Amending
 Agreement, is hereby deleted and replaced with "Schedule 3 (revised April 2024)"
 attached hereto, which includes the repurchase of the following Initial Approved Accounts
 that were subject to a Recourse Notice prior to the date hereof:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$838580.06 | &nbsp;&nbsp;$1132083.08 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pursuant
 to Section 9 of the Second Amending Agreement, the Factor hereby waives any applicable
 payment on any Initial Approved Account listed on Schedule 3 (revised Nov 2023) of the
 Second Amending Agreement listed as MINTA, effective as of February 1, 2024, and the
 Factor exercises its option to allow the Seller to receive the applicable payment, as
 such an amount equal to each applicable payment plus US$15,000 will be added to the face
 value of the Approved Accounts as shown on "Schedule 3 (revised April 2024)"
 attached hereto. The Seller hereby confirms the additional amounts effective as of February
 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Section
 10.8 in the Factoring Agreement is hereby deleted and replaced with the following:

---

| | |
|:---|:---|
| "10.8 | Without the prior written consent of the Factor, the Seller will not be permitted to convert the Conversion Amount into Units at the Conversion Price to the extent that, after giving effect to such conversion, the undersigned (together with the Factor's affiliates acting jointly or in concert with the undersigned, the "**Joint Actors**") would beneficially own in excess of 9.9% of the number of the Common Shares issued and outstanding immediately after giving effect to such conversion, on a partially diluted basis assuming the conversion of all securities of the Joint Actors which are convertible into Common Shares within sixty (60) days from the proposed Exercise Date. In addition, the parties hereto acknowledge and confirm that the maximum number of Units permitted to be issued by the Seller remains subject to compliance with section 4.6(2) of Exchange Policy 4." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 following is hereby added as Section 6.1.11 in the Factoring Agreement:

---

| | |
|:---|:---|
| "6.1.11 | The Seller shall not, and shall cause each of its subsidiaries and each of their respective officers, directors, employees, affiliates and agents, not to, provide the Factor with any material, nonpublic information regarding the Seller or any of its subsidiaries from and after the date hereof without the express prior written consent of such Factor. If the Factor has, or believes it has, received any such material, nonpublic information regarding the Seller or any of its subsidiaries from the Seller, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agents, it may provide the Seller with written notice thereof. The Seller shall, within one (1) Business Day of receipt of such notice, make public disclosure of such material, nonpublic information. In the event of a breach of the foregoing covenant by the Seller, any of its subsidiaries, or any of its or their respective officers, directors, employees, affiliates and agents, in addition to any other remedy provided herein, the Factor shall have the right to make a public disclosure, in the form of a press release of such material, nonpublic information. The Factor shall not have any liability to the Seller, its subsidiaries, or any of its or their respective officers, directors, employees, affiliates, stockholders or agents for any such disclosure. To the extent that the Seller delivers any material, nonpublic information to the Factor without the Factor's consent, the Seller hereby covenants and agrees that the Factor shall not have any duty of confidentiality to the Seller, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agent with respect to, or a duty to the Seller, any of its subsidiaries or any of their respective officers, directors, employees, affiliates or agent not to trade on the basis of, such material, nonpublic information." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 following is hereby added as Section 6.1.12 in the Factoring Agreement:

---

| | |
|:---|:---|
| "6.1.12 | So long as any Indebtedness remains outstanding hereunder, the Seller shall not enter into any public or private offering of its securities (including securities convertible into Common Shares) with any individual or entity (an "**Other Investor**") that has the effect of establishing rights or otherwise benefiting such Other Investor in a manner more favourable in any material respect to such Other Investor than the rights and benefits established in favour of the Factor by this Agreement unless, in any such case, the Factor has been provided with such rights and benefits pursuant to a definitive written agreement or agreements between the Seller and the Factor." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Section
 7 in the Second Amending Agreement is hereby deleted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement, as amended
 pursuant the Section 3 of the Amending Agreement to "60 days", as amended
 pursuant the Section 6 of the Second Amending Agreement to "125 days", as
 amended pursuant the Section 2 of the Third Amending Agreement to "156 days",
 is hereby deleted and replaced with "246 days".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In
 all other respects the terms and conditions set forth in the Factoring Agreement and
 the Amending Agreement shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. It
 is agreed and understood that this Fourth Amending Agreement may be executed by way of
 facsimile transmission and, further, may be executed in any number of counterparts and
 all such counterparts shall, for all purposes, constitute one agreement binding on the
 Parties hereto, providing each party hereto has executed at least one counterpart, and
 shall be deemed to be an original notwithstanding that all Parties are not signatory
 to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This
 Fourth Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Fourth Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Francis Letourneau"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.** | **ADVANCE FACTORING INC.** |
| Per: | /s/ *"Shimshon Posen"* |
|  | Authorized Signatory |

---

Pursuant to the Guarantee between the Parties dated August 28, 2023, the undersigned hereby acknowledges and confirms that the amounts included in this Fourth Amending Agreement are covered by the Guarantee.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Francis Letourneau"* |
|  | Authorized Signatory |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Schedule 3 (revised April 2024)** | &nbsp;&nbsp;**Schedule 3 (revised April 2024)** | &nbsp;&nbsp;**Schedule 3 (revised April 2024)** |
| &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;1.35 |
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1172193.89 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;$951025.67 | &nbsp;&nbsp;$1283884.65 |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;$3234715.44 | &nbsp;&nbsp;$4366865.84 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;$2968550.68 | &nbsp;&nbsp;$4007543.42 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1155564.63 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$9148557.36 | &nbsp;&nbsp;$11986052.44 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** |
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10127 | &nbsp;&nbsp;2021-11-25 | &nbsp;&nbsp;$287266.65 | &nbsp;&nbsp;$387809.98 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10143 | &nbsp;&nbsp;2021-12-08 | &nbsp;&nbsp;$30460.22 | &nbsp;&nbsp;$41121.30 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10189 | &nbsp;&nbsp;2022-06-17 | &nbsp;&nbsp;$354776.55 | &nbsp;&nbsp;$478948.34 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$87472.00 | &nbsp;&nbsp;$118087.20 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$1897.35 | &nbsp;&nbsp;$2561.42 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$143665.65 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1172193.89 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10107 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$31026.90 | &nbsp;&nbsp;$41886.32 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10109 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$279044.15 | &nbsp;&nbsp;$376709.60 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$244780.45 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 | &nbsp;&nbsp;Recourse Notice (March 20, 2024) |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10190 | &nbsp;&nbsp;2022-06-08 | &nbsp;&nbsp;$1402.12 | &nbsp;&nbsp;$1892.86 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$27651.00 | &nbsp;&nbsp;$37328.85 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$39350.85 | &nbsp;&nbsp;$53123.65 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$24281.70 | &nbsp;&nbsp;$32780.30 |  |
| &nbsp;&nbsp;Equipment – Cameroon |  |  | &nbsp;&nbsp;23403.00 | &nbsp;&nbsp;$31594 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$951025.67 | &nbsp;&nbsp;$1283884.65 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10248 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$104400.23 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10250 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$564329.19 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10252 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$382565.46 | &nbsp;&nbsp;$516463.37 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10256 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$315900.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10280 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$54214.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10281 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$117680.78 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Recourse Notice (March 7, 2024) |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10286 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$376800.00 | &nbsp;&nbsp;$508680.00 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10299 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$19487.50 | &nbsp;&nbsp;$26308.13 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10301 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$66799.78 | &nbsp;&nbsp;$90179.70 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10303 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$107436.27 | &nbsp;&nbsp;$145038.96 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10305 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$270000.00 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10341 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$15337.50 | &nbsp;&nbsp;$20705.63 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10340 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$78968.75 | &nbsp;&nbsp;$106607.81 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10339 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$270000.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10338 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$86050.27 | &nbsp;&nbsp;$116167.86 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 | &nbsp;&nbsp;Recourse Notice (Feb. 22, 2024) |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10286 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$376800.00 | &nbsp;&nbsp;$508680.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3234715.44 | &nbsp;&nbsp;$4366865.84 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10242 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$104400.23 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10244 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$564329.19 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10246 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$358655.26 | &nbsp;&nbsp;$484184.60 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10254 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$315900.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$339799.98 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10279 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$54214.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10282 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$117680.78 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Recourse Notice (Feb. 13, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10285 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$94200.00 | &nbsp;&nbsp;$127170.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$227168.39 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 | &nbsp;&nbsp;Recourse Notice (Feb. 12, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10298 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$22926.48 | &nbsp;&nbsp;$30950.75 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 | &nbsp;&nbsp;Recourse Notice (Feb. 2, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 | &nbsp;&nbsp;Recourse Notice (Jan. 31, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 | &nbsp;&nbsp;Recourse Notice (Feb. 7, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10337 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$18044.12 | &nbsp;&nbsp;$24359.56 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10336 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$85845.62 | &nbsp;&nbsp;$115891.59 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10335 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10334 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$101235.65 | &nbsp;&nbsp;$136668.13 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10352 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$86331.14 | &nbsp;&nbsp;$116547.04 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$2968550.68 | &nbsp;&nbsp;$4007543.42 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($USD) Increase** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**($CAD) Increased amount** <br> **see s. 4 of 4th Amendment** |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$855973.80 | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1155564.63 | &nbsp;&nbsp;$1520064.63 |

---

## Exhibit 99.39

**Exhibit 99.39**

**FIFTH FACTORING AMENDING AGREEMENT**

**THIS FIFTH FACTORING AMENDING AGREEMENT** (this "**Fifth Amending Agreement**") is dated as of June 25, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS** the Parties entered into a factoring amending agreement dated August September 27, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second factoring amending agreement dated November 29, 2023 (the "**Second Amending Agreement**"), which was subsequently amended by a third factoring amending agreement dated December 22, 2023 (the "**Third Amending Agreement**"), which was subsequently amended by a fourth factoring amending agreement dated April 2, 2024 (the "**Fourth Amending Agreement**");

**AND WHEREAS**, all capitalized terms used in this Fifth Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to further amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Parties hereby confirm that all payments pursuant to Section 4.5 in the Factoring Agreement,
 as amended pursuant Section 1 of the Fourth Amending Agreement, have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Factor agrees to execute the waiver and subordination request attached hereto as Schedule
 "A" and the letter of commitment attached hereto as Schedule "B".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Effective
 as of April 2, 2024, Section 3 of the Fourth Amending Agreement is hereby amended to
 delete "Schedule 3 (revised April 2024)" with "Schedule 3 (revised
 April 2024 version 2)" attached hereto as Schedule "C", effective as
 of April 2, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Effective
 as of April 2, 2024, Section 1 of the Fourth Amending Agreement is hereby amended to
 delete the reference to "$11,986,052.44" and is hereby replaced with "$12,368,543.79".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Parties hereby confirm that as of the date hereof (prior to the additional purchases
 below) the Factor is owed CAD$12,223,466.68 being comprised of CAD$10,502,690.16 (US$7,779,770.49)
 on account of Approved Accounts and $1,720,776.51 of accrued but unpaid interest. The
 CAD$10,502,690.16 (US$7,779,770.49) is a result of the Initial Approved Accounts that
 were subject to a Recourse Notice prior to the date hereof listed on Schedule "D"
 attached hereto, for a total of CAD$2, 2027,470.68 comprised of CAD$1,865,853.63 (US$$1,382,113.81)
 on account of Approved Accounts and CAD$161,617.05 of accrued interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 reference to "US$1.35:CAD$1" in Schedule 1 in the Factoring Agreement is
 hereby deleted and replaced with "US$1.37:CAD$1".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Amend
 Section 4.5 in the Factoring Agreement, as amended by Section 1 of the Fourth Amending
 Agreement and herein, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete
 the reference to "$12,368,543.79" and is hereby replaced with "$17,886,251.50".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delete
 the reference to "$7,303,340.95" and is hereby replaced with "such
 amount equal to $7,303,340.95 plus USD$2,000,000, to be funded in USD or CAD at the Factor's
 discretion".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Add
 4.5.5 as follows: "cash payments totaling USD$2,000,000, to be funded in USD or
 CAD at the Factor's discretion, payable to the Seller by wire, in tranches, within
 five (5) business days following a request by the Seller, provided that no single request
 exceeds USD$100,000 and ten (10) Business Days have passed since the prior request."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The
 reference to "approximately 62.87%" in Schedule 1 in the Factoring Agreement
 is hereby deleted and replaced by "such percentage agreed to by the parties at
 such time for any future purchases".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Schedule
 3 in the Factoring Agreement, as amended pursuant to Section 8 of the Second Amending
 Agreement, as amended pursuant to Section 3 of the Fourth Amending Agreement, and herein,
 is hereby deleted and replaced with "Schedule 3 (revised June 2024)" attached
 hereto as Schedule "E", which includes the repurchase of the following Initial
 Approved Accounts that were subject to a Recourse Notice prior to the date hereof:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$339799.98 |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$244780.45 |
|  |  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$543533.75 | &nbsp;&nbsp;$733770.56 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement, as amended
 pursuant the Section 3 of the Amending Agreement to "60 days", as amended
 pursuant the Section 6 of the Second Amending Agreement to "125 days", as
 amended pursuant the Section 2 of the Third Amending Agreement to "156 days",
 as amended pursuant the Section 9 of the Fourth Amending Agreement to "246 days",
 is hereby deleted and replaced with "1 year".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This
 Fifth Amending Agreement is conditional upon the Corporation fulfilling all the conditions
 precedent for an initial drawdown by the Corporation from the FEI Financing (or waived
 by the facility agent in respect of the FEI Financing, on or before July 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. In
 all other respects the terms and conditions set forth in the Factoring Agreement and
 the Amending Agreement shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. It
 is agreed and understood that this Fifth Amending Agreement may be executed by way of
 facsimile transmission and, further, may be executed in any number of counterparts and
 all such counterparts shall, for all purposes, constitute one agreement binding on the
 Parties hereto, providing each party hereto has executed at least one counterpart, and
 shall be deemed to be an original notwithstanding that all Parties are not signatory
 to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. This
 Fifth Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Fifth Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Francis Letourneau"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.** | **ADVANCE FACTORING INC.** |
| Per: | /s/ *"Shimshon Posen"* |
|  | Authorized Signatory |

---

Pursuant to the Guarantee between the Parties dated August 28, 2023, the undersigned hereby acknowledges and confirms that the amounts included in this Fifth Amending Agreement are covered by the Guarantee.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Francis Letourneau"* |
|  | Authorized Signatory |

---

**SCHEDULE "A"**

**WAIVER AND SUBORDINATION REQUEST**

**SCHEDULE "B"**

**LETTER OF COMMITMENT** 

**SCHEDULE "C"**

**WAIVER AND SUBORDINATION REQUEST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Schedule 3 (April 2024 version 2)** | &nbsp;&nbsp;**Schedule 3 (April 2024 version 2)** | &nbsp;&nbsp;**Schedule 3 (April 2024 version 2)** | &nbsp;&nbsp;**Schedule 3 (April 2024 version 2)** | &nbsp;&nbsp;**Schedule 3 (April 2024 version 2)** | &nbsp;&nbsp;**Schedule 3 (April 2024 version 2)** |
| &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** |
|  | &nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;1.35 |  |  |
|  | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |  |  |
|  | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1172193.89 |  |  |
|  | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1051990.36 |  |  |
|  | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;$3235535.69 | &nbsp;&nbsp;$4367973.18 |  |  |
|  | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;$3152830.91 | &nbsp;&nbsp;$4256321.73 |  |  |
|  | &nbsp;&nbsp;MINTA | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1520064.63 |  |  |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$9161884.29 | &nbsp;&nbsp;$12368543.79 |  |  |
| &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** |
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10127 | &nbsp;&nbsp;2021-11-25 | &nbsp;&nbsp;$287266.65 | &nbsp;&nbsp;$387809.98 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10143 | &nbsp;&nbsp;2021-12-08 | &nbsp;&nbsp;$30460.22 | &nbsp;&nbsp;$41121.30 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10189 | &nbsp;&nbsp;2022-06-17 | &nbsp;&nbsp;$354776.55 | &nbsp;&nbsp;$478948.34 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$87472.00 | &nbsp;&nbsp;$118087.20 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$1897.35 | &nbsp;&nbsp;$2561.42 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$143665.65 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1172193.89 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10107 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$31026.90 | &nbsp;&nbsp;$41886.32 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10109 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$279044.15 | &nbsp;&nbsp;$376709.60 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$244780.45 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 | &nbsp;&nbsp;Recourse Notice (March 20, 2024) |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10190 | &nbsp;&nbsp;2022-06-08 | &nbsp;&nbsp;$1402.12 | &nbsp;&nbsp;$1892.86 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$27651.00 | &nbsp;&nbsp;$37328.85 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$39350.85 | &nbsp;&nbsp;$53123.65 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$24281.70 | &nbsp;&nbsp;$32780.30 |  |
| &nbsp;&nbsp;Equipment – Cameroon |  |  | &nbsp;&nbsp;$23403.00 | &nbsp;&nbsp;$31594.05 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1051990.36 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10248 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$104400.23 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10250 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$564329.19 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10252 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$382565.46 | &nbsp;&nbsp;$516463.37 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10256 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$315900.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10280 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$54214.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10281 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$117680.78 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Recourse Notice (March 7, 2024) |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10286 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$376800.00 | &nbsp;&nbsp;$508680.00 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10299 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$19487.50 | &nbsp;&nbsp;$26308.13 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10301 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$66799.78 | &nbsp;&nbsp;$90179.70 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10303 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$107436.27 | &nbsp;&nbsp;$145038.96 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10305 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$270000.00 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10341 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$15337.50 | &nbsp;&nbsp;$20705.63 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10340 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$72968.75 | &nbsp;&nbsp;$98507.81 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10339 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$270000.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10338 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$86050.27 | &nbsp;&nbsp;$116167.86 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 | &nbsp;&nbsp;Recourse Notice (Feb. 22, 2024) |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10356 | &nbsp;&nbsp;2023-08-31 | &nbsp;&nbsp;$124291.45 | &nbsp;&nbsp;$167793.46 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10358 | &nbsp;&nbsp;2023-09-30 | &nbsp;&nbsp;$124088.17 | &nbsp;&nbsp;$167519.03 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10367 | &nbsp;&nbsp;2023-10-31 | &nbsp;&nbsp;$121030.52 | &nbsp;&nbsp;$163391.20 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10374 | &nbsp;&nbsp;2023-12-31 | &nbsp;&nbsp;$124176.91 | &nbsp;&nbsp;$167638.83 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00005 | &nbsp;&nbsp;2024-01-31 | &nbsp;&nbsp;$123925.86 | &nbsp;&nbsp;$167299.91 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3235535.69 | &nbsp;&nbsp;$4367973.18 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10242 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$104400.23 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10244 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$564329.19 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10246 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$358655.26 | &nbsp;&nbsp;$484184.60 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10254 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$315900.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$339799.98 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10279 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$54214.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10282 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$117680.78 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Recourse Notice (Feb. 13, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10285 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$94200.00 | &nbsp;&nbsp;$127170.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$227168.39 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 | &nbsp;&nbsp;Recourse Notice (Feb. 12, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10298 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$22926.48 | &nbsp;&nbsp;$30950.75 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 | &nbsp;&nbsp;Recourse Notice (Feb. 2, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 | &nbsp;&nbsp;Recourse Notice (Jan. 31, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 | &nbsp;&nbsp;Recourse Notice (Feb. 7, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10337 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$18044.12 | &nbsp;&nbsp;$24359.56 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10336 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$85845.62 | &nbsp;&nbsp;$115891.59 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10335 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10334 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$101235.65 | &nbsp;&nbsp;$136668.13 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10352 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$86331.14 | &nbsp;&nbsp;$116547.04 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10355 | &nbsp;&nbsp;2023-08-31 | &nbsp;&nbsp;$87401.70 | &nbsp;&nbsp;$117992.30 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10357 | &nbsp;&nbsp;2023-09-30 | &nbsp;&nbsp;$87162.58 | &nbsp;&nbsp;$117669.48 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10370 | &nbsp;&nbsp;2023-11-30 | &nbsp;&nbsp;$88652.58 | &nbsp;&nbsp;$119680.98 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10375 | &nbsp;&nbsp;2023-12-31 | &nbsp;&nbsp;$87266.98 | &nbsp;&nbsp;$117810.42 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00006 | &nbsp;&nbsp;2024-01-31 | &nbsp;&nbsp;$86971.63 | &nbsp;&nbsp;$117411.70 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00010 | &nbsp;&nbsp;2024-02-29 | &nbsp;&nbsp;$89927.76 | &nbsp;&nbsp;$121402.48 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00018 | &nbsp;&nbsp;2024-03-31 | &nbsp;&nbsp;$89810.85 | &nbsp;&nbsp;$121244.65 | &nbsp;&nbsp;Added Pursuant to 4th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3152830.91 | &nbsp;&nbsp;$4256321.73 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($USD) Increase** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**($CAD) Increased amount** <br> **see s. 4 of 4th Amendment** |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$64198.04 | &nbsp;&nbsp;$84448.04 |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$855973.80 | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1155564.63 | &nbsp;&nbsp;$1520064.63 |

---

**SCHEDULE "D"**<br> **RECOURSE NOTICES**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Recourse # | &nbsp;&nbsp;Recourse Date | &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice # | &nbsp;&nbsp;Invoice Date | &nbsp;&nbsp;**Invoice**<br> **($USD)** | &nbsp;&nbsp;**Invoice**<br> **($CAD)** | &nbsp;&nbsp;**Interest Paid**<br> **($CAD)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;31-Jan-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 | &nbsp;&nbsp;$12388.51 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;2-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 | &nbsp;&nbsp;$7848.03 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;7-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 | &nbsp;&nbsp;$6146.25 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;12-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 | &nbsp;&nbsp;$6393.32 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;13-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;$12160.02 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;22-Feb-24 | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 | &nbsp;&nbsp;$14602.96 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;7-Mar-24 | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;$14510.27 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;20-Mar-24 | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 | &nbsp;&nbsp;$24618.91 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;15-Apr-24 | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 | &nbsp;&nbsp;$18495.49 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;25-Apr-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$339799.98 | &nbsp;&nbsp;$44453.29 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;24-Jun-24 | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$244780.45 |  |
| &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;$1382113.81 | &nbsp;&nbsp;$1865853.63 | &nbsp;&nbsp;$161617.05 |

---

**SCHEDULE "E"**

**WAIVER AND SUBORDINATION REQUEST**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Schedule 3 (revised June 2024)** | &nbsp;&nbsp;**Schedule 3 (revised June 2024)** | &nbsp;&nbsp;**Schedule 3 (revised June 2024)** | &nbsp;&nbsp;**Schedule 3 (revised June 2024)** | &nbsp;&nbsp;**Schedule 3 (revised June 2024)** | &nbsp;&nbsp;**Schedule 3 (revised June 2024)** |
| &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** | &nbsp;&nbsp;**Initial Approved Accounts** |
|  | &nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;Deemed Exchange Rate (USD:CAD) | &nbsp;&nbsp;1.37 |  |  |
|  | &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |  |  |
|  | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1189559.72 |  |  |
|  | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1067575.40 |  |  |
|  | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;$3866243.55 | &nbsp;&nbsp;$5296753.66 |  |  |
|  | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;$3415896.79 | &nbsp;&nbsp;$4679778.60 |  |  |
|  | &nbsp;&nbsp;MINTA | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1542584.11 |  |  |
|  | &nbsp;&nbsp;New Invoices | &nbsp;&nbsp;$3000000.00 | &nbsp;&nbsp;$4110000.00 |  |  |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$13055658.03 | &nbsp;&nbsp;$17886251.50 |  |  |
| &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** |
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10127 | &nbsp;&nbsp;2021-11-25 | &nbsp;&nbsp;$287266.65 | &nbsp;&nbsp;$393555.31 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10143 | &nbsp;&nbsp;2021-12-08 | &nbsp;&nbsp;$30460.22 | &nbsp;&nbsp;$41730.50 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10189 | &nbsp;&nbsp;2022-06-17 | &nbsp;&nbsp;$354776.55 | &nbsp;&nbsp;$486043.87 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$87472.00 | &nbsp;&nbsp;$119836.64 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$1897.35 | &nbsp;&nbsp;$2599.37 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$145794.03 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1189559.72 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10107 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$31026.90 | &nbsp;&nbsp;$42506.85 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10109 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$279044.15 | &nbsp;&nbsp;$382290.49 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$248406.82 | &nbsp;&nbsp;Recourse Notice (June 24, 2024) |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$248406.82 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$235329.76 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10190 | &nbsp;&nbsp;2022-06-08 | &nbsp;&nbsp;$1402.12 | &nbsp;&nbsp;$1920.90 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$27651.00 | &nbsp;&nbsp;$37881.87 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$39350.85 | &nbsp;&nbsp;$53910.66 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$24281.70 | &nbsp;&nbsp;$33265.93 |  |
| &nbsp;&nbsp;Equipment – Cameroon |  |  | &nbsp;&nbsp;$23403.00 | &nbsp;&nbsp;$32062.11 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1067575.40 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10248 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$105946.90 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10250 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$572689.62 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10252 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$382565.46 | &nbsp;&nbsp;$524114.68 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10256 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$320580.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10280 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$55017.17 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10281 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$119424.20 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$151400.36 | &nbsp;&nbsp;Recourse Notice (April 15, 2024) |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$151400.36 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10286 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$376800.00 | &nbsp;&nbsp;$516216.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10299 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$19487.50 | &nbsp;&nbsp;$26697.88 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10301 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$66799.78 | &nbsp;&nbsp;$91515.70 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10303 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$107436.27 | &nbsp;&nbsp;$147187.69 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10305 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10341 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$15337.50 | &nbsp;&nbsp;$21012.38 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10340 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$72968.75 | &nbsp;&nbsp;$99967.19 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10339 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10338 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$86050.27 | &nbsp;&nbsp;$117888.87 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$169032.59 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10356 | &nbsp;&nbsp;2023-08-31 | &nbsp;&nbsp;$124291.45 | &nbsp;&nbsp;$170279.29 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10358 | &nbsp;&nbsp;2023-09-30 | &nbsp;&nbsp;$124088.17 | &nbsp;&nbsp;$170000.79 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10367 | &nbsp;&nbsp;2023-10-31 | &nbsp;&nbsp;$121030.52 | &nbsp;&nbsp;$165811.81 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10374 | &nbsp;&nbsp;2023-12-31 | &nbsp;&nbsp;$124176.91 | &nbsp;&nbsp;$170122.37 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00005 | &nbsp;&nbsp;2024-01-31 | &nbsp;&nbsp;$123925.86 | &nbsp;&nbsp;$169778.43 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10369 | &nbsp;&nbsp;2023-11-30 | &nbsp;&nbsp;$125354.67 | &nbsp;&nbsp;$171735.90 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00011 | &nbsp;&nbsp;2024-02-29 | &nbsp;&nbsp;$126438.57 | &nbsp;&nbsp;$173220.84 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00017 | &nbsp;&nbsp;2024-03-31 | &nbsp;&nbsp;$126339.20 | &nbsp;&nbsp;$173084.70 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00031 | &nbsp;&nbsp;2024-04-30 | &nbsp;&nbsp;$125957.06 | &nbsp;&nbsp;$172561.17 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00035 | &nbsp;&nbsp;2024-05-31 | &nbsp;&nbsp;$126618.36 | &nbsp;&nbsp;$173467.15 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3866243.55 | &nbsp;&nbsp;$5296753.66 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10242 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$105946.90 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10244 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$572689.62 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10246 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$358655.26 | &nbsp;&nbsp;$491357.71 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10254 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$320580.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$344834.06 | &nbsp;&nbsp;Recourse Notice (April 25, 2024) |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$344834.06 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10279 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$55017.17 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10282 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$119424.20 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$151400.36 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10285 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$94200.00 | &nbsp;&nbsp;$129054.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$230533.85 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$80275.74 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10298 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$22926.48 | &nbsp;&nbsp;$31409.28 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$107665.56 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$173162.05 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$80588.26 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10337 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$18044.12 | &nbsp;&nbsp;$24720.44 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10336 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$85845.62 | &nbsp;&nbsp;$117608.50 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10335 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$80588.26 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10334 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$101235.65 | &nbsp;&nbsp;$138692.84 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10352 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$86331.14 | &nbsp;&nbsp;$118273.66 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10355 | &nbsp;&nbsp;2023-08-31 | &nbsp;&nbsp;$87401.70 | &nbsp;&nbsp;$119740.33 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10357 | &nbsp;&nbsp;2023-09-30 | &nbsp;&nbsp;$87162.58 | &nbsp;&nbsp;$119412.73 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10370 | &nbsp;&nbsp;2023-11-30 | &nbsp;&nbsp;$88652.58 | &nbsp;&nbsp;$121454.03 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10375 | &nbsp;&nbsp;2023-12-31 | &nbsp;&nbsp;$87266.98 | &nbsp;&nbsp;$119555.76 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00006 | &nbsp;&nbsp;2024-01-31 | &nbsp;&nbsp;$86971.63 | &nbsp;&nbsp;$119151.13 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00010 | &nbsp;&nbsp;2024-02-29 | &nbsp;&nbsp;$89927.76 | &nbsp;&nbsp;$123201.03 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00018 | &nbsp;&nbsp;2024-03-31 | &nbsp;&nbsp;$89810.85 | &nbsp;&nbsp;$123040.86 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10366 | &nbsp;&nbsp;2023-10-31 | &nbsp;&nbsp;$83565.34 | &nbsp;&nbsp;$114484.52 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00032 | &nbsp;&nbsp;2024-04-30 | &nbsp;&nbsp;$89361.27 | &nbsp;&nbsp;$122424.94 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00036 | &nbsp;&nbsp;2024-05-31 | &nbsp;&nbsp;$90139.27 | &nbsp;&nbsp;$123490.80 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3415896.79 | &nbsp;&nbsp;$4679778.60 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($USD) Increase** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**($CAD) Increased amount** <br> **see s. 4 of 4th Amendment** |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$65149.12 | &nbsp;&nbsp;$85699.12 |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$855973.80 | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1172684.11 | &nbsp;&nbsp;$1542584.11 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;Monthly Service Invoice |  | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice |  | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice |  | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice |  | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice |  | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice |  | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$274000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Equipment Invoices |  | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$411000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Equipment Invoices |  | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$411000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Equipment Invoices |  | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$411000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Equipment Invoices |  | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$411000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Equipment Invoices |  | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$411000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Equipment Invoices |  | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$411000.00 | &nbsp;&nbsp;Added Pursuant to 5th Amendment |
| &nbsp;&nbsp;New Invoices | &nbsp;&nbsp;New Invoices | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3000000.00 | &nbsp;&nbsp;$4110000.00 |  |

---

## Exhibit 99.40

**Exhibit 99.40**

**SIXTH FACTORING AMENDING AGREEMENT**

**THIS SIXTH FACTORING AMENDING AGREEMENT** (this "**Sixth Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS** the Parties entered into a factoring amending agreement dated September 27, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second factoring amending agreement dated November 29, 2023 (the "**Second Amending Agreement**"), which was subsequently amended by a third factoring amending agreement dated December 22, 2023 (the "**Third Amending Agreement**"), which was subsequently amended by a fourth factoring amending agreement dated April 2, 2024 (the "**Fourth Amending Agreement**"), which was subsequently amended by a fifth factoring amending agreement dated June 25, 2024 (the "**Fifth Amending Agreement**");

**AND WHEREAS**, all capitalized terms used in this Sixth Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to further amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Parties hereby agree and confirm that, other than interest that has already been paid
 in 2024, interest for 2024 shall accrue at a rate of 5% per annum without compounding,
 until January 1, 2025, on which date interest shall revert to 15% per annum without compounding
 until a new event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amend
 Section 4.5 in the Factoring Agreement, as amended by Section 7 of the Fifth Amending
 Agreement and herein, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete
 the reference to "$17,886,251.50" and is hereby replaced with "$25,486,251.50,
 of which $18,508,740.23 remains outstanding after Recourse Notices to date, which has
 been paid for as of the date hereof ()"**Paid Accounts** ")".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delete
 the reference to "such amount equal to $7,303,340.95 plus USD$2,000,000, to be
 funded in USD or CAD at the Factor's discretion" and is hereby replaced with
 "$10,043,340.95, of which $8,247,202.85 has been paid for the Paid Accounts and
 $1,796,138.10 remains unpaid ()"**Unpaid Purchase Price**") for $4,500,000
 of unpaid accounts ()"**Unpaid Accounts** ")".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Delete
 Section 7(c) of the Fifth Amending Agreement and replaced with "Add 4.5.5 as follows:
 "cash payments totaling C$1,796,138.10, to be funded in USD or CAD at the Factor's
 discretion, payable to the Seller by wire, in tranches, within five (5) business days
 following a request by the Seller, provided that no single request exceeds C$150,000
 and ten (10) Business Days have passed since the prior request".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Add
 4.5.6 as follows: "Upon any additional payment by the Factor to the Seller pursuant
 to Section 4.5.5, the parties agree to transfer the relevant portion of Unpaid Accounts
 to be Paid Accounts based on the following formula:

<u>A</u> x C <br> B

A = the specific amount of additional payment made by the Factor to the Seller

B = Unpaid Purchase Price prior to this specific additional payment made by the Factor to the Seller.

C = Unpaid Accounts prior to this specific additional payment made by the Factor to the Seller."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Add
 4.5.7 as follows: "A Certificate shall be issued in the form of one or more Certificate,
 as set out in Schedule "B"".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Amend
 Section 4 of Schedule 1 of the Factoring Agreement to delete the reference to "The
 face value of an Approved Accounts" and replaced with "The face value of
 an Approved Accounts which is a Paid Account".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Schedule
 3 in the Factoring Agreement, as amended pursuant to Section 8 of the Second Amending
 Agreement, as amended pursuant to Section 3 of the Fourth Amending Agreement, as amended
 pursuant to Section 9 of the Fifth Amending Agreement and herein, is hereby deleted and
 replaced with "Schedule 3 (revised December 2024)" attached hereto as Schedule
 "A", which includes the repurchase of the following Initial Approved Accounts
 that were subject to a Recourse Notice prior to the date hereof:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$235329.76 |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$145794.03 |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$230533.85 |
|  |  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$446465.43 | &nbsp;&nbsp;$611657.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "US$1.35:CAD$1" in Schedule 1 in the Factoring Agreement, as
 amended pursuant to Section 6 of the Fifth Amending Agreement, is hereby deleted and
 replaced with "US$1.42:CAD$1".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 reference to "$15,000,000" in Section 2.1 in the Factoring Agreement, is
 hereby deleted and replaced with "$25,500,000".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Factor also agrees to make up to $300,000 of short term loans available to Corporation,
 each such loan will include a lending fee of 2%, increasing by 1% for each calendar month,
 to a maximum of 10%, interest at 15% per annum, payable monthly, default interest of
 25% compounding, and if the loan is not repaid within 45 days the principal amount of
 the amount loaned shall be increased to ‎an amount equal to the principal amount
 that would have been issued on the issue date if an original issuance discount of 30%
 was initially included, and the Factor has the right to attribute this amount, plus accrued
 and unpaid interest to any outstanding Unpaid Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The
 reference to "$0.35" in the definition for "Conversion Price"
 in Section 1.1 in the Factoring Agreement, as amended pursuant to Section 1 of the Second
 Amending Agreement, is hereby deleted and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
 reference to "three years" in the definition for "Warrant" in
 Section 1.1 in the Factoring Agreement is hereby deleted and replaced with "five
 years".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The
 parties agree that any reference to "August 28, 2026" in any warrant currently
 held by Factor or its affiliated or associated entities is hereby deleted and replaced
 with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The
 reference to "107%" in Section 9.2 in the Factoring Agreement, is hereby
 deleted and replaced with "135%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement, as amended
 pursuant the Section 3 of the Amending Agreement to "60 days", as amended
 pursuant the Section 6 of the Second Amending Agreement to "125 days", as
 amended pursuant the Section 2 of the Third Amending Agreement to "156 days",
 as amended pursuant the Section 9 of the Fourth Amending Agreement to "246 days",
 as amended pursuant the Section 10 of the Fifth Amending Agreement to "1 year"
 is hereby deleted and replaced with "18 months".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Add
 the following definition in Section 1.1 of the Factoring Agreement: "**Certificate** "
 means a certificate evidencing Paid Accounts outstanding, substantially in the form attached
 as Schedule "B".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Section
 10.8 in the Factoring Agreement, as amended pursuant the Section 5 of the Fourth Amending
 Agreement, is hereby deleted and replaced with the following:

---

| | |
|:---|:---|
| "10.8 | Without the prior written consent of the Factor, the Seller will not be permitted to convert the Conversion Amount into Units at the Conversion Price to the extent that, after giving effect to such conversion, the undersigned (together with the Factor's affiliates acting jointly or in concert with the undersigned, the "**Joint Actors**") would beneficially own in excess of 9.9% of the number of the Common Shares issued and outstanding immediately after giving effect to such conversion, on a partially diluted basis assuming the conversion of all securities of the Joint Actors which are convertible into Common Shares within sixty (60) days from the proposed Exercise Date. In addition, the parties hereto acknowledge and confirm that the maximum number of Units permitted to be issued by the Seller remains subject to compliance with section 4.6(2) of Exchange Policy 4 and will not exceed 35,000,000 following the date hereof." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The
 following is hereby added as Section 6.1.13 in the Factoring Agreement:

---

| | |
|:---|:---|
| "6.1.13 | So long as any Indebtedness remains outstanding hereunder, if the Seller completes any public or private offering of its securities (including securities convertible into Common Shares) (each, a "**Future Transaction**"), with any individual or entity, the Factor may, in its sole discretion, elect to apply all, or any portion, of the then outstanding Indebtedness as purchase consideration for such Future Transaction." |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. In
 all other respects the terms and conditions set forth in the Factoring Agreement, the
 Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the
 Fourth Amending Agreement, and the Fifth Amending Agreement shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. It
 is agreed and understood that this Sixth Amending Agreement may be executed by way of
 facsimile transmission and, further, may be executed in any number of counterparts and
 all such counterparts shall, for all purposes, constitute one agreement binding on the
 Parties hereto, providing each party hereto has executed at least one counterpart, and
 shall be deemed to be an original notwithstanding that all Parties are not signatory
 to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This
 Sixth Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Sixth Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.** | **ADVANCE FACTORING INC.** |
| Per: | /s/ *"Shimshon Posen"* |
|  | Authorized Signatory |

---

Pursuant to the Guarantee between the Parties dated August 28, 2023, the undersigned hereby acknowledges and confirms that the amounts included in this Sixth Amending Agreement are covered by the Guarantee.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

**SCHEDULE "A"**

 **Schedule 3 (revised December 2024)**

**Initial Approved Accounts**

<u>Deemed Exchange Rate (USD:CAD)</u> <u>1.40 </u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Actual Paid Accounts**<br> **($CAD)** | &nbsp;&nbsp;**Unpaid Accounts**<br> **($CAD)** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1232974.31 | &nbsp;&nbsp;$1232974.31 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1106538.01 | &nbsp;&nbsp;$1106538.01 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;$3866243.55 | &nbsp;&nbsp;$5490065.84 | &nbsp;&nbsp;$5490065.84 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;$3415896.79 | &nbsp;&nbsp;$4850573.44 | &nbsp;&nbsp;$4850573.44 |  |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1598882.80 | &nbsp;&nbsp;$1598882.80 |  |
| &nbsp;&nbsp;New Invoices | &nbsp;&nbsp;$6147680.16 | &nbsp;&nbsp;$8729705.83 | &nbsp;&nbsp;$4229705.83 | &nbsp;&nbsp;$4500000.00 |
| &nbsp;&nbsp;Recourses to Date | &nbsp;&nbsp;$1828579.24 | &nbsp;&nbsp;$2477511.27 |  |  |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$18031917.43 | &nbsp;&nbsp;$24086251.50 | &nbsp;&nbsp;$18508740.23 | &nbsp;&nbsp;$4500000.00 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** | &nbsp;&nbsp;**COMPRISED OF THE FOLLOWING** |
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice number | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10127 | &nbsp;&nbsp;2021-11-25 | &nbsp;&nbsp;$287266.65 | &nbsp;&nbsp;$407918.64 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10143 | &nbsp;&nbsp;2021-12-08 | &nbsp;&nbsp;$30460.22 | &nbsp;&nbsp;$43253.51 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10189 | &nbsp;&nbsp;2022-06-17 | &nbsp;&nbsp;$354776.55 | &nbsp;&nbsp;$503782.70 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$87472.00 | &nbsp;&nbsp;$124210.24 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$1897.35 | &nbsp;&nbsp;$2694.24 |  |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$151114.98 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$868291.77 | &nbsp;&nbsp;$1232974.31 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10107 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$31026.90 | &nbsp;&nbsp;$44058.20 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10109 | &nbsp;&nbsp;2021-08-01 | &nbsp;&nbsp;$279044.15 | &nbsp;&nbsp;$396242.69 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$257472.77 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$243918.44 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10190 | &nbsp;&nbsp;2022-06-08 | &nbsp;&nbsp;$1402.12 | &nbsp;&nbsp;$1991.01 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$27651.00 | &nbsp;&nbsp;$39264.42 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$39350.85 | &nbsp;&nbsp;$55878.21 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10206 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$24281.70 | &nbsp;&nbsp;$34480.01 |  |
| &nbsp;&nbsp;Equipment – Cameroon |  |  | &nbsp;&nbsp;$23403.00 | &nbsp;&nbsp;$33232.26 |  |
| &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$779252.12 | &nbsp;&nbsp;$1106538.01 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10248 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$109813.57 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10250 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$593590.70 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10252 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$382565.46 | &nbsp;&nbsp;$543242.95 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10256 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$332280.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10280 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$57025.10 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10281 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$123782.75 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$156925.92 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10286 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$376800.00 | &nbsp;&nbsp;$535056.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10299 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$19487.50 | &nbsp;&nbsp;$27672.25 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10301 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$66799.78 | &nbsp;&nbsp;$94855.69 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10303 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$107436.27 | &nbsp;&nbsp;$152559.50 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10305 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10341 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$15337.50 | &nbsp;&nbsp;$21779.25 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10340 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$72968.75 | &nbsp;&nbsp;$103615.63 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10339 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10338 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$86050.27 | &nbsp;&nbsp;$122191.38 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$175201.66 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10356 | &nbsp;&nbsp;2023-08-31 | &nbsp;&nbsp;$124291.45 | &nbsp;&nbsp;$176493.86 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10358 | &nbsp;&nbsp;2023-09-30 | &nbsp;&nbsp;$124088.17 | &nbsp;&nbsp;$176205.20 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10367 | &nbsp;&nbsp;2023-10-31 | &nbsp;&nbsp;$121030.52 | &nbsp;&nbsp;$171863.34 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10374 | &nbsp;&nbsp;2023-12-31 | &nbsp;&nbsp;$124176.91 | &nbsp;&nbsp;$176331.21 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00005 | &nbsp;&nbsp;2024-01-31 | &nbsp;&nbsp;$123925.86 | &nbsp;&nbsp;$175974.72 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10369 | &nbsp;&nbsp;2023-11-30 | &nbsp;&nbsp;$125354.67 | &nbsp;&nbsp;$178003.63 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00011 | &nbsp;&nbsp;2024-02-29 | &nbsp;&nbsp;$126438.57 | &nbsp;&nbsp;$179542.77 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00017 | &nbsp;&nbsp;2024-03-31 | &nbsp;&nbsp;$126339.20 | &nbsp;&nbsp;$179401.66 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00031 | &nbsp;&nbsp;2024-04-30 | &nbsp;&nbsp;$125957.06 | &nbsp;&nbsp;$178859.03 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;FAC/2024/00035 | &nbsp;&nbsp;2024-05-31 | &nbsp;&nbsp;$126618.36 | &nbsp;&nbsp;$179798.07 |  |
| &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3866243.55 | &nbsp;&nbsp;$5490065.84 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10242 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$77333.50 | &nbsp;&nbsp;$109813.57 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10244 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$418021.62 | &nbsp;&nbsp;$593590.70 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10246 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$358655.26 | &nbsp;&nbsp;$509290.47 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10254 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$234000.00 | &nbsp;&nbsp;$332280.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$357419.24 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10279 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$40158.52 | &nbsp;&nbsp;$57025.10 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10282 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$87170.95 | &nbsp;&nbsp;$123782.75 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$156925.92 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10285 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$94200.00 | &nbsp;&nbsp;$133764.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$238947.49 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$83205.51 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10298 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$22926.48 | &nbsp;&nbsp;$32555.60 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$111594.96 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$179481.84 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$83529.44 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10337 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$18044.12 | &nbsp;&nbsp;$25622.65 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10336 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$85845.62 | &nbsp;&nbsp;$121900.78 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10335 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$83529.44 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10334 | &nbsp;&nbsp;2023-06-30 | &nbsp;&nbsp;$101235.65 | &nbsp;&nbsp;$143754.62 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10352 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$86331.14 | &nbsp;&nbsp;$122590.22 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10355 | &nbsp;&nbsp;2023-08-31 | &nbsp;&nbsp;$87401.70 | &nbsp;&nbsp;$124110.41 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10357 | &nbsp;&nbsp;2023-09-30 | &nbsp;&nbsp;$87162.58 | &nbsp;&nbsp;$123770.86 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10370 | &nbsp;&nbsp;2023-11-30 | &nbsp;&nbsp;$88652.58 | &nbsp;&nbsp;$125886.66 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10375 | &nbsp;&nbsp;2023-12-31 | &nbsp;&nbsp;$87266.98 | &nbsp;&nbsp;$123919.11 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00006 | &nbsp;&nbsp;2024-01-31 | &nbsp;&nbsp;$86971.63 | &nbsp;&nbsp;$123499.71 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00010 | &nbsp;&nbsp;2024-02-29 | &nbsp;&nbsp;$89927.76 | &nbsp;&nbsp;$127697.42 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00018 | &nbsp;&nbsp;2024-03-31 | &nbsp;&nbsp;$89810.85 | &nbsp;&nbsp;$127531.41 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10366 | &nbsp;&nbsp;2023-10-31 | &nbsp;&nbsp;$83565.34 | &nbsp;&nbsp;$118662.78 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00032 | &nbsp;&nbsp;2024-04-30 | &nbsp;&nbsp;$89361.27 | &nbsp;&nbsp;$126893.00 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;FAC/2024/00036 | &nbsp;&nbsp;2024-05-31 | &nbsp;&nbsp;$90139.27 | &nbsp;&nbsp;$127997.76 |  |
| &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$3415896.79 | &nbsp;&nbsp;$4850573.44 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Date | &nbsp;&nbsp;**($USD)** | &nbsp;&nbsp;**($USD) Increase** | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**($CAD) Increased amount** <br> **see s. 4 of 4th Amendment** |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-23 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jun-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
| &nbsp;&nbsp;MINTA | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$47554.10 | &nbsp;&nbsp;$62554.10 | &nbsp;&nbsp;$67526.82 | &nbsp;&nbsp;$88826.82 |
|  | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$855973.80 | &nbsp;&nbsp;$1125973.80 | &nbsp;&nbsp;$1215482.80 | &nbsp;&nbsp;$1598882.80 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Date | &nbsp;&nbsp;($USD) | &nbsp;&nbsp;**($CAD)** | &nbsp;&nbsp;**Unpaid Accounts**<br> **($CAD)** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |  |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |  |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |  |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |  |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$284000.00 |  |  |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$200000.00 | &nbsp;&nbsp;$253705.83 | &nbsp;&nbsp;$30294.17 |  |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$200000.00 |  | &nbsp;&nbsp;$284000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$200000.00 |  | &nbsp;&nbsp;$284000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$200000.00 |  | &nbsp;&nbsp;$284000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$200000.00 |  | &nbsp;&nbsp;$284000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$200000.00 |  | &nbsp;&nbsp;$284000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;June-25 | &nbsp;&nbsp;$200000.00 |  | &nbsp;&nbsp;$284000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;Monthly Service Invoice | &nbsp;&nbsp;July-25 | &nbsp;&nbsp;$147680.16 |  | &nbsp;&nbsp;$209705.83 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Jul-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$426000.00 |  |  |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Aug-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$426000.00 |  |  |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Sep-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$426000.00 |  |  |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Oct-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$426000.00 |  |  |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Nov-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$426000.00 |  |  |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Dec-24 | &nbsp;&nbsp;$300000.00 | &nbsp;&nbsp;$426000.00 |  |  |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Jan-25 | &nbsp;&nbsp;$300000.00 |  | &nbsp;&nbsp;$426000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Feb-25 | &nbsp;&nbsp;$300000.00 |  | &nbsp;&nbsp;$426000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Mar-25 | &nbsp;&nbsp;$300000.00 |  | &nbsp;&nbsp;$426000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;Apr-25 | &nbsp;&nbsp;$300000.00 |  | &nbsp;&nbsp;$426000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;May-25 | &nbsp;&nbsp;$300000.00 |  | &nbsp;&nbsp;$426000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Equipment Invoices | &nbsp;&nbsp;June-25 | &nbsp;&nbsp;$300000.00 |  | &nbsp;&nbsp;$426000.00 | &nbsp;&nbsp;Added Pursuant to 6th Amendment |
| &nbsp;&nbsp;New Invoices | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$6147680.16 | &nbsp;&nbsp;$4229705.83 | &nbsp;&nbsp;$4500000.00 |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Recourse # | &nbsp;&nbsp;Recourse Date | &nbsp;&nbsp;Invoice Category | &nbsp;&nbsp;Invoice # | &nbsp;&nbsp;Invoice Date | &nbsp;&nbsp;**Invoice**<br> **($USD)** | &nbsp;&nbsp;**Invoice**<br> **($CAD)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;31-Jan-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10302 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$126395.66 | &nbsp;&nbsp;$170634.14 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;02-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10300 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$78588.00 | &nbsp;&nbsp;$106093.80 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;07-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10304 | &nbsp;&nbsp;2023-03-31 | &nbsp;&nbsp;$58823.55 | &nbsp;&nbsp;$79411.79 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;12-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10289 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$58595.43 | &nbsp;&nbsp;$79103.83 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;13-Feb-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10284 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;22-Feb-24 | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10353 | &nbsp;&nbsp;2023-07-31 | &nbsp;&nbsp;$123381.45 | &nbsp;&nbsp;$166564.96 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;07-Mar-24 | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;20-Mar-24 | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$231894.29 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;15-Apr-24 | &nbsp;&nbsp;Services – DRC | &nbsp;&nbsp;NR10283 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$110511.21 | &nbsp;&nbsp;$149190.13 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;25-Apr-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10258 | &nbsp;&nbsp;2022-09-30 | &nbsp;&nbsp;$251703.69 | &nbsp;&nbsp;$339799.98 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;24-Jun-24 | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10145 | &nbsp;&nbsp;2022-01-27 | &nbsp;&nbsp;$181318.85 | &nbsp;&nbsp;$244780.45 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;05-Aug-24 | &nbsp;&nbsp;Equipment – Cameroon | &nbsp;&nbsp;NR10187 | &nbsp;&nbsp;2022-06-07 | &nbsp;&nbsp;$171773.55 | &nbsp;&nbsp;$235329.76 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;18-Sep-24 | &nbsp;&nbsp;Equipment – DRC | &nbsp;&nbsp;NR10207 | &nbsp;&nbsp;2022-08-24 | &nbsp;&nbsp;$106419.00 | &nbsp;&nbsp;$145794.03 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;07-Nov-24 | &nbsp;&nbsp;Services – Cameroon | &nbsp;&nbsp;NR10288 | &nbsp;&nbsp;2022-12-31 | &nbsp;&nbsp;$168272.88 | &nbsp;&nbsp;$230533.85 |
| &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;TOTAL | &nbsp;&nbsp;$1828579.24 | &nbsp;&nbsp;$2477511.27 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Approved Accounts: $25,486,251.50** | &nbsp;&nbsp;**Issue Date: December 23, 2024** |
| &nbsp;&nbsp;**Recourses to Date: $2,477,511.27** |  |
| &nbsp;&nbsp;**Approved Accounts Remaining: $23,508,740.23** |  |
| &nbsp;&nbsp;**Paid Accounts: $18,508,740.23** |  |
| &nbsp;&nbsp;**Unpaid Accounts: $4,500,000.00** |  |
| &nbsp;&nbsp;**Total Purchase Price: $10,043,340.95** |  |
| &nbsp;&nbsp;**Purchase Price Paid: $8,247,202.85**<br>**Unpaid Purchase Price: $1,796,138.10**  |  |

---

**NURAN WIRELESS INC.**

Subject to the provisions of the factoring agreement dated August 28, 2023, between **Nuran Wireless Inc.** (the "**Corporation**") and **Advance Factoring Inc.** (the "**Holder**"), as amended by a factoring amending agreement dated September 27, 2023, which was subsequently amended by a second factoring amending agreement dated November 29, 2023, which was subsequently amended by a third factoring amending agreement dated December 22, 2023, which was subsequently amended by a fourth factoring amending agreement dated April 2, 2024, which was subsequently amended by a fifth factoring amending agreement dated June 25, 2024, which was subsequently amended by a sixth factoring amending agreement dated December 23, 2024 (collectively, the "**Factoring Agreement**"), for value received, the Corporation hereby acknowledges that the Holder has purchased $18,508,740.23 of Approved Accounts, in lawful money of Canada, from the Corporation, which the Corporation has guaranteed, and promises to pay to the Holder hereof as the Paid Accounts hereof may become due in accordance with the provisions of the Factoring Agreement in accordance with the terms of the Factoring Agreement and, subject as hereinafter provided, to pay interest from the date hereof, at the rate of 5.00% per annum (based on a year of 360 days comprised of twelve 30-day months), payable in arrears in equal quarterly installments (less any tax required by law to be deducted) on December 31, March 31, June 30 and September 30 in each year, increasing to a rate of 15.00% per annum starting January 1, 2025, subject to adjustment pursuant to the Factoring Agreement upon an Event of Default.

Upon and subject to the provisions and conditions of Article 9 and Article 10 of the Factoring Agreement, the Holder shall have the right at Holder's option, at any time, while any Repurchase Price relating to a Recourse Account (the "**Conversion Amount**") remains unpaid under the Factoring Agreement, to elect to convert a part or all of such Conversion Amount owing into Units at the Conversion Price in effect on the date of conversion.

The Conversion Price in effect on the date hereof for each Unit to be issued upon the conversion shall be equal to $0.20 per Unit.

In the event of any inconsistency between the provisions of this certificate and the provisions of the Factoring Agreement, the provisions of the Factoring Agreement shall prevail to the extent of the inconsistency. Capitalized words or expressions used in this certificate shall, unless otherwise defined herein, have the meaning ascribed thereto in the Factoring Agreement.

The Factoring Agreement and this certificate shall be governed by, and construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

**IN WITNESS WHEREOF NURAN WIRELESS INC.** has caused this certificate to be signed by its authorized representatives as of December 23, 2024.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| By: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

**CONVERSION NOTICE** 

---

| | |
|:---|:---|
| To: | NURAN WIRELESS INC. (the "**Corporation**") |

---

Reference is made to the factoring agreement between Advance Factoring Inc. (the "**Holder**") and the Corporation, dated August 28, 2023, as amended on September 27, 2023, November 29, 2023, December 22, 2023, April 2, 2024, June 25, 2024, and December 23, 2024 (collectively, the "**Factoring Agreement**").

Any term not otherwise defined in this Notice shall have the meaning ascribed to it in the Factoring Agreement.

Pursuant to Section 10.6 of the Factoring Agreement, the undersigned hereby provides notice that it elects to convert the below Conversion Amount into Units at the Conversion Price in accordance with the terms of the Factoring Agreement.

---

| | |
|:---|:---|
| Conversion Amount being Converted: | $|
| Number of Units to be Issued: | |
| Effective Date: | |

---

The undersigned hereby directs that the Units are to be issued and delivered as follows:

---

| | |
|:---|:---|
| **<u>Registration Instructions:</u>** | **<u>Delivery Instructions:</u>** |

---

Dated this ___ day of _______________, 20__.

---

| | |
|:---|:---|
| **Per:** | |
|  | ***(authorized signing officer)*** |
| **Name:** |  |
| **Title:** |  |

---

## Exhibit 99.41

**Exhibit 99.41**

---

| | |
|:---|:---|
| ![](img135_v1.jpg) | **PRESS RELEASE**  |

---

**For immediate release**

**NuRAN Receives US$1M from FEI, a Cygnum Capital's fund**

**Quebec, QC, Canada, September 29, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce that it has received approval for the third drawdown of US$1M from the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital.

This follows the first drawdown of <u>US$2.5M received on July 16, 2024</u>, and the second drawdown of <u>US$1.05M received on February 28, 2025</u>, under the <u>US$5M loan facility agreement initially announced on April 26, 2024</u>. The third drawdown was made possible following the recent amendment signed with Orange for NuRAN's operations in the Democratic Republic of the Congo ("DRC") and approval of the award of its infrastructure license. The remaining US$450,000 will be disbursed upon the delivery of an additional 50 sites.

Funds from this drawdown will mainly be used for expanding mobile sites in Africa and restarting NuRAN's operations in the DRC, supporting its NaaS model and financial growth. The financing will cover operational and construction costs for rural infrastructure, helping NuRAN advance toward its 2025 goal of activating sites across sub-Saharan Africa and connecting thousands in remote areas.

**About Cygnum Capital** 

Cygnum Capital Group is an investment bank and asset manager, operating across frontier and emerging markets. Cygnum Capital Asset Management manages six pioneering funds: five debt funds including: (i) the African Local Currency Bond Fund ("ALCBF"), a ground-breaking investment vehicle established to support local currency capital markets, (ii) Off-Grid Energy Access Fund ("OGEF") which supports companies in off-grid energy such as SHS and small- medium mini-grids, (iii) FEI which support companies that provide a range of renewable energy solutions such as medium-large mini- grids, C&I and IPP with a maximum capacity of 25 MW, (iv) AfricaGoGreen Fund ("AGG") which supports companies combating climate change by reducing the use of fossil fuels through new technologies and that increase energy efficiency and promote economic development in high impact target sectors, (v) Africa Agriculture Trade Investment Fund ("AATIF") which is dedicated to uplift Africa's agricultural potential through improving food security and providing additional employment and income to farmers, entrepreneurs and labourers by investing in efficient local value chains; and a VC private equity fund and (vi) E3 Low Carbon Economy Fund for Africa ("E3 LCEF") which invests in climate-smart services, digital connectivity & applications, low-carbon productivity enablers. Cygnum Capital Asset Management has over USD 1.1 billion in assets under management with investments in 37 African countries.

**About the Facility for Energy Inclusion** 

FEI is designed to support small-scale independent power producers delivering power to the grid, mini-grids, commercial and industrial, and captive power projects. FEI was set up by the African Development Bank ("AfDB") as part of its New Deal for Africa initiative. In addition to the investment by the AfDB, FEI received equity funding from the German Federal Ministry for Economic Cooperation and Development through KfW and Norfund and loan commitments from the Austrian Development Bank and the International Finance Corporation (IFC). The AfDB also invested on behalf of the Clean Technology Fund and the European Commission.

---

| | |
|:---|:---|
| ![](img135_v1.jpg) | **PRESS RELEASE**  |

---

The transaction was supported by FEI's Project Preparation Facility ("PPF"), funded by the Global Environment Facility, through the AfDB. The PPF provides returnable grant funding for last-mile processes crucial to closing transactions and to fund due diligence and preparatory costs incurred in establishing innovative structures or transactions that FEI seeks to lend to.

**About NuRAN Wireless**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

---

| | |
|:---|:---|
| ![](img135_v1.jpg) | **PRESS RELEASE**  |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the signing of and drawdowns under the Loan Facility,* statements with respect to setting up our construction plan and accelerating the achievement of major milestones from proceeds of the Loan Facility. *Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as the uncertainties regarding the impact of the COVID-19 outbreak, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to drawdown under the Loan Facility and obtain any required consents for the drawdowns under the Loan Facility, NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; NuRAN's ability to complete the DFI financings, our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.42

**Exhibit 99.42**

---

| | |
|:---|:---|
| ![](img136_v1.jpg) | **PRESS RELEASE**<br>|

---

**For immediate release**

**NuRAN Wireless Issues Clarifying News Release and Announces Adjournment of its Annual General and Special Meeting**

**Quebec, QC, Canada, September 26, 2025** – As a result of a review by the British Columbia Securities Commission ("**BCSC**"), NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>) is issuing the following press release to clarify its disclosure. The review identified deficiencies which do not comply with the requirements of National Instrument 51-102 *Continuous Disclosure Obligations*, including:

● **MD&A Disclosure:** NuRAN's management's discussion and analysis ()"**MD&A**") did not fully comply with National Instrument 51-102, particularly with respect to disclosure of significant risks, uncertainties, and unusual transactions, including the Factoring Agreement and its amendments, liquidity and working capital analysis, related party transactions, and the use of proceeds from financings.

● **Material Contracts:** Amendments to the Factoring Agreement, a material contract, were not filed on SEDAR+ as required, and related material change reports were also not filed.

● **Restructuring Transaction:** The disclosure regarding the recently announced restructuring transaction did not include the rationale for the settlement terms, the impact on shareholders, and the identification of debt holders.

● **Other Areas:** The review also highlighted the need for improved disclosure regarding financial instruments, outstanding share data, corrections of prior billing errors, and non-GAAP financial measures.

While the Company was placed on the BCSC Issuers in Default List on September 19, 2025, NuRAN is working diligently to address these comments and will amend and re-file its interim June 30, 2025 MD&A and other affected documents on SEDAR+ as required. The Company will ensure future filings comply with all applicable continuous disclosure requirements. The BCSC review is currently ongoing.

**Concerns and Rationale for the Proposed Restructuring**

In light of recent communications and ongoing market challenges, the Company wishes to address shareholders' concerns regarding its financial position and strategic direction. Over the past several years, management has enacted a range of initiatives to support the launch and expansion of its Network as a Service ("**NaaS**") model, including numerous capital raises and debt facilities essential for infrastructure deployment. Despite these efforts, the highly capital-intensive nature of the Company's business, delays in securing key equity investments, and recent downturns in public market conditions have created significant liquidity constraints. Management has made multiple attempts to refinance the Company's short-term debt, engaging with several financial institutions and organizations, but these efforts have not yielded a successful outcome. As a result, the Company has explored alternative financing instruments, such as convertible debentures and factoring agreements, to bridge funding gaps and maintain operational momentum.

---

| | |
|:---|:---|
| ![](img136_v1.jpg) | **PRESS RELEASE**<br>|

---

Recognizing the pressing need to strengthen its balance sheet and ensure long-term viability, the Company is proposing a comprehensive restructuring transaction (the "**Proposed Restructuring**"). This initiative, to be voted on at the upcoming Annual General and Special Meeting, scheduled for September 30, 2025, is designed to significantly reduce short-term debt obligations, improve shareholder equity, and lower interest expenses. The proposed plan not only addresses imminent credit risks but also positions the Company for renewed growth and sustainability, supported by a prospective private placement and ongoing efforts to secure strategic equity investment. The Board and management remain committed to transparency and to acting in the best interests of all shareholders as they navigate this pivotal transition.

The Company acknowledges that the Proposed Restructuring is highly dilutive. However, the Company's debt holders currently hold sufficient debt, which is technically in default absent ongoing waivers, to foreclose on all NuRAN's assets and leave shareholders with zero value. In contrast, the Proposed Restructuring was specifically designed to allow shareholders to participate in the future of the Company.

While some shareholders have expressed concerns that the debt holders have not contributed value, NuRAN notes that the financial support of debt holders over the last years was substantial to enable the Company to continue operations and pursue its business objectives.

**Additional Information Relating to the Proposed Restructuring**

The premise for the Proposed Restructuring was to allow the Company to clean up its balance sheet and eliminate as much debt as possible, which arose from loans and the factoring arrangement, inclusive of accrued interest and penalties on those amounts that were funded to the Company over the past several years, which have been extended numerous times. The exact amount of debt to be included in the Proposed Restructuring has not been finalized, other than the Company needed to ensure that sufficient debt would be converted to equity to increase the shareholder deficit on the Company's balance sheet to result in a positive shareholder equity figure that would be sufficient to meet Nasdaq listing requirements (being US$5,000,000). The need to have a positive shareholder equity figure that would be sufficient to meet Nasdaq listing requirements, arose as a requirement for the debt holders participating in the Proposed Restructuring (the "**Participating Debt Holders**") to ensure that there was a path for the Company to list on Nasdaq.

As part of the Proposed Restructuring, the Company is to complete a concurrent equity financing of $4-5 million (the "**Concurrent Financing**"), on commercial terms negotiated between the Company and the investors, who are arm's length and not related parties to the Company. The commercial terms of the Concurrent Financing were designed to have the new equity issued in the context of the market; hence they requested the use of the 10-day Volume-Weighted Average Price specifically to allow for the pricing to be fair to all and priced in the context of the market. This was also reflective of what was available to the Company in the prevailing financing environment.

The Participating Debt Holders requested that their debt convert at the same terms as the Concurrent Financing. While the final group of Participating Debt Holders has not yet been finalized, some of the Participating Debt Holders may be considered related parties under IAS 24 now and following the Proposed Restructuring, but unlikely to be considered related parties pursuant to Multilateral Instrument 61-101. Notwithstanding, since the commercial terms of the Proposed Restructuring with the Participating Debt Holders was designed to mirror the terms of the Concurrent Financing, accordingly it reflects arm's length negotiations and priced in the context of the market, and would mirror the hold periods offered in the Concurrent Financing

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| | |
|:---|:---|
| ![](img136_v1.jpg) | **PRESS RELEASE**<br>|

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**Next Steps**

NuRAN will provide draft copies of all revised documents to the BCSC for review prior to re-filing and will issue further updates as appropriate. The Company remains committed to transparency and to acting in the best interests of all stakeholders.

**Adjournment of Annual General and Special Meeting**

The Company intend to adjourn its Annual General and Special Meeting scheduled for September 30, 2025, until October 15, 2025 to allow shareholders sufficient time to review the revised documents and material contracts.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.43

**Exhibit 99.43**

**NURAN WIRELESS INC.**

**SECURED CONVERTIBLE DEBENTURE**

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| | |
|:---|:---|
| **PRINCIPAL AMOUNT: $2,085,353.06**  | **Date: August 28, 2023** |

---

1.  **<u>Promise to Pay</u> FOR** **VALUE RECEIVED**, the undersigned, Nuran Wireless Inc. (the "**Corporation**") promises to pay to or to the order
of Yeshivas Limudei Hashem Society, at *[Redacted* – *Personal Information]* (the "**Debentureholder** "),
or such other place and/or person as the Debentureholder may direct by notice in writing to the Corporation, the principal amount
of $2,085,353.06 in lawful money of Canada (inclusive of an extension fee representing equal to 5% of the purchase price)(the "**Principal Amount** "), together with interest and all other Obligations (as hereafter defined), subject to the terms and conditions
contained herein.

2.  **<u>Definitions and Interpretation</u>** 

2.1 As used herein, the following terms shall have the following respective meanings, unless the context
otherwise requires:

"**Business Day**" means any day except Saturday, Sunday or any statutory holiday in the City of Vancouver, B.C., Canada.

"**Common Shares**" means fully-paid and non-assessable common shares in the capital of the Corporation as constituted on the date hereof, and after the date hereof any other shares, other securities, money or property which the Debentureholder is entitled to receive in respect or substitution thereof upon conversion of this Debenture pursuant to Section 7.

"**Conversion Price**" has the meaning ascribed thereto under Section 5.

"**Corporation**" means Nuran Wireless Inc., a corporation incorporated under the laws of the Province of British Columbia and includes any successor to or of the Corporation which shall have complied with the provisions of Section 16.

"**Credit Documents**" means, collectively, the Debentures, the Security Agreements, and all certificates, notices, agreements and other documents delivered to the Debentureholder, or entered into by the Debentureholder pursuant to or in connection with the Debentures.

"**CSE**" means the Canadian Securities Exchange or such other recognized stock exchange in Canada or the U.S. upon which the Corporation's Common Shares are principally traded.

"**Debenture**" means this secured convertible debenture as it may be amended, supplemented or restated from time to time.

"**Debentureholder**" shall have the meaning ascribed to such term in the introductory paragraph hereto.

"**Debt**" of any Person at any date, without duplication, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all indebtedness of such Person for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations of such Person for the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any equity interests in such Person or any other Person or any warrants, rights or options to acquire such equity
interests, valued, in the case of redeemable preferred interests, at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person, contingent or otherwise, as an account party or applicant under
acceptance, letter of credit or similar facilities in respect of obligations of the kind referred to in (a) through (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all guarantee obligations of such Person in respect of obligations of the kind referred to in (a)
through (f); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all obligations of the kind referred to in (a) through (g) secured by (or which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Encumbrance on property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation;

"**Dividends Paid in the Ordinary Course**" means cash dividends declared payable on the Common Shares in any fiscal year of the Corporation to the extent that such cash dividends do not exceed, in the aggregate, an amount greater than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fifty (50%) percent of the retained earnings of the Corporation as at the end of its immediately
preceding fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one hundred (100%) percent of the aggregate consolidated net income of the Corporation, determined
before computation of extraordinary items, for its immediately preceding fiscal year;

"**Encumbrance**" means any mortgage, charge, pledge, hypothecation, lien, assignment, lease intended as security, conditional sale agreement or other title retention arrangement, security interest or other encumbrance of any nature creating in favour of any Person a right or interest in respect of real or personal property that is prior to the right of any other creditor or claimant in respect of such property;

"**Event of Default**" shall have the meaning ascribed to such term in Section 9.2.

"**Exercise Date**" shall have the meaning ascribed to such term in Section 7.

"**Expiration Time**" means 5:00 pm (Vancouver time) on the Maturity Date.

"**Indebtedness**" means, at any time and from time to time, all of the Principal Amount, any accrued interest and any other amount owing pursuant to this Debenture, in each case which has not been paid to the Debentureholder by the Corporation.

"**Interest Rate**" shall have the meaning ascribed to such term in Section 4.1.

"**Maturity Date**" means August 28, 2024 or such earlier date as the principal amount hereof may become due, including but not limited to section 9.6 hereof, subject to and in accordance with the terms, conditions and provisions hereof, and subject to extension upon mutual agreement of the parties.

"**Material Adverse Change**" means a material adverse effect on (i) the ability of the Corporation to pay its obligations hereunder as and when due; (ii) the business, operation, prospects, assets or condition, financial or otherwise, of the Corporation or any Subsidiary; or (iii) the ability of the Corporation or any Subsidiary to perform any other material obligations to the Debentureholder under this Debenture or any other present or future agreements in respect of the property and assets of the Corporation.

"**Obligations**" means all Indebtedness, liability and other obligations of the Corporation hereunder or under the Security Agreements, and any other agreement between the Corporation and the Debentureholder.

"**Original Issuance Date**" means August 28, 2023.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Encumbrances created pursuant to or arising under any
Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Encumbrances created prior to the date of this Debenture;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Encumbrances imposed by law for taxes, assessments or governmental charges or levies not yet due
or which are being contested in good faith and by appropriate proceedings diligently conducted if, unless the amount is not material
with respect to it or its financial condition, adequate reserves with respect thereto are maintained in accordance with IFRS on
the books of the applicable Person.

"**Person**" includes an individual, a trust, a partnership, a body corporate or politic, a syndicate, a joint venture, a company, an association and any other form of incorporated or unincorporated organization or entity.

"**Principal Amount**" has the meaning ascribed thereto in Section 1.

**"Recognized Exchange"** means the CSE, the TSX Venture Exchange or the Toronto Stock Exchange.

"**Securities Laws**" means, collectively, the applicable securities laws of the relevant jurisdictions, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulators thereunder, the securities legislation and policies of each other relevant jurisdiction and the rules of the relevant stock exchange, in each case in effect from time to time.

"**Security Agreement**" means the general security agreement executed by the Corporation in favour of the Debentureholder and dated as of the date hereof and delivered on issuance of the Debenture, as they may be amended, supplemented or restated from time to time.

"**Subsidiary**" means a business entity which is controlled, directly or indirectly by another business entity (as used herein "business entity" includes a corporation, company, partnership, limited partnership, trust or joint venture).

"**Unit**" means units of the Corporation, comprised of (i) one Common Share; and (ii) three quarters (3/4) of one Warrant.

"**Warrant**" means each whole warrant underlying the Units, each Warrant shall entitle the holder to acquire one additional Common Share for $0.40 until August 28, 2026, in the form as set out hereto as Schedule "C".

2.2  **<u>Interpretation</u>** 

Words importing the singular only shall include the plural and vice versa, words importing the masculine gender shall include the feminine gender and words importing persons shall include firms and corporations and vice versa.

2.3  **<u>Headings</u>** 

The division of this Debenture into Articles and Sections and the use of headings are for convenience of reference only and shall not affect the construction or interpretation of this Debenture.

2.4  **<u>Time of Essence</u>** 

Time is of the essence of this Debenture.

2.5  **<u>Currency</u>** 

Unless otherwise specified, all dollar amounts in this Debenture, including the symbol "$", refer to Canadian currency.

2.6  **<u>Business Day</u>** 

If the date upon which any amount is payable by the Corporation, or upon which any other action is required to be taken by the Corporation hereunder, is not a Business Day, then such amount shall be payable or such other action shall be taken on or by the next succeeding Business Day.

3.  **<u>Payment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Indebtedness is redeemed or converted in accordance with this Debenture, the Corporation
shall pay to the Debentureholder the Indebtedness on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Principal Amount and interest (including interest on amounts in default, if any) on this
Debenture and all other money payable hereunder having been paid or satisfied, the Debentureholder shall, at the request of the
Corporation, release and discharge this Debenture. Upon such request, the Debentureholder shall execute and deliver such instruments
as it shall be advised by the Corporation's counsel are requisite to release the Corporation from its covenants herein contained.

4.  **<u>Interest</u>** 

4.1 The Principal Amount shall bear interest at a rate of 15% per annum from the Issuance Date, payable
on the last business day of each calendar quarter, first interest payment being paid on December 31, 2023. Notwithstanding the
forgoing, in the event of any Event of Default or if any amount remains unpaid that are past due, shall bear interest at a rate
of 25% per annum (the "**Interest Rate** "), payable on demand, from the date of such Event of Default or non-payment
until paid in full, calculated daily and (subject to Section 4.2) payable in cash.

4.2 The Debentureholder may elect to receive any accrued interest in cash or, subject to any required
regulatory approval (including any required approval of a relevant stock exchange), in Units at a price per Unit equal to the lower
of (i) the Conversion Price, and (ii) minimum price permitted by the relevant stock exchange or other regulatory body. In the event
that the Debentureholder elects to receive accrued interest in Units, the Corporation shall register such Units in the name and
address of the Debentureholder set out on the face page of this Debenture and mail certificates or other evidence of the issuance
such Units to such address. Fractional Units will not be issued on any interest payment and in lieu thereof the Corporation will
round up to the next full Units if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction
is below 0.5.

5.  **<u>Conversion Price</u>** 

5.1 The conversion price ()"**Conversion Price**") of the Debenture shall be, subject
to adjustment as provided in Section 8 below, $0.35 per Unit.

6.  **<u>Redemption and Repurchase by the Corporation</u>** 

6.1 Subject to Section 7, the Corporation may, at its option, without penalty or bonus (other than
as described herein), subject to providing not less than 10 business days prior written notice to the Debentureholder, redeem the
Debentures, in whole or, from time to time, in part, in consideration of the payment of 103% of Principal Amount then outstanding
plus accrued and unpaid interest and any other amounts owing pursuant to this Debenture (the "**Early Redemption** ").

6.2 The Corporation may purchase the Debentures for cancellation in the market or by tender or by private
contract at any time, subject to applicable regulatory provisions.

7.  **<u>Conversion by the Debentureholder</u>** 

7.1 Subject to the provisions of this Debenture and any regulatory approval, the Debentureholder shall
have the right, at the option of the Debentureholder at any time while any Indebtedness remains unpaid under the Debenture, except
that for any amount subject to Early Redemption, the close of business on the Business Day preceding the date fixed for Early Redemption,
to elect to convert a part or all of the Indebtedness then outstanding into Units at the Conversion Price.

7.2 Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will
round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction
is below 0.5.

7.3 If the Debentureholder desires to convert the Indebtedness it shall send to the Corporation prior
to the date on which the Indebtedness is to be converted into Units (the "**Exercise Date**") a notice, in the form
of Schedule "A" (the "**Conversion Notice** "), of the conversion specifying the Exercise Date and the
number of Units to be issued upon conversion. On the Exercise Date, the Debentureholder shall be entered in the books of the Corporation
as the holder of the number of Common Shares and Warrants comprising the Units resulting from the conversion and shall be treated
for all purposes (including the right to receive dividends) as the holder of record of such Common Shares which shall be deemed
outstanding as fully paid and non-assessable.

7.4 If the Debentureholder sends a Conversion Notice, the Debentureholder must thereafter surrender
this Debenture to the Corporation in exchange for Common Share certificates (the "**Share Certificates**") and Warrant
certificates (the "**Warrant Certificates**") of Corporation in the name of Debentureholder evidencing the ownership
of that number of Common Shares and Warrants comprising the Units specified in the Conversion Notice. As soon as practicable after
the surrender of this Debenture by the Debentureholder to the Corporation (but in no event prior to the Exercise Date), the Corporation
shall deliver or arrange for the delivery of the Share Certificates and Warrant Certificates to the Debentureholder. In the event
of the conversion of this Debenture in part, the Corporation shall, without charge, forthwith execute and deliver to the Debentureholder
a new debenture in a principal amount equal to the unconverted part of this Debenture so surrendered in the same form as this Debenture,
except as to Principal Amount.

7.5 If the Debentureholder fails to surrender this Debenture within five (5) business days from the
Exercise Date, the Share Certificates and Warrant Certificates will be set aside in trust for the Debentureholder and such setting
aside shall for all purposes be deemed to satisfy the Corporation's obligations to the Debentureholder pursuant to this Section
7 and the Debentureholder shall have no right, except upon surrender of this Debenture to the Corporation, to receive the Share
Certificates and Warrant Certificates.

7.6 If the Corporation fails to deliver the Share Certificates and Warrant Certificates to the Debentureholder
within five (5) business days from the Exercise Date, the Corporation shall pay to the Debentureholder, in cash, an amount equal
to 2% of the amount of Indebtedness being converted pursuant to the Conversion Notice for the applicable Exercise Date, which amount
shall accrue daily until the Share Certificates and Warrant Certificates have been delivered to the Debentureholder.

7.7 Without the prior written consent of the Corporation, the Debentureholder will not be permitted
to convert the Debenture into Units at the Conversion Price to the extent that, after giving effect to such conversion, the undersigned
(together with the Debentureholder's affiliates acting jointly or in concert with the undersigned, the "**Joint Actors** "))
would beneficially own in excess of 9.9% of the number of the Common Shares issued and outstanding immediately after giving effect
to such conversion, on a partially diluted basis assuming the conversion of all securities of the Joint Actors which are convertible
into Common Shares within sixty (60) days from the proposed Exercise Date.

8.  **<u>Adjustment of Conversion Price</u>** 

8.1  **<u>Reclassifications, Reorganizations, etc</u>** . In case of any amalgamation of the Corporation
with, or merger of the Corporation into, any other corporation with the result that the Corporation ceases to exist in its present
capacity, or in case of any sale, transfer or other disposition of all or substantially all of the assets of the Corporation, the
successor corporation or holder of the corporation's assets as the case may be shall, and the Corporation shall cause such
successor corporation or holder of the corporation's assets to, give notice in the manner specified in Section 20 to the
Debentureholder. Such notice shall confirm that the Debentureholder shall have the right to convert the Debenture into the kind
and amount of Units and other securities and property receivable upon such amalgamation, merger or sale by a holder of the number
of Common Shares into which such Debenture and Warrant might have been converted immediately prior to such event. Such notice shall
confirm adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section.

8.2  **<u>Certificates as to Adjustment</u>** The Corporation shall from time to time forthwith after
the occurrence of any event which requires adjustment or readjustment as provided in Section 8, deliver to the Debentureholder,
an officer's certificate specifying the nature of the event requiring the adjustment or readjustment and the amount of the
adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based.

8.3  **<u>Notice of Special Matters</u>** The Corporation covenants that so long as this Debenture
remains outstanding, it will give notice to the Debentureholder at the address provided for in Section **20 ,** of its intention to fix a record date or agreement date for any event which may give rise to an adjustment in the Conversion Price
and, in each case, such notice shall specify the particulars of such event and the record date, the agreement date and the effective
date for such event, provided that the Corporation shall only be required to specify in such notice such particulars of such event
as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 7 days
in each case prior to such applicable record date. The Corporation shall not during the period of such notice close the transfer
books for Common Shares so as to prevent the conversion of this Debenture or fix a record date for voting so as to prevent the
Common Shares resulting from a conversion of this Debenture from being voted. Nothing in this Section 8.3 shall in any manner derogate
from or compromise the Debentureholder's rights to receive notice pursuant to any applicable laws.

8.4 In case the Corporation after the date hereof shall take any action affecting its Common Shares,
other than any action described in this Section 8, which would, in the opinion of the directors of the Corporation, acting reasonably
materially affect the conversion rights of the Debentureholder, the Conversion Price shall be adjusted in such manner, at such
time and by such action by the directors of the Corporation, as they may determine, acting reasonably, to be equitable to the Debentureholder
and the Corporation in the circumstances, but subject in all cases to any necessary regulatory approval.

8.5 The adjustments provided for in this Section 8 are cumulative and shall apply to successive subdivisions,
redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under
the provisions of this Section 8, provided that, notwithstanding any other provision of this Section 8, no adjustment shall be
made which would result in any increase in the Conversion Price (except upon a consolidation, reduction or combination of outstanding
Common Shares) and no adjustment of the Conversion Price shall be required unless such adjustment would require a decrease of at
least 1% in the Conversion Price then in effect; provided, however, that any adjustments which by reason of this subsection are
not required to be made shall be carried forward and taken into account in any subsequent adjustment.

8.6 In the event that the CSE or any securities regulatory body of an applicable jurisdiction does
not approve (if such approval is required) a requested downward Conversion Price adjustment as provided for under this Debenture,
then such adjustment shall be reduced to the maximum permitted price, and any such shortfall will be paid to the Debentureholder
in cash, securities, or a combination thereof by the Corporation, at the reasonable discretion of the board of directors of the
Corporation, to achieve a substantially similar economic result to the Debentureholder subject to compliance with the rules and
policies of the CSE or applicable securities regulatory body

9.  **<u>Covenants and Events of Default and Representations</u>** 

9.1  **<u>Covenants</u>** The Corporation covenants and agrees, on its own behalf and on behalf of
each Subsidiary (where applicable) with the Debentureholder that, so long as this Debenture is outstanding and in force and except
as otherwise permitted by the prior written consent of the Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *To Pay Principal and Interest*: The Corporation will duly and punctually pay or cause to
be paid to the Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder
on the dates, at the places and in the manner mentioned herein and in the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Event of Default*: The Corporation shall forthwith notify the Debentureholder of
the occurrence of any Event of Default or any event of which it is aware which with notice or lapse of time or both would constitute
an Event of Default together with full details and any action proposed to be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Preservation of Existence, etc*: Subject to the express provisions hereof, the Corporation
will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like
manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be
done all things necessary to preserve and keep in full force and effect its existence and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Keeping of Books*: The Corporation will keep or cause to be kept proper books of record and
account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation
and each Subsidiary in accordance with generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Maintain Listing*: The Corporation will use reasonable commercial efforts to maintain the
listing of the Common Shares on the Canadian Securities Exchange or other Recognized Exchange, and to maintain the Corporation's
status as a "reporting issuer" not in default of the requirements of the applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Withholding Matters*: All payments made by or on behalf of the Corporation under or with
respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be
made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost,
assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto)
imposed or levied by or on behalf of the Government of Canada or the United States or elsewhere, or of any province or territory
thereof or by any authority or agency therein or thereof having power to tax ()"**Withholding Taxes** "), unless the
Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account
of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes
from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes
from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to
the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid
in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up
or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any
amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation
shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall
be necessary in order to satisfy such requirement. The Corporation shall provide the Debentureholder with copies of receipts or
other communications relating to the remittance of such withheld amount or the filing of any forms received from such government
authority or agency promptly after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *No Material Change of Business*: The Corporation will notify the Debentureholder in the event
of any Material Adverse Change. The Corporation will notify the Debentureholder in the event it receives notice of any regulatory,
governmental or criminal citation, notice of violation, investigation or proceeding that may have a material impact on the Corporation's
license, business activities or operations. The Corporation will notify the Debentureholder in the event it receives notice of
any non-compliance citations or notices of violations, of which the Corporation is aware, that may have a material impact on the
investee's, supplier's or customers' license, business activities or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *No Encumbrances*: The Corporation not permit any lien or encumbrance to be made or exist,
upon its property and assets, or the property and assets other than liens or encumbrances pertaining to the Security Agreements,
the Permitted Encumbrances, and statutory liens in favour of governmental authorities for amounts not yet overdue, unless such
lien or encumbrance is subordinated to the Security Agreements.

9.2  **<u>Events of Default</u>** Subject to section 9.6 below, unless waived in writing by the Debentureholder,
any one or more of the following events shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure for 10 days to pay interest on the Debentures when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or delivery of Units), if
any, when due on the Debentures whether at maturity, upon redemption, by declaration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of any Share Certificate or Warrant Certificate or other consideration,
payable on conversion with respect to the Debentures, which default continues for 10 business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of the Debenture by the Corporation
and the failure to cure (or obtain a waiver for) such default for a period of 10 business days after the default was discovered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) failure to complete the anticipated funding of at least US$20,000,000 from the Development Financing
Institutions before September 30, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if, during the period from date hereof to September 30, 2023 (the "**Initial Price Threshold Period**") the following event does not occur at any time during the Initial Price Threshold Period: the volume weighted
average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if, during the period from October 1, 2023 to November 15, 2023 (the "**Second Price Threshold Period**") the following event does not occur at any time during the Second Price Threshold Period: the volume weighted
average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a decree or order of a Court having jurisdiction is entered adjudging the Corporation a bankrupt
or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or
issuing sequestration or process of execution against, or against any substantial part of, the property of the Corporation, or
appointing a receiver of, or of any substantial part of, the property of the Corporation or ordering the winding-up or liquidation
of its affairs, and any such decree or order continues unstayed and in effect for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Corporation institutes proceedings to be adjudicated a bankrupt or insolvent, or consents
to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada) or
any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to the appointment of a receiver
of, or of any substantial part of, the property of the Corporation, or any Subsidiary or makes a general assignment for the benefit
of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if, after the date of this Debenture, any proceedings with respect to the Corporation are taken
with respect to a compromise or arrangement, with respect to creditors of the Corporation generally, under the applicable legislation
of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation grants any security interest, other than the Permitted Encumbrances, in any
property or assets of the Corporation, which ranks *pari passu* or senior to the security interest granted hereunder without
the prior written consent of Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if the Corporation, without the prior written consent of the Debentureholder, (i) grants any security
interest (other than Permitted Encumbrances) in any property or assets of the Corporation which are explicitly excluded from the
collateral set out in the Security Agreements, including but not limited to, the assets or licenses, or (ii) sell any of the assets
explicitly excluded from the collateral set out in the Security Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if, within 30 days from the date hereof, the Corporation fails to cause the indebtedness evidenced
by this Debenture to be secured by a security agreement executed by the Corporation, in favour of the Debentureholder, granting
to the Debentureholder a security interest on all the assets of the Corporation, except such assets as may be subject to a prior
encumbrance pursuant to the terms of the Permitted Encumbrances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if, within 30 days from the Original Issuance Date, the Corporation fails to cause the Indebtedness
evidenced by this Debenture to be secured by way of a Hypothec in favour of the Debentureholder or its duly authorized agent, which
default continues for 10 days.

9.3  **<u>Acceleration</u>** Upon the occurrence of any one or more of the Events of Default ,
the Indebtedness outstanding at that time shall be accelerated, and shall become immediately due and payable at the option of the
Debentureholder. Alternatively, upon the occurrence of any one or more of the Events of Default ,
the Debentureholder may, by giving written notice thereof to the Corporation, elect to convert, in whole or in part, the Indebtedness
then outstanding in accordance with the terms hereof.

9.4  **<u>Remedies Cumulative</u>** The rights and remedies of the Debentureholder hereunder are
cumulative and in addition to and not in substitution for any rights or remedies provided by law.

9.5  **<u>Non-Merger</u>** The taking of a judgment or judgments or any other action or dealing whatsoever
by the Debentureholder in respect of any security given by the Corporation (if any) to the Debentureholder shall not operate as
a merger of any indebtedness or liability of the Corporation to the Debentureholder or in any way suspend payment or affect or
prejudice the rights, remedies and powers, legal or equitable, which the Debentureholder may have in connection with such liabilities
and the surrender, cancellation or any other dealings with any security for such liabilities shall not release or affect the liability
of the Corporation hereunder or any security held by the Debentureholder. All Obligations shall survive the Maturity Date until
all Obligations of the Corporation hereunder have been satisfied and discharged in accordance with this Debenture.

9.6  **<u>EIB Grace Period</u>** Notwithstanding the foregoing, for the purposes of ensuring the
Company does not trigger an event of default pursuant to the finance contracts with European Investment Bank and a loan agreement
between NuRAN Wireless (Africa) Holding and Finnish Fund for Industrial Cooperation Ltd., the occurrence of any event set out in
Sections 9.2(d)-(g) and 9.2(k)-(n) shall not constitute an Event of Default herein, and shall have an additional grace period of
20 business days during which the parties shall agree to enter into a debt settlement agreement to reduce the Conversion Price,
but ensure that this Debenture is not required to be prepaid or discharged before the Maturity Date. Any debt settlement entered
into during this grace period shall not constitute a prepayment or discharge before the Maturity Date, and the Maturity Date shall
remain the Maturity Date pursuant to the debt settlement agreement.

10.  **<u>Security</u>** 

10.1 The Obligations are secured by the grant to the Debentureholder of a security interest in all of
the property and assets of the Corporation (except such assets as may be specifically excluded), as provided in the Security Agreements.

The Corporation acknowledges and agrees to secure the repayment of the Obligations by a hypothec or other similar form of lien or charge in favour of the Debentureholder (the "**Hypothec**") or its duly authorized agent in any Provinces where the collateral of the Corporation is located within 30 days of the Original Issuance Date.

The Obligations shall also be secured by such other security as may be required to be delivered or caused to be delivered by the Corporation to the Debentureholder pursuant to the terms hereof or any other agreement between the Corporation and the Debentureholder.

The Debentureholder acknowledges and agrees that this Debenture will rank *pari passu* with each other Debenture of the same series issued as of the date hereof (regardless of their terms of issue), and shall be subject to the terms and conditions of the Agency and Interlender Agreement dated as of the date hereof among the Corporation, Shimcity Inc. and the Debentureholder.

11.  **<u>Person Entitled to Payment</u>** 

The Debentureholder shall be entitled to payment of all amounts due hereunder free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate Debentureholder hereof and all persons may act accordingly and a transferee of this Debenture shall become the Debentureholder of this Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous Debentureholder hereof, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.

12.  **<u>Supplement to Debenture</u>** 

12.1 From time to time the Corporation shall, when so directed by the Debentureholder, execute, acknowledge
and deliver by its proper officers, deeds or instruments supplemental hereto, which thereafter shall form part hereof, for any
one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making such provisions not inconsistent with this Debenture as may be necessary or desirable with
respect to matters or questions arising hereunder, including the making of any modifications in the form of the Debenture which
do not affect the substance thereof and which provisions and modifications will not, in the opinion of the Debentureholder's
solicitor, be prejudicial to the interests of the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidencing the succession or the successive successions of other corporations to the Corporation
and the covenants of and obligations assumed by any such successor in accordance with the provisions of this Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any other purpose not inconsistent with the terms of this Debenture.

12.2 The Corporation may correct any typographical or other manifest errors in this Debenture, provided
that in the opinion of the Debentureholder's solicitor such corrections will not prejudice the rights of the Debentureholder
hereunder and may execute all such documents as may be necessary to correct such errors.

13.  **<u>Mutilation, Loss, Theft or Destruction</u>** 

In case this Debenture shall become mutilated or be lost, stolen or destroyed, the Corporation shall execute and deliver a new Debenture having the same date of issue upon surrender and cancellation of the mutilated Debenture, or in case this Debenture is lost, stolen or destroyed, in lieu of and in substitution for the same. In case of loss, theft or destruction the person applying for a substituted Debenture shall furnish to the Corporation such evidence of such loss, theft or destruction as shall be satisfactory to the Corporation, shall furnish an indemnity satisfactory to the Corporation (but in any event in an amount not exceeding the principal amount outstanding) and shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

14.  **<u>Debentureholder Not a Shareholder</u>** 

This Debenture shall, in itself, not confer or be construed as conferring upon the Debentureholder any right or interest whatsoever as a shareholder of the Corporation, including, but not limited to, the right to vote at, to receive notice of, or to attend meetings of shareholders or any other proceedings of the Corporation, or the right to receive dividends and other distributions.

15.  **<u>Transfer of Debentures</u>** 

15.1 The Corporation shall maintain a register on which are recorded the names and addresses of each
holder hereof. Subject to compliance with the terms of this Debenture and with applicable laws and regulations, a transfer shall
be recorded by the Corporation in the register of holders hereof maintained by the Corporation, upon surrender of this Debenture
with the Transfer Form in the form attached hereto as Schedule "B" duly completed by the Debentureholder or by its
duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment or other authority to transfer
on behalf of the Debentureholder. Upon each transfer the Corporation shall cancel this Debenture and execute and deliver such replacement
debenture as is required, in the form hereof.

15.2 *Restrictions on Transfers*: The Corporation shall not register any transfers of the Debenture
or issue or transfer any Units issuable on conversion of the Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to a United States person, any person in the United States or any person for the account or benefit
of a United States person or a person in the United States except pursuant to Rule 144 under the United States Securities Act of
1993, as amended (the "**U.S. Securities Act** "), if available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with any transfers or conversions which are otherwise not in compliance with (i)
the U.S. Securities Act and the regulations thereunder if applicable, (ii) the *Securities Act* (B.C.) and the rules and regulations
thereunder, (iii) applicable securities laws and regulations of other relevant jurisdictions, or (iv) the policies of the CSE;

Notwithstanding anything to the contrary contained herein but subject to the terms of this Section 15, no assignment or transfer of any right or interest in this Debenture shall be permitted except in compliance with applicable Securities Laws and the transferee, assignee or Debentureholder as the case may be, furnishes to the Corporation such evidence as the Corporation may reasonably require in order to satisfy itself with respect to the foregoing. No prior written consent of the Corporation is required to permit the assignment or transfer of any right or interest in this Debenture by a Debentureholder to any affiliate of the Debentureholder or to any investment fund managed by the Debentureholder's manager or its affiliate provided the other conditions to such assignment or transfer as provided in this Section 15 are satisfied. Any purported assignment or transfer of any right or interest in this Debenture by a Debentureholder that is not in compliance with this Section 15 shall be null and void.

16.  **<u>Certain Requirements re: Successor Corporations</u>** 

The Corporation shall not, directly or indirectly, sell, lease, transfer or otherwise dispose of all or substantially all of its property and assets as an entirety to any other entity, and shall not consolidate, amalgamate, reorganize or merge with or into any other corporation (any such other entity or corporation being herein referred to as a "**successor corporation**") unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has received express written consent for such transaction from the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the successor corporation shall execute, prior to or contemporaneously with the consummation of
any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor corporation of the
due and punctual payment of the outstanding amount of this Debenture or the reservation and allotment for issuance of a sufficient
number of shares to satisfy the conversion privilege and interest payment obligations hereunder and upon the due exercise of the
Warrants and to observe and perform all the covenants and obligations of the Corporation under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the successor corporation shall execute, prior to or contemporaneously with the consummation of
any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor corporation of the
due performance of all the covenants and obligations of the Corporation under the Security Agreements, in forms acceptable to the
Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such transaction shall be upon such terms as to preserve and not to impair any of the rights or
powers of the Debentureholder hereunder or any security pertaining hereto or thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately after giving effect to such transaction, no condition or event shall exist which constitutes
an Event of Default, or may constitute an Event of Default after notice or lapse of time or both.

17.  **<u>Vesting of Powers in Successors</u>** 

Whenever the conditions of Section 16 have been fully observed and performed, the successor corporation shall possess and from time to time may exercise each and every right and power of the Corporation under this Debenture in the name of the Corporation or otherwise and any act or proceeding by any provision of this Debenture required to be done or performed by the Corporation or its officers may be done and performed with like force and effect by the successor corporation or its officers.

18.  **<u>Waiver</u>** 

No waiver on the part of the Debentureholder in exercising any right or privilege hereunder and no waiver as to any Event of Default hereunder shall operate as a waiver thereof unless made in writing and signed by the Debentureholder. No written waiver shall preclude the further or other exercise by the Debentureholder of any right, power or privilege hereunder, or extend to or apply to any further Event of Default.

19.  **<u>Further Assurances</u>** 

The Corporation shall from time to time forthwith on the Debentureholder's request do, make and execute all such further assignments, documents, acts, matters and things as may be required by the Debentureholder with respect to give effect to the matters contemplated in the Credit Documents or any part thereof, including all matters contemplated in this Debenture.

20.  **<u>Notices</u>** 

Any notice or communication to be given hereunder may be effectively given by delivering the same at the addresses hereinafter set forth or by sending the same by email or prepaid registered mail to the parties at such addresses. Any notice so mailed shall be deemed to have been received on the fifth Business Day next following the mailing thereof provided the postal service is in operation during such time. Any email notice shall be deemed to have been received on the Business Day next following the date of transmission. The mailing and email addresses of the parties for the purposes hereof shall respectively be:

---

| | | |
|:---|:---|:---|
| if to the Debentureholder: | To the address set out on the face page. | To the address set out on the face page. |
| if to the Corporation: | Nuran Wireless Inc. | Nuran Wireless Inc. |
|  | 2150 Cyrille-Duquet Street | 2150 Cyrille-Duquet Street |
|  | Quebec, QC G1N 2G3 | Quebec, QC G1N 2G3 |
|  | Attention: | Francis Létourneau |
|  | Email: | francis.letourneau@nuranwireless.com |

---

Either party may from time to time notify the other party hereto, in accordance with the provisions hereof, of any change of address which thereafter, until changed by like notice, shall be the address of such party for all purposes of this Agreement.

21.  **<u>Successors and Assigns</u>** 

This Debenture shall be binding upon and shall enure to the benefit of the Corporation and the Debentureholder and their respective successors and assigns, provided that neither party shall assign any of its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld.

22.  **<u>Governing Law and Submission to Jurisdiction</u>** 

This Debenture and all other documents delivered to the Debentureholder hereunder shall be construed and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each of the Corporation and the Debentureholder hereby agrees that any legal suit, action or proceeding arising out of or relating to this Debenture and all such other documents may be instituted in the courts of the Province of British Columbia only and the parties accept and irrevocably submit to the jurisdiction of the said courts, and acknowledge their competence and agree to be bound by any judgment thereof.

23. The Debentureholder agrees that it shall be prohibited from exercising any portion of this Debenture
if the aggregate number of Common Shares of the Corporation owned or controlled, directly or indirectly, by the Debentureholder
and any affiliates of the Debentureholder (including common shares of which the Debentureholder has deemed beneficial ownership),
collectively, as a result of such exercise would equal or exceed 10% of the issued and outstanding common shares of the Corporation
calculated on the date of exercise of the Debenture.

*[remainder of page intentionally left blank]*

**DATED** as of the 28<sup>th</sup> day of August, 2023.

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| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | &nbsp;&nbsp;&nbsp;*/s/ "Jim Bailey" /s/ "Francis Letourneau"* |
|  | &nbsp;&nbsp;&nbsp;Authorized Signatory |

---

**ACKNOWLEDGED AND AGREED AS OF THE** 28<sup>th</sup> day of August, 2023.

---

| | |
|:---|:---|
| **YESHIVAS LIMUDEI HASHEM SOCIETY** | **YESHIVAS LIMUDEI HASHEM SOCIETY** |
| **Per:** | /s/ "Joseph Posen" |
|  | &nbsp;&nbsp;&nbsp;**Name:** Joseph Posen |
|  | &nbsp;&nbsp;&nbsp;**Title:** President |
|  | &nbsp;&nbsp;&nbsp;**(authorized signing officer)** |

---

Signature Page Debenture

**SCHEDULE "A"**

**<u>CONVERSION NOTICE</u>**

---

| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

---

Reference is made to the Secured Convertible Debenture of Nuran Wireless Inc. dated August 28, 2023. Any term not otherwise defined in this Notice shall have the meaning ascribed to it in the Debenture.

The undersigned holder of the Debenture hereby gives notice that it elects to convert certain Indebtedness for the undernoted number of Units in accordance with the terms of the Debenture and as follows.

---

| | |
|:---|:---|
| Amount of Indebtedness Being Converted: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$_____________________ |
| Units to be Issued: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________ |
| Effective Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________ |

---

The undersigned hereby directs that the shares are to be issued and delivered as follows:

---

| | |
|:---|:---|
| **<u>Registration Instructions:</u>** | **<u>Delivery Instructions:</u>** |

---

Dated this ______day ______________, 20______.

---

| | |
|:---|:---|
| **[DEBENTUREHOLDER]** | **[DEBENTUREHOLDER]** |
| **Per:** | |
|  | &nbsp;&nbsp;&nbsp;**Name:** |
|  | &nbsp;&nbsp;&nbsp;**Title:** |
|  | &nbsp;&nbsp;&nbsp;**(authorized signing officer)** |

---

**Instructions for Conversion**

This conversion notice is to be signed by the Debentureholder.

The Debenture must be surrendered at the office of the Corporation, located at 2150 Cyrille-Duquet Street, Quebec, QC, G1N 2G3 or by email to Francis Letourneau.

Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction is below 0.5.

Upon surrender of the Debenture, the Corporation will issue to the Debentureholder the number of shares converted and shall deliver a certificate(s) or other evidence of such shares. The Corporation shall also deliver a new debenture in the event of a partial conversion.

If Units are to be issued in the name of a person other than the Debentureholder, all requisite transfer taxes must be tendered by the Debentureholder.

**<u>SCHEDULE "B"</u><br> TRANSFER FORM**

---

| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

---

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

---

| |
|:---|
| Name |
| Address |
| Social Insurance Number, Social Security Number, or Tax Identification Number |

---

$____________________________ of the principal amount of Debenture registered in the name of the undersigned represented by the within certificate (which amount must be $1,000 or an integral multiple thereof) and do hereby irrevocably constitute and appoint the Corporate Secretary of the Corporation attorney to transfer the said Debenture on the books of the Corporation with full power of substitution in the premises.

DATED this _____ day of ______________.

Signature of Debentureholder<br>

---

| |
|:---|
| Signature of Debentureholder |
| Name of Debentureholder (Please Print) |
| \* Authorized Signature Name and Title |

---

## Exhibit 99.44

**Exhibit 99.44**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON CONVERSION HEREOF MUST NOT TRADE THE SECURITY BEFORE DECEMBER 29, 2023.**

**NURAN WIRELESS INC.**

**SECURED CONVERTIBLE DEBENTURE**

---

| | |
|:---|:---|
| **PRINCIPAL AMOUNT: $266,783.10**  | **Date: August 28, 2023** |

---

1.  **<u>Promise to Pay</u> FOR** **VALUE RECEIVED**, the undersigned, Nuran Wireless Inc. (the "**Corporation**") promises to pay to or to the order
of Masha Posen, at *[Redacted – Personal Information]* (the "**Debentureholder** "), or such other place
and/or person as the Debentureholder may direct by notice in writing to the Corporation, the principal amount of $266,783.10 in
lawful money of Canada (inclusive of an extension fee representing equal to 5% of the purchase price)(the "**Principal Amount** "),
together with interest and all other Obligations (as hereafter defined), subject to the terms and conditions contained herein.

2.  **<u>Definitions and Interpretation</u>** 

2.1 As used herein, the following terms shall have the following respective meanings, unless the context
otherwise requires:

"**Business Day**" means any day except Saturday, Sunday or any statutory holiday in the City of Vancouver, B.C., Canada.

"**Common Shares**" means fully-paid and non-assessable common shares in the capital of the Corporation as constituted on the date hereof, and after the date hereof any other shares, other securities, money or property which the Debentureholder is entitled to receive in respect or substitution thereof upon conversion of this Debenture pursuant to Section 7.

"**Conversion Price**" has the meaning ascribed thereto under Section 5.

"**Corporation**" means Nuran Wireless Inc., a corporation incorporated under the laws of the Province of British Columbia and includes any successor to or of the Corporation which shall have complied with the provisions of Section 16.

"**Credit Documents**" means, collectively, the Debentures, the Security Agreements, and all certificates, notices, agreements and other documents delivered to the Debentureholder, or entered into by the Debentureholder pursuant to or in connection with the Debentures.

"**CSE**" means the Canadian Securities Exchange or such other recognized stock exchange in Canada or the U.S. upon which the Corporation's Common Shares are principally traded.

"**Debenture**" means this secured convertible debenture as it may be amended, supplemented or restated from time to time.

"**Debentureholder**" shall have the meaning ascribed to such term in the introductory paragraph hereto.

"**Debt**" of any Person at any date, without duplication, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all indebtedness of such Person for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations of such Person for the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any equity interests in such Person or any other Person or any warrants, rights or options to acquire such equity
interests, valued, in the case of redeemable preferred interests, at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person, contingent or otherwise, as an account party or applicant under
acceptance, letter of credit or similar facilities in respect of obligations of the kind referred to in (a) through (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all guarantee obligations of such Person in respect of obligations of the kind referred to in (a)
through (f); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all obligations of the kind referred to in (a) through (g) secured by (or which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Encumbrance on property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation;

"**Dividends Paid in the Ordinary Course**" means cash dividends declared payable on the Common Shares in any fiscal year of the Corporation to the extent that such cash dividends do not exceed, in the aggregate, an amount greater than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fifty (50%) percent of the retained earnings of the Corporation as at the end of its immediately
preceding fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one hundred (100%) percent of the aggregate consolidated net income of the Corporation, determined
before computation of extraordinary items, for its immediately preceding fiscal year;

"**Encumbrance**" means any mortgage, charge, pledge, hypothecation, lien, assignment, lease intended as security, conditional sale agreement or other title retention arrangement, security interest or other encumbrance of any nature creating in favour of any Person a right or interest in respect of real or personal property that is prior to the right of any other creditor or claimant in respect of such property;

"**Event of Default**" shall have the meaning ascribed to such term in Section 9.2.

"**Exercise Date**" shall have the meaning ascribed to such term in Section 7.

"**Expiration Time**" means 5:00 pm (Vancouver time) on the Maturity Date.

"**Indebtedness**" means, at any time and from time to time, all of the Principal Amount, any accrued interest and any other amount owing pursuant to this Debenture, in each case which has not been paid to the Debentureholder by the Corporation.

"**Interest Rate**" shall have the meaning ascribed to such term in Section 4.1.

"**Maturity Date**" means August 28, 2024 or such earlier date as the principal amount hereof may become due, including but not limited to section 9.6 hereof, subject to and in accordance with the terms, conditions and provisions hereof, and subject to extension upon mutual agreement of the parties.

"**Material Adverse Change**" means a material adverse effect on (i) the ability of the Corporation to pay its obligations hereunder as and when due; (ii) the business, operation, prospects, assets or condition, financial or otherwise, of the Corporation or any Subsidiary; or (iii) the ability of the Corporation or any Subsidiary to perform any other material obligations to the Debentureholder under this Debenture or any other present or future agreements in respect of the property and assets of the Corporation.

"**Obligations**" means all Indebtedness, liability and other obligations of the Corporation hereunder or under the Security Agreements, and any other agreement between the Corporation and the Debentureholder.

"**Original Issuance Date**" means August 28, 2023.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Encumbrances created pursuant to or arising under any
Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Encumbrances created prior to the date of this Debenture;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Encumbrances imposed by law for taxes, assessments or governmental charges or levies not yet due
or which are being contested in good faith and by appropriate proceedings diligently conducted if, unless the amount is not material
with respect to it or its financial condition, adequate reserves with respect thereto are maintained in accordance with IFRS on
the books of the applicable Person.

"**Person**" includes an individual, a trust, a partnership, a body corporate or politic, a syndicate, a joint venture, a company, an association and any other form of incorporated or unincorporated organization or entity.

"**Principal Amount**" has the meaning ascribed thereto in Section 1.

**"Recognized Exchange"** means the CSE, the TSX Venture Exchange or the Toronto Stock Exchange.

"**Securities Laws**" means, collectively, the applicable securities laws of the relevant jurisdictions, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulators thereunder, the securities legislation and policies of each other relevant jurisdiction and the rules of the relevant stock exchange, in each case in effect from time to time.

"**Security Agreement**" means the general security agreement executed by the Corporation in favour of the Debentureholder and dated as of the date hereof and delivered on issuance of the Debenture**,** as they may be amended, supplemented or restated from time to time.

"**Subsidiary**" means a business entity which is controlled, directly or indirectly by another business entity (as used herein "business entity" includes a corporation, company, partnership, limited partnership, trust or joint venture).

"**Unit**" means units of the Corporation, comprised of (i) one Common Share; and (ii) three quarters (3/4) of one Warrant.

"**Warrant**" means each whole warrant underlying the Units, each Warrant shall entitle the holder to acquire one additional Common Share for $0.40 until August 28, 2026, in the form as set out hereto as Schedule "C".

2.2  **<u>Interpretation</u>** 

Words importing the singular only shall include the plural and vice versa, words importing the masculine gender shall include the feminine gender and words importing persons shall include firms and corporations and vice versa.

2.3  **<u>Headings</u>** 

The division of this Debenture into Articles and Sections and the use of headings are for convenience of reference only and shall not affect the construction or interpretation of this Debenture.

2.4  **<u>Time of Essence</u>** 

Time is of the essence of this Debenture.

2.5  **<u>Currency</u>** 

Unless otherwise specified, all dollar amounts in this Debenture, including the symbol "$", refer to Canadian currency.

2.6  **<u>Business Day</u>** 

If the date upon which any amount is payable by the Corporation, or upon which any other action is required to be taken by the Corporation hereunder, is not a Business Day, then such amount shall be payable or such other action shall be taken on or by the next succeeding Business Day.

3.  **<u>Payment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Indebtedness is redeemed or converted in accordance with this Debenture, the Corporation
shall pay to the Debentureholder the Indebtedness on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Principal Amount and interest (including interest on amounts in default, if any) on this
Debenture and all other money payable hereunder having been paid or satisfied, the Debentureholder shall, at the request of the
Corporation, release and discharge this Debenture. Upon such request, the Debentureholder shall execute and deliver such instruments
as it shall be advised by the Corporation's counsel are requisite to release the Corporation from its covenants herein contained.

4.  **<u>Interest</u>** 

4.1 The Principal Amount shall bear interest at a rate of 15% per annum from the Issuance Date, payable
on the last business day of each calendar quarter, first interest payment being paid on December 31, 2023. Notwithstanding the
forgoing, in the event of any Event of Default or if any amount remains unpaid that are past due, shall bear interest at a rate
of 25% per annum (the "**Interest Rate** "), payable on demand, from the date of such Event of Default or non-payment
until paid in full, calculated daily and (subject to Section 4.2) payable in cash.

4.2 The Debentureholder may elect to receive any accrued interest in cash or, subject to any required
regulatory approval (including any required approval of a relevant stock exchange), in Units at a price per Unit equal to the lower
of (i) the Conversion Price, and (ii) minimum price permitted by the relevant stock exchange or other regulatory body. In the event
that the Debentureholder elects to receive accrued interest in Units, the Corporation shall register such Units in the name and
address of the Debentureholder set out on the face page of this Debenture and mail certificates or other evidence of the issuance
such Units to such address. Fractional Units will not be issued on any interest payment and in lieu thereof the Corporation will
round up to the next full Units if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction
is below 0.5.

5.  **<u>Conversion Price</u>** 

5.1 The conversion price ()"**Conversion Price**") of the Debenture shall be, subject
to adjustment as provided in Section 8 below, $0.35 per Unit.

6.  **<u>Redemption and Repurchase by the Corporation</u>** 

6.1 Subject to Section 7, the Corporation may, at its option, without penalty or bonus (other than
as described herein), subject to providing not less than 10 business days prior written notice to the Debentureholder, redeem the
Debentures, in whole or, from time to time, in part, in consideration of the payment of 103% of Principal Amount then outstanding
plus accrued and unpaid interest and any other amounts owing pursuant to this Debenture (the "**Early Redemption** ").

6.2 The Corporation may purchase the Debentures for cancellation in the market or by tender or by private
contract at any time, subject to applicable regulatory provisions.

7.  **<u>Conversion by the Debentureholder</u>** 

7.1 Subject to the provisions of this Debenture and any regulatory approval, the Debentureholder shall
have the right, at the option of the Debentureholder at any time while any Indebtedness remains unpaid under the Debenture, except
that for any amount subject to Early Redemption, the close of business on the Business Day preceding the date fixed for Early Redemption,
to elect to convert a part or all of the Indebtedness then outstanding into Units at the Conversion Price.

7.2 Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will
round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction
is below 0.5.

7.3 If the Debentureholder desires to convert the Indebtedness it shall send to the Corporation prior
to the date on which the Indebtedness is to be converted into Units (the "**Exercise Date**") a notice, in the form
of Schedule "A" (the "**Conversion Notice** "), of the conversion specifying the Exercise Date and the
number of Units to be issued upon conversion. On the Exercise Date, the Debentureholder shall be entered in the books of the Corporation
as the holder of the number of Common Shares and Warrants comprising the Units resulting from the conversion and shall be treated
for all purposes (including the right to receive dividends) as the holder of record of such Common Shares which shall be deemed
outstanding as fully paid and non-assessable.

7.4 If the Debentureholder sends a Conversion Notice, the Debentureholder must thereafter surrender
this Debenture to the Corporation in exchange for Common Share certificates (the "**Share Certificates**") and Warrant
certificates (the "**Warrant Certificates**") of Corporation in the name of Debentureholder evidencing the ownership
of that number of Common Shares and Warrants comprising the Units specified in the Conversion Notice. As soon as practicable after
the surrender of this Debenture by the Debentureholder to the Corporation (but in no event prior to the Exercise Date), the Corporation
shall deliver or arrange for the delivery of the Share Certificates and Warrant Certificates to the Debentureholder. In the event
of the conversion of this Debenture in part, the Corporation shall, without charge, forthwith execute and deliver to the Debentureholder
a new debenture in a principal amount equal to the unconverted part of this Debenture so surrendered in the same form as this Debenture,
except as to Principal Amount.

7.5 If the Debentureholder fails to surrender this Debenture within five (5) business days from the
Exercise Date, the Share Certificates and Warrant Certificates will be set aside in trust for the Debentureholder and such setting
aside shall for all purposes be deemed to satisfy the Corporation's obligations to the Debentureholder pursuant to this Section
7 and the Debentureholder shall have no right, except upon surrender of this Debenture to the Corporation, to receive the Share
Certificates and Warrant Certificates.

7.6 If the Corporation fails to deliver the Share Certificates and Warrant Certificates to the Debentureholder
within five (5) business days from the Exercise Date, the Corporation shall pay to the Debentureholder, in cash, an amount equal
to 2% of the amount of Indebtedness being converted pursuant to the Conversion Notice for the applicable Exercise Date, which amount
shall accrue daily until the Share Certificates and Warrant Certificates have been delivered to the Debentureholder.

7.7 Without the prior written consent of the Corporation, the Debentureholder will not be permitted
to convert the Debenture into Units at the Conversion Price to the extent that, after giving effect to such conversion, the undersigned
(together with the Debentureholder's affiliates acting jointly or in concert with the undersigned, the "**Joint Actors** "))
would beneficially own in excess of 9.9% of the number of the Common Shares issued and outstanding immediately after giving effect
to such conversion, on a partially diluted basis assuming the conversion of all securities of the Joint Actors which are convertible
into Common Shares within sixty (60) days from the proposed Exercise Date.

8.  **<u>Adjustment of Conversion Price</u>** 

8.1  **<u>Reclassifications, Reorganizations, etc</u>** . In case of any amalgamation of the Corporation
with, or merger of the Corporation into, any other corporation with the result that the Corporation ceases to exist in its present
capacity, or in case of any sale, transfer or other disposition of all or substantially all of the assets of the Corporation, the
successor corporation or holder of the corporation's assets as the case may be shall, and the Corporation shall cause such
successor corporation or holder of the corporation's assets to, give notice in the manner specified in Section 20 to the
Debentureholder. Such notice shall confirm that the Debentureholder shall have the right to convert the Debenture into the kind
and amount of Units and other securities and property receivable upon such amalgamation, merger or sale by a holder of the number
of Common Shares into which such Debenture and Warrant might have been converted immediately prior to such event. Such notice shall
confirm adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section.

8.2  **<u>Certificates as to Adjustment</u>** The Corporation shall from time to time forthwith after
the occurrence of any event which requires adjustment or readjustment as provided in Section 8, deliver to the Debentureholder,
an officer's certificate specifying the nature of the event requiring the adjustment or readjustment and the amount of the
adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based.

8.3  **<u>Notice of Special Matters</u>** The Corporation covenants that so long as this Debenture
remains outstanding, it will give notice to the Debentureholder at the address provided for in Section **20 ,** of its intention to fix a record date or agreement date for any event which may give rise to an adjustment in the Conversion Price
and, in each case, such notice shall specify the particulars of such event and the record date, the agreement date and the effective
date for such event, provided that the Corporation shall only be required to specify in such notice such particulars of such event
as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 7 days
in each case prior to such applicable record date. The Corporation shall not during the period of such notice close the transfer
books for Common Shares so as to prevent the conversion of this Debenture or fix a record date for voting so as to prevent the
Common Shares resulting from a conversion of this Debenture from being voted. Nothing in this Section 8.3 shall in any manner derogate
from or compromise the Debentureholder's rights to receive notice pursuant to any applicable laws.

8.4 In case the Corporation after the date hereof shall take any action affecting its Common Shares,
other than any action described in this Section 8, which would, in the opinion of the directors of the Corporation, acting reasonably
materially affect the conversion rights of the Debentureholder, the Conversion Price shall be adjusted in such manner, at such
time and by such action by the directors of the Corporation, as they may determine, acting reasonably, to be equitable to the Debentureholder
and the Corporation in the circumstances, but subject in all cases to any necessary regulatory approval.

8.5 The adjustments provided for in this Section 8 are cumulative and shall apply to successive subdivisions,
redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under
the provisions of this Section 8, provided that, notwithstanding any other provision of this Section 8, no adjustment shall be
made which would result in any increase in the Conversion Price (except upon a consolidation, reduction or combination of outstanding
Common Shares) and no adjustment of the Conversion Price shall be required unless such adjustment would require a decrease of at
least 1% in the Conversion Price then in effect; provided, however, that any adjustments which by reason of this subsection are
not required to be made shall be carried forward and taken into account in any subsequent adjustment.

8.6 In the event that the CSE or any securities regulatory body of an applicable jurisdiction does
not approve (if such approval is required) a requested downward Conversion Price adjustment as provided for under this Debenture,
then such adjustment shall be reduced to the maximum permitted price, and any such shortfall will be paid to the Debentureholder
in cash, securities, or a combination thereof by the Corporation, at the reasonable discretion of the board of directors of the
Corporation, to achieve a substantially similar economic result to the Debentureholder subject to compliance with the rules and
policies of the CSE or applicable securities regulatory body

9.  **<u>Covenants and Events of Default and Representations</u>** 

9.1  **<u>Covenants</u>** The Corporation covenants and agrees, on its own behalf and on behalf of
each Subsidiary (where applicable) with the Debentureholder that, so long as this Debenture is outstanding and in force and except
as otherwise permitted by the prior written consent of the Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *To Pay Principal and Interest*: The Corporation will duly and punctually pay or cause to
be paid to the Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder
on the dates, at the places and in the manner mentioned herein and in the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Event of Default*: The Corporation shall forthwith notify the Debentureholder of
the occurrence of any Event of Default or any event of which it is aware which with notice or lapse of time or both would constitute
an Event of Default together with full details and any action proposed to be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Preservation of Existence, etc*: Subject to the express provisions hereof, the Corporation
will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like
manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be
done all things necessary to preserve and keep in full force and effect its existence and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Keeping of Books*: The Corporation will keep or cause to be kept proper books of record and
account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation
and each Subsidiary in accordance with generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Maintain Listing*: The Corporation will use reasonable commercial efforts to maintain the
listing of the Common Shares on the Canadian Securities Exchange or other Recognized Exchange, and to maintain the Corporation's
status as a "reporting issuer" not in default of the requirements of the applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Withholding Matters*: All payments made by or on behalf of the Corporation under or with
respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be
made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost,
assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto)
imposed or levied by or on behalf of the Government of Canada or the United States or elsewhere, or of any province or territory
thereof or by any authority or agency therein or thereof having power to tax ()"**Withholding Taxes** "), unless the
Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account
of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes
from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes
from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to
the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid
in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up
or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any
amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation
shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall
be necessary in order to satisfy such requirement. The Corporation shall provide the Debentureholder with copies of receipts or
other communications relating to the remittance of such withheld amount or the filing of any forms received from such government
authority or agency promptly after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *No Material Change of Business*: The Corporation will notify the Debentureholder in the event
of any Material Adverse Change. The Corporation will notify the Debentureholder in the event it receives notice of any regulatory,
governmental or criminal citation, notice of violation, investigation or proceeding that may have a material impact on the Corporation's
license, business activities or operations. The Corporation will notify the Debentureholder in the event it receives notice of
any non-compliance citations or notices of violations, of which the Corporation is aware, that may have a material impact on the
investee's, supplier's or customers' license, business activities or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *No Encumbrances*: The Corporation not permit any lien or encumbrance to be made or exist,
upon its property and assets, or the property and assets other than liens or encumbrances pertaining to the Security Agreements,
the Permitted Encumbrances, and statutory liens in favour of governmental authorities for amounts not yet overdue, unless such
lien or encumbrance is subordinated to the Security Agreements.

9.2  **<u>Events of Default</u>** Subject to section 9.6 below, unless waived in writing by the Debentureholder,
any one or more of the following events shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure for 10 days to pay interest on the Debentures when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or delivery of Units), if
any, when due on the Debentures whether at maturity, upon redemption, by declaration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of any Share Certificate or Warrant Certificate or other consideration,
payable on conversion with respect to the Debentures, which default continues for 10 business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of the Debenture by the Corporation
and the failure to cure (or obtain a waiver for) such default for a period of 10 business days after the default was discovered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) failure to complete the anticipated funding of at least US$20,000,000 from the Development Financing
Institutions before September 30, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if, during the period from date hereof to September 30, 2023 (the "**Initial Price Threshold Period**") the following event does not occur at any time during the Initial Price Threshold Period: the volume weighted
average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if, during the period from October 1, 2023 to November 15, 2023 (the "**Second Price Threshold Period**") the following event does not occur at any time during the Second Price Threshold Period: the volume weighted
average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a decree or order of a Court having jurisdiction is entered adjudging the Corporation a bankrupt
or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or
issuing sequestration or process of execution against, or against any substantial part of, the property of the Corporation, or
appointing a receiver of, or of any substantial part of, the property of the Corporation or ordering the winding-up or liquidation
of its affairs, and any such decree or order continues unstayed and in effect for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Corporation institutes proceedings to be adjudicated a bankrupt or insolvent, or consents
to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada) or
any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to the appointment of a receiver
of, or of any substantial part of, the property of the Corporation, or any Subsidiary or makes a general assignment for the benefit
of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if, after the date of this Debenture, any proceedings with respect to the Corporation are taken
with respect to a compromise or arrangement, with respect to creditors of the Corporation generally, under the applicable legislation
of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation grants any security interest, other than the Permitted Encumbrances, in any
property or assets of the Corporation, which ranks *pari passu* or senior to the security interest granted hereunder without
the prior written consent of Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if the Corporation, without the prior written consent of the Debentureholder, (i) grants any security
interest (other than Permitted Encumbrances) in any property or assets of the Corporation which are explicitly excluded from the
collateral set out in the Security Agreements, including but not limited to, the assets or licenses, or (ii) sell any of the assets
explicitly excluded from the collateral set out in the Security Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if, within 30 days from the date hereof, the Corporation fails to cause the indebtedness evidenced
by this Debenture to be secured by a security agreement executed by the Corporation, in favour of the Debentureholder, granting
to the Debentureholder a security interest on all the assets of the Corporation, except such assets as may be subject to a prior
encumbrance pursuant to the terms of the Permitted Encumbrances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if, within 30 days from the Original Issuance Date, the Corporation fails to cause the Indebtedness
evidenced by this Debenture to be secured by way of a Hypothec in favour of the Debentureholder or its duly authorized agent, which
default continues for 10 days.

9.3  **<u>Acceleration</u>** Upon the occurrence of any one or more of the Events of Default ,
the Indebtedness outstanding at that time shall be accelerated, and shall become immediately due and payable at the option of the
Debentureholder. Alternatively, upon the occurrence of any one or more of the Events of Default ,
the Debentureholder may, by giving written notice thereof to the Corporation, elect to convert, in whole or in part, the Indebtedness
then outstanding in accordance with the terms hereof.

9.4  **<u>Remedies Cumulative</u>** The rights and remedies of the Debentureholder hereunder are
cumulative and in addition to and not in substitution for any rights or remedies provided by law.

9.5  **<u>Non-Merger</u>** The taking of a judgment or judgments or any other action or dealing whatsoever
by the Debentureholder in respect of any security given by the Corporation (if any) to the Debentureholder shall not operate as
a merger of any indebtedness or liability of the Corporation to the Debentureholder or in any way suspend payment or affect or
prejudice the rights, remedies and powers, legal or equitable, which the Debentureholder may have in connection with such liabilities
and the surrender, cancellation or any other dealings with any security for such liabilities shall not release or affect the liability
of the Corporation hereunder or any security held by the Debentureholder. All Obligations shall survive the Maturity Date until
all Obligations of the Corporation hereunder have been satisfied and discharged in accordance with this Debenture.

9.6  **<u>EIB Grace Period</u>** Notwithstanding the foregoing, for the purposes of ensuring the
Company does not trigger an event of default pursuant to the finance contracts with European Investment Bank and a loan agreement
between NuRAN Wireless (Africa) Holding and Finnish Fund for Industrial Cooperation Ltd., the occurrence of any event set out in
Sections 9.2(d)-(g) and 9.2(k)-(n) shall not constitute an Event of Default herein, and shall have an additional grace period of
20 business days during which the parties shall agree to enter into a debt settlement agreement to reduce the Conversion Price,
but ensure that this Debenture is not required to be prepaid or discharged before the Maturity Date. Any debt settlement entered
into during this grace period shall not constitute a prepayment or discharge before the Maturity Date, and the Maturity Date shall
remain the Maturity Date pursuant to the debt settlement agreement.

10.  **<u>Security</u>** 

10.1 The Obligations are secured by the grant to the Debentureholder of a security interest in all of
the property and assets of the Corporation (except such assets as may be specifically excluded), as provided in the Security Agreements.

The Corporation acknowledges and agrees to secure the repayment of the Obligations by a hypothec or other similar form of lien or charge in favour of the Debentureholder (the "**Hypothec**") or its duly authorized agent in any Provinces where the collateral of the Corporation is located within 30 days of the Original Issuance Date.

The Obligations shall also be secured by such other security as may be required to be delivered or caused to be delivered by the Corporation to the Debentureholder pursuant to the terms hereof or any other agreement between the Corporation and the Debentureholder.

The Debentureholder acknowledges and agrees that this Debenture will rank *pari passu* with each other Debenture of the same series issued as of the date hereof (regardless of their terms of issue), and shall be subject to the terms and conditions of the Agency and Interlender Agreement dated as of the date hereof among the Corporation, Shimcity Inc. and the Debentureholder.

11.  **<u>Person Entitled to Payment</u>** 

The Debentureholder shall be entitled to payment of all amounts due hereunder free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate Debentureholder hereof and all persons may act accordingly and a transferee of this Debenture shall become the Debentureholder of this Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous Debentureholder hereof, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.

12.  **<u>Supplement to Debenture</u>** 

12.1 From time to time the Corporation shall, when so directed by the Debentureholder, execute, acknowledge
and deliver by its proper officers, deeds or instruments supplemental hereto, which thereafter shall form part hereof, for any
one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making such provisions not inconsistent with this Debenture as may be necessary or desirable with
respect to matters or questions arising hereunder, including the making of any modifications in the form of the Debenture which
do not affect the substance thereof and which provisions and modifications will not, in the opinion of the Debentureholder's
solicitor, be prejudicial to the interests of the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidencing the succession or the successive successions of other corporations to the Corporation
and the covenants of and obligations assumed by any such successor in accordance with the provisions of this Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any other purpose not inconsistent with the terms of this Debenture.

12.2 The Corporation may correct any typographical or other manifest errors in this Debenture, provided
that in the opinion of the Debentureholder's solicitor such corrections will not prejudice the rights of the Debentureholder
hereunder and may execute all such documents as may be necessary to correct such errors.

13.  **<u>Mutilation, Loss, Theft or Destruction</u>** 

In case this Debenture shall become mutilated or be lost, stolen or destroyed, the Corporation shall execute and deliver a new Debenture having the same date of issue upon surrender and cancellation of the mutilated Debenture, or in case this Debenture is lost, stolen or destroyed, in lieu of and in substitution for the same. In case of loss, theft or destruction the person applying for a substituted Debenture shall furnish to the Corporation such evidence of such loss, theft or destruction as shall be satisfactory to the Corporation, shall furnish an indemnity satisfactory to the Corporation (but in any event in an amount not exceeding the principal amount outstanding) and shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

14.  **<u>Debentureholder Not a Shareholder</u>** 

This Debenture shall, in itself, not confer or be construed as conferring upon the Debentureholder any right or interest whatsoever as a shareholder of the Corporation, including, but not limited to, the right to vote at, to receive notice of, or to attend meetings of shareholders or any other proceedings of the Corporation, or the right to receive dividends and other distributions.

15.  **<u>Transfer of Debentures</u>** 

15.1 The Corporation shall maintain a register on which are recorded the names and addresses of each
holder hereof. Subject to compliance with the terms of this Debenture and with applicable laws and regulations, a transfer shall
be recorded by the Corporation in the register of holders hereof maintained by the Corporation, upon surrender of this Debenture
with the Transfer Form in the form attached hereto as Schedule "B" duly completed by the Debentureholder or by its
duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment or other authority to transfer
on behalf of the Debentureholder. Upon each transfer the Corporation shall cancel this Debenture and execute and deliver such replacement
debenture as is required, in the form hereof.

15.2 *Restrictions on Transfers*: The Corporation shall not register any transfers of the Debenture
or issue or transfer any Units issuable on conversion of the Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to a United States person, any person in the United States or any person for the account or benefit
of a United States person or a person in the United States except pursuant to Rule 144 under the United States Securities Act of
1993, as amended (the "**U.S. Securities Act** "), if available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with any transfers or conversions which are otherwise not in compliance with (i)
the U.S. Securities Act and the regulations thereunder if applicable, (ii) the *Securities Act* (B.C.) and the rules and regulations
thereunder, (iii) applicable securities laws and regulations of other relevant jurisdictions, or (iv) the policies of the CSE;

Notwithstanding anything to the contrary contained herein but subject to the terms of this Section 15, no assignment or transfer of any right or interest in this Debenture shall be permitted except in compliance with applicable Securities Laws and the transferee, assignee or Debentureholder as the case may be, furnishes to the Corporation such evidence as the Corporation may reasonably require in order to satisfy itself with respect to the foregoing. No prior written consent of the Corporation is required to permit the assignment or transfer of any right or interest in this Debenture by a Debentureholder to any affiliate of the Debentureholder or to any investment fund managed by the Debentureholder's manager or its affiliate provided the other conditions to such assignment or transfer as provided in this Section 15 are satisfied. Any purported assignment or transfer of any right or interest in this Debenture by a Debentureholder that is not in compliance with this Section 15 shall be null and void.

The appropriate legends, as follows, will be placed on the certificates representing the Units issued on conversion of the Debenture denoting the restrictions on transfer imposed by applicable securities laws, including but not limited to the following legends:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 29, 2023."** 

16.  **<u>Certain Requirements re: Successor Corporations</u>** 

The Corporation shall not, directly or indirectly, sell, lease, transfer or otherwise dispose of all or substantially all of its property and assets as an entirety to any other entity, and shall not consolidate, amalgamate, reorganize or merge with or into any other corporation (any such other entity or corporation being herein referred to as a "**successor corporation**") unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has received express written consent for such transaction from the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the successor corporation shall execute, prior to or contemporaneously with the consummation of
any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor corporation of the
due and punctual payment of the outstanding amount of this Debenture or the reservation and allotment for issuance of a sufficient
number of shares to satisfy the conversion privilege and interest payment obligations hereunder and upon the due exercise of the
Warrants and to observe and perform all the covenants and obligations of the Corporation under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the successor corporation shall execute, prior to or contemporaneously with the consummation of
any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor corporation of the
due performance of all the covenants and obligations of the Corporation under the Security Agreements, in forms acceptable to the
Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such transaction shall be upon such terms as to preserve and not to impair any of the rights or
powers of the Debentureholder hereunder or any security pertaining hereto or thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately after giving effect to such transaction, no condition or event shall exist which constitutes
an Event of Default, or may constitute an Event of Default after notice or lapse of time or both.

17.  **<u>Vesting of Powers in Successors</u>** 

Whenever the conditions of Section 16 have been fully observed and performed, the successor corporation shall possess and from time to time may exercise each and every right and power of the Corporation under this Debenture in the name of the Corporation or otherwise and any act or proceeding by any provision of this Debenture required to be done or performed by the Corporation or its officers may be done and performed with like force and effect by the successor corporation or its officers.

18.  **<u>Waiver</u>** 

No waiver on the part of the Debentureholder in exercising any right or privilege hereunder and no waiver as to any Event of Default hereunder shall operate as a waiver thereof unless made in writing and signed by the Debentureholder. No written waiver shall preclude the further or other exercise by the Debentureholder of any right, power or privilege hereunder, or extend to or apply to any further Event of Default.

19.  **<u>Further Assurances</u>** 

The Corporation shall from time to time forthwith on the Debentureholder's request do, make and execute all such further assignments, documents, acts, matters and things as may be required by the Debentureholder with respect to give effect to the matters contemplated in the Credit Documents or any part thereof, including all matters contemplated in this Debenture.

20.  **<u>Notices</u>** 

Any notice or communication to be given hereunder may be effectively given by delivering the same at the addresses hereinafter set forth or by sending the same by email or prepaid registered mail to the parties at such addresses. Any notice so mailed shall be deemed to have been received on the fifth Business Day next following the mailing thereof provided the postal service is in operation during such time. Any email notice shall be deemed to have been received on the Business Day next following the date of transmission. The mailing and email addresses of the parties for the purposes hereof shall respectively be:

---

| | | |
|:---|:---|:---|
| if to the Debentureholder: | To the address set out on the face page. | To the address set out on the face page. |
| if to the Corporation: | Nuran Wireless Inc. | Nuran Wireless Inc. |
|  | 2150 Cyrille-Duquet Street | 2150 Cyrille-Duquet Street |
|  | Quebec, QC G1N 2G3 | Quebec, QC G1N 2G3 |
|  | Attention: | Francis Létourneau |
|  | Email: | francis.letourneau@nuranwireless.com |

---

Either party may from time to time notify the other party hereto, in accordance with the provisions hereof, of any change of address which thereafter, until changed by like notice, shall be the address of such party for all purposes of this Agreement.

21.  **<u>Successors and Assigns</u>** 

This Debenture shall be binding upon and shall enure to the benefit of the Corporation and the Debentureholder and their respective successors and assigns, provided that neither party shall assign any of its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld.

22.  **<u>Governing Law and Submission to Jurisdiction</u>** 

This Debenture and all other documents delivered to the Debentureholder hereunder shall be construed and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each of the Corporation and the Debentureholder hereby agrees that any legal suit, action or proceeding arising out of or relating to this Debenture and all such other documents may be instituted in the courts of the Province of British Columbia only and the parties accept and irrevocably submit to the jurisdiction of the said courts, and acknowledge their competence and agree to be bound by any judgment thereof.

23. The Debentureholder agrees that it shall be prohibited from exercising any portion of this Debenture
if the aggregate number of Common Shares of the Corporation owned or controlled, directly or indirectly, by the Debentureholder
and any affiliates of the Debentureholder (including common shares of which the Debentureholder has deemed beneficial ownership),
collectively, as a result of such exercise would equal or exceed 10% of the issued and outstanding common shares of the Corporation
calculated on the date of exercise of the Debenture.

*[remainder of page intentionally left blank]*

**DATED** as of the 28<sup>th</sup> day of August, 2023.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | &nbsp;&nbsp;&nbsp;*/s/ "Jim Bailey" /s/ "Francis Letourneau"* |
|  | &nbsp;&nbsp;&nbsp;Authorized Signatory |

---

**ACKNOWLEDGED AND AGREED AS OF THE** 28<sup>th</sup> day of August, 2023.

---

| |
|:---|
| */s/ "Masha Posen"* |
| Masha Posen |

---

Signature Page Debenture

**SCHEDULE "A"**

**<u>CONVERSION NOTICE</u>**

---

| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

---

Reference is made to the Secured Convertible Debenture of Nuran Wireless Inc. dated August 28, 2023. Any term not otherwise defined in this Notice shall have the meaning ascribed to it in the Debenture.

The undersigned holder of the Debenture hereby gives notice that it elects to convert certain Indebtedness for the undernoted number of Units in accordance with the terms of the Debenture and as follows.

---

| | |
|:---|:---|
| Amount of Indebtedness Being Converted: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$_____________________ |
| Units to be Issued: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________ |
| Effective Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________ |

---

The undersigned hereby directs that the shares are to be issued and delivered as follows:

---

| | |
|:---|:---|
| **<u>Registration Instructions:</u>** | **<u>Delivery Instructions:</u>** |

---

Dated this ______day ______________, 20______.

---

| | |
|:---|:---|
| **[DEBENTUREHOLDER]** | **[DEBENTUREHOLDER]** |
| **Per:** | |
|  | &nbsp;&nbsp;&nbsp;**Name:** |
|  | &nbsp;&nbsp;&nbsp;**Title:** |
|  | &nbsp;&nbsp;&nbsp;**(authorized signing officer)** |

---

**Instructions for Conversion**

This conversion notice is to be signed by the Debentureholder.

The Debenture must be surrendered at the office of the Corporation, located at 2150 Cyrille-Duquet Street, Quebec, QC, G1N 2G3 or by email to Francis Letourneau.

Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction is below 0.5.

Upon surrender of the Debenture, the Corporation will issue to the Debentureholder the number of shares converted and shall deliver a certificate(s) or other evidence of such shares. The Corporation shall also deliver a new debenture in the event of a partial conversion.

If Units are to be issued in the name of a person other than the Debentureholder, all requisite transfer taxes must be tendered by the Debentureholder.

**<u>SCHEDULE "B"</u><br> TRANSFER FORM**

---

| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

---

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

---

| |
|:---|
| Name<br>|
| Address |
| Social Insurance Number, Social Security Number, or Tax Identification Number |

---

$____________________________ of the principal amount of Debenture registered in the name of the undersigned represented by the within certificate (which amount must be $1,000 or an integral multiple thereof) and do hereby irrevocably constitute and appoint the Corporate Secretary of the Corporation attorney to transfer the said Debenture on the books of the Corporation with full power of substitution in the premises.

DATED this _____ day of ______________.

Signature of Debentureholder

---

| |
|:---|
| Signature of Debentureholder |
| Name of Debentureholder (Please Print) |
| \* Authorized Signature Name and Title |

---

## Exhibit 99.45

**Exhibit 99.45**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON CONVERSION HEREOF MUST NOT TRADE THE SECURITY BEFORE DECEMBER 29, 2023.**

**NURAN WIRELESS INC.**

**SECURED CONVERTIBLE DEBENTURE**

---

| | |
|:---|:---|
| **PRINCIPAL AMOUNT: $266,783.10** | **Date: August 28, 2023** |

---

1.  **<u>Promise to Pay</u> FOR VALUE RECEIVED**, the undersigned, Nuran
Wireless Inc. (the "**Corporation**") promises to pay to or to the order of Masha Posen, at *[Redacted – Personal Information]* (the "**Debentureholder** "), or such other place and/or person as the Debentureholder
may direct by notice in writing to the Corporation, the principal amount of $266,783.10 in lawful money of Canada (inclusive of
an extension fee representing equal to 5% of the purchase price)(the "**Principal Amount** "), together with interest
and all other Obligations (as hereafter defined), subject to the terms and conditions contained herein.

2. <u>Definitions and Interpretation</u> 

2.1 As used herein, the following terms shall have the following respective
meanings, unless the context otherwise requires:

"**Business Day**" means any day except Saturday, Sunday or any statutory holiday in the City of Vancouver, B.C., Canada.

"**Common Shares**" means fully-paid and non-assessable common shares in the capital of the Corporation as constituted on the date hereof, and after the date hereof any other shares, other securities, money or property which the Debentureholder is entitled to receive in respect or substitution thereof upon conversion of this Debenture pursuant to Section 7.

"**Conversion Price**" has the meaning ascribed thereto under Section 5.

"**Corporation**" means Nuran Wireless Inc., a corporation incorporated under the laws of the Province of British Columbia and includes any successor to or of the Corporation which shall have complied with the provisions of Section 16.

"**Credit Documents**" means, collectively, the Debentures, the Security Agreements, and all certificates, notices, agreements and other documents delivered to the Debentureholder, or entered into by the Debentureholder pursuant to or in connection with the Debentures.

"**CSE**" means the Canadian Securities Exchange or such other recognized stock exchange in Canada or the U.S. upon which the Corporation's Common Shares are principally traded.

"**Debenture**" means this secured convertible debenture as it may be amended, supplemented or restated from time to time.

"**Debentureholder**" shall have the meaning ascribed to such term in the introductory paragraph hereto.

"**Debt**" of any Person at any date, without duplication, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all indebtedness of such Person for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations of such Person for the deferred purchase price of property
or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person evidenced by notes, bonds, debentures or other
similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all indebtedness created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all obligations of such Person to purchase, redeem, retire, defease or
otherwise make any payment in respect of any equity interests in such Person or any other Person or any warrants, rights or options
to acquire such equity interests, valued, in the case of redeemable preferred interests, at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person, contingent or otherwise, as an account party
or applicant under acceptance, letter of credit or similar facilities in respect of obligations of the kind referred to in (a)
through (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all guarantee obligations of such Person in respect of obligations of the
kind referred to in (a) through (f); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all obligations of the kind referred to in (a) through (g) secured by (or
which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Encumbrance on property
(including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the
payment of such obligation;

"**Dividends Paid in the Ordinary Course**" means cash dividends declared payable on the Common Shares in any fiscal year of the Corporation to the extent that such cash dividends do not exceed, in the aggregate, an amount greater than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fifty (50%) percent of the retained earnings of the Corporation as at the
end of its immediately preceding fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one hundred (100%) percent of the aggregate consolidated net income of the
Corporation, determined before computation of extraordinary items, for its immediately preceding fiscal year;

"**Encumbrance**" means any mortgage, charge, pledge, hypothecation, lien, assignment, lease intended as security, conditional sale agreement or other title retention arrangement, security interest or other encumbrance of any nature creating in favour of any Person a right or interest in respect of real or personal property that is prior to the right of any other creditor or claimant in respect of such property;

"**Event of Default**" shall have the meaning ascribed to such term in Section 9.2.

"**Exercise Date**" shall have the meaning ascribed to such term in Section 7.

"**Expiration Time**" means 5:00 pm (Vancouver time) on the Maturity Date.

"**Indebtedness**" means, at any time and from time to time, all of the Principal Amount, any accrued interest and any other amount owing pursuant to this Debenture, in each case which has not been paid to the Debentureholder by the Corporation.

"**Interest Rate**" shall have the meaning ascribed to such term in Section 4.1.

"**Maturity Date**" means August 28, 2024 or such earlier date as the principal amount hereof may become due, including but not limited to section 9.6 hereof, subject to and in accordance with the terms, conditions and provisions hereof, and subject to extension upon mutual agreement of the parties.

"**Material Adverse Change**" means a material adverse effect on (i) the ability of the Corporation to pay its obligations hereunder as and when due; (ii) the business, operation, prospects, assets or condition, financial or otherwise, of the Corporation or any Subsidiary; or (iii) the ability of the Corporation or any Subsidiary to perform any other material obligations to the Debentureholder under this Debenture or any other present or future agreements in respect of the property and assets of the Corporation.

"**Obligations**" means all Indebtedness, liability and other obligations of the Corporation hereunder or under the Security Agreements, and any other agreement between the Corporation and the Debentureholder.

"**Original Issuance Date**" means August 28, 2023.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Encumbrances created pursuant to or arising under any Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Encumbrances created prior to the date of this Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Encumbrances imposed by law for taxes, assessments or governmental charges
or levies not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted
if, unless the amount is not material with respect to it or its financial condition, adequate reserves with respect thereto are
maintained in accordance with IFRS on the books of the applicable Person.

"**Person**" includes an individual, a trust, a partnership, a body corporate or politic, a syndicate, a joint venture, a company, an association and any other form of incorporated or unincorporated organization or entity.

"**Principal Amount**" has the meaning ascribed thereto in Section 1.

**"Recognized Exchange"** means the CSE, the TSX Venture Exchange or the Toronto Stock Exchange.

"**Securities Laws**" means, collectively, the applicable securities laws of the relevant jurisdictions, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulators thereunder, the securities legislation and policies of each other relevant jurisdiction and the rules of the relevant stock exchange, in each case in effect from time to time.

"**Security Agreement**" means the general security agreement executed by the Corporation in favour of the Debentureholder and dated as of the date hereof and delivered on issuance of the Debenture, as they may be amended, supplemented or restated from time to time.

"**Subsidiary**" means a business entity which is controlled, directly or indirectly by another business entity (as used herein "business entity" includes a corporation, company, partnership, limited partnership, trust or joint venture).

"**Unit**" means units of the Corporation, comprised of (i) one Common Share; and (ii) three quarters (3/4) of one Warrant.

"**Warrant**" means each whole warrant underlying the Units, each Warrant shall entitle the holder to acquire one additional Common Share for $0.40 until August 28, 2026, in the form as set out hereto as Schedule "C".

2.2 <u>Interpretation</u> 

Words importing the singular only shall include the plural and vice versa, words importing the masculine gender shall include the feminine gender and words importing persons shall include firms and corporations and vice versa.

2.3 <u>Headings</u> 

The division of this Debenture into Articles and Sections and the use of headings are for convenience of reference only and shall not affect the construction or interpretation of this Debenture.

2.4 <u>Time of Essence</u> 

Time is of the essence of this Debenture.

2.5 <u>Currency</u> 

Unless otherwise specified, all dollar amounts in this Debenture, including the symbol "$", refer to Canadian currency.

2.6 <u>Business Day</u> 

If the date upon which any amount is payable by the Corporation, or upon which any other action is required to be taken by the Corporation hereunder, is not a Business Day, then such amount shall be payable or such other action shall be taken on or by the next succeeding Business Day.

3. <u>Payment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Indebtedness is redeemed or converted in accordance with this
Debenture, the Corporation shall pay to the Debentureholder the Indebtedness on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Principal Amount and interest (including interest on amounts in default,
if any) on this Debenture and all other money payable hereunder having been paid or satisfied, the Debentureholder shall, at the
request of the Corporation, release and discharge this Debenture. Upon such request, the Debentureholder shall execute and deliver
such instruments as it shall be advised by the Corporation's counsel are requisite to release the Corporation from its covenants
herein contained.

4. <u>Interest</u> 

4.1 The Principal Amount shall bear interest at a rate of 15% per annum from
the Issuance Date, payable on the last business day of each calendar quarter, first interest payment being paid on December 31,
2023. Notwithstanding the forgoing, in the event of any Event of Default or if any amount remains unpaid that are past due, shall
bear interest at a rate of 25% per annum (the "**Interest Rate** "), payable on demand, from the date of such Event
of Default or non-payment until paid in full, calculated daily and (subject to Section 4.2) payable in cash.

4.2 The Debentureholder may elect to receive any accrued interest in cash or,
subject to any required regulatory approval (including any required approval of a relevant stock exchange), in Units at a price
per Unit equal to the lower of (i) the Conversion Price, and (ii) minimum price permitted
by the relevant stock exchange or other regulatory body. In the event that the Debentureholder elects to receive accrued interest
in Units, the Corporation shall register such Units in the name and address of the Debentureholder set out on the face page of
this Debenture and mail certificates or other evidence of the issuance such Units to such address. Fractional Units will not be
issued on any interest payment and in lieu thereof the Corporation will round
up to the next full Units if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction is
below 0.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Conversion Price</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The conversion price ()"**Conversion Price**") of the Debenture
shall be, subject to adjustment as provided in Section 8 below, $0.35 per Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Redemption and Repurchase by the Corporation</u> 

6.1 Subject to Section 7, the Corporation may, at its option, without penalty
or bonus (other than as described herein), subject to providing not less than 10 business days prior written notice to the Debentureholder,
redeem the Debentures, in whole or, from time to time, in part, in consideration of the payment of 103% of Principal Amount then
outstanding plus accrued and unpaid interest and any other amounts owing pursuant to this Debenture (the "**Early Redemption** ").

6.2 The Corporation may purchase the Debentures for cancellation in the market
or by tender or by private contract at any time, subject to applicable regulatory provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Conversion by the Debentureholder</u> 

7.1 Subject to the provisions of this Debenture and any regulatory approval,
the Debentureholder shall have the right, at the option of the Debentureholder at any time while any Indebtedness remains unpaid
under the Debenture, except that for any amount subject to Early Redemption, the close of business on the Business Day preceding
the date fixed for Early Redemption, to elect to convert a part or all of the Indebtedness then outstanding into Units at the Conversion
Price.

7.2 Fractional Units will not be issued on any conversion and in lieu thereof
the Corporation will round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional
Unit if the fraction is below 0.5.

7.3 If the Debentureholder desires to convert the Indebtedness it shall send
to the Corporation prior to the date on which the Indebtedness is to be converted into Units (the "**Exercise Date** ")
a notice, in the form of Schedule "A" (the "**Conversion Notice** "), of the conversion specifying the
Exercise Date and the number of Units to be issued upon conversion. On the Exercise Date, the Debentureholder shall be entered
in the books of the Corporation as the holder of the number of Common Shares and Warrants comprising the Units resulting from the
conversion and shall be treated for all purposes (including the right to receive dividends) as the holder of record of such Common
Shares which shall be deemed outstanding as fully paid and non-assessable.

7.4 If the Debentureholder sends a Conversion Notice, the Debentureholder must
thereafter surrender this Debenture to the Corporation in exchange for Common Share certificates (the "**Share Certificates** ")
and Warrant certificates (the "**Warrant Certificates**") of Corporation in the name of Debentureholder evidencing
the ownership of that number of Common Shares and Warrants comprising the Units specified in the Conversion Notice. As soon as
practicable after the surrender of this Debenture by the Debentureholder to the Corporation (but in no event
prior to the Exercise Date), the Corporation shall deliver or arrange for the delivery of the Share Certificates and Warrant Certificates
to the Debentureholder. In the event of the conversion of this Debenture in part, the Corporation shall, without charge, forthwith
execute and deliver to the Debentureholder a new debenture in a principal amount equal to the unconverted part of this Debenture
so surrendered in the same form as this Debenture, except as to Principal Amount.

7.5 If the Debentureholder fails to surrender this Debenture within five (5)
business days from the Exercise Date, the Share Certificates and Warrant Certificates will be set aside in trust for the Debentureholder
and such setting aside shall for all purposes be deemed to satisfy the Corporation's obligations to the Debentureholder pursuant
to this Section 7 and the Debentureholder shall have no right, except upon surrender of this Debenture to the Corporation, to receive
the Share Certificates and Warrant Certificates.

7.6 If the Corporation fails to deliver the Share Certificates and Warrant Certificates
to the Debentureholder within five (5) business days from the Exercise Date, the Corporation shall pay to the Debentureholder,
in cash, an amount equal to 2% of the amount of Indebtedness being converted pursuant to the Conversion Notice for the applicable
Exercise Date, which amount shall accrue daily until the Share Certificates and Warrant Certificates have been delivered to the
Debentureholder.

7.7 Without the prior written consent of the Corporation, the Debentureholder
will not be permitted to convert the Debenture into Units at the Conversion Price to the extent that, after giving effect to such
conversion, the undersigned (together with the Debentureholder's affiliates acting jointly or in concert with the undersigned,
the "**Joint Actors** ")) would beneficially own in excess of 9.9% of the number of the Common Shares issued and
outstanding immediately after giving effect to such conversion, on a partially diluted basis assuming the conversion of all securities
of the Joint Actors which are convertible into Common Shares within sixty (60) days from the proposed Exercise Date.

8. <u>Adjustment of Conversion Price</u> 

8.1  **<u>Reclassifications, Reorganizations, etc</u>** . In case of any amalgamation
of the Corporation with, or merger of the Corporation into, any other corporation with the result that the Corporation ceases to
exist in its present capacity, or in case of any sale, transfer or other disposition of all or substantially all of the assets
of the Corporation, the successor corporation or holder of the corporation's assets as the case may be shall, and the Corporation
shall cause such successor corporation or holder of the corporation's assets to, give notice in the manner specified in Section
20 to the Debentureholder. Such notice shall confirm that the Debentureholder shall have the right to convert the Debenture into
the kind and amount of Units and other securities and property receivable upon such amalgamation, merger or sale by a holder of
the number of Common Shares into which such Debenture and Warrant might have been converted immediately prior to such event. Such
notice shall confirm adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Section.

8.2  **<u>Certificates as to Adjustment</u>** The Corporation shall from time
to time forthwith after the occurrence of any event which requires adjustment or readjustment as provided in Section 8, deliver
to the Debentureholder, an officer's certificate specifying the nature of the event requiring the adjustment or readjustment
and the amount of the adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation
and the facts upon which such calculation is based.

8.3  **<u>Notice of Special Matters</u>** The Corporation covenants that so
 long as this Debenture remains outstanding, it will give notice to the Debentureholder at the address provided for in
 Section 20 **,** of its intention to fix a record date or agreement date for any event which may give rise to an adjustment
 in the Conversion Price and, in each case, such notice shall specify the particulars of such event and the record date, the
 agreement date and the effective date for such event, provided that the Corporation shall only be required to specify in such
 notice such particulars of such event as shall have been fixed and determined on the date on which such notice is given. Such
 notice shall be given not less than 7 days in each case prior to such applicable record date. The Corporation shall not
 during the period of such notice close the transfer books for Common Shares so as to prevent the conversion of this Debenture
 or fix a record date for voting so as to prevent the Common Shares resulting from a conversion of this Debenture from being
 voted. Nothing in this Section 8.3 shall in any manner derogate
from or compromise the Debentureholder's rights to receive notice pursuant to any applicable laws.

8.4 In case the Corporation after the date hereof shall take any action affecting
its Common Shares, other than any action described in this Section 8, which would, in the opinion of the directors of the Corporation,
acting reasonably materially affect the conversion rights of the Debentureholder, the Conversion Price shall be adjusted in such
manner, at such time and by such action by the directors of the Corporation, as they may determine, acting reasonably, to be equitable
to the Debentureholder and the Corporation in the circumstances, but subject in all cases to any necessary regulatory approval.

8.5 The adjustments provided for in this Section 8 are cumulative and shall
apply to successive subdivisions, redivisions, reductions, combinations, consolidations, distributions, issues or other events
resulting in any adjustment under the provisions of this Section 8, provided that, notwithstanding any other provision of this
Section 8, no adjustment shall be made which would result in any increase in the Conversion Price (except upon a consolidation,
reduction or combination of outstanding Common Shares) and no adjustment of the Conversion Price shall be required unless such
adjustment would require a decrease of at least 1% in the Conversion Price then in effect; provided, however, that any adjustments
which by reason of this subsection are not required to be made shall be carried forward and taken into account in any subsequent
adjustment.

8.6 In the event that the CSE or any securities regulatory body of an applicable
jurisdiction does not approve (if such approval is required) a requested downward Conversion Price adjustment as provided for under
this Debenture, then such adjustment shall be reduced to the maximum permitted price, and any such shortfall will be paid to the
Debentureholder in cash, securities, or a combination thereof by the Corporation, at the reasonable discretion of the board of
directors of the Corporation, to achieve a substantially similar economic result to the Debentureholder subject to compliance
with the rules and policies of the CSE or applicable securities regulatory body

9. <u>Covenants and Events of Default and Representations</u> 

9.1  **<u>Covenants</u>** The Corporation covenants and agrees, on its own
behalf and on behalf of each Subsidiary (where applicable) with the Debentureholder that, so long as this Debenture is outstanding
and in force and except as otherwise permitted by the prior written consent of the Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *To Pay Principal and Interest*: The Corporation will duly and punctually
pay or cause to be paid to the Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which
it is the holder on the dates, at the places and in the manner mentioned herein and in the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Event of Default*: The Corporation shall forthwith notify
the Debentureholder of the occurrence of any Event of Default or any event of which it is aware which with notice or lapse of time
or both would constitute an Event of Default together with full details and any action proposed to be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Preservation of Existence, etc*: Subject to the express provisions
hereof, the Corporation will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses,
in a business-like manner and in accordance with good business practices; and, subject to the express provisions hereof, it will
do or cause to be done all things necessary to preserve and keep in full force and effect its existence and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Keeping of Books*: The Corporation will keep or cause to be kept proper
books of record and account, in which full and correct entries shall be made of all financial transactions and the assets and business
of the Corporation and each Subsidiary in accordance with generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Maintain Listing*: The Corporation will use reasonable commercial
efforts to maintain the listing of the Common Shares on the Canadian Securities Exchange or other Recognized Exchange, and to maintain
the Corporation's status as a "reporting issuer" not in default of the requirements of the applicable Securities
Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Withholding Matters*: All payments made by or on behalf of the
 Corporation under or with respect to the Debentures (including, without limitation, any penalties, interest and other
 liabilities related thereto) will be made free and clear of and without withholding, or deduction for, or on account of, any
 present or future tax, duty, levy, impost, assessment or other governmental charge (including, without limitation, penalties,
 interest and other liabilities related hereto) imposed or levied by or on behalf of the Government of Canada or the United
 States or elsewhere, or of any province or territory thereof or by any authority or agency therein or thereof having power to
 tax ()"**Withholding Taxes** "), unless the Corporation is required by law or the interpretation or
 administration thereof, to withhold or deduct any amounts for, or on account
of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes
from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes
from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to
the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid
in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up
or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any
amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation
shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall
be necessary in order to satisfy such requirement. The Corporation shall provide the Debentureholder with copies of receipts or
other communications relating to the remittance of such withheld amount or the filing of any forms received from such government
authority or agency promptly after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *No Material Change of Business*: The Corporation will notify the Debentureholder
in the event of any Material Adverse Change. The Corporation will notify the Debentureholder in the event it receives notice of
any regulatory, governmental or criminal citation, notice of violation, investigation or proceeding that may have a material impact
on the Corporation's license, business activities or operations. The Corporation will notify the Debentureholder in the event
it receives notice of any non-compliance citations or notices of violations, of which the Corporation is aware, that may have a
material impact on the investee's, supplier's or customers' license, business activities or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *No Encumbrances*: The Corporation not permit any lien or encumbrance
to be made or exist, upon its property and assets, or the property and assets other than liens or encumbrances pertaining to the
Security Agreements, the Permitted Encumbrances, and statutory liens in favour of governmental authorities for amounts not yet
overdue, unless such lien or encumbrance is subordinated to the Security Agreements.

9.2  **<u>Events of Default</u>** Subject to section 9.6 below, unless waived
in writing by the Debentureholder, any one or more of the following events shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure for 10 days to pay interest on the Debentures when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or
delivery of Units), if any, when due on the Debentures whether at maturity, upon redemption, by declaration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of any Share Certificate or Warrant
Certificate or other consideration, payable on conversion with respect to the Debentures, which default continues for 10 business
days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of
the Debenture by the Corporation and the failure to cure (or obtain a waiver for) such default for a period of 10 business days
after the default was discovered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) failure to complete the anticipated funding of at least US$20,000,000 from
the Development Financing Institutions before September 30, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if, during the period from date hereof to September 30, 2023 (the "**Initial Price Threshold Period**") the following event does not occur at any time during the Initial Price Threshold Period: the
volume weighted average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if, during the period from October 1, 2023 to November 15, 2023 (the "**Second Price Threshold Period**") the following event does not occur at any time during the Second Price Threshold Period: the
volume weighted average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a decree or order of a Court having jurisdiction is entered adjudging
the Corporation a bankrupt or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency
or analogous laws, or issuing sequestration or process of execution against, or against any substantial part of, the property of
the Corporation, or appointing a receiver of, or of any substantial part of, the property of the Corporation or ordering the winding-up
or liquidation of its affairs, and any such decree or order continues unstayed and in effect for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Corporation institutes proceedings to be adjudicated a bankrupt
or insolvent, or consents to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to the
appointment of a receiver of, or of any substantial part of, the property of the Corporation, or any Subsidiary or makes a general
assignment for the benefit of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if, after the date of this Debenture, any proceedings with respect to the
Corporation are taken with respect to a compromise or arrangement, with respect to creditors of the Corporation generally, under
the applicable legislation of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation grants any security interest, other than the Permitted
Encumbrances, in any property or assets of the Corporation, which ranks *pari passu* or senior to the security interest granted
hereunder without the prior written consent of Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if the Corporation, without the prior written consent of the Debentureholder,
(i) grants any security interest (other than Permitted Encumbrances) in any property or assets of the Corporation which are explicitly
excluded from the collateral set out in the Security Agreements, including but not limited to, the assets or licenses, or (ii)
sell any of the assets explicitly excluded from the collateral set out in the Security Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if, within 30 days from the date hereof, the Corporation fails to cause
the indebtedness evidenced by this Debenture to be secured by a security agreement executed by the Corporation, in favour of the
Debentureholder, granting to the Debentureholder a security interest on all the assets of the Corporation, except such assets as
may be subject to a prior encumbrance pursuant to the terms of the Permitted Encumbrances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if, within 30 days from the Original Issuance Date, the Corporation fails
to cause the Indebtedness evidenced by this Debenture to be secured by way of a Hypothec in favour of the Debentureholder or its
duly authorized agent, which default continues for 10 days.

9.3  **<u>Acceleration</u>** Upon the occurrence of any one or more of the
Events of Default, the Indebtedness outstanding at that time shall be accelerated, and shall become immediately due and payable
at the option of the Debentureholder. Alternatively, upon the occurrence of any one or more of the Events of Default, the Debentureholder
may, by giving written notice thereof to the Corporation, elect to convert, in whole or in part, the Indebtedness then outstanding
in accordance with the terms hereof.

9.4  **<u>Remedies Cumulative</u>** The rights and remedies of the Debentureholder
hereunder are cumulative and in addition to and not in substitution for any rights or remedies provided by law.

9.5  **<u>Non-Merger</u>** The taking of a judgment or judgments or any other
action or dealing whatsoever by the Debentureholder in respect of any security given by the Corporation (if any) to the Debentureholder
shall not operate as a merger of any indebtedness or liability of the Corporation to the Debentureholder or in any way suspend
payment or affect or prejudice the rights, remedies and powers, legal or equitable, which the Debentureholder may have in connection
with such liabilities and the surrender, cancellation or any other dealings with any security for such liabilities shall not release
or affect the liability of the Corporation hereunder or any security held by the Debentureholder. All Obligations shall survive
the Maturity Date until all Obligations of the Corporation hereunder have been satisfied and discharged in accordance with this
Debenture.

9.6  **<u>EIB Grace Period</u>** Notwithstanding the foregoing, for the purposes
of ensuring the Company does not trigger an event of default pursuant to the finance contracts with European Investment Bank and
a loan agreement between NuRAN Wireless (Africa) Holding and Finnish Fund for Industrial Cooperation Ltd., the occurrence of any
event set out in Sections 9.2(d)-(g) and 9.2(k)-(n) shall not constitute an Event of Default herein, and shall have an additional
grace period of 20 business days during which the parties shall agree to enter into a debt
settlement agreement to reduce the Conversion Price, but ensure that this Debenture is not required to be prepaid or discharged
before the Maturity Date. Any debt settlement entered into during this grace period shall not constitute a prepayment or discharge
before the Maturity Date, and the Maturity Date shall remain the Maturity Date pursuant to the debt settlement agreement.

10. <u>Security</u> 

10.1 The Obligations are secured by the grant to the Debentureholder of a security
interest in all of the property and assets of the Corporation (except such assets as may be specifically excluded), as provided
in the Security Agreements.

The Corporation acknowledges and agrees to secure the repayment of the Obligations by a hypothec or other similar form of lien or charge in favour of the Debentureholder (the "**Hypothec**") or its duly authorized agent in any Provinces where the collateral of the Corporation is located within 30 days of the Original Issuance Date.

The Obligations shall also be secured by such other security as may be required to be delivered or caused to be delivered by the Corporation to the Debentureholder pursuant to the terms hereof or any other agreement between the Corporation and the Debentureholder.

The Debentureholder acknowledges and agrees that this Debenture will rank *pari passu* with each other Debenture of the same series issued as of the date hereof (regardless of their terms of issue), and shall be subject to the terms and conditions of the Agency and Interlender Agreement dated as of the date hereof among the Corporation, Shimcity Inc. and the Debentureholder.

11. <u>Person Entitled to Payment</u> 

The Debentureholder shall be entitled to payment of all amounts due hereunder free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate Debentureholder hereof and all persons may act accordingly and a transferee of this Debenture shall become the Debentureholder of this Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous Debentureholder hereof, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.

12. <u>Supplement to Debenture</u> 

12.1 From time to time the Corporation shall, when so directed by the Debentureholder,
execute, acknowledge and deliver by its proper officers, deeds or instruments supplemental hereto, which thereafter shall form
part hereof, for any one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making such provisions not inconsistent with this Debenture as may be
 necessary or desirable with respect to matters or questions arising hereunder, including the making of any modifications in
 the form of the Debenture which do not affect the substance thereof and which provisions and modifications will not, in the
 opinion of the Debentureholder's solicitor, be
prejudicial to the interests of the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidencing the succession or the successive successions of other corporations
to the Corporation and the covenants of and obligations assumed by any such successor in accordance with the provisions of this
Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any other purpose not inconsistent with the terms of this Debenture.

12.2 The Corporation may correct any typographical or other manifest errors in
this Debenture, provided that in the opinion of the Debentureholder's solicitor such corrections will not prejudice the rights
of the Debentureholder hereunder and may execute all such documents as may be necessary to correct such errors.

13. <u>Mutilation, Loss, Theft or Destruction</u> 

In case this Debenture shall become mutilated or be lost, stolen or destroyed, the Corporation shall execute and deliver a new Debenture having the same date of issue upon surrender and cancellation of the mutilated Debenture, or in case this Debenture is lost, stolen or destroyed, in lieu of and in substitution for the same. In case of loss, theft or destruction the person applying for a substituted Debenture shall furnish to the Corporation such evidence of such loss, theft or destruction as shall be satisfactory to the Corporation, shall furnish an indemnity satisfactory to the Corporation (but in any event in an amount not exceeding the principal amount outstanding) and shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

14. <u>Debentureholder Not a Shareholder</u> 

This Debenture shall, in itself, not confer or be construed as conferring upon the Debentureholder any right or interest whatsoever as a shareholder of the Corporation, including, but not limited to, the right to vote at, to receive notice of, or to attend meetings of shareholders or any other proceedings of the Corporation, or the right to receive dividends and other distributions.

15. <u>Transfer of Debentures</u> 

15.1 The Corporation shall maintain a register on which are recorded the names
and addresses of each holder hereof. Subject to compliance with the terms of this Debenture and with applicable laws and regulations,
a transfer shall be recorded by the Corporation in the register of holders hereof maintained by the Corporation, upon surrender
of this Debenture with the Transfer Form in the form attached hereto as Schedule "B" duly completed by the Debentureholder
or by its duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment or other authority
to transfer on behalf of the Debentureholder. Upon each transfer the Corporation shall cancel this Debenture and execute and deliver
such replacement debenture as is required, in the form hereof.

15.2 *Restrictions on Transfers*: The Corporation shall not register any
transfers of the Debenture or issue or transfer any Units issuable on conversion of the Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to a United States person, any person in the United States or any person
for the account or benefit of a United States person or a person in the United States except pursuant to Rule 144 under the United
States Securities Act of 1993, as amended (the "**U.S. Securities Act** "), if available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with any transfers or conversions which are otherwise not
in compliance with (i) the U.S. Securities Act and the regulations thereunder if applicable, (ii) the *Securities Act* (B.C.)
and the rules and regulations thereunder, (iii) applicable securities
laws and regulations of other relevant jurisdictions, or (iv) the policies of the CSE;

Notwithstanding anything to the contrary contained herein but subject to the terms of this Section 15, no assignment or transfer of any right or interest in this Debenture shall be permitted except in compliance with applicable Securities Laws and the transferee, assignee or Debentureholder as the case may be, furnishes to the Corporation such evidence as the Corporation may reasonably require in order to satisfy itself with respect to the foregoing. No prior written consent of the Corporation is required to permit the assignment or transfer of any right or interest in this Debenture by a Debentureholder to any affiliate of the Debentureholder or to any investment fund managed by the Debentureholder's manager or its affiliate provided the other conditions to such assignment or transfer as provided in this Section 15 are satisfied. Any purported assignment or transfer of any right or interest in this Debenture by a Debentureholder that is not in compliance with this Section 15 shall be null and void.

The appropriate legends, as follows, will be placed on the certificates representing the Units issued on conversion of the Debenture denoting the restrictions on transfer imposed by applicable securities laws, including but not limited to the following legends:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 29, 2023."**

16. <u>Certain Requirements re: Successor Corporations</u> 

The Corporation shall not, directly or indirectly, sell, lease, transfer or otherwise dispose of all or substantially all of its property and assets as an entirety to any other entity, and shall not consolidate, amalgamate, reorganize or merge with or into any other corporation (any such other entity or corporation being herein referred to as a "**successor corporation**") unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has received express written consent for such transaction
from the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the successor corporation shall execute, prior to or contemporaneously with
the consummation of any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor
corporation of the due and punctual payment of the outstanding amount of this Debenture or the reservation and allotment for issuance
of a sufficient number of shares to satisfy the conversion privilege and interest payment
obligations hereunder and upon the due exercise of the Warrants and to observe and perform all the covenants and obligations of
the Corporation under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the successor corporation shall execute, prior to or contemporaneously
with the consummation of any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor
corporation of the due performance of all the covenants and obligations of the Corporation under the Security Agreements, in forms
acceptable to the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such transaction shall be upon such terms as to preserve and not to impair
any of the rights or powers of the Debentureholder hereunder or any security pertaining hereto or thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately after giving effect to such transaction, no condition or event
shall exist which constitutes an Event of Default, or may constitute an Event of Default after notice or lapse of time or both.

17. <u>Vesting of Powers in Successors</u> 

Whenever the conditions of Section 16 have been fully observed and performed, the successor corporation shall possess and from time to time may exercise each and every right and power of the Corporation under this Debenture in the name of the Corporation or otherwise and any act or proceeding by any provision of this Debenture required to be done or performed by the Corporation or its officers may be done and performed with like force and effect by the successor corporation or its officers.

18. <u>Waiver</u> 

No waiver on the part of the Debentureholder in exercising any right or privilege hereunder and no waiver as to any Event of Default hereunder shall operate as a waiver thereof unless made in writing and signed by the Debentureholder. No written waiver shall preclude the further or other exercise by the Debentureholder of any right, power or privilege hereunder, or extend to or apply to any further Event of Default.

19. <u>Further Assurances</u> 

The Corporation shall from time to time forthwith on the Debentureholder's request do, make and execute all such further assignments, documents, acts, matters and things as may be required by the Debentureholder with respect to give effect to the matters contemplated in the Credit Documents or any part thereof, including all matters contemplated in this Debenture.

20. <u>Notices</u> 

Any notice or communication to be given hereunder may be effectively given by delivering the same at the addresses hereinafter set forth or by sending the same by email or prepaid registered mail to the parties at such addresses. Any notice so mailed shall be deemed to have been received on the fifth Business Day next following the mailing thereof provided the postal service is in operation during such time. Any email notice shall be deemed to have been received on the Business Day next following the date of transmission. The mailing and email addresses of the parties for the purposes hereof shall respectively be:

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| | | |
|:---|:---|:---|
| if to the Debentureholder: | To the address set out on the face page. | To the address set out on the face page. |
| if to the Corporation: | Nuran Wireless Inc. | Nuran Wireless Inc. |
|  | 2150 Cyrille-Duquet Street | 2150 Cyrille-Duquet Street |
|  | Quebec, QC G1N 2G3 | Quebec, QC G1N 2G3 |
|  | Attention: | Francis Létourneau |
|  | Email: | francis.letourneau@nuranwireless.com |

---

Either party may from time to time notify the other party hereto, in accordance with the provisions hereof, of any change of address which thereafter, until changed by like notice, shall be the address of such party for all purposes of this Agreement.

21. <u>Successors and Assigns</u> 

This Debenture shall be binding upon and shall enure to the benefit of the Corporation and the Debentureholder and their respective successors and assigns, provided that neither party shall assign any of its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld.

22. <u>Governing Law and Submission to Jurisdiction</u> 

This Debenture and all other documents delivered to the Debentureholder hereunder shall be construed and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each of the Corporation and the Debentureholder hereby agrees that any legal suit, action or proceeding arising out of or relating to this Debenture and all such other documents may be instituted in the courts of the Province of British Columbia only and the parties accept and irrevocably submit to the jurisdiction of the said courts, and acknowledge their competence and agree to be bound by any judgment thereof.

23. The Debentureholder agrees that it shall be prohibited from exercising any
portion of this Debenture if the aggregate number of Common Shares of the Corporation owned or controlled, directly or indirectly,
by the Debentureholder and any affiliates of the Debentureholder (including common shares of which the Debentureholder has deemed
beneficial ownership), collectively, as a result of such exercise would equal or exceed 10% of the issued and outstanding common
shares of the Corporation calculated on the date of exercise of the Debenture.

*[remainder of page intentionally left blank]*

**DATED** as of the 28<sup>th</sup> day of August, 2023.

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| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | &nbsp;&nbsp;&nbsp;*/s/ "Jim Bailey" /s/ "Francis Letourneau"* |
|  | &nbsp;&nbsp;&nbsp;Authorized Signatory |

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**ACKNOWLEDGED AND AGREED AS OF THE** 28<sup>th</sup> day of August, 2023.

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| |
|:---|
| */s/ "Masha Posen"* |
| Masha Posen |

---

Signature Page Debenture

**SCHEDULE "A"**

**<u>CONVERSION NOTICE</u>**

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| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

---

Reference is made to the Secured Convertible Debenture of Nuran Wireless Inc. dated August 28, 2023. Any term not otherwise defined in this Notice shall have the meaning ascribed to it in the Debenture.

The undersigned holder of the Debenture hereby gives notice that it elects to convert certain Indebtedness for the undernoted number of Units in accordance with the terms of the Debenture and as follows.

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| | |
|:---|:---|
| Amount of Indebtedness Being Converted: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$_____________________ |
| Units to be Issued: | ______________________ |
| Effective Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________ |

---

The undersigned hereby directs that the shares are to be issued and delivered as follows:

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| | |
|:---|:---|
| **<u>Registration Instructions:</u>** | **<u>Delivery Instructions:</u>** |

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Dated this ______day ______________, 20______.

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| | |
|:---|:---|
| **[DEBENTUREHOLDER]** | **[DEBENTUREHOLDER]** |
| **Per:** | |
|  | &nbsp;&nbsp;&nbsp;**Name:** |
|  | &nbsp;&nbsp;&nbsp;**Title:** |
|  | &nbsp;&nbsp;&nbsp;**(authorized signing officer)** |

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**Instructions for Conversion**

This conversion notice is to be signed by the Debentureholder.

The Debenture must be surrendered at the office of the Corporation, located at 2150 Cyrille- Duquet Street, Quebec, QC, G1N 2G3 or by email to Francis Letourneau.

Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction is below 0.5.

Upon surrender of the Debenture, the Corporation will issue to the Debentureholder the number of shares converted and shall deliver a certificate(s) or other evidence of such shares. The Corporation shall also deliver a new debenture in the event of a partial conversion.

If Units are to be issued in the name of a person other than the Debentureholder, all requisite transfer taxes must be tendered by the Debentureholder.

**<u>SCHEDULE "B"</u>**

**TRANSFER FORM**

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| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

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FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

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| |
|:---|
| Name<br>|
| Address |
| Social Insurance Number, Social Security Number, or Tax Identification Number |

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$____________________________ of the principal amount of Debenture registered in the name of the undersigned represented by the within certificate (which amount must be $1,000 or an integral multiple thereof) and do hereby irrevocably constitute and appoint the Corporate Secretary of the Corporation attorney to transfer the said Debenture on the books of the Corporation with full power of substitution in the premises.

DATED this _____ day of ______________.

Signature of Debentureholder

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| |
|:---|
| Signature of Debentureholder |
| Name of Debentureholder (Please Print) |
| \* Authorized Signature Name and Title |

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## Exhibit 99.46

**Exhibit 99.46**

**UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON CONVERSION HEREOF MUST NOT TRADE THE SECURITY BEFORE DECEMBER 29, 2023.**

**NURAN WIRELESS INC.**

**SECURED CONVERTIBLE DEBENTURE**

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| | |
|:---|:---|
| **PRINCIPAL AMOUNT: $266,783.10**  | **Date: August 28, 2023** |

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1.  **<u>Promise to Pay</u> FOR** **VALUE RECEIVED**, the undersigned, Nuran Wireless Inc. (the "**Corporation**") promises to
 pay to or to the order of Joseph Posen, at *[Redacted* – *Personal Information]* (the
 "**Debentureholder** "), or such other place and/or person as the Debentureholder may direct by notice in
 writing to the Corporation, the principal amount of $266,783.10 in lawful money of Canada (inclusive of an extension fee
 representing equal to 5% of the purchase price)(the "**Principal Amount** "), together with interest and all
 other Obligations (as hereafter defined), subject to the terms and conditions contained herein.

2.  **<u>Definitions and Interpretation</u>** 

2.1 As used herein, the following terms shall have the following respective meanings, unless the context
otherwise requires:

"**Business Day**" means any day except Saturday, Sunday or any statutory holiday in the City of Vancouver, B.C., Canada.

"**Common Shares**" means fully-paid and non-assessable common shares in the capital of the Corporation as constituted on the date hereof, and after the date hereof any other shares, other securities, money or property which the Debentureholder is entitled to receive in respect or substitution thereof upon conversion of this Debenture pursuant to Section 7.

"**Conversion Price**" has the meaning ascribed thereto under Section 5.

"**Corporation**" means Nuran Wireless Inc., a corporation incorporated under the laws of the Province of British Columbia and includes any successor to or of the Corporation which shall have complied with the provisions of Section 16.

"**Credit Documents**" means, collectively, the Debentures, the Security Agreements, and all certificates, notices, agreements and other documents delivered to the Debentureholder, or entered into by the Debentureholder pursuant to or in connection with the Debentures.

"**CSE**" means the Canadian Securities Exchange or such other recognized stock exchange in Canada or the U.S. upon which the Corporation's Common Shares are principally traded.

"**Debenture**" means this secured convertible debenture as it may be amended, supplemented or restated from time to time.

"**Debentureholder**" shall have the meaning ascribed to such term in the introductory paragraph hereto.

"**Debt**" of any Person at any date, without duplication, means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all indebtedness of such Person for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations of such Person for the deferred purchase price of property or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any equity interests in such Person or any other Person or any warrants, rights or options to acquire such equity
interests, valued, in the case of redeemable preferred interests, at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all obligations of such Person, contingent or otherwise, as an account party or applicant under
acceptance, letter of credit or similar facilities in respect of obligations of the kind referred to in (a) through (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all guarantee obligations of such Person in respect of obligations of the kind referred to in (a)
through (f); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all obligations of the kind referred to in (a) through (g) secured by (or which the holder of such
obligation has an existing right, contingent or otherwise, to be secured by) any Encumbrance on property (including accounts and
contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation;

"**Dividends Paid in the Ordinary Course**" means cash dividends declared payable on the Common Shares in any fiscal year of the Corporation to the extent that such cash dividends do not exceed, in the aggregate, an amount greater than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fifty (50%) percent of the retained earnings of the Corporation as at the end of its immediately
preceding fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one hundred (100%) percent of the aggregate consolidated net income of the Corporation, determined
before computation of extraordinary items, for its immediately preceding fiscal year;

"**Encumbrance**" means any mortgage, charge, pledge, hypothecation, lien, assignment, lease intended as security, conditional sale agreement or other title retention arrangement, security interest or other encumbrance of any nature creating in favour of any Person a right or interest in respect of real or personal property that is prior to the right of any other creditor or claimant in respect of such property;

"**Event of Default**" shall have the meaning ascribed to such term in Section 9.2.

"**Exercise Date**" shall have the meaning ascribed to such term in Section 7.

"**Expiration Time**" means 5:00 pm (Vancouver time) on the Maturity Date.

"**Indebtedness**" means, at any time and from time to time, all of the Principal Amount, any accrued interest and any other amount owing pursuant to this Debenture, in each case which has not been paid to the Debentureholder by the Corporation.

"**Interest Rate**" shall have the meaning ascribed to such term in Section 4.1.

"**Maturity Date**" means August 28, 2024 or such earlier date as the principal amount hereof may become due, including but not limited to section 9.6 hereof, subject to and in accordance with the terms, conditions and provisions hereof, and subject to extension upon mutual agreement of the parties.

"**Material Adverse Change**" means a material adverse effect on (i) the ability of the Corporation to pay its obligations hereunder as and when due; (ii) the business, operation, prospects, assets or condition, financial or otherwise, of the Corporation or any Subsidiary; or (iii) the ability of the Corporation or any Subsidiary to perform any other material obligations to the Debentureholder under this Debenture or any other present or future agreements in respect of the property and assets of the Corporation.

"**Obligations**" means all Indebtedness, liability and other obligations of the Corporation hereunder or under the Security Agreements, and any other agreement between the Corporation and the Debentureholder.

"**Original Issuance Date**" means August 28, 2023.

"**Permitted Encumbrances**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Encumbrances created pursuant to or arising under any Credit Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Encumbrances created prior to the date of this Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Encumbrances imposed by law for taxes, assessments or governmental charges or levies not yet due
or which are being contested in good faith and by appropriate proceedings diligently conducted if, unless the amount is not material
with respect to it or its financial condition, adequate reserves with respect thereto are maintained in accordance with IFRS on
the books of the applicable Person.

"**Person**" includes an individual, a trust, a partnership, a body corporate or politic, a syndicate, a joint venture, a company, an association and any other form of incorporated or unincorporated organization or entity.

"**Principal Amount**" has the meaning ascribed thereto in Section 1.

**"Recognized Exchange"** means the CSE, the TSX Venture Exchange or the Toronto Stock Exchange.

"**Securities Laws**" means, collectively, the applicable securities laws of the relevant jurisdictions, the regulations, rules, rulings and orders made thereunder, the applicable policy statements issued by the securities regulators thereunder, the securities legislation and policies of each other relevant jurisdiction and the rules of the relevant stock exchange, in each case in effect from time to time.

"**Security Agreement**" means the general security agreement executed by the Corporation in favour of the Debentureholder and dated as of the date hereof and delivered on issuance of the Debenture, as they may be amended, supplemented or restated from time to time.

"**Subsidiary**" means a business entity which is controlled, directly or indirectly by another business entity (as used herein "business entity" includes a corporation, company, partnership, limited partnership, trust or joint venture).

"**Unit**" means units of the Corporation, comprised of (i) one Common Share; and (ii) three quarters (3/4) of one Warrant.

"**Warrant**" means each whole warrant underlying the Units, each Warrant shall entitle the holder to acquire one additional Common Share for $0.40 until August 28, 2026, in the form as set out hereto as Schedule "C".

2.2  **<u>Interpretation</u>** 

Words importing the singular only shall include the plural and vice versa, words importing the masculine gender shall include the feminine gender and words importing persons shall include firms and corporations and vice versa.

2.3  **<u>Headings</u>** 

The division of this Debenture into Articles and Sections and the use of headings are for convenience of reference only and shall not affect the construction or interpretation of this Debenture.

2.4  **<u>Time of Essence</u>** 

Time is of the essence of this Debenture.

2.5  **<u>Currency</u>** 

Unless otherwise specified, all dollar amounts in this Debenture, including the symbol "$", refer to Canadian currency.

2.6  **<u>Business Day</u>** 

If the date upon which any amount is payable by the Corporation, or upon which any other action is required to be taken by the Corporation hereunder, is not a Business Day, then such amount shall be payable or such other action shall be taken on or by the next succeeding Business Day.

3.  **<u>Payment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Indebtedness is redeemed or converted in accordance with this Debenture, the Corporation
shall pay to the Debentureholder the Indebtedness on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the Principal Amount and interest (including interest on amounts in default, if any) on this
Debenture and all other money payable hereunder having been paid or satisfied, the Debentureholder shall, at the request of the
Corporation, release and discharge this Debenture. Upon such request, the Debentureholder shall execute and deliver such instruments
as it shall be advised by the Corporation's counsel are requisite to release the Corporation from its covenants herein contained.

4.  **<u>Interest</u>** 

4.1 The Principal Amount shall bear interest at a rate of 15% per annum from the Issuance Date, payable
on the last business day of each calendar quarter, first interest payment being paid on December 31, 2023. Notwithstanding the
forgoing, in the event of any Event of Default or if any amount remains unpaid that are past due, shall bear interest at a rate
of 25% per annum (the "**Interest Rate** "), payable on demand, from the date of such Event of Default or non-payment
until paid in full, calculated daily and (subject to Section 4.2) payable in cash.

4.2 The Debentureholder may elect to receive any accrued interest in cash or, subject to any required
regulatory approval (including any required approval of a relevant stock exchange), in Units at a price per Unit equal to the lower
of (i) the Conversion Price, and (ii) minimum price permitted by the relevant stock exchange or other regulatory body. In the event
that the Debentureholder elects to receive accrued interest in Units, the Corporation shall register such Units in the name and
address of the Debentureholder set out on the face page of this Debenture and mail certificates or other evidence of the issuance
such Units to such address. Fractional Units will not be issued on any interest payment and in lieu thereof the Corporation will
round up to the next full Units if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction
is below 0.5.

5.  **<u>Conversion Price</u>** 

5.1 The conversion price ()"**Conversion Price**") of the Debenture shall be, subject
to adjustment as provided in Section 8 below, $0.35 per Unit.

6.  **<u>Redemption and Repurchase by the Corporation</u>** 

6.1 Subject to Section 7, the Corporation may, at its option, without penalty or bonus (other than
as described herein), subject to providing not less than 10 business days prior written notice to the Debentureholder, redeem the
Debentures, in whole or, from time to time, in part, in consideration of the payment of 103% of Principal Amount then outstanding
plus accrued and unpaid interest and any other amounts owing pursuant to this Debenture (the "**Early Redemption** ").

6.2 The Corporation may purchase the Debentures for cancellation in the market or by tender or by private
contract at any time, subject to applicable regulatory provisions.

7.  **<u>Conversion by the Debentureholder</u>** 

7.1 Subject to the provisions of this Debenture and any regulatory approval, the Debentureholder shall
have the right, at the option of the Debentureholder at any time while any Indebtedness remains unpaid under the Debenture, except
that for any amount subject to Early Redemption, the close of business on the Business Day preceding the date fixed for Early Redemption,
to elect to convert a part or all of the Indebtedness then outstanding into Units at the Conversion Price.

7.2 Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will
round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction
is below 0.5.

7.3 If the Debentureholder desires to convert the Indebtedness it shall send to the Corporation prior
to the date on which the Indebtedness is to be converted into Units (the "**Exercise Date**") a notice, in the form
of Schedule "A" (the "**Conversion Notice** "), of the conversion specifying the Exercise Date and the
number of Units to be issued upon conversion. On the Exercise Date, the Debentureholder shall be entered in the books of the Corporation
as the holder of the number of Common Shares and Warrants comprising the Units resulting from the conversion and shall be treated
for all purposes (including the right to receive dividends) as the holder of record of such Common Shares which shall be deemed
outstanding as fully paid and non-assessable.

7.4 If the Debentureholder sends a Conversion Notice, the Debentureholder must thereafter surrender
this Debenture to the Corporation in exchange for Common Share certificates (the "**Share Certificates**") and Warrant
certificates (the "**Warrant Certificates**") of Corporation in the name of Debentureholder evidencing the ownership
of that number of Common Shares and Warrants comprising the Units specified in the Conversion Notice. As soon as practicable after
the surrender of this Debenture by the Debentureholder to the Corporation (but in no event prior to the Exercise Date), the Corporation
shall deliver or arrange for the delivery of the Share Certificates and Warrant Certificates to the Debentureholder. In the event
of the conversion of this Debenture in part, the Corporation shall, without charge, forthwith execute and deliver to the Debentureholder
a new debenture in a principal amount equal to the unconverted part of this Debenture so surrendered in the same form as this Debenture,
except as to Principal Amount.

7.5 If the Debentureholder fails to surrender this Debenture within five (5) business days from the
Exercise Date, the Share Certificates and Warrant Certificates will be set aside in trust for the Debentureholder and such setting
aside shall for all purposes be deemed to satisfy the Corporation's obligations to the Debentureholder pursuant to this Section
7 and the Debentureholder shall have no right, except upon surrender of this Debenture to the Corporation, to receive the Share
Certificates and Warrant Certificates.

7.6 If the Corporation fails to deliver the Share Certificates and Warrant Certificates to the Debentureholder
within five (5) business days from the Exercise Date, the Corporation shall pay to the Debentureholder, in cash, an amount equal
to 2% of the amount of Indebtedness being converted pursuant to the Conversion Notice for the applicable Exercise Date, which amount
shall accrue daily until the Share Certificates and Warrant Certificates have been delivered to the Debentureholder.

7.7 Without the prior written consent of the Corporation, the Debentureholder will not be permitted
to convert the Debenture into Units at the Conversion Price to the extent that, after giving effect to such conversion, the undersigned
(together with the Debentureholder's affiliates acting jointly or in concert with the undersigned, the "**Joint Actors** "))
would beneficially own in excess of 9.9% of the number of the Common Shares issued and outstanding immediately after giving effect
to such conversion, on a partially diluted basis assuming the conversion of all securities of the Joint Actors which are convertible
into Common Shares within sixty (60) days from the proposed Exercise Date.

8.  **<u>Adjustment of Conversion Price</u>** 

8.1  **<u>Reclassifications, Reorganizations, etc</u>** . In case of any amalgamation of the Corporation
with, or merger of the Corporation into, any other corporation with the result that the Corporation ceases to exist in its present
capacity, or in case of any sale, transfer or other disposition of all or substantially all of the assets of the Corporation, the
successor corporation or holder of the corporation's assets as the case may be shall, and the Corporation shall cause such
successor corporation or holder of the corporation's assets to, give notice in the manner specified in Section 20 to the
Debentureholder. Such notice shall confirm that the Debentureholder shall have the right to convert the Debenture into the kind
and amount of Units and other securities and property receivable upon such amalgamation, merger or sale by a holder of the number
of Common Shares into which such Debenture and Warrant might have been converted immediately prior to such event. Such notice shall
confirm adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section.

8.2  **<u>Certificates as to Adjustment</u>** The Corporation shall from time to time forthwith after
the occurrence of any event which requires adjustment or readjustment as provided in Section 8, deliver to the Debentureholder,
an officer's certificate specifying the nature of the event requiring the adjustment or readjustment and the amount of the
adjustment or readjustment necessitated thereby and setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based.

8.3  **<u>Notice of Special Matters</u>** The Corporation covenants that so long as this Debenture
remains outstanding, it will give notice to the Debentureholder at the address provided for in Section **20 ,** of its intention to fix a record date or agreement date for any event which may give rise to an adjustment in the Conversion Price
and, in each case, such notice shall specify the particulars of such event and the record date, the agreement date and the effective
date for such event, provided that the Corporation shall only be required to specify in such notice such particulars of such event
as shall have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than 7 days
in each case prior to such applicable record date. The Corporation shall not during the period of such notice close the transfer
books for Common Shares so as to prevent the conversion of this Debenture or fix a record date for voting so as to prevent the
Common Shares resulting from a conversion of this Debenture from being voted. Nothing in this Section 8.3 shall in any manner derogate
from or compromise the Debentureholder's rights to receive notice pursuant to any applicable laws.

8.4 In case the Corporation after the date hereof shall take any action affecting its Common Shares,
other than any action described in this Section 8, which would, in the opinion of the directors of the Corporation, acting reasonably
materially affect the conversion rights of the Debentureholder, the Conversion Price shall be adjusted in such manner, at such
time and by such action by the directors of the Corporation, as they may determine, acting reasonably, to be equitable to the Debentureholder
and the Corporation in the circumstances, but subject in all cases to any necessary regulatory approval.

8.5 The adjustments provided for in this Section 8 are cumulative and shall apply to successive subdivisions,
redivisions, reductions, combinations, consolidations, distributions, issues or other events resulting in any adjustment under
the provisions of this Section 8, provided that, notwithstanding any other provision of this Section 8, no adjustment shall be
made which would result in any increase in the Conversion Price (except upon a consolidation, reduction or combination of outstanding
Common Shares) and no adjustment of the Conversion Price shall be required unless such adjustment would require a decrease of at
least 1% in the Conversion Price then in effect; provided, however, that any adjustments which by reason of this subsection are
not required to be made shall be carried forward and taken into account in any subsequent adjustment.

8.6 In the event that the CSE or any securities regulatory body of an applicable jurisdiction does
not approve (if such approval is required) a requested downward Conversion Price adjustment as provided for under this Debenture,
then such adjustment shall be reduced to the maximum permitted price, and any such shortfall will be paid to the Debentureholder
in cash, securities, or a combination thereof by the Corporation, at the reasonable discretion of the board of directors of the
Corporation, to achieve a substantially similar economic result to the Debentureholder subject to compliance with the rules and
policies of the CSE or applicable securities regulatory body

9.  **<u>Covenants and Events of Default and Representations</u>** 

9.1  **<u>Covenants</u>** The Corporation covenants and agrees, on its own behalf and on behalf of
each Subsidiary (where applicable) with the Debentureholder that, so long as this Debenture is outstanding and in force and except
as otherwise permitted by the prior written consent of the Debentureholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *To Pay Principal and Interest*: The Corporation will duly and punctually pay or cause to
be paid to the Debentureholder the principal of, premium (if any) and interest accrued on the Debentures of which it is the holder
on the dates, at the places and in the manner mentioned herein and in the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice of Event of Default*: The Corporation shall forthwith notify the Debentureholder of
the occurrence of any Event of Default or any event of which it is aware which with notice or lapse of time or both would constitute
an Event of Default together with full details and any action proposed to be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Preservation of Existence, etc*: Subject to the express provisions hereof, the Corporation
will carry on and conduct its activities, and cause its Subsidiaries to carry on and conduct their businesses, in a business-like
manner and in accordance with good business practices; and, subject to the express provisions hereof, it will do or cause to be
done all things necessary to preserve and keep in full force and effect its existence and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Keeping of Books*: The Corporation will keep or cause to be kept proper books of record and
account, in which full and correct entries shall be made of all financial transactions and the assets and business of the Corporation
and each Subsidiary in accordance with generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Maintain Listing*: The Corporation will use reasonable commercial efforts to maintain the
listing of the Common Shares on the Canadian Securities Exchange or other Recognized Exchange, and to maintain the Corporation's
status as a "reporting issuer" not in default of the requirements of the applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Withholding Matters*: All payments made by or on behalf of the Corporation under or with
respect to the Debentures (including, without limitation, any penalties, interest and other liabilities related thereto) will be
made free and clear of and without withholding, or deduction for, or on account of, any present or future tax, duty, levy, impost,
assessment or other governmental charge (including, without limitation, penalties, interest and other liabilities related hereto)
imposed or levied by or on behalf of the Government of Canada or the United States or elsewhere, or of any province or territory
thereof or by any authority or agency therein or thereof having power to tax ()"**Withholding Taxes** "), unless the
Corporation is required by law or the interpretation or administration thereof, to withhold or deduct any amounts for, or on account
of Withholding Taxes. If the Corporation is so required to withhold or deduct any amount for, or on account of, Withholding Taxes
from any payment made under or with respect to the Debentures, the Corporation shall deduct and withhold such Withholding Taxes
from any payment to be made or with respect to the Debentures and, provided that the Corporation forthwith remits such amount to
the relevant governmental authority or agency, the amount of any such deduction or withholding will be considered an amount paid
in satisfaction of the Corporation's obligations under the Debentures. There is no obligation on the Corporation to gross-up
or pay additional amounts to a holder of Debentures in respect of such deductions or withholdings. For greater certainty, if any
amount is required to be deducted or withheld in respect of Withholding Taxes upon a conversion of a Debenture, the Corporation
shall be entitled to liquidate such number of Common Shares (or other securities) issuable as a result of such conversion as shall
be necessary in order to satisfy such requirement. The Corporation shall provide the Debentureholder with copies of receipts or
other communications relating to the remittance of such withheld amount or the filing of any forms received from such government
authority or agency promptly after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *No Material Change of Business*: The Corporation will notify the Debentureholder in the event
of any Material Adverse Change. The Corporation will notify the Debentureholder in the event it receives notice of any regulatory,
governmental or criminal citation, notice of violation, investigation or proceeding that may have a material impact on the Corporation's
license, business activities or operations. The Corporation will notify the Debentureholder in the event it receives notice of
any non-compliance citations or notices of violations, of which the Corporation is aware, that may have a material impact on the
investee's, supplier's or customers' license, business activities or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *No Encumbrances*: The Corporation not permit any lien or encumbrance to be made or exist,
upon its property and assets, or the property and assets other than liens or encumbrances pertaining to the Security Agreements,
the Permitted Encumbrances, and statutory liens in favour of governmental authorities for amounts not yet overdue, unless such
lien or encumbrance is subordinated to the Security Agreements.

9.2  **<u>Events of Default</u>** Subject to section 9.6 below, unless waived in writing by the Debentureholder,
any one or more of the following events shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) failure for 10 days to pay interest on the Debentures when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure to pay principal or premium (whether by way of payment of cash or delivery of Units), if
any, when due on the Debentures whether at maturity, upon redemption, by declaration or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the delivery, when due, of any Share Certificate or Warrant Certificate or other consideration,
payable on conversion with respect to the Debentures, which default continues for 10 business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) default in the observance or performance of any covenant or condition of the Debenture by the Corporation
and the failure to cure (or obtain a waiver for) such default for a period of 10 business days after the default was discovered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) failure to complete the anticipated funding of at least US$20,000,000 from the Development Financing
Institutions before September 30, 2023;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if, during the period from date hereof to September 30, 2023 (the "**Initial Price Threshold Period**") the following event does not occur at any time during the Initial Price Threshold Period: the volume weighted
average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if, during the period from October 1, 2023 to November 15, 2023 (the "**Second Price Threshold Period**") the following event does not occur at any time during the Second Price Threshold Period: the volume weighted
average price of the Common Shares on the CSE exceeds $0.45 for any period of 10 consecutive trading days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a decree or order of a Court having jurisdiction is entered adjudging the Corporation a bankrupt
or insolvent under the *Bankruptcy and Insolvency Act* (Canada) or any other bankruptcy, insolvency or analogous laws, or
issuing sequestration or process of execution against, or against any substantial part of, the property of the Corporation, or
appointing a receiver of, or of any substantial part of, the property of the Corporation or ordering the winding-up or liquidation
of its affairs, and any such decree or order continues unstayed and in effect for a period of 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Corporation institutes proceedings to be adjudicated a bankrupt or insolvent, or consents
to the institution of bankruptcy or insolvency proceedings against it under the *Bankruptcy and Insolvency Act* (Canada) or
any other bankruptcy, insolvency or analogous laws, or consents to the filing of any such petition or to the appointment of a receiver
of, or of any substantial part of, the property of the Corporation, or any Subsidiary or makes a general assignment for the benefit
of creditors, or admits in writing its inability to pay its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if, after the date of this Debenture, any proceedings with respect to the Corporation are taken
with respect to a compromise or arrangement, with respect to creditors of the Corporation generally, under the applicable legislation
of any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Corporation grants any security interest, other than the Permitted Encumbrances, in any
property or assets of the Corporation, which ranks *pari passu* or senior to the security interest granted hereunder without
the prior written consent of Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if the Corporation, without the prior written consent of the Debentureholder, (i) grants any security
interest (other than Permitted Encumbrances) in any property or assets of the Corporation which are explicitly excluded from the
collateral set out in the Security Agreements, including but not limited to, the assets or licenses, or (ii) sell any of the assets
explicitly excluded from the collateral set out in the Security Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if, within 30 days from the date hereof, the Corporation fails to cause the indebtedness evidenced
by this Debenture to be secured by a security agreement executed by the Corporation, in favour of the Debentureholder, granting
to the Debentureholder a security interest on all the assets of the Corporation, except such assets as may be subject to a prior
encumbrance pursuant to the terms of the Permitted Encumbrances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if, within 30 days from the Original Issuance Date, the Corporation fails to cause the Indebtedness
evidenced by this Debenture to be secured by way of a Hypothec in favour of the Debentureholder or its duly authorized agent, which
default continues for 10 days.

9.3  **<u>Acceleration</u>** Upon the occurrence of any one or more of the Events of Default ,
the Indebtedness outstanding at that time shall be accelerated, and shall become immediately due and payable at the option of the
Debentureholder. Alternatively, upon the occurrence of any one or more of the Events of Default ,
the Debentureholder may, by giving written notice thereof to the Corporation, elect to convert, in whole or in part, the Indebtedness
then outstanding in accordance with the terms hereof.

9.4  **<u>Remedies Cumulative</u>** The rights and remedies of the Debentureholder hereunder are
cumulative and in addition to and not in substitution for any rights or remedies provided by law.

9.5  **<u>Non-Merger</u>** The taking of a judgment or judgments or any other action or dealing whatsoever
by the Debentureholder in respect of any security given by the Corporation (if any) to the Debentureholder shall not operate as
a merger of any indebtedness or liability of the Corporation to the Debentureholder or in any way suspend payment or affect or
prejudice the rights, remedies and powers, legal or equitable, which the Debentureholder may have in connection with such liabilities
and the surrender, cancellation or any other dealings with any security for such liabilities shall not release or affect the liability
of the Corporation hereunder or any security held by the Debentureholder. All Obligations shall survive the Maturity Date until
all Obligations of the Corporation hereunder have been satisfied and discharged in accordance with this Debenture.

9.6  **<u>EIB Grace Period</u>** Notwithstanding the foregoing, for the purposes of ensuring the
Company does not trigger an event of default pursuant to the finance contracts with European Investment Bank and a loan agreement
between NuRAN Wireless (Africa) Holding and Finnish Fund for Industrial Cooperation Ltd., the occurrence of any event set out in
Sections 9.2(d)-(g) and 9.2(k)-(n) shall not constitute an Event of Default herein, and shall have an additional grace period of
20 business days during which the parties shall agree to enter into a debt settlement agreement to reduce the Conversion Price,
but ensure that this Debenture is not required to be prepaid or discharged before the Maturity Date. Any debt settlement entered
into during this grace period shall not constitute a prepayment or discharge before the Maturity Date, and the Maturity Date shall
remain the Maturity Date pursuant to the debt settlement agreement.

10.  **<u>Security</u>** 

10.1 The Obligations are secured by the grant to the Debentureholder of a security interest in all of
the property and assets of the Corporation (except such assets as may be specifically excluded), as provided in the Security Agreements.

The Corporation acknowledges and agrees to secure the repayment of the Obligations by a hypothec or other similar form of lien or charge in favour of the Debentureholder (the "**Hypothec**") or its duly authorized agent in any Provinces where the collateral of the Corporation is located within 30 days of the Original Issuance Date.

The Obligations shall also be secured by such other security as may be required to be delivered or caused to be delivered by the Corporation to the Debentureholder pursuant to the terms hereof or any other agreement between the Corporation and the Debentureholder.

The Debentureholder acknowledges and agrees that this Debenture will rank *pari passu* with each other Debenture of the same series issued as of the date hereof (regardless of their terms of issue), and shall be subject to the terms and conditions of the Agency and Interlender Agreement dated as of the date hereof among the Corporation, Shimcity Inc. and the Debentureholder.

11.  **<u>Person Entitled to Payment</u>** 

The Debentureholder shall be entitled to payment of all amounts due hereunder free from all equities or rights of set-off or counterclaim between the Corporation and the original or any intermediate Debentureholder hereof and all persons may act accordingly and a transferee of this Debenture shall become the Debentureholder of this Debenture free from all equities or rights of set-off or counterclaim between the Corporation and the transferor or any previous Debentureholder hereof, save in respect of equities of which the Corporation is required to take notice by statute or by order of a court of competent jurisdiction.

12.  **<u>Supplement to Debenture</u>** 

12.1 From time to time the Corporation shall, when so directed by the Debentureholder, execute, acknowledge
and deliver by its proper officers, deeds or instruments supplemental hereto, which thereafter shall form part hereof, for any
one or more of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) making such provisions not inconsistent with this Debenture as may be necessary or desirable with
respect to matters or questions arising hereunder, including the making of any modifications in the form of the Debenture which
do not affect the substance thereof and which provisions and modifications will not, in the opinion of the Debentureholder's
solicitor, be prejudicial to the interests of the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidencing the succession or the successive successions of other corporations to the Corporation
and the covenants of and obligations assumed by any such successor in accordance with the provisions of this Debenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any other purpose not inconsistent with the terms of this Debenture.

12.2 The Corporation may correct any typographical or other manifest errors in this Debenture, provided
that in the opinion of the Debentureholder's solicitor such corrections will not prejudice the rights of the Debentureholder
hereunder and may execute all such documents as may be necessary to correct such errors.

13.  **<u>Mutilation, Loss, Theft or Destruction</u>** 

In case this Debenture shall become mutilated or be lost, stolen or destroyed, the Corporation shall execute and deliver a new Debenture having the same date of issue upon surrender and cancellation of the mutilated Debenture, or in case this Debenture is lost, stolen or destroyed, in lieu of and in substitution for the same. In case of loss, theft or destruction the person applying for a substituted Debenture shall furnish to the Corporation such evidence of such loss, theft or destruction as shall be satisfactory to the Corporation, shall furnish an indemnity satisfactory to the Corporation (but in any event in an amount not exceeding the principal amount outstanding) and shall pay all reasonable expenses incidental to the issuance of any substituted Debenture.

14.  **<u>Debentureholder Not a Shareholder</u>** 

This Debenture shall, in itself, not confer or be construed as conferring upon the Debentureholder any right or interest whatsoever as a shareholder of the Corporation, including, but not limited to, the right to vote at, to receive notice of, or to attend meetings of shareholders or any other proceedings of the Corporation, or the right to receive dividends and other distributions.

15.  **<u>Transfer of Debentures</u>** 

15.1 The Corporation shall maintain a register on which are recorded the names and addresses of each
holder hereof. Subject to compliance with the terms of this Debenture and with applicable laws and regulations, a transfer shall
be recorded by the Corporation in the register of holders hereof maintained by the Corporation, upon surrender of this Debenture
with the Transfer Form in the form attached hereto as Schedule "B" duly completed by the Debentureholder or by its
duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment or other authority to transfer
on behalf of the Debentureholder. Upon each transfer the Corporation shall cancel this Debenture and execute and deliver such replacement
debenture as is required, in the form hereof.

15.2 *Restrictions on Transfers*: The Corporation shall not register any transfers of the Debenture
or issue or transfer any Units issuable on conversion of the Debenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to a United States person, any person in the United States or any person for the account or benefit
of a United States person or a person in the United States except pursuant to Rule 144 under the United States Securities Act of
1993, as amended (the "**U.S. Securities Act** "), if available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with any transfers or conversions which are otherwise not in compliance with (i)
the U.S. Securities Act and the regulations thereunder if applicable, (ii) the *Securities Act* (B.C.) and the rules and regulations
thereunder, (iii) applicable securities laws and regulations of other relevant jurisdictions, or (iv) the policies of the CSE;

Notwithstanding anything to the contrary contained herein but subject to the terms of this Section 15, no assignment or transfer of any right or interest in this Debenture shall be permitted except in compliance with applicable Securities Laws and the transferee, assignee or Debentureholder as the case may be, furnishes to the Corporation such evidence as the Corporation may reasonably require in order to satisfy itself with respect to the foregoing. No prior written consent of the Corporation is required to permit the assignment or transfer of any right or interest in this Debenture by a Debentureholder to any affiliate of the Debentureholder or to any investment fund managed by the Debentureholder's manager or its affiliate provided the other conditions to such assignment or transfer as provided in this Section 15 are satisfied. Any purported assignment or transfer of any right or interest in this Debenture by a Debentureholder that is not in compliance with this Section 15 shall be null and void.

The appropriate legends, as follows, will be placed on the certificates representing the Units issued on conversion of the Debenture denoting the restrictions on transfer imposed by applicable securities laws, including but not limited to the following legends:

**"UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE DECEMBER 29, 2023."** 

16.  **<u>Certain Requirements re: Successor Corporations</u>** 

The Corporation shall not, directly or indirectly, sell, lease, transfer or otherwise dispose of all or substantially all of its property and assets as an entirety to any other entity, and shall not consolidate, amalgamate, reorganize or merge with or into any other corporation (any such other entity or corporation being herein referred to as a "**successor corporation**") unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Corporation has received express written consent for such transaction from the Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the successor corporation shall execute, prior to or contemporaneously with the consummation of
any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor corporation of the
due and punctual payment of the outstanding amount of this Debenture or the reservation and allotment for issuance of a sufficient
number of shares to satisfy the conversion privilege and interest payment obligations hereunder and upon the due exercise of the
Warrants and to observe and perform all the covenants and obligations of the Corporation under this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the successor corporation shall execute, prior to or contemporaneously with the consummation of
any such transaction, such instruments as are reasonably necessary to evidence the assumption by the successor corporation of the
due performance of all the covenants and obligations of the Corporation under the Security Agreements, in forms acceptable to the
Debentureholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such transaction shall be upon such terms as to preserve and not to impair any of the rights or
powers of the Debentureholder hereunder or any security pertaining hereto or thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately after giving effect to such transaction, no condition or event shall exist which constitutes
an Event of Default, or may constitute an Event of Default after notice or lapse of time or both.

17.  **<u>Vesting of Powers in Successors</u>** 

Whenever the conditions of Section 16 have been fully observed and performed, the successor corporation shall possess and from time to time may exercise each and every right and power of the Corporation under this Debenture in the name of the Corporation or otherwise and any act or proceeding by any provision of this Debenture required to be done or performed by the Corporation or its officers may be done and performed with like force and effect by the successor corporation or its officers.

18.  **<u>Waiver</u>** 

No waiver on the part of the Debentureholder in exercising any right or privilege hereunder and no waiver as to any Event of Default hereunder shall operate as a waiver thereof unless made in writing and signed by the Debentureholder. No written waiver shall preclude the further or other exercise by the Debentureholder of any right, power or privilege hereunder, or extend to or apply to any further Event of Default.

19.  **<u>Further Assurances</u>** 

The Corporation shall from time to time forthwith on the Debentureholder's request do, make and execute all such further assignments, documents, acts, matters and things as may be required by the Debentureholder with respect to give effect to the matters contemplated in the Credit Documents or any part thereof, including all matters contemplated in this Debenture.

20.  **<u>Notices</u>** 

Any notice or communication to be given hereunder may be effectively given by delivering the same at the addresses hereinafter set forth or by sending the same by email or prepaid registered mail to the parties at such addresses. Any notice so mailed shall be deemed to have been received on the fifth Business Day next following the mailing thereof provided the postal service is in operation during such time. Any email notice shall be deemed to have been received on the Business Day next following the date of transmission. The mailing and email addresses of the parties for the purposes hereof shall respectively be:

---

| | | |
|:---|:---|:---|
| if to the Debentureholder: | To the address set out on the face page. | To the address set out on the face page. |
| if to the Corporation: | Nuran Wireless Inc. | Nuran Wireless Inc. |
|  | 2150 Cyrille-Duquet Street | 2150 Cyrille-Duquet Street |
|  | Quebec, QC G1N 2G3 | Quebec, QC G1N 2G3 |
|  | Attention: | Francis Létourneau |
|  | Email: | francis.letourneau@nuranwireless.com |

---

Either party may from time to time notify the other party hereto, in accordance with the provisions hereof, of any change of address which thereafter, until changed by like notice, shall be the address of such party for all purposes of this Agreement.

21.  **<u>Successors and Assigns</u>** 

This Debenture shall be binding upon and shall enure to the benefit of the Corporation and the Debentureholder and their respective successors and assigns, provided that neither party shall assign any of its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld.

22.  **<u>Governing Law and Submission to Jurisdiction</u>** 

This Debenture and all other documents delivered to the Debentureholder hereunder shall be construed and interpreted in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein. Each of the Corporation and the Debentureholder hereby agrees that any legal suit, action or proceeding arising out of or relating to this Debenture and all such other documents may be instituted in the courts of the Province of British Columbia only and the parties accept and irrevocably submit to the jurisdiction of the said courts, and acknowledge their competence and agree to be bound by any judgment thereof.

23. The Debentureholder agrees that it shall be prohibited from exercising any portion of this Debenture
if the aggregate number of Common Shares of the Corporation owned or controlled, directly or indirectly, by the Debentureholder
and any affiliates of the Debentureholder (including common shares of which the Debentureholder has deemed beneficial ownership),
collectively, as a result of such exercise would equal or exceed 10% of the issued and outstanding common shares of the Corporation
calculated on the date of exercise of the Debenture.

*[remainder of page intentionally left blank]*

**DATED** as of the 28<sup>th</sup> day of August, 2023.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | */s/ "Jim Bailey" /s/ "Francis Letourneau"* |
|  | Authorized Signatory |

---

**ACKNOWLEDGED AND AGREED AS OF THE** 28<sup>th</sup> day of August, 2023.

---

| |
|:---|
| */s/ "Joseph Posen"* |
| Joseph Posen |

---

Signature Page Debenture

**SCHEDULE "A"**

**<u>CONVERSION NOTICE</u>**

**TO: NURAN WIRELESS INC.**

Reference is made to the Secured Convertible Debenture of Nuran Wireless Inc. dated August 28, 2023. Any term not otherwise defined in this Notice shall have the meaning ascribed to it in the Debenture.

The undersigned holder of the Debenture hereby gives notice that it elects to convert certain Indebtedness for the undernoted number of Units in accordance with the terms of the Debenture and as follows.

---

| | |
|:---|:---|
| Amount of Indebtedness Being Converted: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$_____________________ |
| Units to be Issued: | ______________________ |
| Effective Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________ |

---

The undersigned hereby directs that the shares are to be issued and delivered as follows:

---

| | |
|:---|:---|
| **<u>Registration Instructions:</u>** | **<u>Delivery Instructions:</u>** |

---

Dated this ______day ______________, 20______.

---

| | |
|:---|:---|
| **[DEBENTUREHOLDER]** | **[DEBENTUREHOLDER]** |
| **Per:** | |
|  | &nbsp;&nbsp;&nbsp;**Name:** |
|  | &nbsp;&nbsp;&nbsp;**Title:** |
|  | &nbsp;&nbsp;&nbsp;**(authorized signing officer)** |

---

**Instructions for Conversion**

This conversion notice is to be signed by the Debentureholder.

The Debenture must be surrendered at the office of the Corporation, located at 2150 Cyrille-Duquet Street, Quebec, QC, G1N 2G3 or by email to Francis Letourneau.

Fractional Units will not be issued on any conversion and in lieu thereof the Corporation will round up to the next full Unit if the fraction is 0.5 or greater, and will round down and issue no additional Unit if the fraction is below 0.5.

Upon surrender of the Debenture, the Corporation will issue to the Debentureholder the number of shares converted and shall deliver a certificate(s) or other evidence of such shares. The Corporation shall also deliver a new debenture in the event of a partial conversion.

If Units are to be issued in the name of a person other than the Debentureholder, all requisite transfer taxes must be tendered by the Debentureholder.

**<u>SCHEDULE "B"</u><br> TRANSFER FORM**

---

| | |
|:---|:---|
| **TO:** | **NURAN WIRELESS INC.** |

---

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

---

| |
|:---|
| Name<br>|
| Address |
| Social Insurance Number, Social Security Number, or Tax Identification Number |

---

$____________________________ of the principal amount of Debenture registered in the name of the undersigned represented by the within certificate (which amount must be $1,000 or an integral multiple thereof) and do hereby irrevocably constitute and appoint the Corporate Secretary of the Corporation attorney to transfer the said Debenture on the books of the Corporation with full power of substitution in the premises.

DATED this _____ day of ______________.

Signature of Debentureholder

---

| |
|:---|
| Signature of Debentureholder |
| Name of Debentureholder (Please Print) |
| \* Authorized Signature Name and Title |

---

## Exhibit 99.47

**Exhibit 99.47**

---

| | |
|:---|:---|
| ![](img137_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Wireless Announces Adjournment of its Annual General and Special Meeting**

**Quebec, QC, Canada, October 15, 2025** – As a result of a review by the British Columbia Securities Commission ("**BCSC**"), NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>) announces the adjournment of its Annual General and Special Meeting.

**Adjournment of Annual General and Special Meeting**

As a result of the ongoing Continuous Disclosure Review by the British Columbia Securities Commissions and the desire of the Company to provide more disclosure in advance of the AGSM, the Company has decided to adjourn its Annual General and Special Meeting scheduled for today October 15, 2025 to October 22, 2025 to allow shareholders sufficient time to review additional disclosures to be filed shortly.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

---

| | |
|:---|:---|
| ![](img137_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.48

**Exhibit 99.48**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

April 15, 2025

**Item 3: News Release** 

A news release was not issued concerning this amendment.

**Item 4: Summary of Material Change** 

The Company amended the terms of the factoring agreement dated August 28, 2023. The factoring company has agreed to increase the maximum amount available on the facility to $26.8 million (Approved Accounts). In addition, the Company recognized draws on the factoring agreement since the prior amendment, adding $1.375 million to the total amount provided under the factoring agreement (Purchase Price Paid) representing $509k of cash transfers to, and $865k paid to settle short-term debts of, the Company during the period from December 23, 2024. The payment of short-term debts meant that the Company continued to reduce the balance of this secured loan agreement avoiding possible default and higher charges in fees and interest. The amount now owing to the factor which is the total Purchase Price Paid stands at $9.622 million.

The amendment also acknowledged recourses to date under the factoring agreement of $3.378 million which means that the outstanding Approved Accounts are reduced to $21.475 million which is the amount upon which the Company pays interest. The total amount now available under the factoring agreement falls to $780,383.10 from $1.796 million without further amendment to the agreement. In addition the factor has agreed to make $200,000 of additional short-term loans available to the Company in the coming period.

This amendment leads to a larger amount of Approved Accounts which will increase the interest charges booked under this agreement. At the same time the Notes that were moved under the factoring agreement reduces lending fee charges on these facilities and avoids defaults. Due to the nature of Approved Accounts being intercompany invoices, the inherent risks of African operations including issues with transferring foreign currency, the higher conversion price on recourse relative to the market price of the Company's shares and the limited availability of alternative funding while the Company awaits the award of its infrastructure licence in the DRC and other impending developments, management believes that this amendment is in the best interests of shareholders as it continues to provide assurance to the Company of additional working capital as needed to continue its build focused on achieving positive Earnings Before Interest, Tax, Depreciation and Amortisation at group level as soon as possible.

**Item 5.1: Full Description of Material Change** 

See attached Seventh Factoring Amendment Agreement at Schedule "A" to this Report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of October 16, 2025

**SCHEDULE "A"**

Please see attached.

**SEVENTH FACTORING AMENDING AGREEMENT**

**THIS SEVENTH FACTORING AMENDING AGREEMENT** (this "**Seventh Amending Agreement**") is dated as of April 15, 2025, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS** the Parties entered into a factoring amending agreement dated September 27, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second factoring amending agreement dated November 29, 2023 (the "**Second Amending Agreement**"), which was subsequently amended by a third factoring amending agreement dated December 22, 2023 (the "**Third Amending Agreement**"), which was subsequently amended by a fourth factoring amending agreement dated April 2, 2024 (the "**Fourth Amending Agreement**"), which was subsequently amended by a fifth factoring amending agreement dated June 25, 2024 (the "**Fifth Amending Agreement**") which was subsequently amended by a sixth factoring amending agreement dated December 23, 2024 (the "**Sixth Amending Agreement**");

**AND WHEREAS**, all capitalized terms used in this Seventh Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to further amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pursuant
 to Section 7 of the Sixth Amending Agreement the Factor agreed to make up to $300,000
 of short-term loans available to Corporation. The Factor holds promissory notes of the
 Corporation dated (i) December 23, 2024 with a principal amount of $150,000.00 (the "**December Note** "); (ii) January 22, 2025 with a principal amount of $63,405.12 (the "**January Note** "); and (iii) February 4, 2025 with a principal amount of $146,030.00 (the
 "**February Note** ", and collectively with the December Note and the January
 Note, the "**Notes** "). In order to ensure that no Event of Default occurred
 under the Notes, the Parties agree and confirm as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 December Note shall be settled effective as of January 23, 2025, for $151,962.74, being
 the $150,000.00 of principal and $1,962.74 of accrued interest. The $1,962.74 of accrued
 interest shall be paid in cash, which was paid on February 7, 2025. The $150,000 shall
 be settled, effective as of January 23, 2025, as a credit against adding $554,271.39
 to the Paid Accounts of the Factor, and adding $150,000 to the Purchase Price Paid without
 reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 January Note shall be settled effective as of January 23, 2025, for $63,405.12, being
 the principal owing. The $63,405.12 shall be settled, effective as of January 23, 2025,
 as a credit against adding $231,228.97 to the Paid Accounts of the Factor, and adding
 $63,405.12 to the Purchase Price Paid without reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 February Note shall be settled effective as of February 22, 2025, for $146,030.00, being
 the principal owing. The $146,030.00 shall be settled, effective as of February 22, 2025,
 as a credit against adding $536,268.58 to the Paid Accounts of the Factor, and adding
 $146,030.00 to the Purchase Price Paid without reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Amend
 Section 4.5 in the Factoring Agreement, as amended by Section 7 of the Fifth Amending
 Agreement, as amended by Section 2 of the Sixth Amending Agreement and herein, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Delete
 the reference to "$25,486,251.50" in Section 2(a) of the Sixth Amending Agreement
 and is hereby replaced with "$26,808,020.43".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Delete
 the reference to "$18,508,740.23" in Section 2(a) of the Sixth Amending Agreement
 as Paid Accounts and is hereby replaced with "$21,775,356.63".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Delete
 the reference to "$10,043,340.95" in Section 2(b) of the Sixth Amending Agreement
 and is hereby replaced with "$10,402,776.07".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Delete
 the reference to "$8,247,202.85" in Section 2(b) of the Sixth Amending Agreement
 as Unpaid Purchase Price and is hereby replaced with "$9,622,392.97".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Delete
 the reference to "$1,796,138.10" in Sections 2(b) and (c) of the Sixth Amending
 Agreement as Unpaid Accounts and is hereby replaced with "$780,383.10".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Delete
 the Schedule "B" in Section 2(e) of the Sixth Amending Agreement and is hereby
 replaced with Schedule "A" attached hereto, which includes the current amounts
 of Unpaid Purchase Price and Unpaid Accounts as of the date hereof, which should be used
 for the formula outlined in Section 2(d) of the Sixth Amending Agreement going forward.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Schedule
 3 in the Factoring Agreement, as amended pursuant to Section 8 of the Second Amending
 Agreement, as amended pursuant to Section 3 of the Fourth Amending Agreement, as amended
 pursuant to Section 9 of the Fifth Amending Agreement, as amended pursuant to Section
 4 of the Sixth Amending Agreement and herein, is hereby amended to include an additional
 New Invoices to reflect the amounts outlined in Section 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 reference to "$25,500,000" in Section 6 in the Sixth Amending Agreement,
 is hereby deleted and replaced with "$27,000,000".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Factor also agrees to make up to $200,000 of short term loans available to Corporation,
 each such loan will include a lending fee of 5%, increasing by 2% for each calendar month,
 interest at 15% per annum, payable monthly, default interest of 25% compounding, and
 if the loan is not repaid within 45 days the principal amount of the amount loaned shall
 be increased to ‎an amount equal to the principal amount that would have been issued
 on the issue date if an original issuance discount of 35% was initially included, and
 the Factor has the right to attribute all or part of this amount, plus accrued and unpaid
 interest to any outstanding Unpaid Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement, as amended
 pursuant the Section 3 of the Amending Agreement to "60 days", as amended
 pursuant the Section 6 of the Second Amending Agreement to "125 days", as
 amended pursuant the Section 2 of the Third Amending Agreement to "156 days",
 as amended pursuant the Section 9 of the Fourth Amending Agreement to "246 days",
 as amended pursuant the Section 10 of the Fifth Amending Agreement to "1 year",
 as amended pursuant the Section 12 of the Sixty Amending Agreement to "18 months"
 is hereby deleted and replaced with "24 months".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 all other respects the terms and conditions set forth in the Factoring Agreement, the
 Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the
 Fourth Amending Agreement, the Fifth Amending Agreement and the Sixth Amending Agreement
 shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. It
 is agreed and understood that this Seventh Amending Agreement may be executed by way
 of facsimile transmission and, further, may be executed in any number of counterparts
 and all such counterparts shall, for all purposes, constitute one agreement binding on
 the Parties hereto, providing each party hereto has executed at least one counterpart,
 and shall be deemed to be an original notwithstanding that all Parties are not signatory
 to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This
 Seventh Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Seventh Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| <br> **ADVANCE FACTORING INC.** | <br> **ADVANCE FACTORING INC.** |
| Per: | |
|  | Authorized Signatory |

---

Pursuant to the Guarantee between the Parties dated August 28, 2023, the undersigned hereby acknowledges and confirms that the amounts included in this Seventh Amending Agreement are covered by the Guarantee.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | |
|  | Authorized Signatory |

---

**SCHEDULE "A"**

**secured CONVERTIBLE CERTIFICATe** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;**No. 2025-04-01** | &nbsp;&nbsp;**$21475356.64** |

---

**NURAN WIRELESS INC.**<br> (A corporation governed by the laws of British Columbia)

**Nuran Wireless Inc.** (the "**Corporation**") for value received hereby acknowledges itself indebted and promises to pay to Advance Factoring Inc. (the "**Holder**"), subject to the provisions of the factoring agreement dated August 28, 2023, as amended from time to time (the "**Agreement**"), on the dates specified in the Agreement, or on such earlier date as the principal amount hereof may become due in accordance with the provisions of the Agreement, the aggregate principal sum of **TWENTY-ONE MILLION FOUR HUNDRED AND SEVENTY FIVE THOUSAND THREE HUNDRED AND FIFTY-SIX DOLLARS AND FORTY FIVE CENTS** (**$21,475,356.64**) in lawful money of Canada, provided however that the principal amount outstanding from time to time hereunder shall be the amount from time to time set forth on the grid attached hereto as Schedule "A", as updated from time to time, with the entries therein evidenced by the signature of the Corporation being conclusive evidence of the principal amount outstanding at any time, absent manifest error.

To pay interest on the principal amount then outstanding at the rate of 15.0% per annum from the date of issue or from the most recent Interest Payment Date (as defined below) to which interest has been paid or made available for payment on the Certificate then outstanding, whichever is later, in like money, in equal quarterly instalments in arrears on the last day of March, June, September and December in each year (each such date, an "**Interest Payment Date**"), and, in the event of any Event of Default or if any amount remains unpaid past due, the increase rate shall increase to 25% per annum, calculated daily and compounding, payable in cash on demand, from the date of such non-payment or Event of Default until paid in full.

Any part of the principal or interest of this Certificate, is convertible, subject to the provisions and conditions of the Agreement, at the option of the holder hereof, upon surrender of this Certificate at the principal office of the Corporation, at any time, or, if this Certificate is called for redemption on or prior to such date, then, to the extent so called for redemption, up to but not after the close of business on the last Business Day immediately preceding the date specified for redemption of this Certificate, into Units (without adjustment for interest accrued hereon or for dividends or distributions on Common Shares issuable upon conversion) at a conversion price (the "**Conversion Price**") equal to $0.20 per Unit, all subject to the terms and conditions and in the manner set forth in the Agreement, including adjustment to the Conversion Price in accordance with the Agreement. The Agreement makes provision for the adjustment of the Conversion Price in the events therein specified. No fractional Units will be issued on any conversion and any fraction of a Unit that would otherwise be issued will be rounded down to the nearest whole number. Each Unit ("**Units**") shall be comprised of one common share in the capital of the Corporation (each a "**Share**") and three quarters (3/4) of one Warrant. Each whole warrant (each a "**Warrant**") shall entitle the holder to acquire one additional Share for $0.25 until August 28, 2028.

Upon the occurrence of an Event of Default in accordance with the Agreement, the Certificate will become immediately due and payable.

The right is reserved to the Corporation to redeem this Certificate in accordance with the provisions of the Agreement, in whole or in part, at a purchase price in cash of at least 135% of the purchase price paid, as amended from time to time, plus accrued and unpaid interest, if any, to but excluding the date of redemption.

This Certificate may only be transferred upon compliance with the conditions precedent in the Agreement on the register kept at the principal office of the Corporation and at such other place or places, if any, and/or by such other registrar or registrars, if any, as the Corporation may designate, and may be exchanged at any such place, by the Holder hereof or his executors or administrators or other legal representatives or his or their attorney duly appointed by an instrument in writing in form and execution satisfactory to the Corporation, and upon compliance with such reasonable requirements as the Corporation and/or registrar may prescribe, and such transfer shall be duly noted thereon by the Corporation or other registrar.

The Certificate have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws of the United States.

Reference is hereby made to the Agreement for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Corporation and the Holders.

The Holder of this Certificate, by receiving and holding same, hereby accepts and agrees to be bound by the terms, and to be entitled to the benefits of this Certificate and of the Agreement and confirms the appointment of the Corporation and of the Agreement, the whole in accordance with and subject to the respective provisions thereof.

The Agreement and this Certificate shall be governed by, and construed in accordance with, the laws of the Province of British Columbia and the federal laws of Canada applicable therein.

In the event of any inconsistency between the provisions of this Certificate and the provisions of the Agreement, the provisions of the Agreement shall prevail to the extent of the inconsistency. Capitalized words or expressions used in this Certificate shall, unless otherwise defined herein, have the meaning ascribed thereto in the Agreement.

[signature page follows]

**IN WITNESS WHEREOF NURAN WIRELESS INC.** has caused this certificate to be signed by its authorized representatives as of April 15, 2025.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| By: |  |
|  | Authorized Signatory |

---

**CONVERSION NOTICE** 

---

| | |
|:---|:---|
| To: | NURAN WIRELESS INC. (the "**Corporation**") |

---

Reference is made to the factoring agreement between Advance Factoring Inc. (the "**Holder**") and the Corporation, dated August 28, 2023, as amended on September 27, 2023, November 29, 2023, December 22, 2023, April 2, 2024, June 25, 2024, December 23, 2024 and April 15, 2025 (collectively, the "**Factoring Agreement**").

Any term not otherwise defined in this Notice shall have the meaning ascribed to it in the Factoring Agreement.

Pursuant to Section 10.6 of the Factoring Agreement, the undersigned hereby provides notice that it elects to convert the below Conversion Amount into Units at the Conversion Price in accordance with the terms of the Factoring Agreement.

---

| | |
|:---|:---|
| Conversion Amount being Converted: | $|
| Number of Units to be Issued: | |
| Effective Date: | |

---

The undersigned hereby directs that the Units are to be issued and delivered as follows:

---

| | |
|:---|:---|
| **<u>Registration Instructions:</u>** | **<u>Delivery Instructions:</u>** |

---

Dated this ___ day of _____________, 20___.

---

| | |
|:---|:---|
| **Per:** | |
|  | ***(authorized signing officer)*** |
| **Name:** |  |
| **Title:** |  |

---

**SCHEDULE "A"**

**NURAN WIRELESS INC.**

**15% SENIOR SECURED CERTIFICATE**<br> **SCHEDULE OF INCREASES AND DECREASES**

<u>As of April 15, 2025</u>

A. Principal
 Amount (Paid Accounts): $21,475,356.64

B. Accrued
 Interest: $2,123,497.34

C. Paid
 Interest: $161,617.05

D. Accrued
 and Unpaid Interest: $1,961,880.29 (B
 – C)

E. Available
 for Conversion $23,437,236.93 (A
 + D)

F. Unpaid
 Accounts: $1,955,152.53

G. Recourses
 to Date: $3,377,511.27

H. Total
 Purchase Price: $10,402,776.07

I. Purchase
 Price Paid: $9,622,392.97

J. Unpaid
 Purchase Price: $780,383.10 (H
 – I)

The following transfers, exchanges, repayments and redemptions of this Certificate have been made:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date of Transfer, Exchange, Repayment or Redemption | &nbsp;&nbsp;Amount of Decrease in Principal Amount of this Certificate | &nbsp;&nbsp;Amount of Increase in Principal Amount of this Certificate | &nbsp;&nbsp;Principal Amount of this Certificate Following Such Decrease (or Increase) | &nbsp;&nbsp;Signature of Corporation |

---

## Exhibit 99.49

**Exhibit 99.49**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

 ***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

August 19, 2025

**Item 3: News Release** 

A news release was not issued concerning this amendment.

**Item 4: Summary of Material Change** 

The Company amended the terms of the factoring agreement dated August 28, 2023. The factoring company has agreed to settle Promissory Notes (the "Notes") representing advances made to the company totalling $1.274 million by incorporating these under the factoring agreement. Advances under the Notes were made from April 2025 to the date of the amendment and this allowed for the Company to avoid an Event of Default being triggered for each one, related to the payment obligation of interest and principal on the maturity date, if applicable.

The amendment also contained provisions for increasing the value of Approved Accounts by between $2.08 million and $4.76 million depending on whether the Company repaid the principal amount of each Note on or before August 25, 2025. The lower amount applied if the principal amount of the Notes was repaid and represented lending fees and interest from the date the funds were advanced to the Company. If the Notes were repaid by August 25, 2025 there would be no increase to the Purchase Price Paid. The factor settled short-term debts of $619k of the Company during the period reducing the balance of this secured loan agreement avoiding possible default and higher charges in fees and interest. The amount now owing to the factor which is the total Purchase Price Paid stands at $10.241 million.

The amendment also entailed an increase in the amount paid should the factor claim recourse and the Seller be required to repurchase the Recourse Account in cash. This amount changed to 145% of the Purchase Price Paid (from 135% in the sixth amendment).

As is the normal course of business, this amendment leads to a larger amount of Approved Accounts which increases the interest charges under this agreement in line with additional amounts provided to the Company. Due to the nature of Approved Accounts being intercompany invoices, the inherent risks of African operations including issues with transferring foreign currency, the higher conversion price on recourse relative to the market price of the Company's shares and the limited availability of alternative funding while the Company awaits the award of its infrastructure licence in the DRC and other impending developments, management believes that this amendment is in the best interests of shareholders as it continues to provide assurance to the Company of additional working capital as needed to continue its build focused on achieving positive Earnings Before Interest, Tax, Depreciation and Amortisation at group level as soon as possible.

**Item 5.1: Full Description of Material Change** 

See attached Eighth Factoring Amendment Agreement at Schedule "A" to this Report.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of October 16, 2025

**SCHEDULE "A"**

Please see attached.

**EIGHTH FACTORING AMENDING AGREEMENT**

**THIS EIGHTH FACTORING AMENDING AGREEMENT** (this "**Eighth Amending Agreement**") is dated as of August 19, 2025, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and ADVANCE FACTORING INC., a corporation existing under the laws of the Province of Ontario (the "**Factor**"). The Corporation and the Factor are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Parties entered into a factoring agreement dated August 28, 2023 (the "**Factoring Agreement**");

**AND WHEREAS** the Parties entered into a factoring amending agreement dated September 27, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second factoring amending agreement dated November 29, 2023 (the "**Second Amending Agreement**"), which was subsequently amended by a third factoring amending agreement dated December 22, 2023 (the "**Third Amending Agreement**"), which was subsequently amended by a fourth factoring amending agreement dated April 2, 2024 (the "**Fourth Amending Agreement**"), which was subsequently amended by a fifth factoring amending agreement dated June 25, 2024 (the "**Fifth Amending Agreement**") which was subsequently amended by a sixth factoring amending agreement dated December 23, 2024 (the "**Sixth Amending Agreement**"), which was subsequently amended by a seventh factoring amending agreement dated April 15, 2025 (the "**Seventh Amending Agreement**");

**AND WHEREAS**, all capitalized terms used in this Eighth Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Factoring Agreement;

**AND WHEREAS** the Parties have agreed to further amend the terms of the Factoring Agreement as detailed herein;

**NOW, THEREFORE**, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Pursuant
 to Section 7 of the Sixth Amending Agreement and Section 5 of the Seventh Amending Agreement,
 the Factor agreed to make short-term loans available to Corporation. The Factor holds
 promissory notes of the Corporation dated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) April
 15, 2025 with a principal amount of $200,000.00 (the "**April 15 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) May
 2, 2025 with a principal amount of $50,000.00 (the "**May 2 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) May
 6, 2025 with a principal amount of $150,000.00 (the "**May 6 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) May
 27, 2025 with a principal amount of $105,000.00 (the "**May 27 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) June
 4, 2025 with a principal amount of $70,000.00 (the "**June 4 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) June
 10, 2025 with a principal amount of $127,778.00 (the "**June 10 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) June
 13, 2025 with a principal amount of $11,830.26 (the "**June 13 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) June
 20, 2025 with a principal amount of $100,000.00 (the "**June 20 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) July
 8, 2025 with a principal amount of $100,000.00 (the "**July 8 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) July
 9, 2025 with a principal amount of $20,539.50 (the "**July 9 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) July
 22, 2025 with a principal amount of $134,232.50 (the "**July 22 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) July
 29, 2025 with a principal amount of $27,542.00 (the "**July 29 Note** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) August
 11, 2025 with a principal amount of $27,570.00 (the "**August 11 Note** ");
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) August
 19, 2025 with a principal amount of $150,000.00 (the "**August 19 Note** ",
 and collectively with the April 15 Note, May 2 Note, May 6 Note, May 27 Note, June 4
 Note, June 10 Note, June 13 Note, June 20 Note, July 8 Note, July 9 Note, July 22 Note,
 July 29 Note, August 11 Note, and August 19 Note, the "**Notes** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In
 order to ensure that no Event of Default occurred under the Notes, the Parties agree
 and confirm as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 April 15 Note shall be settled effective as of May 15, 2025, for $200,000.00, being the
 principal owing. The $200,000.00 shall be settled, effective as of May 15, 2025, provided
 the Corporation pays $200,000.00 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $403,672.43 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $200,000.00 in cash
 is not paid on or before August 25, 2025, the $200,000.00 shall be settled, effective
 as of May 15, 2025, as a credit adding $835,486.46 to the Paid Accounts of the Factor,
 and adding $200,000.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 May 2 Note shall be settled effective as of May 15, 2025, for $50,000.00, being the principal
 owing. The $50,000.00 shall be settled, effective as of May 15, 2025, provided the Corporation
 pays $50,000.00 in cash to the Factor on or before August 25, 2025, and adding a credit
 of $97,896.78 to the Paid Accounts of the Factor, without increasing the Purchase Price
 Paid or reducing the Total Purchase Price. If the $50,000.00 in cash is not paid on or
 before August 25, 2025, the $50,000.00 shall be settled, effective as of May 15, 2025,
 as a credit adding $203,577.66 to the Paid Accounts of the Factor, and adding $50,000.00
 to the Purchase Price Paid without reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 May 6 Note shall be settled effective as of May 15, 2025, for $150,000.00, being the
 principal owing. The $150,000.00 shall be settled, effective as of May 15, 2025, provided
 the Corporation pays $150,000.00 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $292,604.72 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $150,000.00 in cash
 is not paid on or before August 25, 2025, the $150,000.00 shall be settled, effective
 as of May 15, 2025, as a credit adding $609,734.38 to the Paid Accounts of the Factor,
 and adding $150,000.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 May 27 Note shall be settled effective as of May 30, 2025, for $105,000.00, being the
 principal owing. The $105,000.00 shall be settled, effective as of May 30, 2025, provided
 the Corporation pays $105,000.00 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $195,450.57 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $105,000.00 in cash
 is not paid on or before August 25, 2025, the $105,000.00 shall be settled, effective
 as of May 30, 2025, as a credit adding $425,765.52 to the Paid Accounts of the Factor,
 and adding $105,000.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 June 4 Note shall be settled effective as of June 6, 2025, for $70,000.00, being the
 principal owing. The $70,000.00 shall be settled, effective as of June 6, 2025, provided
 the Corporation pays $70,000.00 in cash to the Factor on or before August 25, 2025, and
 adding a credit of $125,532.76 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $70,000.00 in cash
 is not paid on or before August 25, 2025, the $70,000.00 shall be settled, effective
 as of June 6, 2025, as a credit adding $283,727.18 to the Paid Accounts of the Factor,
 and adding $70,000.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 June 10 Note shall be settled effective as of June 16, 2025, for $70,000.00, being the
 principal owing. The $127,778.00 shall be settled, effective as of June 16, 2025, provided
 the Corporation pays $127,778.00 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $234,116.55 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $127,778.00 in cash
 is not paid on or before August 25, 2025, the $127,778.00 shall be settled, effective
 as of June 16, 2025, as a credit adding $518,766.26 to the Paid Accounts of the Factor,
 and adding $127,778.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 June 13 Note shall be settled effective as of June 16, 2025, for $11,830.26, being the
 principal owing. The $11,830.26 shall be settled, effective as of June 16, 2025, provided
 the Corporation pays $11,830.26 in cash to the Factor on or before August 25, 2025, and
 adding a credit of $21,612.22 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $11,830.26 in cash
 is not paid on or before August 25, 2025, the $11,830.26 shall be settled, effective
 as of June 16, 2025, as a credit adding $47,970.64 to the Paid Accounts of the Factor,
 and adding $11,830.26 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 June 20 Note shall be settled effective as of June 20, 2025, for $100,000.00, being the
 principal owing. The $100,000.00 shall be settled, effective as of June 20, 2025, provided
 the Corporation pays $100,000.00 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $176,365.07 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $100,000.00 in cash
 is not paid on or before August 25, 2025, the $100,000.00 shall be settled, effective
 as of June 20, 2025, as a credit adding $404,991.67 to the Paid Accounts of the Factor,
 and adding $100,000.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 July 8 Note shall be settled effective as of July 10, 2025, for $100,000.00, being the
 principal owing. The $100,000.00 shall be settled, effective as of July 10, 2025, provided
 the Corporation pays $100,000.00 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $167,745.94 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $100,000.00 in cash
 is not paid on or before August 25, 2025, the $100,000.00 shall be settled, effective
 as of July 10, 2025, as a credit adding $405,324.54 to the Paid Accounts of the Factor,
 and adding $100,000.00 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 July 9 Note shall be settled effective as of July 10, 2025, for $20,539.50, being the
 principal owing. The $20,539.50 shall be settled, effective as of July 10, 2025, provided
 the Corporation pays $20,539.50 in cash to the Factor on or before August 25, 2025, and
 adding a credit of $34,419.33 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $20,539.50 in cash
 is not paid on or before August 25, 2025, the $20,539.50 shall be settled, effective
 as of July 10, 2025, as a credit adding $83,217.45 to the Paid Accounts of the Factor,
 and adding $20,539.50 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The
 July 22 Note shall be settled effective as of July 25, 2025, for $134,232.50, being the
 principal owing. The $134,232.50 shall be settled, effective as of July 25, 2025, provided
 the Corporation pays $134,232.50 in cash to the Factor on or before August 25, 2025,
 and adding a credit of $221,674.26 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $134,232.50 in cash
 is not paid on or before August 25, 2025, the $134,232.50 shall be settled, effective
 as of July 25, 2025, as a credit adding $544,300.67 to the Paid Accounts of the Factor,
 and adding $134,232.50 to the Purchase Price Paid without reducing the Total Purchase
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The
 July 29 Note shall be settled effective as of August 4, 2025, for $27,542, being the
 principal owing. The $27,542 shall be settled, effective as of August 4, 2025, provided
 the Corporation pays $27,542 in cash to the Factor on or before August 25, 2025, and
 adding a credit of $45,860.50 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $27,542 in cash
 is not paid on or before August 25, 2025, the $27,542 shall be settled, effective as
 of August 4, 2025, as a credit adding $113,945.09 to the Paid Accounts of the Factor,
 and adding $27,542 to the Purchase Price Paid without reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 August 11 Note shall be settled effective as of August 13, 2025, for $27,570, being the
 principal owing. The $27,570 shall be settled, effective as of August 13, 2025, provided
 the Corporation pays $27,570 in cash to the Factor on or before August 25, 2025, and
 adding a credit of $43,123.77 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $27,570 in cash
 is not paid on or before August 25, 2025, the $27,570 shall be settled, effective as
 of August 13, 2025, as a credit adding $111,747.98 to the Paid Accounts of the Factor,
 and adding $27,570 to the Purchase Price Paid without reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
 August 19 Note shall be settled effective as of August 13, 2025, for $150,000, being
 the principal owing. The $150,000 shall be settled, effective as of August 13, 2025,
 provided the Corporation pays $150,000 in cash to the Factor on or before August 25,
 2025, and adding a credit of $19,547.41 to the Paid Accounts of the Factor, without increasing
 the Purchase Price Paid or reducing the Total Purchase Price. If the $150,000 in cash
 is not paid on or before August 25, 2025, the $150,000 shall be settled, effective as
 of August 13, 2025, as a credit adding $174,334.42 to the Paid Accounts of the Factor,
 and adding $150,000 to the Purchase Price Paid without reducing the Total Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Schedule
 3 in the Factoring Agreement, as amended pursuant to Section 8 of the Second Amending
 Agreement, as amended pursuant to Section 3 of the Fourth Amending Agreement, as amended
 pursuant to Section 9 of the Fifth Amending Agreement, as amended pursuant to Section
 4 of the Sixth Amending Agreement and herein, is hereby amended to include an additional
 New Invoices to reflect the amounts outlined in Section 2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 reference to "30 days" in Section 13.1.9 in the Factoring Agreement, as amended
 pursuant the Section 3 of the Amending Agreement to "60 days", as amended
 pursuant the Section 6 of the Second Amending Agreement to "125 days", as
 amended pursuant the Section 2 of the Third Amending Agreement to "156 days",
 as amended pursuant the Section 9 of the Fourth Amending Agreement to "246 days",
 as amended pursuant the Section 10 of the Fifth Amending Agreement to "1 year",
 as amended pursuant the Section 12 of the Sixty Amending Agreement to "18 months"
 is hereby deleted and replaced with "28 months".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "107%" in Section 9.2 in the Factoring Agreement, as amended
 pursuant to Section 11 of the Sixth Amending Agreement, is hereby deleted and replaced
 with "145%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In
 all other respects the terms and conditions set forth in the Factoring Agreement, the
 Amending Agreement, the Second Amending Agreement, the Third Amending Agreement, the
 Fourth Amending Agreement, the Fifth Amending Agreement and the Sixth Amending Agreement
 shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. It
 is agreed and understood that this Eighth Amending Agreement may be executed by way of
 facsimile transmission and, further, may be executed in any number of counterparts and
 all such counterparts shall, for all purposes, constitute one agreement binding on the
 Parties hereto, providing each party hereto has executed at least one counterpart, and
 shall be deemed to be an original notwithstanding that all Parties are not signatory
 to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This
 Eighth Amending Agreement shall be governed by the laws of the Province of British Columbia
 and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Eighth Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.** | **ADVANCE FACTORING INC.** |
| Per: | |
|  | Authorized Signatory |

---

Pursuant to the Guarantee between the Parties dated August 28, 2023, the undersigned hereby acknowledges and confirms that the amounts included in this Eighth Amending Agreement are covered by the Guarantee.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | |
|  | Authorized Signatory |

---

## Exhibit 99.50

**Exhibit 99.50**

---

| | |
|:---|:---|
| ![](img138_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Announces Partial Results of 2025 Annual General & Special Meeting of Shareholders and Adjournment to October 29, 2025**

**Quebec, QC, Canada, October 23<sup>rd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the results of its 2025 Annual General and Special Meeting ("**AGSM**") held on October 22<sup>nd</sup>, 2025.

At the AGSM as a results of the votes cast at the meeting and by proxy:

● The audited financial statements of the Company for the periods ended December 31, 2023 and December 31, 2024 were accepted by the shareholders

● The number of directors was fixed at six members and each of the six nominees listed in the Company's Amended and Restated Information Circular dated September 9, 2025 (the "**Circular**") were elected to the Company's Board of Directors.

● Zeifmans LLP was appointed as the auditor of the Company to hold office until the close of the next annual general meeting of shareholders, or until their successor is otherwise appointed.

● Shareholders approved the ordinary resolution authorizing the consolidation of the Company's issued and outstanding common shares, at a ratio to be determined by the Board, to satisfy conditions for listing on a U.S. national securities exchange.

The Company would like to extend a special thank you to Jim Bailey for his valuable contributions as a director. During his tenure, Jim played a pivotal role in guiding the Company's strategic direction and supporting its growth. While he has stepped down from his position as director, the Company is pleased to share that Jim will continue to serve as a key member of the executive team. This change is in the interests of enhancing governance and also preparing the way for new listings. His leadership will be instrumental in driving the transition of our Network-as-a-Service (NaaS) initiative to fruition, and he will regularly report to the board while helping advance NuRAN's mission of bridging the digital divide. The Company sincerely appreciates Jim's ongoing commitment and dedication.

**<u>Partial Adjournment to October 29, 2025</u>**

The vote on the Restructuring Transaction (as defined in the Circular) was adjourned and the AGSM will reconvene on October 29, 2025, at 10:00 am Eastern time, to allow shareholders sufficient time to review additional disclosures to be provided shortly. Voting on this item will remain open until October 27, 2025, at 10:00 am Eastern time.

As part of the British Columbia Securities Commission's Continuous Disclosure Review, management will be publishing a letter to shareholders explaining the financial circumstances and other factors that led to establishing the factoring line of credit in August 2023, which is central to the proposed Restructuring Transaction. <u>The letter will also be available in the corporate section on the Company's website.</u>

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

---

| | |
|:---|:---|
| ![](img138_v1.jpg) | **PRESS RELEASE** |

---

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.51

**Exhibit 99.51**

---

| | |
|:---|:---|
| ![](img138_v1.jpg) | **PRESS RELEASE** |

---

**For immediate release**

**NuRAN Announces Final Results of Annual General & Special Meeting of Shareholders** 

**Quebec, QC, Canada, November 3<sup>rd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, announces the result of its of the last item of business of its Annual General and Special Meeting ("**AGSM**"). The meeting was held on October 29th, 2025.

At the adjourned Annual General and Special Meeting (AGSM) regarding the "Restructuring Transaction," shareholders approved the transaction as defined in the Circular, based on votes cast both during the meeting and by proxy.

NuRAN is still undergoing a Continuous Disclosure Review by the British Columbia Securities Commission (BCSC). In the meantime, the company's management and directors are collaborating closely with short-term debt holders, following guidance from the Canadian Securities Exchange, to ensure compliance for the approved transaction. Once the process is completed, NuRAN will update its shareholders on the outcome.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

<u>Francis.letourneau@nuranwireless.com</u><br> Tel: (418) 264-1337

---

| | |
|:---|:---|
| ![](img138_v1.jpg) | **PRESS RELEASE** |

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.52

**Exhibit 99.52**

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and JOSEPH POSEN (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $266,783.10 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $365,599.51 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Corporation agrees to increase the Principal Amount on the Debenture by an original issuance
 discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment
 of interest owed until December 31, 2025, as such, all references in the Debenture to
 the Principal Amount shall now mean $487,466.01 inclusive of all accrued and unpaid interest
 as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Parties hereby agree and confirm that until a new event of default is triggered, interest
 going forward shall be zero until January 1, 2026, on which date interest shall revert
 to 10% per annum without compounding until a new event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 reference to "$0.35" in Section 5.1 in the Debenture, as amended pursuant
 to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted
 and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "August 28, 2026" in the definition for "Warrant"
 in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28,
 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This
 Third Debenture Amending Agreement may be executed in two or more counterparts, each
 of which shall be deemed an It is agreed and understood that this Third Debenture Amending
 Agreement may be executed by way of facsimile transmission and, further, may be executed
 in any number of counterparts and all such counterparts shall, for all purposes, constitute
 one agreement binding on the Parties hereto, providing each party hereto has executed
 at least one counterpart, and shall be deemed to be an original notwithstanding that
 all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This
 Third Debenture Amending Agreement shall be governed by the laws of the Province of British
 Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| |
|:---|
| &nbsp;&nbsp;/s/ *"Joseph Posen"* |
| &nbsp;&nbsp;Joseph Posen |

---

## Exhibit 99.53

**Exhibit 99.53**

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and MASHA POSEN (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $266,783.10 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $365,599.51 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Corporation agrees to increase the Principal Amount on the Debenture by an original issuance
 discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment
 of interest owed until December 31, 2025, as such, all references in the Debenture to
 the Principal Amount shall now mean $487,466.01 inclusive of all accrued and unpaid interest
 as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Parties hereby agree and confirm that until a new event of default is triggered, interest
 going forward shall be zero until January 1, 2026, on which date interest shall revert
 to 10% per annum without compounding until a new event of default is triggered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 reference to "$0.35" in Section 5.1 in the Debenture, as amended pursuant
 to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted
 and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "August 28, 2026" in the definition for "Warrant"
 in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28,
 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This
 Third Debenture Amending Agreement may be executed in two or more counterparts, each
 of which shall be deemed an It is agreed and understood that this Third Debenture Amending
 Agreement may be executed by way of facsimile transmission and, further, may be executed
 in any number of counterparts and all such counterparts shall, for all purposes, constitute
 one agreement binding on the Parties hereto, providing each party hereto has executed
 at least one counterpart, and shall be deemed to be an original notwithstanding that
 all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This
 Third Debenture Amending Agreement shall be governed by the laws of the Province of British
 Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| |
|:---|
| &nbsp;&nbsp;/s/ *"Masha Posen"* |
| &nbsp;&nbsp;Masha Posen |

---

## Exhibit 99.54

**Exhibit 99.54**

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and YESHIVAS LIMUDEI HASHEM SOCIETY (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $2,085,353.06 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $2,407,253.84 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Corporation agrees to increase the Principal Amount on the Debenture by an original issuance
 discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment
 of interest owed until December 31, 2025, as such, all references in the Debenture to
 the Principal Amount shall now mean $3,209,671.79 inclusive of all accrued and unpaid
 interest as of December 23, 2024, which is added to the Principal Amount as of December
 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Parties hereby agree and confirm that until a new event of default is triggered, interest
 going forward shall be zero until January 1, 2026, on which date interest shall revert
 to 10% per annum without compounding until a new event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 reference to "$0.35" in Section 5.1 in the Debenture, as amended pursuant
 to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted
 and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "August 28, 2026" in the definition for "Warrant"
 in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28,
 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 parties agree that any reference to "August 28, 2026" in any warrant currently
 held by the Holder is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In
 all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This
 Third Debenture Amending Agreement may be executed in two or more counterparts, each
 of which shall be deemed an It is agreed and understood that this Third Debenture Amending
 Agreement may be executed by way of facsimile transmission and, further, may be executed
 in any number of counterparts and all such counterparts shall, for all purposes, constitute
 one agreement binding on the Parties hereto, providing each party hereto has executed
 at least one counterpart, and shall be deemed to be an original notwithstanding that
 all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This
 Third Debenture Amending Agreement shall be governed by the laws of the Province of British
 Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **YESHIVAS LIMUDEI HASHEM SOCIETY** | **YESHIVAS LIMUDEI HASHEM SOCIETY** |
| Per: | /s/ *"Joseph Posen"* |
|  | Authorized Signatory |

---

## Exhibit 99.55

**Exhibit 99.55**

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and JOSEPH POSEN (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $266,783.10 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $365,599.51 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Corporation agrees to increase the Principal Amount on the Debenture by an original issuance
 discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment
 of interest owed until December 31, 2025, as such, all references in the Debenture to
 the Principal Amount shall now mean $487,466.01 inclusive of all accrued and unpaid interest
 as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Parties hereby agree and confirm that until a new event of default is triggered, interest
 going forward shall be zero until January 1, 2026, on which date interest shall revert
 to 10% per annum without compounding until a new event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 reference to "$0.35" in Section 5.1 in the Debenture, as amended pursuant
 to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted
 and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 reference to "August 28, 2026" in the definition for "Warrant"
 in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28,
 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This
 Third Debenture Amending Agreement may be executed in two or more counterparts, each
 of which shall be deemed an It is agreed and understood that this Third Debenture Amending
 Agreement may be executed by way of facsimile transmission and, further, may be executed
 in any number of counterparts and all such counterparts shall, for all purposes, constitute
 one agreement binding on the Parties hereto, providing each party hereto has executed
 at least one counterpart, and shall be deemed to be an original notwithstanding that
 all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This
 Third Debenture Amending Agreement shall be governed by the laws of the Province of British
 Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| |
|:---|
| &nbsp;&nbsp;/s/ *"Joseph Posen"* |
| &nbsp;&nbsp;Joseph Posen |

---

## Exhibit 99.56

**Exhibit 99.56**

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and YESHIVAS LIMUDEI HASHEM SOCIETY (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $2,085,353.06 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $2,407,253.84 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation agrees to increase the Principal Amount on the Debenture by an original issuance
discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment of interest owed until December 31,
2025, as such, all references in the Debenture to the Principal Amount shall now mean $3,209,671.79 inclusive of all accrued and
unpaid interest as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties hereby agree and confirm that until a new event of default is triggered, interest going
forward shall be zero until January 1, 2026, on which date interest shall revert to 10% per annum without compounding until a new
event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The reference to "$0.35" in Section 5.1 in the Debenture, as amended pursuant to Section
3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reference to "August 28, 2026" in the definition for "Warrant" in Section
2.1 in the Debenture is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties agree that any reference to "August 28, 2026" in any warrant currently
held by the Holder is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Third Debenture Amending Agreement may be executed in two or more counterparts, each of which
shall be deemed an It is agreed and understood that this Third Debenture Amending Agreement may be executed by way of facsimile
transmission and, further, may be executed in any number of counterparts and all such counterparts shall, for all purposes, constitute
one agreement binding on the Parties hereto, providing each party hereto has executed at least one counterpart, and shall be deemed
to be an original notwithstanding that all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Third Debenture Amending Agreement shall be governed by the laws of the Province of British
Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]** 

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **YESHIVAS LIMUDEI HASHEM SOCIETY** | **YESHIVAS LIMUDEI HASHEM SOCIETY** |
| Per: | /s/ *"Joseph Posen"* |
|  | Authorized Signatory |

---

## Exhibit 99.57

**Exhibit 99.57**

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and MASHA POSEN (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $266,783.10 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $365,599.51 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation agrees to increase the Principal Amount on the Debenture by an original issuance
discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment of interest owed until December 31,
2025, as such, all references in the Debenture to the Principal Amount shall now mean $487,466.01 inclusive of all accrued and
unpaid interest as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties hereby agree and confirm that until a new event of default is triggered, interest going
forward shall be zero until January 1, 2026, on which date interest shall revert to 10% per annum without compounding until a new
event of default is triggered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The reference to "$0.35" in Section 5.1 in the Debenture, as amended pursuant to Section
3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reference to "August 28, 2026" in the definition for "Warrant" in Section
2.1 in the Debenture is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Third Debenture Amending Agreement may be executed in two or more counterparts, each of which
shall be deemed an It is agreed and understood that this Third Debenture Amending Agreement may be executed by way of facsimile
transmission and, further, may be executed in any number of counterparts and all such counterparts shall, for all purposes, constitute
one agreement binding on the Parties hereto, providing each party hereto has executed at least one counterpart, and shall be deemed
to be an original notwithstanding that all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Third Debenture Amending Agreement shall be governed by the laws of the Province of British
Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | /s/ *"Jim Bailey"* |
|  | Authorized Signatory |

---

---

| |
|:---|
| /s/ *"Masha Posen"* |
| Masha Posen |

---

## Exhibit 99.58

**Exhibit 99.58**

**NuRAN Wireless Inc.**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company**

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet<br> Quebec, QC G1N 2G3

**Item 2: Date of Material Change**

December 23, 2024

**Item 3: News Release**

A news release was issued on December 23, 2024.

**Item 4: Summary of Material Change**

The Company extended its convertible secured debentures issued in August 2023. The debenture holders agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% up to to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing to include interest accrued to date, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit (as defined in the Company's news release dated August 28, 2023) to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028.

**Item 5.1: Full Description of Material Change**

See attached Third Debenture Amending Agreements for Yeshivas Limudei Hashem Society, Joseph and Marla Posen at Schedule "A" to this Report.

**Item 5.2 Disclosure for Restructuring Transactions**

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)**

Not applicable.

**Item 7: Omitted Information**

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer**

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u>

Tel: (418) 264-1337

**Item 9: Date of Report**

This report is dated as of November 20, 2025

**SCHEDULE "A"**

Please see attached.

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and YESHIVAS LIMUDEI HASHEM SOCIETY (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $2,085,353.06 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $2,407,253.84 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation agrees to increase the Principal Amount on the Debenture
by an original issuance discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment of interest
owed until December 31, 2025, as such, all references in the Debenture to the Principal Amount shall now mean $3,209,671.79 inclusive
of all accrued and unpaid interest as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties hereby agree and confirm that until a new event of default is
triggered, interest going forward shall be zero until January 1, 2026, on which date interest shall revert to 10% per annum without
compounding until a new event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The reference to "$0.35" in Section 5.1 in the Debenture, as
amended pursuant to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reference to "August 28, 2026" in the definition for "Warrant"
in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties agree that any reference to "August 28, 2026" in
any warrant currently held by the Holder is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Third Debenture Amending Agreement may be executed in two or more
counterparts, each of which shall be deemed an It is agreed and understood that this Third Debenture Amending Agreement may be
executed by way of facsimile transmission and, further, may be executed in any number of counterparts and all such counterparts
shall, for all purposes, constitute one agreement binding on the Parties hereto, providing each party hereto has executed at least
one counterpart, and shall be deemed to be an original notwithstanding that all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Third Debenture Amending Agreement shall be governed by the laws of
the Province of British Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | ![](img139_v1.jpg) |
|  | Authorized Signatory |

---

---

| | |
|:---|:---|
| **YESHIVAS LIMUDEI HASHEM SOCIETY** | **YESHIVAS LIMUDEI HASHEM SOCIETY** |
| Per: | s/s Joseph Posen |
|  | Authorized Signatory |

---

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and JOSEPH POSEN (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $266,783.10 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $365,599.51 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation agrees to increase the Principal Amount on the Debenture
by an original issuance discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment of interest
owed until December 31, 2025, as such, all references in the Debenture to the Principal Amount shall now mean $487,466.01 inclusive
of all accrued and unpaid interest as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties hereby agree and confirm that until a new event of default is
triggered, interest going forward shall be zero until January 1, 2026, on which date interest shall revert to 10% per annum without
compounding until a new event of default is triggered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The reference to "$0.35" in Section 5.1 in the Debenture, as
amended pursuant to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reference to "August 28, 2026" in the definition for "Warrant"
in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Third Debenture Amending Agreement may be executed in two or more counterparts,
each of which shall be deemed an It is agreed and understood that this Third Debenture Amending Agreement may be executed by way
of facsimile transmission and, further, may be executed in any number of counterparts and all such counterparts shall, for all
purposes, constitute one agreement binding on the Parties hereto, providing each party hereto has executed at least one counterpart,
and shall be deemed to be an original notwithstanding that all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Third Debenture Amending Agreement shall be governed by the laws of
the Province of British Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | ![](img139_v1.jpg) |
|  | Authorized Signatory |

---

<u>s/s Joseph Posen</u> <br> Joseph Posen

**THIRD DEBENTURE AMENDING AGREEMENT**

**THIS DEBENTURE AMENDING AGREEMENT** (this "**Third Debenture Amending Agreement**") is dated as of December 23, 2024, by and between NURAN WIRELESS INC., a corporation existing under the laws of the Province of British Columbia (the "**Corporation**"), and MASHA POSEN (the "**Holder**"). The Corporation and the Holder are referred to as a "**Party**" and collectively as the "**Parties**".

**WHEREAS**, the Holder owns secured convertible debentures of the Corporation, issued on August 28, 2023, with a principal amount of $266,783.10 (the "**Debenture**");

**AND WHEREAS** the Parties entered into a debenture amending agreement dated November 29, 2023 (the "**Amending Agreement**"), which was subsequently amended by a second amending agreement dated June 25, 2024 (the "**Second Amending Agreement**");

**AND WHEREAS** the Corporation is indebted to the Holder in the amount of $365,599.51 (inclusive of accrued and unpaid interest as of December 23, 2024) pursuant to the Debenture;

**AND WHEREAS**, all capitalized terms used in this Third Debenture Amending Agreement which are not otherwise defined herein will have the meanings ascribed thereto in the Debenture;

**AND WHEREAS**, the Parties have agreed to amend the terms of the Debenture as detailed herein;

**NOW, THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Parties agree to amend the Maturity Date to be December 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation agrees to increase the Principal Amount on the Debenture
by an original issuance discount of 15% as an extension fee, and an original issuance discount of 10% as a prepayment of interest
owed until December 31, 2025, as such, all references in the Debenture to the Principal Amount shall now mean $487,466.01 inclusive
of all accrued and unpaid interest as of December 23, 2024, which is added to the Principal Amount as of December 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties hereby agree and confirm that until a new event of default is
triggered, interest going forward shall be zero until January 1, 2026, on which date interest shall revert to 10% per annum without
compounding until a new event of default is triggered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The reference to "$0.35" in Section 5.1 in the Debenture, as
amended pursuant to Section 3 of the Amending Agreement, is hereby deleted and replaced is hereby deleted and replaced with "$0.20".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The reference to "August 28, 2026" in the definition for "Warrant"
in Section 2.1 in the Debenture is hereby deleted and replaced with "August 28, 2028".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties agree to add the following as Section 9.2(o):

"(o) if, following December 15, 2025, the volume weighted average price of the Common Shares on the CSE is below Conversion Price in effect at such time, for any 10 consecutive trading days."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In all other respects the terms and conditions set forth in the Debenture shall remain unamended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Third Debenture Amending Agreement may be executed in two or more counterparts,
each of which shall be deemed an It is agreed and understood that this Third Debenture Amending Agreement may be executed by way
of facsimile transmission and, further, may be executed in any number of counterparts and all such counterparts shall, for all
purposes, constitute one agreement binding on the Parties hereto, providing each party hereto has executed at least one counterpart,
and shall be deemed to be an original notwithstanding that all Parties are not signatory to the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Third Debenture Amending Agreement shall be governed by the laws of
the Province of British Columbia and the laws of Canada applicable therein.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF the Parties have executed this Third Debenture Amending Agreement as of the date first above written.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| Per: | ![](img139_v1.jpg) |
|  | Authorized Signatory |

---

<u>s/s Masha Posen</u> <br> Masha Posen

## Exhibit 99.59

**Exhibit 99.59**

**PRESS RELEASE**

**For immediate release**

**NuRAN Closes Interim Private Placement in Preparation for Restructuring Transaction** 

**Quebec, QC, Canada, November 26, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading provider of mobile and broadband wireless infrastructure, has announced the successful closing of a non-brokered private placement financing, raising gross proceeds of CA$300,000 (the "**Private Placement**"). This was accomplished through the issuance of 13,636,362 units of the Company (each referred to as a "Unit") priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company (each, a "**Share**") and one half of one (1/2) Share purchase warrant (each whole warrant, a "**Warrant**"). Each whole Warrant will entitle the holder thereof, following the proposed consolidation (the "**Consolidation**"), to acquire one pre-Consolidation Share (each, a "**Warrant Share**") at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

The Private Placement is an interim step in the restructuring transaction approved at the Company's recent Annual General and Special Meeting providing for debt settlement agreements to convert up to CA$25,000,000 of debt (inclusive of accrued interest) into equity, or some other form of agreement and structure with similar effect, and raise an additional CA$5,000,000 of equity, or such other ratio to be determined by the Company. Proceeds raised from the interim Private Placement will be used by the Company for working capital purposes. The Shares and Warrant Shares are subject to a statutory four month and one day hold period, and such further restrictions as may apply under foreign securities laws.

**BCSC Continuous Disclosure Review ("CDR")**

Management is actively collaborating with the British Columbia Securities Commission ("**BCSC**") regarding the CDR. Both the BCSC and CSE have approved this interim Private Placement at the current stage. However, the restructuring transaction will remain pending until the Company has fully met its disclosure obligations, and the review is concluded.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

**PRESS RELEASE**

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to the Company being able to receive funding from the new potential institutional lenders to refinance and replace most of its outstanding current debt instruments with significantly better terms; the Company's current debt holders potentially restructuring most of their outstanding current debt instruments with significantly better terms; and the Company having sufficient working capital for the duration of the institutional lenders' process. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as the uncertainties regarding include risks such as risks relating to NuRAN's business and the economy generally; NuRAN's ability to refinance its long term debt that is currently in default; NuRAN's ability to adequately restructure its operations with respect to its new model of NaaS service contracts; our ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.60

**Exhibit 99.60**

**Nuran Wireless Inc.**

**Condensed Interim Consolidated** <br> **Financial Statements**

**September 30, 2025 and 2024**

---

| | |
|:---|:---|
| Condensed Interim Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Financial Position | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Shareholders' Equity (Deficiency) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Cash Flows | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes to Condensed Interim Consolidated Financial Statements | 6 - 33 |

---

The condensed interim consolidated financial statements of Nuran Wireless inc. for the third quarter ended September 30, 2025 as well as the corresponding comparative data were not subject to a review by the Company's auditor.

---

| |
|:---|
| **Nuran Wireless Inc.** |
| **Condensed Interim Consolidated Statements of Financial Position** |
| As at September 30, 2025 and December 31, 2024 |
| (Expressed in Canadian dollars) |
| (Unaudited) |

---

---

| |
|:---|
| ***ASSETS*** |
| Current assets |
| &nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;Trade and other receivables |
| &nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;Accrued Revenues (Notes 3 and 4) |
| &nbsp;&nbsp;&nbsp;Work in progress |
| &nbsp;&nbsp;&nbsp;Inventories (Notes 3 and 5) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;Current assets |
| Non-current assets |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment (Notes 3 and 6) |
| &nbsp;&nbsp;&nbsp;Intangible assets (Note 7) |
| &nbsp;&nbsp;&nbsp;Right-of-use assets (Note 8) |
| &nbsp;&nbsp;&nbsp;Non-current assets |
| Total assets |
| ***LIABILITIES*** |
| Current liabilities |
| &nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;Deferred revenue |
| &nbsp;&nbsp;&nbsp;Loans payable (Note 9) |
| &nbsp;&nbsp;&nbsp;Convertible debentures (Note 11A) |
| &nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 11B) |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 10) |
| &nbsp;&nbsp;&nbsp;Current liabilities |
| Non-current liabilities |
| &nbsp;&nbsp;&nbsp;Lease Liabilities (Note 10) |
| Total liabilities |
| ***EQUITY (DEFICIENCY)*** |
| Share capital (Note 12) |
| Warrants (Note 13) |
| Contributed surplus (Note 14) |
| Fair value of conversion option (Note 15)**)** |
| Foreign exchange in translation of foreign operations**)** |
| Accumulated deficit**)** |
| Total shareholders' deficiency**)** |
| Total liabilities and shareholders' deficiency |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

---

| |
|:---|
| **Nuran Wireless Inc.** |
| **Condensed Interim Consolidated Statements of net Loss and Comprehensive Loss** |
| Periods ended September 30, 2025 and 2024 |
| (Expressed in Canadian dollars) |
| (Unaudited) |

---

---

| | | |
|:---|:---|:---|
|  | ***3 months ended*** | ***9 months ended*** |
| **Revenue** |  |  |
| Cost of sales |  |  |
| **Gross profit (loss)** |  |  |
| Selling expenses |  |  |
| Administrative expenses |  |  |
| Employee shared-based compensation |  |  |
| Financial expenses |  |  |
| Research and development costs, net of $27,563 in tax credits for the three-month period ended September 30, 2025, $27,414 for the nine-month period ended September 30, 2025 (21,593 for the three-month period ended September 30, 2024, $82,856 for the nine-month period ended September 30, 2024) |  |  |
| Loss before other gain |  |  |
| Other elements: |  |  |
| &nbsp;&nbsp;&nbsp;Loss on debt settlement |  |  |
| &nbsp;&nbsp;&nbsp;Impairment of inventory |  |  |
| &nbsp;&nbsp;&nbsp;Gain/Loss on disposal of assets |  |  |
| &nbsp;&nbsp;&nbsp;Gain/Loss on write-off of assets |  |  |
| &nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |  |  |
| Loss before income taxes |  |  |
| Income tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Tax |  |  |
| **Net loss for the period** |  |  |
| **Other comprehensive income to be reclassified to profit or loss in subsequent periods:** |  |  |
| Foreign exchange difference on translation of foreign operations |  |  |
| **Total comprehensive income for the period** |  |  |
| **Loss per share (Note 16)** |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |  |  |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

---

| |
|:---|
| **Nuran Wireless Inc.** |
| **Condensed Interim Consolidated Statements of Changes in Surplus (Deficiency)** |
| Periods ended September 30, 2025 and 2024 |
| (Expressed in Canadian dollars) |
| (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Warrants** | **Contributed<br> surplus** |
|  | **Number** | | **$** |
| **Balance as at January 1, 2025** | **58694132** | **761495)** **))** |  |
| Issue of share capital (Note 12) | **46500000)** |  |  |
| Net loss for the period**))** |  |  |  |
| Foreign exchange in translation of foreign operations Convertible Debenture (Note 11A) |  |  |  |
| Debenture conversion in share capital (Notes 11A and 12) | **4000000** |  |  |
| Employee shared-based compensation - Warrants (Note 14)**))** |  |  |  |
| Issue of Warrants (Note 13) |  | **114375** |  |
| Warrants forfeited (Note 13 and 14) |  | **(649600)** |  |
| **Balance as at September 30, 2025** | **109194132** | **226270** |  |
|  | Share capital | **Warrants** |  |
|  | Number |  |  |
| **Balance as at January 1, 2024** | 43043579 | 792537 |  |
| Issue of share capital (Note 11) | 13125959 |  |  |
| Net loss for the period |  |  |  |
| Foreign exchange in translation of foreign operations |  |  |  |
| Convertible débenture (note 10) |  |  |  |
| Debenture conversion in share capital (Notes 10 and 11) | 1000000 |  |  |
| Issue of Warrants (Note 12) |  | 78088 |  |
| **Balance as at September 30, 2024** | 57169538 | 870625 |  |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

---

| |
|:---|
| **Nuran Wireless Inc.** |
| **Condensed Interim Consolidated Statements of Cash Flows** |
| Periods ended September 30, 2025 and 2024 |
| (In Canadian dollars) |
| (Unaudited) |

---

---

| |
|:---|
| ***OPERATING ACTIVITIES*** |
| Net loss**)** |
| Non-cash flow adjustments |
| &nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |
| &nbsp;&nbsp;&nbsp;Depreciation of intangible assets |
| &nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |
| &nbsp;&nbsp;&nbsp;Amortization of OID) |
| &nbsp;&nbsp;&nbsp;Interest on lease liabilities |
| &nbsp;&nbsp;&nbsp;Gain (loss) on disposal of assets |
| &nbsp;&nbsp;&nbsp;Gain (loss) on debt settlement |
| &nbsp;&nbsp;&nbsp;Gain (loss) write-off of assets |
| &nbsp;&nbsp;&nbsp;Gain (loss) on modification of contract |
| &nbsp;&nbsp;&nbsp;Non-employee share-based transaction |
| &nbsp;&nbsp;&nbsp;Employee share-based transaction**)** |
| &nbsp;&nbsp;&nbsp;Accretion of convertible debentures |
| &nbsp;&nbsp;&nbsp;Accretion of unsecured debentures |
| &nbsp;&nbsp;&nbsp;OID on debenture**)** |
| &nbsp;&nbsp;&nbsp;Expected credit loss**)** |
| &nbsp;&nbsp;&nbsp;Loan payable**)** |
| Net change in working capital items |
| &nbsp;&nbsp;&nbsp;Trade and other receivables**)** |
| &nbsp;&nbsp;&nbsp;Accrued revenues) |
| &nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;Work in progress) |
| &nbsp;&nbsp;&nbsp;Inventories**)** |
| &nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods**)** |
| &nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;Deferred revenue |
| Net cash used in operating activities |
| ***INVESTING ACTIVITIES*** |
| Purchase of property, plant and equipment**)** |
| Purchase of intangible assets**)** |
| Right-of-use assets |
| Net cash generated in investing activities |
| ***FINANCING ACTIVITIES*** |
| Lease liabilities |
| Proceeds (repayment of) from loan payable |
| Proceeds (repayment of) from promissory notes |
| Proceeds (repayment of) from factoring agreement |
| Repayment of promissory notes**)** |
| Repayment of lease liabilities**)** |
| Repayment of loan payable**)** |
| Repayment of convertible debenture |
| Convertible debentures and derivative liability |
| Unsecured debenture |
| Issue of common shares |
| Net cash used in financing activities |
| **Net decrease in cash)** |
| Cash, beginning of period |
| Foreign exchange in translation of foreign operations |
| Cash, end of period |

---

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

**NuRAN Wireless Inc.** 

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN

Nuran Wireless Inc. ("Nuran" or the "Company") was incorporated in the province of British Columbia, Canada on September 23, 2014. The Company's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

The Company's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR".

The Company with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of the Company's subsidiaries included in these condensed interim financial statements as at September 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries  | &nbsp;&nbsp;Country of <br> incorporation | &nbsp;&nbsp;Percentage <br> ownership | &nbsp;&nbsp;&nbsp;Functional <br> currency | &nbsp;&nbsp;&nbsp;&nbsp;Principal activity |
| Innovation Nutaq Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless (Africa) Holding | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Holding company |
| Nuran Wireless DRC SA | &nbsp;&nbsp;DRC | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cameroon Ltd | &nbsp;&nbsp;Cameroon | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;XAF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Benin S.A.R.L.U | &nbsp;&nbsp;Benin | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Madagascar S.A.R.L.U | &nbsp;&nbsp;Madagascar | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;MGA | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cote d'Ivoire S.A.R.L.U | &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |

---

XAF – Central African Franc; XOF – West African Franc; MGA – Malagasy Ariary;

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These condensed interim consolidated financial statements have been prepared on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business These condensed interim consolidated financial statements should be read in conjunction with the 2024 audited annual financial statements.

During the nine-month period ended September 30, 2025, the Company incurred a net loss of $8,424,579 ($8,472,666 for the nine-month period ended September 30, 2024) and used net cash of $1,104,296 ($9,500,645 for the nine-month period ended September 30, 2024) in operating activities and, as of that date, had cumulated deficit of $81,222,192 ($72,173,318 for the nine-month period ended September 30, 2024) and a working capital deficiency of $27,033,062 ($18,794,324 for the nine-month period ended September 30, 2024)

While these conditions indicate the existence of uncertainties that cast a doubt on the Company's ability to continue as a going concern, they highlight the need for ongoing capital and operational management. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth. It is also pursuing discussions with its short term creditors and others to restructure its financing and improve the balance sheet. Management is focused on executing its strategy centered around the Network-as-a-Service (NaaS) model, which includes the deployment of over 5,000 rural mobile sites under contracts signed between 2020 and 2024.

The transition to the NaaS model involves significant upfront investment in network infrastructure. However, the Company has made meaningful progress in restructuring and repositioning its operations, including improving revenue generation and the operational performance of existing NaaS sites.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

The condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on November 30, 2025.

2. SUMMARY OF ACCOUNTING POLICIES

**Overall considerations**

The accounting policies are in accordance with those used in the preparation of the 2024 annual financial statements.

**Significant management judgement in applying accounting policies and estimation uncertainty**

When preparing the condensed interim financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgments, estimates and assumptions made by management and will seldom equal the estimated results.

The judgments, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Company's last annual financial statements for the year ended December 31, 2024.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

3. CONTRACT MODIFICATION (ADDENDUM SIGNED 08 MAY 2025)

During the period, the Group entered into an addendum between Nuran Wireless DRC SA and Orange RDC which amended the original revenue-sharing agreement by removing the obligation to transfer ownership of the network infrastructure and replacing the minimum guaranteed revenue mechanism with a usage-based remuneration model. The amendment represents a contract modification under IFRS 15 and has resulted in the following impacts:

---

| | |
|:---|:---|
| Area | Impact |
| Nature of modification | Removal of the infrastructure transfer obligation and introduction of usage-based revenue model |
| Revenue recognition | An amount of US$1,236,451 of deferred revenue (previously allocated to the transfer obligation) was reversed and recognised in the current period as a cumulative catch-up adjustment. Future revenue is recognised over time based on the provision of ongoing services. |
| Gain on contract modification | A gain of US$1,022,072 relating to the reversal of previously accrued cost of sales was recognised separately as "Gain on contract modification" in the statement of profit or loss. |
| Reclassification of assets | Infrastructure assets previously classified as inventory were reclassified to property, plant and equipment at carrying amount (US$1,022,072). |
| Impairment assessment | An impairment review was performed under IAS 36 immediately after reclassification. No impairment loss was identified. |
| Useful life reassessment | Based on peer benchmarking (MTN) and management assessment, the remaining useful life of the infrastructure was revised to approximately 22 years. The change was accounted for prospectively as a change in accounting estimate (IAS 8). |

---

**4.** **ACRRUED REVENUES** 

---

| |
|:---|
| Equipments sale |
| Services revenues |
| Interest Revenues |
| Sites revenues |

---

Accrued revenues represents the cumulative deployment and construction sites revenue recognized under IFRS 15 for which the performance obligation has not been delivered.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

5. INVENTORY

---

| | | | |
|:---|:---|:---|:---|
|  | **2025-09-30** | 2024-12-31 | 2024-12-31 |
|  |  | $— | $|
| Raw materials |  |  | 1273705 |
| Finished goods |  |  | 1107284 |
| Work in progress |  |  | 2694961 |
|  |  |  | 5075950 |

---

**6.** **PROPERTY, PLANT AND EQUIPMENT** 

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **September 30, 2025** |
|  | $— |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 |  |
| Additions |  |
| Current translation effects | **)))** |
| Balance as at September 30, 2025 |  |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 |  |
| Depreciation |  |
| Current translation effects | **)))** |
| Balance as at September 30, 2025 |  |
| **Carrying amount as at** September 30, 2025** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

---

| | |
|:---|:---|
|  | December 31, 2024 |
|  |<br><br>Leasehold<br>improvements |
| Gross carrying amount |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| Write-off) |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2023 |  |
| Depreciation |  |
| Write-off) |  |
| Current translation effects |  |
| Balance as at December 31, 2024 |  |
| Carrying amount as at December 31, 2024 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

7. INTANGIBLE ASSETS

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Software** | **Trademarks** | **Total** |
|  |  | $— |  |
| **Gross carrying amount** |  |  |  |
| Balance as at December 31, 2024 |  |  |  |
| Additions |  |  |  |
| &nbsp;&nbsp;&nbsp;Under development |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquired |  |  |  |
| Write-off**))** |  |  |  |
| Current translation effects |  |  |  |
| Balance as at September 30, 2025 |  |  |  |
| **Depreciation and impairment** |  |  |  |
| Balance as at December 31, 2024 |  |  |  |
| Amortization |  |  |  |
| Balance as at September 30, 2025 |  |  |  |
| **Carrying amount as at September 30, 2025** |  |  |  |

---

---

| | |
|:---|:---|
|  | December 31, 2024 |
| | Trademarks |
| Gross carrying amount |  |
| Balance as at December 31, 2023 |  |
| Additions |  |
| &nbsp;&nbsp;&nbsp;Under development |  |
| &nbsp;&nbsp;&nbsp;Acquired |  |
| Balance as at December 31, 2024 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2023 |  |
| Amortization |  |
| Balance as at December 31, 2024 |  |
| Carrying amount as at December 31, 2024 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

8. RIGHT-OF-USE ASSETS

The Company's right-of-use assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2025-09-30** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 |  |
| Addition**)** |  |
| Impairment) |  |
| Current translation effects |  |
| Balance as at September 30, 2025 |  |
| Depreciation and impairment Balance as at December 31, 2024 |  |
| Amortization |  |
| Impairment) |  |
| Current translation effects |  |
| Balance as at September 30, 2025 |  |
| **Carrying amount as at September 30, 2025** |  |

---

**9.** **LOANS PAYABLES** 

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  |  | $— | $|
| Loan from non-related company (a) |  |  | 226910 |
| Loan from non-related company (b) |  |  | 2839102 |
| Loan from non-related company (c) |  |  | 7003329 |
| Loan from non-related company (d) |  |  | 355645 |
| Loan from non-related company (e) |  |  | 150000 |
| Loan from non-related company (f) |  |  | 3829499 |
| Loan from non-related company (g) |  |  |  |
| Loan from non-related company (h) |  |  |  |
|  |  |  | 14404484 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

9. LOANS PAYABLE (CONTINUED)

Given their short-term maturity, the carrying amount of loans receivable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The loan from a non-related company is secured by
a chattel mortgage on the universality of the Company's assets.

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

&nbsp;&nbsp;&nbsp;&nbsp;b) The loan from a non-related company is a secured promissory
note.

On June 24, 2024 the Company further extended the loan facility until December 31, 2025. As consideration, the Company agreed to increase the principal amount of the loan by US$230,117 as an extension fee, increased the interest rate to the default rate of 24% per annum and agreed to a repayment schedule to commence following the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly thereafter starting October 31, 2024. The lender also agreed to subordinate the loan to the FEI. A lending fee of US$50,000, accrued interest of US$259,190, compounded interest of US$83,164 and an extension fee of US$230,117 were added to the principal amount. The repayment requirement was not met. A penalty fees of 5% per month were added to the principal amount.

During the nine-month period ended September 30, 2025, the Company repaid US$690,565 for a remaining balance of US$1,752,234.

&nbsp;&nbsp;&nbsp;&nbsp;c) The loan from a non-related company relates to a factoring
agreement with a factoring company.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.911 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $19,11 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,910,763 was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional US$2,000,000 by selling additional receivables as required by the Company.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

9. LOANS PAYABLE (CONTINUED)

On December 23, 2024, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 30,000, 0000 units form the previous 80,000,000 units which are eligible to be issued.

Each unit included three quarters of one warrant to purchase a common share at $0.25 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $0.20 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 19).

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

On April 15, 2025, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $26.8 million and increase the amount to be drawn to $10.4 million. The Company also settled promissory notes totaling $345,435 in principal.

On August 19, 2025, the Company further amended the terms of the agreement to settle promissory notes totaling $1,274,492 in principal and added $2,079,622 to the paid accounts of the Factor.

During the nine-month period ended September 30, 2025, the lender requested the conversion of debt under the agreement totaling a value of $1,162,241, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $2,788,000.

&nbsp;&nbsp;&nbsp;&nbsp;d) This loan from bear interest at 11% and is payable
over 24 months from December 5, 2023. During the nine-months period ended September 30, 2025, the Company repaid US$44,834 for
a remaining balance of US$202,331.

&nbsp;&nbsp;&nbsp;&nbsp;e) This loan bears interest at 15% per annum and was
repayable on February 6, 2025.

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bear interest at 15% and is payable on March 8, 2025.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**9.** **LOANS PAYABLE (CONTINUED)** 

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bear interest at 15% and is payable on March 14, 2025.

On April 15, 2025, these promissory notes were settled with the factoring amendment.

On April 15, 2025, the Company issued a promissory note of $200,000. The note bears interest at 15% and is payable on May 30, 2025, but was not repaid on that date.

On May 2, 2025, the Company issued a promissory note of $50,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

On May 6, 2025, the Company issued a promissory note of $150,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

On May 27, 2025, the Company issued a promissory note of $105,000. The note bears interest at 15% and is payable on May 31, 2025, but was not repaid on that date.

On June 4, 2025, the Company issued a promissory note of $70,000. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On June 10, 2025, the Company issued a promissory note of $127,778. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On June 13, 2025, the Company issued a promissory note of $11,830. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On June 20, 2025, the Company issued a promissory note of $100,000. The note bears interest at 15% and is payable on June 30, 2025, but was not repaid on that date.

On August 26, the Company closed a non-brokered private placement financing for gross proceeds of CAD$1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement will be used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

&nbsp;&nbsp;&nbsp;&nbsp;f) The loan is pursuant to a two-year term loan facility
of US$5,000,000 dated July 5, 2024 with FEI to NuRAN Wireless (Africa) Holding. The loan is secured on the business and assets
of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under general security agreement and bears interest at the Secured Overnight
Financing Rate plus 8.5% per annum. Interest accrues but is not payable until maturity.

On March 10, 2025, the Company received of drawdown of US$1,050,000.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**9.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;g) The loan is pursuant to a bank facility of CFA 150,000,000
(approx. $366K) with Société Générale Cameron to Nuran Cameroon Ltd, dated June 20, 2024. The disbursement
was made on February 25, 2025. The loan bear interest at a rate of 7% and is payable monthly in the amount of CFA 12,283,126 (approx.
$31K) over 12 months from the disbursement date.

&nbsp;&nbsp;&nbsp;&nbsp;h) The loan is an installment payment agreement of $23,279
including interest dated July 28, 2025 and is payable monthly in the amount of $1,924 over 12 months.

10. LEASE LIABILITIES

The Company's lease liabilities and their carrying amounts are detailed as follows:

---

| |
|:---|
| **Gross carrying amount** |
| Balance as at December 31, 2024 |
| Additions |
| Lease payments**)** |
| Lease interest |
| Waive off |
| **Balance as at September 30, 2025** |
| Current |
| Non-current |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11A. CONVERTIBLE DEBENTURES**

As at September 30, 2025, the convertible debentures and derivative liability consists of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Secured <br> Convertible <br> debentures** | **Unsecured Convertible debentures** | **Total** |
|  |  |  | $— |
| Balance at December 31, 2023  |  |  |  |
| Extension (a) |  |  |  |
| Effect of the modification (b) |  |  |  |
| Accretion of OID |  |  |  |
| Conversion (C) |  |  |  |
| Accretion |  |  |  |
| Closing balance, as at December 31, 2024 |  |  |  |
| Accretion of OID |  |  |  |
| Conversion (d)**))** |  |  |  |
| Accretion |  |  |  |
| **Closing balance, as at September 30, 2025** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As at December 20, 2023, the Company extended the
maturity date of the Convertible Debentures entered into in July 2022. The maturity date of the Convertible Debentures was extended
to July 12, 2024 along with other terms of the original debenture which were amended. The original debenture had an original issuance
discount of 10% and this was increased to 16% leading to a maturity value of $2,645,502. In addition, the principal amount is
convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term
of the Convertible Debenture. Under the terms of the Convertible Debenture the principal amount is due one year from the date
of closing and does not bear interest until the maturity date or an event of default occurs. The number and terms of warrants
issued in conjunction with the original debenture, as well as all other terms of the debenture did not change.

The debenture value determined using the current value method was $2,273,353.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $0.11 |
| Exercise price | $0.40 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

---

| | |
|:---|:---|
| (a), (b) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in profit and loss as financial expenses |

---

The debenture value determined using the current value method was $3,397,006.

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.20 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11A. CONVERTIBLE DEBENTURES (CONTINUED)**

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.09 |
| Exercise price | $0.20 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) During the year ended December 31, 2024, the debenture
holders requested the conversion of debentures totalling a value of $225,000 in common shares of the Company. Taking into account
the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these
shares was $227,000 (Note 12).

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the nine-month period ended September 30, 2025,
the debenture holders requested the conversion of debentures totalling a value of $800,000 in common shares of the Company. Taking
into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded
for these shares was $950,571 (Note 12).

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES**

As at September 30, 2025, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  | **Derivative** <br> **liability** |
| Balance at December 31, 2023 |  |
| Issuance |  |
| Original issuance discount (OID) |  |
| Fair value adjustment |  |
| Accretion of OID |  |
| Accretion |  |
| Fair value adjustment) |  |
| Effect of foreigh exchange |  |
| Closing balance, as at December 31, 2024 |  |
| Accretion of OID |  |
| Accretion |  |
| Effect of foreign exchange |  |
| **Closing balance, as at September 30, 2025** |  |

---

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of US$2,194,772 with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the current value method was $1,594,729. The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $0.225 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**11B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)**

The fair value of derivative liability on August 16, 2024 was estimated at $53,482, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.12 |
| Exercise price | $0.225 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 57.08% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $0.08 |
| Exercise price | $0.225 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The Company measured the conversion feature of convertible debentures at FVTPL and the conversion feature was classified as a derivative financial liability for the loan, which was denominated in a currency other than the Company's functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into a variable number of both common shares and warrants. The embedded derivative did not qualify as an equity instrument due to not meeting the "fixed for fixed" criteria of IAS 32 Financial instruments: Presentation. Therefore, the Company separated the embedded derivative from the host contract and accounted for each element separately. The embedded derivative was initially recognized at its fair value. The amount of change in the fair value of the derivative is presented in profit or loss.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

12. SHARE CAPITAL

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

Common shares, voting and participating

Preferred shares

---

| | | |
|:---|:---|:---|
|  | **2025-09-30** | 2024-12-31 |
|  | **Number** | Number |
| Balance as at December 31, 2023 | 58694132 | 43043579 |
| Issue of share capital (a) | **46500000** | 14650553 |
| Convertible Debenture (b) | **—** |  |
| Debenture conversion in share capital (c) | **4000000** | 1000000 |
| Issue of Warrants (d) | **—** |  |
| **Balance as at September 30, 2025** | **109194132** | 58694132 |

---

During the nine-month period ended September 30, 2025, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 2, 2025, to June 26, 2025, the Company
issued 46,500,000 shares as of loan conversion with shares price between $0.05 and $0.095, resulting in the recognition of $2,788,000
as share capital and $125,759 as loss on debt settlement in the profit and loss.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Nil in 2025

&nbsp;&nbsp;&nbsp;&nbsp;(c) From January 20, 2025, to July 22, 2025, the Company
issued 4,000,000 shares upon the conversion of debenture at a share price of $0.20 (Note 11A).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From January 2, 2025, to July 22, 2025, the Company
issued 15,375,000 warrants for loan and debenture exercise. The fair value of the warrants was $114,375.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

12. SHARES CAPITAL (CONTINUED)

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 10, 2024 to December 31, 2024, the Company
issued 371,100 shares as of shares for services with shares price between $0.105 and $0.13, resulting in the recognition of $45,200
as administrative expenses in the profit and loss.

From January 31, 2024 to November 7, 2024, the Company issued 11,879,453 shares as of loan conversion with shares price between $0.10 and $0.166, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the profit and loss.

On January 2, 2024, 1,900,000 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the profit and loss.

On December 16, 2024, the Company issued 500,000 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the profit and loss.

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(b) On August 16, 2024, $822,461 was recognized for the
fair value on debentures. On December 23, 2024, $765,742 was recognized for the fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On April 2025, the Company issued 1,000,000 shares
upon the conversion of debenture at a share price of $0.225 (Note 17). ???? is this correct

&nbsp;&nbsp;&nbsp;&nbsp;(d) From January 31, 2024 to November 7, 2024, the Company
issued 9,659,582 warrants for loan and debenture exercise. The fair value of the warrants was $77,106.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS

The following is a summary of the activity of warrants:

---

| |
|:---|
| **Balance as at December 31, 2024** |
| Issue of Warrants |
| Warrants expired |
| **Balance as at September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
|  | **Number of** <br> **warrants** | **Weighted**<br> **average** <br> **exercise price** |
|  |  | **$** |
| **Opening balance**  | **18539206** | **0.38** |
| **Granted during the period** | **15375000** | **0.21** |
| **Expired during the period** | **(2899999)** | **1.10** |
| **Closing balance, as at September 30, 2025** | **31014207** | **0.23** |
| **Closing balance of exercisable warrants, as at September 30, 2025** | **31014207** | **0.23** |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS (CONTINUED)

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2024 |
|  | Number of <br> warrants | Weighted <br> average <br> exercise price |
|  |  | $|
| Opening balance | 11911105 | 1.20 |
| Granted during the year | 9659582 | 0.25 |
| Expired during the year | (3031481) | 0.65 |
| Closing balance, as at December 31, 2024 | 18539206 | 0.38 |
| Closing balance of exercisable warrants, as at December 31, 2024 | 18539206 | 0.38 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS (CONTINUED)

The following is a summary of warrants outstanding and exercisable, as at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants<br> outstanding** | | **Warrants<br> exercisable** |
| | **Number** | **Weighted<br> average<br> contractual<br> life (years)** | **Number** | **Weighted<br> average<br> contractual<br> life (years)** |
| <br>**September 30, 2025 Exercise price** | | | | |
| **$0.20** | **12750000** | **2.91** | **12750000** | **2.91** |
| **$0.25** | **13114207** | **0.91** | **13114207** | **0.91** |
| **$0.25** | **5000000** | **0.17** | **5000000** | **0.17** |
| **$0.40** | **150000** | **0.91** | **150000** | **0.91** |
|  | **31014207** |  | **31014207** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

13. WARRANTS (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Warrants<br> outstanding | | Warrants<br> exercisable |
| December 31, 2024 Exercise price | Number | Weighted<br> average<br> contractual<br> life (years) | Number | Weighted<br> average<br> contractual<br> life (years) |
| $0.25 | 10489207 | 1.66 | 10489207 | 1.66 |
| $0.25 | 5000000 | 0.92 | 5000000 | 0.92 |
| $0.40 | 150000 | 1.66 | 150000 | 1.66 |
| $1.10 | 2899999 | 0.63 | 2899999 | 0.63 |
|  | 18539206 |  | 18539206 |  |

---

During the year ended December 31, 2024, the Company issued 9,659,582 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.10 and $0.17.

During the nine-month period ended September 30, 2025, the Company issued 15,375,000 warrants. The value totaling $114,375 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.44% and 3.07%; expected volatility between 72.24% and 76.77%; expected dividend yield of 0%; expected life between 1.08 and 3.58 years and exercise price of $0.25. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $0.06 and $0.085.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**14.** **CONTRIBUTED SURPLUS** 

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | |
|:---|:---|
|  | 2024-12-31 |
|  | $|
| Balance as at December 31, 2024 | 6623292 |
| Warrants expired (a) | 108148 |
| Share-based compensation adjustment (b) |  |
| **Balance as at September 30, 2025** | 6731440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Nil warrants expired and nil forfeited during the
six-month period ended June 30, 2025 (3,041,481 expired in 2024)

&nbsp;&nbsp;&nbsp;&nbsp;(b) During the nine-month period ended September 30, 2025,
the Company cancelled a total of 450,000 warrants previously granted to management, due to unmet milestones. As a result, the
Company reversed a previously booked cost of $691,924.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**14.** **CONTRIBUTED SURPLUS (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30, 2025** | **Nine months ended September 30, 2025** |
|  |<br>**Number of**<br>**options** | **Weighted**<br>**average**<br>**exercise price** |
|  |  | **$** |
| Opening balance | **2870000** | **1.34** |
| **Closing balance, as at September 30, 2025** | **2870000** | **1.34** |
| **Closing balance of exercisable options, as at September 30, 2025** | **2870000** | **1.34** |

---

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31, 2024 | Twelve months ended December 31, 2024 |
|  |<br>Number of<br>options | Weighted<br>average<br>exercise price |
|  |  | $|
| Opening balance | 3305000 | 1.54 |
| Forfeited during the period | (435000) | 1.82 |
| Closing balance, as at December 31, 2024 | 2870000 | 1.34 |
| Closing balance of exercisable options, as at December 31, 2024 | 2870000 | 1.34 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**14.** **CONTRIBUTED SURPLUS (CONTINUED)** 

The following is a summary of stock options outstanding and exercisable as at September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options<br> outstanding** | | **Options<br> exercisable** |
| | **Number** | **Weighted<br> average<br> contractual<br> life (years)** | **Number** | **Weighted<br> average<br> contractual<br> life (years)** |
| <br>**September 30, 2025<br> Exercise price** | | | | |
| **$0.43** | **1250000** | **0.51** | **1250000** | **0.51** |
| **$134** | **250000** | **1.33** | **250000** | **1.33** |
| **$167** | **100000** | **1.07** | **100000** | **1.07** |
| **$170** | **250000** | **1.05** | **250000** | **1.05** |
| **$235** | **1020000** | **0.36** | **1020000** | **0.36** |
|  | **2870000** |  | **2870000** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2024 <br> Exercise price |  |  |  |  |
| $0.43 | 1250000 | 1.26 | 1250000 | 1.26 |
| $134 | 250000 | 2.07 | 250000 | 2.07 |
| $167 | 100000 | 1.82 | 100000 | 1.82 |
| $170 | 250000 | 1.8 | 250000 | 1.8 |
| $235 | 1020000 | 1.11 | 1020000 | 1.11 |
|  | 2870000 |  | 2870000 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**15.** **FAIR VALUE OF CONVERSION OPTION** 

---

| |
|:---|
| Balance as at December 31, 2024 |
| Debenture issued |
| Conversion of debentures**)** |
| Restructuring of the debentures |
| **Balance as at September 30, 2025** |

---

**16.** **LOSS PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the period**)** |
| Weighted average number of outstanding common shares |
| Loss per share |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the nine-month period ended September 30, 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

September 30, 2025 and 2024

(Expressed In Canadian dollars)

(Unaudited)

**17.** **RELATED PARTY TRANSACTIONS** 

The Company's related parties include companies under common control as well as key management personnel.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received.

**18.** **SUBSEQUENT EVENTS** 

On October 6, 2025, the Company received the third drawdown of US$1M from the FEI announced on September 29, 2025

On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of CA$300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

## Exhibit 99.61

**Exhibit 99.61**

![](img141_v1.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the third quarter ended**

**September 30, 2025 and 2024**

![](img142_v1.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the quarter ended September 30, 2025 has been prepared by management and should be read in conjunction with the condensed interim consolidated financial statements for the nine-month period ended September 30, 2025 and September 30, 2024 and the related notes thereto. The Company's condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the condensed interim consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of November 30, 2025.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at September 30, 2025. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries.

**DESCRIPTION OF BUSINESS** 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES** 

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored means NuRAN's solutions have become a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**OVERALL PERFORMANCE AND OUTLOOK** 

<u>Performance</u>

During the quarter ended September 30, 2025, the Company continued to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of this MD&A, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected.

During the second quarter, management was informed by Orange of a billing error in the Orange Network Billing System from early 2023 to January 2025 that resulted in some traffic being incorrectly billed as international due to area code misallocation.

Prefixes not classified as local calls were treated as international calls or SMS, causing revenue calculations to be over-stated since international tariffs exceed local ones by a significant margin. The problem stems from the addition of new area codes to support increased mobile penetration; these numbers were not configured as local calls and were thus categorized as international calls by default. This issue resulted in roughly 15% of traffic being charged at international tariffs instead of local ON-NET or OFF-NET tariffs, with the international tariff twelve times higher than local rates.

An initial discussion with Orange took place on April 18, 2025 during a commercial review meeting, where the issue was recognized as a possible concern under investigation but not yet quantified. On May 23, 2025, the Company received official notification by email regarding the potential impact. Since then the Companies have been involved in an extensive review of the traffic for the affected period and Orange has used the revised rates in generating NuRAN's monthly invoices since February 2025. Although the approach is still under discussion and results not finalised, it has resulted in a decrease in revenue, for the affected period, of over 60% or $410,637 in March compared to previously expected revenue (see table below).

Nuran's Q1 revenue has been adjusted, and Q2 revenue reflects the updated billing information supplied by Orange.

As of the filing date of this MD&A, Orange and NuRAN continue to discuss this issue and there is still some discrepancy between the revenue reported by Orange and NuRAN's view of this level based on observed traffic between January 2023 and January 2025.

In the interim Nuran's invoicing is at the rates provided by Orange which excludes this disputed traffic. The final agreement will be reported as soon as finalized.

Reported revenue per site declined compared to Q1 but is consistent with the Company's prior financial projections. Please find below the tables showing the Q1 vs Q2 adjusted revenue for its NaaS business with Orange Cameroon.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Q1 2025 Revenue, as reported in Q1:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February** | &nbsp;&nbsp;**March** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;229 612 100 | &nbsp;&nbsp;274 981 900 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457 | &nbsp;&nbsp;2 442 682 | &nbsp;&nbsp;2 925 339 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;5 374 | &nbsp;&nbsp;6 436 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;505 147 | &nbsp;&nbsp;604 960 |

---

Q2 2025 Revenue including Q1 correction:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February (corrected)** | &nbsp;&nbsp;**March (corrected)** | &nbsp;&nbsp;**March adjustment** | &nbsp;&nbsp;**March total** | &nbsp;&nbsp;**April** | &nbsp;&nbsp;**May** | &nbsp;&nbsp;**June** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;76 285 600 | &nbsp;&nbsp;81 914 500 | &nbsp;&nbsp;6 414 000 | &nbsp;&nbsp;88 328 500 | &nbsp;&nbsp;85 579 100 | &nbsp;&nbsp;85 301 300 | &nbsp;&nbsp;81 489 000 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457 | &nbsp;&nbsp;811 549 | &nbsp;&nbsp;871 431 | &nbsp;&nbsp;641 400 | &nbsp;&nbsp;849 313 | &nbsp;&nbsp;785 129 | &nbsp;&nbsp;782 581 | &nbsp;&nbsp;747 606 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;1 785 | &nbsp;&nbsp;1 917 | &nbsp;&nbsp;1 411 | &nbsp;&nbsp;1 868 | &nbsp;&nbsp;1 727 | &nbsp;&nbsp;1 722 | &nbsp;&nbsp;1 645 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;167 828 | &nbsp;&nbsp;180 212 | &nbsp;&nbsp;14 111 | &nbsp;&nbsp;194 323 | &nbsp;&nbsp;188 274 | &nbsp;&nbsp;187 663 | &nbsp;&nbsp;179 276 |
| &nbsp;&nbsp;**Delta (%)** | &nbsp;&nbsp;0% | &nbsp;&nbsp;65% |  |  | &nbsp;&nbsp;64% |  |  |  |

---

Important: In its current discussions with Orange, management is proposing to adjust the January billing by FCFA 99,321,000 (CA$218,497). Repayment of this sum is scheduled to begin in January 2026, with six monthly payments of FCFA 16,553,500 (CA$36,418) over six months.

Although the outlined issue is influencing short-term results, the Company anticipates that the growth in number of active sites in Cameroon, Ivory Coast, Benin, Ghana, Madagascar, and particularly the Democratic Republic of the Congo (DRC), where billing sites are experiencing above average traffic growthwill compensate for the foreseen reduction. Following the final drawdown under the US$5M term loan facility agreement with Cygnum Capital (see below), plans include launching the first 10 sites in Ivory Coast, resuming 7 sites in Ghana, relocating non-performing sites, and completing delivery of the 118 sites now in inventory in DRC.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders, with its Wireless Infrastructure Solutions. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

MANAGEMENT'S DISCUSSION AND ANALYSIS

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

As of the quarter ended September 30th, 2025, the Company has secured nine NaaS contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites and signed a contract for the deployment of rural sites in West Africa under a turnkey delivery model where payments are made based on milestones of delivery and not a NaaS revenue share (see Page 13 re: September 4, 2025 contract signing). NuRAN is currently operating in four countries and has finalized the incorporation of its operating subsidiaries in an additional country. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document. Enabled by supplemental funding from the Cygnum Capital loan facility, cash contributions from the Cameroon operation, the Societe Generale credit facility, and receipt of outstanding payments from Orange Cameroon, the Company successfully expanded site rollouts, initiated activities in new countries, and enhanced the network to facilitate the introduction of 3G services.

As of Q3 2025, NuRAN's NaaS business has generated over $6.8 million since its launch in 2021. Each site is contracted for periods ranging from 5 to 10 years, depending on specific agreements, indicating that NuRAN is still in the early stages of realising its full market potential. The Company is growing its recurring revenue through ongoing site deployments. While issues in Namibia, South Sudan, and Sudan remain unresolved, the Company will concentrate on expanding in other markets.

The Company continues to achieve recurring revenue growth per site and has seen a reduction in the Cost of Goods Sold (COGS), aiming for sustained positive return on site investments for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

Through the third quarter of 2025, NuRAN continued to work on drawing down against the Cygnum Capital loan facility, drawing an additional US$1 million and the end of September, and is progressing on other financing options. Management is now focusing on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The long-term Loan Facility includes terms that are different from those previously offered by other lenders and marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility will support NuRAN's network infrastructure rollouts in Cameroon, DRC, Ivory Coast, Benin, and Madagascar. As of the date of this MD&A, the potential lender has completed its due diligence and, pending receipt of an equity or quasi-equity term sheet, has indicated readiness to submit the application to its investment committee for approval. For the equity raise, management continues to address the requirements set by potential investment partners. Management is progressing discussions with several potential investors as well as investigating the possibility of a fund-raise on Canadian public markets. Valuation discussions and negotiations have begun, representing an important step forward in finalizing an investment.

In addition to other criteria important to these investors, concerns have been raised over the level and terms of short-term borrowing at the NuRAN Canada level. Management understands and shares these concerns and in its Annual General and Special Meeting (AGSM) held in October, obtained approval for a proposed restructuring transaction (Restructuring) that would convert up to $25,000,000 of debt (inclusive of accrued interest) into equity, or some other form of agreement and structure with similar effect, which may include an acquisition agreement, and/or raise an additional $5,000,000 of equity, or such other ratio to be determined by the Company. The Restructuring, accompanied by a proposed consolidation of the Company's issued and outstanding common shares is intended to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("NYSE"), or such other U.S. national securities exchange. Such listing would provide access to larger capital markets, enhance visibility and credibility, improve liquidity for shareholders and ultimately support future financings. The Restructuring also has the direct benefit of reducing interest-bearing debt freeing approximately $3.3 million per year in cash flow from reduced interest expense, strengthening the Company's capital structure, and improving the Company's ability to meet ongoing obligations and continue as a going concern.

The proposed Restructuring Transaction, when combined with a planned $5 million private placement is intended to move the Company from a state of technical insolvency toward viability and sustainability. The focus remains on building sufficient NaaS sites to cover group operating expenses which could potentially change the Company's funding meaning it would not be forced to accept funding on onerous terms but more aligned with its long-term strategy, capabilities and risk profile.

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, a 50% reduction in monthly satellite managed service fees, which has significantly increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon, Ivory Coast, and DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the date of this MD&A, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in South Sudan, Cameroon, Namibia, Sudan, Ivory Coast and Benin. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. From the cash generated by its operations in Africa, the Company plans to reinvest in the project resulting in a reduction of the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management expects to structure its approach strategically. By prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

The business development and sales strategies revolve around leveraging the established hubs to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Related Party Agreements

NuRAN's execution strategy aims to leverage the skills and capabilities built up at the Canadian parent and utilizing these across the operating subsidiaries. By building knowledge it is able to follow best practice across all subsidiaries achieving economies and at the same time further efficiency. NuRAN Canada provides equipment to subsidiaries as well as services and invoices these by way of related party agreements. The invoices arose from agreements signed in April 2021 (Cameroon), June 2021 (DRC) and will be implemented in all subsidiaries with Ivory Coast and Benin the next to be put in place. First was the provision of Radio-Access Network (RAN) solutions relating to NuRAN's base station equipment and related software and services. This is provided on an exclusive basis to the operations and is in fact part of the reason for introduction the NaaS solution in the first place, to allow the Company to deploy its leading technology to bring connectivity to rural communities. Second is the provision of management, accounting, commercial and other administrative and operational assistance to support the continued growth of the NaaS activities. Under this agreement, the subsidiaries agreed to use the Canadian parent's operation as supplier of services to deploy, manage and maintain NaaS solutions for the MNOs.

These agreements are subject to international transfer pricing rules and regulations and must comply with these across the multiple jurisdictions within which the Company operates. Equipment pricing is set based on benchmarked pricing implemented globally in the past based on the Company's extensive experience in this area. Services are charged on a cost+ basis which mirrors actual costs incurred. A portion of staff time is allocated based on a % of time devoted to subsidiary NaaS activities and as the Company increases the number of subsidiaries the costs per subsidiary will fall as fixed costs will be spread across a larger number of NaaS operations. Costs including Network Operations Center (NOC), procurement, finance and administration will not for example increase linearly with increased number of subsidiaries.

The payment terms of these agreements followed commercial terms standard for the industry. However, the Company has not demanded payment or enforced these obligations knowing that it would take time for the subsidiaries to construct the NaaS infrastructure and generate excess cashflow, over and above regular operating expenses and cash needs required for continued site construction. Over time as the Company entered into borrowing arrangements with the likes of Cygnum, these receivables were regarded as quasi-equity of the Canadian parent and could be used to comply with lending covenants. At that time, Cygnum also required the factor to provide a funding guarantee for US$2 million to support ongoing operations. In addition, based on the loan facility with Cygnum, the Company is limited in the amount it can have repaid by the subsidiary. As the term of Cygnum and other debt facilities will be extended, the timing for repayment of these invoices is to be lengthened as well. In addition to services charges, the Company records cash transfers to the subsidiaries, mainly in the early years before the subsidiary is generating NaaS income, to an intercompany or loan account. These loans are charged interest based on international standards and regulations which gives rise to taxable income in NuRAN Africa for example.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the end of September 2025, NuRAN Canada had provided almost $17 million of equipment, services and cash to NuRAN Africa showing as an intercompany loan. In addition, direct billing to subsidiaries amounted to $7.7 million due directly to Canada from Cameroon and DRC. Note that all intercompany charges cancel eachother out at the level of consolidated financial statements because income from one source is a cost in another. It is important to recognize however that these charges exist and do have tax implications at the subsidiary level.

The Company also has related party relationships and amounts owing to members of its senior management team. These amounts are included in Accounts Payable and relate to unpaid salaries, benefits and expenses built up over time resulting from cash shortages. For the period from January to September 2025, total remuneration to these individuals amounted to $1,104k and of this $94k of benefits remained unpaid. The total balance of unpaid accounts was $586k which is non-interest bearing and is to be paid as soon Company resources allow.

**Tabular Comparison and Analysis of Use of Proceeds**

In accordance with Item 1.4(i) of Part 2 of Form 51-102F1, the Company provides the following tabular comparison between previously disclosed intended use of proceeds from financing activities (other than working capital) and the actual application of those proceeds for the years ended December 31, 2023, December 31, 2024, and the interim period ended September 30, 2025. The table also includes explanations for any significant variances, along with an analysis of how these differences have affected the Company's ability to achieve its stated business objectives and milestones.

Comparison of Intended vs. Actual Use of Proceeds

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| | | | | |
|:---|:---|:---|:---|:---|
| **Items** | **Intended Use** | **Actual Use** | **Variance Explanation:** | **Impact on objectives** |
| **Factoring Agreement (August 28, 2023, as amended)** | **To supplement operational liquidity, reduce accounts receivable risk, and support ongoing business development initiatives** | **Proceeds totalling $11.5 million were received through the factoring of $28.4 million in receivables. The majority of funds were allocated to covering short-term liabilities and ensuring the continuation of operations, with less emphasis on expansion due to heightened liquidity and credit risk. Out of the Purchase Price Paid, $2.1 million was not received directly by the company but paid by the Factor to third parties to settle the company's operating expenses or debt commitments, including $1.9 million in principal repayments of a convertible debenture.** | **Greater than anticipated recourse risk and reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. Amendments to the Factoring Agreement further impacted available liquidity, resulting in losses from debt modification** | **The Company's ability to achieve certain growth milestones was temporarily deferred in favour of maintaining solvency and operational continuity. Material risk related to settlement obligations and shareholder dilution remains, necessitating ongoing monitoring and disclosure** |
| **Loan and Private Placement Financings** | **Debt repayment, investment in technology infrastructure, and expansion into key markets** | **Debt repayment, investment in technology infrastructure, and expansion into key markets. The Company also used it for continuation of operations.** | **Reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development.** | **Progress on technology upgrades and market expansion was delayed. The priority shifted to financial stabilization and compliance with creditor terms** |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

Analysis of Variance and Impact

● Unforeseen performance and credit risks associated with the Factoring Agreement, as well as amendments leading to debt modification losses, required a reallocation of resources.

● Liquidity constraints and working capital deficiency as of September 30, 2025 contributed to an increasing need to prioritize solvency over strategic investment.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility has a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility will allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 from July 2023 to July 12, 2024. As per the terms of the extension, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor agreed to be the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations. As of the date of this MD&A the Company is in discussion with the investor for extension of terms.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries. The facility has no expiration date and is still valid and confirmed by the partner. The Global Asset Management Company completed operational due diligence and confirmed their interest to complete next steps for the facility contingent on reception of an equity term sheet for NuRAN Africa Holding of a minimum of US$10M.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon. On September 29, 2025, the Company announced it had received its third drawdown of US$1 million, designated to support the delivery or relocation of 50 sites in the Democratic Republic of the Congo and Cameroon. Following this transaction, a balance of US$450,000 remains available for withdrawal from the facility dependent on completing the 50 sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of $0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of $0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company. The Company issued the convertible debenture to an investment group controlled by an existing investor in the Company at a 25% discount to align with terms previously offered to other debt holders, such as the facility entered into in April 2023. The facility is unsecured, meaning it is not backed by Company assets. This was a deliberate choice to provide flexibility and avoid encumbering assets in a period of heightened liquidity risk. The discounted offering was intended to incentivize immediate financing and provide equitable treatment among lenders, while securing capital necessary for operations. The terms reflects prevailing market conditions and the Company's need to attract timely investment without offering additional securities. The impact of the discount is reflected in the financial statements through increased non-cash interest expense and potential equity dilution upon conversion.

● On August 26, 2025 the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

● On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of $300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

NuRAN's NaaS model by its very nature as an infrastructure investment, has led it to pursue several debt and equity instruments since the shift in model in 2020. The strong asset focus of NaaS has meant that debt was a natural source and the Company has had success in sourcing this, including the Cygnum facility supported by the term sheet for a US$15M long term facility signed with a Global Asset Management Company. The challenge has been to bring equity alongside this and while NuRAN's public company status gives it access to this liquidity, challenging market conditions and other macro factors have made this difficult to complete.

These factors have led the Company to seek alternative hybrid instruments which have potential equity returns, but also a debt element whereby financiers can participate in cashflows and some element of protection even though this means less potential over the long term. In 2021 NuRAN brought an equity investment in the private placement, but subsequent investments including $2M raised in 2022, US$1.5M in April 2023, and US$1.6M in 2024 were all done via convertible debt instruments. Two of these were strategic investments, providing financial support to the Company while combining strategically important commercial relationships. Whilst including the option for conversion and the potential value uplift this provides, the intention of these parties is for repayment with suitable interest returns. As unsecured instruments, the risk associated with these is limited and the Company actively manages this by keeping close relations with both providers.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Company's other funding were more financial in nature without any strategic element or connection and therefore with more onerous terms. This was primarily the factoring agreement signed in 2023 and arising from a debt settlement of other short-term facilities provided by the same group, but also the US$1.5M debenture signed in 2023 and other debentures. The funding came at a time when the Company was seeking short-term funding only to bridge to closure of the EIB financing through 2022 and into 2023. Unfortunately, this came at a time when NuRAN's share price was falling and did not reflect what management considered to be the fair value of equity. It was intended that a convertible instrument which provided a reasonable interest rate helped by a conversion price to equity set above market would be the best alternative. As time went and the EIB financing fell away, alternate sources of financing were not available which led the Company to continue to draw on the factoring. By this time the factoring agreement was being amended to add more onerous terms to manage tax implications but also compensate for additional risk given the exposure of the factor overall. This was especially the case as the risk profile of the Company increased due to challenges encountered in delivering site build targets and revenue generation.

NuRAN signed the Eighth Factoring Amending Agreement on August 19, 2025. This followed amendments signed 1) September 2023, 2) November 2023, 3) December 2023, 4) April 2024, 5) June 2024, 6) December 2024 and 7) April 2025. Each amendment was entered into to provide additional funding as alternate sources were delayed as well as satisfying specific requirements for the closing of Cygnum Capital in June 2024. The Eighth Amendment is an example of the amounts, frequency and terms of various drawdowns under the factoring agreement as per the table below. As of the date of this MD&A, the Company had drawn an additional $198k under the factoring agreement and also received an advance of US$150,000 for settlement of the infrastructure licence costs in the DRC. The latter payment was issued under a promissory note issued on September 9, 2025 which was repaid in full with interest of 15% pa and a lending fee of 5% from the proceeds of the Cygnum drawdown of US$1,000,000 received on October 6, 2025.

MANAGEMENT'S DISCUSSION AND ANALYSIS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Loan** | **Amount of**<br> **Principal** | **Maturity Date** | **Interest**<br> **Rate** | **Other**<br> **Costs\*** | **Date of Effective**<br> **Settlement** | **Details of Any**<br> **Repayments** | **Credit added to**<br> **the Paid Account**<br> **of the Factor** |
| 23-Dec-24 | 150000.00 | 06-Feb-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 554271.39 |
| 22-Jan-25 | 63405.12 | 08-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 231228.97 |
| 04-Feb-25 | 146030.00 | 14-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 536268.58 |
| 15-Apr-25 | 200000.00 | 30-May-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 403672.43 |
| 02-May-25 | 50000.00 | 16-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 97896.78 |
| 06-May-25 | 150000.00 | 20-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 292604.72 |
| 27-May-25 | 105000.00 | 11-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 195450.57 |
| 04-Jun-25 | 70000.00 | 19-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 125532.76 |
| 10-Jun-25 | 127778.00 | 25-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 234116.55 |
| 13-Jun-25 | 11830.26 | 28-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 21612.22 |
| 20-Jun-25 | 100000.00 | 04-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 176365.07 |
| 08-Jul-25 | 100000.00 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 167745.94 |
| 09-Jul-25 | 20539.50 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 34419.33 |
| 22-Jul-25 | 134232.50 | 05-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 221674.26 |
| 29-Jul-25 | 27542.00 | 12-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 45860.50 |
| 11-Aug-25 | 27570.00 | 25-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 43123.77 |
| 19-Aug-25 | 150000.00 | 03-Oct-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 19547.41 |
| Total | 1633927.38 |  |  |  |  |  | 3401391.25 |

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\* Lending Fee: increasing by 1% (first 3 notes) or 2% (all other notes) per month until repayment; interest is charged on this amount. Maximum lending fee of 10% on the first 3 Notes; no maximum on others.

Advances provided and amendments under the factoring agreement were entered into with the expectation that the business would meet the conditions for further drawdowns from Cygnum Capital and these were therefore short term. Also, because the Cygnum funds were to be directed to site construction, the factoring was used to provide working capital for the parent company as well as repayments of the facility drawn in April 2023. The loans in the table above were issued at the time of entering into the 6th amendment in December 2024 when the Company was generating sufficient cash in its Cameroon operation to cover its operating expenses. In fact, in February 2025 funds were up-streamed from Cameroon and the Company also expected to obtain its infrastructure licence for DRC that would unlock additional funding from Cygnum. The notes were used on a limited basis from December 2024 to the beginning of May 2025 to settle urgent cash needs. By May when the significant reduction in income became apparent due to the international billing issue, the Company simply did not have alternatives for cash and continued to draw on the factoring agreement until the drawdown from Cygnum in October 2025. All conditions of the DRC licence had also been fulfilled so we expected not to need more short-term loans. It was this expectation that led management to accept relatively high rates of interest and other terms due to the short term expected life of the debt and simply no other alternatives. Any equity raise would be highly dilutive plus it was not clear there was interest in a public offering given the overhang of potential conversions through recourse on the factoring line.

**Accounting Treatment of Borrowings**

The unsecured instruments are straightforward relative to the other borrowings. These were issued with Original Issuance Discounts (OIDs) which is treated separately from the principal amount of the liability. The OID is a negative amount that is amortised over time as the instruments approach maturity. This amortization is charged through the P&L as a financing expense and the liability is accreted (increased in value), also booked through the P&L. In the absence of any renegotiation or renewal, there is no other booking of loss/gain in the instrument. The conversion feature of both of these instruments is booked separately as a derivative valued using Black Scholes pricing with key assumptions being the risk free rate (Bank of Canada rate) and volatility (based on a benchmark of similar companies in the industry).

MANAGEMENT'S DISCUSSION AND ANALYSIS

The secured instruments coming from financial investors – the factoring agreement and debentures – were somewhat more complex, mainly because they come with additional fees and charges, and due to their size and security characteristics. Main features of the factoring agreement are lending fees and interest which are charged through the P&L. In addition, during the period some cash advances were paid in by the group as promissory notes and then eventually brought under the factoring based on the Company's intent and ability to repay. In addition, with each recourse notice involving a share issuance, any gain resulting from the difference between the contractual conversion price and market price is booked through the profit & loss as "Other Elements". The factoring agreement does not contain any embedded derivatives that require subsequent fair value measurements under IFRS.

The other secured instruments being convertible debentures include an OID and in some cases interest charges. One instrument includes a lending and monitoring fee as well as interest and these are booked regularly through the P&L as finance expenses. Amortisation of the OID and accretion of the instrument value is also booked and as these have derivatives, Black Scholes pricing is used with similar assumptions as mentioned above.

Given the significant balance of amounts owing under the factoring facility and convertible debentures, and that these arise from transactions with parties connected to an independent Board member of NuRAN, the Company takes several steps to maintain a system of independent oversight when considering these transactions. First the Company has adopted a Code of Business Conduct and Ethics sanctioned by the Board that details specific steps that the Company should take in dealing with these transactions in order to ensure all related party transactions are conducted on an arm's-length basis and in the best interests of the company and shareholders. Second, in all matters concerning related party transactions the Board takes a number of steps to maintain independence including disclosure whereby the board member with the potential conflict fully discloses the nature and extent of their interest before the transaction is discussed and in addition, that director does not participate in any discussion, negotiation, or decision related to the transaction. Third, members of the audit committee review and evaluate all related-party transactions including seeking independent, external advice if needed, which has been the case for the factoring and restructuring transaction. While NuRAN can benefit from sourcing finance from connected parties given their knowledge and understanding of the Company, it recognizes the need to follow strict policies to protect its stakeholders interests.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on accelerating discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company has amended the NaaS contract with Orange DRC to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Additionally, during discussions regarding the valuation of NuRAN Africa Holding, potential equity partners have expressed concerns about the short-term convertible debt facility at the NuRAN Canada level. Management has initiated discussions with its debt holders regarding the potential conversion to equity. As a result, the Company put a proposed restructuring of debt along with a private placement and consolidation of its common shares to shareholder vote at its AGSM held in October 2025. Approval of these means NuRAN shall have better access to capital markets and also improve its capital structure with less debt overall.

Results in Cameroon, while being impacted by the afore-mentioned billing system error, are still on target with management's initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is a key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy reselling Orange products and services that has already shown growth in user adoption and traffic.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing NuRAN's concentration risk. The US$5M bridge facility from Cygnum Capital and US$1.6M private placement along with the 2024 announced US$15M Term Sheet including a possible increase to a US$70M Facility continues to support management's efforts to raise equity. This financing, when completed, is expected to support the rollout of up to 600 sites across a number of countries to further diversify its revenue sources. Timing of this rollout is uncertain as the US$15M facility is contingent on an equity injection to NuRAN Africa Holding of a minimum of US$10M as mentioned above. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast deployments.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of July 2024, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

The following section discusses the Company's financial performance based on consolidated financial statements for the nine months ended September 30, 2025 and 2024.

***Factors Concerning the Company's Financial Performance and Results of Operations***

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, started to generate sales with first sites live and should produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries.

Some of NuRAN's NaaS agreements include a guaranteed minimum revenue monthly fee (GMR) to ensure a return on each site, covering costs and interest. Recently, with high network performance, the Company is transitioning to a threshold model, whereby revenue is retained up the threshold but allowing them to retain more revenue and retain ownership of the sites. Under IFRS, current contracts require NuRAN to record site sales when operational, impacting revenue and gross profit margins. Future contracts without site transfer will better reflect invoicing and economic results. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees. This shift aims to create a stable and recurring revenue stream post-rollout completion.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running, however management recognises that, given the stage of NaaS rollout and implementation, the Company is likely to be loss-making for some time. To achieve an acceptable net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys, achievable through the NaaS model.

**Tower Outlook Disclosure**

Regarding the outlook for site deployment, management reported on the status of its expected deployment of NaaS sites. In order to improve the accuracy of development plan expectations, management is pursuing site development in phases that are determined based on the confirmed availability of funds for a specific phase. As an example, the cash generated from its operation in Africa, the US$5M facility, local Cameroon financing and the investment in August from a long-time shareholder are now contributing to the delivery of at least 600 sites. As of the date of this MD&A, a total drawdown of US$4.55M has been received with a remainder US$0.45M from the US$5M Facility from Cygnum Capital. Supported by continued cashflow from operations, subsequent drawdowns will fund the ongoing deployment plans.

As a result of the Company's ongoing financing efforts, management continued to increase its pipeline of financing options from other groups with expressions of interest of over US$80M including the US$15M term sheet announced in May and agreed mandate to further increase this amount. With the Company's contributed equity in NuRAN Wireless (Africa) Holding supporting this long-term debt, the additional financing options available, and cash generated in its subsidiaries, NuRAN is committed to showing regular progress in building the planned number of operating sites.

**Outstanding share Data**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2025 | December 31, 2024 | December 31, 2023 |
| &nbsp;&nbsp;Common shares, voting and participating | 109194132 | 58694132 | 43043579 |
| &nbsp;&nbsp;Warrants | 31014207 | 18539206 | 11911105 |
| &nbsp;&nbsp;Options | 2870000 | 2870000 | 3305000 |

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As at September 30, 2025 the Company had 109,194,132 common shares outstanding. As at September 30, 2025, the Company has convertible debt instruments in issue which, if fully converted, would result in the issuance of 83,928,933 common shares. This includes 46,957,230 common shares related to Loans Payable, primarily the factoring agreement which is capped at 35 million as per the 6th Amending Agreement, 23,536,772 relating to secured and unsecured Convertible Debentures and 13,434,931 relating to unsecured Convertible Debenture and Derivative Liabilities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the second quarter condensed interim consolidated financial statements of the Company as at September 30, 2025 and 2024 and for the periods then ended:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-months ended September 30, 2025** | **Three-months ended September 30, 2024** | **Nine-months ended September 30, 2025** | **Nine-months ended September 30, 2024** |
| &nbsp;&nbsp;Total revenues | $627650 | $1563061 | $3548865 | $3688827 |
| &nbsp;&nbsp;Total loss | $(3105062) | $(3220575) | $(8424579) | $(8131565) |
| &nbsp;&nbsp;Net loss per share – basic | $(0.03) | $(0.06) | $(0.11) | $(0.15) |
| &nbsp;&nbsp;Net loss per share – diluted | $(0.03) | $(0.06) | $(0.11) | $(0.15) |

---

---

| | | |
|:---|:---|:---|
| | **Nine-months ended September 30, 2025** | **Nine-months ended September 30, 2024** |
| Total assets | $26525004 | $24284059 |
| Total non-current financial liabilities | $- | $115643 |

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**RESULTS OF OPERATIONS**

**Revenue**

Revenue for the nine-month period ended September 30, 2025 of $3,548,865 was an decrease of $139,962 from the nine-month period ended September 30, 2024 ($1,620,462 increase for the nine-month period ended September 30, 2024 compared to the nine-month period ended September 30, 2023).

Of the total revenue for the nine-month period ended September 30, 2025, $2,334,908 was NaaS service revenue from site operations. In addition to this, the Company recognised $580,623 that was an adjustment to comply with IFRS 15, which as mentioned earlier requires that we recognize a sale of the site and cost when it becomes operational. Over 90% of NaaS revenue relates to Cameroon and the remainder to DRC. Although revenue per site declined due to the international billing issue, the increase in the number of sites has helped sustain and even enhance overall revenue for the nine-month period ended.

Other revenue for the nine-month period ended September 30, 2025 was related to product sales of $325,342 and an adjustment of $307,993 on the Naas service revenue. This adjustment represents the expected up-lift from final resolution of unbilled traffic identified during the review of international billing which impacted Cameroon NaaS service revenue, as well as the IFRS 15 adjustment relating to the same issue. The adjustment was provisionally booked in Canada to avoid complications with local reporting until final resolution can be confirmed.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Gross Profit**

Gross profit for the nine-month period ended September 30, 2025 increased by $160,915 compared to the nine-month period ended September 30, 2024 (increased by $2,092,096 for the nine-month period ended September 30, 2024 compared to the nine-month period ended September 30, 2023).

Gross margin for the nine-month period ended September 30, 2025 increased to 61.7% from 55% for the nine-month period ended September 30, 2024 (increased to 55% for the nine-month period ended September 30, 2024 from -3.06% for the nine-month period ended September 30, 2023).

The overall gross margin is more in line with the Company's projections based on the level of direct costs for the NaaS offering, including VSAT. Overall, the nine-month period ended September 30, 2025 NaaS gross margin was 51%, and 80% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method, now in place in DRC, will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site is being closely managed to maximize gross profit.

**Expenses** 

During the nine-month period ended September 30, 2025, total expenses decreased by $1,006,364 from the nine-month period ended September 30, 2024 (for the nine-month period ended September 30, 2024 total expenses increased by $2,146,216 from the nine-month period ended September 30, 2023). In aggregate, operating cost categories including selling, administrative and research and development decreased by approx. $500k over 2024 as management continued cost containment initiatives while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. Financial expenses increased by approx. $170k because of the greater short term debt load, higher interest costs and foreign exchange impact. Approximately 90% of financial expenses are non-cash charges. A one time reversal of previously charged share-based compensation resulted in a credit of $692k.

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the nine-month period ended September 30, 2025 increased to $8,424,579 from the nine-month period ended September 30, 2024 loss of $8,131,565, an increase of $293,014 (for the nine-month period ended September 30, 2024 decreased to $8,131,565 from the nine-month period ended September 30, 2023 loss of $9,475,448).

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the nine-month period ended September 30, 2025 was a net gain of $22,546 compared with a net loss of $341,101 for the nine-month period ended September 30, 2024. The Total Comprehensive Loss for the nine-month period ended September 30, 2025 improved to $8,402,033 compared to $8,472,666 for the nine-month period ended September 30, 2024 (a Total Comprehensive Loss of $8,472,666 for the nine-month period ended September 30, 2024 compared to a Total Comprehensive Loss of $9,479,401 for the nine-month period ended September 30, 2023).

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Expenses** 

Below is a discussion of the expenses for the nine-month period ended September 30, 2025, and the nine-month period ended September 30, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **2025** | &nbsp;&nbsp; **2024** | &nbsp;&nbsp;**% change from 2024** |
| &nbsp;&nbsp;Selling expenses | &nbsp;&nbsp; 557737 | &nbsp;&nbsp; 575236 | &nbsp;&nbsp; -3.04% |
| &nbsp;&nbsp;Administrative expenses | 3945228 | &nbsp;&nbsp; 4749813 | &nbsp;&nbsp; -16.94% |
| &nbsp;&nbsp;Share-based compensation | &nbsp;&nbsp; (691924) | &nbsp;&nbsp;— | &nbsp;&nbsp; -100% |
| &nbsp;&nbsp;Financial expenses | &nbsp;&nbsp; 5493770 | &nbsp;&nbsp;5321435 | &nbsp;&nbsp; +3.24% |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp; 824294 | &nbsp;&nbsp;488986 | &nbsp;&nbsp; +68.57% |
|  | 10129106 | &nbsp;&nbsp; 11135470 | &nbsp;&nbsp; -7.15% |

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***Selling expenses***

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the IR online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

***Administrative expenses***

Administrative expenses consist of staff remuneration, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs decreased from the previous period as a result of cost containment measures as well as an adjustment for prior year employee share-based compensation expenses.

***Financial expenses***

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing and gain/loss on foreign exchange. The increase in financial expenses for the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, is mainly a result of the higher short term debt load, higher interest costs and foreign exchange impact of foreign currency denominated obligations.

***Research and development***

Research and development costs for the nine-month period ended September 30, 2025 increased over the nine-month period ended September 30, 2024 as the Company continued to focus on continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

MANAGEMENT'S DISCUSSION AND ANALYSIS

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. The Company continues in its effort to have group operating costs covered by NaaS revenue so that any new funds raised can be directed to site construction and servicing and repaying other debt. This will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

**SUMMARY OF QUARTERLY RESULTS** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Three Months Ended** | &nbsp;&nbsp;**Total revenues ($)** | &nbsp;&nbsp;**Total loss ($)** | &nbsp;&nbsp;**Basic and Diluted Loss**<br>**Per Share**<br> **($)**  |
| &nbsp;&nbsp;30-Sep-25 | &nbsp;&nbsp;627650 | &nbsp;&nbsp;(3105062) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;30-Jun-25 | &nbsp;&nbsp;627920 | &nbsp;&nbsp;(3542950), | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Mar 25 | &nbsp;&nbsp;2209079 | &nbsp;&nbsp;(1689530) | &nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;31-Dec-24 | &nbsp;&nbsp;663422 | &nbsp;&nbsp;(371968) | &nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;30-Sep-24 | &nbsp;&nbsp;1563061 | &nbsp;&nbsp;(3220575) | &nbsp;&nbsp;(0.06) |
| &nbsp;&nbsp;30-Jun-24 | &nbsp;&nbsp;1512457 | &nbsp;&nbsp;(2425969) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Mar-24 | &nbsp;&nbsp;572727 | &nbsp;&nbsp;(2355685) | &nbsp;&nbsp;(0.05) |
| &nbsp;&nbsp;31-Dec-23 | &nbsp;&nbsp;1125235 | &nbsp;&nbsp;(2861581) | &nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;30-Sep-23 | &nbsp;&nbsp;797067 | &nbsp;&nbsp;(3302317) | &nbsp;&nbsp;(0.08) |

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**Third Quarter**

During the three months ended September 30, 2025, the Company earned revenues of $627,650 compared to $1,563,061 during the three months ended September 30, 2024, a decrease of $935, 4511. This decrease is due mainly to capex sale revenue in NuRAN Canada which was over $580k less in 2025. In addition, IFRS 15 revenue recognised in NuRAN Africa was $376k lower as a result of recognition of the sale of sites in 2024 as well as the exclusion of the IFRS 15 adjustment in 2025 due to the amendment of the DRC contract. These were offset by NaaS revenue in Cameroon and DRC which was $34k higher.

During the three months ended September 30, 2025, the Company generated gross margin of $501,372 compared to $765,737 during the three months ended September 30, 2024, a decrease of $264,364. The reduction was mainly due to the reduction in reported revenue.

During the three months ended September 30, 2025, the Company incurred a net loss of $3,105,062 compared to net loss of $3,220,575 for the three months ended September 30, 2024. The reduction in revenue and gross profit in 2025 was more than compensated for by a reduction in operating expenses. The increase in the loss in 2025 was almost entirely due to a $200k gain on debt settlement in 2024 relating to the gains on the settlement of short-term borrowing as a result of the share conversion price being above market.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash decreased to $28,664 as at September 30, 2025, from $1,544,142 as at September 30, 2024. Current assets decreased to $16,414,954 as at September 30, 2025, from $16,503,733 as at September 30, 2024 due to increases in Trade and other receivables, inventories, work in progress and security deposits offset by a reduction in accrued revenues brought about partially by the reversal of IFRS 15 accounting treatment in the DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's operations are geared to increasing the installed base of owned and operated NaaS sites. Due to the long-term nature of these contracts and the recurring nature of revenue, the Company expects that over time, from a contracted backlog of over 5,000 sites, it will be able to generate a sufficient and significant amount of cash to cover its obligations. While funding efforts have delayed the NaaS build-out, the performance of the existing sites that has been achieved thus far confirms the viability of management's expectation. The short-term objective is to cover all group operating costs on a monthly basis and beyond this, a sufficient surplus such that build-out of all remaining sites is covered without the need to resort to additional debt or equity funding. During the coming period, the Company will also direct some cash to paying trade and other payables, meeting its obligations with regard to deferred revenue and settling loans payable. Currently the Company has less than 4% of the contracted number of sites in operation and execution risk of the development plan is probably the most important observed issue. This has been exacerbated by the already mentioned aborted financing attempt with the EIB/Finnfund and extremely difficult financial market conditions which put the company's funding plans at least 2 years behind.

The business is split in line with its geographical footprint with Research and Development as well as production of its core WIS products centered in Canada. Project management and operations support, procurement, network monitoring and administration are also centered in Canada. The NaaS operations including site construction and bulk of the revenue generation is focused in Africa. In order to manage liquidity, the Company must provide sufficient working capital for the Canadian operations. Most of the Canadian costs are payroll related with no ability to postpone payments and although there are some sales of equipment and services from Canada to third parties, the contribution from this is sporadic and difficult to plan. NuRAN cross-charges these services to subsidiaries so ultimately repayment of these obligations from subsidiaries will provide the company with the liquidity it requires.

Site construction is itself not a time intensive activity – what takes time is the procurement and logistics leading up to this. The NaaS offering has 4 key components – radio base stations supplied by NuRAN, power systems (solar panels and batteries), VSAT satellite terminals and the towers themselves. NuRAN must manage its supply chain for base station components and in addition must manage a global supply chain for the other components. From start to finish the working capital needs span at least 6 months or more. Power systems have proven to be the most difficult given the use of hazardous materials including lithium batteries. Recent attention on lithium as a precious mineral, rising demand for electrification and global supply chain challenges following Covid have all added to the complexity. In the second half of 2024, delays in power deliveries doubled the lead times.

The last element of the site construction process is the local activities including equipment logistics, environmental compliance, site identification and acquisition, installation and commissioning. Local African companies are used almost exclusively for this activity but being at the end of a relatively uncertain lead period means managing these relationships brings added challenges. This is to say nothing of local factors such as weather and security which are very real risks in the sub-Saharan. While NuRAN maintains a minimal workforce, the long lead times and execution challenges put strain on cashflow – time is the enemy and ideally NuRAN should have 6-12 months of working capital at any one time.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN management has been able to sustain extended payment timelines with suppliers and lenders given the potential that the NaaS solution and backlog provides. It closely manages supplier relationships, matching payments with revenue generated as much as possible. In addition, the short-term lending, particularly the factoring facility, is structured almost as an equity-risk instrument limiting repayment obligations and allowing for the use of share issuances.

In the medium term, NuRAN plans to continue to build its NaaS base to generate additional cash. Some of these funds will ultimately be upstreamed to Canada as a way to satisfy obligations. NuRAN manages its foreign currency, translation, convertibility and transfer risk on an ongoing basis as this is a very important element of cash management. It uses such tools as local currency facilities and matches costs to sources including revenue, borrowings and equity. In the short term, repaying outstanding accounts payable and servicing debt will come from planned equity raises to support committed debt facilities.

Of the $17,069,697 in trade and other payables, the majority is attributable to various suppliers and consulting partners. The Company intends to address these obligations through measures such as structured payment plans, allocation of equipment/service sales margin contributions, write-offs, and/or settlement in shares, where applicable.

Within loans payable totaling $16,527,979, an amount of $5,648,350 is owed to Cygnum Capital and pertains to infrastructure investments in NuRAN's NaaS business. This short-term, two-year bridge facility is anticipated to be converted into a long-term arrangement, and discussions on this transition are currently underway. The remaining balance primarily relates to Advanced Factoring, which has proposed a special transaction involving settlement in shares.

Should the proposed Restructuring transaction proceed, it is expected to transform the current shareholder deficiency into a surplus. This proposal was approved at the Annual General and Special Meeting (AGSM) held in October and details are now being finalised.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. The Company has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. It is also analysing a restructuring of its short-term credit facilities in order to strengthen its balance sheet. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites. It has transitioned some inventory from DRC to Cameroon as a means of improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

MANAGEMENT'S DISCUSSION AND ANALYSIS

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of this MD&A the Company has placed on hold any effort to pursue the development of this network.

While the company remains reliant on external funding for CAPEX spending and short-term debt repayment and restructuring, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the recent US$5M Loan facility (with a possible increase related to Ivory Coast and Benin), the US$1.6M private placement and the term sheet and mandate letter aimed at raising up to US$70 million, management believes that the company will be able to raise the necessary financing, and that its financial position is expected to improve significantly. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS and Uncertainties**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Recourse Factoring Agreement**

The Factoring Agreement dated August 28, 2023 and subsequently amended, remains a significant event for the Company. As at September 30, 2025, the Company had factored receivables totaling $26.8 for $11.1 million in proceeds ("Purchase Amount"). If the Factor is unable to collect these receivables, the Company is obligated to pay the Factor either 145% of the Purchase Amount or issue up to 80,000,000 common shares and 60,000,000 warrants ("Units") as settlement. This obligation introduces substantial performance risk and credit risk, as well as potential dilution for shareholders should settlement occur in equity.

**Arrangement Fee Shares** 

In connection with the Factoring Agreement, the Company agreed to pay arrangement fees in the form of common shares ("Fee Shares"), with 2,500,000 Fee Shares issued at initial closing and a further 1,900,000 Fee Shares issued in January 2024. These issuances had a direct impact on equity and dilution risk.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Materiality and Amendments:** 

The Factoring Agreement and its amendments are materially relative to the Company's total assets of $26,524,499 and 109,194,132 common shares outstanding as at September 30, 2025. Amendments to the agreement have resulted in losses from debt modification and may impact on future financial results and cash flow.

**Unbilled Receivables & Performance Obligations** 

Some factored receivables may be unbilled, with performance obligations remaining unsatisfied, which presents additional uncertainty regarding timing of revenue recognition and cash collection.

**Liquidity and Cash Resources:** 

The Company's limited cash resources, especially in the event of recourse under the Factoring Agreement, represent a significant uncertainty that may materially affect future performance and ability to meet obligations.

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of our product research and development expenses, integration services, customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Competition**

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals**

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends**

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know-how.

**Protection of Intellectual Property**

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers**

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Over time, as the NaaS business has gained in importance, an increasing proportion of sales are derived outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase. Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks**

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.62

**Exhibit 99.62**

**Form 52-109FV2**

**Certification of Interim Filings <br> Venture Issuer Basic Certificate**

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of **Nuran Wireless Inc.** (the "issuer")
 for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the interim filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, with respect to
 the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 interim financial report together with the other financial information included in the
 interim filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the interim filings.

Date: **December 1, 2025**

*/s/ "Francis Letourneau"*

**Francis Letourneau**

Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls
 and other procedures designed to provide reasonable assurance that information required
 to be disclosed by the issuer in its annual filings, interim filings or other reports
 filed or submitted under securities legislation is recorded, processed, summarized and
 reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.63

**Exhibit 99.63**

**Form 52-109FV2** 

**Certification of Interim Filings <br> Venture Issuer Basic Certificate**

I, **Jim Bailey, Chief Financial Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the "issuer") for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
 the interim filings do not contain any untrue statement of a material fact or omit to
 state a material fact required to be stated or that is necessary to make a statement
 not misleading in light of the circumstances under which it was made, with respect to
 the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the
 interim financial report together with the other financial information included in the
 interim filings fairly present in all material respects the financial condition, financial
 performance and cash flows of the issuer, as of the date of and for the periods presented
 in the interim filings.

Date: **December 1, 2025**

*/s/ "Jim Bailey"*

**Jim Bailey** 

Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required
to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation
is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.64

**Exhibit 99.64**

![](img143_v1.jpg)

**AMENDED MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the second quarter ended**

**June 30, 2025 and 2024**

![](img144_v1.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the quarter ended June 30, 2025 has been prepared by management and should be read in conjunction with the condensed interim consolidated financial statements for the six-month period ended June 30, 2025 and June 30, 2024 and the related notes thereto. The Company's condensed interim consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the condensed interim consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of December 1, 2025.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at June 30, 2025. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries.

**DESCRIPTION OF BUSINESS** 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES** 

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored means NuRAN's solutions have become a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**OVERALL PERFORMANCE AND OUTLOOK** 

<br> <u>Performance</u>

During the quarter ended June 30, 2025, the Company continued to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of this MD&A, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected.

During the second quarter, management was informed by Orange of a billing error in the Orange Network Billing System from early 2023 to January 2025 that resulted in some traffic being incorrectly billed as international due to area code misallocation.

Prefixes not classified as local calls were treated as international calls or SMS, causing revenue calculations to be overstated since international tariffs exceed local ones by a significant margin. The problem stems from the addition of new area codes to support increased mobile penetration; these numbers were not configured as local calls and were thus categorized as international calls by default. This issue resulted in roughly 15% of traffic being charged at international tariffs instead of local ON-NET or OFF-NET tariffs, with the international tariff twelve times higher than local rates.

An initial discussion took place with Orange on April 18 during a commercial review meeting, where the issue was recognised as a possible concern under investigation but not yet quantified. On May 23, 2025 the Company received official notification by email regarding the potential impact. Since then, the Companies have been involved in an extensive review of the traffic for the affected period and Orange has used the revised rates in generating NuRAN's monthly invoices since February 2025. Although the approach is still under discussion and results not finalised, it has resulted in a decrease in revenue, for the affected period, of over 60% or $410,637 in March compared to previously expected revenue (see table below).

NuRAN's Q1 revenue has been adjusted, and Q2 revenue reflects the updated billing information supplied by Orange. As of the filing date of this MD&A, Orange and NuRAN continue to discuss this issue and there is still some discrepancy between the revenue reported by Orange and NuRAN's view of this level based on observed traffic between January 2023 and January 2025.

In the interim Nuran's invoicing is at the rates provided by Orange which excludes this disputed traffic. The final agreement will be reported as soon as finalized.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Reported revenue per site declined compared to Q1 but is consistent with the Company's prior financial projections. Please find below the tables showing the Q1 vs Q2 adjusted revenue for its NaaS business with Orange Cameroon:

Q1 2025 Revenue, as reported in Q1:

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February** | &nbsp;&nbsp;**March** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;229 612 100 | &nbsp;&nbsp;274 981 900 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457 | &nbsp;&nbsp;2 442 682 | &nbsp;&nbsp;2 925 339 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;5 374 | &nbsp;&nbsp;6 436 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;505 147 | &nbsp;&nbsp;604 960 |

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Q2 2025 Revenue including Q1 correction:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February (corrected)** | &nbsp;&nbsp;**March (corrected)** | &nbsp;&nbsp;**March adjustment** | &nbsp;&nbsp;**March total** | &nbsp;&nbsp;**April** | &nbsp;&nbsp;**May** | &nbsp;&nbsp;**June** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;76 285 600 | &nbsp;&nbsp;81 914 500 | &nbsp;&nbsp;6 414 000 | &nbsp;&nbsp;88 328 500 | &nbsp;&nbsp;85 579 100 | &nbsp;&nbsp;85 301 300 | &nbsp;&nbsp;81 489 000 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457 | &nbsp;&nbsp;811 549 | &nbsp;&nbsp;871 431 | &nbsp;&nbsp;641 400 | &nbsp;&nbsp;849 313 | &nbsp;&nbsp;785 129 | &nbsp;&nbsp;782 581 | &nbsp;&nbsp;747 606 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;1 785 | &nbsp;&nbsp;1 917 | &nbsp;&nbsp;1 411 | &nbsp;&nbsp;1 868 | &nbsp;&nbsp;1 727 | &nbsp;&nbsp;1 722 | &nbsp;&nbsp;1 645 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;167 828 | &nbsp;&nbsp;180 212 | &nbsp;&nbsp;14 111 | &nbsp;&nbsp;194 323 | &nbsp;&nbsp;188 274 | &nbsp;&nbsp;187 663 | &nbsp;&nbsp;179 276 |
| &nbsp;&nbsp;**Delta (%)** | &nbsp;&nbsp;0% | &nbsp;&nbsp;65% |  |  | &nbsp;&nbsp;64% |  |  |  |

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Important: In its current discussions with Orange, management is proposing to adjust the January billing by FCFA 99,321,000 (CA$218,497). Repayment of this sum is scheduled to begin in January 2026, with monthly payments of FCFA 16,553,500 (CA$36,418) over six months.

Although the outlined issue is influencing short-term results, the Company anticipates that the growth in number of active sites in Cameroon, Ivory Coast, Benin, Ghana, Madagascar, and particularly the Democratic Republic of the Congo (DRC), where billing sites are experiencing above average traffic growth shall compensate for the foreseen reduction. Following the final drawdown under the US$5M term loan facility agreement with Cygnum Capital (see below), plans include launching the first 10 sites in Ivory Coast, resuming 7 sites in Ghana, relocating non-performing sites, and completing delivery of the 118 sites now in inventory in DRC.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

As of the quarter ended June 30th, 2025, the Company has secured nine NaaS contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites, and on September 4<sup>th</sup>, 2025, signed a contract for the deployment of rural sites in West Africa under a turnkey delivery model where payments are made based on milestones of delivery and not a NaaS revenue share (see Page 13 re: contract signing). . NuRAN is currently operating in four countries and has finalized the incorporation of its operating subsidiary in an additional country. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document. Enabled by supplemental funding from the Cygnum Capital loan facility, cash contributions from the Cameroon operation, the Societe Generale credit facility, and receipt of outstanding payments from Orange Cameroon, the Company successfully expanded site rollouts, initiated activities in new countries, and enhanced the network to facilitate the introduction of 3G services.

As of September 30<sup>th</sup>, 2025, NuRAN's NaaS business has generated over $6.8 million since its launch in 2021. Each site is contracted for periods ranging from 5 to 10 years, depending on specific agreements, indicating that NuRAN is still in the early stages of realising its full market potential. The Company is growing its recurring revenue through ongoing site deployments. While issues in Namibia, South Sudan, and Sudan remain unresolved, the Company will concentrate on expanding in other markets.

The Company continues to achieve recurring revenue per site and has seen a reduction in the Cost of Goods Sold (COGS), aiming for sustained positive return on site investments for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

Through the third quarter of 2025, NuRAN continued to work on drawing down against the Cygnum Capital loan facility, drawing an additional US$1 million and the end of September, and is progressing on other financing options. Management is now focusing on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The long-term Loan Facility includes terms that are different from those previously offered by other lenders and marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility will support NuRAN's network infrastructure rollouts in Cameroon, DRC, Ivory Coast, Benin, and Madagascar. As of the date of this MD&A, the potential lender has completed its due diligence and, pending receipt of an equity or quasi-equity term sheet, has indicated readiness to submit the application to its investment committee for approval. For the equity raise, management continues to address the requirements set by potential investment partners. Management is progressing discussions with several potential investors as well as investigating the possibility of a fund-raise on Canadian public markets. Valuation discussions and negotiations have begun, representing an important step forward in finalizing an investment.

In addition to other criteria important to these investors, concerns have been raised over the level and terms of short-term borrowing at the NuRAN Canada level. Management understands and shares these concerns and at its Annual General and Special Meeting (AGSM) held in October, obtained approval for a proposed restructuring transaction (Restructuring) that would convert up to $25,000,000 of debt (inclusive of accrued interest) into equity, or some other form of agreement and structure with similar effect, which may include an acquisition agreement, and/or raise an additional $5,000,000 of equity, or such other ratio to be determined by the Company. The Restructuring, accompanied by a proposed consolidation of the Company's issued and outstanding common shares is intended to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("NYSE"), or such other U.S. national securities exchange. Such listing would provide access to larger capital markets, enhance visibility and credibility, improve liquidity for shareholders and ultimately support future financings. The Restructuring also has the direct benefit of reducing interest-bearing debt freeing approximately $3.3 million per year in cash flow from reduced interest expense, strengthening the Company's capital structure, and improving the Company's ability to meet ongoing obligations and continue as a going concern.

The proposed Restructuring, when combined with a planned C$5 million private placement, is intended to move the Company from a state of technical insolvency toward viability and sustainability. The focus remains on building sufficient NaaS sites to cover group operating expenses which could potentially change the Company's funding meaning it would not be forced to accept funding on onerous terms but more aligned with its long-term strategy, capabilities and risk profile.

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, a 50% reduction in monthly satellite managed service fees, which has significantly increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon, Ivory Coast, and DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the date of this MD&A, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in South Sudan, Cameroon, Namibia, Sudan, Ivory Coast and Benin. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. From the cash generated by its operations in Africa, the Company plans to reinvest in the project resulting in a reduction of the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management expects to structure its approach strategically. By prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The business development and sales strategies revolve around leveraging the established hubs to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

**Related Party Agreements**

NuRAN's execution strategy aims to leverage the skills and capabilities built up at the Canadian parent and utilizing these across the operating subsidiaries. By building knowledge it is able to follow best practice across all subsidiaries achieving economies and at the same time further efficiency. NuRAN Canada provides equipment to subsidiaries as well as services and invoices these by way of related party agreements. The invoices arose from agreements signed in April 2021 (Cameroon), June 2021 (DRC) and will be implemented in all subsidiaries with Ivory Coast and Benin the next to be put in place. First was the provision of Radio-Access Network (RAN) solutions relating to NuRAN's base station equipment and related software and services. This is provided on an exclusive basis to the operations and is in fact part of the reason for introduction the NaaS solution in the first place, to allow the Company to deploy its leading technology to bring connectivity to rural communities. Second is the provision of management, accounting, commercial and other administrative and operational assistance to support the continued growth of the NaaS activities. Under this agreement, the subsidiaries agreed to use the Canadian parent's operation as supplier of services to deploy, manage and maintain NaaS solutions for the MNOs.

These agreements are subject to international transfer pricing rules and regulations and must comply with these across the multiple jurisdictions within which the Company operates. Equipment pricing is set based on benchmarked pricing implemented globally in the past based on the Company's extensive experience in this area. Services are charged on a cost+ basis which mirrors actual costs incurred. A portion of staff time is allocated based on a % of time devoted to subsidiary NaaS activities and as the Company increases the number of subsidiaries the costs per subsidiary will fall as fixed costs will be spread across a larger number of NaaS operations. Costs including Network Operations Center (NOC), procurement, finance and administration will not for example increase linearly with increased number of subsidiaries.

The payment terms of these agreements followed commercial terms standard for the industry. However, the Company has not demanded payment or enforced these obligations knowing that it would take time for the subsidiaries to construct the NaaS infrastructure and generate excess cashflow, over and above regular operating expenses and cash needs required for continued site construction. Over time as the Company entered into borrowing arrangements with the likes of Cygnum, these receivables were regarded as quasi-equity of the Canadian parent and could be used to comply with lending covenants. At that time, Cygnum also required the factor to provide a funding guarantee for US$2 million to support ongoing operations. In addition, based on the loan facility with Cygnum, the Company is limited in the amount it can have repaid by the subsidiary. As the term of Cygnum and other debt facilities will be extended, the timing for repayment of these invoices is to be lengthened as well. In addition to services charges, the Company records cash transfers to the subsidiaries, mainly in the early years before the subsidiary is generating NaaS income, to an intercompany or loan account. These loans are charged interest based on international standards and regulations which gives rise to taxable income in NuRAN Africa for example.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the end of June 2025, NuRAN Canada had provided almost $17 million of equipment, services and cash to NuRAN Africa showing as an intercompany loan. In addition, direct billing to subsidiaries amounted to $5.7 million due directly to Canada from Cameroon and DRC. Note that all intercompany charges cancel eachother out at the level of consolidated financial statements because income from one source is a cost in another. It is important to recognize however that these charges exist and do have tax implications at the subsidiary level.

The Company also has related party relationships and amounts owing to members of its senior management team. These amounts are included in Accounts Payable and relate to unpaid salaries, benefits and expenses built up over time resulting from cash shortages. For the period from January to June 2025, total remuneration to these individuals amounted to $919k and of this $71k of benefits remained unpaid. The total balance of unpaid accounts was $506k which is non-interest bearing and is to be paid as soon Company resources allow.

**Tabular Comparison and Analysis of Use of Proceeds**

In accordance with Item 1.4(i) of Part 2 of Form 51-102F1, the Company provides the following tabular comparison between previously disclosed intended use of proceeds from financing activities (other than working capital) and the actual application of those proceeds for the years ended December 31, 2023, December 31, 2024, and the interim period ended June 30, 2025. The table also includes explanations for any significant variances, along with an analysis of how these differences have affected the Company's ability to achieve its stated business objectives and milestones.

Comparison of Intended vs. Actual Use of Proceeds

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| | | | | |
|:---|:---|:---|:---|:---|
| **Items** | **Intended Use** | **Actual Use** | **Variance Explanation:** | **Impact on objectives** |
| **Factoring Agreement (August 28, 2023, as amended)** | **To supplement operational liquidity, reduce accounts receivable risk, and support ongoing business development initiatives** | **Proceeds totalling $11.5 million were received through the factoring of $28.4 million in receivables. The majority of funds were allocated to covering short-term liabilities and ensuring the continuation of operations, with less emphasis on expansion due to heightened liquidity and credit risk. Out of the Purchase Price Paid, $2.1 million was not received directly by the company but paid by the Factor to third parties to settle the company's operating expenses or debt commitments, including $1.9 million in principal repayments of a convertible debenture.** | **Greater than anticipated recourse risk and reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. Amendments to the Factoring Agreement further impacted available liquidity, resulting in losses from debt modification** | **The Company's ability to achieve certain growth milestones was temporarily deferred in favour of maintaining solvency and operational continuity. Material risk related to settlement obligations and shareholder dilution remains, necessitating ongoing monitoring and disclosure** |
| **Loan and Private Placement Financings** | **Debt repayment, investment in technology infrastructure, and expansion into key markets** | **Debt repayment, investment in technology infrastructure, and expansion into key markets. The Company also used it for continuation of operations.** | **Reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development.** | **Progress on technology upgrades and market expansion was delayed. The priority shifted to financial stabilization and compliance with creditor terms** |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

Analysis of Variance and Impact

● Unforeseen performance and credit risks associated with the Factoring Agreement, as well as amendments leading to debt modification losses, required a reallocation of resources.

● Liquidity constraints and working capital deficiency as of June 30, 2025 contributed to an increasing need to prioritize solvency over strategic investment.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward-looking statements".

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility has a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility will allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 from July 2023 to July 12, 2024. As per the terms of the extension, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor as agreed to be the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations. As of the date of this MD&A the Company is in discussion with the investor for extension of terms.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries. The facility has no expiration date and is still valid and confirmed by the partner. The Global Asset Management Company completed operational due diligence and confirmed their interest to complete next steps for the facility contingent on reception of an equity term sheet for NuRAN Africa Holding of a minimum of US$10M.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon. On September 29, 2025, the Company announced it had received its third drawdown of US$1 million, designated to support the delivery or relocation of 50 sites in the Democratic Republic of the Congo and Cameroon. Following this transaction, a balance of US$450,000 remains available for withdrawal from the facility dependent on completing the 50 sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of $0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of $0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company. The Company issued the convertible debenture to an investment group controlled by an existing investor in the Company at a 25% discount to align with terms previously offered to other debt holders, such as the facility entered into in April 2023. The facility is unsecured, meaning it is not backed by Company assets. This was a deliberate choice to provide flexibility and avoid encumbering assets in a period of heightened liquidity risk. The discounted offering was intended to incentivize immediate financing and provide equitable treatment among lenders, while securing capital necessary for operations. The terms reflect prevailing market conditions and the Company's need to attract timely investment without offering additional securities. The impact of the discount is reflected in the financial statements through increased non-cash interest expense and potential equity dilution upon conversion.

● On August 26, 2025 the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

● On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of $300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

NuRAN's NaaS model by its very nature as an infrastructure investment, has led it to pursue several debt and equity instruments since the shift in model in 2020. The strong asset focus of NaaS has meant that debt was a natural source and the Company has had success in sourcing this, including the Cygnum facility supported by the term sheet for a $15M long term facility signed with a Global Asset Management Company. The challenge has been to bring equity alongside this and while NuRAN's public company status gives it access to this liquidity, challenging market conditions and other macro factors have made this difficult to complete.

These factors have led the Company to seek alternative hybrid instruments which have potential equity returns, but also a debt element whereby financiers can participate in cashflows and some element of protection even though this means less potential over the long term. In 2021 NuRAN brought an equity investment in the private placement, but subsequent investments including $2M raised in 2022, US$1.5M in April 2023, and US$1.6M in 2024 were all done via convertible debt instruments. Two of these were strategic investments, providing financial support to the Company while combining strategically important commercial relationships. Whilst including the option for conversion and the potential value uplift this provides, the intention of these parties is for repayment with suitable interest returns. As unsecured instruments, the risk associated with these is limited and the Company actively manages this by keeping close relations with both providers.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Company's other financings were more financial in nature without any strategic element or connection and therefore with more onerous terms. This was primarily the factoring agreement signed in 2023 and arising from a debt settlement of other short-term facilities provided by the same group, but also the US$1.5M debenture signed in 2023 and other debentures. The funding came at a time when the Company was seeking short-term funding only to bridge to closure of the EIB financing through 2022 and into 2023. Unfortunately, this came at a time when NuRAN's share price was falling and did not reflect what management considered to be the fair value of equity. It was intended that a convertible instrument which provided a reasonable interest rate helped by a conversion price to equity set above market would be the best alternative. As time went and the EIB financing fell away, alternate sources of financing were not available which led the Company to continue to draw on the factoring. By this time the factoring agreement was being amended to add more onerous terms to manage tax implications but also compensate for additional risk given the exposure of the factor overall. This was especially the case as the risk profile of the Company increased due to challenges encountered in delivering site build targets and revenue generation.

NuRAN signed the Eighth Factoring Amending Agreement on August 19, 2025. This followed amendments signed 1) September 2023, 2) November 2023, 3) December 2023, 4) April 2024, 5) June 2024, 6) December 2024 and 7) April 2025. Each amendment was entered into to provide additional funding as alternate sources were delayed as well as satisfying specific requirements for the closing of Cygnum Capital in June 2024. The Eighth Amendment is an example of the amounts, frequency and terms of various drawdowns under the factoring agreement as per the table below. As of the date of this MD&A, the Company had drawn an additional $198k under the factoring agreement and also received an advance of US$150,000 for settlement of the infrastructure licence costs in the DRC. The latter payment was issued under a promissory note issued on September 9, 2025 which was repaid in full with interest of 15% pa and a lending fee of 5% from the proceeds of the Cygnum drawdown of US$1,000,000 received on October 6, 2025.

MANAGEMENT'S DISCUSSION AND ANALYSIS

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Loan** | **Amount of Principal** | **Maturity Date** | **Interest Rate** | **Other Costs\*** | **Date of Effective Settlement** | **Details of Any Repayments** | **Credit added to**<br> **the Paid Account of the Factor** |
| 23-Dec-24 | 150000.00 | 06-Feb-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 554271.39 |
| 22-Jan-25 | 63405.12 | 08-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 231228.97 |
| 04-Feb-25 | 146030.00 | 14-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 536268.58 |
| 15-Apr-25 | 200000.00 | 30-May-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 403672.43 |
| 02-May-25 | 50000.00 | 16-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 97896.78 |
| 06-May-25 | 150000.00 | 20-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 292604.72 |
| 27-May-25 | 105000.00 | 11-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 195450.57 |
| 04-Jun-25 | 70000.00 | 19-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 125532.76 |
| 10-Jun-25 | 127778.00 | 25-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 234116.55 |
| 13-Jun-25 | 11830.26 | 28-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 21612.22 |
| 20-Jun-25 | 100000.00 | 04-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 176365.07 |
| 08-Jul-25 | 100000.00 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 167745.94 |
| 09-Jul-25 | 20539.50 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 34419.33 |
| 22-Jul-25 | 134232.50 | 05-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 221674.26 |
| 29-Jul-25 | 27542.00 | 12-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 45860.50 |
| 11-Aug-25 | 27570.00 | 25-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 43123.77 |
| 19-Aug-25 | 150000.00 | 03-Oct-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 19547.41 |
| Total | 1633927.38 |  |  |  |  |  | 3401391.25 |

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\* Lending Fee: increasing by 1% (first 3 notes) or 2% (all other notes) per month until repayment; interest is charged on this amount. Maximum lending fee of 10% on the first 3 Notes, no maximum on others.

Advances provided and amendments to the factoring agreement were entered into with the expectation that the business would meet the conditions for further drawdowns from Cygnum Capital and these were therefore short term. Also because the Cygnum funds were to be directed to site construction, the factoring was used to provide working capital for the parent company as well as repayments of the facility drawn in April 2023. The loans in the table above were issued at the time of entering into the 6th amendment in December 2024 when the Company was generating sufficient cash in its Cameroon operation to cover its operating expenses. In fact, in February 2025 funds were up-streamed from Cameroon and the Company also expected to obtain its infrastructure licence for DRC that would unlock additional funding from Cygnum. The notes were used on a limited basis from December 2024 to the beginning of May 2025 to settle urgent cash needs. By May when the significant reduction in income became apparent due to the international billing issue, the Company simply did not have alternatives for cash and continued to draw on the factoring agreement until the drawdown from Cygnum in October 2025. All conditions of the DRC licence had also been fulfilled so we expected not to need more short-term loans. It was this expectation that led management to accept relatively high rates of interest and other terms due to the short term expected life of the debt and simply no other alternatives. Any equity raise would be highly dilutive plus it was not clear there was interest in a public offering given the overhang of potential conversions through recourse on the factoring line.

**Accounting Treatment of Borrowings**

The unsecured instruments are straightforward relative to the other borrowings. These were issued with Original Issuance Discounts (OIDs) which is treated separately from the principal amount of the liability. The OID is a negative amount that is amortised over time as the instruments approach maturity. This amortization is charged through the P&L as a financing expense and the liability is accreted (increased in value), also booked through the P&L. In the absence of any renegotiation or renewal, there is no other booking of loss/gain in the instrument. The conversion feature of both of these instruments is booked separately as a derivative valued using Black Scholes pricing with key assumptions being the risk-free rate (Bank of Canada rate) and volatility (based on a benchmark of similar companies in the industry).

MANAGEMENT'S DISCUSSION AND ANALYSIS

The secured instruments coming from financial investors – the factoring agreement and debentures – were somewhat more complex, mainly because they come with additional fees and charges, and due to their size and security characteristics. Main features of the factoring agreement are lending fees and interest which are charged through the P&L. In addition, during the period some cash advances were paid in by the group as promissory notes and then eventually brought under the factoring based on the Company's intent and ability to repay. In addition, with each recourse notice involving a share issuance, any gain resulting from the difference between the contractual conversion price and market price is booked through the profit & loss as "Other Elements". The factoring agreement does not contain any embedded derivatives that require subsequent fair value measurement under IFRS.

The other secured instruments being convertible debentures include an OID and in some cases interest charges. One instrument includes a lending and monitoring fee as well as interest and these are booked regularly through the P&L as finance expenses. Amortisation of the OID and accretion of the instrument value is also booked and as these have derivatives, Black Scholes pricing is used with similar assumptions as mentioned above.

Given the significant balance of amounts owing under the factoring facility and convertible debentures, and that these arise from transactions with parties connected to an independent Board member of NuRAN, the Company takes several steps to maintain a system of independent oversight when considering these transactions. First the Company has adopted a Code of Business Conduct and Ethics sanctioned by the Board that details specific steps that the Company should take in dealing with these transactions in order to ensure all related party transactions are conducted on an arm's length basis and in the best interests of the company and shareholders. Second, in all matters concerning related party transactions the Board takes a number of steps to maintain independence including disclosure whereby the board member with the potential conflict fully discloses the nature and extent of their interest before the transaction is discussed and in addition, that director does not participate in any discussion, negotiation, or decision related to the transaction. Third, members of the audit committee review and evaluate all related-party transactions including seeking independent, external advice if needed, which has been the case for the factoring and restructuring transaction. While NuRAN can benefit from sourcing finance from connected parties given their knowledge and understanding of the Company, it recognizes the need to follow strict policies to protect its stakeholders' interests.

**Equity Investments Supporting Lender's Facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on accelerating discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company has amended the NaaS contract with Orange DRC to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Additionally, during discussions regarding the valuation of NuRAN Africa Holding, potential equity partners have expressed concerns about the short-term convertible debt facility at the NuRAN Canada level. Management has initiated discussions with its debt holders regarding the potential conversion to equity. As a result, the Company put a proposed restructuring of debt along with a private placement and consolidation of its common shares to shareholder vote at its AGSM held in October 2025. Approval of these means NuRAN shall have better access to capital markets and also improve its capital structure with less debt overall.

Results in Cameroon, while being impacted by the afore-mentioned billing system error, are still on target with management's initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is a key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy of reselling Orange products and services that has already shown growth in user adoption and traffic.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing NuRAN's concentration risk. The US$5M bridge facility from Cygnum Capital and US$1.6M private placement along with the 2024 announced US$15M Term Sheet including a possible increase to a US$70M Facility continues to support management's efforts to raise equity. This financing, when completed, is expected to support the rollout of up to 600 sites across a number of countries to further diversify its revenue sources. Timing of this rollout is uncertain as the US$15M facility is contingent on an equity injection to NuRAN Africa Holding of a minimum of US$10M as mentioned above. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast deployments.

All the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of July 2024, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

The following section discusses the Company's financial performance based on consolidated financial statements for the six months ended June 30, 2025 and 2024.

***Factors Concerning the Company's Financial Performance and Results of Operations***

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, started to generate sales with first sites live and should produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries.

Some of NuRAN's NaaS agreements include a guaranteed minimum revenue monthly fee (GMR) to ensure a return on each site, covering costs and interest. Recently, with high network performance, the Company is transitioning to a threshold model, whereby revenue is retained up the threshold but allowing them to retain more revenue and retain ownership of the sites. Under IFRS, current contracts require NuRAN to record site sales when operational, impacting revenue and gross profit margins. Future contracts without site transfer will better reflect invoicing and economic results. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees. This shift aims to create a stable and recurring revenue stream post-rollout completion.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running, however management recognises that, given the stage of NaaS rollout and implementation, the Company is likely to be loss-making for some time. To achieve an acceptable net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys, achievable through the NaaS model.

**Tower Outlook Disclosure**

Regarding the outlook for site deployment, management reported on the status of its expected deployment of NaaS sites. In order to improve the accuracy of development plan expectations, management is pursuing site development in phases that are determined based on the confirmed availability of funds for a specific phase. As an example, the cash generated from its operation in Africa, the US$5M facility, local Cameroon financing and the investment in August from a long-time shareholder are now contributing to the delivery of at least 600 sites. As of the date of this MD&A, a total drawdown of US$4.55M has been received with a remainder US$0.45M from the US$5M Facility from Cygnum Capital. Supported by continued cashflow from operations, subsequent drawdowns will fund the ongoing deployment plans.

As a result of the Company's ongoing financing efforts, management continued to increase its pipeline of financing options from other groups with expressions of interest of over US$80M including the US$15M term sheet announced in May and agreed mandate to further increase this amount. With the Company's contributed equity in NuRAN Wireless (Africa) Holding supporting this long-term debt, the additional financing options available, and cash generated in its subsidiaries, NuRAN is committed to showing regular progress in building the planned number of operating sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Outstanding share Data**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;December 31, 2023 |
| &nbsp;&nbsp;Common shares, voting and participating | &nbsp;&nbsp;74194132 | &nbsp;&nbsp;58694132 | &nbsp;&nbsp;43043579 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;30164206 | &nbsp;&nbsp;18539206 | &nbsp;&nbsp;11911105 |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;2870000 | &nbsp;&nbsp;3305000 |

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As at June 30, 2025 the Company had 74,194,132 common shares outstanding. Subsequent to this date, and as the date of this MD&A, the number of shares increased to 109,194,132 as a result of a private placement of CA$1.5 million issuing 30 million shares closed in August and a recourse related to the Factoring Agreement issuing 5 million shares in July. As at June 30, 2025, the Company has convertible debt instruments in issue which, if fully converted, would result in the issuance of 81,848,208 common shares. This includes 44,876,505 common shares related to Loans Payable, primarily the factoring agreement which is capped at 35 million as per the 6<sup>th</sup> Amending Agreement, 23,536,772 relating to secured and unsecured Convertible Debentures and 13,434,931 relating to unsecured Convertible Debenture and Derivative Liabilities.

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the second quarter condensed interim consolidated financial statements of the Company as at June 30, 2025, and 2024 and for the periods then ended:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-months ended June 30, 2025** | **Three-months ended June 30, 2024** | **Six-months ended June 30, 2025** | **Six-months ended June 30, 2024** |
| &nbsp;&nbsp;Total revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$627920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1512457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2909754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2085634 |
| &nbsp;&nbsp;Total loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3542950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2425969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5319261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4882809) |
| &nbsp;&nbsp;Net loss per share – basic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
| &nbsp;&nbsp;Net loss per share – diluted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.10) |
|  | **Six-months ended June 30, 2025** | **Six-months ended June 30, 2024** |  |  |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25619640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21899246 |  |  |
| &nbsp;&nbsp;Total non-current financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173043 |  |  |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

**RESULTS OF OPERATIONS**

**Revenue**

Revenue for the six-month period ended June 30, 2025 of $2,909,754 was an increase of $824,120 from the six-month period ended June 30, 2024 ($815,473 increase for the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023).

Of the total revenue for the six-month period ended June 30, 2025, $1,649,146 was NaaS service revenue from site operations. In addition to this, the Company recognised $664,690 that was an adjustment to comply with IFRS 15, which as mentioned earlier requires that we recognize a sale of the site and cost when it becomes operational. Over 90% of NaaS revenue relates to Cameroon and the remainder to DRC. Other revenue was related to product sales, of $290,234 and an adjustment of $305,684 on NaaS service revenue for the six-month period ended June 30, 2025. This adjustment represents the expected up-lift from final resolution of unbilled traffic identified during the review of international billing which impacted Cameroon NaaS service revenue, as well as the IFRS 15 adjustment relating to the same issue. The adjustment was provisionally booked in Canada to avoid complications with local reporting until final resolution can be confirmed.

**Gross Profit**

Gross profit for the six-month period ended June 30, 2025 increased by $444,669 compared to the six-month period ended June 30, 2024 (decreased by $1,202,180 for the six-month period ended June 30, 2024 compared to the six-month period ended June 30, 2023).

Gross margin for the six-month period ended June 30, 2025 decreased to 57.66% from 59.12% for the six-month period ended June 30, 2024 (increased to 59.12% for the six-month period ended June 30, 2024 from 2.42% for the six-month period ended June 30, 2023).

The overall gross margin is more in line with the Company's projections based on the level of direct costs for the NaaS offering, including VSAT. Overall, the six-month period ended June 30, 2025 NaaS gross margin was 59%, and 82% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method, now in place in DRC, will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site is being closely managed to maximize gross profit.

**Expenses** 

During the six-month period ended June 30, 2025, total expenses decreased by $835,929 from the six-month period ended June 30, 2024 (for the six-month period ended June 30, 2024 total expenses increased by $1,109,161 from the six-month period ended June 30, 2023). In aggregate, operating cost categories including selling, administrative and research and development decreased by approx. $600k over 2024 as management continued cost containment initiatives while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. Financial expenses increased by approx. $900k because of the greater short term debt load, higher interest costs and foreign exchange impact. Approximately 90% of financial expenses are non-cash charges. A one-time reversal of previously charged share-based compensation resulted in a credit of $692k.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the six-month period ended June 30, 2025 increased to $5,319,261 from the six-month period ended June 30, 2024 loss of $4,882,809, an increase of $436,452 (for the six-month period ended June 30, 2024 decreased to $4,882,809 from the six-month period ended June 30, 2023 loss of $6,175,514). The change for the six-month period ended June 30, 2025 was a result of an increase in gross profit and a reduction in selling, administrative and R&D costs partially offset by the increase in financial expenses.

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the six-month period ended June 30, 2025 was a net gain of $488,459 compared with a net loss of $302,608 for the six-month period ended June 30, 2024. The Total Comprehensive Loss for the six-month period ended June 30, 2025 increased to $5,701,028 compared to $4,830,802 for the six-month period ended June 30, 2024 (a Total Comprehensive Loss of $5,185,417 for the six-month period ended June 30, 2024 compared to a Total Comprehensive Loss of $6,039,942 for the six-month period ended June 30, 2023).

**Expenses** 

Below is a discussion of the expenses for the six-month period ended June 30, 2025, and the six-month period ended June 30, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **% change from 2024** |
| &nbsp;&nbsp;Selling expenses | 372429 | 388173 | -4.06% |
| &nbsp;&nbsp;Administrative expenses | 2088174 | 2959948 | -29.45% |
| &nbsp;&nbsp;Share-based compensation | (691924) |  | -100% |
| &nbsp;&nbsp;Financial expenses | 4196101 | 3296540 | +27.29% |
| &nbsp;&nbsp;Research and development costs | 536745 | 248124 | +117.53% |
|  | 4196101 | 6892785 | -39.12% |

---

***Selling expenses***

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the IR online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

***Administrative expenses***

Administrative expenses consist of staff remuneration, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs decreased from the previous period as a result of cost containment measures as well as an adjustment for prior year employee share-based compensation expenses.

MANAGEMENT'S DISCUSSION AND ANALYSIS

***Financial expenses***

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing and gain/loss on foreign exchange. The increase in financial expenses for the six-month period ended June 30, 2025, compared to the six-month period ended June 30, 2024, is mainly a result of the higher short term debt load, higher interest costs and foreign exchange impact of foreign currency denominated obligations.

***Research and development***

Research and development costs for the six-month period ended June 30, 2025 increased over the six-month period ended June 30, 2024 as the Company continued to focus on continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. The Company continues with its efforts to have group operating costs covered by NaaS revenue so that any new funds raised can be directed to site construction and servicing and repaying other debt. This will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

**SUMMARY OF QUARTERLY RESULTS** 

---

| | | | |
|:---|:---|:---|:---|
| **Three Months Ended** | **Total revenues ($)** | **Total loss ($)** | **Basic and Diluted Loss**<br> **Per Share**<br> **($)** |
| 30-Jun-25 | 627920 | (3542950) | (0.05) |
| 31-Mar 25 | 2209079 | (1689530) | (0.03) |
| 31-Dec-24 | 663422 | (371968) | (0.01) |
| 30-Sep-24 | 1563061 | (3220575) | (0.06) |
| 30-Jun-24 | 1512457 | (2425969) | (0.05) |
| 31-Mar-24 | 572727 | (2355685) | (0.05) |
| 31-Dec-23 | 1125235 | (2861581) | (0.07) |
| 30-Sep-23 | 797067 | (3302317) | (0.08) |
| 30-Jun-23 | 602255 | (2823600) | (0.07) |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Second Quarter**

During the three months ended June 30, 2025, the Company recognised revenues of $627,920 compared to $1,512,457 during the three months ended June 30, 2024, a decrease of $884,537. Although NaaS revenue is anticipated to remain stable and sustainable, CAPEX sales are unpredictable and may sometimes positively influence a given quarter compared to other quarters in the same year or the same quarter of the previous year. The three months ended June 30, 2025 decrease is actually due to $306k lower CAPEX sale revenue in NuRAN Canada. In addition, recognised NaaS revenue in Cameroon was $561k lower because of a reversal of overstated Q1 revenue resulting from the international billing issue. Q2 2024 NaaS revenue in Cameroon was also higher due to $557k that was booked relating to arrears for NaaS service revenue from 2023. DRC NAAS revenue was also $23k lower in 2025. The above differences were offset by the $306k adjustment mentioned on page 23 as well as IFRS 15 revenue recognised in NuRAN Africa which was $258k higher as a result of recognition of the sale of sites in 2025. There was no IFRS 15 adjustment related to DRC because of the amendment of the NaaS agreement.

During the three months ended June 30, 2025, the Company generated gross margin of $(249,087) compared to $1,188,180 during the three months ended June 30, 2024, a decrease of $1,437,267. The reduction was due to the reduction in reported revenue as well as higher Cost of Goods Sold costs in NuRAN Africa related to IFRS 15 site sales which had a higher recognised cost per site.

During the three months ended June 30, 2025, the Company incurred a net loss of $3,542,950 compared to net loss of $2,425,969 for the three months ended June 30, 2024. The reduction in gross profit of $1.4m was partially offset by a reduction in operating expenses of $500k and contributed to further by the reversal of share-based compensation charges of $692k. In 2024 we also recognised a gain on debt settlement of $390k but in 2025 realised a loss on debt settlement, write-off of assets and loss on modification of the DRC NaaS agreement amounting to a cumulative $451k.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash decreased to $113,117 as at June 30, 2025, from $228,979 as at June 30, 2024. Current assets increased to $16,046,643 as at June 30, 2025, from $14,152,936 as at June 30, 2024 due to increases in Trade and other receivables, inventories, work in progress and security deposits offset by a reduction in accrued revenues brought about partially by the reversal of IFRS 15 accounting treatment in the DRC.

NuRAN's operations are geared to increasing the installed base of owned and operated NaaS sites. Due to the long-term nature of these contracts and the recurring nature of revenue, the Company expects that over time, from a contracted backlog of over 5,000 sites, it will be able to generate a sufficient and significant amount of cash to cover its obligations. While funding efforts have delayed the NaaS build-out, the performance of the existing sites that has been achieved thus far confirms the viability of management's expectation. The short-term objective is to cover all group operating costs on a monthly basis and beyond this, a sufficient surplus such that build-out of all remaining sites is covered without the need to resort to additional debt or equity funding. During the coming period, the Company will also direct some cash to paying trade and other payables, meeting its obligations with regard to deferred revenue and settling loans payable. Currently the Company has less than 4% of the contracted number of sites in operation and execution risk of the development plan is probably the most important observed issue. This has been exacerbated by the already mentioned aborted financing attempt with the EIB/Finnfund and extremely difficult financial market conditions which put the company's funding plans at least 2 years behind.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The business is split in line with its geographical footprint with Research and Development as well as production of its core WIS products centered in Canada. Project management and operations support, procurement, network monitoring and administration are also centered in Canada. The NaaS operations including site construction and bulk of the revenue generation is focused in Africa. In order to manage liquidity, the Company must provide sufficient working capital for the Canadian operations. Most of the Canadian costs are payroll related with no ability to postpone payments and although there are some sales of equipment and services from Canada to third parties, the contribution from this is sporadic and difficult to plan. NuRAN cross-charges these services to subsidiaries so ultimately repayment of these obligations from subsidiaries will provide the company with the liquidity it requires.

Site construction is itself not a time intensive activity – what takes time is the procurement and logistics leading up to this. The NaaS offering has 4 key components – radio base stations supplied by NuRAN, power systems (solar panels and batteries), VSAT satellite terminals and the towers themselves. NuRAN must manage its supply chain for base station components and in addition must manage a global supply chain for the other components. From start to finish the working capital needs span at least 6 months or more. Power systems have proven to be the most difficult given the use of hazardous materials including lithium batteries. Recent attention on lithium as a precious mineral, rising demand for electrification and global supply chain challenges following Covid have all added to the complexity. In the second half of 2024, delays in power deliveries doubled the lead times.

The last element of the site construction process is the local activities including equipment logistics, environmental compliance, site identification and acquisition, installation and commissioning. Local African companies are used almost exclusively for this activity but being at the end of a relatively uncertain lead period means managing these relationships brings added challenges. This is to say nothing of local factors such as weather and security which are very real risks in the sub-Saharan. While NuRAN maintains a minimal workforce, the long lead times and execution challenges put strain on cashflow – time is the enemy and ideally NuRAN should have 6-12 months of working capital at any one time.

NuRAN management has been able to sustain extended payment timelines with suppliers and lenders given the potential that the NaaS solution and backlog provides. It closely manages supplier relationships, matching payments with revenue generated as much as possible. In addition, the short-term lending, particularly the factoring facility, is structured almost as an equity-risk instrument limiting repayment obligations and allowing for the use of share issuances.

In the medium term, NuRAN plans to continue to build its NaaS base to generate additional cash. Some of these funds will ultimately be upstreamed to Canada as a way to satisfy obligations. NuRAN manages its foreign currency, translation, convertibility and transfer risk on an ongoing basis as this is a very important element of cash management. It uses such tools as local currency facilities and matches costs to sources including revenue, borrowings and equity. In the short term, repaying outstanding accounts payable and servicing debt will come from planned equity raises to support committed debt facilities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Of the $14,254,298 in trade and other payables, the majority is attributable to various suppliers and consulting partners. The Company intends to address these obligations through measures such as structured payment plans, allocation of equipment/service sales margin contributions, write-offs, and/or settlement in shares, where applicable.

Within loans payable totaling $16,847,562, an amount of $5,357,770 is owed to Cygnum Capital and pertains to infrastructure investments in NuRAN's NaaS business. This short-term, two-year bridge facility is anticipated to be converted into a long-term arrangement, and discussions on this transition are currently underway. The remaining balance primarily relates to Advanced Factoring, which has proposed a restructuring transaction involving settlement in shares.

Should the Restructuring transaction proceed, it is expected to transform the current shareholder deficiency into a surplus. This proposal was approved at the Annual General and Special Meeting (AGSM) held in October and details are now being finalised.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. The Company has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. It is also pursuing the Restructuring of its short-term credit facilities in order to strengthen its balance sheet. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites. It has transitioned some inventory from DRC to Cameroon as a means of improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of this MD&A the Company has placed on hold any effort to pursue the development of this network.

While the company remains reliant on external funding for CAPEX spending and short-term debt repayment and restructuring, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the recent US$5M Loan facility (with a possible increase related to Ivory Coast and Benin), the US$1.6M private placement and the term sheet and mandate letter aimed at raising up to US$70 million, management believes that the company will be able to raise the necessary financing, and that its financial position is expected to improve significantly. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**RISKS and Uncertainties**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Recourse Factoring Agreement**

The Factoring Agreement dated August 28, 2023 and subsequently amended, remains a significant event for the Company. As at June 30, 2025, the Company had factored receivables totaling $26.8 for $11.1 million in proceeds ("Purchase Amount"). If the Factor is unable to collect these receivables, the Company is obligated to pay the Factor either 145% of the Purchase Amount or issue up to 80,000,000 common shares and 60,000,000 warrants ("Units") as settlement. This obligation introduces substantial performance risk and credit risk, as well as potential dilution for shareholders should settlement occur in equity.

**Arrangement Fee Shares** 

In connection with the Factoring Agreement, the Company agreed to pay arrangement fees in the form of common shares ("Fee Shares"), with 2,500,000 Fee Shares issued at initial closing and a further 1,900,000 Fee Shares issued in January 2024. These issuances had a direct impact on equity and dilution risk.

**Materiality and Amendments:** 

The Factoring Agreement and its amendments are materially relative to the Company's total assets of $25,619,640 and 74,194,132 common shares outstanding as at June 30, 2025. Amendments to the agreement have resulted in losses from debt modification and may impact on future financial results and cash flow.

**Unbilled Receivables & Performance Obligations** 

Some factored receivables may be unbilled, with performance obligations remaining unsatisfied, which presents additional uncertainty regarding timing of revenue recognition and cash collection.

**Liquidity and Cash Resources:** 

The Company's limited cash resources, especially in the event of recourse under the Factoring Agreement, represent a significant uncertainty that may materially affect future performance and ability to meet obligations.

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of our product research and development expenses, integration services, customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

**Competition**

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals**

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends**

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know-how.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Protection of Intellectual Property**

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers**

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Over time, as the NaaS business has gained in importance, an increasing proportion of sales are derived outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase. Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Intellectual Property Risks**

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.65

**Exhibit 99.65**

**Form 52-109F2R**

 ***Certification of Refiled Interim Filings***

This certificate is being filed on the same date that **Nuran Wireless Inc.** has refiled its amended and restated interim MD&A for the six months ended June 30, 2025.

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim amended and restated
 MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the
 "issuer") for the interim period ended **June 30, 2025.** 

2. **No misrepresentations:** Based on my knowledge, having exercised reasonable diligence,
 the amended & restated interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with
 respect to the period covered by the amended & restated interim filings.

3. **Fair presentation:** Based on my knowledge, having exercised reasonable diligence, the amended
 & restated interim financial report together with the other financial information
 included in the amended & restated interim filings fairly present in all material
 respects the financial condition, financial performance and cash flows of the issuer,
 as of the date of and for the periods presented in the amended & restated interim
 filings.

Date: December 1, 2025

*/s/ "Francis Letourneau"*

**Francis Letourneau**

Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls
 and other procedures designed to provide reasonable assurance that information required
 to be disclosed by the issuer in its annual filings, interim filings or other reports
 filed or submitted under securities legislation is recorded, processed, summarized and
 reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.66

**Exhibit 99.66**

**Form 52-109F2R**

**Certification of Refiled Interim Filings**

This certificate is being filed on the same date that **Nuran Wireless Inc.** has refiled its amended and restated interim MD&A for the six months ended June 30, 2025.

I, **Jim Bailey, Chief Financial Officer of Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and interim amended and restated
 MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the
 "issuer") for the interim period ended **June 30, 2025.** 

2. **No misrepresentations:** Based on my knowledge, having exercised reasonable diligence,
 the amended & restated interim filings do not contain any untrue statement of a material
 fact or omit to state a material fact required to be stated or that is necessary to make
 a statement not misleading in light of the circumstances under which it was made, with
 respect to the period covered by the amended & restated interim filings.

3. **Fair presentation:** Based on my knowledge, having exercised reasonable diligence, the amended
 & restated interim financial report together with the other financial information
 included in the amended & restated interim filings fairly present in all material
 respects the financial condition, financial performance and cash flows of the issuer,
 as of the date of and for the periods presented in the amended & restated interim
 filings.

Date: December 1, 2025

*/s/ "Jim Bailey"*

**Jim Bailey**

Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls
 and other procedures designed to provide reasonable assurance that information required
 to be disclosed by the issuer in its annual filings, interim filings or other reports
 filed or submitted under securities legislation is recorded, processed, summarized and
 reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.67

**Exhibit 99.67**

**PRESS RELEASE** <br>

**FOR IMMEDIATE RELEASE**

**NURAN WIRELESS Reports Third Quarter** 

**2025 Financial Results**

**Quebec, QC, Canada, December 2<sup>nd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce its financial results for the quarter ended September 30, 2025.

Highlights of the Company's financial results for the nine months ended September 30, 2025, include the following:

● Revenue of $3,548,865 compared to $3,688,827, for the nine months ended September 30, 2024, a decrease of 3.7%. This includes $2,334,908 attributable to the Network as a Service (''NaaS'') revenue generating 80% gross margin.

● Gross profit of $2,189,662 (62%) for the nine months ended September 30, 2025, compared to $2,028,747 (55%) in 2024, an increase of $160,915 or 8%.

● Total expenses of $10,129,106 compared to $11,135,470 for the nine months ended September 30, 2024, a decrease of 9%. Savings in selling and administrative expenses were offset by increased financial expenses related to debt service costs of short-term borrowings and the Cygnum Capital facility as well as foreign exchange losses with most of these charges being non-cash.

● Net Loss of $8,424,579 compared to $8,131,565 for the nine months ended September 30, 2024, an increase of 3.6%.

**Highlights from the Quarter:**

● On July 18, 2025, NuRAN announced that it has initiated negotiations with its current debt holders and with new potential institutional investors and lenders to raise additional operating funds. The plan is to potentially restructure or replace much of its outstanding current debt instruments with better terms.

● On August 26, 2025, the Company announced that it completed an initial step towards this objective by closing a non-brokered private placement for proceeds of $1.5M to be used for working capital purposes and payment of short-term debt. The Common Shares issued under the private placement are subject to a statutory hold period expiring December 26, 2025. The Company has decided to close this Private Placement currently to ensure that it has sufficient working capital for the duration of the discussions.

**PRESS RELEASE** <br>

● On September 4, 2025, the Company announced the award of a contract worth approximately CA$7.2M by a state-owned Mobile Network Operator (MNO) for a major network expansion project in a rural region of West Africa. The agreement is structured as a CAPEX contract valued at approximately CA$7.2M and provides for the deployment of up to 200 sites to expand mobile coverage to underserved communities.

● On September 12, 2025, the Company announced it has received authorization from the approval committee for its infrastructure license to operate telecom sites in the Democratic Republic of The Congo ("DRC"). The authorization was confirmed through the issuance of the license fee invoice, which has now been settled.

● On September 29, 2025, the Company announced that it has received approval for the third drawdown of US$1M from the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital.

**BCSC Continuous Disclosure Review**

After <u>the September 26, 2025 announcement regarding NuRAN's ongoing disclosure deficiencies</u>, management worked diligently with the British Columbia Securities Commission (BCSC) to meet the requirements of National Instrument 51-102 Continuous Disclosure Obligations, amongst others. The Company is pleased to announce that on December 1, 2025, it was removed from the Default Issuers list, following a thorough review by the BCSC. This review concluded with the filing of Q3 Financial Statements and Management Discussion and Analysis (MD&A), as well as an amended MD&A for the six months ending June 30, 2025. These MD&As now include essential additional disclosures required by National Instrument 51-102 including sections addressing topics such as the proposed "Restructuring Transaction," international tariffs and their potential effects, material contracts and related financial impacts, changes to Future-Oriented Financial Information (FOFI) and promotional statements, along with expanded financial details and clarified risk factors. The Company has filed all mandatory documentation pertaining to changes considered to be material.

**Proposed Restructuring Transaction**

Approved during the recent <u>Annual General and Special Meeting ("AGSM") concluded on October 29, 2025</u>, the Company is now pursuing the Restructuring Transaction. Management shall inform its shareholders on the upcoming steps.

**PRESS RELEASE** <br>

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

<u>Frank.candido@nuranwireless.com</u>

Tel: (514) 969-5531

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

***Forward Looking Statements***

*This news release contains forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of NuRAN, that may cause the actual results, level of activity, performance or achievements of NuRAN to be materially different from those expressed or implied by such forward looking statements, including but not limited to management's business strategy for 2025. Although NuRAN has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause NuRAN''s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither NuRAN assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com.*

## Exhibit 99.68

**Exhibit 99.68**

**PRESS RELEASE** <br>

**For immediate release**

**NuRAN Announces Intention to Complete Consolidation in preparation to the Restructuring Transaction**

**Quebec, QC, Canada, December 5<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading provider of mobile and broadband wireless infrastructure, announces that the board of directors of the Company (the "**Board**") has approved a consolidation of its issued and outstanding common shares ("**Common Shares**") on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares (the "**Consolidation**"). This Consolidation was approved by the Company's shareholders at the shareholders meeting held on October 22, 2025, where shareholder approval was given to undertake a consolidation of the Company's Common Shares at a ratio to be determined by the Board, at its sole discretion, to permit the Corporation to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, NYSE or such other U.S. national securities exchange as the Board may determine in its sole discretion.

The Board has set December 9, 2025, as the effective date of the Consolidation and anticipates the Common Shares to trade on a post-consolidated basis effective December 9, 2025, subject to final confirmation from the Canadian Securities Exchange (the "**CSE**").

Upon the completion of the Consolidation, the CUSIP and ISIN of the Common Shares will be changed to 67059X304 and CA67059X3040, respectively. The Company's name and stock symbols shall remain unchanged.

After giving effect to the Consolidation, the Common Shares will be reduced from 122,830,494 to approximately 409,436 Common Shares. No fractional Common Shares will be issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation will be rounded to the next whole number, otherwise, the fractional Common Share will be cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company's outstanding convertible securities will be proportionately adjusted in connection with the Consolidation.

The Consolidation is being conducted on a "push-out" basis. Shareholders of the Company without physical share certificates do not need to take any action with respect to the Consolidation, as they will automatically receive new DRS advice representing the post-Consolidation Common Shares.

**Update on the Restructuring Transaction**

In connection with the Restructuring Transaction, which was approved by the Company's shareholders at the shareholders meeting held on October 29, 2025, the Company intends to finalize settlement agreements and subscription agreements (together, the "**Restructuring Agreements**") with debt holders and new investors (together, the "**Subscribers**") relating to the Restructuring Transaction to be effective as of the Restructuring Closing Date (as defined below).

As discussed in the Company circular dated September 9, 2025, and the Company's news release dated September 26, 2025, the Restructuring Agreements are designed to ensure that sufficient debt of the Company will be converted to equity to increase the shareholder deficit on the Company's balance sheet and raise additional funds for the Company.

**PRESS RELEASE** <br>

In connection with the Restructuring Transaction, the Subscribers will agree to convert up to $26,300,000 of debt and invest $3,700,000 for units of the Company (the "**Units**"), at a price per Unit (the "**Issue Price**") equal to ten-day volume weighted average price of the Common Shares on the CSE, for the first ten trading days during which the post-consolidated Common Share trade on a post-Consolidation basis, subject to the floor price, if required, by the CSE's policies. The effective closing date (the "**Restructuring Closing Date**") for the Restructuring Agreements will be following market close on the day when the Issue Price is determined.

Each Unit will consist of: (i) one post-consolidated Common Share, and (ii) one half of one (1/2) post-consolidated Common Shares purchase warrant (each whole warrant, a "**Warrant**"). Each whole Warrant will entitle the holder thereof to acquire one post-consolidated Common Share (each, a "**Warrant Share**") at an exercise price of 150% of the Issue Price per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is five (5) years following the date of issuance.

The cash proceeds raised from the Restructuring Transaction will be used by the Company for working capital purposes. The Shares and Warrant Shares are subject to a statutory four month and one day hold period, and such further restrictions as may apply under foreign securities laws.

**Additional Demand for Units**

Following the announcement of the Restructuring Transaction, the Company was approached by additional debt holders, service providers, and potential investors, who expressed willingness to participate in the Restructuring Transaction, which was already fully allocated. As such, following the closing of the Restructuring Transaction, the Company may settle additional debt and payables, and/or raise additional equity, concurrent to or following the Restructuring Closing Date, by issuing Units at the Issue Price.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

**PRESS RELEASE** <br>

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to completion of the Consolidation, and timing and effect thereof, to completion of the Restructuring Transaction, and timing and effect thereof, to completion of the additional demand for Units, and timing and effect thereof.* 

*Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.69

**Exhibit 99.69**

**PRESS RELEASE** <br>

**For immediate release**

**NuRAN Announces Intention to Close the Restructuring Transaction and Additional Debt Settlements**

**Quebec, QC, Canada, December 16<sup>th</sup>, 2025** – NuRAN Wireless Inc. ("**NuRAN**" or the "**Company**") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading provider of mobile and broadband wireless infrastructure, announces that further to its <u>press release dated December 5, 2025</u> (the "**Dec 5 NR**"), the Company intends to close the Restructuring Transaction on December 23, 2025. As described in the Dec 5 NR, the Restructuring Transaction will result in the Company issuing an aggregate of $30,000,000 of Units (as defined in the Dec 5 NR), at the Issue Price (as defined in the Dec 5 NR) per Unit.

In addition, as detailed in the Dec 5, NR, the Company has been working to raise up to an additional $5,500,000 of Units, to provide the company with additional working capital, and to settle up to an additional $5,500,000 owed to other debt holders and services providers, who are willing to settle the amounts they are owed into Units at the Issue Price for a total of up to $11,000,000. Currently the Company has received commitments for an additional $1,500,000 of additional cash subscriptions, and $2,500,000 of debt settlements with existing debt holders and services providers. The closing of these additional amounts may be concurrent to or following the closing of the Restructuring Transaction, but will mirror the same terms of the Restructuring Transaction.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

Frank Candido

Investor relations

Frank.candido@nuranwireless.com

Tel: (514) 969-5530

**PRESS RELEASE** <br>

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to completion of the Consolidation, and timing and effect thereof, to completion of the Restructuring Transaction, and timing and effect thereof, to completion of the additional demand for Units, and timing and effect thereof.* 

*Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.70

**Exhibit 99.70**

---

| | |
|:---|:---|
| ![](img001_v1.jpg) | **PRESS RELEASE** |

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**For Immediate release**

**NuRAN Restores Sites in Ghana and Resumes Network Deployment Activities in the Democratic Republic of the Congo**

**Quebec, QC, Canada – December 22<sup>nd</sup>, 2025** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to provide an operational update on its network activities in Ghana and the Democratic Republic of the Congo ("DRC").

As previously mentioned in <u>the press release dated September 2, 2025</u>, ongoing initiatives such as the Cameroon rollout, relocation of low-traffic sites in the DRC, resumption of operations in Ghana following the MOU, new country deployments, and 3G network expansion remain actively underway.

In Ghana, NuRAN has successfully restored all seven (7) sites, bringing them fully back on air. This milestone ensures the continuity of mobile services and reinforces network reliability for the communities served.

While site deployment in Cameroon is ongoing, site relocation activities in the DRC have resumed, with a new site successfully relocated and integrated into the network. Additional site relocations are currently underway and are expected to come online in the coming days as deployment activities accelerate.

<u>As announced concurrently with the Cygnum drawdown</u>, the Company is actively working toward the deployment of 50 additional sites. Combined with the ongoing Cameroon rollout and the DRC relocation program, these 50 additional sites are targeted for activation to unlock the final drawdown of USD 450,000.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

<u>Francis.letourneau@nuranwireless.com</u><br> Tel: (418) 264-1337

Frank Candido

Investor relations

<u>Frank.candido@nuranwireless.com</u>

Tel: (514) 969-5530

Neither the Canadian Securities Exchange nor its Market Regulator (as defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases, or by statements that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include, but are not limited to, statements relating to the restoration and continued operation of network sites in Ghana, the resumption and timing of deployment activities in the Democratic Republic of the Congo, the successful commissioning of additional sites in the coming days, the performance, reliability and sustainability of the restored and newly deployed infrastructure, and the Company's ability to execute its deployment plans in accordance with its operational objectives.*

*Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.*

*Such risks and uncertainties include, but are not limited to, risks relating to the Company's ability to maintain and operate restored sites, complete additional site deployments within anticipated timelines, secure access to sites and infrastructure, manage logistics and supply chains, obtain and maintain required permits and regulatory approvals, operate in remote or challenging environments, retain key personnel, manage relationships with local partners and mobile network operators, and comply with applicable local laws and regulations. Additional risks include general economic conditions, political and security conditions in the regions of operation, foreign exchange fluctuations, access to capital and financing, and risks related to the Company's operations in Africa.*

*Accordingly, readers should not place undue reliance on forward-looking statements. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management.*

## Exhibit 99.71

**Exhibit 99.71**

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| | |
|:---|:---|
| ![](img001_v1.jpg) | **PRESS RELEASE** |

---

**For Immediate release**

**NuRAN Announces Closing of the Restructuring Transaction and Initial Tranche of Additional Debt Settlements**

**Quebec, QC, Canada, December 23, 2025** – NuRAN Wireless Inc. ("**NuRAN**" or the "**Company**") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading provider of mobile and broadband wireless infrastructure, announces that further to its press releases <u>dated December 5, 2025</u> (the "**Dec 5 NR**") and <u>December 16, 2025</u> (the "**Dec 16 NR**"), the Company closed the Restructuring Transaction on December 22, 2025. As described in the Dec 5 NR, the Restructuring Transaction resulted in the Company issuing an aggregate of 10,380,618 Units (as defined in the Dec 5 NR), at $2.89 per Unit, which included cash subscriptions of $3,025,068, debt settlements of $6,127,629 and the acquisition of the factoring company for $20,802,303.09.

In addition, as explained in the Dec 5 NR and the Dec 16 NR, the Company also closed an initial tranche of the additional amounts, issuing an aggregate of 2,124,580 Units, at $2.89 per Unit, which included cash subscriptions of $2,574,932, and debt settlements of $3,565,127. The company is working towards closing out the remaining room in the additional amounts prior to the fiscal year end.

All securities issued are subject to a statutory four month and one day hold period, and such further restrictions as may apply under foreign securities laws.

In addition, the Company is pleased to announce the appointment of Joseph Labkowski as a director of the Company. Joseph Labkowski is a non-profit chief executive with over 20 years of experience in strategy, operations, and stakeholder management. Since 2004, he has served as Executive Director of the Chabad Jewish Center of Cape Coral, effectively functioning as its chief executive officer and overseeing budgeting, financial stewardship, staff and volunteer management, vendor and contractor oversight, and day-to-day operations. He has led multiple capital projects from concept through completion, including the planning, fundraising, and construction of a modern community center, initiatives that required long-range planning, disciplined budget control, coordination with local authorities, and continuous engagement with donors and other stakeholders. In this role, Mr. Labkowski works closely with boards, advisors, and public officials, regularly reporting on performance, risk, and policy implementation, and is known for clear communication and an ability to align diverse interests. He brings governance experience, stakeholder and community-relations skills, and oversight of long-term, capital-intensive projects, providing a complementary perspective to financially and technically focused directors on a public-company board.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to completion of the Consolidation, and timing and effect thereof, to completion of the Restructuring Transaction, and timing and effect thereof, to completion of the additional demand for Units, and timing and effect thereof.* 

*Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.72

**Exhibit 99.72**

---

| | |
|:---|:---|
| ![](img001_v1.jpg) | **PRESS RELEASE** |

---

**For Immediate release**

**NuRAN Announces Closing Second Tranche of Additional Debt Settlements**

**Quebec, QC, Canada, December 30, 2025** – NuRAN Wireless Inc. ("**NuRAN**" or the "**Company**") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading provider of mobile and broadband wireless infrastructure, announces that further to its press releases <u>dated December 5, 2025</u> (the "**Dec 5 NR**") and <u>December 16, 2025</u> (the "**Dec 16 NR**"), the Company closed a second tranche of the additional amounts, issuing an aggregate of 147,668 Units, at $2.89 per Unit, which included cash subscriptions of $190,116 and debt settlements of $236,648.

In connection with the Offering, the Company paid an aggregate cash commission of $2,609.20 to a registered dealer that introduced subscribers to the Company (the "Finder"), and issued 140 non-transferable Common Share purchase warrants to the Finder (with terms identical to the Warrants issued under the Offering).

All securities issued are subject to a statutory four month and one day hold period, and such further restrictions as may apply under foreign securities laws.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include those relating to completion of the Consolidation, and timing and effect thereof, to completion of the Restructuring Transaction, and timing and effect thereof, to completion of the additional demand for Units, and timing and effect thereof.* 

*Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.73

**Exhibit 99.73**

**FORM 51-102F3**

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

December 9, 2025

**Item 3: News Release** 

A news release disclosing the material change was issued on December 5, 2025. The news release announced the Board-approved consolidation of the Company's issued and outstanding common shares and was filed on the Company's SEDAR+ profile at www.sedarplus.ca.

**Item 4: Summary of Material Change** 

Effective December 9, 2025, the Company completed a consolidation of its issued and outstanding common shares ("**Common Shares**") on the basis of one (1) post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares (the "**Consolidation**") and in conjunction the Common Shares began trading on the Canadian Securities Exchange (the "**CSE**") on a 300:1 post-consolidated basis.

The Company's trading symbol remained "NUR" on the CSE. The Company's new CUSIP and ISIN numbers are 67059X304 and CA67059X3040, respectively.

**Item 5.1: Full Description of Material Change** 

On October 22, 2025, shareholders approved a consolidation of the Company's Common Shares at a ratio to be determined by the Board in its sole discretion to facilitate the Company's eligibility for listing on a U.S. national securities exchange. On December 5, 2025, the Board approved the Consolidation at a ratio of 300:1, with an effective date of December 9, 2025, subject to final confirmation from the CSE. After giving effect to the Consolidation, the number of issued and outstanding Common Shares decreased from 122,830,494 to approximately 409,436 Common Shares. No fractional Common Shares were issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation were rounded up to the next whole number; otherwise, the fractional common share was cancelled. The exercise price and/or conversion price and the number of Common Shares issuable under any of the Company's outstanding convertible securities were proportionately adjusted in connection with the Consolidation. The Consolidation was conducted on a push-out basis. Shareholders who hold their common shares in book-entry (DRS) form are not required to take any action, as they will automatically receive new DRS advice representing the post-Consolidation Common Shares.

**Item 5.2 Disclosure for Restructuring Transactions** 

Not applicable.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Chief Executive Officer and Director

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of January 13, 2026

## Exhibit 99.74

**Exhibit 99.74**

**NURAN WIRELESS INC.**

**NOTICE OF CHANGE OF AUDITORS**

---

| | |
|:---|:---|
| To: | Zeifmans LLP |
| And to: | Alberta Securities Commission |
|  | British Columbia Securities Commission |
|  | Ontario Securities Commission |

---

Dear Sirs/Madams:

Re: Notice Regarding Change of Auditor

Notice is hereby given that NuRAN Wireless Inc. (the "Company" or "NuRAN") has accepted the resignation of Zeifmans LLP from Toronto, Ontario (the "Predecessor Auditor") effective January 13th, 2026 and that SRCO Professional Corporation (the "Successor Auditor") has agreed to act as the Company's auditor effective January 13th, 2026.

In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company reports that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
 Predecessor Auditor resigned, on its own initiative effective January 13th, 2026

&nbsp;&nbsp;&nbsp;&nbsp;2. This
 Notice and letters from the Former Auditor and the Successor Auditor have been reviewed by
 the Company's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;3. the
 resignation of the Predecessor Auditor was considered by the Board of directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;4. there
 were no reservations nor was there a modified opinion in the Predecessor Auditor's
 reports in connection with the audits of the two most recently completed fiscal years and
 any period subsequent to the most recently completed fiscal year for which an audit report
 was issued and preceding the date of expiry of the former auditor's term of office;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. in
 the Corporation's opinion, there have been no "reportable events", as that
 term is defined in NI 51-102, between the Company and the Former Auditor preceding the resignation,
 and as of the date of this notice.

DATED as of the 14th day of January, 2026.

**NURAN WIRELESS INC.**

Per: /s/ "Brendan Purdy"

Brendan Purdy

Board Chair

## Exhibit 99.75

**Exhibit 99.75**

---

| | |
|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

---

**For Immediate release**

**NuRAN Launches its First 3G Site in Cameroon**

**Quebec, QC, Canada, January 28, 2026** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce the launch of its first 3G site in Cameroon, marking an important milestone in the company's network rollout in the country.

This deployment supports NuRAN's mission to expand mobile connectivity and improve access to reliable voice and data services in underserved communities. It also reflects the company's long-term commitment to developing telecommunications infrastructure across Africa.

**Change of Auditor**

The Company also announces that it has changed its auditor from Zeifmans LLP ("Former Auditor") to SRCO Professional Corporation ("Successor Auditor or SRCO") effective January 13, 2026. The change was approved by the Board of Directors to support the Company's efforts to meet Nasdaq listing requirements as previously disclosed in its <u>press release of September 26, 2025</u>.

The appointment of SRCO will be submitted for approval at the next Annual General Meeting of the Company.

The Former Auditor's reports on the two most recent financial statements and ending on December 31, 2024, did not contain any modifications or reservations, and there were no reportable events as defined in National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102").

In accordance with National Instrument 51-102, the Company has filed the Notice of Change of Auditor, together with the required letters under the Company's SEDAR profile at www.sedarplus.ca.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

---

| | |
|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved.* 

*Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.76

**Exhibit 99.76**

---

| | |
|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

---

**For Immediate release**

**NuRAN Provides Clarification and Corrections Regarding Restructuring Transaction Disclosure**

**Quebec, QC, Canada, January 28, 2026** – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), announces, further to its prior press release of December 23, 2025, that its acquisition of Advance Factoring Inc. (the "**Factor**") has resulted in a restructuring transaction within the meaning of National Instrument 51-102 **–** *Continuous Disclosure Obligations* (the "**Restructuring Transaction**"), and that the Company is in the process of preparing a material change report containing the disclosure required by section 14.2 of Form 51-102F5 – *Information Circular* in respect of the Factor.

**<u>Restatement and correction of prior disclosure</u>**

This news release restates and corrects certain information contained in the Company's press release dated <u>December 23, 2025</u>. In particular, the Company is correcting the disclosure on the following items:

-the amount of the debt settlements completed for $6,172,629, and

-for the initial tranche of the additional amounts, the Company issued an aggregate of 2,115,064 Units at a price of $2.89 per Unit, for aggregate gross proceeds consisting of cash subscriptions of $2,599,932 and debt settlements of $3,512,627.

**<u>Restructuring transaction and disclosure status</u>**

The Restructuring Transaction involves the acquisition by the Company of the Factor as part of a broader restructuring of the Company's financial position. On December 22<sup>nd</sup>, 2025, the Company issued an aggregate of 10,380,618 Units, at $2.89 per Unit, which included cash subscriptions of $3,025,068, debt settlements of $6,172,629, and the acquisition of the Factor for $20,802,303.09, and an aggregate of 2,115,064 Units at a price of $2.89 per Unit.

The Restructuring Transaction was implemented through the acquisition of the Factor, a private company whose principal assets consisted of factored receivables representing financial claims against the Company arising from prior factoring arrangements. The fundamental economic effect of this transaction is equivalent to a debt settlement in which the creditor's claim against the Company is extinguished through the issuance of Units. The consideration for the Factor was $20,802,303.09, comprised of 7,198,026 Units issued at $2.89 per Unit.

---

| | |
|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

---

The Restructuring Transaction structure was used as a legal and tax-efficient mechanism to effect the settlement and extinguishment of indebtedness owed by the Company, which allowed administrative efficiency and a 23% discount on the amounts owed.

As consideration for the acquisition of the Factor, the vendors of the Factor received common shares of the Company. Upon completion of the Restructuring Transaction, the vendors of the Factor held 55.80% of the Company's outstanding common shares, resulting in a change of control of the Company.

**<u>Regulatory status update</u>**

The British Columbia Securities Commission (the "**Commission**") has advised the Company that, pending the completion and filing of the material change report containing the disclosure required by section 14.2 of Form 51-102F5 in respect of the Factor, the Company is considered to be in default of certain continuous disclosure requirements in accordance with Canadian Securities Administrators Notice 51-322 **–** *Reporting Issuer Defaults*. As a result, the Company expects to be included on the Commission's **Issuers in Default List**, and to be removed from the list once the required disclosure has been completed and filed.

The Company is continuing to prepare the required disclosure and intends to remedy the default as soon as practicable in accordance with applicable securities laws.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

---

| | |
|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

---

***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.77

**Exhibit 99.77**

**share purchase agreement**

Made as of December 22, 2025

Among

**NURAN WIRELESS INC.**, a company existing under the laws of the Province of British Columbia

("**Nuran**")

and

**Advance Factoring Inc.**, a company existing under the laws of the Province of Ontario

("**AFI**")

and

The shareholders of AFI listed in the attached Schedule B (hereinafter collectively referred to as, the "**AFI Shareholders**", and individually as, a "**AFI Shareholder**")

**TABLE OF CONTENTS**

**Page**

---

| | |
|:---|:---|
| Article 1 – INTERPRETATION | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 Interpretation | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 Schedules | 7 |
| Article 2 – purchase and sale | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 Purchase and Sale | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 Consideration | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.3 AFI Directors | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.4 Dissenting Shareholders | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.5 Canadian Resale Restrictions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2.6 Actions to Satisfy Conditions | 9 |
| Article 3 – COVENANTS | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 Mutual Covenants | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 Additional Covenants of AFI | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 Additional Covenants of Nuran | 11 |
| Article 4 – REPRESENTATIONS AND WARRANTIES | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.1 Representations and Warranties of AFI | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4.2 Representations and Warranties of Nuran | 12 |
| Article 5 – DISCLOSURE DOCUMENTS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5.1 AFI Approval | 13 |
| Article 6 – FILINGS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6.1 Preparation of Filings | 13 |
| Article 7 – CONDITIONS PRECEDENT | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.1 Mutual Conditions Precedent | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.2 Conditions to Obligations of AFI | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.3 Conditions to Obligations of Nuran | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.4 Notice and Effect of Failure to Comply with Conditions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7.5 Satisfaction of Conditions | 16 |
| Article 8 – AMENDMENT | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8.1 Amendment | 16 |
| Article 9 – TERMINATION | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9.1 Termination | 17 |
| Article 10 – Tax-election | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 10.1 Election | 18 |
| Article 11 – Indemnity | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11.1 Mutual Indemnity | 18 |
| Article 12 GENERAL | 19 |

---

(i) ---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.1 Notices | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.2 Binding Effect | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.3 Assignment | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.4 Entire Agreement | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.5 Public Communications | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.6 Costs | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.7 Privilege Preservation and Records Segregation | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.8 Confidentiality | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.9 Severability | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.10 Further Assurances | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.11 Time of Essence | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.12 Applicable Law and Enforcement | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.13 Waiver | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12.14 Counterparts | 22 |

---

Schedule A – Representations and Warranties of AFI

Schedule B – AFI Capitalization

Schedule C – Representations and Warranties of Nuran

Schedule D –Form of Registration Rights Agreement

(ii) **share purchase agreement**

This Agreement is made as of December 22, 2025, among

**NURAN WIRELESS INC.**, a company existing under the laws of the Province of British Columbia<br> ("**Nuran**")

and

**Advance Factoring Inc.**, a company existing under the laws of the Province of Ontario

("**AFI**")

and

The shareholders of AFI listed in the attached Schedule B (hereinafter collectively referred to as, the "**AFI Shareholders**", and individually as, a "**AFI Shareholder**")

**Recitals**

A. Nuran is a public company, with its common shares listed on the Canadian Securities Exchange ("**CSE**") under the symbol "NUR"

B. The AFI Shareholders are collectively the legal and beneficial owners of all of the issued and outstanding shares in the capital of AFI;

C. Nuran and AFI entered into a factoring agreement dated August 28, 2023, as amended on September 27, 2023, November 29, 2023, December 22, 2023, April 2, 2024, June 25, 2024, December 23, 2024, April 15, 2025 and August 19, 2025 (the "**Factoring Agreement**"); and

D. Nuran has agreed to purchase all the outstanding AFI Shares (as defined herein) in exchange for such number of units of Nuran (each a "**Nuran Unit**") as determined herein, pursuant to the terms of this Agreement and upon purchase of the AFI Shares, AFI will be a subsidiary of Nuran (the "**Transaction**").

**NOW THEREFORE**, in consideration of the covenants and agreements herein contained and other good and other valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the Parties hereto do hereby covenant and agree as follows:

**Article 1 – INTERPRETATION**

**Section 1.1 Definitions**

In this Agreement, the following defined terms have the meanings hereinafter set forth:

(1) "**AFI**" means Advance Factoring Inc., a company organized under the laws of Ontario.

(2) "**AFI Approval**" means the consent resolution of the AFI Shareholders to consider and, if thought fit, authorize, approve and adopt the AFI Shareholder Resolution and related matters.

(3) "**AFI Shareholder Resolution**" means the consent resolution in respect of the Transaction to be unanimously approved by the AFI Shareholders.

(4) "**AFI Class A Shares**" means the Class A common shares in the capital of AFI.

(5) "**AFI Class B Shares**" means the Class B common shares in the capital of AFI.

(6) "**AFI Pref Shares**" means the preferred shares in the capital of AFI.

(7) "**AFI Shareholders**" means the holders of AFI Shares.

(8) "**AFI Shares**" means collectively the AFI Class A Common Shares, AFI Class B Common Shares, and AFI Pref Shares.

(9) "**Agreement**" means this Share Purchase Agreement (including the schedules hereto) as supplemented, modified or amended.

(10) "**Applicable Canadian Securities Laws**" means, collectively, and as the context may require, the applicable securities legislation of each of the provinces and territories of Canada, and the rules, regulations, instruments, orders and policies published and/or promulgated thereunder, as such may be amended from time to time prior to the Effective Date.

(11) "**Applicable Laws**", in the context that refers to one or more Persons, means any domestic or foreign, federal, state, provincial or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental Authority, and any terms and conditions of any grant of approval, permission, authority or license of any Governmental Authority, that is binding upon or applicable to such Person or Persons or its or their business, undertaking, property or securities and emanate from a Person having jurisdiction over the Person or persons or its or their business, undertaking, property or securities.

(12) "**BCBCA**" means the *Business Corporations Act* (British Columbia), as amended, including the regulations promulgated thereunder.

(13) "**BCSC**" means the British Columbia Securities Commission.

(14) "**Business**" means the business and activities carried on by AFI.

(15) "**Business Day**" means a day other than a Saturday, Sunday or other day when banks in the City of Vancouver, British Columbia or the City of Toronto, Ontario, are not generally open for business.

(16) "**Consolidation**" as of December 9, 2025, Nuran consolidated its pre-consolidation shares on the basis of 300 pre-consolidation shares for one (1) post-consolidation share.

(17) "**Constating Documents**" means as to each of the Parties, its certificate of incorporation, notice of articles and articles as in effect as of the date of this Agreement.

(18) "**Corporate Records**" means the corporate records of a company including the company's Constating Documents, share registers, registers of directors, list of bank accounts and signing authorities and minutes of shareholders' and directors' meetings.

(19) "**CSE**" means the Canadian Securities Exchange.

(20) "**Effective Date**" means the closing date of the Transaction. The Transaction shall be deemed to close at the Effective Time.

(21) "**Effective Time**" shall mean 4:01 PM, Pacific Time, on the Effective Date.

(22) "**Electing Shareholder**" has the meaning ascribed thereto in Section 10.1.

(23) "**Encumbrances**" means any encumbrance of any kind whatever and includes any pledge, lien, charge, security interest, lease, title retention agreement, mortgage, hypothec, restriction, royalty, right of first refusal, development or similar agreement, option or adverse claim or encumbrance of any kind or character whatsoever or howsoever arising, and any right or privilege capable of becoming any of the foregoing.

(24) "**Environmental Laws**" means applicable federal, provincial, state, municipal or local laws, regulations, orders, government decrees or ordinances with respect to environmental, health or safety matters.

(25) "**Governmental Authority**" means any federal, state, provincial and municipal government, regulatory authority, governmental department, ministry, agency, commission, bureau, official, minister, crown corporation, court, board, tribunal, stock exchange, dispute settlement panel or body or other law, rule or regulation-making entity having jurisdiction.

(26) "**IFRS**" means International Financial Reporting Standards applicable as of the date of the financial statements, document or event in question.

(27) "**Issue Price**" shall be equal to the ten-day volume weighted average price of the Nuran Shares on the CSE, for the first ten trading days during which the Nuran Shares trade on a post- Consolidation basis, subject to the floor price, if required, by the CSE's policies.

(28) "**ITA**" means the *Income Tax Act* (Canada), as amended, including the regulations promulgated thereunder, as amended from time to time.

(29) "**Material Adverse Change**" or "**Material Adverse Effect**" means, with respect to a Person, any matter or action that has an effect or change that is, or would reasonably be expected to be, material and adverse to the business, results of operations, assets, capitalization, financial condition, rights, liabilities or prospects, contractual or otherwise, of such Person and its subsidiaries, if applicable, taken as a whole, other than any matter, action, effect or change relating to or resulting from: (i) a matter that has been publicly disclosed prior to the date of this Agreement or otherwise disclosed in writing by a Party to the other Party prior to the date of this Agreement; (ii) any action or inaction taken by such Person to which the other Person had consented in writing; (iii) the announcement of the transactions contemplated by the Transaction or this Agreement; or (iv) general economic, financial, currency exchange, securities, banking or commodity market conditions in the United States, Canada or worldwide.

(30) "**Material Change**" and "**Material Fact**" has the meanings ascribed thereto under the Applicable Canadian Securities Laws.

(31) "**Material Contract**" means those contracts, agreements, understandings or arrangements entered into by any Party that have individual payment obligations on the part of such Party that exceed $50,000, are for a term extending one year after the Effective Time, have been entered into out of the ordinary course of business, or are otherwise material to the business.

(32) "**NI 45-106**" has the meaning ascribed thereto in Section 2.5.

(33) "**Nuran**" means Nuran Wireless Inc., a company organized under the laws of British Columbia.

(34) "**Nuran Disclosure Documents**" means documents filed by or on behalf of Nuran that are publicly available in electronic form on the System for Electronic Document Analysis and Retrieval, commonly known as "SEDAR+".

(35) "**Nuran Financial Statements**" means Nuran's audited annual financial statements for the year ended December 31, 2024 and the unaudited interim financial statements for the quarter ended September 30, 2025.

(36) "**Nuran Financing**" has the meaning ascribed thereto in Section 3.2(c).

(37) "**Nuran Shareholders**" means the holders of Nuran Shares.

(38) "**Nuran Shares**" means the common shares in the capital of Nuran.

(39) "**Nuran Units**" will consist of: (i) one (1) Nuran Share, and (ii) one half of one (1/2) Nuran Warrant.

(40) "**Nuran Warrants**" will entitle the holder thereof to acquire one Warrant Share at an exercise price equal to 150% of the Issue Price, per Warrant Share, until 5:00 p.m. (Vancouver time) on the date that is five (5) years following the Effective Date. The Nuran Warrants will include a blocking provision restricting the holder to acquire more than 9.99% of Nuran, and will include the ability to exercise on a cashless basis.

(41) "**Parties**" means, collectively, the parties to this Agreement, and "**Party**" means any one of them.

(42) "**Permit**" means any and all permits, licences, agreements, concessions, approvals, certificates, consents, certificates of approval, rights, privileges or franchises, registrations (including any required export/import approvals) and exemptions of any nature and other authorizations, conferred or otherwise granted by any Governmental Authority.

(43) "**Person**" means any individual, corporation, body corporate, firm, partnership, syndicate, joint venture, association, trust, unincorporated organization or Governmental Authority or any trustee, executor, administrator or other legal representative, whether or not a juridical person.

(44) "**OBCA**" means the *Business Corporations Act* (Ontario), as amended, including the regulations promulgated thereunder.

(45) "**Outside Date**" means December 31, 2025.

(46) "**Purchase Price**" means the aggregate of $20,802,303.09.

(47) "**Registrar**" means the Registrar of Companies or a Deputy Registrar of Companies for the Province of British Columbia duly appointed under the BCBCA.

(48) "**Registration Rights Agreement**" mean the registration rights agreement in the agreed form to be entered into at closing and between the Nuran and the AFI Shareholders in the form attached hereto as Schedule D.

(49) "**Securities Act**" means the *Securities Act* (British Columbia), as amended, including the regulations promulgated thereunder.

(50) "**Securities Laws**" means the securities legislation having application, the regulations and rules thereunder and all administrative policy statements, instruments, blanket orders, notices, directions and rulings issued or adopted by the applicable securities regulatory authority, all as amended.

(51) "**subsidiary**" has the meaning ascribed thereto in the Securities Act.

(52) "**Tax**" means all taxes, duties, fees, premiums, assessments, imposts, levies, rates, withholdings, dues, government contributions and other charges of any kind whatsoever, whether direct or indirect, together with all interest, penalties, fines, additions to tax or other additional amounts, imposed by any Governmental Authority.

(53) "**Tax Election Form**" has the meaning ascribed thereto in Section 10.1.

(54) "**Tax Election Provision**" has the meaning ascribed thereto in Section 10.1.

(55) "**Tax Return**" means any return, report, declaration, designation, election, undertaking, waiver, notice, filing, information return, statement, form, certificate or any other document or materials relating to Taxes, including any related or supporting information with respect to any of the foregoing, filed or to be filed with any Governmental Authority in connection with the determination, assessment, collection or administration of Taxes.

(56) "**Transaction**" has the meaning ascribed thereto in the Recitals.

(57) "**Transaction Agreements**" means the agreements entered into with respect to the transaction contemplated hereunder.

(58) "**Transfer Agent**" means Odyssey Trust Company, the transfer agent for the Nuran Shares.

(59) "**United States**", or "**U.S.**" means the United States of America, its territories and possessions, and any state of the United States, and the District of Columbia.

(60) "**Warrant Share**" means the Nuran Shares issued pursuant to the exercise of the Warrants.

**Section 1.2 Interpretation**

For the purposes of this Agreement, except as otherwise expressly provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 division of this Agreement into articles, sections and subsections is for convenience
 of reference only and does not affect the construction or interpretation of this Agreement.
 The terms "this Agreement", "hereto", "herein" and
 "hereunder" and similar expressions refer to this Agreement and not to any
 particular article, section or other portion hereof and include any agreement or instrument
 supplementary or ancillary hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 importing the singular number include the plural and vice versa, and words importing
 the use of any gender include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 word "including", when following any general statement or term, is not to
 be construed as limiting the general statement or term to the specific items or matters
 set forth or to similar items or matters, but rather as permitting the general statement
 or term to refer to all other items or matters that could reasonably fall within its
 broadest possible scope;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 any date on which any action is required to be taken hereunder by any of the Parties
 is not a Business Day and is a business day in the place where an action is required
 to be taken, such action is required to be taken on the next succeeding day which is
 a Business Day and a business day, as applicable, in such place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 reference in this Agreement to any statute or any section thereof shall, unless otherwise
 expressly stated, be deemed to be a reference to such statute or section as amended,
 restated or re-enacted from time to time, and to any regulations promulgated thereunder.
 References to any agreement or document shall be to such agreement or document (together
 with all schedules thereto), as it may have been or may hereafter be amended, supplemented,
 replaced or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 sums of money that are referred to in this Agreement are expressed in lawful money of
 Canada unless otherwise noted. A reference to US$ or USD means lawful money of the United
 States of America and a reference to C$ or CAD means lawful money of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unless
 otherwise stated, all accounting terms used in this Agreement shall have the meanings
 attributable thereto under IFRS and all determinations of an accounting nature are required
 to be made shall be made in a manner consistent with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all
 representations, warranties, covenants and opinions in or contemplated by this Agreement
 as to the enforceability of any covenant, agreement or document are subject to enforceability
 being limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
 moratorium and other laws relating to or affecting creditors' rights generally,
 and the discretionary nature of certain remedies (including specific performance and
 injunctive relief and general principles of equity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where
 any representation or warranty contained in this Agreement is expressly qualified by
 reference to the knowledge of a Party, it refers to the actual knowledge of the senior
 officers of the Party after due inquiry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 Parties hereto acknowledge that their respective legal counsel have reviewed and participated
 in settling the terms of this Agreement, and the Parties agree that any rule of construction
 to the effect that any ambiguity is to be resolved against the drafting Party will not
 be applicable in the interpretation of this Agreement.

**Section 1.3 Schedules**

The following schedules attached hereto are incorporated into and form an integral part of this Agreement:

Schedule A – Representations and Warranties of AFI

Schedule B – AFI Capitalization

Schedule C – Representations and Warranties of Nuran

Schedule D – Registration Rights Agreement

**Article 2 – purchase and sale**

**Section 2.1 Purchase and Sale**

Subject to the terms and conditions hereof, each of the AFI Shareholders covenants and agrees, on its own behalf, to sell, assign and transfer to Nuran and Nuran covenants and agrees to purchase from the AFI Shareholders, the number of AFI Shares which are legally and beneficially owned by such AFI Shareholder at the Effective Date. The number of AFI Shares which are beneficially owned by each AFI Shareholder is the number set forth opposite the name of such AFI Shareholder as set out in Schedule B attached hereto.

**Section 2.2 Consideration**

In consideration for the acquisition of the AFI Shares and pursuant to the terms of the Agreement, Nuran shall issue on the Effective Date, as consideration for the AFI Shares, such number of Nuran Units as is as calculated by dividing the Purchase Price, by the Issue Price in the manner set forth in Schedule B attached hereto, at a deemed price per Nuran Unit allocated between the Nuran Shares and Warrants based on their relative fair values at the time of issuance, with the portion attributable to the Warrants recorded as a separate component of equity or as a liability, as applicable, which for the purposes hereof, 99% of the Issue Price shall be allocated to the Nuran Shares, and 1% of the Issue Price shall be allocated to the Nuran Warrants.

**Section 2.3 AFI Directors**

On the Effective Date, the sole director of AFI will resign and the following director will be appointed:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Address** |
| &nbsp;&nbsp;Francis Létourneau | &nbsp;&nbsp;c100 – 2150 Cyrille-Duquet Street<br> Quebec, QC, G1N 2G3 |

---

Such director shall hold office until the next annual meeting of shareholders of AFI or until his successor is elected or appointed.

**Section 2.4 Dissenting Shareholders**

AFI Shareholders entitled to vote at the AFI Approval will be entitled to exercise dissent rights with respect to their AFI Shares (each such shareholder, a "**Dissenting Shareholder**") in connection with the Transaction pursuant to and in the manner set forth in AFI Approval. AFI shall give Nuran notice of any written notice of a dissent, withdrawal of such notice, and any other instruments served pursuant to such dissent rights and received by AFI, and shall provide Nuran with copies of such notices and written objections. AFI Shares which are held by a Dissenting Shareholder shall not be exchanged for Nuran Units pursuant to the Transaction. However, if a Dissenting Shareholder fails to perfect or effectively withdraws such Dissenting Shareholder's claim under the OBCA or forfeits such Dissenting Shareholder's right to make a claim under the OBCA, or if such Dissenting Shareholder's rights as a AFI Shareholder are otherwise reinstated, such AFI Shareholder's AFI Shares shall thereupon be deemed to have been exchanged for Nuran Units as of the Effective Time as prescribed herein.

**Section 2.5 Canadian Resale Restrictions**

Each of the AFI Shareholders acknowledges and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the transfer of the AFI Shares and the issuance of the Nuran Units, in exchange therefor, will be made pursuant to appropriate exemptions, including (but not limited to) the prospectus exemption National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators ("**NI 45-106**") found in Section 2.16 and 2.17 of National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators ("**NI 45-106**") NI 45-106 (the "**Exemptions**") from any applicable registration and prospectus (or equivalent) requirements of the Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as a consequence of acquiring the Nuran Units pursuant to the Exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Nuran Units will bear such legends as required by Securities Laws and the policies of the CSE and it is the responsibility of the Shareholder to find out what those restrictions are and to comply with them before selling the Nuran Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no securities commission, stock exchange or similar regulatory authority has reviewed or passed on the merits of an investment in the Nuran Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there is no government or other insurance covering the Nuran Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an investment in the Nuran Units is speculative and of high risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the AFI Shareholder is knowledgeable of, or has been independently advised as to, the Applicable Laws of that jurisdiction which apply to the sale of the AFI Shares and the issuance of the Nuran Units and which may impose restrictions on the resale of such Nuran Units in that jurisdiction and it is the responsibility of the AFI Shareholder to find out what those resale restrictions are, and to comply with them before selling the Nuran Units.

**Section 2.6 Actions to Satisfy Conditions**

Each of Nuran and AFI shall take all such actions as are within its power to control and to use commercially reasonable efforts to cause other actions to be which are not within its power or control, so as to ensure compliance with all of the applicable conditions precedent as set forth in this Agreement and any Transaction Agreements.

**Article 3 – COVENANTS**

**Section 3.1 Mutual Covenants**

From the date of this Agreement until the earlier of the Effective Date and the termination of this Agreement in accordance with Article 9, except as otherwise expressly permitted or specifically contemplated by this Agreement or required by Applicable Laws, each of the Parties shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) carry
 on its business in the usual, regular and ordinary course of business consistent with
 its past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not
 incur any indebtedness other than in the ordinary course of business consistent with
 its past practice, or as required in connection with the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 alter or amend its Constating Documents as the same exist at the date of this Agreement,
 except as contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take,
 or cause to be taken, all action and to do, or cause to be done, all other things necessary,
 proper or advisable under Applicable Laws to complete the Transaction, including, without
 limitation, using reasonable commercial efforts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 obtain all necessary consents, assignments, waivers and amendments to or terminations
 of any agreements and take such measures as may be appropriate to fulfill its obligations
 hereunder and to carry out the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 effect all necessary registrations, filings and submissions of information requested
 by Governmental Authorities required to be effected by it in connection with the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 oppose, lift or rescind any injunction or restraining or other order seeking to stop,
 or otherwise adversely affecting its ability to consummate, the Transaction and to defend,
 or cause to be defended, any proceedings to which it is a party or brought against it
 or its directors or officers challenging this Agreement or the consummation of the transactions
 contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to
 reasonably cooperate with the other Parties and their tax advisors in structuring the
 Transaction and other transactions contemplated to occur in conjunction with the Transaction
 in a tax effective manner, and assist the other Parties and their tax advisors in making
 such investigations and enquiries with respect to such Parties in that regard, as the
 other Parties and their tax advisors shall consider necessary, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not
 take any action that would render, or may reasonably be expected to render, any representation
 or warranty made by such Party in this Agreement untrue in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use
 reasonable commercial efforts to obtain and maintain the third party approvals applicable
 to them and provide the same to the other Parties on or prior to the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 as provided in this Agreement, not amalgamate or consolidate with, or enter into any
 other corporate reorganization with, any other Person or perform any act or enter into
 any transaction or negotiation which, in the opinion of AFI or Nuran acting reasonably,
 interferes or is inconsistent with the completion of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) furnish
 to the other Parties such information, in addition to the information contained in this
 Agreement, relating to its financial condition, business, properties and affairs as may
 reasonably be requested by another Party, which information shall be true and complete
 in all material respects and shall not contain an untrue statement of any Material Fact
 or omit to state any Material Fact required to be stated therein or necessary in order
 to make the statements therein, in the light of the circumstances in which they are made,
 not misleading, and will notify the other Parties of any significant development or Material
 Change relating to it promptly after becoming aware of any such development or change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) promptly
 notify the other Parties in writing of any change in any representation or warranty provided
 in this Agreement which change is or may be of such a nature as to render any representation
 or warranty misleading or untrue in any material respect, and the Parties shall in good
 faith discuss with the other Parties such change in circumstances (actual, anticipated,
 contemplated, or to its knowledge, threatened) which is of such a nature that there may
 be a reasonable question as to whether notice needs to be given to the other Parties
 pursuant to this Section 3.1(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) promptly
 notify the other Parties in writing of any material breach by such Party of any covenant,
 obligation or agreement contained in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) not
 directly or indirectly, solicit, initiate, assist, facilitate, promote or knowingly encourage
 the initiation of proposals or offers from, or entertain or enter into discussions or
 negotiations with, any Person other than the other Parties hereto, with respect to any
 amalgamation, merger, consolidation, arrangement, restructuring, or sale of any material
 assets or part thereof of such Party, unless such action, matter or transaction is part
 of the transactions contemplated in this Agreement or is required as a result of the
 duties of directors and officers of the applicable Party in compliance with Applicable
 Laws.

**Section 3.2 Additional Covenants of AFI**

From the date of this Agreement until the earlier of the Effective Date and the termination of this Agreement in accordance with Article 9, except as expressly permitted or specifically contemplated by this Agreement or required by Applicable Laws, AFI covenants and agrees that AFI shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) use
 reasonable commercial efforts to satisfy or cause the satisfaction of the conditions
 set forth in Section 7.1 and Section 7.2 as soon as reasonably practicable,
 to the extent the fulfillment of the same is within the control of AFI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 reasonable commercial efforts to seek approval of the AFI Shareholder Resolution, together
 with the approval of such matters as are required to effect the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) concurrent
 with the Effective Date, AFI will arrange on a reasonable efforts basis, a private placement
 of Nuran Units in the aggregate amount of a minimum of C$3,700,000 at a price per Nuran
 Unit equal to the Issue Price (the "**Nuran Financing**") to be completed
 prior to or concurrently on the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly
 advise Nuran of the number of AFI Shares for which AFI receives notices of dissent or
 written objections to the Transaction.

**Section 3.3 Additional Covenants of Nuran**

From the date of this Agreement until the earlier of the Effective Date and the termination of this Agreement in accordance with Article 9, except as expressly permitted or specifically contemplated by this Agreement or required by Applicable Laws, Nuran covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nuran
 shall use its reasonable commercial efforts to satisfy or cause the satisfaction of the
 conditions set forth in Section 7.1 and Section 7.3 as soon as reasonably practicable,
 to the extent the fulfillment of the same is within the control of Nuran;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) concurrent
 with the Effective Date, Nuran will settle outstanding debt obligations, for a minimum
 of C$5,497,697 into Nuran Units in the at a price per Nuran Unit equal to the Issue Price
 (the "**Nuran Restructuring Transaction**") to be completed prior to or
 concurrently on the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nuran
 shall, effective as of the Effective Date, provide to the Transfer Agent a direction
 authorizing and directing the Transfer Agent to issue the Nuran Shares issuable under
 the Transaction to holders of the AFI Shares and shall direct the Transfer Agent to distribute
 such Nuran Shares to the holders of the AFI Shares in accordance with the terms of the
 Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nuran
 covenants and agrees that, effective as of the Effective Date and continuing through
 the period ending twelve (12) months from the Effective Date (the "**Wind-Down Period** "), Nuran shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cessation
 of New Business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cease
 accepting any new factoring mandates, credit facilities, or business opportunities on
 behalf of AFI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not
 solicit, negotiate, or commit to any new business arrangements for AFI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) not
 expand, materially alter, invest in, or develop the factoring business of AFI beyond
 what is necessary to orderly wind down and complete existing commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Wind-Down
 Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) within
 sixty (60) days of the Effective Date, establish a written wind-down plan detailing the
 steps necessary to orderly wind down all AFI operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) designate
 a senior management representative to supervise the wind-down process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cause
 AFI to be formally dissolved, wound up, or amalgamated into Nuran in accordance with
 the Applicable Laws.

**Article 4 – REPRESENTATIONS AND WARRANTIES**

**Section 4.1 Representations and Warranties of AFI**

In order to induce Nuran to enter into and to consummate the transactions contemplated by this Agreement, AFI represents and warrants to Nuran that the representations and warranties contained in Schedule A are true, accurate and correct as of the date of this Agreement.

**Section 4.2 Representations and Warranties of Nuran**

In order to induce AFI to enter into and to consummate the transactions contemplated by this Agreement, Nuran represents and warrants to AFI that the representations and warranties contained in Schedule C are true, accurate and correct as of the date of this Agreement.

**Article 5 – DISCLOSURE DOCUMENTS**

**Section 5.1 AFI Approval**

As promptly as practical following the execution of this Agreement and in compliance with Applicable Laws (including Applicable Canadian Securities Laws), AFI shall prepare the AFI Approval and provide AFI Shareholders with information in sufficient detail to permit them to form a reasoned judgment concerning the matters before them.

**Article 6 – FILINGS**

**Section 6.1 Preparation of Filings**

(1) Nuran and AFI shall cooperate in the taking of all such action as may be required under the BCBCA, the OBCA, Applicable Canadian Securities Laws, and other Applicable Laws in connection with the transactions contemplated by this Agreement.

(2) Each of Nuran and AFI shall promptly furnish to the other all information concerning it as may be required for the effectuation of the actions described in this Agreement and the provisions of this Section 6.1(1).

**Article 7 – CONDITIONS PRECEDENT**

**Section 7.1 Mutual Conditions Precedent**

(1) The respective obligations of the Parties to consummate the transactions contemplated hereby, and in particular the completion of the Transaction, are subject to the satisfaction, on or before the Effective Date or such other time specified, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 directors of AFI and Nuran, respectively, shall have approved the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 AFI Shareholder Resolution shall have been passed by a special majority of AFI Shareholders
 or by 100% of the AFI Shareholders if the AFI Approval is obtained by consent resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nuran
 shall have closed the Nuran Financing and the Nuran Restructuring Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Transaction shall have become effective on or prior to the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 necessary approvals with respect to the Transaction, having been obtained, including
 but not limited to the approval of the CSE, and other applicable Governmental Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 other consents, orders and approvals, including regulatory approvals and orders, necessary
 or desirable for the completion of the transactions provided for in this Agreement and
 the Transaction shall have been obtained or received from the Persons, authorities or
 bodies having jurisdiction in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) this
 Agreement shall not have been terminated under Article 9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) dissent
 rights shall not have been exercised with respect to the Transaction by AFI Shareholders
 which will in the aggregate represent 5% or more of the AFI Shares outstanding on the
 record date for the AFI Approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 availability of prospectus exemptions for the Transaction under Applicable Canadian Securities
 Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) there
 shall not be in force any order or decree restraining or enjoining the consummation of
 the transactions contemplated by this Agreement and the Transaction.

(2) The foregoing conditions are for the mutual benefit of Nuran on the one hand and AFI on the other hand and may be waived, in whole or in part, jointly by the Parties at any time. If any of the foregoing conditions are not satisfied or waived on or before the Effective Date then a Party may terminate this Agreement by written notice to the other Parties in circumstances where the failure to satisfy any such condition is not the result, directly or indirectly, of such terminating Party's breach of this Agreement.

**Section 7.2 Conditions to Obligations of AFI**

The obligation of AFI to consummate the transactions contemplated hereby, and in particular to complete the Transaction, is subject to the satisfaction, on or before the Effective Date or such other time specified, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nuran
 shall have performed, satisfied and complied with all obligations, covenants and agreements
 to be performed and complied with by them on or before the Effective Date pursuant to
 the terms of this Agreement and that, except as affected by the transactions contemplated
 by this Agreement, the representations and warranties of Nuran made in this Agreement
 shall be true and correct in all material respects as at the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Nuran Shares to be issued to the AFI Shareholders shall be issued as fully paid and non-assessable
 common shares in the capital of Nuran, free and clear of any and all encumbrances, liens,
 charges, demands of whatsoever nature, except those pursuant to any relevant CSE policies
 or applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Warrant Shares to be issued pursuant to the exercise of the Warrants, will, upon issue
 and delivery, be validly issued as fully paid and non-assessable shares in the capital
 of Nuran, free and clear of any and all encumbrances, liens, charges, demands of whatsoever
 nature, except those pursuant to any relevant CSE policies or applicable securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nuran
 shall have appointed AFI's director nominee pursuant to Section 3.3(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nuran
 shall have entered into the Registration Rights Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nuran
 shall have furnished AFI with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies
 of the resolutions duly passed by the boards of directors of Nuran approving this Agreement
 and the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certificates
 of good standing of Nuran within two (2) days of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
 other closing documents as may be requested by AFI, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) except
 as disclosed in the Nuran Disclosure Record, no act, action, suit, proceeding, objection
 or opposition shall have been taken against or affecting Nuran before or by any domestic
 or foreign Governmental Authority, whether or not having the force of law, and no law,
 regulation, policy, judgment, decision, order, ruling or directive (whether or not having
 the force of law) shall have been enacted, promulgated, amended or applied, which in
 the sole judgment of AFI, acting reasonably, in either case has had or, if the Transaction
 was consummated, would result in a Material Adverse Change respecting Nuran or would
 materially impede the ability of the Parties to complete the Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) there
 shall not have occurred any Material Adverse Change in respect of Nuran.

(2) The conditions in Section 7.2 are for the exclusive benefit of AFI and may be asserted by AFI regardless of the circumstances or may be waived by AFI in its sole discretion, in whole or in part, at any time and from time to time without prejudice to any other rights which AFI may have.

**Section 7.3 Conditions to Obligations of Nuran**

(1) The obligations of Nuran to consummate the transactions contemplated hereby, and in particular to complete the Transaction, are subject to the satisfaction, on or before the Effective Date or such other time specified, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AFI
 shall have performed, satisfied and complied with all obligations, covenants and agreements
 to be performed and complied with by it on or before the Effective Date pursuant to the
 terms of this Agreement and that, except as affected by the transactions contemplated
 by this Agreement, the representations and warranties of AFI made in this Agreement shall
 be true and correct in all material respects as at the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) AFI
 shall have furnished Nuran with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies
 of the resolutions duly passed by the board of directors of AFI approving this Agreement
 and the consummation of the transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) copies
 of the AFI Shareholder Resolution approved by the AFI Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies
 of AFI's Constating Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 certificates of good standing of AFI dated within two (2) days of the Effective Date;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such
 other closing documents as may be requested by Nuran, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 act, action, suit, proceeding, objection or opposition shall have been taken against
 or affecting AFI before or by any domestic or foreign Governmental Authority, whether
 or not having the force of law, and no law, regulation, policy, judgment, decision, order,
 ruling or directive (whether or not having the force of law) shall have been enacted,
 promulgated, amended or applied, which in the sole judgment of Nuran, acting reasonably,
 in either case has had or, if the Transaction was consummated, would result in a Material
 Adverse Change respecting AFI or would materially impede the ability of the Parties to
 complete the Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nuran
 acquiring AFI on a cash free and debt free basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there
 shall be no Dissenting Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there
 shall not have occurred any Material Adverse Change in respect of AFI; and

(2) The conditions in Section 7.3 are for the exclusive benefit of Nuran and may be asserted by Nuran regardless of the circumstances or may be waived by Nuran in their sole discretion, in whole or in part, at any time and from time to time without prejudice to any other rights which Nuran may have.

**Section 7.4 Notice and Effect of Failure to Comply with Conditions**

Each of Nuran and AFI shall give prompt notice to the other of the occurrence, or failure to occur, at any time from the date hereof to the Effective Date of any event or state of facts which occurrence or failure would, or would be likely to: (a) cause any of the representations or warranties of such Party contained herein to be untrue or inaccurate in any material respect; or (b) result in the failure to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by any Party hereunder; provided, however, that no such notification will affect the representations or warranties of the Parties or the conditions to the obligations of the Parties hereunder.

**Section 7.5 Satisfaction of Conditions**

The conditions set out in Section 7.3 are conclusively deemed to have been satisfied, waived or released when, with the agreement on closing of the Transaction.

**Article 8 – AMENDMENT**

**Section 8.1 Amendment**

This Agreement may at any time and from time to time before or after the holding of the AFI Approval be amended by written agreement of the Parties hereto without, subject to Applicable Laws, further notice to or authorization on the part of their respective shareholders and any such amendment may, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 the time for performance of any of the obligations or acts of the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) waive
 any inaccuracies or modify any representation or warranty contained herein or in any
 document delivered pursuant hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) waive
 compliance with or modify any of the covenants herein contained and waive or modify performance
 of any of the obligations of the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) waive
 compliance with or modify any other conditions precedent contained herein;

provided that no such amendment reduces or materially adversely affects the consideration to be received by AFI Shareholders without approval by the affected AFI Shareholders given in the same manner as required for the approval of the Transaction.

**Article 9 – TERMINATION**

**Section 9.1 Termination**

(1) This Agreement may be terminated at any time in each of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 written agreement executed and delivered by Nuran and AFI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 any Party if the Effective Date shall not have occurred by the Outside Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 Nuran if there has been a material breach by AFI of any representation, warranty, covenant
 or agreement set forth in this Agreement or any of the documents contemplated hereby,
 which breach AFI fails to cure within ten (10) Business Days after written notice thereof
 is given by Nuran;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 AFI if there has been a material breach by Nuran of any representation, warranty, covenant
 or agreement set forth in this Agreement or any of the documents contemplated hereby,
 which breach Nuran fails to cure within ten (10) Business Days after written notice thereof
 is given by AFI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 any Party by written notice to the other Parties if any condition in Section 7.1
 is not satisfied or waived on or before the Effective Date where the failure to satisfy
 any such condition is not the result, directly or indirectly, of such terminating Party's
 breach of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 AFI by written notice to the other Parties if any condition in Section 7.2 is not
 satisfied or waived on or before the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by
 Nuran by written notice to AFI if any condition in Section 7.3 is not satisfied
 or waived on or before the Effective Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) by
 any Party the date the Transaction is rejected by the CSE, as applicable, and all recourse
 or rights of appeal have been exhausted.

(2) If this Agreement is terminated in accordance with Section 9.1, this Agreement shall forthwith become void and no Party shall have any liability or further obligation to the other Parties hereunder except for each Party's obligations under Section 12.6 and Section 12.7 hereunder, which shall survive such termination, and provided that neither the termination of this Agreement nor anything contained in this Section 9.1(2) shall relieve any Party from any liability for any breach by it of this Agreement, including from any inaccuracy in any of its representations and warranties and any non-performance by it of its covenants made herein, prior to the date of such termination.

**Article 10 – Tax-election**

**Section 10.1 Election**

At the request of any AFI Shareholder who is resident in Canada for the purposes of the ITA, Nuran shall jointly elect with such shareholder (an "**Electing Shareholder**") so that the provisions of subsection 85(1) or (2) of the ITA and any equivalent provision under provincial legislation (each a "**Tax Election Provision**") shall apply in connection with the sale of the AFI Shares and the issuance of Nuran Units issued by Nuran to the Electing Shareholder. Nuran and each Electing Shareholder shall do all acts and things as may be necessary or convenient in order to completely and effectually carry out the intention of the parties hereto, including the filing, in the prescribed form and within the prescribed time limits, of a joint election pursuant to the Tax Election Provision in respect of the disposition of the AFI Shares and in this regard, the Electing Shareholder and Nuran shall elect a value as set out in Schedule B attached hereto which will not be less than its adjusted cost base to the Electing Shareholder on the Effective Date and not be greater than its fair market value on the Effective Date.

It is the intent of the Parties that the aggregate fair market value of the Nuran Units shall be equal to the aggregate fair market value of the AFI Shares on the Effective Date. In the event that at any time in the future, the Minister of National Revenue or any duly authorized official of Canada Revenue Agency, any provincial taxing authority, or any competent court makes a determination to which the Parties acquiesce or from which there is no further right to object or appeal, or in the event that the parties themselves determine that the aggregate fair market value so determined for the purposes of this Agreement and any income tax election forms, resolutions and other documentation pertaining thereto (collectively the "**Documentation**") is greater or less than the amount included in the Documentation, the aggregate fair market value, as determined, shall automatically be substituted for the aggregate fair market value used in the Documentation to the same intent and purpose as if such value had been included therein at the time of the execution of the Documentation.

**Article 11 – Indemnity**

**Section 11.1 Mutual Indemnity**

(1) Indemnification by AFI Shareholders to Nuran

The AFI Shareholders, jointly and severally, shall indemnify, defend and hold harmless Nuran from and against all Losses arising out of or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 undisclosed liabilities, obligations, claims, contingent liabilities, guarantees, or
 commitments of AFI that existed at or prior to the Effective Date.

For purposes of this Section 11.1, "Losses" means all losses, damages, liabilities, costs, and expenses, but excluding consequential, special, punitive or exemplary damages and lost profits, except to the extent such damages are awarded by a court in a third-party claim.

(2) Indemnification by Nuran to AFI Shareholders

Nuran shall indemnify, defend and hold harmless the AFI Shareholders and their respective successors and assigns (collectively, the "**AFI Indemnitees**") from and against all Losses arising out of or resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 breach or inaccuracy in any representation or warranty of Nuran contained in this Agreement,
 Schedule C, or in any certificate or document delivered by Nuran in connection with the
 Transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 breach of or failure by Nuran to comply with any covenant or agreement to be performed
 by Nuran under this Agreement.

(3) Survival Period of Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 representations and warranties of AFI and the AFI Shareholders contained in Schedule
 A, and all representations and warranties of Nuran contained in Schedule C, shall survive
 the Effective Date and continue in full force and effect for 12 months from Effective
 Date (the "**Survival Period** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Following
 the expiration of the Survival Period, no claim for indemnification may be brought under
 Section 11.1(1)(i) or Section 11.1(2)(i), except for claims for which written notice
 has been delivered prior to the expiration date specifying the alleged breach with reasonable
 particularity (including the nature of the breach, the factual basis, and a reasonable
 estimate of Losses if known).

**Article 12 GENERAL**

**Section 12.1 Notices**

All notices that may be or are required to be given pursuant to any provision of this Agreement are to be given or made in writing and served personally, delivered by courier or sent by facsimile or other electronic transmission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of Nuran, to:

Nuran Wireless Inc.

100 – 2150 Cyrille-Duquet Street

Quebec, QC, G1N 2G3<br>

Attention: Francis Létourneau, Chief Executive Officer<br> Email: francis.letourneau@nuranwireless.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of AFI or to the AFI Shareholders, to:

Advance Factoring Inc.<br> REDACTED

REDACTED<br>Attention: REDACTED<br> Email: REDACTED

or such other address as the Parties may, from time to time, advise the other Parties hereto by notice in writing. The date or time of receipt of any such notice will be deemed to be the date of delivery or the time such facsimile or other electronic transmission is received.

**Section 12.2 Binding Effect**

This Agreement shall be binding upon and enure to the benefit of the Parties hereto and their respective successors and permitted assigns.

**Section 12.3 Assignment**

Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the Parties hereto without the prior written consent of the other Parties hereto.

**Section 12.4 Entire Agreement**

This Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, among the Parties with respect to the subject matter hereof.

**Section 12.5 Public Communications**

(1) Each of Nuran and AFI agree to consult with each other prior to issuing any press releases or other public written disclosure with respect to this Agreement or the Transaction or making any filing with any Governmental Authority with respect thereto. Without limiting the generality of the foregoing, no Party shall issue any press release regarding the Transaction, this Agreement or any transaction expressly provided for in this Agreement without first providing a draft of such press release to the other Party and reasonable opportunity for comment; provided, however, that the foregoing shall be subject to each Party's overriding obligation to make any such disclosure required in accordance with Applicable Laws. If such disclosure is required and the other Party has not reviewed or commented on the disclosure, the Party making such disclosure shall use all commercially reasonable efforts to give prior oral or written notice to the other Party, and if such prior notice is not possible, to give such notice promptly following such disclosure.

(2) For greater certainty, Nuran may issue press releases regarding ongoing business developments unrelated to this Agreement.

**Section 12.6 Costs**

Without limiting the foregoing, on the Effective Date Nuran shall reimburse AFI and AFI Shareholders (including REDACTED and entities designated by him) for documented fees, costs and expenses incurred on behalf of Nuran and/or AFI in connection with the Transaction. Such reimbursements shall be paid prior to any discretionary use of proceeds.

**Section 12.7 Privilege Preservation and Records Segregation**

Notwithstanding anything to the contrary, all solicitor-client and work-product privileges, and all pre-closing legal files, communications and analyses of AFI and the AFI Shareholders (including communications with their counsel regarding the negotiation, documentation and consummation of this Agreement and related transactions) shall be and remain the exclusive property of the AFI Sellers' (or its designee), shall not transfer to Nuran or AFI post-closing, and may not be used or accessed by Nuran or AFI for any purpose. AFI shall, prior to closing, segregate and remove such privileged materials from any systems delivered to Nuran; inadvertent possession shall not waive privilege, and Nuran shall promptly return or destroy such materials upon discovery.

**Section 12.8 Confidentiality**

(1) The Parties acknowledge that each will and has provided to the other information that is non-public, confidential, and proprietary in nature. Each of the Parties (and their respective directors, officers, affiliates, representatives, agents and employees) will keep such information confidential and will not, except as otherwise provided below, disclose such information or use such information for any purpose other than for the purposes of consummating the Transaction and the other transactions contemplated by this Agreement. The foregoing will not apply to information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes
 generally available to the public absent any breach of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was
 available on a non-confidential basis to a Party prior to its disclosure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) becomes
 available on a non-confidential basis from a third party who is not bound to keep such
 information confidential.

(2) Each of the Parties agrees that immediately upon termination of this Agreement, each Party will return to the other or destroy or delete all confidential information.

**Section 12.9 Severability**

If any one or more of the provisions or parts thereof contained in this Agreement should be or become invalid, illegal or unenforceable in any respect, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be severable therefrom and the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

**Section 12.10 Further Assurances**

Each Party hereto shall, from time to time and at all times hereafter, at the request of the other Parties hereto, but without further consideration, do all such further acts, execute and deliver all such further documents and instruments and provide all such further assurances as may be reasonably required in order to fully perform and carry out the terms and intent hereof.

**Section 12.11 Time of Essence**

Time shall be of the essence of this Agreement.

**Section 12.12 Applicable Law and Enforcement**

This Agreement shall be governed, including as to validity, interpretation and effect, by the laws of the Province of Ontario and the laws of Canada applicable therein. The Parties hereby irrevocably submit and attorn to the non-exclusive jurisdiction of the courts of the Province of Ontario.

**Section 12.13 Waiver**

Any Party may, on its own behalf only, (i) extend the time for the performance of any of the obligations or acts of the other Parties, (ii) waive compliance with the other Parties' agreements or the fulfillment of any conditions to its own obligations contained herein, or (iii) waive inaccuracies in the other Parties' representations or warranties contained herein or in any document delivered by the other Parties; provided, however, that any such extension or waiver shall be valid only if set forth in an instrument in writing and, unless otherwise provided in the written waiver, will be limited to the specific breach or condition waived.

**Section 12.14 Counterparts**

This Agreement may be executed in counterparts and/or by electronic means, each of which shall be deemed an original, and all of which together constitute one and the same instrument.

*[Signature page follows]*

The parties have executed this Agreement.

---

| | |
|:---|:---|
| **NURAN WIRELESS INC.**  | **NURAN WIRELESS INC.**  |
| By: | REDACTED |
|  | Name: Francis Létourneau |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| **ADVANCE FACTORING INC.**  | **ADVANCE FACTORING INC.**  |
| By: | REDACTED |
|  | Name: REDACTED |
|  | Title: REDACTED  |

---

***[Signature pages of the AFI Shareholders follows.]***

SHARE PURCHASE AGREEMENT

AFI Shareholders

---

| | |
|:---|:---|
| **AK HOLDINGS GROUP INC.** | **JOSEPH AND MARLA POSEN FAMILY TRUST** |
| REDACTED | REDACTED |
| By: | By: |
| Name: Nissim Amram | Name: REDACTED |
| Title: Director | Title: Trustee |

---

---

| | |
|:---|:---|
| **XORAX FAMILY TRUST** | **PACIFIC INVESTMENT HOLDINGS LIMITED** |
| REDACTED | REDACTED |
| By: | By: |
| Name: REDACTED | Name: Daniel Nauth |
| Title: Trustee | Title: Director |

---

---

| | |
|:---|:---|
| REDACTED | REDACTED  |
| **SHIMSHON POSEN** | **DONAL CARROLL** |

---

---

| |
|:---|
| REDACTED |
| **ROXANNE LETOURNEAU** |

---

SHARE PURCHASE AGREEMENT

**Schedule A – Representations and Warranties of AFI**

**Representations and Warranties of AFI**

A. AFI represents and warrants to Nuran as follows, and acknowledges that Nuran is relying upon such representations and warranties in connection with the matters contemplated by this Agreement:

(1) it
 has good and sufficient right, corporate capacity and authority to enter into this Agreement
 and the Transaction Agreements and carry out its intentions hereunder and thereunder.
 This Agreement and the Transaction Agreements (when entered into) are duly authorized,
 executed and delivered by AFI and this Agreement and the Transaction Agreements (when
 entered into) are legal, valid and binding obligations of AFI enforceable against AFI
 in accordance with their respective terms, subject to laws relating to creditors'
 rights generally and except as rights to indemnity may be limited by Applicable Laws;

(2) it
 is duly incorporated and is currently in good standing under the respective laws of the
 jurisdiction of incorporation, and are not subject to any regulatory decision or order
 prohibiting or restricting trading in its shares and has all requisite corporate capacity,
 power and authority to carry on its business, as now conducted and as presently proposed
 to be conducted by them, and to own their respective properties and assets;

(3) as
 at the date hereof, AFI has no subsidiaries;

(4) it
 is authorized to carry on business under the laws of each jurisdiction in which they
 carry on a material portion of its business;

(5) it
 is not a "reporting issuer" within the meaning of Applicable Canadian Securities
 Laws. No securities commission or similar regulatory authority has issued any order which
 is currently outstanding preventing or suspending trading in any securities of AFI; no
 such proceeding is, to the knowledge of AFI, pending, contemplated or threatened; and
 AFI is not, to AFI's knowledge, in default of any requirement of any Applicable
 Canadian Securities Laws, rules or policies applicable to AFI or its securities. To the
 knowledge of AFI, no AFI Shares are listed or quoted on a stock exchange or stock trading
 system;

(6) it
 has conducted and is conducting its business in compliance in all material respects with
 all Applicable Laws and, in particular, all applicable licensing of any Governmental
 Authority applicable to it of each jurisdiction in which it currently carries on business,
 in each case, where failure to so comply in all material respects would reasonably be
 expected to have a Material Adverse Effect on AFI or its subsidiaries. AFI has fully
 complied with and hold all licences, registrations, approvals and qualifications in all
 jurisdictions in which it currently carries on a material portion of its business and
 which are necessary to carry on the business of AFI, as now conducted; all such licences,
 registrations, approvals or qualifications are valid and existing and in good standing;
 and none of such licences, registrations, approvals or qualifications contains any burdensome
 term, provision, condition or limitation which has or is likely to have any Material
 Adverse Effect on AFI. AFI is not aware of any legislation, regulation, rule or other
 requirements of Applicable Laws presently in force or publicly proposed to be brought
 into force which AFI anticipates it will be unable to comply with in circumstances where
 such failure would reasonably be expected to result in a Material Adverse Effect on AFI;

A - 1 SHARE PURCHASE AGREEMENT

(7) it
 is authorized to issue an unlimited number of AFI Shares, of which 100,000,000 AFI Class
 A Shares and 726,752,667 AFI Pref Shares are outstanding as at the date hereof;

(8) other
 than the securities referred to in this Schedule A Section (7), there are no other shares,
 options, warrants, convertible notes or debentures, agreements, documents, instruments
 or other writings of any kind whatsoever which constitute a "security" of
 AFI (as that term is defined in the Securities Act), and AFI does not have any other
 agreements or commitments of any character whatsoever convertible into, or exchangeable
 or exercisable for or otherwise requiring the issuance, sale or transfer by AFI of any
 AFI Shares or any securities convertible into, or exchangeable or exercisable for, or
 otherwise evidencing a right to acquire, any AFI Shares;

(9) no
 Person has any options, agreements or right of any kind to acquire all or any portion
 of AFI's assets or any securities of AFI;

(10) there
 are no outstanding actions, suits, inquiries, judgments, investigations or proceedings
 of any kind whatsoever against or affecting AFI at law or in equity or before or by any
 Governmental Authority, nor are there, to the knowledge of AFI, any pending or threatened,
 and there is no existing ground on which such actions, suits, inquiries, judgments, investigations
 or proceedings might by commenced with any reasonable likelihood of success;

(11) this
 Agreement is a binding agreement on AFI, enforceable against it in accordance with its
 terms and conditions;

(12) AFI
 is not a party to or bound by or affected by any judgment, injunction, commitment, agreement
 or document containing any provision which expressly limits the freedom of AFI to operate
 in any specific line of business, acquire any specific property, transfer or move any
 of its assets or operations or which materially and adversely affects the present or
 proposed business practices, operations or condition of AFI;

(13) AFI
 has no liabilities, obligations or indebtedness (whether accrued, absolute, contingent
 or otherwise) of any kind whatsoever, and there is no basis for assertion against AFI
 of any liabilities, obligations or indebtedness (whether accrued, absolute, contingent
 or otherwise) of any kind;

(14) the
 information in the AFI Approval and the Transaction will be true, correct and complete
 in all material respects and will not contain any untrue statement of any material fact,
 nor omit to state any material fact required to be stated therein or necessary in order
 to make the statements therein not misleading in light of the context in which they are
 to be made;

(15) AFI
 has no outstanding Taxes due and payable and there exist no facts or circumstances which
 may reasonably be expected to result in the issuance of assessment or reassessment of
 Tax;

A - 2 SHARE PURCHASE AGREEMENT

(16) there
 are no Tax Returns required to be filed by AFI prior to the date hereof;

(17) the
 Corporate Records of AFI are complete and accurate in all material respects and all corporate
 proceedings and actions reflected in the Corporate Records have been conducted or taken
 in compliance with all Applicable Laws and with the Constating Documents of AFI. Without
 limiting the generality of the foregoing, in respect of the Corporate Records of AFI
 (i) the minute books contain complete and accurate minutes of all meetings of the
 directors and shareholders held since incorporation and all such meetings were properly
 called and held, (ii) the minute books contain all resolutions passed by the directors
 and shareholders (and committees, if any) and all such resolutions were properly passed,
 (iii) the share certificate books, register of shareholders and register of transfers
 are complete and accurate, all transfers have been properly completed and approved and
 any tax payable in connection with the transfer of any securities has been paid, and
 (iv) the registers of directors and officers are complete and accurate and all former
 and present directors and officers were properly elected or appointed, as the case may
 be;

(18) no
 proceedings have been taken, are pending or authorized by AFI or by any other Person,
 in respect of the bankruptcy, insolvency, liquidation or winding up of AFI;

(19) as
 at the date hereof there are no reasonable grounds for believing that any creditor of
 AFI will be prejudiced by the Transaction;

(20) there
 are no agreements, covenants, undertakings, rights of first refusal or other commitments
 of AFI or any instruments binding on their assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which
 would preclude AFI from entering into this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which
 would give a third party, as a result of the transactions contemplated in this Agreement,
 the right to terminate any material agreement to which AFI is a party or to purchase
 any of AFI's assets;

(21) AFI
 does not hold any rights, title or interests in any real property;

(22) AFI
 is conducting and has always conducted their respective businesses sin compliance with
 all Applicable Laws, other than acts of non-compliance which, individually or in aggregate,
 are not material;

(23) AFI
 is not aware of and has not received any order or directive relating to any breach of
 any applicable Environmental Laws by AFI;

(24) AFI
 is not required to obtain or hold any Permits in order to conduct the Business;

(25) AFI
 is not subject to any obligation to make any investment in or to provide funds by way
 of loan, capital contribution or otherwise to any Person;

(26) all
 information supplied by AFI or its representatives to Nuran in the course of Nuran's
 due diligence review in respect of the transactions contemplated by this Agreement, is
 accurate and correct in all material respects;

A - 3 SHARE PURCHASE AGREEMENT

(27) the
 representations, warranties or statements of fact made in this section do not contain
 any untrue statement of a material fact or omit to state any material fact necessary
 to make any such warranty or representation not misleading to Nuran in seeking full information
 as to each of AFI and its assets, liabilities and business;

(28) AFI
 owns, possesses and has good and marketable title to all of their respective undertakings,
 property and assets free and clear of all Encumbrances. The undertaking, property and
 assets of AFI comprise all of the undertaking, assets and property necessary for each
 to carry on its business as it is currently operated, if any;

(29) as
 at the date of this Agreement, AFI has no employees;

(30) there
 are no Material Contracts or agreements to which AFI is a party, or by which it is bound,
 which have not been disclosed to Nuran by AFI. AFI has performed in all material respects
 all respective obligations required to be performed by them to date under its Material
 Contracts;

(31) AFI
 is not in default or breach of, and the execution and delivery of, and the performance
 of and compliance with the terms of, this Agreement and the Transaction Agreements, does
 not and will not result in any breach of, or be in conflict with or constitute a default
 under, or create a state of facts which, after notice or lapse of time, or both, would
 result in a breach of or constitute a default under: (i) any term or provision of the
 Constating Documents or resolutions of the directors (or any committee thereof) or shareholders
 of AFI; (ii) any mortgage, note, indenture, contract, agreement (written or oral), instrument,
 lease or other material document to which AFI is a party or by which it is bound; or
 (iii) to AFI's knowledge, any Applicable Laws governing AFI or its properties or
 assets, or applicable to its subsidiaries, in each case, which default or breach would
 reasonably be expected to result in a Material Adverse Effect, or would impair the ability
 of AFI to consummate the transactions contemplated hereby or to duly observe and perform
 any of its covenants or obligations contained in any of the Transaction Agreements;

(32) the
 execution, delivery and performance of this Agreement by AFI and the consummation by
 AFI of the transactions contemplated hereby have been duly and validly authorized by
 all necessary corporate action, and no further consent or authorization of its board
 of directors or AFI Shareholders is required, except for the approval of the AFI Shareholders
 of the Transaction and matters ancillary thereto; and

(33) the
 AFI Shares do not constitute taxable Canadian property for the purposes of the ITA.

A - 4 SHARE PURCHASE AGREEMENT

**Schedule B – AFI Capitalization**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>AFI Shareholder</u>** | **<u>Registration Details</u>** | **<u>AFI Shares Held</u>** | **<u>Class of AFI Shares</u>** | **<u>Consideration for AFI Shares</u>** | **<u>Vendor's Cost Amount</u>** | **<u>Election Amount</u>** | **<u>Non-Share Consideration</u>** |
| Shimshon Posen | REDACTED | REDACTED | REDACTED | 1,159,966 Nuran Unit | REDACTED | REDACTED | REDACTED |
| AK Holdings Group Inc. | REDACTED | REDACTED | REDACTED | 1,288,927 Nuran Unit | REDACTED | REDACTED | REDACTED |
| Joseph and Marla Posen Family Trust | REDACTED | REDACTED | REDACTED | 1,288,927 Nuran Unit | REDACTED | REDACTED | REDACTED |
| Xorax Family Trust | REDACTED | REDACTED | REDACTED | 1,124,567 Nuran Unit | REDACTED | REDACTED | REDACTED |
| Donal Carroll | REDACTED | REDACTED | REDACTED | 1,124,567 Nuran Unit | REDACTED | REDACTED | REDACTED |
| Pacific Investment Holdings Limited | REDACTED | REDACTED | REDACTED | 1,124,567 Nuran Unit | REDACTED | REDACTED | REDACTED |
| Roxanne Letourneau | REDACTED | REDACTED | REDACTED | 86,505 Nuran Unit | REDACTED | REDACTED | REDACTED |
| &nbsp;&nbsp;TOTAL |  | 100000000<br>726752667 | AFI Class A Shares<br>AFI Pref Shares | 7,198,026 Nuran Unit |  |  |  |

---

B - 1 SHARE PURCHASE AGREEMENT

**Schedule C – Representations and Warranties of Nuran**

**Representations and Warranties of Nuran**

B. Nuran represents and warrants to AFI and AFI Shareholders, as follows, and acknowledge that AFI is relying upon such representations and warranties in connection with the matters contemplated by this Agreement:

(1) Nuran
 has good and sufficient right, corporate capacity and authority to enter into this Agreement
 and the Transaction Agreements and carry out its intentions hereunder and thereunder.
 This Agreement and the Transaction Agreements (when entered into) are duly authorized,
 executed and delivered by Nuran and this Agreement and the Transaction Agreements (when
 entered into) are legal, valid and binding obligations of Nuran enforceable against Nuran
 in accordance with their respective terms, subject to laws relating to creditors'
 rights generally and except as rights to indemnity may be limited by Applicable Laws;

(2) Nuran
 and each of its subsidiaries is duly incorporated and is currently in good standing under
 the laws of the jurisdiction of its incorporation, and is not subject to any regulatory
 decision or order prohibiting or restricting trading in its shares and has all requisite
 corporate capacity, power and authority to carry on its business, as now conducted and
 as presently proposed to be conducted by it, and to own its properties and assets;

(3) as
 at the date hereof, Nuran has no other subsidiaries other than as disclosed in the Nuran
 Disclosure Documents. Nuran is not "affiliated" with, nor is it a "holding
 corporation" of, any other body corporate (within the meaning of those terms in
 the BCBCA), as of the date of this Agreement;

(4) Nuran
 and each of its subsidiaries is authorized to carry on business under the laws of each
 jurisdiction in which it carries on a material portion of its business;

(5) Nuran
 is a "reporting issuer" in good standing in the provinces of British Columbia,
 Alberta, and Ontario, and is currently listed on the CSE. No securities commission or
 other similar regulatory authority or authority of any government or self-regulatory
 organization, including the CSE, has issued any order which is currently outstanding
 preventing or suspending trading in any securities of Nuran or preventing the entering
 into and consummation of this Agreement; no such proceeding is, to the knowledge of Nuran,
 pending, contemplated or threatened; and Nuran is not in default of any requirement of
 any Applicable Canadian Securities Laws, rules or policies applicable to Nuran or its
 securities;

(6) Nuran
 and each of its subsidiaries has conducted and is conducting its business in compliance
 in all material respects with all Applicable Laws and, in particular, all applicable
 licensing and Environmental Laws of any Governmental Authority applicable to it of each
 jurisdiction in which it currently carries on business, in each case, where failure to
 so comply in all material respects would reasonably be expected to have a Material Adverse
 Effect on Nuran or its subsidiaries. Nuran and each of its subsidiaries have fully complied
 with and hold all licences, registrations, approvals and qualifications in all jurisdictions
 in which it currently carries on a material portion of its business and which are necessary
 to carry on the business of Nuran and its subsidiaries, as now conducted; all such licences,
 registrations, approvals or qualifications are valid and existing and in good standing;
 and none of such licences, registrations, approvals or qualifications contains any burdensome
 term, provision, condition or limitation which has or is likely to have any Material
 Adverse Effect on Nuran or its subsidiaries. Nuran is not aware of any legislation, regulation,
 rule or other requirements of Applicable Laws presently in force or publicly proposed
 to be brought into force which Nuran anticipates it will be unable to comply with in
 circumstances where such failure would reasonably be expected to result in a Material
 Adverse Effect on Nuran or its subsidiaries. To Nuran's knowledge, Nuran is not
 in default of any material requirement of Applicable Canadian Securities Laws;

C - 1 SHARE PURCHASE AGREEMENT

(7) the
 information, statements, documents and materials comprising the Nuran Disclosure Documents
 including, without limitation, capitalization and issued and outstanding Nuran Shares,
 options and Nuran Warrants, are in all material respects true, accurate, complete and
 up to date and contain no misrepresentation, nor omit any facts, the omission of which
 makes the Nuran Disclosure Documents or any particulars therein materially misleading
 or incorrect, and were prepared in accordance with and complied in all material respects
 with Applicable Canadian Securities Laws. Nuran has not filed any confidential material
 change reports still maintained on a confidential basis;

(8) except
 as disclosed in the Nuran Disclosure Documents, the minute books for Nuran and each of
 its subsidiaries contain full, true and correct copies of the Constating Documents of
 such respective entities and, to the best of Nuran's knowledge, (i) contain copies
 of all minutes of all meetings and all consent resolutions of the directors, committees
 of directors and shareholders of such respective entities that are material to Nuran
 and/or its subsidiaries; and (ii) all such meetings were duly called and properly held
 and all consent resolutions were properly adopted;

(9) Nuran
 is authorized to issue an unlimited number of common shares, of which 409,436 Nuran Shares
 are outstanding as fully paid and non-assessable as at the date hereof, and has 109,441
 outstanding warrants and 9,565 outstanding options as at the date hereof. As of the Effective
 Time, Nuran shall have no more than 409,436 Nuran Shares issued and outstanding on a
 non-diluted basis and 528,442 Nuran Shares on a fully diluted. All of the outstanding
 shares or other equity securities in the capital of each of Nuran and its subsidiaries
 are: (i) validly issued, fully-paid and non-assessable (and no such shares or other equity
 interests have been issued in violation of any pre-emptive or similar rights) and all
 such shares or other equity interests in its subsidiaries only are owned free and clear
 of all Encumbrances; and (ii) are free of any other restrictions including any restriction
 on the right to vote, sell or otherwise dispose of shares or other equity interests;

(10) other
 than the securities referred to in (9) above, there are no other shares, options, warrants,
 convertible notes or debentures, agreements, documents, instruments or other writings
 of any kind whatsoever which constitute a "security" of Nuran or its subsidiaries
 (as that term is defined in the Securities Act), and other than this Agreement, each
 of Nuran and its subsidiaries has no agreements or commitments of any character whatsoever
 convertible into, or exchangeable or exercisable for or otherwise requiring the issuance,
 sale or transfer by Nuran or its subsidiaries of any Nuran Shares or shares of any of
 Nuran's subsidiaries or any securities convertible into, or exchangeable or exercisable
 for, or otherwise evidencing a right to acquire, any Nuran Shares or shares of any of
 Nuran's subsidiaries;

C - 2 SHARE PURCHASE AGREEMENT

(11) subject
 to Applicable Laws (including Applicable Canadian Securities Laws) and the rules and
 policies of the CSE, Nuran has the full and lawful right and authority to issue the Nuran
 Shares to AFI Shareholders in connection with the Transaction and related transactions
 and upon completion of the Transaction, such shares will be validly issued as fully paid
 and non-assessable shares in the capital of Nuran free and clear of all Encumbrances
 but subject to such trading restrictions as are imposed under Applicable Laws (including
 Applicable Canadian Securities Laws) and CSE policies;

(12) none
 of the directors, officers or employees of Nuran, nor any person who owns, directly or
 indirectly, more than 10% of any class of securities of Nuran, or any associate or affiliate
 of any of the foregoing, had or has any material interest, direct or indirect, in any
 material transaction or any proposed material transaction with Nuran, including the transaction
 contemplated by this Agreement, which, as the case may be, materially affects, is material
 to or will materially affect Nuran;

(13) except
 as disclosed in the Nuran Disclosure Record, there are no outstanding actions, suits,
 inquiries, judgments, investigations or proceedings of any kind whatsoever against or
 affecting Nuran or any of its subsidiaries at law or in equity or before or by any Governmental
 Authority, nor are there, to the knowledge of Nuran, any pending or threatened, and there
 is no existing ground on which such actions, suits, inquiries, judgments, investigations
 or proceedings might by commenced with any reasonable likelihood of success;

(14) neither
 Nuran nor any of its subsidiaries is a party to or bound by or affected by any judgment,
 injunction, commitment, agreement or document containing any provision which expressly
 limits the freedom of Nuran or its subsidiaries to operate in any specific line of business,
 acquire any specific property, transfer or move any of its assets or operations or which
 materially and adversely affects the present or proposed business practices, operations
 or condition of Nuran or its subsidiaries;

(15) the
 Nuran Financial Statements have been prepared in accordance with IFRS applied on a basis
 consistent with prior periods and all Applicable Laws and present fairly, in all material
 respects, the assets, liabilities (whether accrued, absolute, contingent or otherwise),
 consolidated financial position and results of operations of Nuran and its subsidiaries
 as of the respective dates thereof and its results of operations and cash flows for the
 respective periods covered thereby;

(16) neither
 Nuran nor any of its subsidiaries nor, to Nuran's knowledge, any director, officer,
 employee, auditor, accountant or representative of Nuran or any of its subsidiaries has
 received or otherwise had or obtained knowledge of any written complaint, allegation,
 assertion, or claim regarding the accounting or auditing practices, procedures, methodologies
 or methods of Nuran or any of its subsidiaries or their respective internal accounting
 controls, including any written complaint, allegation, assertion, or claim that Nuran
 or any of its subsidiaries has engaged in questionable accounting or auditing practices,
 which has not been resolved to the satisfaction of the audit committee of the board of
 directors;

C - 3 SHARE PURCHASE AGREEMENT

(17) neither
 Nuran nor any of its subsidiaries has any liabilities, obligations or indebtedness (whether
 accrued, absolute, contingent or otherwise) of any kind whatsoever, including under any
 guarantee of any debt, and, there is no basis for assertion against Nuran nor any of
 its subsidiaries of any liabilities, obligations or indebtedness (whether accrued, absolute,
 contingent or otherwise) of any kind, other than liabilities disclosed or reflected in
 the financial statements of Nuran as disclosed in the Nuran Disclosure Documents;

(18) neither
 Nuran, nor any of its subsidiaries, has made any assignment for the benefit of its creditors
 nor has any receiving order been made against it under applicable bankruptcy legislation
 or similar Applicable Laws of any other jurisdiction, nor has any petition for such an
 order been served upon it, nor has it attempted to take the benefit of any legislation
 with respect to financially distressed debtors;

(19) each
 of Nuran and its subsidiaries own, possess and have good and marketable title to all
 of their respective undertakings, property and assets including all the undertaking,
 property and assets to be reflected in the most recent balance sheet included in the
 Nuran Financial Statements. The undertaking, property and assets of Nuran and its subsidiaries
 comprise all of the undertaking, assets and property necessary for each to carry on its
 business as it is currently operated, if any;

(20) except
 as contemplated herein, there has not been any Material Adverse Change in the capital,
 assets, liabilities or obligations (absolute, accrued, contingent or otherwise) of Nuran
 or any of its subsidiaries from the position set forth in the Nuran Financial Statements
 and there has not been any Material Adverse Change in the business, operations, capital,
 properties, assets, liabilities (absolute, accrued, contingent or otherwise), condition
 (financial or otherwise) or results of operations of Nuran or any of its subsidiaries
 since December 31, 2024, and since that date there have been no material facts, transactions,
 events or occurrences which would materially adversely affect the business, operations,
 capital, properties, assets, liabilities (absolute, accrued, contingent or otherwise),
 condition (financial or otherwise) or results of operations of Nuran or any of its subsidiaries;

(21) other
 than disclosed in the Nuran Disclosure Documents, each of Nuran, and its subsidiaries,
 is and has been in compliance in all material respects with all terms and conditions
 of employment and all Applicable Laws respecting employment, including pay equity, accessibility,
 wages, hours of work, overtime, employment standards, human rights and occupational health
 and safety. Neither Nuran, nor its subsidiaries, is subject to any claim for wrongful
 dismissal, constructive dismissal or any other tort claim, actual or, to the knowledge
 of Nuran, threatened, or any litigation actual, or to the knowledge of Nuran, threatened,
 relating to employment or termination of employment of employees or engagement or termination
 of engagement of independent contractors;

C - 4 SHARE PURCHASE AGREEMENT

(22) Except
 as disclosed in the Nuran Disclosure Documents or as required in connection with the
 transaction contemplated hereunder, since December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Nuran
 and its subsidiaries have conducted their respective businesses, if any, only in the
 ordinary course of business and consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there
 has not been any event, circumstance or occurrence which has had or is reasonably likely
 to give rise to a Material Adverse Effect to Nuran;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 has not been any increase in or commitment to increase the salary, base pay, incentive
 compensation, or other remuneration payable to any directors, officers or employees of
 any of Nuran or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there
 has not been any redemption, repurchase or other acquisition of Nuran Shares by Nuran,
 or any declaration, setting aside or payment of any dividend or other distribution (whether
 in cash, shares or property) with respect to the Nuran Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there
 has not been a material change in the level of accounts receivable or payable, inventories
 or employees of Nuran or its subsidiaries, other than those changes in the ordinary course
 of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) there
 has not been any entering into, or an amendment of, any Material Contract other than
 in the ordinary course of business consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there
 has not been any satisfaction or settlement of any material claims or material liabilities
 of Nuran, other than the settlement of claims or liabilities incurred in the ordinary
 course of business consistent with past practice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there
 has not been any material write-down by Nuran of the value of any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) there
 are no Material Contracts or agreements to which Nuran or its subsidiaries is a party,
 or by which they are bound, which are not disclosed the Nuran Disclosure Documents. Nuran
 and its subsidiaries have performed in all material respects all respective obligations
 required to be performed by them to date under its Material Contracts. Save and except
 as disclosed in the Nuran Disclosure Documents, neither Nuran nor any of its subsidiaries
 knows of, or has received written notice of termination, any breach or default under
 (nor, to the knowledge of Nuran, does there exist any condition which with the passage
 of time or the giving of notice or both would result in such a breach or default under)
 any such Material Contract by any other party thereto except where any such violation
 or default would not, individually or in the aggregate, reasonably be expected to have,
 or result in, a Material Adverse Effect. All Material Contracts are legal, valid, binding
 and in full force and effect and are enforceable by Nuran (or a subsidiary of Nuran,
 as the case may be) in accordance with their respective terms (subject to bankruptcy,
 insolvency and other Applicable Laws affecting creditors' rights generally, and
 to general principles of equity);

C - 5 SHARE PURCHASE AGREEMENT

(23) with
 respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) since
 December 31, 2024, Nuran and each of its subsidiaries has duly and in a timely manner
 made or prepared all Tax Returns required to be made or prepared by it, and duly and
 in a timely manner filed all Tax Returns required to be filed by it with the appropriate
 Governmental Authority, and such Tax Returns were complete and correct in all material
 respects. Nuran and each of its subsidiaries has paid all Taxes, including instalments
 on account of Taxes for the current year required by Applicable Law, which are due and
 payable by it whether or not assessed by the appropriate Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) since
 December 31, 2024, each of Nuran and its subsidiaries has duly and timely withheld all
 Taxes and other amounts required by Applicable Laws to be withheld by it (including Taxes
 and other amounts required to be withheld by it in respect of any amount paid or credited
 or deemed to be paid or credited by it to or for the benefit of any Person) and has duly
 and timely remitted to the appropriate Governmental Authority such Taxes or other amounts
 required by Applicable Laws to be remitted by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) since
 December 31, 2024, no claim has been made by any Governmental Authority in any jurisdiction
 where Nuran and its subsidiaries have not filed Tax Returns and have not paid Taxes that
 Nuran or any of its subsidiaries is subject to Tax by that jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) since
 December 31, 2024, to the knowledge of Nuran, each of Nuran and its subsidiaries has
 duly and timely collected all amounts on account of any sales, use or transfer Taxes,
 including goods and services, harmonized sales, provincial and territorial taxes and
 state and local taxes, required by Applicable Laws to be collected by it, and has duly
 and timely remitted to the appropriate Governmental Authority such amounts required by
 Applicable Laws to be remitted by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither
 Nuran nor any of its subsidiaries has made, prepared and/or filed any elections, designations
 or similar filings relating to Taxes or entered into any agreement or other arrangement
 in respect of Taxes or Tax Returns that has effect for any period ending after the Effective
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to
 the knowledge of Nuran, there are no proceedings, investigations, audits or claims now
 pending or threatened against Nuran or its subsidiaries in respect of any Taxes and there
 are no matters under discussion, audit or appeal with any Governmental Authority relating
 to taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) there
 are no Encumbrances for Taxes upon any properties or assets of Nuran or its subsidiaries
 (other than Encumbrances relating to Taxes not yet due and payable and for which adequate
 reserves have been recorded in the Nuran Financial Statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) there
 are no outstanding agreements extending or waiving the statutory period of limitations
 applicable to any claim for, or the period for the collection or assessment or reassessment
 of, Taxes due from Nuran or any of its subsidiaries for any taxable period and no request
 for any such waiver or extension is currently pending;

C - 6 SHARE PURCHASE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Nuran
 has provided AFI with, or with access to, true, correct and complete copies of all Tax
 Returns for taxable periods, or transactions consummated, for which the applicable statutory
 periods of limitations have not expired, in respect of Nuran or any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) neither
 Nuran nor any of its subsidiaries is a party to any indemnification, allocation or sharing
 agreement with respect to Taxes that could give rise to a payment or indemnification
 obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Nuran
 does not have any outstanding taxes due and payable;

(24) the
 Corporate Records of Nuran or any of its subsidiaries are complete and accurate in all
 material respects and all corporate proceedings and actions reflected in the Corporate
 Records have been conducted or taken in compliance with all Applicable Laws and with
 the Constating Documents of Nuran or any of its subsidiaries, as applicable. Without
 limiting the generality of the foregoing, in respect of the Corporate Records of Nuran
 or any of its subsidiaries (i) the minute books contain complete and accurate minutes
 of all meetings of the directors and shareholders held since incorporation and all such
 meetings were properly called and held, (ii) the minute books contain all material resolutions
 passed by the directors and shareholders (and committees, if any) and all such resolutions
 were properly passed, (iii) the register of shareholders maintained by Nuran's
 transfer agent is complete and accurate, and (iv) the registers of directors and officers
 are complete and accurate and all former and present directors and officers were properly
 elected or appointed, as the case may be;

(25) Nuran
 is up to date and current with all filings and fees required by Applicable Securities
 Laws;

(26) neither
 Nuran nor any of its subsidiaries has incurred any obligation or liability (absolute,
 accrued, contingent or otherwise) for brokerage fees, finder's fees, underwriter's
 or agent's commission or other similar forms of compensation with respect to the
 transactions contemplated hereby;

(27) the
 books of account and other records of Nuran on a consolidated basis, whether of a financial
 or accounting nature or otherwise, are maintained in accordance with prudent business
 practices;

(28) all
 filings made by Nuran, or any of its subsidiaries, under which each has received or is
 entitled to government incentives, have been made in accordance, in all material respects,
 with all applicable legislation and contain no misrepresentations of material fact or
 omit to state any material fact which would cause any amount previously paid to Nuran,
 or any of its subsidiaries, or previously accrued on the accounts thereof to be recovered
 or disallowed;

(29) Nuran
 does not have a shareholder rights protection plan that is currently in effect;

(30) except
 as contemplated in this Agreement, to the knowledge of Nuran, neither Nuran nor any of
 the Nuran Shareholders are currently a party to any shareholders agreement, pooling agreement,
 voting trust or other similar type of arrangements in respect of outstanding securities
 of Nuran;

C - 7 SHARE PURCHASE AGREEMENT

(31) to
 the knowledge of Nuran, no event has occurred or condition exists that has not been disclosed
 by Nuran to AFI which is reasonably likely to prevent the transaction contemplated hereunder
 from being completed;

(32) to
 the knowledge of Nuran, there are no material judgments against Nuran or its subsidiaries
 which are unsatisfied, nor are there any consent decrees or injunctions to which Nuran
 or its subsidiaries are subject;

(33) to
 the knowledge of Nuran, the offer and sale of all Nuran Shares, Nuran Warrants, convertible
 securities, rights, or options of Nuran issued and outstanding as of the date of this
 Agreement have complied with all Applicable Laws;

(34) to
 the knowledge of Nuran, Nuran is a "foreign private issuer" (as such term
 is defined in Rule 3b-4 under the U.S. Securities Exchange Act of 1934);

(35) no
 securities commission, the CSE, or any other similar regulatory authority has issued
 any order preventing or suspending trading of any securities of Nuran that currently
 in effect, and no such proceeding is, to the knowledge of Nuran, pending, contemplated
 or threatened;

(36) the
 issued and outstanding Nuran Shares are currently listed on the CSE and to the knowledge
 of Nuran, Nuran is in material compliance with the by-laws, rules and regulations of
 the CSE;

(37) Odyssey
 Trust Company is the duly appointed registrar and transfer agent of Nuran with respect
 to Nuran Shares;

(38) at
 the Effective Time, there will be no additional requirement of Nuran to obtain any consent,
 approval or waiver of a party under any contract to which either Nuran, or any of its
 subsidiaries, is a party in order to complete such transaction, except as otherwise disclosed
 or contemplated herein;

(39) save
 and except as disclosed in the Nuran Disclosure Documents, to Nuran's knowledge,
 all material costs, expenses, and liabilities payable on or prior to the date hereof
 under the terms of any contracts and agreements to which Nuran or any of its subsidiaries
 or joint ventures is directly or indirectly bound have been properly and timely paid,
 except for such expenses that are being currently paid prior to delinquency in the ordinary
 course of business;

(40) to
 Nuran's knowledge, except to the extent that any violation or other matter referred
 to in this subparagraph does not have a Material Adverse Effect on the business, financial
 condition, assets, properties, liabilities or operations of Nuran and its subsidiaries
 or has been disclosed in the Nuran Disclosure Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither
 Nuran nor its subsidiaries have received written notice that any of them are in violation
 of any Environmental Laws;

C - 8 SHARE PURCHASE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 the knowledge of Nuran, Nuran and its subsidiaries have operated their business at all
 times and have received, handled, used, stored, treated, shipped and disposed of all
 contaminants in compliance with Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 the knowledge of Nuran, there have been no spills, releases, deposits or discharges of
 hazardous or toxic substances, contaminants or wastes into the earth, air or into any
 body of water or any municipal or other sewer or drain water systems by Nuran or its
 subsidiaries that have not been remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no
 orders, directions or notices have been issued and remain outstanding pursuant to any
 Environmental Laws relating to the business or assets of Nuran or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to
 the knowledge of Nuran, none of Nuran and its subsidiaries have failed to report to the
 proper Governmental Authority, domestic or foreign, the occurrence of any event which
 is required to be so reported by any Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) neither
 Nuran nor its subsidiaries (including, if applicable, any predecessor companies thereof)
 has received any notice of, or been prosecuted for an offence alleging, material non-compliance
 with any Environmental Laws and none of Nuran or its subsidiaries (including, if applicable,
 any predecessor companies) has settled any allegation of material non-compliance with
 any Environmental Laws short of prosecution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) neither
 Nuran nor any of its subsidiaries has any reason to expect receipt from any Person or
 Governmental Authority of any notice, formal or informal, of any proceeding, action or
 other claim, liability or responsibility arising under any Environmental Laws that are
 pending as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) neither
 Nuran nor any of its subsidiaries has contractually assumed any material liability of
 any other Person under Environmental Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Nuran
 is not a party to any closure plans, and all material environmental reports relating
 to the environmental matters currently affecting Nuran, its subsidiaries, or any of the
 Nuran Mineral Interests have been disclosed to AFI;

(41) as
 of the date hereof, neither Nuran nor any of its subsidiaries has any debts or obligations
 other than those disclosed in its accounts or for professional fees accrued but not yet
 invoiced, nor have they granted general security over their assets or security in any
 particular asset;

(42) as
 at the date hereof, there are no reasonable grounds for believing that any creditor of
 Nuran or its subsidiaries will be prejudiced by the Transaction or the transaction contemplated
 hereunder;

C - 9 SHARE PURCHASE AGREEMENT

(43) except
 as otherwise disclosed in the Nuran Disclosure Documents, neither Nuran nor any of its
 subsidiaries is in default or breach of, and the execution and delivery of, and the performance
 of and compliance with the terms of, this Agreement and the Transaction Agreements, does
 not and will not result in any breach of, or be in conflict with or constitute a default
 under, or create a state of facts which, after notice or lapse of time, or both, would
 result in a breach of or constitute a default under: (i) any term or provision of the
 Constating Documents or resolutions of the directors (or any committee thereof) or shareholders
 of Nuran or its subsidiaries; (ii) any mortgage, note, indenture, contract, agreement
 (written or oral), instrument, lease or other material document to which Nuran or its
 subsidiaries is a party or by which it is bound; or (iii) to Nuran's knowledge,
 any Applicable Laws governing Nuran or its properties or assets, or applicable to its
 subsidiaries, in each case, which default or breach would reasonably be expected to result
 in a Material Adverse Effect, or would impair the ability of Nuran to consummate the
 transactions contemplated hereby or to duly observe and perform any of its covenants
 or obligations contained in any of the Transaction Agreements;

(44) the
 execution, delivery and performance of this Agreement by Nuran and the consummation by
 them of the transactions contemplated hereby have been duly and validly authorized by
 all necessary corporate action, and no further consent or authorization of their boards
 of directors or Nuran Shareholders is required;

(45) there
 are no agreements, covenants, undertakings, rights of first refusal or other commitments
 of either Nuran or its subsidiaries or any instruments binding on them or their assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which
 would preclude them from entering into this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which
 would give a third party, as a result of the transactions contemplated in this Agreement,
 the right to terminate any material agreement to which Nuran or its subsidiaries is a
 party or to purchase any of Nuran's or its subsidiaries' assets;

(46) all
 information supplied by Nuran, its subsidiaries and their representatives to AFI in the
 course of AFI's due diligence review in respect of the transactions contemplated
 by this Agreement is accurate and correct in all material respects; and

(47) the
 representations, warranties or statements of fact made in this section do not contain
 any untrue statement of a material fact or omit to state any material fact necessary
 to make any such warranty or representation not misleading to AFI in seeking full information
 as to Nuran and its subsidiaries and their assets, liabilities and business.

C - 10 SHARE PURCHASE AGREEMENT

**Schedule D –Form of Registration Rights Agreement**

D - 1

**<u>REGISTRATION RIGHTS AGREEMENT</u>**

This Registration Rights Agreement (this "<u>Agreement</u>"), dated as of December 22, 2025, is made and entered into by and between Nuran Wireless Inc., a company incorporated under the laws of British Columbia, Canada (the "<u>Company</u>"), and the undersigned parties listed under Holders on the signature page hereto (each such party, together with any person or entity who hereafter becomes a party to this Agreement pursuant to <u>Section 5.2</u> of this Agreement, the "<u>Holders</u>").

**RECITALS**

**WHEREAS**, the Company and the undersigned Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company he, she or it holds, as set forth in this Agreement.

**NOW**, **THEREFORE**, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I**<br> **DEFINITIONS**

1.1 <u>Definitions</u>.
The terms defined in this <u>Article I</u> shall, for all purposes of this Agreement, have the respective meanings set forth below:

"<u>Adverse Disclosure</u>" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of any director of the Company, the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

"<u>Agreement</u>" shall have the meaning given in the Preamble.

"<u>Board</u>" shall mean the Board of Directors of the Company.

"<u>Commission</u>" shall mean the U.S. Securities and Exchange Commission.

"<u>Common Shares</u>" shall mean the common shares in the capital of the Company.

"<u>Company</u>" shall have the meaning given in the Preamble.

"<u>Demand Registration</u>" shall have the meaning given in <u>subsection 2.1.2</u>.

"<u>Demanding Holder</u>" shall have the meaning given in <u>subsection 2.1.2</u>.

"<u>Exchange Act</u>" shall mean the U.S. Securities Exchange Act of 1934, as it may be amended from time to time.

"<u>Form F-1</u>" shall have the meaning given in <u>subsection 2.1.2</u>.

"<u>Form F-3</u>" shall have the meaning given in <u>subsection 2.3</u>.

"<u>Form F-10</u>" shall have the meaning given in <u>subsection 2.3</u>.

"<u>Holder</u>" shall have the meaning given in the Preamble.

"<u>Maximum Number of Securities</u>" shall have the meaning given in <u>subsection 2.1.5</u>.

"<u>Misstatement</u>" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which they were made not misleading.

"<u>Piggyback Registration</u>" shall have the meaning given in <u>subsection 2.2.1</u>.

"<u>Pro Rata</u>" shall have the meaning given in <u>subsection 2.1.5</u>.

"<u>Prospectus</u>" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

"<u>Prospectus Date</u>" shall mean the date of the final prospectus filed with the Commission and declared effective and relating to the Company's initial public offering.

"<u>Public Company Date</u>" shall mean the earliest of the date on which either (i) the Common Shares of the Company are registered under the Exchange Act or the Prospectus Date or (ii) any publicly traded common equity (or equivalent security) of any successor entity are issued in exchange for the Common Shares in either case, whether as a result of a public offering, business combination, recapitalization, reorganization or otherwise.

"<u>Registrable Security</u>" shall mean (a) any outstanding Common Shares or any other equity security (including the Common Shares issued or issuable upon the exercise, conversion or exchange of any other equity security, any warrants, options, convertible or exchangeable securities, or other rights to subscribe for, purchase, convert into or otherwise acquire Common Shares) of the Company held by the Registration Rights Holders as of the date of this Agreement, and (b) any other equity security of the Company issued or issuable with respect to any such Common Shares by way of a share dividend or share split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; <u>provided</u>, <u>however</u>, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; or (D)such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

"<u>Registration</u>" shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

"<u>Registration Expenses</u>" shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all
registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any securities exchange on which the Common Shares are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) fees
 and expenses of compliance with securities or blue sky laws (including reasonable fees
 and disbursements of counsel for the Underwriters in connection with blue sky qualifications
 of Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) printing,
 messenger, telephone and delivery expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) reasonable
 fees and disbursements of counsel for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) reasonable
 fees and disbursements of all independent registered public accountants of the Company
 incurred specifically in connection with such Registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) reasonable
 fees and expenses of one (1) legal counsel selected by the majority-in-interest of the
 Demanding Holders initiating a Demand Registration to be registered for offer and sale
 in the applicable Registration.

"<u>Registration Rights Holders</u>" means the Holders.

"<u>Registration Statement</u>" shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

"<u>Requesting Holder</u>" shall have the meaning given in <u>subsection 2.1.2</u>.

"<u>Securities Act</u>" shall mean the U.S. Securities Act of 1933, as amended from time to time.

"<u>Underwriter</u>" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering (as defined below) and not as part of such dealer's market-making activities.

"<u>Underwritten Registration</u>" or "<u>Underwritten Offering</u>" shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

**ARTICLE II**<br> **REGISTRATIONS**

2.1 <u>Demand Registration</u>.

2.1.1 <u>Registration</u>.
The Company agrees that, within thirty (30) days after the Public Company Date, the Company will file with the Commission (at
the Company's sole cost and expense) a Registration Statement registering the resale or other disposition of the Registrable
Securities. The Company shall use its commercially reasonable efforts to cause such Registration Statement to become effective
by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Subject to the limitations
contained in this Agreement, the Company shall effect any Registration on such appropriate registration form of the Commission
(i) as shall be selected by the Company and (ii) as shall permit the resale or other disposition of the Registrable Securities
by the Holders of Registrable Securities. If at any time a Registration Statement filed with the Commission pursuant to this <u>subsection 2.1.1</u> is effective and the Holder provides written notice to the Company that it intends to effect an offering of all or part
of the Registrable Securities included on such Registration Statement, the Company will use its commercially reasonable efforts
to amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place in accordance
with the terms of this Agreement.

2.1.2 <u>Request for Registration</u>. Subject to the provisions of <u>subsection 2.1.5</u> and <u>Section 2.4</u> hereof, at any time and from
time to time on or after Public Company Date, the Holders of at least a majority in interest of the then-outstanding number of
Registrable Securities (the " <u>Demanding Holders</u> ") may make a written demand for Registration under the Securities
Act of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be
included in such Registration and the intended method(s) of distribution thereof (such written demand a " <u>Demand Registration</u> ").
The Company shall, within ten (10) days of the Company's receipt of the Demand Registration, notify, in writing, all other
Holders of Registrable Securities of such demand, and any Holder of Registrable Securities who thereafter wishes to include all
or a portion of such Holder's Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder
that includes all or a portion of such Holder's Registrable Securities in such Registration, a " <u>Requesting Holder</u> ")
shall so notify the Company, in writing, within five (5) days after the receipt by such Holder of Registrable Securities of the
notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company,
such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand
Registration and the Company shall effect, as soon thereafter as practicable, the Registration of all Registrable Securities requested
by the Demanding Holders and Requesting Holders pursuant to such Demand Registration.

2.1.3 <u>Effective Registration</u>. Notwithstanding the provisions of <u>subsection 2.1.2</u> above or any other part of this Agreement, a Registration
 pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed
 with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission
 and (ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
 that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration
 pursuant to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal
 or state court or any other governmental agency the Registration Statement with respect to such Registration shall be deemed
 not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise
 terminated, and (ii) a majority-in-interest of the Demanding Holders initiating such Demand Registration thereafter affirmatively
 elect to continue with such Registration and accordingly notify the Company in writing, but in no event later than five (5)
 days, of such election; and provided, further, that the Company shall not be obligated or required to file another Registration
 Statement until the Registration Statement that has been previously filed with respect to a Registration pursuant to a Demand
 Registration becomes effective or is subsequently terminated.

2.1.4 <u>Underwritten Offering</u>. Subject to the provisions of <u>subsection 2.1.5</u> and <u>Section 2.4</u> hereof, if a majority-in-interest
 of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities
 pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder
 or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder's
 participation in such Underwritten Offering and the inclusion of such Holder's Registrable Securities in such Underwritten
 Offering to the extent provided herein. If the Holder proposes to distribute the Holder's Registrable Securities through
 an Underwritten Offering under this <u>subsection 2.1.4</u>, it shall enter into an underwriting agreement in customary form
 with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating
 the Demand Registration.

2.1.5 <u>Reduction of Underwritten Offering</u>. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
 Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that
 the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire
 to sell, taken together with all other Common Shares or other equity securities that the Company desires to sell, if any,
 and the Common Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back
 registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number
 of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
 the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum
 number of such securities, as applicable, the " <u>Maximum Number of Securities</u> "), then the Company shall include
 in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting
 Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting
 Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities
 that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration (such proportion
 is referred to herein as " <u>Pro Rata</u> ")) that can be sold without exceeding the Maximum Number of Securities;
 (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the
 Registrable Securities of the Holders (Pro Rata, based on the respective number of Registrable Securities that each Holder
 has so requested) exercising their rights to register their Registrable Securities pursuant to <u>subsection 2.2.1</u> hereof
 without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has
 not been reached under the foregoing clauses (i) and (ii), the Common Shares or other equity securities that the Company desires
 to sell which can be sold without exceeding the Maximum Number of Securities.

2.1.6 <u>Demand Registration Withdrawal</u>. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest
 of the Requesting Holders (if any), pursuant to a Registration under <u>subsection 2.1.2</u> shall have the right to withdraw
 from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the
 Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness
 of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant
 to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible
 for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration as provided in <u>Section 3.3</u> prior to its withdrawal under this <u>subsection 2.1.6</u>.

2.2 <u>Piggyback Registration</u>.

2.2.1 <u>Piggyback Rights</u>. If, at any time on or after the Public Company Date, the Company proposes to file a Registration Statement under
 the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
 for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by the
 Company and by the shareholders of the Company including, without limitation, pursuant to <u>Section 2.1</u> hereof), other
 than a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange
 offer or offering of securities solely to the Company's existing shareholders, (iii) for an offering of debt that is
 convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written
 notice of such proposed filing to all Holders of Registrable Securities as soon as practicable but not less than ten (10)
 days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type
 of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing
 Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity
 to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) days
 after receipt of such written notice (such Registration a " <u>Piggyback Registration</u> "). The Company shall,
 in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts
 to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities
 requested by the Holder pursuant to this <u>subsection 2.2.1</u> to be included in a Piggyback Registration on the same terms
 and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition
 of such Registrable Securities in accordance with the intended method(s) of distribution thereof. If the Holder proposes to
 distribute Holder's Registrable Securities through an Underwritten Offering under this <u>subsection 2.2.1</u>, it shall
 enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by
 the Company.

2.2.2 <u>Reduction of Piggyback Registration</u>. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggyback
Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of the Common Shares that the Company desires to sell, taken together with (i) the
Common Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with persons
or entities other than the Holder hereunder (ii) the Registrable Securities as to which registration has been requested pursuant
to Section 2.2 hereof, and (iii) the Common Shares, if any, as to which Registration has been requested pursuant to separate written
contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Registration is undertaken for the Company's account, the Company shall include
 in any such Registration (A) first, the Common Shares or other equity securities that
 the Company desires to sell, which can be sold without exceeding the Maximum Number of
 Securities; and (B) second, to the extent that the Maximum Number of Securities has not
 been reached under the foregoing clause (A), the Registrable Securities of the Holders
 exercising their rights to register their Registrable Securities pursuant to subsection
 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
shall include in any such Registration (A) first, the Common Shares or other equity securities, if any, of such requesting persons
or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities;
(B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable
Securities of the Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata
based on the number of Registrable Securities that each such Holder has requested be included in such Underwritten Registration
and the aggregate number of Registrable Securities that the Holders of Registrable Securities have requested to be included in
such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Shares or other
equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.

2.2.3 <u>Piggyback Registration Withdrawal</u>. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his,
her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as
the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration as provided in <u>Section 3.2</u> prior to its withdrawal under
this <u>subsection 2.2.3</u>.

2.2.4 <u>Unlimited Piggyback Registration Rights</u>. For purposes of clarity, any Registration effected pursuant to <u>Section 2.2</u> hereof shall
not be counted as a Registration pursuant to a Demand Registration effected under <u>Section 2.1</u> hereof.

2.3 <u>Registrations on Form F-3 or F-10</u>. The Holders of Registrable Securities may at any time, and from time to time, request in writing that
the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission), register
the resale of any or all of their Registrable Securities on Form F-3 (" <u>Form F-3</u> ") or Form F-10 (" <u>Form F-10</u> ") or any similar short form registration statement that may be available at such time, including any required Prospectus
supplement; <u>provided</u>, <u>however</u>, that the Company shall not be obligated to effect such request through an Underwritten
Offering. Within five (5) days of the Company's receipt of a written request from any Holder or Holders of Registrable Securities
for a Registration on Form F-3, F-10, or other applicable Commission form, the Company shall promptly give written notice of the
proposed Registration on Form F-3, F-10 or other applicable Commission Form to all other Holders of Registrable Securities, and
each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder's Registrable Securities
in such Registration shall so notify the Company, in writing, within ten (10) days after the receipt by such Holder of Registrable
Securities of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company's
initial receipt of such written request for a Registration on Form F-3, F-10 or other applicable Commission form, the Company
shall register all or such portion of such Holder's Registrable Securities as are specified in such written request, together
with all or such portion of Registrable Securities of any other Holder or Holders joining in such request as are specified in
the written notification given by such Holder or Holders; <u>provided</u>, <u>however</u>, that the Company shall not be obligated
to effect any such Registration pursuant to Section 2.3 hereof if a Form F-3, F-10 or any other applicable Commission form is
available for such offering.

2.4 <u>Restrictions on Registration Rights</u>. If (A) during the period starting with the date sixty (60) days prior to the Company's good
faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders of Registrable Securities
prior to receipt of a Demand Registration pursuant to <u>subsection 2.1.2</u> and it continues to actively employ, in good faith,
all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders of Registrable Securities
have requested an Underwritten Registration and the Company and such Holders are unable to obtain the commitment of Underwriters
to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental
to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at
such time, then in each case the Company shall furnish to such holder a certificate signed by any director or officer of the Company
or the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company
for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such
Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty
(30) days.

**ARTICLE III**<br> **COMPANY PROCEDURES**

3.1 <u>General Procedures</u>. If at any time on or after the Public Company Date the Company is required to effect the Registration of Registrable
Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities
in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

3.1.1 prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use
its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities covered by such Registration Statement have been sold;

3.1.2 prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be requested by the Holders of Registrable Securities or any Underwriter of Registrable Securities or
as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the
Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities
covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration
Statement or supplement to the Prospectus;

3.1.3 prior
to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders' legal counsel, copies
of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each
case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration
Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable
Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition
of the Registrable Securities owned by such Holders;

3.1.4 prior
to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States
as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to
be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; <u>provided</u>, <u>however</u>, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

3.1.5 cause
all such Registrable Securities included in any registration to be listed on such exchanges or otherwise designated for trading
in the same manner as similar securities issued by the Company are then listed or designated or, if no such similar securities
are then listed or designated, in a manner satisfactory to the Holders of a majority-in-interest of the Registrable Securities
included in such registration;

3.1.6 provide
a transfer agent as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

3.1.7 advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening
of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued;

3.1.8 at
least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus,
furnish a copy thereof to each seller of such Registrable Securities or its counsel;

3.1.9 notify
the Holders of Registrable Securities at any time when a Prospectus relating to such Registration Statement is required to be
delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration
Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in <u>Section 3.4</u> hereof;

3.1.10 permit
a representative of the Holders of Registrable Securities (such representative to be selected by a majority of the participating
Holders of Registrable Securities), the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person's own expense, in the preparation of the Registration Statement, and cause the Company's
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney
or accountant in connection with the Registration; <u>provided</u>, <u>however</u>, that such representatives or Underwriters
enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or
disclosure of any such information;

3.1.11 obtain
a "cold comfort" letter from the Company's independent registered public accountants in the event of an Underwritten
Registration which the participating Holders may rely on, in customary form and covering such matters of the type customarily
covered by "cold comfort" letters as the managing Underwriter may reasonably request, and reasonably satisfactory
to a majority-in-interest of the participating Holders;

3.1.12 on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date,
of counsel representing the Company for the purposes of such Registration, addressed to the Holders of Registrable Securities,
the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration
in respect of which such opinion is being given as the Holders of Registrable Securities, placement agent, sales agent, or Underwriter
may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory
to a majority in interest of the participating Holders of Registrable Securities;

3.1.13 in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering; and

3.1.16 otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders of Registrable
Securities, in connection with such Registration.

3.2 <u>Registration Expenses</u>. The Registration Expenses in respect of all Registrations shall be borne by the Company. It is acknowledged by the
Holder that the Holder shall bear all incremental selling expenses relating to the sale of such Holder's Registrable Securities,
such as Underwriters' commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth
in the definition of "Registration Expenses," all reasonable fees and expenses of any legal counsel representing the
Holder.

3.3 <u>Requirements for Participation in Underwritten Offerings</u>. No person or entity may participate in any Underwritten Offering for equity securities
of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity agrees to sell such
person's or entity's securities on the basis provided in any underwriting arrangements approved by the Company.

3.4 <u>Suspension of Sales; Adverse Disclosure</u>. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, the Holder shall forthwith discontinue disposition of Registrable Securities until it has received copies
of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until it is advised in
writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of
a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or
would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons
beyond the Company's control, the Company may, upon giving prompt written notice of such action to the Holders of Registrable
Securities, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period
of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose.
In the event the Company exercises its rights under the preceding sentence, the Holder agrees to suspend, immediately upon its
receipt of the notice referred to above, its use of the Prospectus relating to any Registration in connection with any sale or
offer to sell Registrable Securities. The Company shall immediately notify the Holders of Registrable Securities of the expiration
of any period during which it exercised its rights under this <u>Section 3.4</u>.

3.5 <u>Reporting Obligations</u>. As long as the Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting
company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to <u>Sections 13(a)</u> or <u>15(d)</u> of the Exchange Act and to promptly furnish the Holder with true and complete copies of all such filings. The Company further
covenants that it shall take such further action as the Holder may reasonably request, all to the extent required from time to
time to enable the Holder to sell shares of the Common Shares held by such Holder without registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions. Upon the request of the Holder, the Company shall deliver
to the Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

**ARTICLE IV**<br> **INDEMNIFICATION AND CONTRIBUTION**

4.1 <u>Indemnification</u>.

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, the Holder, its officers and directors and each person who controls
the Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including
attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by the Holder expressly for use therein. The Company
shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning
of the Securities Act) and each other Holder of Registrable Securities to the same extent as provided in the foregoing with respect
to the indemnification of the Holder.

4.1.2 In
connection with any Registration Statement in which the Holder is participating, such Holder shall furnish to the Company in writing
such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement
or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and
expenses (including without limitation reasonable attorneys' fees) resulting from any untrue statement of material fact
contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or
any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but
only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by the Holder expressly for use therein. The Holder shall indemnify the Underwriters, their officers, directors and each person
who controls such Underwriters (within the meaning of the Securities Act) and each other Holder of Registrable Securities to the
same extent as provided in the foregoing with respect to indemnification of the Company. The obligation by the Holders of Registrable
Securities to indemnify the Company shall be several, not joint and several, among such Holders of Registrable Securities, and
the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received
by such Holder from the sale of Registrable Securities pursuant to such Registration Statement.

4.1.3 Any
person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person's right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in
such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may
exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory
to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of
more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the
entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money
is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

4.1.4 The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by
or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. If the Holder participates in an offering, the Company and the Holder also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or the Holder's
indemnification is unavailable for any reason.

4.1.5 If
the indemnification provided under <u>Section 4.1</u> hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to
correct or prevent such action; <u>provided</u>, <u>however</u>, that the liability of the Holder under this <u>subsection 4.1.5</u> shall be limited to the amount of the net proceeds received by the Holder in such offering giving rise to such liability.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in <u>subsections 4.1.1</u>, <u>4.1.2</u> and <u>4.1.3</u> above, any legal or other fees,
charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this <u>subsection 4.1.5</u> were determined by pro rata allocation
or by any other method of allocation, which does not take account of the equitable considerations referred to in this <u>subsection 4.1.5</u>. No person guilty of fraudulent misrepresentation (within the meaning of <u>Section 11(f)</u> of the Securities Act)
shall be entitled to contribution pursuant to this <u>subsection 4.1.5</u> from any person who was not guilty of such fraudulent
misrepresentation.

**ARTICLE V**<br> **MISCELLANEOUS**

5.1 <u>Notices</u>.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the mail, addressed to the party
to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier
service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile.
Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which it is
mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile,
at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as
delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if
to the Company, to: 100 – 2150 Cyrille-Duquet Street, Quebec, QC, G1N 2G3 (francis.letourneau@nuranwireless.com), and, if
to the Holder, at the Holder's address or contact information as set forth in the Company's books and records. Any
party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such
change of address shall become effective thirty (30) days after delivery of such notice as provided in this <u>Section 5.1</u>.

5.2 <u>Assignment; No Third Party Beneficiaries</u>.

5.2.1 This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole
or in part.

5.2.2 This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holder.

5.2.3 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth
in this Agreement and <u>Section 5.2</u> hereof.

5.2.4 No
assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in <u>Section 5.1</u> hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the
terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).
Any transfer or assignment made other than as provided in this <u>Section 5.2</u> shall be null and void.

5.3 <u>Counterparts</u>.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

5.4 <u>Governing Law; Venue</u>. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE PROVINCE OF ONTARIO AS APPLIED TO AGREEMENTS
AMONG ONTARIO RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN ONTARIO, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY COURT IN ONTARIO.

5.5 <u>Amendments and Modifications</u>. Compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified, in each case with the written consent of the Company
and of the Holders of at least a majority in interest of the Registrable Securities at the time in question; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects the Holder, solely
in its capacity as a Holder of the shares of the Company, in a manner that is materially different from the other Holders of Registrable
Securities (in such capacity) shall require the consent of the Holder. No course of dealing between the Holder or the Company
and any other party hereto or any failure or delay on the part of the Holder or the Company in exercising any rights or remedies
under this Agreement shall operate as a waiver of any rights or remedies of the Holder, the other Holders of Registrable Securities
or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver
or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

5.6 <u>Term</u>.
This Agreement shall terminate upon the date as of which all of the Registrable Securities have been sold pursuant to a Registration
Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder
(or any successor rule promulgated thereafter by the Commission)). The provisions of <u>Section 3.5</u> and <u>Article IV</u> shall survive any termination.

**[SIGNATURE PAGES FOLLOW]**

**IN WITNESS WHEREOF**, the undersigned have caused this Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **NURAN WIRELESS INC.** | **NURAN WIRELESS INC.** |
| By: | /s/ Redacted |
| Name: | Francis Létourneau |
| Title: | Chief Executive Officer |
| **HOLDERS:** | **HOLDERS:** |

---

---

| | | | |
|:---|:---|:---|:---|
| **AK HOLDINGS GROUP INC.** | **AK HOLDINGS GROUP INC.** | **JOSEPH AND MARLA POSEN FAMILY TRUST** | **JOSEPH AND MARLA POSEN FAMILY TRUST** |
| By: | /s/ *Redacted* | By: | /s/ *Redacted* |
| Name: Nissim Amram<br> Title: Director | Name: Nissim Amram<br> Title: Director | Name: *Redacted*<br> Title: Trustee | Name: *Redacted*<br> Title: Trustee |

---

---

| | | | |
|:---|:---|:---|:---|
| **XORAX FAMILY TRUST** | **XORAX FAMILY TRUST** | **PACIFIC INVESTMENT HOLDINGS LIMITED** | **PACIFIC INVESTMENT HOLDINGS LIMITED** |
| By: | /s/ *Redacted* | By: | /s/ *Redacted* |
| Name: Rehan Saeed<br> Title: Trustee | Name: Rehan Saeed<br> Title: Trustee | Name: Daniel Nauth<br> Title: Director | Name: Daniel Nauth<br> Title: Director |

---

---

| | |
|:---|:---|
| /s/ *Redacted* | /s/ *Redacted* |
| **SHIMSHON POSEN** | **DONAL CARROLL** |

---

---

| |
|:---|
| /s/ *Redacted* |
| **ROXANNE LETOURNEAU** |

---

[Signature Page to Registration Rights Agreement]

## Exhibit 99.78

**Exhibit 99.78**

**FORM 51-102F3** 

***Material Change Report***

**Item 1: Name and Address of Company** 

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change** 

January 28, 2026

**Item 3: News Release** 

A clarifying news release announcing the material change was issued on January 28, 2026, and filed on SEDAR+ at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change** 

The Company announced that its acquisition of Advance Factoring Inc., a factoring company (the "**Factor**") has resulted in a restructuring transaction within the meaning of National Instrument 51-102 **–** *Continuous Disclosure Obligations* (the "**Restructuring Transaction**"), and that the Company is in the process of preparing a material change report containing the disclosure required by section 14.2 of Form 51-102F5 **–** *Information Circular* in respect of the Factor.

On December 23, 2025, the Company announced that it closed a broad restructuring on December 22, 2025 (the "**Closing Date**"). The restructuring resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067.98, debt settlements of $6,172,629, and the acquisition of Advance Factoring Inc., a factoring company (the "**Factor**") for $20,802,303.09 as a debt settlement.

In addition, on December 22, 2025, the Company also completed the closing of an initial tranche of additional subscription amounts, issuing an aggregate of 2,115,064 Units, at $2.89 per Unit, for aggregate gross proceeds of approximately $6.11 million, which included cash subscriptions of $2,599,932.02 and debt settlements of $3,512,627.23. Following this the issued and outstanding shares of the company totalled 12,905,118.

The Company completed the acquisition of the Factor, whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the assets are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("**NI 51-102**").

The British Columbia Securities Commission (the "**Commission**") has advised the Company that, pending the completion and filing of the material change report containing the disclosure required by section 14.2 of Form 51-102F5 in respect of the Factor, the Company is considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Notice 51-322 – Reporting Issuer Defaults. As a result, the Company expects to be included on the Commission's Issuers in Default List, where it will remain until the Company files the required disclosure, which the Company is continuing to prepare and intends to file as soon as practicable in accordance with applicable securities laws.

**Item 5.1: Full Description of Material Change**

5.1.1 <u>Transaction Structure and Closing</u> 

The Company successfully closed the Restructuring Transaction on the Closing Date. The Restructuring Transaction comprised three principal elements: (i) a debt settlement, (ii) a private placement financing, and (iii) an acquisition of the Factor.

Concurrent with closing, the Company appointed Joseph Labkowski as a director of the Company.

5.1.2 <u>Debt Settlement Component</u> 

The Company settled an aggregate of $9,685,256 in debt obligations through the issuance of Units to creditors. The form of settlement agreement used by the Company is substantially as attached as Schedule "B" to this Material Change Report.

5.1.3 <u>Private Placement Component</u> 

The Company completed a private placement, whereby subscribers purchased Units in the aggregate amount of $5,625,000, for a total of 1,946,365 Units. These subscriptions provide immediate working capital to support the Company's operations.

5.1.4 <u>Acquisition of the Factor in Connection with a Debt Settlement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.4.1* *Description of the Restructuring Transaction* 

The Company acquired the Factor for total consideration of $20,802,303.09, comprised of 7,198,026 Units issued at $2.89 per Unit. The acquisition was structured for tax planning for the vendors, which allowed the Company to realize administrative efficiency and a 23% discount on the amounts owed. The fundamental economic effect of this transaction was a debt settlement: the creditor's claim against the Company is extinguished through the issuance of Units. The acquisition structure was selected purely as a structuring approach driven by tax planning considerations for the benefit of creditors and administrative efficiency to eliminate the specific financial liability of the Company consisting of amounts receivable by the Factor from the Company in connection with prior factoring arrangements.

Although the transaction took the form of an acquisition of the Factor, the Factor's assets consisted of factored receivables owed by the Company, and the acquisition was undertaken solely as a mechanism to implement a debt settlement.

The issuance of common shares resulted in the former creditors owning 56.59% of the Company's outstanding voting securities following completion, and accordingly the transaction constitutes a "restructuring transaction" under NI 51-102.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.4.2* *Pre- and Post-Transaction Capital Structure* 

Immediately before the completion of the restructuring transaction, the Company had 409,436 shares issued and outstanding.

Following completion of the Restructuring Transaction, the Company had 12,905,118 common shares issued and outstanding, of which 7,302,619 common shares were held by the shareholders of the Factor (representing approximately 56.59% on December 23, 2025, and 55.95% as of December 31, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.1.4.3* *Description of the Business* 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

The Company's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

The Company continues to carry on the same business following completion of the restructuring transaction.

*5.1.4.3.1* *Background and Operational History of the Factor* 

The Factor was incorporated on September 9, 2022 under the laws of Ontario, initially named 1000307537 Ontario Inc. On June 20, 2023 the Factor filed articles of amendment to change its name to Advance Factoring Inc. On August 28, 2023 the Factor commenced operating as a vehicle to acquire and hold receivables in connection with a factoring arrangement with the Company.

The Factor's principal business was to acquire certain receivables of the Company and to hold those receivables and related contractual arrangements. The Factor completed a limited number of other factoring mandates, but its operations were primarily focused on the factoring agreement with the Company.

The Factor was incorporated with minimal capitalization and was funded entirely through debt obligations, which were converted to equity immediately prior to the Closing.

*5.1.4.3.2* *Key Assets and Liabilities of the Factor* 

As at December 22, 2025, the Factor's financial position was as follows:

---

| |
|:---|
| &nbsp;&nbsp;Current assets &nbsp;&nbsp;6<sup>(1)</sup> |
| &nbsp;&nbsp;Total assets &nbsp;&nbsp;7619258<sup>(2)</sup> |
| &nbsp;&nbsp;Current liabilities &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Total liabilities &nbsp;&nbsp;Nil<sup>(3)</sup> |
| &nbsp;&nbsp;Shareholders' equity &nbsp;&nbsp;7619258<sup>(4)</sup> |

---

Notes**:** 

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Factor was owed $4,291,663.52 of interest from the Company, but took a reserve against this
amount as it was doubtful that it would be recovered due to the lack of payments by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Primary asset was factored receivables from the Company which was booked on the Factor's
balance sheet at $7,619,252, based on $22,705,330.22 of factored receivables from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As described above, the Factor was funded entirely through debt obligations, which were converted
to equity immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Shareholders' equity includes an accumulated deficit of $267,089.96, representing the net
loss incurred by the Factor for the period from January 1 to December 22, 2025. The Factor's accumulated deficit of $267,089.96
represents approximately 1% of the Company's accumulated deficit of $26,525,004 as reflected in its interim financial statements
for Q3-2025 and it would not be material in the Company's financial position or results of operations.

The $22,705,330.22 of factored receivables plus the $4,291,663.52, being an aggregate of $26,222,524.26, represents the amounts the Company owed to the Factor for advances made under the factoring arrangement. The factored receivables were purchased by the Factor from the Company in cash for an aggregate of $11,515,698.23.

Upon the completion of the acquisition of the Factor, the Company acquired the Factor's related receivables that represented financial claims against the Company and, concurrently, the corresponding indebtedness was extinguished. The acquisition structure served as the legal mechanism to effect the settlement and elimination of the indebtedness.

*5.1.4.3.2.1* *Contingent Liability Risk Assessment* 

The Company has conducted a due diligence of the Factor's obligations, liabilities (both recorded and contingent), and potential claims. Based on this review and the representations and warranties provided by the Factor in the acquisition agreement, the Company is not aware of any material contingent liabilities. The Factor was operated as a limited-purpose vehicle focused on the intercompany receivable transaction with the Company; it had not entered into material commercial contracts, has no employees or ongoing operational obligations, and has not been subject to litigation or regulatory proceedings.

To further mitigate contingency risk, the acquisition agreement includes customary representations, warranties, and indemnification provisions that protect the Company against undisclosed liabilities for a period of 12 months post-closing. Additionally, the Company will consolidate the Factor immediately and commence wind-down procedures as described below.

*5.1.4.3.3* *Nature and Scope of the Acquisition* 

The transaction was implemented through the acquisition of the Factor, a private company whose principal assets consisted of factored receivables representing financial claims against the Company arising from prior factoring arrangements that constitutes a "restructuring transaction" as defined in Section 1.1(1)(c) of National Instrument 51-102.

*5.1.4.3.4* *Debt Settlement Character* 

The fundamental economic effect of this acquisition is equivalent to a debt settlement: the creditor's claims against the Company were extinguished through the issuance of Units to the Factor, a private company whose principal assets consisted of factored receivables representing financial claims against the Company arising from prior factoring arrangements. The acquisition structure was used as a legal and tax-efficient mechanism to effect the settlement and extinguishment of indebtedness owed by the Company.

*5.1.4.3.5* *Existing Shareholders' Proportionate Interest Dilution* 

The Company acknowledges that the issuance of Units as consideration for the Factor acquisition, together with Units issued in the concurrent debt settlement and private placement, results in material dilution of existing shareholders' proportionate interests. This dilution reflects the aggregate capital raised through the Restructuring Transaction and the debt extinguished, which was necessary for the Company to improve its financial position, avoiding insolvency proceedings, and operationalize its business plan.

*5.1.4.3.6* *Control Analysis: Vendors' Legal and De Facto Control Position* 

*5.1.4.3.6.1* *Voting Rights and Technical Control Position* 

Following completion of the transaction, the Factor vendors, collectively, owned approximately 56.59% of the Company's issued and outstanding common shares, and are therefore able to materially affect the control of the Company within the meaning of National Instrument 51-102. No changes were made to the Company's management or board of directors in connection with the transaction.

*5.1.4.3.6.2* *Vendors / Shareholders of the Factor* 

Following completion of the restructuring transaction, the Company had 12,905,118 common shares issued and outstanding, of which 7,198,026 common shares were received by the shareholders of the Factor as consideration. By December 31st, 2025, there were 13,052,785 shares issued and outstanding. Below there is a chart with the total shareholdings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Factor shareholder | &nbsp;&nbsp;Holdings post- consolidation (\*) | &nbsp;&nbsp;Units | &nbsp;&nbsp;Total | &nbsp;&nbsp;23-Dec-25 | &nbsp;&nbsp;31-Dec-25 |
| &nbsp;&nbsp;1. Shimshon Posen | &nbsp;&nbsp;4519 | &nbsp;&nbsp;1159966 | &nbsp;&nbsp;1164485 | &nbsp;&nbsp;9.02% | &nbsp;&nbsp;8.92% |
| &nbsp;&nbsp;2. AK Holdings Group Inc. |  | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;9.99% | &nbsp;&nbsp;9.87% |
| &nbsp;&nbsp;3. Joseph and Marla Posen Family Trust |  | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;9.99% | &nbsp;&nbsp;9.87% |
| &nbsp;&nbsp;4. Xorax Family Trust | &nbsp;&nbsp;33333 | &nbsp;&nbsp;1124567 | &nbsp;&nbsp;1157900 | &nbsp;&nbsp;8.97% | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;5. Donal Carroll | &nbsp;&nbsp;33333 | &nbsp;&nbsp;1124567 | &nbsp;&nbsp;1157900 | &nbsp;&nbsp;8.97% | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;6. Pacific Investment Holdings Limited | &nbsp;&nbsp;33333 | &nbsp;&nbsp;1124567 | &nbsp;&nbsp;1157900 | &nbsp;&nbsp;8.97% | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;7. Roxanne Letourneau | &nbsp;&nbsp;75 | &nbsp;&nbsp;86505 | &nbsp;&nbsp;86580 | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;104593 | &nbsp;&nbsp;7198026 | &nbsp;&nbsp;7302619 | &nbsp;&nbsp;56.59% | &nbsp;&nbsp;55.95% |

---

*5.1.4.4* *Related Party Relationships with Company Insiders* 

*5.1.4.4.1* *Shimshon Posen and Binyomin Posen* 

Shimshon Posen is a vendor of the Factor and received 1,159,966 Units upon closing. Binyomin Posen, a director of the Company, is related to Shimshon Posen on a familial basis.

*5.1.4.4.2* *Joseph and Marla Posen Family Trust* 

The Joseph and Marla Posen Family Trust is a vendor and received 1,288,927 Units upon closing. Binyomin Posen, a director of the Company, has a familial relationship with Chana Posen, who serves as trustee of this trust.

*5.1.4.4.3* *Roxanne Letourneau* 

Roxanne Letourneau is a vendor of the Factor and received 86,505 Units upon closing. Roxanne Letourneau is an adult child of Francis Létourneau, Director and Chief Executive Officer of the Company and does not reside at the same address as Mr. Letourneau.

*5.1.4.5. Risk Factors*

In addition to the risk factors previously disclosed by the Company, the restructuring transaction gives rise to the following material risks:

*5.1.4.5.1 Significant Dilution of Existing Shareholders*

Upon completion of the transaction, the Company had an aggregate of 12,905,118 issued and outstanding common shares, of which 10,380,618 common shares were issued in connection with the restructuring transaction, and 2,115,064 common shares issued pursuant to the initial tranche of additional subscription amounts. The shares held by the vendors of the Factor represented approximately 56.59% of the Company's issued and outstanding Common Shares following the transaction. As a result of this issuance, existing shareholders will experience substantial dilution of their equity interests.

Following completion of the transaction, the former vendors of the Factor collectively hold a majority of the Company's outstanding voting securities and will be able to materially affect the control of the Company. Although the transaction does not involve any changes to the Company's management or board of directors, the existing shareholders, as a group, will have significantly reduced influence over matters requiring shareholder approval, including the election of directors and the approval of significant corporate transactions.

*5.1.2.5.2 Unexpected Liabilities Related to the Acquisition*

In connection with the Acquisition, there may be liabilities failed to discover or was unable to quantify in the due diligence which it conducted in connection with the Acquisition and the Company may not be indemnified for some or all of these liabilities after 12 months of the Acquisition. Following 12 months of the Acquisition, the Company may discover that it has acquired undisclosed liabilities. The discovery of any material liabilities, or the inability to obtain full indemnification for such liabilities, could have a material adverse effect on the Company's business, financial condition or future prospects. While the Company has estimated these potential liabilities for the purposes of making its decision to enter into the Acquisition Agreement, there can be no assurance that any resulting liability will not exceed the Company's estimates.

The existence of undisclosed liabilities could have an adverse impact on the Company's business, financial condition and results of operations.

*5.1.4.6* *Financial Statements* 

The audited financial statements of the Factor are being prepared and will be disclosed, as required under section 14.2 of Form 51-102F5.

The issuance of common shares and the elimination of the related indebtedness resulting from the restructuring transaction will also be reflected in the Company's audited annual financial statements and related MD&A for the year ended December 31, 2025.

*5.1.4.7* *Material contracts* 

The material contracts entered into in connection with the restructuring transaction include the acquisition agreement relating to the Company's acquisition of the Factor is filed on SEDAR+. The acquisition agreement includes customary representations, warranties, and indemnification provisions protecting the Company against undisclosed liabilities and breaches by the vendors.

**Item 5.2 Disclosure for Restructuring Transactions** 

The Company is preparing the disclosure required by section 14.2 of Form 51-102F5 for the Factor in respect of the restructuring transaction, which will be provided separately from the Company's financial statements.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)** 

Not applicable.

**Item 7: Omitted Information** 

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer** 

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u><br> Tel: (418) 264-1337

**Item 9: Date of Report** 

This report is dated as of January 29, 2026

**SCHEDULE "A"**

Please see attached

**SCHEDULE "B"**

Please see attached.

## Exhibit 99.79

**Exhibit 99.79**

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|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

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**For immediate release**

**NuRAN Announces Closing of Additional Debt Settlements and Correction of Press Release**

**Quebec, QC, Canada, February 3, 2026** – NuRAN Wireless Inc. ("**NuRAN**" or the "**Company**") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading provider of mobile and broadband wireless infrastructure, announces that further to its press release dated December 30, 2025, the Company closed an additional tranche of debt settlements resulting in the Company issuing an aggregate of 26,297 Units, at $2.89 per Unit, representing debt settlements of $76,000. In addition, the Company issued 5,634 common shares of the Company to members of the Board of Directors of the Company for consideration relating to services provided in 2022 and 2023.

In addition, the Company is making the following corrections to its press release dated December 23, 2025. The second paragraph of that press release should have read "the Company also closed an initial tranche of the additional amounts, issuing an aggregate of 2,115,064 Units, at $2.89 per Unit, which included cash subscriptions of $2,599,932, and debt settlements of $3,512,627", correcting the previous figures of 2,124,580 Units, cash subscriptions of $2,574,932, and debt settlements of $3,565,127.

All securities issued are subject to a statutory four month and one day hold period, and such further restrictions as may apply under foreign securities laws.

**About NuRAN Wireless:**

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

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|:---|:---|
| ![](img146_v1.jpg) | **PRESS RELEASE**<br>|

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***Forward Looking Statements***

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved.* 

*Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

## Exhibit 99.80

**Exhibit 99.80**

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|:---|:---|
| ![](img147.jpg) | PRESS RELEASE<br>|

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For immediate release

NuRAN Wireless Files Nasdaq Listing Application and Appoints Navindran Naidoo and Gerard Lokossou as Strategic Advisors for Operational and Commercial Growth

Quebec, QC, Canada, March 30th, 2026 – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), a leading supplier of mobile and broadband wireless infrastructure solutions, is pleased to announce that it has submitted an application to list its common shares on the Nasdaq Capital Market ("Nasdaq").

In advance of the listing on Nasdaq, the Company intends to file a registration statement with the United States Securities and Exchange Commission (the "SEC"). The listing of the Company's common shares on Nasdaq remains subject to the approval of Nasdaq and the satisfaction of all applicable listing and regulatory requirements, including the effectiveness of the registration statement. The Company's common shares will continue to trade on the Canadian Securities Exchange (the "CSE") under the symbol NUR, on the OTC Markets under the symbol NRRWF, and on the Frankfurt Stock Exchange (the "FSE") under the symbol 1RN, pending Nasdaq approval and uplisting.

Strategic Advisors for Operational and Commercial Growth

The Company is also pleased to announce the appointment of Navindran Naidoo, former Network Executive of MTN Group and current Board Member of NuRAN, and Gerard Lokossou, former Executive at Orange and MTN, as Strategic Advisors to the Company.

Mr. Naidoo brings over 25 years of telecommunications experience in mobile and fixed network planning and optimization, including RAN, transport and IP networks, core networks, OSS, and energy infrastructure. At MTN Group, he led the strategic evolution of network operations to deliver best-in-class customer experiences across multiple markets. He played a key role in advancing rural network rollouts across Africa by introducing alternative vendors, including NuRAN and other Open RAN (ORAN) suppliers. He also represented MTN at the Facebook Telecom Infra Project (TIP), facilitating lab and field trials of open-source RAN solutions tailored of Africa.

Mr. Lokossou is a senior executive and strategic advisor with nearly 30 years of leadership experience across Africa in telecommunications and other sectors, including FMCG, renewable energy, and capital markets. He has held regional, group-level, and Executive positions with leading Telecom players like MTN, Airtel Africa, and Orange, among other companies.

Widely recognized for his impact on Africa's telecom sector, Mr. Lokossou has led business turnarounds, growth acceleration strategies, and commercial transformations across West, Central, and East Africa. He brings a strong pan-African network of relationships with operators, regulators, investors, and strategic partners.

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| ![](img147.jpg) | PRESS RELEASE<br>|

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Mr. Lokossou holds an Engineering Diploma from the National Polytechnique Institute (INP-HB) in Ivory Coast and has completed executive programs at Harvard Business School and HEC Paris.

Management Commentary

"We are very excited to pursue a listing on Nasdaq, which will broaden our investor base and elevate our profile among global institutional investors. The addition of highly experienced advisors such as Mr. Naidoo and Mr. Lokossou will further support our continued growth and strategic execution in Africa," stated Francis Letourneau, CEO of NuRAN Wireless Inc. "Their deep industry expertise and extensive networks across Africa are exactly what we need as we pursue this next milestone for NuRAN."

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com

Tel: (418) 264-1337

*The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.*

*Forward Looking Statements*

*This news release contains forward-looking statements within the meaning of applicable securities laws. Certain statements herein constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the Company's business plan, the continued listing on the CSE, the filing and potential effectiveness of the registration statement;; the expected benefits of the appointments of Mr. Naidoo and Mr. Lokossou as Strategic Advisors; and the Company's strategic positioning, future growth, and operational and commercial expansion in its target markets. Forward-looking statements or information often can be identified by the use of words such as "anticipate", "intend", "expect", "plan" or "may" and the variations of these words are intended to identify forward-looking statements and information. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements."* 

 

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| ![](img147.jpg) | PRESS RELEASE<br>|

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*Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements are based on management's current expectations and assumptions but are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks and uncertainties include, among others, the risk that the Company may not satisfy the listing standards or conditions of Nasdaq; that Nasdaq or the SEC may not approve the listing application or registration statement on the anticipated timeline or at all; and that the Company may be required to complete a share consolidation or other restructuring as a condition of listing. Additional risks include risks related to the Company's ability to execute its business strategy, secure financing, expand its NaaS operations, manage supplier relationships, comply with regulatory requirements in its operating jurisdictions, and general economic and market conditions. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements.*

*Readers are cautioned not to place undue reliance on forward-looking statements. The company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.*

## Exhibit 99.81

**Exhibit 99.81**

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| ![](img147.jpg) | PRESS RELEASE<br>|

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For immediate release

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES

NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

NURAN WIRELESS ANNOUNCES CORPORATE UPDATE

Quebec, QC, Canada, April 23, 2026 – NuRAN Wireless Inc. ("NuRAN" or the "Company") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a leading supplier of mobile and broadband wireless infrastructure solutions, announces corporate updates regarding the restructuring transaction and the acquisition of Advance Factoring Inc. (the "Factor").

The former shareholders of the Factor entered into an undertaking on April 17, 2026 (the "Undertaking") pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the share purchase agreement dated December 22, 2025 (the "SPA"), notwithstanding the expiry or removal of any legend required under applicable securities laws, as contemplated by section 2.5 of the SPA. Absent the execution of the Undertaking, the legend was scheduled to expire this day.

The Undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the British Columbia Securities Commission (the "BCSC") 's Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

Moreover, the Company remains in the process of completing a material change report containing the disclosure required by section 5.2 of Form 51-102F3 and section 14.2 of Form 51-102F5 with respect to the acquisition of the Factor. The Company is continuing to prepare the required disclosure and intends to remedy the default as soon as practicable in accordance with applicable securities laws.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

info@nuranwireless.com

Tel: (418) 264-1337

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|:---|:---|
| ![](img147.jpg) | PRESS RELEASE<br>|

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The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.

*Forward Looking Statements*

This news release contains forward-looking statements within the meaning of applicable securities laws. Certain statements herein constitute forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the Company's business plan, the continued listing on the CSE and the Company's strategic positioning, future growth, and operational and commercial expansion in its target markets. Forward- looking statements or information often can be identified by the use of words such as "anticipate", "intend", "expect", "plan" or "may" and the variations of these words are intended to identify forward-looking statements and information. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements."

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements are based on management's current expectations and assumptions but are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. These risks and uncertainties include, among others, the risk that the Company may not file the material change report with respect to the Restructuring Transaction without the satisfaction of the British Columbia Securities Commission. Additional risks include risks related to the Company's ability to execute its business strategy, secure financing, expand its NaaS operations, manage supplier relationships, comply with regulatory requirements in its operating jurisdictions, and general economic and market conditions. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. The company undertakes no obligation to update forward-looking statements except as required by applicable securities laws.

## Exhibit 99.82

**Exhibit 99.82**

**Nuran Wireless Inc.**

**Consolidated Financial Statements**

**December 31, 2025 and 2024**

---

| | |
|:---|:---|
| Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Financial Position | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements Net Loss and Comprehensive Loss | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Shareholders' Equity | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements | 7-71 |

---

---

| | |
|:---|:---|
| ![](img148.jpg) | **SRCO Professional Corporation**<br> **Chartered Professional Accountants**<br> **Licensed Public Accountants** <br> Park Place Corporate Centre<br> 15 Wertheim Court, Suite 409 <br> Richmond Hill, ON L4B 3H7, Canada<br>Tel: 905 882 9500 & 416 671 7292 <br> Fax: 905 882 9580 <br> Email: info@srco.ca<br> www.srco.ca  |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of NuRan Wireless Inc.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of NuRan Wireless Inc. and its subsidiaries (collectively referred to as the "Company") as of December 31, 2025 and 2024, the related consolidated statements of net loss and comprehensive loss, changes in equity (deficiency), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes to the consolidated financial statements, (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred recurring losses from operations, has negative cash flows from operating activities, working capital deficiency and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*SRCO Professional Corporation*

---

| | |
|:---|:---|
| We have served as the Company's auditor since 2026.<br> Richmond Hill, Ontario, Canada<br> May 31, 2026 | CHARTERED PROFESSIONAL ACCOUNTANTS<br> Authorized to practice public accounting by the<br> Chartered Professional Accountants of Ontario |

---

**Nuran Wireless Inc.**

**Consolidated Statements of Financial Position**

As at December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| ***ASSETS*** |
| **Current assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables (Note 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues (Note 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories (Note 9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable (Note 10) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Current assets** |
| **Non-current assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets (Note 13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |
| **Total assets** |
| ***LIABILITIES*** |
| **Current Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables (Note 14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue (Note 15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable (Note 16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures (Note 19A) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 19B) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |
| **Non-current liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (Note 18) |
| **Total liabilities** |
| ***Shareholders' equity*** |
| Share capital (Note 20) |
| Warrants (Note 21) |
| Contributed surplus (Notes 21 and 22) |
| Fair value of conversion option (Note 23) |
| Foreign exchange loss in translation of foreign operations**)** |
| Accumulated deficit |
| **Total shareholders' equity** |
| **Total liabilities and shareholders' equity** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 35)

These consolidated financial statements were approved by the Board of Directors of the Company

on May 31, 2026, and signed on their behalf by:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ "Francis Letourneau" | &nbsp;&nbsp;&nbsp;&nbsp;/s/ "Vitor Fonseca" |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Net Loss and Comprehensive Loss**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| **Revenue (Note 33)** |
| Cost of sales |
| **Gross profit** |
| Selling expenses |
| Administrative expenses (Note 26) |
| Financial expenses (Note 27) |
| Research and development costs, net of $29,955 in tax credit ($115,780 as at December 31, 2024) |
| Loss before other elements |
| Other elements |
| &nbsp;&nbsp;&nbsp;Gain / (loss) on debt settlement (Note 16 and 19A)**)** |
| &nbsp;&nbsp;&nbsp;Impairment of inventory (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;Impairment of assets (Note 11) |
| &nbsp;&nbsp;&nbsp;Impairment of receivable (Note 7)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of assets (Note 11)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of account receivables (Note 7)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of inventory (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of account payables (Note 14) |
| &nbsp;&nbsp;&nbsp;Write-off of deferred revenue (Note 15) |
| &nbsp;&nbsp;&nbsp;Waive of lease liabilities (Note 18) |
| &nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |
| Loss before income taxes**)** |
| Income tax expense |
| &nbsp;&nbsp;&nbsp;Income tax (Note 25) |
| **Net loss for the year** |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |
| Foreign exchange difference on translation of foreign operations) |
| **Comprehensive loss for the year** |
| **Net loss per share (Note 24)** |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Changes in Shareholders' Equity**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **2025** |
|  | **Share capital** | **Contributed Surplus** | **Fair value of the conversion option** | **Total Shareholders' deficit** |
|  | **Number** <br> **(Note 1)** | **$** | **$** | **$** |
| **Balance as at January 1, 2025** | **195647** | **6731440)** **))** |  |  |
| Issue of share capital (Note 20) | **12860587** |  |  |  |
| Net loss for the year |  | —**))** |  |  |
| Foreign exchange in translation of foreign operations |  |  |  |  |
| Convertible debenture (Note 19A)**)))** |  |  |  |  |
| Debenture conversion (Notes 19A, 20 and 23) | **13333** |  |  |  |
| Issue of warrants (Note 21) |  |  |  |  |
| Warrants expired (Note 21 and 22) |  | **828098** |  |  |
| **Balance as at December 31, 2025** | **13069567** | **7559538** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Contributed Surplus** | **Fair value of the conversion option** |
|  | **Number <br> (Note 1)** | **$** | **$** |
| Balance as at January 1, 2024 | 143479 | 6623292 | 21990) |
| Issue of share capital (Note 20) | 48835 |  |  |
| Net loss for the year |  |  | —) |
| Foreign exchange in translation of foreign operations |  |  | —) |
| Convertible debenture (Note 19A) |  |  | 19856 |
| Debenture conversion (Notes 19A, 20 and 23) | 3333 |  |  |
| Issue of warrants (Note 21) | —) |  |  |
| Warrants expired (Note 21 and 22) |  | 108148 |  |
| Balance as at December 31, 2024 | 195647 | 6731440 | 41846 |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Cash Flows**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| ***OPERATING ACTIVITIES*** |
| Net loss and total comprehensive income**)** |
| Non-cash flow adjustments |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on overdue payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt settlement) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of inventory |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Waive of lease liabilities) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of accounts receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of inventory |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of accounts payable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of deferred revenue**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad Debt expense |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on factoring agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on loans |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss |
| Net change in working capital items |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |
| Net cash used in operating activities |
| ***INVESTING ACTIVITIES*** |
| Purchase of property, plant and equipment**)** |
| Purchase of intangible assets |
| Net cash generated in investing activities |
| ***FINANCING ACTIVITIES*** |
| Proceeds (repayment of) loan payable |
| Proceeds (repayment of) promissory notes |
| Proceeds (repayment of) from factoring agreement**)** |
| Repayment of loan payable) |
| Repayment of lease liabilities**)** |
| Convertible debenture and derivative liabilitiey |
| Net cash generated in financing activities |
| **Net increase in cash** |
| Cash, beginning of year |
| Foreign exchange in translation of foreign operations |
| **Cash, end of year** |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Nuran Wireless Inc. ("Nuran") was incorporated in the province of British Columbia, Canada on September 23, 2014. Nuran's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

Nuran's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR". On December 9, 2025, the Company completed a 300 for 1 consolidation of its common shares, whereby each 300 common shares issued and outstanding was consolidated into one common share. The share consolidation did not result in any change to the Company's issued share capital. All references to common shares, share-based compensation and warrant amounts in these financial statements have been retroactively adjusted to reflect the share consolidation.

Nuran with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of Nuran's subsidiaries included in these consolidated financial statements with ownership as at December 31, 2025 and December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries  | &nbsp;&nbsp;Country of <br> incorporation | &nbsp;&nbsp;&nbsp;Percentage <br> ownership | &nbsp;&nbsp;Functional<br> currency | &nbsp;&nbsp;&nbsp;&nbsp;Principal activity |
| Innovation Nutaq Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless (Africa) Holding | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Holding company |
| Nuran Wireless DRC SA | &nbsp;&nbsp;DRC | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cameroon Ltd | &nbsp;&nbsp;Cameroon | &nbsp;&nbsp;100% | &nbsp;&nbsp;XAF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Benin S.A.R.L.U | &nbsp;&nbsp;Benin | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Madagascar S.A.R.L.U | &nbsp;&nbsp;Madagascar | &nbsp;&nbsp;100% | &nbsp;&nbsp;MGA | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cote d'Ivoire S.A.R.L.U | &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Advance Factoring Inc. (2025) | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;Factoring |

---

XAF – Central African Francs; XOF – West African Franc; MGA – Malagasy Ariary;

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build, sell to a customer and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business. For the year ended December 31, 2025, the Company incurred a net loss of $21,436,048 (2024 - $8,755,861), used net cash of $2,958,890 (2024 - $6,221,099) in operating activities and, as of that date, had an accumulated deficit of $94,233,661 (2024 - $72,797,613) and a working capital deficit of $5,001,442 (2024 – $19,103,397). Improvement of working capital is discussed below. Additionally, in prior periods and through part of the year ended December 31, 2025, the Company operated with a shareholders' deficit and had overdue outstanding debt instruments with ongoing creditor waivers. These conditions indicate the existence of material uncertainties that cast a significant doubt on the Company's ability to continue as a going concern.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

In December 2025, the Company completed steps approved by its shareholders at Annual General and Special Meetings (AGSMs) on October 22, 2025 and October 29, 2025 including a 300:1 share consolidation effective on December 9, 2025 and subsequent to this, a Restructuring Transaction. The Restructuring Transaction resulted in the conversion and extinguishment of over $20 million of debt and accounts payable to equity, together with a private placement raising aggregate gross proceeds of $5.8 million. As a result of the Restructuring Transaction, the Company's shareholders' deficit moved to equity position, and the Company's market capitalization exceeded $32 million at December 31, 2025.

Subsequent to the Restructuring Transaction, the Company submitted an application to list its common shares on Nasdaq on March 30, 2026 which is subject to pending filings and approvals, and appointed additional strategic advisors to support operational and commercial growth in Africa. The Company's operations continued to grow across Cameroon, the DRC and, prospectively, Ivory Coast and Benin. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth. Subsequent to year end, the company received approval for the final drawdown of USD 0.45 million (CAD 0.62 million) of the USD 5 million (CAD 6.83 million) loan from the Facility for Energy Inclusion (FEI), a fund managed by a non related company, Cygnum Capital.

Having regard to the completion of the Restructuring Transaction, the Company's operational progress, its committed and anticipated financing arrangements, and all other available information up to the date of approval of these consolidated financial statements, management has concluded that the going concern basis of accounting used in preparation of these consolidated financial statements is appropriate. Nonetheless, the Company's ability to continue as a going concern remains dependent upon its planned raise of capital, continuity of debt availability as may be needed, and the continued execution of its NaaS deployment strategy in Africa.

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**2.** **BASIS OF ACCOUNTING** 

**Basis of accounting** 

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board ("IASB"), and Interpretations of the International Financial Reporting Interpretation Committee ("IFRIC"). The accounting policies set out below were consistently applied to all periods presented unless otherwise noted. These financial statements have been prepared on an accrual basis and are based on historical cost.

The consolidated financial statements for the year ended December 2025 (including comparatives) were approved and authorized for issue by the Board of Directors on May 31, 2026. The Board of Directors of the Company has the power to amend the consolidated financial statements after issue.

**Basis of consolidation** 

<u>Subsidiaries</u> 

Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its Net Loss and Comprehensive Loss. The financial statements of the subsidiaries are included in these consolidated financial statements from the date on which control commences until the date on which control ceases. Details of the subsidiaries are included in Note 1.

<u>Transactions eliminated on consolidation</u> 

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated on consolidation.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the 12 months period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**Functional and presentation currency** 

These consolidated financial statements are presented in Canadian dollars ("dollar"), which is Nuran's presentation currency. All amounts have been rounded to the nearest dollar unless otherwise indicated. Details of the subsidiaries' functional currencies are included in Note 1.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**2.** **BASIS OF ACCOUNTING (CONTINUED)** 

<u>Foreign currency transactions</u> 

Transactions in foreign currencies are translated into the respective functional currencies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in consolidated statements of net loss and comprehensive loss.

<u>Foreign operations</u> 

The assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Canadian dollars at the average exchange rates for the period. Foreign currency differences are recognized in other comprehensive income (loss) and accumulated in the translation reserve. For the current year, a gain of $346,509 was recognized in the translation reserve (2024 – loss of $1,170,878).

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

**Revenue including Accrued Revenue and Customer Advances (Deferred Revenue)** 

To determine whether to recognize revenue, the Company follows a five-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying
 the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identifying
 the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determining
 the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocating
 the transaction price to the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognizing revenue when/as performance obligations are satisfied. Revenue arises from the sale of goods and the rendering of services and is measured at the consideration to which the Company expects to be entitled in exchange for transferring promised goods and services to customer, excluding sales taxes.

The Company recognizes revenue from two sources: sale of goods and rendering of services (Network as a Service).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<u>Sale of goods</u> 

Performance obligations for the Company's revenue that is derived from the sale of goods is recognised at a point in time, when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Company no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.

Revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered).

In the Company's sale of goods business, where a customer pays in advance of the delivery of goods or the rendering of services, the amount received is initially recognized as customer advances within current liabilities. Deferred revenue represents a contract liability under IFRS 15 and reflects the Company's obligation to deliver the promised goods or services. Revenue is recognized, and the deferred revenue balance is released, only when the related performance obligation has been satisfied — that is, when control of the goods has transferred to the customer or the services have been rendered in accordance with the Company's revenue recognition policy for sale of goods.

<u>Network as a Service ("NaaS")</u> 

The Company has two kinds of Network as a Service ("NaaS") contracts. Where there is a contractual transfer provision there are two performance obligations: the construction and sale of the network site, and the operation of the network site. Revenue for the construction and sale of the network site is recognised at a point in time, when the network has been constructed and accepted by the customer. This is because, although legal title does not pass to the customer until the defined transfer date, the criteria for recognising revenue at a point in time under IFRS 15 are met upon customer acceptance: the Company has a present right to payment, the customer has obtained the significant risks and rewards of ownership of the network site, and the customer has accepted the asset. Accordingly, revenue is recognised at the point in time when the customer accepts the constructed network site. Revenue for the network operation is recognised over a period of time, over the life of the contract. This is because the customer simultaneously receives and consumes the benefits of the network operation services throughout the term of the contract satisfying the criteria for over a period of time recognition under IFRS 15. In contracts where there is no transfer provision, there is only one performance obligation which is the operation of the network site.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

In the Company's contracts that include a contractual transfer provision, NaaS contracts operating revenue is a fixed guaranteed minimum amount plus a variable portion equal to a percentage of the gross margin (defined as gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) earned by the network over the life of the contract. Where there is no contractual transfer provision, NaaS contracts operating revenue is a threshold amount (defined as a fixed amount of gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) plus a variable portion equal to a percentage of all revenue earned by the network above the threshold over the life of the contract. In May 2025, the Company amended the NaaS contract in the DRC to remove the transfer provision. The variable portion earned by the network sites varies due to factors such as population coverage, subscriber take-up, competition and nearby economic activity making it difficult to reliably estimate the value of the payment that will be received. Final amounts are determined on a monthly basis and recognised at a point in time through a revenue reconciliation process completed between the Company and the MNO and all NaaS revenue received in 2025 and 2024 is derived from this monthly billing.

Under the Company's NaaS contract with Orange Cameroon, operating revenue is calculated by reference to the gross revenue generated by the network sites, net of allowable direct costs deducted by the Mobile Network Operator, as reported through the monthly revenue reconciliation process. Gross revenue includes both domestic and international traffic volumes generated across the Company's sites.

In certain periods, differences have arisen between the international traffic volumes reported by Orange Cameroon in the monthly reconciliation statements and the volumes that the Company has independently estimated or observed. These differences affect the gross revenue base against which the Company's entitlement is calculated and therefore bear directly on the amount of operating revenue recognized.

Management's position is that any adjustment arising from a revision to international traffic volume data represents a change in estimate under IAS 8, to be recognized prospectively in the period in which the revised information becomes available and is agreed with the MNO through the reconciliation process. This treatment reflects the fact that the monthly reconciliation is the contractually specified mechanism for finalizing revenue amounts, and that final volumes are not determinable until that process is complete. Revenue for each period is therefore recognized on the basis of the best estimate of entitlement available at the reporting date, using the most recent reconciled data and, where reconciliation is outstanding, management's best estimate of the amounts due.

Management does not consider it appropriate to restate revenue recognized in prior periods for revisions to international traffic volumes, or as occurred and reported during 2025, the mis-allocation by the MNO of traffic attributable to international versus local call, as those periods were reported on the basis of information available at the time and in accordance with the contractual reconciliation process then in effect. This position is consistent with the treatment of variable consideration under IFRS 15, whereby the constraint on variable revenue recognition requires that it be highly probable that a significant reversal of cumulative revenue will not occur when the uncertainty is subsequently resolved. Adjustments to previously reported periods would only be appropriate if those periods contained a material error, which management does not consider to be the case.

On the sale of network sites where there is a contractual transfer provision, the Company accepts monthly installment payments from the date the site is accepted/recognized as operational up to the contractual transfer date, in advance of the transfer of the legal title (sale). The Company measures the amount of revenue to recognize on delivery of the goods by calculating a financing component at the interest rate that would have applied had the Company borrowed the funds from its customer.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

The transaction price is then allocated between all performance obligations on a relative stand-alone selling price basis. The stand-alone selling price per site is estimated based on the expected cost of building the site, including the financing component, plus a profit margin (Gross Cost). The difference between the Gross Cost and the estimate of the Gross Margin for each of the Network's sites, is classified as operational income.

The costs of fulfilling contracts do not result in the recognition of a separate asset because for service contracts, revenue is recognised over a period of time by reference to the stage of completion meaning that control of the asset (the design service) is transferred to the customer on a continuous basis as work is carried out. Consequently, no asset for work in progress is recognised.

Under the Company's NaaS contracts that include a contractual transfer provision, revenue attributable to the sale of a network site is recognized at the point in time when the site is accepted by the customer and goes live, in accordance with the Company's revenue recognition policy for the construction and sale performance obligation. However, billing to the customer occurs monthly over the term of the contract, with a portion of each guaranteed monthly installment representing recovery of the site sale consideration. As a result, a timing difference arises between the point at which site sale revenue is recognized and the point at which the corresponding cash is received. The cumulative amount of site sale revenue recognized in excess of the monthly installments received to date is recorded as accrued revenue. Accrued revenue is reduced as subsequent monthly installments attributable to the site sale consideration are received.

**Property, plant and equipment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounting Policy - Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition or construction of the asset and bringing it to the location and condition necessary for it to be capable of operating in the manner intended by management..

Depreciation is calculated on a straight-line basis (or declining balance where indicated) over the estimated useful life of each asset, from the date on which the asset is available for use. The estimated useful lives applied during the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Methods | Rates |
| Site infrastructure assets – Africa | &nbsp;&nbsp;&nbsp;&nbsp;Straight-line | 20 years |
| Leasehold improvements - Canada | &nbsp;&nbsp;&nbsp;&nbsp;Straight-line | 5 years |
| Equipment and furniture, telecommunication system, |  |  |
| furniture and fixtures | &nbsp;&nbsp;&nbsp;&nbsp;Declining balance | 20% |
| Computer equipment -- Canada | &nbsp;&nbsp;&nbsp;&nbsp;Declining balance | 30% |

---

The residual values, useful lives and depreciation methods applied to property, plant and equipment are reviewed at each reporting date. Changes in estimates are recognized prospectively as changes in accounting estimates in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains or losses arising on disposal are recognized in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Contract Modification and Reclassification of Site Assets

Prior to 2025, the Company's site infrastructure assets deployed in the Democratic Republic of the Congo ("DRC") under a long-term revenue-sharing agreement with Orange RDC were classified as inventory under IAS 2. This classification reflected a contractual obligation requiring the Company to transfer ownership of the infrastructure to Orange RDC after a period of five years from each site's operational acceptance date. The transfer obligation represented a distinct performance obligation under IFRS 15, and a portion of the transaction price had been allocated to this obligation and deferred accordingly.

On May 8, 2025, the Company entered into an addendum to the Orange RDC agreement. The addendum formally removed the ownership transfer obligation in its entirety. Under the revised terms, the Company retains full ownership of the infrastructure for the duration of the agreement and beyond, with Orange RDC holding only a right of use for the purpose of providing mobile services. In addition, the commercial structure was revised from a minimum guaranteed revenue model to a usage-based (threshold) remuneration model.

The addendum constitutes a contract modification under IFRS 15.18. As the remaining services are not distinct from those already provided, the modification is accounted for as a cumulative catch-up adjustment in the period of modification, in accordance with IFRS 15.21(b).

As a consequence of the removal of the transfer obligation, the infrastructure assets no longer meet the definition of inventory under IAS 2. Accordingly, with effect from May 8, 2025 (the date of the addendum), the assets were reclassified from inventory to property, plant and equipment at their carrying amount of USD 1,022,072 (CAD 1,421,396), in accordance with IAS 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Change in Accounting Estimate – Useful Life of Site Infrastructure Assets

In accordance with IAS 16.51, management is required to review the useful life of an asset whenever there is an indication that the current estimate is no longer appropriate.

Prior to the contract modification, the site infrastructure assets were classified as inventory (reflecting the planned ownership transfer) and therefore no useful life estimate under IAS 16 had been established for these assets. Upon reclassification to property, plant and equipment on 8 May 2025, management determined the useful life of the site assets for the first time.

In making this determination, management considered the factors set out in IAS 16.56, including the expected usage and capacity of the assets, their physical condition and expected wear and tear, the risk of technical or commercial obsolescence, and the absence of any legal or contractual constraint on continued use. Management also conducted a benchmarking exercise, reviewing the useful lives applied to comparable telecommunications infrastructure by peer operators in Africa.

Having regard to the physical and technical characteristics of the assets (which include steel and aluminum tower structures, solar panels and battery storage systems, VSAT equipment, radio access hardware, and associated civil works), the expectation that the assets will be retained and managed by the Company throughout the remaining term of the Orange RDC agreement and potentially redeployed under future contracts, and the benchmarking evidence, management determined that a useful life of 20 years is appropriate for the site infrastructure assets.

This useful life was applied prospectively from May 8, 2025, the date on which the assets became available for use as property, plant and equipment, in accordance with IAS 16.55. The change constitutes the initial determination of useful life upon reclassification rather than a revision to a previously held estimate; however, in accordance with IAS 8.36, any change in estimate is applied prospectively and no restatement of prior periods is required or appropriate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial Effect

The effect of the reclassification, the contract modification, and the initial recognition of depreciation on the site infrastructure assets during the year ended December 31, 2025 is summarized below:

---

| | | |
|:---|:---|:---|
| | Amounts (USD) | Recognised in |
| Reclassification of site assets from inventory to PP&E | 1022072 | Statement of Financial Position |
| Reversal of accrued revenue (loss on modification) | (1236451) | Profit or Loss |
| Reversal of previously accrued cost of sales (gain on modification) | 1022072 | Profit or Loss |
| Depreciation charge on site assets (May – December 2025) | 30968 \* | Profit or Loss |

---

\* Based on carrying amount of USD 1,022,072 (CAD 1,421,396) at reclassification date, depreciated on a straight-line basis over 20 years from 08 May 2025 to 31 December 2025 (approximately 8 months).

The actual charge of USD 30,968 (CAD 43,067) reflects the partial year from the date of reclassification. The effect of the change in estimate on future periods is an annual depreciation charge of approximately USD 60,122 (CAD 83,611) per annum for each of the remaining approximately 17 years of the assets' useful life (subject to any additions or disposals).

**Intangible assets**

<u>Recognition of intangible assets</u>

The acquired computer software is capitalized on the basis of costs incurred to acquire and install the specific software. Trademarks acquired are recognized as intangible assets at their cost. The Company also develops third and fourth generation mobile networks (3G,4G).

Expenditure on the research phase of projects is recognized as an expense as incurred. Costs that are attributable to a project's development phase are recognized as intangible assets, provided that they meet the following recognition requirements:

<sup>■</sup> The development costs can be measured reliably;

<sup>■</sup> The project is technically and commercially feasible;

<sup>■</sup> The Company intends and has sufficient resources to complete the project;

<sup>■</sup> The Company has the ability to use or sell the asset;

<sup>■</sup> The asset will generate probable future economic benefits.

Development costs not meeting these criteria for capitalization are expensed as incurred. Directly attributable costs include employee costs incurred on development along with an appropriate portion of relevant overheads.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<u>Subsequent measurement</u> 

All intangible assets are accounted for using the cost model whereby capitalized costs (except for trademarks) are amortized over their estimated useful lives, as these assets are considered finite. The following amortization method and rate are applied:

---

| | | |
|:---|:---|:---|
|  | Method | Rate |
|  | Declining balance | 20 |
| Software | Units of Production | 1,500 units |
| 3G and 4G software | Units of production |  |

---

As no finite useful life for trademarks can be determined, related carrying amounts are not amortized.

The residual value, depreciation method and useful life of each asset are reviewed at least at each financial year-end.

Gains or losses arising from the disposal of intangible assets are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss when incurred.

The Company amortizes certain software using the units of production method, whereby the amortization charge in each period reflects the number of base station units deployed relative to the total estimated lifetime deployments (the "denominator"). As at January 1, 2025, management revised the denominator from 6,000 units to 1,500 units, applied prospectively against the net book value of the asset at the date of change.

The revised estimate of 1,500 units aligns with the NaaS deployments supportable by the Company's current board-approved business plan and existing financing commitments, rather than the broader contracted pipeline of approximately 6,000 sites, which is subject to additional funding conditions.

The revision to the denominator represents a change in accounting estimate in accordance with IAS 8, as the underlying accounting policy, being the use of the units of production method, is unchanged. The change reflects updated information regarding the expected deployment profile of the asset and has been applied prospectively with no restatement of prior periods.

**Right-of-use assets and lease liabilities**

Right-of-use assets are initially measured at the amount of the lease liability recognized. Subsequent to initial measurements, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset.

**Impairment of financial assets**

A maximum 12-month allowance for ECL is recognized from initial recognition reflecting the portion of lifetime cash shortfalls that would result if a default occurs in the 12 months after the reporting date, weighted by the risk of a default occurring.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

A lifetime ECL allowance is recognized if a significant increase in credit risk is detected subsequent to the instruments initial recognition reflecting lifetime cash shortfalls that would result over the expected life of a financial instrument.

A lifetime ECL allowance is recognized for credit impaired financial instruments.

The Company assesses all information available, including on a forward-looking basis the expected credit losses (ECL) associated with any financial assets carried at amortized cost.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Company in full or when the financial asset is more than 90 days past due.

The carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts.

**Financial instruments**

<u>Recognition and Initial Measurement</u>

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

Financial liabilities are initially measured at fair value, net of transaction costs that are directly attributable to their issuance, except for financial liabilities classified at fair value through profit or loss ("FVPL"), for which transaction costs are expensed as incurred.

For compound financial instruments containing both liability and equity components, the components are recognized separately based on the substance of the instrument. The liability component is initially measured at fair value, with the equity component assigned the residual amount after deducting the fair value of the liability component from the fair value of the instrument as a whole.

<u>Classification and Measurement of Financial Assets</u>

Financial assets are classified, at initial recognition, into the following categories:

● Amortized cost

● Fair value through profit or loss ("FVPL")

● Fair value through other comprehensive income ("FVOCI")

The classification is determined based on the Company's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

For the periods presented, all of the Company's financial assets are classified and measured at amortized cost. Cash and trade and other receivables fall within this category.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Subsequent to initial recognition, financial assets measured at amortized cost are measured using the effective interest method, less any allowance for expected credit losses. Discounting is omitted where the effect of discounting is immaterial. All income and expenses relating to financial assets are recognized in profit or loss.

<u>Impairment of Financial Assets</u>

The Company applies the expected credit loss ("ECL") model under IFRS 9 to financial assets measured at amortized cost, including trade receivables. The ECL model incorporates forward-looking information and does not require the identification of a credit loss event before recognizing impairment losses.

In assessing credit risk, the Company considers past events, current conditions, and reasonable and supportable forecasts affecting the expected collectability of future cash flows. Financial assets are categorized as follows:

● **Stage 1** – Financial instruments that have not experienced a significant increase in credit risk since initial recognition or that have low credit risk, for which twelve-month expected credit losses are recognized.

● **Stage 2** – Financial instruments that have experienced a significant increase in credit risk since initial recognition, for which lifetime expected credit losses are recognized.

● **Stage 3** – Financial assets with objective evidence of impairment at the reporting date, for which lifetime expected credit losses are recognized.

Expected credit losses are measured as a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade receivables are assessed for impairment on an individual basis, as they arise from specific customer contracts.

<u>Classification and Measurement of Financial Liabilities</u>

The Company's financial liabilities include trade and other payables, loans payable, convertible debentures, convertible debentures and derivative liabilities, and lease liabilities.

Subsequent to initial recognition, financial liabilities are measured at amortized cost using the effective interest method, except for derivative liabilities and financial liabilities designated at FVPL, which are subsequently measured at fair value with changes recognized in profit or loss.

Interest expense and, where applicable, changes in fair value of financial liabilities are recognized in profit or loss and presented within finance costs.

<u>Derecognition of Financial Liabilities</u>

The Company derecognizes financial liabilities when, and only when, the contractual obligations are discharged, cancelled, or expire.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

**Convertible debentures**

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through Consolidated Statements of Net Loss and Comprehensive Loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost.

Original issuance discount represents the difference between the face value and the actual proceeds received from the debentures and loans which is amortized over time through accretion. The fair value adjustment is the difference between the present value of the existing debenture and the present value of the new debenture. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

The Company accounts for amendments to convertible debt as a substantial modification if one of the following tests are met:

---

| | |
|:---|:---|
| <sup>■</sup> | The present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows under the terms of the original instrument; |

---

<sup>■</sup> A significant change in the terms and conditions such that immediate derecognition is required with no additional quantitative analysis.

A substantial modification shall be accounted for like an extinguishment. If any of the tests above are not met, the debt is accounted for as a debt modification.

**Leases**

The Company leases certain items of property, plant and equipment. At lease commencement, the Company recognizes a right-of-use asset and a corresponding lease liability.

Lease liabilities are initially measured at the present value of lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement comprise fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, the exercise price of purchase options reasonably certain to be exercised, and termination penalties if the lease term reflects the exercise of a termination option.

Right-of-use assets are initially measured at cost, comprising the initial lease liability, lease payments made at or before commencement, initial direct costs, and estimated restoration costs.

Right-of-use assets are amortized on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset, unless ownership transfers to the Company or the Company is reasonably certain to exercise a purchase option, in which case depreciation is over the useful life of the asset. Lease liabilities are subsequently measured by increasing the carrying amount for interest expense and reducing it for lease payments made.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date and are remeasured when the cash flows change. Other variable lease payments are recognized in profit or loss in the period in which they are incurred.

The Company applies the recognition exemptions for short-term leases and leases of low value assets, for which lease payments are recognized as an expense on a straight-line basis over the lease term.

**Income taxes**

The tax expense recognized in the profit or loss comprises the sum of deferred taxes and current taxes not recognized directly in equity.

Current income tax assets and/or liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current taxes are payable on taxable profit, which differs from profit or loss in the consolidated financial statements. The calculation of current taxes is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred taxes are not provided on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit.

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided that those rates are enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on the

Company's forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax liabilities are always provided for in full.

Deferred tax assets and liabilities are offset only when the Company has the right and intention to set off current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are directly in equity, in which case the related deferred taxes are also recognized in equity.

**Investment tax credits and government assistance**

Investment tax credits and government assistance related to current expenses are accounted for as a reduction of research and development costs and as other revenue, respectively, while those related to the acquisition of property, plant and equipment or intangible assets are accounted for as a reduction of the cost of the related asset. Investment tax credits and government assistance are accrued in the 12 months period in which the related expenses or capital expenditures are incurred, provided that the Company is reasonably certain that the credits will be received. Investment tax credits must be examined and approved by tax authorities and it is possible that the amounts granted will differ from the amounts recorded.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

**Inventories**

Raw materials and work in progress are valued at the lower of cost and net realizable value, the cost being determined using the first in, first out method. Raw materials consists of the materials used in the manufacturing of equipment. Finished goods are valued at the lower of cost and net realizable value, the cost, consisting of raw material and handling and shipping fees being determined using the first in, first out method. Finished goods consist of the equipment used in production, sites construction for NaaS sites, which are sold upon completion of NaaS sites.

**Equity and Reserves**

Share capital represents the paid-up capital of shares that have been issued, net of share issue cost.

Retained earnings (deficit) include all current and prior period retained profits and losses.

Contributed surplus includes costs recognized in accordance with the share-based compensation, expired warrants and expired convertible debenture equity components.

<u>Unit placements</u>

The proceeds from the issued units are allocated between the shares and the warrants using the fair value method. Proceeds are allocated between shares and warrants based on the relative weight of the fair value of each component. The fair value of the shares is determined by the market price and the warrants by using Black-Scholes option pricing model.

**Share-based compensation**

The Company operates an equity-settled share-based remuneration plan for its employees, which is not cash-settled. Moreover, the Company may grant warrants to its suppliers as payment of goods and services. All goods and services received in exchange for the grant of any share-based payments are measured at their fair value.

Where employees are rewarded using share-based payments, the fair value of employees' services is determined indirectly by reference to the fair value of the equity instruments granted.

Where suppliers are rewarded using share-based payments, the Company estimates the fair value of the goods or services received, unless such fair value cannot be estimated reliably. In such a case, the fair value of the goods or services is determined indirectly by reference to the fair value of the equity instruments granted.

The fair value of the equity instruments granted is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, profitability and sales growth targets and performance conditions).

All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to equity in "Contributed surplus". If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to cumulative share-based compensation resulting from a revision is recognized in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.

Upon exercise of warrants or share options, the proceeds received and the compensation costs previously recorded as contributed surplus, net of any directly attributable transaction costs, are allocated to share capital.

For those warrants that expire unexercised, the recorded value is transferred from warrant reserve to the deficit. Expired options remain in the contributed surplus.

**Provisions, contingent assets and contingent liabilities**

Provisions for legal disputes, onerous contracts or other claims are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain.

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognized as a separate asset. However, this asset may not exceed the amount of the related provision.

No liability is recognized if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote.

**Significant management judgments in applying accounting policies and estimation uncertainty**

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

<u>Significant management judgements</u>

<sup>■</sup> Going concern:

The assessment of the Company's ability to continue as a going concern, to raise sufficient funds to pay for its ongoing operating expenditures and to discharge its liabilities for the ensuing year involves significant judgment based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances (Note 1).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<sup>■</sup> Useful lives of property, plant and equipment

The Company has exercised judgement in determining the estimated useful lives and depreciation methods applied to its property, plant and equipment. Useful lives are estimated by management at the time an asset is acquired based on the expected period over which the asset will be available for use, having regard to physical wear and tear, technical or commercial obsolescence, and legal or contractual limits on use. Given the diverse nature of the Company's asset base, management has applied different methods and rates to reflect the distinct consumption patterns of each asset class. Management reviews the appropriateness of useful life estimates and depreciation methods at each reporting date; any revision is accounted for prospectively as a change in accounting estimate in accordance with IAS 8.

<sup>■</sup> Capitalization of internally developed software:

Distinguishing the research and development phases of a new customized software project and determining whether the recognition requirements for capitalization of development costs are met requires judgment. After capitalization, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalized costs may be impaired (Note 11).

Management has also exercised significant judgment in estimating the total expected units of production used to determine amortisation under the units-of-production method for intangible assets. This estimate is based on current contractual commitments, operational plans, and historical performance. Actual production levels may differ from these estimates due to changes in market conditions, operational factors, technological developments, or other circumstances. These estimates are reviewed regularly and updated as necessary to reflect changes in expected production levels and asset performance.

<sup>■</sup> Useful life of software

The Company has exercised significant judgement in determining that the units of production method most appropriately reflects the pattern in which the economic benefits of its capitalized software are consumed. The software generates economic benefits exclusively through the deployment of base station units at customer sites under NaaS arrangements; an undeployed unit of the software generates no cash flows and has no standalone economic utility. Accordingly, management concluded that the passage of time is not a reliable proxy for the consumption of the asset's economic benefits, given that deployment timing is subject to Mobile Network Operator contract milestones, infrastructure logistics, regulatory conditions, and financing requirements in rural sub-Saharan Africa. Under the units of production method, the amortization charge in each period is calculated as the number of NaaS base station units deployed in that period divided by the total estimated lifetime NaaS deployments (the "denominator"), applied to the carrying amount of the asset. This judgement requires that the amortization method reflect the pattern in which the asset's future economic benefits are expected to be consumed.

<sup>■</sup> Debt modification:

The Company needs to exercise judgment to determine the impact of any changes to the terms of the convertible debentures and then apply the guidance set out in IFRS 9 - Financial Instruments to determine whether the change is considered a debt extinguishment or a debt modification (Notes 16, 19).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<sup>■</sup> Acquisition of Advance Factoring Inc.

The accounting for the acquisition of AFI involved significant judgement, including the determination that NuRAN is the accounting acquirer despite former AFI shareholders obtaining a majority voting interest, and the conclusion that AFI did not meet the definition of a business under IFRS 3 and was therefore accounted for as an asset acquisition. Refer to Note 6 for further details.

<u>Estimation uncertainty</u>

<sup>■</sup> Inventories:

Management estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future technology, or other market driven changes or their routing and use oversea that may reduce future selling prices.

<sup>■</sup> Recognition of investment tax credits:

Determining the amount of investment tax credits requires estimates and significant judgment as management needs to assess if research and development projects for which investment tax credits are claimed are eligible, as well as assessing if the expenses incurred are eligible.

<sup>■</sup> Expected credit loss of trade accounts receivable:

Significant estimates and judgments are required in the application of IFRS 9 when measuring the expected credit losses and the assessment of expected credit loss provisions required for trade accounts receivable, including the forward looking information to adjust historic loss rates (Note 7).

<sup>■</sup> Share based compensation:

Significant estimates and judgments are required in determining the fair value of the equity instruments granted as share based compensation or the fair value of goods or services received. The estimated value of share based compensation requires the selection of an appropriate valuation model and data and consideration as to the volatility of the Company's own shares, the probable life of share options and warrants granted and the time of exercise of those share options and warrants. The model used by the Company is the Black Scholes valuation model (Notes 21 and 22).

---

| | |
|:---|:---|
| <sup>■</sup> | The determination of the recoverable amount of non-financial assets: |

---

In assessing impairment, management estimates the recoverable amount of each asset of the cash-generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainties relate to assumptions about future operating results and the determination of a suitable discount rate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<sup>■</sup> The determination of incremental borrowing rate used and expected lease lengths in the application of IFRS 16 - Leases:

Determining the incremental borrowing rate is more complex than simply determining the weighted rate that an entity pays on its current borrowings. The Company determines the incremental borrowing rate by taking into consideration the base rate, financing factors, and asset factors. The Company determines the expected lease lengths by assessing the periods for which the lease contract is enforceable. A lease is no longer enforceable when the lessee and the lessor each has the right to terminate the lease without permission from the other party with no more than an insignificant penalty (Note 18).

<sup>■</sup> Effective interest rate of convertible financial instruments:

For accounting of convertible financial instruments, the Company needs to determine the effective interest rate required to evaluate the fair value of the liability component. The effective interest rate should be the market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Determining such a market rate requires assumptions such as comparable loans on the market and qualitative and quantitative analysis of the financial position of the Company (Note 19).

● Income taxes:

The determination of the Company's tax expense or recovery for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used.

● Fair value of the derivative liability:

Determining the fair value of the derivative liability involves the application of the partial differential equations method. The Company uses its judgment to select a valuation model and to develop unobservable inputs to determine the fair values of the derivative liability at the end of each reporting period. Determining the fair values of the derivative liability requires management to use significant unobservable inputs related to the expected volatility and the credit spread. The valuation of the convertible debenture is subjective and can impact Consolidated Statements of Net Loss and Comprehensive Loss significantly.

**4.** **APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS** 

<u>Recent adoptions</u>

Amendments to IAS 21

Lack of exchangeability requires an entity to use a consistent approach when exchanging a currency into another. If the currency is unexchangeable, a consistent approach must be used in determining the exchange rate and necessary disclosures. The amendment is effective for annual periods beginning on or after January 1, 2025. This amendment did not have a significant impact on its financial statements.

<u>Future changes in significant accounting policies</u>

At December 31, 2025, the following standards and interpretations which may be applicable to the Company, but have not yet been applied in these consolidated financial statements, were in issue but not yet effective:

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**4.** **APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS (CONTINUED)** 

*IFRS 18 Presentation and Disclosure in Financial Statements and consequential amendments to other IFRS standards:*

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1, IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company has not early adopted this IFRS. The Company is currently assessing the impact of this standard.

*IFRS 9 Financial Instruments:*

IASB has issued amendments to IFRS 9 "Financial Instruments" relating to the classification and measurement of financial instruments. These amendments clarify aspects of SPPI (solely payments of principal and interest), the classification of financial assets with non-recourse features and contractually linked instruments and the derecognition of financial liabilities. These amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company has not early adopted this IFRS. The Company is currently assessing the impact of this standard.

**5.** **OPERATING SEGMENTS** 

During the year ended December 31, 2025, the Company operated as a manufacturer of digital electronic circuits and wireless telecommunication products, which was considered one reportable segment under the requirements of IFRS 8.

The Company's subsidiaries also act as a Network as a Service (NaaS) entity in various geographical areas which is considered another reportable segment under the requirements of IFRS 8.

The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Refer to Note 32 for operating segment disclosures.

**6.** **ACQUISITION OF ADVANCE FACTORING INC.** 

On December 22, 2025, NuRAN Wireless Inc. entered into a Share Purchase Agreement (SPA) to acquire 100% of the issued and outstanding shares of Advance Factoring Inc. ("AFI") from its shareholders in exchange for NuRAN units. AFI Shares means collectively the AFI Class A Common Shares, AFI Class B Common Shares and AFI Preferred Shares. NuRAN units will consist of i) one (1) NuRAN Common Share, and (ii) one half of one (1/2) NuRAN warrant.

The purchase price defined in the SPA amounts to $20,802,303. NuRAN issued 7,198,026 units to the AFI shareholders. i.e. 7,198,026 common shares (Note 20) and 3,599,013 warrants (Note 21). As at the date of the acquisition, the Company determined that AFI did not constitute a business as defined under IFRS 3, Business Combinations and the acquisition was accounted for as an asset acquisition.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

6. ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)

IFRS 2 was applied to measure the fair value of the consideration for the asset acquisition. The quoted share price used to value the units was $2.78, which represents a level 1 input. The warrants were valued using the Black-Scholes-Merton Model with the following assumptions: share price of $2.78, exercise price of $4.335, time to maturity of 60 months, risk-free rate of 2.98%, expected volatility of 98% and a dividend yield of Nil. The NuRAN units were issued with legends in accordance with applicable Securities Laws and the policies of the Canadian Securities Exchange (CSE), resulting in a trading restriction requiring the units to be held for a period of 4 months and a day. To reflect this temporary trading restriction, a discount for lack of marketability (DLOM) of 21.58% was applied using the Finnerty model over the applicable hold period. The Finnerty model considers assumptions of expected volatility of 182%, share price of $2.78, and term of 0.33 years. As a result, the fair value of the common shares and warrants after applying the DLOM was $2.18 and $1.49, respectively.

NuRAN issued units with a fair value of $21,063,698 as consideration for the acquisition of AFI. The fair value of common share and warrants were $15,690,476 and $5,373,222, respectively. The difference between this value of $21,116,315 and the purchase price defined in the SPA of $20,802,303 is accounted for by the DLOM applied to the common shares and the addition of the value of the warrants. The fair value of the net identifiable net assets was determined to be $Nil, as the underlying financial assets and financial liabilities did not meet the recognition criteria under IFRS 9 at the acquisition date. The resulting difference of $21,063,698 is recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

The financial asset of AFI acquired was related to the amount NuRAN owed AFI. Therefore, upon acquisition NuRAN cannot have a contractual obligation against itself and the acquired receivable fails the definition of a financial asset on initial recognition. The financial liability acquired related to the preference shares outstanding to AFI shareholders, on acquisition, NuRAN acquired all shares including preference shares. Therefore, the preferred share liability once acquired, cannot have a contractual right against itself and the acquired liability fails the definition of a financial liability on initial recognition.

The excess of $21,063,698 was recognized as consideration paid in excess of net assets acquired in the Consolidated Statement of Net Loss and Comprehensive Loss.

Since the Company acquired AFI's net assets, the loan payable outstanding to AFI is now discharged and therefore the liability is extinguished per the definition of IFRS 9. The liability extinguished pursuant to the transaction is $11,910,915 which is recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the date of acquisition.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

6. ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)

---

| | |
|:---|:---|
| **Consideration** | **2025** |
|  | $ |
| Fair value of 7,198,026 common shares issued ($2.1798 per unit) |  |
| Fair value of 3,599,013 warrants issued ($1.4930 per unit) |  |
| **Total consideration** |  |
| **Identifiable assets and liabilities acquired:** |  |
| Current assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable |  |
| Current liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable Preferred shares |  |
| Total identifiable net assets acquired |  |
| Consideration paid in excess of net assets acquired |  |
| Liability extinguished pursuant to the transaction |  |
| **Net impact – Loss on assets acquired** |  |

---

The loss on assets acquired of $9,152,783 was offset by $2,173,549 of gains on the settlement of accounts payable and debt instruments through the issuance of equity due to the difference between the 10-day VWAP and the share price on the date of the transaction as well as a gain of $104,917 on accounts payable settled for cash.

**Significant judgement** 

*<u>Acquisition of AFI recorded as an asset acquisition</u>*

**<u>Determination of the Accounting Acquirer</u>**

The determination of the accounting acquirer in the transaction involving Advance Factoring Inc. ("AFI") required significant judgment. Although former AFI shareholders collectively obtained approximately 56% of the voting interests in NuRAN following the transaction, management exercised significant judgement determining that these shareholders do not have control over NuRAN despite the majority voting interests.

Management considered various factors such as shareholders voting rights, decision making power, substantive rights, governance structure and senior management indicators to determine both the legal and accounting acquirer. Although former AFI shareholders collectively received a majority of the voting rights in NuRAN following the transaction, those rights are dispersed among several unrelated investors, each holding less than 10% and with no contractual arrangement to act in concert. AFI as a legal entity itself did not receive any equity interests. AFI received one (1) board representation out of the seven (7) board members of the combined entity. All Board decisions require a simple majority of votes. However, AFI's one board representation alone will not be sufficient to either appoint or remove a majority of the members of the governing body of the combined entity. Additionally, none of the board members have a veto right and the chair of the board is set by the board; the Board designated Brendan Purdy as Chairman in December. Further, the CEO of NuRAN (Francis Letourneau) continues to be CEO post this transaction. On December 22, 2025, the sole director of AFI resigned and the CEO of NuRAN was appointed as the sole director of AFI. In addition, on the basis of total assets, revenue and scale of operations, and profit/(loss), NuRAN is significantly larger than AFI.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;6. ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)

**<u>Assessment of Whether AFI Constituted a Business</u>**

Management exercised judgment in determining that AFI did not meet the definition of a business under IFRS 3, as it did not include substantive processes or an organised workforce. As a result, the transaction was accounted for as an asset acquisition rather than a business combination.

7. TRADE AND OTHER RECEIVABLES

---

| |
|:---|
| Trade accounts receivable, gross |
| Allowance for credit losses**))** |
| Indirect taxes receivable |

---

All amounts are short-term amounts. Accordingly, the carrying amount of trade and other receivables is considered a reasonable approximation of their fair value. The Company does not hold any collateral as security.

Indirect taxes receivable represent Value-Added Tax (VAT) due from the tax authority with 94% or $1.98 million of this in Cameroon. Of this amount, $882k is offset by amounts due on mobile network operator billings which have been retained at source by the MNO. Of the remainder, $438k is amounts still to be paid on outstanding supplier invoices, offset by Accounts Payable and the remaining $660k is in the process of being claimed for repayment.

During the year, management wrote back $47,056 (2024 - $nil) of account receivables in Consolidated Statements of Net Loss and Comprehensive Loss. Management also impaired $44,169 (2024 - $nil) of account receivables in Consolidated Statements of Net Loss and Comprehensive Loss. The allowance for credit loss arose mainly from a provision for the remaining project in the Marshall Islands.

The expected loss rates are assessed on an individual basis, as they arise from specific customer contracts.

The change in the of the allowance for credit losses is presented below:

---

| | |
|:---|:---|
|  | For the year ended December 31<br>2024 |
|  | $|
| Opening balance | 3925 |
| Write-off**)** |  |
| Impairment loss | 79464 |
| Exchange difference on allowance for credit losses | 7228 |
| Closing balance | 90618 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**7.** **TRADE AND OTHER RECEIVABLES (CONTINUED)** 

The lifetime expected loss provision for trade receivables is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2025** |
|  |  | More than | More than | More than |  |
| December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 days<br> past due | Total |
| Expected loss rate | 0.000000% | 0.000000% | 0.000000% | 33.35% | 14.44% |
| Gross carrying amount | $1029148 | $41128 | $43113 | $850711 | $1964100 |
| Loss provision | $— | $— | $— | $283677 | $283677 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2024** |
|  |  | More than | More than | More than |  |
| December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 days<br> past due | Total |
| Expected loss rate | 0% | 0% | 0% | 5.59% | 4.38% |
| Gross carrying amount | $277462 | $69787 | $100563 | $1622116 | $2069928 |
| Loss provision | $— | $— | $— | $90618 | $90618 |

---

**8.** **ACCRUED REVENUES** 

---

| |
|:---|
| Equipment sale |
| Services revenues |
| Interest revenues |
| Sites revenues |

---

Accrued revenues represent the unbilled cumulative site deployment and construction revenue under IFRS 15 for which the performance obligation has been delivered.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

9. INVENTORIES

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Raw materials | **1228181** | 1273705 |
| Finished goods | **1373104** | 1107284 |
| Work in progress | **3788454** | 3340502 |
|  | **6389739** | 5721491 |

---

During the year, management impaired $1,339 (2024 - $4,930) of inventory in Consolidated Statements of Net Loss and Comprehensive Loss. Management also wrote off $495,907 (2024 - $173,193) of inventory in Consolidated Statements of Net Loss and Comprehensive Loss. Inventory expensed in the year is $747,307 (2024 - $142,707).

&nbsp;&nbsp;&nbsp;&nbsp;10. LOANS RECEIVABLE

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Loan from non-related companies (a) | **50000** |  |
| Loan from non-related companies (b) | **27347** |  |
|  | **77347** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) This is an unsecured loan to a non-related company entered into on December 23, 2025, bearing
interest at 5% per annum and repayable on June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) This is an unsecured loan to an individual entered into on December 23, 2025, bearing interest
at 5% per annum and repayable on June 30, 2026.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;11. PROPERTY, PLANT AND EQUIPMENT

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leasehold**<br> improvements** | **Equipment and**<br> **furniture, tele-**<br> **communication**<br> **system,**<br> **furniture**<br> and fixtures** | **Computer**<br> equipment** | **Site**<br> infrastructure** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Gross carrying amount** |  |  |  |  |  |
| Balance as at December 31, 2024 | **8995** | **746818** | **358758** | **—** | **1114571** |
| Additions | **—** | **1432036** | **66978** | **—** | **1499014** |
| Reclassification | **—** | **—** | **—** | **1525067** | **1525067** |
| Current translation effects |  | **8378** | **3286** | **—** | **11664** |
| Balance as at December 31, 2025 | **8995** | **2187232** | **429022** | **1525067** | **4150315** |
| **Depreciation and impairment** |  |  |  |  |  |
| Balance as at December 31, 2024 | **5383** | **597090** | **318395** | **—** | **920868** |
| Depreciation | **1800** | **97867** | **23935** | **42445** | **166046** |
| Current translation effects |  | **3092** | **1109** | **—** | **4201** |
| Balance as at December 31, 2025 | **7183** | **698048** | **343439** | **42445** | **1091114** |
| **Carrying amount as at December 31, 2025** | **1812** | **1489184** | **85583** | **1482622** | **3059201** |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 |
|  | Leasehold<br> improvements | Equipment and<br> furniture, tele-<br> communication<br> system, furniture<br> and fixtures | Computer<br> equipment | Total |
|  | $| $ | $ | $ |
| Gross carrying amount Balance as at December 31, 2023 | 7727 |  | 354258 |  |
| Additions | 1269 |  | 1629 |  |
| Disposal |  |  |  |  |
| Write- off | —) |  | —) |  |
| Current translation effects |  |  | 2871 |  |
| Balance as at December 31, 2024 | 8996 |  | 358758 |  |
| Depreciation and impairment Balance as at December 31, 2023 | 3773 |  | 298267 |  |
| Depreciation | 1610 |  | 18415 |  |
| Disposal |  |  |  |  |
| Write- off | —) |  | —) |  |
| Current translation effects |  |  | 1712 |  |
| Balance as at December 31, 2024 | 5383 |  | 318395 |  |
| Carrying amount as at December 31, 2024 | 3613 |  | 40363 |  |

---

For the year ended December 31, 2025, a total of $nil ($22,274 in 2024) of assets was written off and included in Consolidated Statements of Net Loss and Comprehensive Loss as other elements.

Depreciation charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Cost of sales | **—** | 9546 |
| Administrative expenses | **147572** | 53194 |
| Research and development costs | **22674** | 22238 |
|  | **170246** | 84978 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

12. INTANGIBLE ASSETS

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2025** |
|  | **Software** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 | **8160650** |
| Additions |  |
| &nbsp;&nbsp;&nbsp;Under development | **231302** |
| &nbsp;&nbsp;&nbsp;Acquired | **2777** |
| Write-off |  |
| Balance as at December 31, 2025 | **8394729** |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 | **872162** |
| Amortization | **50141** |
| Balance as at December 31, 2025 | **922303** |
| **Carrying amount as at December 31, 2025** | **7472426** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 |
|  | Software | Trademarks | Total |
|  | $ | $ | $ |
| Gross carrying amount |  |  |  |
| Balance as at December 31, 2023 | 7803221 | 44244 | 7847465 |
| Additions |  |  |  |
| &nbsp;&nbsp;&nbsp; Under development | 357429 |  | 357429 |
| Balance as at December 31, 2024 | 8160650 | 44244 | 8204894 |
| Depreciation and impairment |  |  |  |
| Balance as at December 31, 2023 | 847917 |  | 847917 |
| Amortization | 24245 |  | 24245 |
| Balance as at December 31, 2024 | 872162 |  | 872162 |
| Carrying amount as at December 31, 2024 | 7288489 | 44244 | 7332733 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

12. INTANGIBLE ASSETS (CONTINUED)

At each reporting date, the Company assesses its intangible assets for indicators of impairment. Based on this assessment, no impairment was identified during the year ended December 31, 2025 and 2024. The recoverable amount of the CGU has been determined based on value-in-use calculations using cash flow projections derived from management-approved budgets.

Key assumptions used in the calculation include:

● a weighted average cost of capital of 16.57%;

● revenue growth rates over the forecast period in line with build milestones and thereafter assuming growth of average revenue per user (ARPU) of 5%;

● a terminal growth rate of 3% applied beyond the forecast period; and

● assumptions regarding expected operating margins and future network deployment.

These assumptions reflect management's best estimates of future economic and operating conditions. The recoverable amount is most sensitive to changes in the discount rate and terminal growth rate.

For the year ended December 31, 2025, $44,244 ($nil in 2024) of assets was written off and included in Consolidated Statements of Net Loss and Comprehensive Loss as other elements. The derecognition pertained to trademarks that were no longer expected to generate future economic benefits.

The anticipated amortization charge for 2026 and 2027 is $602,259 and $1,494,987, respectively.

Amortization charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Cost of sales | **33164** | 4975 |
| Research and development costs | **3069** | 3836 |
| Administrative expenses | **13908** | 15434 |
|  | **50141** | 24245 |

---

As at December 31, 2025, software includes software under development at a cost of $4,631,298 ($4,399,997 as at December 31, 2024) and is not amortized until available for use.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

13. RIGHT-OF-USE-ASSETS

The Company's right-of-use assets consist of a premise and equipment lease and the carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **For the year ended December 31,**<br>**2025** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 | **815051** |
| Addition | **258150** |
| Impairment | **—**) |
| Current translation effects | **97005**) |
| Balance as at December 31, 2025 | **1170206** |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 | **588408** |
| Amortization | **185658** |
| Impairment | **—**) |
| Current translation effects | **6733**) |
| Balance as at December 31, 2025 | **780799** |
| **Carrying amount as at December 31, 2025** | **389407** |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

14. TRADE AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Accounts payable and accrued liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders | **39400** | 39400 |
| &nbsp;&nbsp;&nbsp;Non-related third party | **8871802** | 10518371 |
| Salaries and payroll deductions payable | **1545365** | 779191 |
|  | **10456567** | 11336962 |

---

As at December 31, 2025, accounts payable include $38,810 relating to intangible asset purchases ($209,480 as at December 31, 2024) and $39,400 ($39,400 as at December 31, 2024) relating to unpaid interest on convertible debentures (Note 19).

During the year, management wrote back $39,902 (2024 - $nil) of accounts payable in Consolidated Statements of Net Loss and Comprehensive Loss relating to settlement and $527,177 (2024 - $nil) relating to forgiveness of a payable.

15. CUSTOMER ADVANCES

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
| Customer advances | **1154191** | 2520879 |
|  | **1154191** | 2520879 |

---

Customer advances represent advance payments received from customers for non-NaaS sales which have not been invoiced as of year end. Management wrote back $820,695 (2024 - $nil) of customer advances in Consolidated Statements of Net Loss and Comprehensive Loss as a result of cancellation of a contract in Marshall Islands by the main contractor.

16. LOANS PAYABLE

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Loan from non-related companies (a) | **—** | 226910 |
| Loan from non-related companies (b) | **—** | 2839102 |
| Loan from non-related companies (c) | **—** | 7003329 |
| Loan from non-related company (d) | **69429** | 355645 |
| Loan from non-related company (e) | **—** | 150000 |
| Loan from non-related company (f) | **7150626** | 3829499 |
| Loan from non-related company (g) | **63467** | **—** |
| Loan from non-related company (h) | **13579** | **—** |
|  | **7297100** | 14404484 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

Given the short-term maturity, the carrying amount of loans payable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets.

The loan relates to a factoring agreement dated October 4, 2023, for the sale of $287,306 of receivables owed to Nuran by its operating subsidiaries in Africa for gross proceeds of $173,686.

Under the terms of the agreement, the creditor has recourse against the Company in certain circumstances. If the creditor delivers a recourse notice, the Company has the option of satisfying any repurchase request of the account in cash at 107% of the price originally paid by the creditor for the account or by issuing units of the Company (each a "Unit") at $67.50 per Unit for the amount of the account. Each Unit is to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $75 until October 4, 2026.

The loan bears interest until the creditor has received payment, at a fixed rate of 15% per annum, payable monthly.

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

On December 22, 2025, the Company settled debt of $511,290 including interest and an amount due to a company related to the Factor, in 72,664 common shares of the Company and $301,290 in cash (See Note 20). The book value of the debt converted over the carrying value recorded for these shares was $158,395 applying a discount for lack of marketability (DLOM) to the market price of the Company's shares on the date of settlement to reflect applicable trading restrictions.

The excess of the carrying value of the shares issued ($158,395) plus warrants ($13,612) for a total of $172,008 over the carrying value of the debt extinguished ($210,000), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $37,992.

The cost of the loan for the year ended December 31, 2025 was $62,640 (2024 - $76,462) and was included in in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses. The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;b) This
 secured promissory note of USD 1,653,947 (CAD 2,239,610), dated April 24, 2023 is from
 a US-based institution and is secured by a chattel mortgage on the universality of the
 Company's assets. The note bears interest at a fixed rate of 10% per annum calculated
 on a monthly basis and is payable on the maturity date. The maturity date was initially
 October 24, 2023 but was extended as follows.

On December 4th, 2023, the Company extended the loan facility until October 21, 2024. As consideration, an extension fee of USD 169,895 (CAD 230,055) was added to the principal and the Company issued the lender 16,666 share purchase warrants to replace the existing warrants of 6,666 shares held by the lender, with each warrant exercisable to acquire a share of the Company at an exercise price of $75 which expire on December 1, 2025. In addition, the Company agreed to add a conversion feature to the loan, at $67.50 per common share of the Company. Any securities issuable upon exercise of these warrants or conversion of the loan are to be subject to a statutory hold period of four months and one day. A lending fee of USD 45,000 (CAD 60,934), accrued interest of USD 123,142 (CAD 166,747) and extension fee of USD 169,895 (CAD 230,055) were added to the principal amount.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;b) On
 June 24, 2024 the Company further extended the loan facility until December 31, 2025.
 As consideration, the Company agreed to increase the principal amount of the loan by
 USD 230,117 (CAD 314,409) as an extension fee, increased the interest rate to the fixed
 default rate of 24% per annum and agreed to a repayment schedule to commence following
 the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly
 thereafter starting October 31, 2024. The lender also agreed to subordinate the loan
 to the FEI. A lending fee of USD 50,000 (CAD 68,315), accrued interest of USD 259,190
 (CAD 354,131), compounded interest of USD 83,164 (CAD 113,627) and an extension fee of
 USD 230,117 (CAD 314,409) were added to the principal amount. The repayment requirement
 was not met.

On December 31, 2024, the Company repaid USD 618,186 (CAD 889,508) for a remaining balance of USD 1,973,106 (CAD 2,839,102).

On December 22, 2025, the Company settled debt of USD 1,991,447 (CAD 2,772,936) including interest, in common shares of the Company (See Note 20). The book value of the debt converted the carrying value recorded for these shares was $2,102,914 applying a discount for lack of marketability (DLOM) to the price on the date of settlement.

The excess of the carrying value of the shares issued ($2,102,914) plus warrants ($180,724) for a total of $2,283,638 over the carrying value of the debt extinguished USD 1,991,447 (CAD 2,772,936), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $489.298.The outstanding loan balance was fully repaid as at year end.

During the year, the Company repaid USD 692,936 (CAD 968,586). The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;c) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets and relates to an agreement with a lender dated August 28, 2023,
 for the sale of up to $15 million of receivables owed to the Company by its operating
 subsidiaries in Africa. Pursuant to the agreement, the Company sold receivables valued
 at $8.65 million for gross proceeds of $5,438,340 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $4,638,340 used to settle outstanding loans advanced by short term lenders,
 who are affiliates of the lender (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment of $800,000 from August 31, 2023 to October 30, 2023 for the purpose of
 funding working capital requirements.

Under the terms of the agreement, the lender has recourse against the Company for any sold receivables, in certain circumstances. If the lender delivers a recourse notice, the Company has the option of satisfying any repurchase request of the recourse account in cash at 107% of the price originally paid by the lender for the recourse account or by issuing units of the Company at $105 per Unit for the amount of the recourse account. Each Unit to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $120 until August 28, 2026. The sold receivables will bear interest until the lender has received payment, at a fixed rate of 15% per annum payable monthly.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

If the Company does complete a subsequent sale of receivables, the pricing on the Units will be set in compliance with applicable policies of the CSE.

In connection with the agreement, the Company paid an arrangement fee to the lender consisting of 12,666 common shares (the "Fee Shares") (having a deemed value of $69 based on closing price of the common shares of NuRAN on the closing) representing approximately 5% of the total factoring facility. 8,333 of these Fee Shares were issued at the initial closing and the remainder were issued on January 2, 2024 (see note 20). The Fee Shares were subject to a statutory hold period in Canada of four months and one day.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
 October 17, 2023, the Company amended the terms of the agreement which called for additional
 cash payments, completion of other financing and securing the indebtedness by way of
 a general security agreement in favor of the lender or its duly authorized agent on or
 before September 30, 2023, this date was extended to October 31, 2023.

On December 4<sup>th</sup>, 2023, the Company further amended the terms of the agreement by selling receivables valued at $1.425 million for proceeds of $865,000 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $215,000 that have been received by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment $650,000 from October 31, 2023 to December 31, 2023 for the purpose of funding
 working capital requirements leading up to the finalisation of other loans.

Included in the amendment, the lender agreed to extend various deadlines until January 31, 2024.

Furthermore, pursuant to the amendment, if the Company chooses to satisfy the recourse account by issuing units, which is entirely at the discretion of the Company, the deemed price per unit is to be $67.50 per unit and the warrant exercise price will be $75. Finally, the amendment adjusted the timing and quantum of the Fee Shares so that the remaining balance of 4,333 Fee Shares has increased to 6,333, 3,333 were issued on or before January 31, 2024, and the remainder were issued on or before March 15, 2024 (see note 20). The Fee Shares were subject to a statutory hold period in Canada of four months and a day from the date of issuance.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.52 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $1.52 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,52 million was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional USD 2,000,000 (CAD 2,731,800) by selling additional receivables as required by the Company.

On December 23, 2024, the Company further amended the terms of the agreement to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 116,667 units form the previous 266,667 units which are eligible to be issued. Each unit included three quarters of one warrant to purchase a common share at $75 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $60 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 21).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

On April 15, 2025, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $26.8 million and increase the amount to be drawn to $10.4 million. The Company also settled promissory notes totaling $359,435 in principal.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
 August 19, 2025, the Company further amended the terms of the agreement to settle promissory
 notes totaling $1,274,492 in principal and added $2,079,622 to the paid accounts of the
 Factor.

During the year, the lender requested the conversion of debt under the agreement totaling a value of $1,162,241, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $2,788,000.

On December 22, 2025, the Company settled debt of $11,910,915 including interest, in common shares of the Company (See Note 20). The book value of the debt converted over the carrying value recorded for these shares ($15,490,476) plus warrants ($5,373,222) for a total of $21,063,696 resulted in a loss of $9,152,783. The outstanding loan balance was fully repaid as at year end (See Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;d) The
 amount due to a non-related party was replaced with an unsecured loan of USD 394,781
 (CAD 536,073), including interest of USD 75,930 (CAD 103,105), dated December 5, 2023.
 The loan bears interest at a fixed rate of 11% per annum and was payable over 24 months
 in blended principal and interest payments.

On December 22, 2025, the Company partially settled a portion of the remaining balance of the loan of USD 147,000 (CAD 202,056) including USD 32,797 (CAD 45,089) of interest (principal portion USD $114,203 (CAD 157,007)), by issuing 69,929 common shares of the Company (See Note 20). The carrying value of the debt extinguished at the date of settlement was USD $147,000 (CAD 202,096)).

The shares issued were recorded at a carrying value of $152,433 applying a discount for lack of marketability (DLOM) to the market price of the Company's shares on the date of settlement to reflect applicable trading restrictions. The excess of the carrying value of the shares issued ($152,433) plus warrants ($13,100) for a total of $165,534 over the carrying value of the debt extinguished (USD 147,000 (CAD 202,056), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $36,522.

The settlement was accounted for as an extinguishment of debt. Under IFRS 9, when a financial liability is extinguished by the issuance of equity instruments, the liability is derecognized and the equity instruments are recognized at fair value on the date of settlement. The difference between the carrying amount of the liability derecognized and the fair value of the equity instruments issued is recognized in profit or loss as a gain or loss on extinguishment.

During the year, the Company also repaid USD 74,057 (CAD 103,517) for a remaining balance of USD 50,654 (CAD 69,426) bearing interest at a fixed rate of 11% per annum and payable over 24 months in blended principal and interest payments.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;e) This
 unsecured loan bears interest at 15% per annum and was repayable on February 6, 2025.

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bears interest at a fixed rate of 15% payable monthly and is payable on March 8, 2025.

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bears interest at a fixed rate of 15% payable monthly and is payable on March 14, 2025.

On April 15, 2025, these promissory notes were settled with the factoring amendment.

On April 15, 2025, the Company issued a promissory note of $200,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 30, 2025, but was not repaid on that date.

On May 2, 2025, the Company issued a promissory note of $50,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On May 6, 2025, the Company issued a promissory note of $150,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On May 27, 2025, the Company issued a promissory note of $105,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On June 4, 2025, the Company issued a promissory note of $70,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 10, 2025, the Company issued a promissory note of $127,778. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 13, 2025, the Company issued a promissory note of $11,830. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 20, 2025, the Company issued a promissory note of $100,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On August 25, the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 100,000 common shares of the Company at a price of $15 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) The
 loan is pursuant to a two-year term loan facility of USD 5,000,000 (CAD 6,834,000) dated
 April 26, 2024 with FEI Ongrid to NuRAN Wireless (Africa) Holding. The loan is secured
 on the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under
 a general security agreement and bears interest at the Secured Overnight Financing Rate
 (SOFR) plus 8.5% per annum. Interest accrues but is not payable until maturity. The terms
 of the loan were amended extending the maturity date to April 26, 2027 with interest
 partially paid in cash in accordance with an agreed schedule to maturity. Management
 intends to settle this loan within one year from the balance sheet date and hence classified
 current.

On March 10, 2025, the Company received of drawdown of USD 1,050,000 (CAD 1,515,255).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **LOANS PAYABLE (CONTINUED)** 

On October 6, 2025, the Company received of drawdown of USD 1,000,000 (CAD 1,395,500).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The
 loan, secured by guarantee of the parent company, is pursuant to a bank facility of CFA
 150,000,000 (approx. $366K) with Société Générale Cameron
 to Nuran Cameroon Ltd, dated June 20, 2024. The disbursement was made on February 25,
 2025. The loan bears interest at a fixed rate of 7% and is payable monthly in blended
 principal and interest payments in the amount of CFA 12,283,126 (approx. $31K) over 12
 months from the disbursement date.

During the year, the Company repaid CFA 124,126,824 for a remaining balance of CFA 25,873,176. The loan was fully repaid in February 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The
 unsecured loan is an installment payment agreement of $23,279 including interest at a
 fixed rate of 14.8% dated July 28, 2025 and is payable monthly in blended principal and
 interest payments in the amount of $1,924 over 12 months.

During the year, the Company repaid $9,699 for a remaining balance of $13,579.

**17.** **EMPLOYEES FUTURE BENEFITS** 

The Company implemented a tailored Simplified Pension Plan (SIPP) on a defined contribution basis. All employees in Canada are eligible after three months of continuous service. Participation in the plan is on a voluntary basis and the Company matches employee contributions up to a maximum of 3% of their gross annual salary. The Company expensed $63,747 in 2025 (2024 - $45,072) in relation to employee future benefits.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**18. LEASE LIABILITIES**

The maturity analysis of the lease liability as at reporting date was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Within 1 year | After 1 year but<br>less than 5 years | Total | Total |
| **At 31 December 2025** |  | $— | $— | **$** |
| Gross lease liability |  |  |  | **728411** |
| Less future interest costs |  |  |  | **312625** |
|  |  |  |  | **415786** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Within 1 year | After 1 year but<br>less than 5 years | Total | Total |
| At 31 December 2024 |  | $— | $— | $|
| Gross lease liability |  |  |  | 256637 |
| Less future interest costs |  |  |  | 14784 |
|  |  |  |  | 241853 |

---

Lease liabilities are measured at the present value of lease payments using the Company's incremental borrowing rate of 8% - 18% (2024 8% - 10%) on the date of the lease inception. The incremental borrowing rate reflects the rate of interest that the Company would have to pay to borrow over a similar term the funds necessary to obtain an asset of similar value in a similar economic environment.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross carrying amount** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **LEASES LIABILITIES (CONTINUED)** 

The lease expense during the 12 months period amounts to the following, representing the minimum lease payments:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease expense (office) |  |  | 248892 |

---

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES** |

---

As at December 31, 2025, the convertible debentures consist of the following:

---

| | |
|:---|:---|
|  | **Unsecured**<br>**Convertible**<br>**debentures** |
| Balance at December 31, 2023 |  |
| Extension of debenture (a) |  |
| Effect of the modification (b) |  |
| Accretion of OID (c) |  |
| Conversion (d) |  |
| Accretion (c) |  |
| Balance at December 31, 2024 |  |
| Issuance of convertible debenture |  |
| Fair Value |  |
| Amortization of OID |  |
| Conversion (e)**))** |  |
| Accretion |  |
| Settlement (f) |  |
| **Closing balance, as at December 31, 2025** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES (CONTINUED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 at December 20, 2023, the Company extended the maturity date of the Convertible Debentures
 entered into in July 2022. The maturity date of the Convertible Debentures was extended
 to July 12, 2024 along with other terms of the original debenture which were amended.
 The original debenture had an original issuance discount of 10% and this was increased
 to 16% paid upon maturity leading to a maturity value of $2,645,502. In addition, the
 principal amount is convertible into common shares of the Company at a fixed price of
 $120 at the option of the debenture holder during the term of the Convertible Debenture.
 Under the terms of the Convertible Debenture the principal amount is due one year from
 the date of closing and does not bear interest until the maturity date or an event of
 default occurs. The number and terms of warrants issued in conjunction with the original
 debenture, as well as all other terms of the debenture did not change.

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $2,273,353.

In accordance with IFRS 9, the Company assessed whether the December 20, 2023 amendment to the Convertible Debentures constituted a modification or an extinguishment. The present value of the cash flows under the amended terms, discounted at the original effective interest rate, differed from the present value of the remaining cash flows under the original terms by less than 10%, and no other qualitative factors requiring immediate derecognition were present. Accordingly, the amendment was accounted for as a debt modification. The carrying amount of the debenture was adjusted to the present value of the modified future cash flows, discounted at the original effective interest rate, and the resulting gain on modification of $Nil was recognized in financial expenses in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2023.

The current value method refers to the present value of the contractual future cash flows of the debenture (being the maturity amount of $2,645,502 payable on July 12, 2024), discounted using an applicable market rate of interest that reflects the credit risk and terms of the instrument at the date of the amendment. The share price used as an input to the Black-Scholes model for valuing the conversion option was the market price of the Company's common shares on the date of the transaction (December 20, 2023), being $0.11 per share (pre-consolidation), which represents a Level 1 input. No VWAP or other averaging methodology was applied.

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $33 |
| Exercise price | $120 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES (CONTINUED)** |

---

---

| | |
|:---|:---|
| (a), (b) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $60 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses<br>The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $3,397,006. |

---

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $60 per common share.

In accordance with IFRS 9, the Company assessed whether the December 23, 2024 amendment to the convertible debentures constituted a modification or an extinguishment. The amendments significantly impacted the economic substance of the instrument and result in a fundamentally different risk and return profile for both the Company and the holders. Consistent with IFRS 9, amendments were considered an extinguishment and the original debenture liabilities were therefore derecognized in full as at December 23, 2024, and new financial liabilities were recognized at fair value on that date.

On extinguishment, the original debenture was derecognized at its carrying amount of $2,256,419 and the new debenture was recognized at its fair value of $3,397,006, determined using the current value method. The resulting loss on extinguishment of $1,140,587 has been recognized in financial expenses in the consolidated statement of profit or loss and comprehensive loss for the year ended December 31, 2024.

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $27 |
| Exercise price | $60 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES (CONTINUED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During
 the year ended December 31, 2024, the debenture holders requested the conversion of the
 principal value of debentures totalling $225,000 in common shares of the Company. Taking
 into account the book value of the debentures converted, as well as the value of the
 conversion option, the carrying value recorded for these shares based on share value
 plus fair value of the conversion option was $227,000 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(e) During
 the year ended December 31, 2025, the debenture holders requested the conversion of debentures
 totalling a value of $800,000 in common shares of the Company. Taking into account the
 book value of the debentures converted, as well as the value of the conversion option,
 the carrying value recorded for these shares was $247,975 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On
 December 22, 2025, the Company settled debt of $3,384,564 in common shares of the Company
 (see Note 20), resulting in the recognition of $182,271 as gain on debt settlement in
 the Consolidated Statements of Net Loss and Comprehensive Loss. The book value of the
 debt converted the carrying value recorded for these shares was $2,552,890

---

| | |
|:---|:---|
| **19B.** | **CONVERTIBLE DEBENTURES AND DERIVATIVE LIABILITIES** |

---

As at December 31, 2025, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  |<br>**Derivative**<br>**liability** |
| Balance at December 31, 2023 |  |
| Issuance of convertible debenture |  |
| Fair Value) |  |
| Amortization of OID |  |
| Accretion |  |
| Change in fair value) |  |
| Effect of foreign exchange |  |
| Balance at December 31, 2024 |  |
| Amortization of OID |  |
| Accretion |  |
| Effect of foreign exchange |  |
| **Closing balance, as at December 31, 2025** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**19B. CONVERTIBLE DEBENTURES AND DERIVATIVE LIABILITIES (CONTINUED)**

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of USD 2,194,772 (CAD 3,008,374) with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the amortized cost using the effective interest method, with the carrying value accreted over time through interest expense was USD 1,594,729 (CAD 2,185,847). The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $67.50 per common share.

The fair value of derivative liability on August 16, 2024 was estimated at $93,594, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $36.00 |
| Exercise price | $67.50 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 67.45% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $24.00 |
| Exercise price | $67.50 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The fair value at December 31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $2.50 |
| Exercise price | $67.50 |
| Time to maturity | 0.58 years |
| Risk-free rate | 2.58% |
| Expected volatility | 41.91% |
| Dividend yield | Nil |
| Dilution factor | 33.28% |

---

The conversion feature embedded in the Company's convertible debentures was classified as a derivative financial liability and measured at fair value through profit or loss, as the debentures are denominated in a currency other than the Company's functional currency and are convertible into a variable number of common shares and warrants. As a result, the conversion feature did not meet the "fixed-for-fixed" criterion under IAS 32 and was separated from the host contract, with changes in fair value recognized in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**20.** **SHARE CAPITAL** 

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

● Common shares, voting and participating

● Preferred shares

On December 5, 2025, the Company approved a consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares.

During the year, the Company settled debt through the issuance of common shares and warrants. The debt was derecognized at its carrying amount, and the equity instruments issued were measured at fair value and allocated between share capital and contributed surplus using the relative fair value method.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **Number** | Number |
| Opening Balance | **195647** | 143479 |
| Issue of share capital (a) | **12860587** | 48835 |
| Convertible Debenture (b) | **—)** |  |
| Debenture conversion in share capital (c) | **13333** | 3333 |
| Issue of Warrants (d) | **—** | —) |
| Closing Balance | **13069567** | 195647 |

---

During the year ended December 31, 2025, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 January 2, 2025, to July 22, 2025, the Company issued 155,000 shares as of loan conversion
 with shares price between $15 and $27.60, resulting in the recognition of $2,509,936
 as share capital and $2,246,840 as gain on debt settlement in the Consolidated Statements
 of Net Loss and Comprehensive Loss.

On November 26, 2025, the Company issued 45,454 shares as of private placement with share price of $6.00, resulting in the recognition of $300,000 as of share capital.

On December 22, 2025, the Company issued 10,583,919 shares as of debt and accounts payables settlement, resulting in the recognition of $22,613,774 as of share capital, $1,733,405 as gain on debt settlement and $25,837 as loss on write-off of account payables in the Consolidated Statements of Net Loss and Comprehensive Loss. Included in this transaction is the acquisition of Advance Factoring Inc. (Note 6)

On December 22, 2025, the Company issued 1,946,365 shares as of private placement with share price of $2.78, resulting in the recognition of $5,625,000 as of share capital.

On December 29, 2025, the company issued 64,064 shares as of accounts payables settlement, resulting in the recognition of $128,095 as of share capital and $46,262 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 29, 2025, the Company issued 65,784 shares as of private placement with share price of $2.55 and a finder's fee of $2,609, resulting in the recognition of $187,507 as of share capital.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**20.** **SHARE CAPITAL (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 December 22, 2025, $(142,571) was recognized for the fair value on debentures following
 the settlement in shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From
 January 20, 2025, to June 26, 2025, the Company issued 13,333 shares upon the conversion
 of debenture at a share price of $60 (Note 19A).

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 January 10, 2024 to December 31, 2024, the Company issued 1,237 shares as of shares for
 services with shares price between $31.50 and $39, resulting in the recognition of $45,200
 as administrative expenses in the Consolidated Statements of Net Loss and Comprehensive
 Loss.

From January 31, 2024 to November 7, 2024, the Company issued 39,598 shares as of loan conversion with shares price between $30 and $49.80, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On January 2, 2024, 6,333 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 16, 2024, the Company issued 1,666 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the Consolidated Statements of Net Loss and Comprehensive Loss.

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 August 16, 2024, $822,461 was recognized for the fair value on debentures. On December
 23, 2024, $765,742 was recognized for the fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 April 2024, the Company issued 3,333 shares upon the conversion of debenture at a share
 price of $67.50 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From
 January 31, 2024 to November 7, 2024, the Company issued 32,198 warrants for loan and
 debenture exercise. The fair value of the warrants was $77,106.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21.** **WARRANTS** 

The following is a summary of the activity of warrants:

---

| |
|:---|
| Opening Balance |
| Issue of Warrants |
| Warrants expired**)** |
| Warrants cancelled**)** |
| Closing Balance |

---

---

| | | |
|:---|:---|:---|
|  | | **2025** |
|  | **Number of**<br> **warrants** | <br> **Weighted**<br> **average**<br> **exercise price**<br> **(post-**<br> **consolidation)** |
|  |  | **$** |
| **Opening balance** | **61797** | **114.00** |
| **Granted during the year** | **6404177** | **4.82** |
| **Expired during the year** | **(26333)** | **168.61** |
| **Cancelled during the year** | **(80574)** | **39.79** |
| **Closing balance, as at December 31, 2025** | **6359067** | **4.43** |
| **Closing balance of exercisable warrants, as at December 31, 2025** | **6140** | **78.66** |

---

---

| | | |
|:---|:---|:---|
|  | | 2024 |
|  | Number of <br>warrants | Weighted <br>average <br>exercise price <br>(post- <br>Consolidation) |
|  |  | $|
| Opening balance | 39704 | 360.00 |
| Granted during the year | 32199 | 75.00 |
| Expired during the year | (10105) | 294.00 |
| Closing balance, as at December 31, 2024 | 61798 | 114.00 |
| <br> Closing balance of exercisable warrants, as at December 31, 2024 | 61798 | 114.00 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21. WARRANTS (CONTINUED)**

The following is a summary of warrants outstanding and exercisable as at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants**<br> **outstanding** | | **Warrants**<br> **exercisable** |
| | **Number** | <br>**Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | <br> **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
|<br>**December 31, 2025**<br>**Exercise price (post-**<br>**consolidation)** | | | | |
| $**4.34** | **6265137** | **4.98** | **—** | **—** |
| $**4.34** | **65063** | **5.00** | **—** | **—** |
| $**9.90** | **22727** | **2.91** | **—** | **—** |
| $**75.00** | **5640** | **0.66** | **5640** | **0.66** |
| $**120.00** | **500** | **0.66** | **500** | **0.66** |
|  | **6359067** |  | **6140** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Warrants<br> outstanding | | Warrants<br> exercisable |
| | Number | Weighted <br>average <br>contractual <br>life (years) | Number | Weighted <br>average <br>contractual <br>life (years) |
| December 31, 2024 <br>Exercise price <br>(post- <br>Consolidation) |  |  |  |  |
| $75.00 | 34964 | 1.66 | 34964 | 1.66 |
| $75.00 | 16667 | 0.92 | 16667 | 0.92 |
| $120.00 | 500 | 1.66 | 500 | 1.66 |
| $330.00 | 9667 | 0.63 | 9667 | 0.63 |
|  | 61798 |  | 61798 |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21.** **WARRANTS (CONTINUED)** 

During the year ended December 31, 2024, the Company issued 32,199 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $30 and $51.

During the year ended December 31, 2025, the Company issued 6,404,177 warrants consisting of 3,599,013 warrants issued to the owners of AFI and 2,805,164 warrants issued warrants issued for private placements, debt conversions, factoring recourse notices and debenture conversions. The value totaling $6,532,539 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.40% and 3.07%; expected volatility between 81.20% and 104.15%; expected dividend yield of 0%; expected life between 0.83 and 5 years and exercise price between $9 and $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $2.55 and $27.

**22.** **CONTRIBUTED SURPLUS** 

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Opening balance | **6731440** | 6623292 |
| Warrants expired | **674600** | 108148 |
| Warrants cancelled | **153498** |  |
| Closing balance | **7559538** | 6731440 |

---

During the year, 26,333 warrants expired (3,041,481 expired in 2024) and 80,574 warrants were cancelled (Nil in 2024)

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**22. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | | **2025** |
|  | **Number of**<br> **options** | **Weighted**<br> **average**<br> **exercise price**<br> **(post-**<br> **consolidation)** |
|  | | $ |
| **Opening balance** | **9566** | **402.91** |
| **Granted during the period** | **—** | **—** |
| **Cancelled during the period** | **—** | **—** |
| **Closing balance, as at December 31, 2025** | **9566** | **402.91** |
| **Closing balance of exercisable options, as at December 31, 2025** | **9566** | **402.91** |

---

---

| | | |
|:---|:---|:---|
|  | | 2024 |
|  | Number of<br> options | Weighted<br> average<br> exercise price<br> (post-<br> consolidation)<br>|
|  |  | $|
| Opening balance | 11016 | 462.00 |
| Forfeited during the period | (1450) | 546.00 |
| Closing balance, as at December 31, 2024 | 9566 | 402.91 |
| Closing balance of exercisable options, as at December 31, 2024 | 9566 | 402.91 |

---

The following is a summary of stock options outstanding and exercisable as at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options**<br> **outstanding** | | **Options**<br> **exercisable** |
| | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
|<br>**December 31, 2025** <br> **Exercise price** <br> **(post-** <br>**consolidation)** | | | | |
| $**127.5** | **4167** | **0.26** | **4167** | **0.26** |
| $**402** | **835** | **1.07** | **835** | **1.07** |
| $**501** | **334** | **0.82** | **334** | **0.82** |
| $**510** | **832** | **0.80** | **832** | **0.80** |
| $**705** | **3398** | **0.11** | **3398** | **0.11** |
|  | **9566** |  | **9566** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**22. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Options <br>outstanding | | Options <br>exercisable |
| | Number | Weighted <br>average <br>contractual <br>life (years) | Number | Weighted <br>average <br>contractual <br>life (years) |
| December 31, 2024 <br>Exercise price <br>(post- <br>consolidation) |  |  |  |  |
| $127.5 | 4167 | 1.26 | 4167 | 1.26 |
| $402 | 835 | 2.07 | 833 | 2.07 |
| $501 | 334 | 1.82 | 333 | 1.82 |
| $510 | 833 | 1.80 | 833 | 1.80 |
| $705 | 3398 | 1.11 | 3400 | 1.11 |
|  | 9566 |  | 9567 |  |

---

In total, $nil ($nil in 2024) of employee remuneration expense and consultant fees (all of which related to equity-settled share-based payment transactions) has been included in profit or loss and credited to contributed surplus.

**23. FAIR VALUE OF CONVERSION OPTION**

---

| |
|:---|
| Balance as at December 31, 2024 |
| Debenture issued (a) |
| Conversion of debentures**)** |
| Restructuring of the debentures) |
| Balance as at December 31, 2025 |

---

(a) During
 the year, for the fair value of the conversion options on debentures issued estimation
 was derived using a Black-Scholes option pricing model (Note 19A and 19B).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**24.** **LOSS PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the year**)** |
| Weighted average number of outstanding common shares |
| Loss per share |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the year 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

**25.** **INCOME TAXES** 

**Current income tax expense** 

The Reconciliation of income taxes computed at the Canadian statutory rates with the income tax expense is as follows:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Loss before income taxes | (21329482) | (8610972) |
| Income tax recovery calculated on the basis of the statutory rate in |  |  |
| Canada of 26.50%, Mauritius 15%, Cameroon 27.5% , Madagascar 33%, DRC 0%, Ivory Coast 30% | (4913957) | (1096168) |
| Increase (decrease) of the following items: |  |  |
| &nbsp;&nbsp;Non-deductible (taxable) items | 2353391 |  |
| &nbsp;&nbsp;Allowable income | (314572) | 915669 |
| &nbsp;&nbsp;Minimum tax | 88452 |  |
| &nbsp;&nbsp;Change in unrecognized deferred tax assets | 3520992 | 792322 |
| &nbsp;&nbsp;Other | (627740) | (467371) |
| Income tax expense in the consolidated statement of net loss and comprehensive loss | 106566 | 144453 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**25.** **INCOME TAXES (CONTINUED)** 

The major component of tax reconciliation of the expected tax expense based on the domestic tax rate for the Company and the reported tax expense in profit or loss is the increase of the unused tax losses and deductible temporary difference for which no deferred tax assets are recognized.

**Deferred income taxes**

Deferred income taxes reflect the net tax effects of temporary difference between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company's deferred income tax assets (liabilities) are as follows:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Non-capital loss carry-forwards | 19888898 | 18168410 |
| Share issue costs - Canada | 2686 | 7147 |
| Property, plant and equipment and intangible assets | 463581 | 389359 |
| Capital loss | 306749 | 306749 |
|  | **20661914** | **18871665** |

---

The Company has the following deductible temporary differences for which no deferred tax assets have been recognized:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Non-capital loss carry-forwards | 80813484 | 74402230 |
| Share issue costs - Canada | 10134 | 26971 |
| Property, plant and equipment and intangible assets | 1749364 | 1469278 |
| Capital loss | 2315084 | 2315084 |
|  | **84888066** | **78213563** |

---

Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can use benefits.

The Company has unused tax losses from its operations totalling $84,888,066 for the federal level and $78,117,009 for the provincial level that may be carried forward and applied against taxable income expiring between 2026 and 2045.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**26.** **ADMINISTRATIVE EXPENSES** 

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended | For the years ended | For the years ended |
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| Bad Debt |  |  | 88699 |
| Depreciation |  |  | 309736 |
| Financing fees |  |  | 1607122 |
| Insurance |  |  | 37973 |
| Maintenance |  |  | 15679 |
| Office |  |  | 274233 |
| Payroll and employee costs |  |  | 1562156 |
| Professional and consulting |  |  | 1810902 |
| Registration and licensing |  |  | 59894 |
| Supplies |  |  | 15259 |
| Transportation |  |  | 57405 |
| Travel and meals |  |  | 192418 |
| Utilities |  |  | 63227 |
| Share Based Compensation |  |  | 726427 |
| **Total** |  |  | 6821129 |

---

27. FINANCIAL EXPENSES

Financial expenses consist of the following:

---

| | |
|:---|:---|
|  | For the years ended<br>December 31,<br>2024 |
|  | $— |
| Foreign exchange loss / (gain) |  |
| Bank charges |  |
| Penalties |  |
| Accretion expense on convertible debentures |  |
| Interest expenses for financial liabilities at amortized cost |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities |  |

---

Exchange differences arising from such monetary items are recognized in Consolidated Statements of Net Loss and Comprehensive Loss in separate subsidiaries financial statements from loans at the parent level.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**28.** **EMPLOYEE REMUNERATION** 

Expenses recognized for employee benefits such as wages, salaries and social security costs total $2,988,594 for the year ended December 31, 2025 (2024 - $3,146,087).

**29.** **COMMITMENTS** 

On June 29, 2021, the Company entered into a 10-year agreement with Space-Communication Ltd. ("Spacecom") for the provision of satellite capacity and bandwidth services on geostationary (GEO) satellites, expiring on June 28, 2031. Under the agreement, Spacecom has the commitment to meet the Company's satellite service requirements—whether for capacity, managed services, or related solutions— provided it can deliver the required services at the agreed price, by the required start date, and using satellites that meet the defined technical specifications. Spacecom must deliver the services directly or through third-party satellite providers subject to the execution of individual Service Orders between the parties. Charges for satellite services are defined under the terms of individual service orders and are based on actual bandwidth utilization, subject to minimum charges from the beginning of the second year following the service start date (as amended from time to time). As of the date of these financial statements, a service order is only in place in the DRC with minimum capacity of 92 Mbps. On December 22, 2025, the Company entered into an agreement with Spacecom to settle all outstanding obligations in the DRC, including an extra charge of USD 669k (CAD 920k) reversing previous credits, through the issuance of NuRAN units as part of the Restructuring Transaction. Current billing under the DRC service order is USD 10,000 (CAD 13,706) per month. As at December 31, 2025, the balance was $nil (2024 – $883,489) included in accounts payable.

**30.** **RELATED PARTY TRANSACTIONS** 

The Company's related parties include companies under common control as well as key management personnel.

**Transactions with key management personnel** 

The Company's key management consists of the directors and executives. The key management personnel remuneration totals $1,612,440 (2024 - $1,694,187) and benefits total $145,337 (2024 - $121,635 for the year ended December 31, 2025. The accounts payable and accrued liabilities related to key management personnel totals $362,120 as at December 31, 2025 (2024 - $412,797). All amounts represent short-term employee benefits.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENTS RISK** 

**Fair value measurement** 

The financial instruments recognized on the consolidated statement of financial position are comprised of cash, trade receivables, trade and other payables, lease liabilities, loan payable, convertible

debentures and convertible debentures with derivative liabilities.

The carrying values of cash, trade receivables, trade and other payables approximate their fair values due to the short-term nature of these instruments.

The fair value of financial instruments disclosed in the consolidated statements of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly;

Level 3: Unobservable inputs for the asset or liability

● As at December 31, 2025 and 2024, the Company measures the derivative liabilities at Level 3 fair value as there are unobservable inputs for these items.

There were no transfers between the levels in the current year.

**Risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk.

The Company's risk management is coordinated by its executives and focuses on identifying risks and that the capital base is adequate in relation to those risks.

The Company does not hold financial instruments for trading or speculative purposes and does not enter into option contracts.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The carrying amounts of the Company's financial assets and liabilities by category are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | **December 31,**<br>**2025** | 2024 | 2024 |
|  |  | $— | $|
| Financial assets classified at amortized costs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 1171558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable |  |  | 1979309 |
|  |  |  | 3150868 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | **December 31,**<br>**2025** | 2024 | 2024 |
|  |  | $— | $|
| Financial liabilities carried at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable |  |  | 10557772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 5069589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 1706926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan payable |  |  | 14404484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | 256637 |
|  |  |  | 31995408 |

---

The most significant financial risks to which the Company is exposed are described below.

**Market risk analysis**

The Company is exposed to market risk through its use of financial instruments and specifically foreign currency risk which result from its operating and financing activities.

&nbsp;&nbsp;&nbsp;&nbsp;■ Foreign
 currency risk and foreign currency sensitivity:

The exposure to currency exchange rate fluctuations arises from the Company's sales and expenses outside Canada, which are primarily denominated in US dollars.

To mitigate the Company's exposure to foreign currency risk, non-Canadian cash flows are monitored, but no forward exchange contracts or other derivative financial instruments are entered in.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. The Company is exposed to USD, XAF, XOF and MGA and they are translated in Canadian dollars at the closing rate:

---

| | |
|:---|:---|
| **December 31, 2025** |  |
|  | **Profit or loss** |
| ***Effects in Canadian dollars*** |  |
| **USD (5% movement)** |  |
| **XAF (5% movement)** |  |
| **MGA (5% movement)** |  |
| **XOF (5% movement)** |  |

---

---

| | |
|:---|:---|
| December 31, 2024 |  |
|  | Profit or loss |
| *Effects in Canadian dollars* |  |
| USD (5% movement) |  |
| XAF (5% movement) |  |
| MGA (5% movement) |  |
| XOF (5% movement) |  |

---

A change in exchange rates of 5% is considered to be reasonably possible based on the observation of current market conditions and the market risk volatility in exchange rates in the previous 12 months. All other things being equal, such a change in exchange rates would have increased or decreased the net loss and deficit by $384,418 for the year ended December 31, 2025 (2024 - $194,251) based on the Company's foreign currency financial instruments held at each reporting date.

**Credit risk analysis**

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk mainly due to trade accounts receivable from its customers. The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recognized as at its reporting date.

The Company continuously monitors defaults of customers and incorporates this information into its credit risk controls.

To assess the expected credit losses, trade accounts receivable have been assessed on an individual basis since they originate from specific contracts. There are few contracts, therefore, this gives a more precise assessment than using a calculation matrix and grouping all trade accounts receivable according to certain criteria. Refer to Note 7.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The Company takes into account economic perspectives of regions served by its clients as well as economic decisions affecting the telecommunication industry in Canada and worldwide. Therefore the Company adjusted the hypothesis of assessment according to expected changes in these factors.

Trade accounts receivable are written off when there is no reasonable expectation of recovery. Failure to make payments within 120 days from the invoice date and failure to engage with the Company on alternative payment arrangement for instance are considered indicators of no reasonable expectation of recovery.

**Credit risk analysis** 

The Company's management considers that all of its financial assets that are not impaired or past due are of good credit quality. The amounts analyzed by the length of time past due are the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | December 31, | December 31, |
|  | **2025** | 2024 | 2024 |
|  |  | $— | $|
| No more than three months |  |  | 447812 |
| More than three months but no more than six months |  |  | 888589 |
| More than six months but no more than one year |  |  | 88862 |
| More than one year |  |  | 644665 |
|  |  |  | 2069928 |

---

The Company held cash and cash equivalents of CAD 4,802,452 at year end (2024 - CAD 1,171,550). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA-to AA+, based on rating agency ratings.

The Company is exposed to a credit risk concentration because 92% of its trade accounts receivable are due from three customers (2024 - 95% from three customers).

**Interest rate risk analysis**

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in market interest rates. A sensitivity analysis has determined that one percent change in interest rate have increased or decreased the net loss and deficit by $476,528 (2024 - $246,818) based on the Company's financial instruments held at each reporting date. The Company is exposed to interest rate price risk as all convertible debentures bear interest at a fixed rate for most of the debt instruments.

**Liquidity risk analysis**

Liquidity risk is the risk that the Company might be unable to meet its obligations. The Company manages its liquidity needs by monitoring forecasts of cash inflows and outflows due in day-to-day business. Net cash requirements on day-to-day, week-to-week and 30-day projections are compared to available borrowing facilities in order to determine headroom or any shortfalls. The Company's current year trade and other payables are in arrears.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The Company considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular its cash resources and trade accounts receivable. The Company's existing cash resources and its trade accounts receivable are insufficient to cover the current cash outflow requirement and, therefore, the Company is actively exploring possible sources of financing on the market. Cash flows from trade and other receivables are all contractually due within six months.

The Company's financial liabilities have contractual maturities (including interest payments, where applicable) which are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Non-current** | **Non-current** | **Non-current** |
|  | **Within**<br>**1 year** | **Total** | **Total** |
|  |  | $— | **$** |
| Trade and other payables |  |  | **8911202** |
| Lease liabilities |  |  | **415786** |
| Loan payable |  |  | **7297100** |
| Convertible debenture |  |  | **2645502** |
| Convertible debenture and derivative liabilities |  |  | **2432637** |
|  |  |  | **21702230** |

---

These amounts reflect the contractual undiscounted cash flows,and therefore may differ from the carrying amounts of the liabilities at the reporting date.

**32.** **CAPITAL MANAGEMENT POLICIES AND PROCEDURES** 

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern (Note 1) and to support the development of its operations while maintaining an efficient capital structure.

The Company defines capital as shareholders' equity, consisting of share capital, reserves and accumulated deficit. The Company manages its capital structure based on its cash position, working capital and forecasted liquidity needs, and may adjust it through the issuance of equity or debt instruments, or by managing expenditures. The Company monitors capital and management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage.

The Company is not subject to any externally imposed capital requirements.

There have been no changes in the Company's approach to capital management during the period.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **33.** | **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION**<br>|
|  | **Disaggregation of Revenue** |

---

The Company has examined its activities and has determined that, based on information reviewed on a regular basis by the main decision-makers, it has two reportable segments (NaaS and Direct sales). The Company has disaggregated revenue into various categories in the following table which is intended to:

● Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and

● Enable users to understand the relationship with revenue segment information provided below.

The following information provides the required entity-wide disclosures:

**Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segment total** | **Segment total** | | |
| <br>**Segment** | **Direct** | **NaaS** | <br>**Corporate** | <br>**Total** |
| **Sale of goods** |  |  | |  |
| **Rendering of Services** |  |  | |  |
| **Interest** | | | **—**<br>**—**<br>**—** | |
| **Cost of sales** | | | **—**<br>**—**<br>**—** | |
| **Segment profit** |  |  | **—** |  |
| **Selling expenses** |  |  | **(415063)** |  |
| **Administrative expenses** |  |  | **(2576923)** |  |
| **Financial expenses** |  |  | **(7705276)** |  |
| **Research and development costs** |  |  | **(1065449)** |  |
| **Gain / (loss) on debt settlement** |  |  | **(6874318)** |  |
| **Impairment of inventory** |  |  | **—** |  |
| **Impairment of receivable** |  |  | **—** |  |
| **Write-off of assets** |  |  | **—** |  |
| **Write-off of account receivables** |  |  | **—** |  |
| **Write-off of inventory** |  |  | **—** |  |
| **Write-off of account payables** |  |  | **—** |  |
| **Write-off of deferred revenue** |  |  | **—** |  |
| **Loss on modification of contract** |  |  | **—** |  |
|  |  |  | **(18637029)** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**33.** **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | | | |
| **Segment** | **Direct** |<br>**NaaS** |<br>**Adjustments and eliminations** |<br>**Total** |
| **Total assets** | **65170100** | **46691960** | **(86431696)** | **25430364** |
| **Total liabilities** | **38381604** | **53072068** | **(67051889)** | **24401783** |

---

Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Segmental total | Segmental total |  |  |
| Segment | Direct | NaaS | Corporate | Total |
| Sale of goods |  |  |  |  |
| Rendering of Services |  |  |  |  |
| Interest |  |  |  |  |
| Handling |  |  |  |  |
| Cost of sales |  |  |  |  |
| Segment profit |  |  |  |  |
| Selling expenses |  |  | (479196) |  |
| Administrative expenses |  |  | (3359373) |  |
| Financial expenses |  |  | (1307388) |  |
| Research and development costs |  |  | (675678) |  |
| Gain / (loss) on debt settlement |  |  | 146946 |  |
| Impairment of inventory |  |  |  |  |
| Impairment of assets |  |  |  |  |
| Write-off of Assets |  |  |  |  |
| Write-off of inventory |  |  |  |  |
| Waive of lease |  |  |  |  |
|  |  |  | (5674689) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended December 31, 2024 |  |  |  |  |
| Segment | Direct | NaaS | Adjustments and eliminations | Total |
| Total assets | 60260095 | 37640555 | (74022228) | 23878422 |
| Total liabilities | 52794420 | 47427470 | (64926413) | 35295477 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**33.** **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)** 

Geographical Information is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Revenue from external customers based on region** | **2025** | 2024 | 2024 |
|  |  | $— | $|
| **Africa** |  |  | 3489618 |
| **Canada** |  |  | 197683 |
| **Europe** |  |  | 28323 |
| **Asia** |  |  | 40064 |
| **Marshall Islands** |  |  | 608640 |
|  |  |  | 4364327 |

---

The Company is exposed to a credit risk concentration because 90% of its revenues are from three customers for the year ended December 31, 2025 (95% from three customers in 2024). Revenue from three customers amounted to $204,247 in direct sales from Star Solutions International Inc., $281,131 in NaaS from Orange RDC and $3,262,677 in NaaS from Orange Cameroon for a total of $3,748,055 in 2025 and $575,697 in direct sales from MINTA, $285,488 in NaaS from Orange RDC and $3,266,180 in NaaS from Orange Cameroon for a total of $4,127,366 in 2024.

All of the Company's non-current assets are located in Canada ($7,667,301 in 2025, $7,692,678 in 2024) and Africa ($3,253,732 in 2025, $60,690 in 2024). Non-current assets in Canada relate to Direct segments and all in Africa relate to the NaaS segment.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**34.** **RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES** 

The changes in the Company's liabilities arising from financing activities can be classified as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lease liabilities** | **Convertible debentures** | **Convertible debentures and derivative liability** | **Loans payable, promissory notes, factoring** | **Total** |
| **January 1, 2025** |  |  |  |  |  |
| **Cash flows** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addition |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment proceeds |  |  |  |  |  |
| **Non-cash** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan settlement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  |  |  |  |  |
| **December 31, 2025** |  |  |  |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**34. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Lease liabilities | Convertible debentures | Convertible debentures and derivative liability | Loans payable, Promissory notes, factoring | Total |
| January 1, 2024 | January 1, 2024 |  |  |  |  |  |
| Cash flows |  |  |  |  |  |  |
|  | Repayment |  |  |  |  |  |
|  | Proceeds |  |  |  |  |  |
| Non-cash | Interest |  |  |  |  |  |
|  | Modification |  |  |  |  |  |
|  | OID |  |  |  |  |  |
|  | Loan settlement |  |  |  |  |  |
|  | Amortization of OID |  |  |  |  |  |
|  | Accretion |  |  |  |  |  |
|  | Fair value |  |  |  |  |  |
|  | adjustments |  |  |  |  |  |
|  | Conversion |  |  |  |  |  |
|  | Waive off |  |  |  |  |  |
|  | Forex exchange |  |  |  |  |  |
| December 31, 2024 | December 31, 2024 |  |  |  |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**35.** **SUBSEQUENT EVENTS** 

On January 30, 2026, the Company issued shares to members of its Board of Directors for services provided in 2022 and 2023. A total of 5,634 post-consolidation shares at a deemed price of $2.89, with a fair market value of $16,282, were issued to five (5) members of the Board that provided services during that period. In addition, the Company issued 9,515 post-consolidation shares at a deemed price of $2.89, with a fair market value of $27,498, and 4,757 warrants with an exercise price of $4.335 and an expiry date of January 30, 2031 to the Chair of the Company's audit committee for services up to and including December 2025.

On March 13, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding, drew down the remaining USD 450,000 (CAD 616,770) from FEI Ongrid, a fund managed by Cygnum Capital. This was the last amount due under the USD 5 million (CAD 6.83 million) facility signed on April 24, 2024.

On April 17, 2026 the former shareholders of the Factor entered into an undertaking pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the share purchase agreement dated December 22, 2025. The undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the British Columbia Securities Commission (the "BCSC")'s Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

On May 14, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding signed an amendment to the facility agreement signed with FEI Ongrid, a fund managed by Cygnum Capital, extending the maturity date of the agreement to April 26, 2027 and amending the terms of the agreement such that interest would not be fully capitalised but partially paid in cash in accordance with an agreed schedule to maturity. The amendment was entered into to support the Company in raising long term debt and equity financing.

## Exhibit 99.83

**Exhibit 99.83**

![](img149.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the year ended**

**December 31, 2025 and 2024**

![](img150.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the year ended December 31, 2025 has been prepared by management and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 and 2024 and the related notes thereto. The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of May 31, 2026.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at September 30, 2025. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries. In December, NuRAN restored seven sites in Ghana but has not yet incorporated an entity in this country.

**DESCRIPTION OF BUSINESS**

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES**

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored means NuRAN's solutions have become a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

**OVERALL PERFORMANCE AND OUTLOOK**

<u>Performance</u>

During the year ended December 31, 2025, the Company maintained its focus to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of this MD&A, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected. NuRAN has commenced operations in Ghana with Telecel and in Ivory Coast with MTN, representing a significant step forward in diversifying risk. Additionally, the Company has introduced 3G and 4G technologies to address market needs in Cameroon, Ghana, and Ivory Coast.

MANAGEMENT'S DISCUSSION AND ANALYSIS

During the second quarter, management was informed by Orange of a billing error in the Orange Network Billing System from early 2023 to January 2025 that resulted in some traffic being incorrectly billed as international due to area code misallocation.

Prefixes not classified as local calls were treated as international calls or SMS, causing revenue calculations to be over-stated since international tariffs exceed local ones by a significant margin. The problem stems from the addition of new area codes to support increased mobile penetration; these numbers were not configured as local calls and were thus categorized as international calls by default. This issue resulted in roughly 15% of traffic being charged at international tariffs instead of local ON-NET or OFF-NET tariffs, with the international tariff twelve times higher than local rates.

While Nuran's Q1 revenue has been adjusted from what was originally reported, the Q2 onwards revenue reflects the updated billing information supplied by Orange. Reported revenue per site declined compared to reported January due to the above-mentioned error by Orange, but is consistent with the Company's prior financial projections.

As of the date of this MD&A, NuRAN has, as a gesture of goodwill, agreed to the issuance of a credit of FCFA 99 million (approx. CA$240k). This credit will be allocated across six monthly installments, which will be applied to billing from June 2026. Our revenues continue to increase, particularly in Cameroon. The table below shows the monthly revenues in total and average per site.

Q1 2025 Revenue, as reported in Q1:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February** | &nbsp;&nbsp;**March** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;229 612 100 | &nbsp;&nbsp;274 981 900 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457<br>| &nbsp;&nbsp;2 442 682<br>| &nbsp;&nbsp;2 925 339<br>|
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;5 374 | &nbsp;&nbsp;6 436 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;505 147 | &nbsp;&nbsp;604 960 |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

2025 Revenue including Q1 correction:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February**<br> **(corrected)** | &nbsp;&nbsp;**March**<br> **(Corrected)** | &nbsp;&nbsp;**April** | &nbsp;&nbsp;**May** | &nbsp;&nbsp;**June** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;76 285 600 | &nbsp;&nbsp;88 328 500 | &nbsp;&nbsp;85 579 100 | &nbsp;&nbsp;85 301 300 | &nbsp;&nbsp;81 489 000 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457 | &nbsp;&nbsp;811 549 | &nbsp;&nbsp;849 313 | &nbsp;&nbsp;785 129 | &nbsp;&nbsp;782 581 | &nbsp;&nbsp;747 606 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;1 785 | &nbsp;&nbsp;1 868 | &nbsp;&nbsp;1 727 | &nbsp;&nbsp;1 722 | &nbsp;&nbsp;1 645 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;167 828 | &nbsp;&nbsp;194 323 | &nbsp;&nbsp;188 274 | &nbsp;&nbsp;187 663 | &nbsp;&nbsp;179 276 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**July** | &nbsp;&nbsp;**August** | &nbsp;&nbsp;**September** | &nbsp;&nbsp;**October** | &nbsp;&nbsp;**November** | &nbsp;&nbsp;**December** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;83 762 925 | &nbsp;&nbsp;92 924 313 | &nbsp;&nbsp;91 345 677 | &nbsp;&nbsp;90 432 848 | &nbsp;&nbsp;94 677 305 | &nbsp;&nbsp;101 857 457 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;761 481 | &nbsp;&nbsp;767 970 | &nbsp;&nbsp;754 923 | &nbsp;&nbsp;741 253 | &nbsp;&nbsp;776 043 | &nbsp;&nbsp;834 897 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;1 828 | &nbsp;&nbsp;1 843 | &nbsp;&nbsp;1 812 | &nbsp;&nbsp;1 779 | &nbsp;&nbsp;1 863 | &nbsp;&nbsp;2 004 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;201 031 | &nbsp;&nbsp;223 018 | &nbsp;&nbsp;219 230 | &nbsp;&nbsp;217 039 | &nbsp;&nbsp;227 226 | &nbsp;&nbsp;244 458 |

---

Note: The exchange from FCFA to CAD used is 0.0024.

Although the outlined issue has influenced short-term results, the table above demonstrates a stable growth in revenue per active sites in Cameroon. In the Democratic Republic of the Congo (DRC), thus far a weaker market than Cameroon, billing sites are experiencing above average traffic growth as a result of marketing and relocation initiatives. We also expect our new operations in Ivory Coast, Benin and Ghana to perform well as these are countries with stronger economies and a higher level of mobile penetration.

Supported by the additional drawdowns of the Cygnum loan facility and CA$5.8M private placement closed in December 2025, the Company continued to deliver sites, focusing on MTN in Cameroon as well as relocating sites in the DRC. In addition, the operations team has worked on increasing the capacity of a number of sites to support growing demand.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders, with its Wireless Infrastructure Solutions. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As of the year ended December 31st, 2025, the Company has secured nine NaaS contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites and signed a contract for the deployment of rural sites in West Africa under a turnkey delivery model where payments are made based on milestones of delivery and not a NaaS revenue share. NuRAN is currently operating in four countries and has finalized the incorporation of its operating subsidiary in an additional country. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document. Enabled by supplemental funding from the Cygnum Capital loan facility, cash contributions from the Cameroon operation, the Societe Generale credit facility, receipt of outstanding payments from Orange Cameroon and the CA$5.8M private placement, the Company successfully expanded site rollouts, initiated activities in new countries, and enhanced the network to facilitate the introduction of 3G services.

As of the date of filing the financial statements for the year ended 2025, NuRAN's NaaS business is now generating revenue with 4 Mobile Network Operators in 3 different countries. Each site is contracted for periods ranging from 5 to 10 years, depending on specific agreements, indicating that NuRAN is still in the early stages of realising its full market potential. The Company is growing its recurring revenue through ongoing site deployments. While issues in Namibia, South Sudan, and Sudan totalling 900 sites, remain unresolved, the Company will concentrate on expanding in other contracted markets.

The Company continues to achieve recurring revenue growth per site and has seen a reduction in the Cost of Goods Sold (COGS) on a per site basis as fixed costs are spread over a larger number of sites, aiming for sustained positive return on site investments for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

During the year 2025, NuRAN continued to work on drawing down against the Cygnum Capital loan facility, drawing an additional US$1 million and the end of September and the final US$450,000 in March 2026. Management is progressing on other financing options with a current focus on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

The long-term Loan Facility includes terms that are different from those previously offered by other lenders and marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility is expected to support NuRAN's network infrastructure rollouts in Cameroon, DRC, Ivory Coast, Benin, and Madagascar. As of the date of this MD&A, the potential lender has completed its due diligence and, pending receipt of an equity or quasi-equity term sheet, has indicated readiness to submit the application to its investment committee for approval. For the equity raise, management continues to address the requirements set by potential investment partners. Management is progressing discussions with several potential investors as well as investigating the possibility of a fund-raise on Canadian public markets. Valuation discussions and negotiations have begun, representing a step forward in finalizing an investment.

MANAGEMENT'S DISCUSSION AND ANALYSIS

In addition to other criteria important to the prospective investors, concerns were raised over the level and terms of short-term borrowing at the NuRAN Canada level. Management has addressed these concerns by pursuing a restructuring transaction (Restructuring) approved at its Annual General and Special Meeting (AGSM) held in October. Under the approved proposal, the Company converted or extinguished more than the expected $25,000,000 of liabilities (inclusive of accrued interest) into equity. The conversion of the short-term loan facility provided by Advance Factoring Inc. was done through the acquisition of this lender. NuRAN also raised more than the expected $5,000,000 of equity. In addition, the Company attracted additional debt holders, service providers, and potential investors to participate in the Restructuring. The Restructuring, accompanied by a 300:1 consolidation of the Company's issued and outstanding common shares, was intended to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("NYSE"), or such other U.S. national securities exchange. Such listing would provide access to larger capital markets, enhance visibility and credibility, improve liquidity for shareholders and ultimately support future financings. The Restructuring also has the direct benefit of reducing interest-bearing debt freeing approximately $3.3 million per year in cash flow from reduced interest expense, strengthening the Company's capital structure, and improving the Company's ability to meet ongoing obligations and continue as a going concern.

On December 22, 2025, the Company completed the acquisition of Advance Factoring Inc. (the "Factor"), whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the assets are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). The British Columbia Securities Commission (the "Commission") previously advised the Company that, pending the completion and filing of a material change report containing the disclosure required under sections 5.2 of Form 51-102F3 and section 14.2 of Form 51-102F5 in respect of the Factor, the Company was considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Staff Notice 51-322 – Reporting Issuer Defaults. The Company is actively working on remedying the situation. As of December 31, 2025, the drafting of the material change report is in progress.

The Restructuring Transaction was combined with a CA$5.8M million private placement that has moved the Company from a state of technical insolvency toward viability and sustainability. The focus remains on building sufficient NaaS sites to cover group operating expenses which could potentially change the Company's borrowing ability from being forced to accept funding on onerous terms attracting less expensive funding from lenders more aligned with its long-term strategy, capabilities and risk profile.

MANAGEMENT'S DISCUSSION AND ANALYSIS

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon and the DRC. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, an important reduction in monthly satellite managed service fees, which has increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon and the DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

As at the date of this MD&A, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in Cameroon, Namibia, Ivory Coast and Benin. NuRAN also has contracts for South Sudan and Sudan that will be worked on when the political situation in those countries is stabilized. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. The Company plans to reinvest a significant portion of the cash generated by its operations in Africa in site deployment reducing the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing external CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be more easily invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management will follow a strategic approach by prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The business development and sales strategies revolve around leveraging the established hubs to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

Related Party Agreements

NuRAN's execution strategy aims to leverage the skills and capabilities built up at the Canadian parent and utilizing these across the operating subsidiaries. By building knowledge, it is able to follow best practice across all subsidiaries achieving economies and at the same time further efficiency.

NuRAN Canada provides equipment to subsidiaries as well as services and invoices these by way of related party agreements.

The invoicing method is stipulated in agreements signed in April 2021 (Cameroon) and June 2021 (DRC) that cover the charges for the provision of Radio-Access Network (RAN) solutions relating to NuRAN's base station equipment and related software and services (Equipment) and for the provision of management, accounting, commercial and other administrative and operational assistance to deploy, manage and maintain NaaS solutions for the MNOs in support of the continued growth of the NaaS activities (Services).

These agreements are subject to international transfer pricing rules and regulations and must comply with these through the multiple jurisdictions within which the Company operates. Equipment pricing is set based on benchmarked pricing implemented globally in the past based on the Company's extensive experience in this area. Services are charged on a cost+ basis which mirrors actual costs incurred. A portion of staff time is allocated based on a % of time devoted to subsidiary NaaS activities and as the Company increases the number of subsidiaries the costs per subsidiary will fall as fixed costs will be spread across a larger number of NaaS operations. Costs including Network Operations Center (NOC), procurement, finance and administration will not for example increase linearly with increased number of subsidiaries.

The payment terms of these agreements follows commercial terms standard for the industry. However, the Company has not demanded payment or enforced these obligations knowing that it would take time for the subsidiaries to construct the NaaS infrastructure and generate excess cashflow, over and above regular operating expenses and cash needs required for continued site construction. Over time as the Company entered into borrowing arrangements with the likes of Cygnum, these receivables were regarded as quasi-equity of the Canadian parent and used to comply with lending covenants. In addition, during 2024 and 2025 NuRAN increased the capital of its subsidiaires in Cameroon and the DRC (in conjunction with the change of this entity to a SA) by converting these amounts to equity. Cygnum also required the Factor to provide a funding guarantee for US$2 million to support ongoing operations in June 2024 and the Company is limited in the amount it can have repaid by the subsidiary. As the term of Cygnum and other debt facilities will be extended, the timing for repayment of these balances is to be lengthened as well. In addition to services charges, the Company records cash transfers to the subsidiaries, mainly in the early years before the subsidiary is generating NaaS income, to a non-interest- bearing intercompany account. Also funds provided by Cygnum and others at the NuRAN Africa holding level are on-lent to the subsidiaries and these loans are charged interest based on international standards and regulations which give rise to taxable income in NuRAN Africa for example.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the end of December 2025, NuRAN Canada had provided almost $17 million of equipment, services and cash to NuRAN Africa accounted an intercompany loan. In addition, direct billing and other support provided to subsidiaries amounted to $7 million due directly to Canada. Note that all intercompany charges cancel each other out at the level of consolidated financial statements because income from one source is a cost in another. It is important to recognize however that these charges legally exist and do have tax implications at the subsidiary level.

The Company also has related party relationships and amounts owing to members of its senior management team. These amounts are included in Accounts Payable and relate to unpaid salaries, benefits and expenses built up over time resulting from cash shortages. For the period from January to December 2025, total remuneration to these individuals amounted to $1,612k and of this $145k of benefits remained unpaid. The total balance of unpaid accounts was $362k which is non-interest bearing and is to be paid as soon Company resources allow.

**Tabular Comparison and Analysis of Use of Proceeds**

In accordance with Item 1.4(i) of Part 2 of Form 51-102F1, the Company provides the following tabular comparison between previously disclosed intended use of proceeds from financing activities (other than working capital) and the actual application of those proceeds for the years ended December 31, 2023, December 31, 2024, and the period ended December 22, 2025. The table also includes explanations for any significant variances, along with an analysis of how these differences have affected the Company's ability to achieve its stated business objectives and milestones.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Comparison of Intended vs. Actual Use of Proceeds

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Items** | &nbsp;&nbsp;**Intended Use** | &nbsp;&nbsp;**Actual Use** | &nbsp;&nbsp;**Variance Explanation:** | &nbsp;&nbsp;**Impact on objectives** |
| &nbsp;&nbsp;Factoring Agreement (August 28, 2023, as amended)  | &nbsp;&nbsp;To supplement operational liquidity, reduce accounts receivable risk, and support ongoing business development initiatives | &nbsp;&nbsp;Proceeds totalling $11.5 million were received through the factoring of $28.4 million in receivables. The majority of funds were allocated to covering short-term liabilities and ensuring the continuation of operations, with less emphasis on expansion due to heightened liquidity and credit risk. Out of the Purchase Price Paid, $2.1 million was not received directly by the company but paid by the Factor to third parties to settle the company's operating expenses or debt commitments, including $1.9 million in principal repayments of a convertible debenture. | &nbsp;&nbsp;Greater than anticipated recourse risk and reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. Amendments to the Factoring Agreement further impacted available liquidity, resulting in losses from debt modification | &nbsp;&nbsp;The Company's ability to achieve certain growth milestones was temporarily deferred in favour of maintaining solvency and operational continuity. Material risk related to settlement obligations and shareholder dilution remains, necessitating ongoing monitoring and disclosure |
| &nbsp;&nbsp;Loan and Private Placement Financings | &nbsp;&nbsp;Debt repayment, investment in technology infrastructure, and expansion into key markets | &nbsp;&nbsp;Debt repayment, investment in technology infrastructure, and expansion into key markets. The Company also used it for continuation of operations. | &nbsp;&nbsp;Reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. | &nbsp;&nbsp;Progress on technology upgrades and market expansion was delayed. The priority shifted to financial stabilization and compliance with creditor terms |

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Analysis of Variance and Impact

● Unforeseen performance and credit risks associated with the Factoring Agreement, as well as amendments leading to debt modification losses, required a reallocation of resources.

● Liquidity constraints and working capital deficit as of December 22, 2025 contributed to an increasing need to prioritize solvency over strategic investment.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility has a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility will allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 from July 2023 to July 12, 2024. As per the terms of the extension, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor agreed to be the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations. As of the date of this MD&A the Company is in discussion with the investor for extension of terms.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries. The facility has no expiration date and is still valid and confirmed by the partner. The Global Asset Management Company completed operational due diligence and confirmed their interest to complete next steps for the facility contingent on reception of an equity term sheet for NuRAN Africa Holding of a minimum of US$10M.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon. On September 29, 2025, the Company announced it had received its third drawdown of US$1 million, designated to support the delivery or relocation of 50 sites in the Democratic Republic of the Congo and Cameroon. In March 2026, the Company completed the final drawdown of the balance of the US$5 million facility meeting all conditions imposed by FEI. In May 2026, both parties signed an amendment to the facility agreement extending the maturity to April 24, 2027 to support the Company in raising long term debt and equity financing.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of $0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of $0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company. The Company issued the convertible debenture to an investment group controlled by an existing investor in the Company at a 25% discount to align with terms previously offered to other debt holders, such as the facility entered into in April 2023. The facility is unsecured, meaning it is not backed by Company assets. This was a deliberate choice to provide flexibility and avoid encumbering assets in a period of heightened liquidity risk. The discounted offering was intended to incentivize immediate financing and provide equitable treatment among lenders, while securing capital necessary for operations. The terms reflect prevailing market conditions and the Company's need to attract timely investment without offering additional securities. The impact of the discount is reflected in the financial statements through increased non-cash interest expense and potential equity dilution upon conversion.

● On August 26, 2025 the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

● On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of $300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On December 23, 2025 and following the consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares with an effective date of December 9, 2025, the Company completed a restructuring transaction (the "Restructuring Transaction") pursuant to which it issued an aggregate of 10,380,618 units (each, a "Unit") at a price of $2.89 per Unit, for aggregate gross proceeds of approximately $30 million. Each Unit consisted of one common share of the Issuer and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. The Restructuring Transaction comprised:

○ the settlement of an aggregate of $9,685,256 of indebtedness through the issuance of Units to creditors;

○ a private placement resulting in aggregate gross proceeds of $5,625,000, representing the issuance of 1,946,365 Units; and

○ the acquisition of the Factor for total consideration of $20,802,303.09, satisfied by way of debt settlement through the issuance of 7,198,026 Units.

● On December 30, 2025, the Company announced that it had closed additional amounts pursuant to which it issued an aggregate of 147,668 Units, which included cash subscriptions of $190,116 and debt settlements of $236,648. On February 3, 2026 announced that it closed an additional tranche of debt settlements resulting in the Company issuing an aggregate of 26,297 Units, at $2.89 per Unit, representing debt settlements of $76,000.

NuRAN's NaaS model by its very nature as an infrastructure investment, has led it to pursue several debt and equity instruments since the shift to this model in 2020. The strong asset focus of NaaS has meant that debt was a natural source of capital and the Company has had success in sourcing this, including the Cygnum facility supported by the term sheet for a US$15M long term facility signed with a Global Asset Management Company. The challenge has been to bring equity alongside this and while NuRAN's public company status gives it access to this liquidity, challenging market conditions and other macro factors have made this difficult to complete.

These factors have led the Company to seek alternative hybrid instruments which have potential equity returns, but also a debt element whereby financiers can participate in cashflows and some element of protection even though this means less potential over the long term. In 2021 NuRAN brought an equity investment in the private placement, but subsequent investments including $2M raised in 2022, US$1.5M in April 2023, and US$1.6M in 2024 were all done via convertible debt instruments. Two of these were strategic investments, providing financial support to the Company while combining strategically important commercial relationships. Whilst including the option for conversion and the potential value uplift this provides, the intention of these parties is for repayment with suitable interest returns. As unsecured instruments, the risk associated with these is limited and the Company actively manages this by keeping close relations with both providers.

The Company's other funding was more financial in nature without any strategic element or connection and therefore with more onerous terms. This was primarily the factoring agreement signed in 2023 and arising from a debt settlement of other short-term facilities provided by the same group, but also the US$1.5M debenture signed in 2023 and other debentures. The funding came at a time when the Company was seeking short-term funding only to bridge to closure of the EIB financing through 2022 and into 2023. Unfortunately, this came at a time when NuRAN's share price was falling and did not reflect what management considered to be the fair value of equity. It was intended that a convertible instrument which provided a reasonable interest rate helped by a conversion price to equity set above market would be the best alternative. As time went and the EIB financing fell away, alternate sources of financing were not available which led the Company to continue to draw on the factoring. By this time the factoring agreement was being amended to add more onerous terms to manage tax implications but also compensate for additional risk given the exposure of the factor overall. This was especially the case as the risk profile of the Company increased due to challenges encountered in delivering site build targets and revenue generation.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN signed the Eighth and last Factoring Amending Agreement on August 19, 2025. These followed amendments signed 1) September 2023, 2) November 2023, 3) December 2023, 4) April 2024, 5) June 2024, 6) December 2024 and 7) April 2025. Each amendment was entered into to provide additional funding as alternate sources were delayed as well as satisfying specific requirements for the closing of Cygnum Capital in June 2024. The Eighth Amendment is an example of the amounts, frequency and terms of various drawdowns under the factoring agreement as per the table below. The Company had drawn an additional $198k under the factoring agreement and also received an advance of US$150,000 for settlement of the infrastructure licence costs in the DRC. The latter payment was issued under a promissory note issued on September 9, 2025 which was repaid in full with interest of 15% pa and a lending fee of 5% from the proceeds of the Cygnum drawdown of US$1,000,000 received on October 6, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Loan** | **Amount of Principal** | **Maturity Date** | **Interest Rate** | **Other Costs\*** | **Date of Effective Settlement** | **Details of Any Repayments** | **Credit added to the Paid Account of the Factor** |
| 23-Dec-24 | 150000.00 | 06-Feb-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 554271.39 |
| 22-Jan-25 | 63405.12 | 08-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 231228.97 |
| 04-Feb-25 | 146030.00 | 14-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 536268.58 |
| 15-Apr-25 | 200000.00 | 30-May-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 403672.43 |
| 02-May-25 | 50000.00 | 16-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 97896.78 |
| 06-May-25 | 150000.00 | 20-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 292604.72 |
| 27-May-25 | 105000.00 | 11-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 195450.57 |
| 04-Jun-25 | 70000.00 | 19-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 125532.76 |
| 10-Jun-25 | 127778.00 | 25-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 234116.55 |
| 13-Jun-25 | 11830.26 | 28-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 21612.22 |
| 20-Jun-25 | 100000.00 | 04-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 176365.07 |
| 08-Jul-25 | 100000.00 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 167745.94 |
| 09-Jul-25 | 20539.50 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 34419.33 |
| 22-Jul-25 | 134232.50 | 05-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 221674.26 |
| 29-Jul-25 | 27542.00 | 12-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 45860.50 |
| 11-Aug-25 | 27570.00 | 25-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 43123.77 |
| 19-Aug-25 | 150000.00 | 03-Oct-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 19547.41 |
| Total | 1633927.38 |  |  |  |  |  | 3401391.25 |

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\* Lending Fee: increasing by 1% (first 3 notes) or 2% (all other notes) per month until repayment; interest is charged on this amount. Maximum lending fee of 10% on the first 3 Notes; no maximum on others.

Advances provided and amendments under the factoring agreement were entered into with the expectation that the business would meet the conditions for further drawdowns from Cygnum Capital and these were therefore short term. Also, because the Cygnum funds were to be directed to site construction, the factoring was used to provide working capital for the parent company as well as repayments of the facility drawn in April 2023. The loans in the table above were issued at the time of entering into the 6th amendment in December 2024 when the Company was generating sufficient cash in its Cameroon operation to cover its operating expenses. In fact, in February 2025 funds were up-streamed from Cameroon and the Company also expected to obtain its infrastructure licence for DRC that would unlock additional funding from Cygnum. The notes were used on a limited basis from December 2024 to the beginning of May 2025 to settle urgent cash needs. By May when the significant reduction in income became apparent due to the international billing issue, the Company simply did not have alternatives for cash and continued to draw on the factoring agreement until the drawdown from Cygnum in October 2025. All conditions of the DRC licence had also been fulfilled so we expected not to need more short-term loans. It was this expectation that led management to accept relatively high rates of interest and other terms due to the short term expected life of the debt and simply no other alternatives. Any equity raise would be highly dilutive plus it was not clear there was interest in a public offering given the overhang of potential conversions through recourse on the factoring line.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Restructuring Transaction**

On December 22, 2025, the Company announced that it closed a restructuring transaction to purchase of all the issued outstanding common shares and preference shares of the Factor. The restructuring resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067, debt settlements of $6,172,629, and the acquisition of Factor for $20,802,303 as a debt settlement. Each Unit consisted of one common share of the Company and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the Factor are able to materially affect the control of the Company. As a result of the Restructuring Transaction, the Factor became a wholly-owned subsidiary of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of NI 51-102. The Company would file a material change report containing the disclosure required by sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 **–** *Information Prospectus-level disclosure* in respect of the Factor. The Company expects to dissolve the Factor at a later date. As of December 31, 2025, the Factor has not yet been dissolved.

The restructuring transaction strengthens the Company's financial statements and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Accounting Treatment of Borrowings**

The unsecured instruments are straightforward relative to the other borrowings. These were issued with Original Issuance Discounts (OIDs) which is treated separately from the principal amount of the liability. The OID is a negative amount that is amortised over time as the instruments approach maturity. This amortization is charged through the P&L as a financing expense and the liability is accreted (increased in value), also booked through the P&L. In the absence of any renegotiation or renewal, there is no other booking of loss/gain in the instrument. The conversion feature of both of these instruments is booked separately as a derivative valued using Black Scholes pricing with key assumptions being the risk free rate (Bank of Canada rate) and volatility (based on a benchmark of similar companies in the industry).

MANAGEMENT'S DISCUSSION AND ANALYSIS

The secured instruments coming from financial investors – the factoring agreement and debentures – were somewhat more complex, mainly because they come with additional fees and charges, and due to their size and security characteristics. Main features of the factoring agreement were lending fees and interest which are charged through the P&L. In addition, during the period some cash advances were advanced as promissory notes and then eventually brought under the factoring based on the Company's ability to repay. In addition, with each recourse notice involving a share issuance, any gain resulting from the difference between the contractual conversion price and market price is booked through the profit & loss as "Other Elements". The factoring agreement did not contain any embedded derivatives that require subsequent fair value measurements under IFRS.

The other secured instruments being convertible debentures included an Original Issuance Discount (OID) and in some cases interest charges. One instrument included a lending and monitoring fee as well as interest and these were booked regularly through the P&L as finance expenses. Amortisation of the OID and accretion of the instrument value was also booked and as these have derivatives, Black Scholes pricing was used with similar assumptions as mentioned above.

Given the significant balance of amounts owing under the factoring facility and convertible debentures, and that these arose from transactions with parties connected to an independent Board member of NuRAN, the Company took several steps to maintain a system of independent oversight when considering these transactions. First the Company has adopted a Code of Business Conduct and Ethics sanctioned by the Board that details specific steps that the Company should take in dealing with these transactions in order to ensure all related party transactions are conducted on an arm's-length basis and in the best interests of the company and shareholders. Second, in all matters concerning related party transactions the Board takes a number of steps to maintain independence including disclosure whereby the board member with the potential conflict fully discloses the nature and extent of their interest before the transaction is discussed and in addition, that director does not participate in any discussion, negotiation, or decision related to the transaction. Third, members of the audit committee review and evaluate all related-party transactions including seeking independent, external advice if needed, which has been the case for the factoring and restructuring transaction. While NuRAN can benefit from sourcing finance from connected parties given their knowledge and understanding of the Company, it recognizes the need to follow strict policies to protect its stakeholders interests.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company has amended the NaaS contract with Orange DRC to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders. The above-described Restructuring Transaction significantly improves the Company's financial strength along with these developments.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Results in Cameroon are still on target with management's initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy for reselling Orange products and services that has already shown growth in user adoption and traffic.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing NuRAN's concentration risk. The US$5M bridge facility from Cygnum Capital and US$1.6M private placement along with the 2024 announced US$15M Term Sheet with a possible increase to a US$70M Facility continues to support management's efforts to raise equity. This financing, when completed, is expected to support the rollout of up to 600 sites across a number of countries to further diversify its revenue sources. Timing of this rollout is uncertain as the US$15M facility is contingent on an equity injection to NuRAN Africa Holding of a minimum of US$10M as mentioned above. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast deployments.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of December 31<sup>st</sup>, 2025, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

The following section discusses the Company's financial performance based on consolidated financial statements for the year ended December 31, 2025 and 2024.

**Factors Concerning the Company's Financial Performance and Results of Operations**

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, generating sales as sites go live and produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

Under NuRAN's contracts, site revenue is shared with the mobile network operator based on net billings after applicable charges and taxes. These agreements generally include a threshold (TH) below which NuRAN retains 100% of site revenue; revenue above that level is shared between the parties. The revenue-sharing percentage varies by contract and is designed to reflect the economics of each market.

Under the Orange Cameroon contract, the Company currently recognizes a minimum guaranteed revenue (MGR) per site per month, and site ownership is expected to transfer after six years of operation. The revenue-sharing structure is similar to the threshold model, except that revenue is guaranteed even when a site generates less than the MGR. The Company is in discussions with Orange Cameroon to amend the contract to a threshold-based structure that would allow NuRAN to retain ownership of the infrastructure. A similar amendment has already been signed with Orange DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Under IFRS 15, current contract with Orange Cameroon requires NuRAN to record site sales when operational, impacting revenue and gross profit margins. Moving to the Threshold would cancel the IFRS 15 accounting treatment as was done in the DRC when the contract was amended in May 2025.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running. In the early stages of NaaS rollout and implementation, revenue will not cover selling, administrative and R&D costs needed to grow and maintain the NaaS business in the various countries. As sites are deployed and generate increasing revenue the Company is expected to become profitable. To achieve the desired net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys.

**Outstanding Share Data (post-consolidation basis)**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;December 31, 2023 |
| &nbsp;&nbsp;Common shares, voting and participating | &nbsp;&nbsp;13069567 | &nbsp;&nbsp;195647 | &nbsp;&nbsp;143479 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;6359067 | &nbsp;&nbsp;61797 | &nbsp;&nbsp;39704 |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;9566 | &nbsp;&nbsp;9566 | &nbsp;&nbsp;11017 |

---

As at December 31, 2025 the Company had 13,069,567 common shares outstanding. As at December 31, 2025, the Company has convertible debt instruments in issue which, if fully converted, would result in the issuance of 66,612 common shares. This includes 22,045 relating to unsecured Convertible Debentures and 44,567 relating to unsecured Convertible Debenture and Derivative Liabilities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the annual consolidated financial statements of the Company as at December 31, 2025 and 2024 and for the periods then ended:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended <br> December 31, 2025** | **Year ended <br> December 31, 2024** | **Year ended <br> December 31, 2023** |
| &nbsp;&nbsp;Total revenues | $4168154 | $4364327 | $3199125 |
| &nbsp;&nbsp;Total loss | $(21436048) | $(8755861) | $(12322243) |
| &nbsp;&nbsp;Net loss per share – basic | $(36.30) | $(48.80) | $(96.00) |
| &nbsp;&nbsp;Net loss per share – diluted | $(36.30) | $(48.80) | $(96.00) |

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| | | | |
|:---|:---|:---|:---|
|  | **As at <br> December 31, 2025** | **As at <br> December 31, 2024** | **As at <br> December 31, 2023** |
| &nbsp;&nbsp;Total assets | $29998169 | $23878422 | $20210608 |
| &nbsp;&nbsp;Total non-current financial liabilities | $323206 | $66739 | $293768 |

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**RESULTS OF OPERATIONS**

**Revenue** 

Revenue for year ended December 31, 2025 of $4,168,154 was an decrease of $196,173 from the year ended December 31, 2024 ($1,165,202 increase for the year period ended December 31, 2024 compared to the year ended December 31, 2023).

Of the total revenue for year period ended December 31 2025, $3,221,569 was NaaS service revenue from site operations. In addition to this, the Company recognised $385,531 that was an adjustment to comply with IFRS 15, which requires that we recognize a sale of the site and cost when it becomes operational. Approximately 90% of the total revenue for the period ended December 31, 2025 is now NaaS revenue. Although monthly revenue per site declined compared to 2024 due to the international billing issue with Orange Cameroon, the increase in the number of sites and consistent growth in average revenue per site has helped sustain and even enhance overall revenue for the year ended.

Other revenue for the year ended December 31, 2025 was related to direct product sales of $561,053.

**Gross Profit** 

Gross profit for the year ended December 31, 2025 decreased by $1,018,739 compared to the year ended December 31, 2024 (increased by $1,787,795 for the year period ended December 31, 2024 compared to the year ended December 31, 2023).

MANAGEMENT'S DISCUSSION AND ANALYSIS

Gross margin for the year ended December 31, 2025 decreased to 31% from 53% for the year ended December 31, 2024 (increased to 53% for the year ended December 31, 2024 from 17% for the year ended December 31, 2023).

Overall, the year ended December 31, 2025 NaaS gross margin was 27%, and 48% excluding the IFRS 15 adjustment. Results were impacted by recognition of extra charges of USD 669k from Spacecom for satellite bandwidth in the DRC in connection with the Restructuring Transaction. Excluding these charges would have resulted in NaaS gross margin of 52% and 77% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method, now in place in DRC, will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site is being closely managed to maximize gross profit. NaaS gross margin excluding the IFRS 15 adjustment is more in line with the Company's future projections for this line of business.

**Expenses** 

During the year ended December 31, 2025, total expenses increased by $5,331,013 from the year ended December 31, 2024 (for the year ended December 31, 2024 total expenses increased by $1,484,318 from the year ended December 31, 2023). In aggregate, operating cost categories including selling, administrative and research and development decreased by approx. $744k or 9% over 2022 as management continued cost containment initiatives across all categories while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. As described in Note 3 of the Audited Consolidated Financial Statements for the year ended December 31, 2025, the Company amortizes certain software using the units of production method, whereby the amortization charge in each period reflects the number of base station units deployed relative to the total estimated lifetime deployments (the "denominator"). As at January 1, 2025, management revised the denominator from 6,000 units to 1,500 units, applied prospectively against the net book value of the asset at the date of change. The revised estimate of 1,500 units aligns with the NaaS deployments supportable by the Company's current board-approved business plan and existing financing commitments, rather than the broader contracted pipeline of approximately 5,000 sites, which is subject to additional funding conditions. As a result the amortisation charge for 2025 is $33,164 based on this adjusted number of units.

Financial expenses increased by approx. $6.1M including approximately $4 million of interest costs on short-term borrowings, most of which were settled as part the Restructuring transaction and are therefore non-recurring.

**Other Elements** 

Other Elements for the year ended December 31, 2025 generated a net loss of $6,418,918 compared with a net loss of $50,160 in the year ended December 31, 2024 (a net loss of $50,160 for the year ended December 31, 2024 compared to a net loss of $473,558 for the year ended December 31, 2023). These relate mostly to the extraordinary book loss on the acquisition of the Factor which represented the difference between the carrying value of the debt and the factored receivables and interest charges extinguished. The loss on assets acquired of $9,152,783 was offset by $2,173,549 of gains on the settlement of accounts payable and debt instruments as well as a gain of $104,917 on accounts payable settled for cash. More detail on this is provided in the Company's Notes to Financial Statements and Material Change Report including prospectus-level disclosure concerning the transaction and filed on SEDAR+. Other Elements also included a write-off of $496k of NuRAN radio equipment in the DRC resulting from the local customs authorities losing the equipment. This loss is partially offset elsewhere in the financial statements with reversal of a provision for customs duties payable. In addition, the Company realised a book loss of $300k on the modification of the DRC contract. Approx. $1.37m of gains were realised through the write-off of accounts payable and deferred revenue related mainly to projects in the Marshall Islands.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the year ended December 31, 2025 increased to $21,436,048 from the year ended December 31, 2024 loss of $8,755,861, an increase of $12,680,187 (for the year ended December 31, 2024 decreased to $8,755,860 from the year ended December 31, 2023 loss of $12,322,245).

**Total Comprehensive Loss** 

The difference in the foreign exchange translation of foreign operations for the year ended December 31, 2025 was a net gain of $346,509 compared with a net loss of $1,170,878 for the year ended December 31, 2024. The Total Comprehensive Loss for the year ended December 31, 2025 decreased to $21,089,539 compared to $9,926,739 for the year ended December 31, 2024 (a Total Comprehensive Loss of $9,926,738 for the year ended December 31, 2024 compared to a Total Comprehensive Loss of $12,130,890 for the year ended September 30, 2023).

While the restructuring transaction has heavily impacted the year, especially the global comprehensive loss, the steps taken strengthens the Company's overall financial position and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Expenses**

Below is a discussion of the expenses for the year ended December 31, 2025, and the year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **% change from** <br> **2024** |
| &nbsp;&nbsp;Selling expenses | 691772 | 798660 | -13.38% |
| &nbsp;&nbsp;Administrative expenses | 5794206 | 6821129 | -15.06% |
| &nbsp;&nbsp;Financial expenses | 8672013 | 2596960 | +233.93% |
| &nbsp;&nbsp;Research and development costs | 1065449 | 675678 | +57.69% |
|  | 16223440 | 10892426 | +48.94% |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Selling expenses** 

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the Investor Relations online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

**Administrative expenses** 

Administrative expenses consist of staff remuneration, public company and financing fees, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs decreased from the previous period as a result of cost containment measures implemented by management to establish a streamlined operation. $1.1m of these costs relate to financing split roughly 80% non- recurring financing fees of debts settled via the Restructuring Transaction and 20% public company-related, which are likely to increase when the company moves to Nasdaq. A more detailed breakdown by category is available in the Company's Notes to Financial Statements.

**Financial expenses** 

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing including accretion of convertible debentures and gain/loss on foreign exchange. The increase in financial expenses for the year ended December 31, 2025, compared to the year ended December 31, 2024, is mainly a result of the higher interest costs related to short-term borrowings, most of which were settled through the Restructuring Transaction and are therefore non-recurring and non-cash foreign exchange charges as a result of the movement in the USD:CAD exchange rate.

**Research and development** 

Research and development costs for the year ended December 31, 2025 increased over the year ended December 31, 2024 as the Company continued to focus on continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. The Company continues in its effort to have group operating costs covered by NaaS revenue so that any new funds raised can be directed to site construction and servicing and repaying other debt. This, along with the strengthening of the financial position as a result of the Restructuring Transaction will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SUMMARY OF QUARTERLY RESULTS**

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended** | **Total revenues ($)** | **Total loss ($)** | **Basic and Diluted Loss Per Share**<br> **($)** |
| 31-Dec-25 | 613211 | (12599231) | (8.04) |
| 30-Sep-25 | 627650 | (3105062) | (9.00) |
| 30-Jun-25 | 627920 | (3542950) | (15.00) |
| 31-Mar 25 | 2209079 | (1689530) | (9.00) |
| 31-Dec-24 | 663422 | (371968) | (3.00) |
| 30-Sep-24 | 1563061 | (3220575) | (18.00) |
| 30-Jun-24 | 1512457 | (2425969) | (15.00) |
| 31-Mar-24 | 572727 | (2355685) | (15.00) |
| 31-Dec-23 | 1125235 | (2861581) | (21.00) |

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**Fourth Quarter**

During the three months ended December 31, 2025, the Company earned revenues of $613,211 compared to $663,422 during the three months ended December 31, 2024, a decrease of $50,211. This decrease is due mainly to the impact of the international tariff issue which was especially pronounced in Q4.

During the three months ended December 31, 2025, the Company generated gross margin of $(880,544) compared to $289,704 during the three months ended December 31, 2024, a decrease of $1,170,248. The reduction was due in large part to a charge taken in the DRC related to the Restructuring Transaction and the settlement of accounts payable in shares with our satellite partner, Spacecom.

During the three months ended December 31, 2025, the Company incurred a net loss of $12,599,231 compared to net loss of $371,968 for the three months ended December 31, 2024. The increase in the loss in 2025 was almost entirely due to the Restructuring Transaction, namely the AFI acquisition which resulted in a book loss of $9.2 million offset by gains on the settlement of short-term borrowing and other write-offs.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash increased to $4,665,392 as at December 31, 2025, from $1,171,558 as at December 31, 2024. Current assets increased to $19,077,136 as at December 31, 2025, from $16,125,341 as at December 31, 2024, mainly due to increases in Cash from the private placement with smaller increases in Trade and other receivables and Inventories. The increases were offset by a reduction in accrued revenues brought about partially by the reversal of IFRS 15 accounting treatment in the DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's operations are geared to increasing the installed base of owned and operated NaaS sites. Due to the long-term nature of these contracts and the recurring nature of revenue, the Company expects that over time, from a contracted backlog of over 5,000 sites, it will be able to generate a sufficient and significant amount of cash to cover its obligations. While funding efforts have delayed the NaaS build-out, the performance of the existing sites that has been achieved thus far confirms the viability of management's expectation. The short-term objective is to cover all group operating costs on a monthly basis and beyond this, a sufficient surplus such that build-out of all remaining sites is covered without the need to resort to additional debt or equity funding. During the coming period, the Company will also direct some cash to paying trade and other payables, meeting its obligations with regard to deferred revenue and settling loans payable. Currently the Company has less than 5% of the contracted number of sites in operation and execution risk of the development plan is probably the most important observed issue. This has been exacerbated by an aborted financing attempt and extremely difficult financial market conditions which put the company's funding plans at least 2 years behind.

The business is split in line with its geographical footprint with Research and Development as well as production of its core WIS products centered in Canada. Project management and operations support, procurement, network monitoring and administration are also centered in Canada whereas NaaS operations including site construction and the bulk of revenue generation is focused in Africa. In order to manage liquidity, the Company must provide sufficient working capital for the Canadian operations while funds generated in Africa are directed to site construction and operating costs there. Most of the Canadian costs are payroll related with no ability to postpone payments and although there are some sales of equipment and services from Canada to third parties, the contribution from this is sporadic and difficult to plan. NuRAN cross-charges central services to subsidiaries so ultimately repayment of these obligations from subsidiaries will provide the company with the liquidity it requires.

Site construction is itself not a time intensive activity – what takes time is the procurement and logistics leading up to this. The NaaS offering has 4 key components – radio base stations supplied by NuRAN, power systems (solar panels and batteries), VSAT satellite terminals and the towers themselves. NuRAN must manage its supply chain for base station components and in addition must manage a global supply chain for the other components. From start to finish the working capital needs span at least 6 months or more. Power systems have proven to be the most difficult given the use of hazardous materials including lithium batteries. Recent attention on lithium as a precious mineral, rising demand for electrification and global supply chain challenges following Covid have all added to the complexity. In the second half of 2024, delays in power deliveries doubled the lead times.

The last element of the site construction process is the local activities including equipment logistics, environmental compliance, site identification and acquisition, installation and commissioning. Local African companies are used almost exclusively for this activity but being at the end of a relatively uncertain lead period means managing these relationships brings added challenges. This is to say nothing of local factors such as weather and security which are very real risks in sub-Saharan Africa. While NuRAN optimizes the use of its local workforce, the long lead times and execution challenges put strain on cashflow. Time is the enemy and NuRAN management is targeting 6-12 months of working capital on hand at any one time.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN management has been able to sustain extended payment timelines with suppliers and lenders given the potential that the NaaS solution and backlog provides. It closely manages supplier relationships, matching payments with revenue generated as much as possible.

In the medium term, NuRAN plans to continue to build its NaaS base to generate additional cash. Some of these funds will ultimately be upstreamed to Canada to satisfy payment obligations and NuRAN manages its foreign currency, translation, convertibility and transfer risk on an ongoing basis as this is a very important element of cash management. It uses such tools as local currency facilities and matches costs to sources including revenue, borrowings and equity. In the short term, repaying outstanding accounts payable and servicing debt will come from planned equity raises to support committed debt facilities.

Of the $10,456,567 in trade and other payables, the majority is attributable to various suppliers and consulting partners. The Company intends to address these obligations through measures such as structured payment plans, allocation of equipment/service sales margin contributions, write-offs, and/or settlement in shares, where applicable. Approximately $1.5m is accrued interest charges on unsecured convertible debentures.

Within loans payable totaling $7,297,100, an amount of $7,150,626 is due to Cygnum Capital and pertains to infrastructure investments in NuRAN's NaaS business. This short-term, two-year bridge facility (extended to three years in May 2026) is anticipated to be converted into a long-term arrangement or repaid, and discussions on this transition are currently underway.

As a result of the Restructuring Transaction completed in December, the shareholders' deficit improved by over $17 million into a surplus. This was a criterion of the listing on Nasdaq which is now a key element of the Company's funding plans.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. Management has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites and it is transitioning some inventory from the DRC to Cameroon and Ivory Coast as a means of extending the NaaS footprint and improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of this MD&A the Company has placed on hold any effort to pursue the development of this network.

MANAGEMENT'S DISCUSSION AND ANALYSIS

While the company remains reliant on external funding for CAPEX spending, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the US$5M Cygnum loan facility including a possible increase of US$2M related to Ivory Coast and Benin, the $5.8M private placement, the term sheet and mandate letter aimed at raising up to US$70 million and other funding discussions currently underway, as well as the financing capacity made possible through a Nasdaq listing, management believes that the company will be able to raise the necessary financing, helped by its much improved financial position. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS AND UNCERTAINTIES**

**Additional Financing Requirements and Access to Capital** 

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Liquidity and Cash Resources:** 

The Company's limited cash resources represent a significant uncertainty that may materially affect future performance and ability to meet obligations.

**Sales Risks** 

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk** 

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of its product research and development expenses, , customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk** 

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Competition** 

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals** 

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends** 

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know- how.

**Protection of Intellectual Property** 

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers** 

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Over time, as the NaaS business has gained in importance, an increasing proportion of sales are derived outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks** 

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.84

**Exhibit 99.84**

**Form 52-109FV2** 

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
interim MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the "issuer") for the
interim period ended **March 31, 2026**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
reasonable diligence, the interim financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the
date of and for the periods presented in the interim filings.

Date: **June 9, 2026**

---

| |
|:---|
| /s/ "Francis Letourneau" |
| **Francis Letourneau** |
| Chief Executive Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed
or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in
securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.85

**Exhibit 99.85**

**Form 52-109FV2** 

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, **Jim Bailey, Chief Financial Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
interim MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the "issuer") for the
interim period ended **March 31, 2026**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
reasonable diligence, the interim financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the
date of and for the periods presented in the interim filings.

Date: **June 9, 2026**

---

| |
|:---|
| /s/ "Jim Bailey" |
| **Jim Bailey** |
| Chief Financial Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed
or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in
securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.86

**Exhibit 99.86**

![](img151.jpg)

**NURAN WIRELESS INC.**

**(the "Company")**

**ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2025**

**June 4, 2026**

- ii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| INTRODUCTORY NOTED AND CAUTION REGARDING FORWARD-LOOKING STATEMENTS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency Presentation and Exchange Rate Information | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cautionary Note Regarding Forward-Looking Statements | 4 |
| GLOSSARY | 7 |
| CORPORATE STRUCTURE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Incorporation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercorporate Relationships | 9 |
| GENERAL DEVELOPMENTS OF THE BUSINESS OVER THE LAST THREE YEARS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 Developments | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 Developments | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 Developments | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Financial Year Developments | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anticipated Changes in the Company's Business | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Acquisitions | 16 |
| DESCRIPTION OF THE BUSINESS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business of the Issuer | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Products and Services | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized Skill and Knowledge | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competitive Conditions | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Components | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible Properties | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cycles | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes to Contracts | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Dependence | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees and Consultants | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory Framework | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lending | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Objectives | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankruptcy and Similar Procedures | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Social and Environmental Policies | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations in an Emerging Market Jurisdiction | 28 |
| RISK FACTORS | 30 |

---

ii

- iii -

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk Related to the Issuer, its Business and Securities | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks Related To The Trading And Telecommunications Sector | 34 |
| DIVIDEND POLICY | 38 |
| DESCRIPTION OF THE CAPITAL STRUCTURE | 39 |
| MARKET FOR SECURITIES | 39 |
| ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER | 41 |
| DIRECTORS AND EXECUTIVE OFFICERS | 42 |
| AUDIT COMMITTEE INFORMATION | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit Committee | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Audit Committee Charter* | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Composition of Audit Committee* | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Pre-Approval Policies and Procedures* | 47 |
| PROMOTERS | 48 |
| LEGAL PROCEEDINGS AND REGULATORY ACTIONS | 48 |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 48 |
| REGISTRAR AND TRANSFER AGENT | 48 |
| MATERIAL CONTRACTS | 48 |
| INTEREST OF EXPERTS | 49 |
| ADDITIONAL INFORMATION | 49 |
| **Schedule "A" – AUDIT COMMITTEE CHARTER** | **A-1** |

---

iii

**INTRODUCTORY NOTED AND CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

**General**

In this Annual Information Form ("**AIF**"), NuRAN Wireless Inc., together with its subsidiaries, as the context requires, is referred as the "Issuer", the Group or "NuRAN". Unless otherwise stated, all information contained in this AIF is as at December 31, 2025, being the last day of the Issuer's most recently completed financial year.

This AIF should be read in conjunction with the Issuer's audited consolidated financial statements and management's discussion and analysis for the financial year ended December 31, 2025, which are available under the Company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at <u>www.sedarplus.ca</u>.

**Currency Presentation and Exchange Rate Information**

Certain terms used herein are defined in the "Glossary of Terms". Unless otherwise indicated references to "C$" or "CDN" or "CAD" are to Canadian dollars and , references to "$" or "USD$" or "US" are to American dollars. All financial information with respect to the Issuer have been presented in Canadian dollars in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretation Committee.

**Cautionary Note Regarding Forward-Looking Statements**

Certain statements in this AIF are forward-looking statements or information (collectively "**forward-looking statements**"). The Issuer is hereby providing cautionary statements identifying important factors that could cause the actual results of the Issuer to differ materially from those projected in the forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook") are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes may not occur or may be delayed. The risks, uncertainties and other factors, many of which are beyond the control of the Issuer that could influence actual results include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Issuer is a Holding Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Investors
 May Lose Their Entire Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Evolving
 Business Strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Liquidity,
 Going-Concern and Additional Financing Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Customer
 Concentration and Dependence Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. International
 Operations and Emerging Market Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Foreign
 Exchange Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Sales
 Cycle, Revenue Timing and Contract Execution Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Gross
 Margin, Cost Structure and Profitability Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Dependence
 on Key Personnel and Skilled Workforce

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Outsourcing,
 Manufacturing and Supply Chain Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Technology
 Development and Obsolescence Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Intellectual
 Property Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Regulatory
 and Compliance Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Credit
 Risk and Collection Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Business
 Interruption and Force Majeure Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Volatile
 Market Price for the Issuer's Common Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The
 Company's activities are subject to community relations and license to operate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Reputational
 Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Competitive
 Conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Industry
 Cyclicality and Market Demand Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Component
 Supply and Availability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Standardization
 and Interoperability Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Sector-Specific
 Regulatory and Licensing Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Reliance
 on Intellectual Property and Regulatory Authorizations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Operations
 in Foreign Jurisdictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Volatility
 of Prices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Fluctuations
 in currency exchange rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Government
 or Regulatory Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Climate
 Change and Emissions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Access
 to Capital and Liquidity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Credit
 Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Margin
 Risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. Errors
 in IT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. Tax
 Law Environment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. Legal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. Discretion
 in the Available Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. Future
 Acquisitions or Dispositions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. Dilution
 from Equity Financing could Negatively Impact Holders of Common Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. Management
 of Debt Dependent on Cash Flow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Management
 and Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Litigation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. Conflicts
 of Interest, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Dividends

Such forward-looking information is necessarily based upon a number of factors and assumptions that, while considered reasonable by the Issuer as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Although the Issuer believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Issuer cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Issuer's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under "*Risk Factors*".

If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in those forward-looking statements, which could have a material adverse effect on the business, financial condition and results of operations of the Issuer.

Information contained in forward-looking statements in this AIF is provided as of the date of this AIF, and the Issuer disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements or the information contained in those statements.

Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of the Issuer or any other entity contained in this AIF are intended only to illustrate historical performance or current or historical attributes of the Issuer or such entities and are not necessarily indicative of future performance of the Issuer or such entities.

This AIF includes summary descriptions of certain material agreements of the Issuer. See section entitled "*Material Contracts"* in this AIF. The summary descriptions disclose provisions that the Issuer considers to be material, but are not complete and are qualified by reference to the terms of the material agreements, which will be filed with the Canadian securities regulatory authorities and will be available under the Issuer's profile on SEDAR+ at www.sedarplus.ca.

**GLOSSARY**

The following is a glossary of certain defined terms used throughout this AIF. This is not an exhaustive list of defined terms used in this AIF and additional terms are defined throughout. Terms and abbreviations used in the financial statements of the Issuer are defined separately and the terms and abbreviations defined below are not used therein, except where otherwise indicated. Words importing the singular, where the context requires, include the plural and vice versa, and words importing any gender include all genders.

"**Affiliate**" means a company that is affiliated with another company as described below:

A company is an "**Affiliate**" of another company if:

1. one
of them is the subsidiary of the other; or

2. each
of them is controlled by the same Person;

A company is "**controlled**" by a Person if:

1. voting
securities of the company are held, other than by way of security only, by or for the benefit of that Person; and

2. the
voting securities, if voted, entitle the Person to elect a majority of the directors of the company;

A Person beneficially owns securities that are beneficially owned by:

1. a
Company controlled by that Person, or

2. an
Affiliate of that Person, or

3. an
Affiliate of any Company controlled by that Person;

"**Applicable Securities Laws**" means applicable securities legislation, securities regulation and securities rules, as amended, and the policies, notices, instruments and blanket orders having the force of law, in force from time to time;

"**Audit Committee**" means the Audit Committee of the Issuer;

"**Board of Directors**" or "**Board**" means the Issuer's board of directors;

"**Bylaws**" means the bylaws of the Issuer;

"**CEO**" means Chief Executive Officer;

"**CFO**" means Chief Financial Officer;

"**Common Shares**" means the unlimited number common shares of the Issuer without par value;

"**Corporations Act**" means the *Business Corporations Act (British Columbia);*

"**Closing Date**" means December 22, 2025;

"**Group**" means the Issuer and all of its subsidiaries.

"**Initial Public Offering**" or "**IPO**" means a transaction that involves an issuer issuing securities from its treasury pursuant to its first prospectus that has received a Final Receipt from the applicable regulatory authorities;

"**Issuer" or "Company" or "NuRAN"** means NuRAN Wireless Inc., a company incorporated under the Business Corporations Act (*British Columbia*));

"**MNOs**" means mobile network operators;

**"NI 51-102"** means National Instrument *51-102 – Continuous Disclosure Obligations* of the Canadian Securities Administrators;

"**NI 52-110**" means National Instrument 52-110 – *Audit Committees* of the Canadian Securities Administrators;

"**Person**" unless specifically indicated otherwise, means a corporation, incorporated association or organization, body corporate, partnership, trust, association or other entity other than an individual;

"**Principal Regulator**" means the British Columbia Securities Commission;

"**SEDAR+**" means the Canadian Securities Administrators' national system that all market participants will use for filings, disclosure, payments and information searching in Canada's capital markets, accessible through the internet at www.sedarplus.ca;

"**Shareholders**" means the holders of Common Shares;

"**Stock Option Plan**" means the stock option plan approved by the shareholders on October 29, 2025, providing for the granting of incentive stock options to the Issuer's directors, officers, employees and consultants;

"**Stock Options**" means the stock options issued pursuant to the Stock Option Plan;

"**Transfer Agent**" means the transfer agent and registrar of the Issuer, being Odyssey Trust Company;

"**Units**" means units of the Issuer, with each Unit comprised of one Common Share and one Warrant, of which the Warrants comprise a part;

"**Warrant**" means the Common Share purchase warrants of the Issuer; and

"**Warrant Share**" means each of the Common Shares issuable on the exercise of the Warrants.

**CORPORATE STRUCTURE**

**Name and Incorporation**

The Issuer was incorporated pursuant to the *Business Corporations Act* (British Columbia) on September 23, 2014, under the name "NuRAN Wireless Inc."

The Issuer's head office and registered and records office is located at 2150 Cyrille-Duquet Quebec, QC, G1N 2G3 Canada. The Issuer's registered and records office is located at 1000-595 Burrard Street, Vancouver, BC V7X 1S8.

The Issuer is the overall parent company of the Group, which consists of companies listed under "*Intercorporate Relationships*". The Issuer's assets currently consist solely of interests in its wholly owned subsidiaries, and the only business of the Issuer is the business of its subsidiaries.

**Intercorporate Relationships**

NuRAN Wireless Inc. (Canada) is the parent company of a group of wholly owned subsidiaries operating in Canada and Africa. The Corporation directly owns 100% of the issued and outstanding voting rights and equity securities of Advance Factoring Inc. (Canada), Innovation Nutaq Inc. (Québec, Canada), and NuRAN Wireless (Africa) (Mauritius).

NuRAN Wireless (Africa) (Mauritius) acts as the holding company for the Corporation's African operations. Through NuRAN Wireless (Africa) (Mauritius), the Corporation indirectly owns 100% of the issued and outstanding voting rights and equity securities of NuRAN Wireless DRC SAU (Democratic Republic of Congo), NuRAN Wireless Cameroon Ltd. (Cameroon), NuRAN Wireless Benin SARLU (Benin), NuRAN Wireless Madagascar SARLU (Madagascar), and NuRAN Wireless Côte d'Ivoire SARLU (Côte d'Ivoire).

All of the Corporation's subsidiaries are wholly owned, and the Corporation exercises full control over their operations and governance.

The corporate structure is as follows:

![](img152.jpg)

**GENERAL DEVELOPMENTS OF THE BUSINESS OVER THE LAST THREE YEARS**

**2023 Developments**

**Orange Madagascar NaaS Agreement (Madagascar)**

On January 17, 2023, NuRAN announced the entry into a Network-as-a-Service ("**NaaS**") agreement with Orange Madagascar for the deployment of up to 500 rural sites on the east coast of Madagascar, with contracted revenue potential of approximately US$90 million. The 10-year agreement is the Company's third contract with Orange and is expected to support 2G and 3G networks through a variety of site categories designed to address differing population densities and coverage areas. NuRAN expects to retain ownership of the infrastructure upon completion of the contract term, increasing the overall value of the agreement.

**Marshall Islands 4G Network Expansion (MINTA)**

On February 21, 2023, the Company announced a US$1.41 million purchase order from the Marshall Islands National Telecommunications Authority ("**MINTA**") to extend and add 4G coverage to its existing network. MINTA is the end customer under a prior contract with Intelsat, pursuant to which NuRAN has deployed network infrastructure since 2021, validating the Company's technology and deployment capabilities.

**Restructuring of Secured Convertible Debentures**

On February 21, 2023, the Company finalized amendments with holders of its August 2022 secured debentures, including a six-month maturity extension to August 2023 and waivers of certain default rights. In consideration, the existing debentures were cancelled and replaced with $2,975,914 in secured convertible debentures at $0.42 per share, together with 750,000 bonus shares. The new debentures bear no interest until maturity, and there were no changes to the existing warrants. The existing warrants are exercisable at a price of $1.10 per common share until August 19, 2025.

On August 29, 2023, the Company announced that it has restructured its secured convertible debentures originally issued in February 2023. The debenture holders agreed to extend the maturity by 12 months to August 2024 and to waive certain rights under the debentures, including rights related to events of default. In consideration, the Company entered into debt settlement agreements and paid a 5% extension fee, pursuant to which the existing debentures and related security agreements were cancelled and replaced with secured convertible debentures having an aggregate principal amount of $2,792,810, inclusive of accrued interest and fees. The new debentures are convertible at $0.35 per unit, with each unit comprising one common share and three-quarters of one common share purchase warrant, each whole warrant exercisable at $0.40 per share until August 28, 2026. The new debentures bear interest at a rate of 15% per annum.

On December 4, 2023, the Company announced that certain events of default were waived and the deadlines are extended to February 28, 2024. In consideration, the conversion price of the debentures was amended to $0.225 per unit, with each unit consisting of one common share and three-quarters of one common share purchase warrant, each whole warrant exercisable at $0.25 per share until August 28, 2026. The Company also agreed to issue an aggregate of 120,000 Common Shares to the debenture holders,

**Stock Options Issuance**

On April 4, 2023, The Company announced that it has granted 1,250,000 stock options to a consultant pursuant to its stock option plan. The options vest immediately and are exercisable at $0.425 per common share for a five-year term.

**Non-Convertible Bridge Loan for US$1.5 Million**

On April 25, 2023, The Company announced that it has entered into a six-month senior secured loan with a principal repayment amount of US$1,653,947, inclusive of a 5% original issue discount and a 5% lending fee, bearing interest at 10% per annum payable at maturity. The loan is senior to all existing and future indebtedness and is secured by substantially all assets of the Company and its subsidiaries, excluding shares in its African subsidiaries and certain assets expected to be pledged to development finance institutions ("**DFI**") lenders. The loan is prepayable at any time without penalty and includes customary information rights, default provisions, and participation rights in future debt financings. Loan proceeds are intended to repay short-term indebtedness, fund site rollouts, and provide working capital. In connection with the loan, the Company agreed to issue 2,000,000 share purchase warrants exercisable at $0.40 per share for a two-year term.

On December 3, 2024, the Company announced that it obtained an extension of its bridge loan from a U.S.-based institutional lender, extending the maturity to October 21, 2024, to allow additional time to complete financing for its NaaS infrastructure. In consideration, the principal amount of the loan was increased by 10% as an extension fee, and the Company agreed to issue 5,000,000 replacement share purchase warrants exercisable at $0.25 per share for a two-year term. The loan was also amended to include a conversion feature at $0.225 per common share.

**Change of Auditor**

On April 28, 2023, the Company announced that it changed its auditors from Mallette S.E.N.C.R.L. to Jeremy Levi, CPA.

**OTCQB Listing**

On June 13, 2023, the Company announced its listing on the OTCQB Venture Market under the ticker symbol "NRRWF".

**Factoring Agreement with Advance Factoring**

On August 29, 2023, the Company announced that it entered into a factoring agreement with Advance Factoring Inc. (the "**Factor**") providing for the sale of up to $15 million of receivables owing from its African operating subsidiaries. To that date, the Company has sold receivables with a face value of $8.65 million for gross proceeds of $5.44 million, consisting of cash used to repay short-term debt owing to affiliates of the Factor and to fund working capital. The Company does not expect to sell the remaining receivables under the facility. The Factor has limited recourse against the Company in certain circumstances, which may be satisfied in cash or through the issuance of units at a price of $0.35 per unit. Each unit will be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $0.40 for a period of 3 years from entering into of the factoring facility. Sold receivables bear interest at 15% per annum until paid. In connection with the factoring facility, the Company agreed to pay an arrangement fee of 3.8 million Common Shares at a deemed price of $0.23 per share issued in stages.

On December 4, 2023, the Company amended its factoring agreement and sold additional receivables with a face value of $1.425 million for proceeds of $865,000, consisting of cash received and deferred funding for working capital. Under the amendment, certain deadlines were extended to January 31, 2024. The amendment also revised the terms applicable to any satisfaction of a recourse obligation through the issuance of units, setting a deemed issue price of $0.225 per unit with warrants exercisable at $0.25 per share. In addition, the amendment increased the remaining arrangement fee payable in Common Shares from 1.3 million to 1.9 million shares, to be issued in tranches by March 15, 2024.

**Cameroon Category 1 Infrastructure License**

On October 17, 2023, NuRAN announced that its wholly owned subsidiary, NuRAN Wireless Cameroon SARLU, had received a Category 1 license authorizing the delivery and operation of shared passive infrastructure to support digital communications networks. This license enables the Company to deliver its NaaS business model for Orange Cameroon and to host multiple mobile network operators on individual sites.

**DRC Network Infrastructure License Application**

On November 16, 2023, the Company announced that its wholly owned subsidiary, NuRAN Wireless DRC SARLU, had completed its application for a network infrastructure license in the Democratic Republic of the Congo. The license permits expansion of the Company's business model beyond NaaS, including the provision of VSAT services, following regulatory changes implemented by Ministerial Decree dated October 10, 2023. As a condition of the application, the subsidiary was converted into a *société anonyme* (SA), which conversion was completed in September 2024.

**2024 Developments**

**Senior Secured Bridge Facility and FEI Loan Facility**

On January 3, 2024 NuRAN announced the execution of a non-binding mandate letter for a US$5 million senior secured bridge facility and, subsequently, the signing of a loan facility agreement with the Facility for Energy Inclusion ("**FEI**"), a fund managed by Cygnum Capital, to finance renewable energy assets supporting existing and new NaaS agreements, primarily in Cameroon and the DRC. On February 29, 2024, the secured bridge facility was approved.

On April 26, 2024, NuRAN announced the signing of the Facility with FEI, a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility would allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns were subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

**Convertible Debenture Maturity Extension**

On January 3, 2024, NuRAN announced amendments to its convertible debentures issued in July 2022, including an extension of the maturity date to July 12, 2024 and revisions to the original issuance discount and conversion terms. The original issuance discount was increased from 10% to 16%, resulting in a revised maturity value of approximately $2,645,502. The principal amount of the debentures remains convertible, at the option of the holder, into Common Shares of the Company at a fixed conversion price of $0.40 per share during the term of the debentures. The debentures do not bear interest until maturity or the occurrence of an event of default. All other terms, including the number and terms of warrants issued in conjunction with the original debentures, remain unchanged. In addition, the investor continues to act as the Company's exclusive transmission equipment provider for the earlier of a seven-year term or until the Company completes the purchase of a committed volume of equipment for its African operations.

On December 23, 2024, the Company announced that the debenture holders have agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing to include interest accrued to date, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per unit to $0.20 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028.

**Appointment of Navindran Naidoo to the Board**

On February 1, 2024, the Company announced the appointment of Navindran Naidoo to the Board and chair of the Strategic Committee. The Company also announced the resignation of Kenneth Campbell.

**Proposed Long-Term Debt Financing Initiatives**

On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level.

**Cameroon Local Bank Credit Facility**

On April 4, 2024, NuRAN announced confirmation of an US$800,000 credit facility from a local Cameroonian commercial bank to support further site deployments in Cameroon. The credit facility has a 2-year tenor and bears a 9% interest rate per annum.

**Proposed Syndicated Senior Secured Credit Facility**

On May 15, 2024, the Company announced that NuRAN Wireless Africa Holding had signed a non-binding term sheet and mandate letter with a global asset management firm for a senior secured credit facility, including an initial US$15 million commitment with the potential to increase to up to US$70 million through syndication. The loan facility is for a term of seven (7) years including two (2) years' grace period on repayment of principle and disbursements may be requested up to 24 months following execution of definitive agreements for the loan facility. Interest under the loan facility is due on all disbursed sums and is to be paid quarterly in arrears on predetermined payments dates. The interest rate will be a fixed rate as specified by the borrower for each tranche at up to 10%.

**MTN Africa NaaS Expansion under Global Framework Agreement**

On June 5, 2024, NuRAN announced a five-year NaaS agreement with MTN Group ("**MTN**") (JSE: MTN) for the deployment of 250 sites in Africa pursuant to the existing Global Framework Agreement, increasing total contracted MTN sites to 2,150 across five countries.

**MTN Benin NaaS Agreement**

On July 16, 2024, the Company announced a NaaS agreement with MTN Benin for the deployment of up to 200 rural 2G, 3G and 4G sites in Benin, with an initial five-year term and a renewal option for an additional five years.

**Initial FEI Facility Drawdown**

On July 16, 2024 NuRAN announced receipt of the initial US$2.5 million drawdown under the FEI facility, enabling the resumption of site rollout activities across Cameroon and other African markets.

**Non-Brokered Convertible Debenture Financing**

On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture for aggregate gross proceeds of approximately US$1.6 million. The debenture will mature on August 16, 2026 and will accrue interest at a rate of 15% per annum until the maturity date. The debenture may be converted, in whole or in part, at any time before the maturity date, into units of the Company at the election of the debenture holder at a conversion price of $0.225 per unit. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant is exercisable for one common share at an exercise price of $0.25 per share for a 24-month term from closing. In addition, while the debenture holder maintains a greater than 5.0% equity interest in the Company on a partially diluted basis, the holder is entitled to participate, on a pro rata basis, in certain equity financings to maintain up to a 9.9% partially diluted equity interest.

**Change of Auditor**

On December 9, 2024, the Company announced that it changed its auditors from Jeremy Levi, CPA to Zeifmans LLP.

**Factoring Agreement with Advance Factoring**

On December 23, 2024, the Company announced the amendment to its August 28, 2023 factoring agreement with the Factor to increase the maximum facility size to $25.5 million and reduce the applicable interest rate for 2024 to 5%. The amendment also capped the maximum number of units issuable under the facility at 30,000,000, reduced from 80,000,000 units. As consideration, the Company agreed to reduce the unit issue price to $0.20 and extend the expiry of the warrants issued or issuable under the facility to August 28, 2028.

**2025 Developments**

**Second Drawdown under FEI Facility for Cameroon NaaS Expansion**

On February 28, 2025, the Company announced approval of a second drawdown of US$1.05 million under the FEI facility to support further expansion of its NaaS operations in Cameroon.

**Non-Brokered Common Share Private Placement and Debt Repayment** 

On August 26, 2025, the Company announced the closing of a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 Common Shares at a price of $0.05 per share. The proceeds were used for working capital purposes and to repay all outstanding short-term promissory notes issued between April and August 2025, totaling $1,274,492.

**CAPEX Contract for Rural Mobile Network Extension Project in Africa**

On September 4, 2025, the Company announced that it was awarded a contract valued at approximately $7.2 million by a state-owned mobile network operator for a rural network expansion project in West Africa. The contract is structured as a capital expenditure arrangement for the deployment of up to 200 mobile sites over an expected three-year term, with payments tied to agreed project milestones. The Company will act as lead contractor and is responsible for end-to-end project delivery, including the provision of radio access network equipment, site sourcing, logistics, installation, and overall project management.

**Third Drawdown under Facility for Energy Inclusion**

On September 29, 2025, the Company announced the receipt of the approval for a third drawdown of US$1.0 million under its loan facility with the Facility for Energy Inclusion ("**FEI**"), managed by Cygnum Capital. This followed the first drawdown of US$2.5 million received on July 16, 2024, and the second drawdown of US$1.05 million received on February 28, 2025. The third drawdown followed an amendment with Orange in respect of the Company's operations in the DRC and the approval of its infrastructure license. An additional US$450,000 remained available under the facility, subject to the delivery of additional sites. The proceeds were intended to support mobile site expansion and operational activities in Africa.

**Non-Brokered Unit Private Placement Financing**

On November 26, 2025, the Company announced the closing of a non-brokered private placement financing for gross proceeds of $300,000, completed through the issuance of 13,636,362 units at a price of $0.022 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder, following the proposed consolidation, to acquire one pre-consolidation common share at a pre-consolidation exercise price of $0.033 per share, exercisable on the date that is three (3) years from the date of issuance.

**Board Approval of Share Consolidation**

On December 5, 2025, the board of directors approved a consolidation of the Company's issued and outstanding Common Shares on the basis of one (1) post-consolidation common share for every 300 pre-consolidation Common Shares, effective December 9, 2025. The consolidation was undertaken to permit the Company to satisfy applicable listing and regulatory requirements in connection with a potential listing on a U.S. national securities exchange.

**Operational Update: Ghana, Cameroon and Democratic Republic of the Congo** 

On December 22, 2025, the Company provided an operational update regarding its network activities in Ghana, Cameroon and the Democratic Republic of the Congo ("**DRC**"). In Ghana, the Company restored all seven previously deployed sites, bringing them back into service. In the DRC, site relocation activities resumed, with additional relocations underway. Network deployment activities in Cameroon continued during the period. In connection with the Company's financing arrangements, the Company was working toward the deployment of an additional 50 sites, which, together with ongoing deployment and relocation activities, were expected to support the release of remaining funds under its existing loan facility.

**Restructuring Transaction**

On December 22, 2025, NuRAN completed a restructuring transaction (the "**Restructuring Transaction**") pursuant to which it issued an aggregate of 10,380,618 units (each, a "**Unit**") at a price of $2.89 per Unit, for aggregate gross proceeds of approximately $30 million.

Each Unit consisted of one common share of the Issuer and one-half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030.

The Restructuring Transaction comprised:

1. the
settlement of an aggregate of $9,685,256 of indebtedness through the issuance of Units to creditors;

2. a
private placement resulting in aggregate gross proceeds of $5,625,000, representing the issuance of 1,946,365 Units; and

3. the
acquisition of the Factor for total consideration of $20,802,303.09, satisfied by way of debt settlement through the issuance
of 7,198,026 Units pursuant to a share purchase agreement (the "**SPA** ").

Also on the Closing Date, the Company completed an initial tranche of additional subscriptions, issuing an aggregate of 2,115,064 Units at a price of $2.89 per Unit, for aggregate gross proceeds of approximately $6.11 million, comprised of cash subscriptions and additional debt settlements.

**Debt Settlement** 

On December 30, 2025, the Company announced that it has closed a second tranche of its debt settlement issuances, by issuing an aggregate of 147,668 Units, at $2.89 per Unit, which included cash subscriptions of $190,116 and debt settlements of $236,648.

**Current Financial Year Developments**

**Change of Auditor**

On January 28, 2026, Company announced that it changed its auditors from Zeifmans LLP to SRCO Professional Corporation, effective January 13, 2026.

**Debt Settlement**

On February 3, 2026, the Company announced that it has closed a third tranche of its debt settlement issuances, by issuing an aggregate of 26,297 Units, at $2.89 per Unit, representing debt settlements of $76,000.

**Anticipated Changes in the Company's Business** 

Over the next 12 months, the Company intends to continue executing on its business objectives – see "Business of the Issuer".

**Significant Acquisitions**

**Advance Factoring Inc. Acquisition (Restructuring Transaction)**

On December 22, 2025, NuRAN completed the acquisition of the Factor as part of a broader restructuring transaction. All of the issued and outstanding the Factor common shares and preferred shares were acquired for total consideration of $20,802,303.09, satisfied by way of debt settlement through the issuance of 7,198,026 units of the Issuer.

The principal assets of the Factor consisted of factored receivables representing claims against the Issuer. Although structured as an acquisition, the transaction operated economically as a debt settlement, pursuant to which liabilities arising from prior factoring arrangements were extinguished through the issuance of securities.

As consideration for the acquisition, the Issuer issued Common Shares representing 55.78% of its outstanding voting securities, resulting in the vendors of the Factor being able to materially affect control of the Issuer. Accordingly, the transaction constituted a "restructuring transaction" within the meaning of NI 52-102. The Company expects to dissolve the Factor at a later date.

The Issuer did not file because it was not required to file Form 51-102F4 – Business Acquisition Report in respect of this acquisition.

**DESCRIPTION OF THE BUSINESS**

**Business of the Issuer**

*General*

NuRAN Wireless Inc. is a supplier of mobile and broadband wireless infrastructure solutions, focused primarily on providing connectivity solutions in remote, rural and low-population-density regions. The Company designs, manufactures and deploys wireless infrastructure equipment and provides network deployment and operational services to mobile network operators ("**MNOs**") and other customers.

The Company's conducts its business primarily through its Network-as-a-Service ("**NaaS**") operating model that integrates its proprietary wireless infrastructure technology with construction, operation and maintenance services. During the financial year ended December 31, 2025, the Company generated revenue of approximately $4 million of sales, of which $3.5 million of was derived from the NaaS operations. The remaining revenue was generated by sales of its Radio Access Network ("**RAN**") equipment to mobile network operators and system integrators providing installation services to mobile operators. As the Company is still in the early stages of deploying its NaaS infrastructure having completed approximately 5% of its contracted rollout, it has incurred losses. On a consolidated basis, the Company is not currently generating positive EBITDA and additional financing has been required to supplement the operating cashflow, primarily from its NaaS operations in Africa. During 2025 and early 2026, the Company drew the remaining US$2.5 million available under its Cygnum Capital facility, with additional funding provide through advances under its factoring facility.

NuRAN's principal products and services include:

● Wireless Infrastructure Systems ()"**WIS** "), consisting primarily of radio access network (RAN) equipment, core network components and backhaul solutions designed for deployment in rural and underserved regions; and

● Network-as-a-Service ()"**NaaS** "), pursuant to which the Company finances, builds, operates and maintains telecommunications sites on behalf of MNOs, generating revenue through fixed monthly payments or revenue-sharing arrangements, typically under long-term contracts ranging from five to ten years or longer.

The Company's wireless infrastructure solutions are designed to reduce the total cost of ownership for network operators and enable economically viable deployment in locations that are not feasible using traditional infrastructure.

NuRAN's principal markets include Africa, particularly Cameroon, the Democratic Republic of the Congo, Benin, Madagascar, Côte d'Ivoire and Ghana, as well as other international markets where the Issuer has deployed or contracted infrastructure.

Distribution of the Issuer's products and services is conducted primarily through direct contractual arrangements with MNOs and other network operators.

All of the Company's products and services are at the commercial production stage, and the Company is not currently engaged in material research and development activities outside of incremental product and network optimization.

**Products and Services**

The Company provides services through a combination of equipment deployment, site construction, network integration, operation and maintenance. Under the NaaS model, NuRAN retains ownership of deployed infrastructure in many cases and provides ongoing network management services throughout the contract term.

<u>Network-as-a-Service (NaaS) Model</u>

The Company offers a NaaS model targeted primarily at rural, low-density and underserved markets. Under this model, the Company designs, deploys, owns and operates mobile network infrastructure, and provides network services to MNOs pursuant to long-term commercial arrangements. The NaaS model is intended to allow MNOs to extend network coverage without deploying capital directly into network infrastructure in certain geographic areas.

The Company's NaaS arrangements are structured to support deployment across a range of project sizes and geographic environments, including locations where traditional network rollouts may be constrained by population density, infrastructure availability or economic considerations.

*Business Model and Partnerships*

Under the NaaS model, the Company typically retains ownership of the deployed infrastructure while providing network services to MNO partners. This model is intended to allow MNOs to allocate capital toward their core network operations while relying on the Company for site development, deployment and operation in designated coverage areas.

The Company may enter into strategic partnerships with infrastructure providers and other third parties to support site construction, tower deployment and ongoing network operations. These arrangements are designed to facilitate deployment timelines and operational scalability in rural and remote environments.

*Engineering, Network Monitoring and Upgrade Planning*

The Company maintains internal engineering and research and development capabilities focused on network design, deployment optimization and lifecycle management. The Company monitors deployed network sites and infrastructure to support maintenance activities and to assess potential technology upgrades over time, subject to commercial, technical and regulatory considerations.

*Network Infrastructure Offerings within the NaaS Model*

The Company's NaaS deployments may incorporate a range of network infrastructure products, depending on site requirements, coverage objectives and power availability. These may include:

1. GSM
LiteCell: a 2G base station solution designed for extended coverage in rural environments with lower power consumption characteristics;

2. OC-2G:
a 2G GSM base station designed for smaller-radius coverage and lower power consumption deployments; and

3. LiteCell-xG:
a multi-standard base station platform designed to support 2G, 3G and 4G (LTE) technologies within a single unit.

The selection and configuration of equipment for a given deployment depend on site-specific factors, including population density, coverage requirements, backhaul availability and energy constraints.

*Infrastructure Design and Power Solutions*

The Company deploys infrastructure using a range of tower configurations designed to accommodate different geographic and demographic environments. Network sites may incorporate alternative power solutions, including solar-based systems, where grid power is unavailable or impractical. Infrastructure designs are intended to support long-term operation in rural and remote locations.

*Intended Impact and Use Cases*

The Company's NaaS model is intended to support the extension of mobile network coverage into underserved areas, including rural communities and emerging markets. By enabling network deployment in locations with limited existing infrastructure, the Company's services may support access to basic telecommunications services for individuals, enterprises and public institutions operating in those regions.

<u>INSIGHT Geo-Intelligence and Site Survey Service</u>

The Company offers a geo-intelligence and site survey service, marketed as INSIGHT, intended to support MNOs and infrastructure partners in planning, evaluating and deploying mobile network infrastructure, particularly in rural and low-density environments.

INSIGHT combines desktop-based geo-analysis tools with on-site data collection to assist customers in identifying suitable deployment locations, assessing coverage potential and evaluating site configurations prior to infrastructure deployment. The service is designed to support decision-making related to network expansion, site prioritization and capacity planning.

*Population and Location Analysis*

INSIGHT includes population and geographic analysis intended to assist customers in identifying underserved or uncovered localities. The service evaluates population distribution within defined coverage radii and estimates addressable population using conservative assumptions. Geographic analysis may include identification of points of interest and high-level radio planning to determine theoretical site locations for further evaluation.

*Coverage Simulation and Radio Planning*

INSIGHT performs coverage simulations for identified localities using standard site typologies and configurations. These simulations are intended to support evaluation of coverage potential and assist in comparing alternative site configurations based on expected demand and quality-of-service considerations. The simulations are theoretical in nature and are subject to site-specific and environmental constraints.

As part of the INSIGHT service, the Company may perform a preliminary revenue and feasibility assessment to assist customers in evaluating potential deployment opportunities. This assessment may consider factors such as estimated average revenue per user (ARPU), subscriber penetration assumptions, call duration, average data usage and indoor versus outdoor coverage thresholds. These analyses are intended to support high-level planning and do not constitute financial forecasts.

INSIGHT evaluates proposed site capacity requirements in relation to estimated demand and potential revenues to assist in selecting appropriate site configurations. The service considers whether proposed configurations are feasible given the expected traffic and commercial parameters for a given locality.

The INSIGHT service includes evaluation of potential site candidates based on factors such as terrain, vegetation, population density and coverage objectives. Line-of-sight (LOS) analysis may be conducted to assess visibility between candidate sites and existing network infrastructure, taking into account elevation, distance and terrain profile.

In certain deployments, the Company conducts on-site surveys in rural and ultra-rural areas to collect field data relevant to network planning. These surveys may include collection of information regarding population centers, public facilities, terrain characteristics, vegetation and physical obstacles that may affect signal propagation. Data collected through on-site surveys is integrated with desktop analyses to inform site selection and deployment planning.

INSIGHT services may be offered through different service packages, with scope varying depending on project requirements, geographic factors and deployment scale. Packages may range from preliminary geo-analysis and coverage simulation to more detailed capacity, revenue and site configuration assessments.

The INSIGHT geo-intelligence and site survey service is intended to support:

4. rural
and remote network expansion planning;

5. prioritization
of deployment locations;

6. evaluation
of site feasibility prior to infrastructure investment; and

7. optimization
of network design in environments with limited existing infrastructure.

The service may be used by mobile network operators, infrastructure providers or other customers seeking analytical support for network planning and deployment decisions.

<u>Sentinel Comprehensive Network Monitoring</u>

The Company has developed Sentinel, a network management and monitoring program intended to support the operation of telecommunications networks through centralized network operations centre ("**NOC**") services. Sentinel is designed to provide continuous monitoring and operational oversight of network deployments, including site availability, performance indicators, and incident management.

Services under the Sentinel program include real-time network monitoring, alarm detection, incident registration and escalation, troubleshooting, and resolution support. The program also provides performance reporting and analysis, including key operational metrics, to assist network operators in assessing network performance and reliability. Post-incident review and root-cause analysis may be conducted where applicable.

Sentinel is supported by a NOC team with experience in telecommunications network operations, systems administration, and network support functions. The program is designed to operate across multiple network environments and technologies and to support both Company-operated networks and customer deployments, as applicable.

The Company intends to utilize the Sentinel program to support its ongoing network operations, including its Network-as-a-Service activities, and to offer operational support services in connection with customer-owned or managed network infrastructure. The program is expected to contribute to service continuity and operational oversight of deployed networks.

<u>Solstice Solar Phone Charging Solutions</u>

The Company offers solar-powered phone charging solutions, marketed under the Solstice brand, designed for deployment in rural, remote and underserved communities where access to reliable electricity infrastructure may be limited. Solstice solutions are intended to provide basic mobile device charging services using stand-alone solar-powered installations.

Solstice products are designed to operate independently of grid power and are intended for deployment in locations with limited or no access to conventional electrical infrastructure. These solutions may be deployed in connection with the Company's broader network infrastructure activities or as stand-alone community services, depending on customer and partner requirements.

*Product Configurations*

The Solstice product line includes multiple charging system configurations designed to accommodate different community sizes and usage volumes. These configurations are intended to support varying levels of daily device charging capacity, subject to environmental conditions and usage patterns.

The Company may customize Solstice deployments based on site-specific factors, including population size, expected usage levels, and available solar exposure.

*Software and Monitoring Capabilities*

Solstice solutions may include software-based features intended to support monitoring and management of deployed charging stations. These features may allow customers or partners to track usage levels and manage payment or access mechanisms associated with the charging services. Software capabilities may vary depending on deployment configuration and customer requirements.

*Deployment Environments and Use Cases*

Solstice solar phone charging solutions are intended for deployment in a range of environments, including:

1. rural
and remote villages;

2. underserved
or off-grid communities;

3. locations
with limited or unreliable access to electricity; and

4. community
hubs or shared facilities.

These solutions are intended to support access to basic mobile device charging in environments where alternative charging infrastructure may be unavailable or impractical.

*Community-Oriented Deployment Approach*

In certain deployments, the Company may allocate a portion of revenues generated from Solstice installations toward community-oriented initiatives or infrastructure support, subject to commercial arrangements and project-specific terms. Such initiatives may include additional solar equipment or other local infrastructure projects. The scope and availability of such initiatives depend on the specific deployment and contractual arrangements.

*Intended Use*

The Solstice solar phone charging solutions are intended to complement the Company's broader connectivity and infrastructure offerings by supporting access to basic mobile device charging services in rural and underserved environments. Deployment of Solstice solutions may be undertaken directly by the Company or in collaboration with mobile network operators, infrastructure partners or community organizations.

<u>GSM LiteCell 1.5 Base Station</u>

The Company designs and supplies compact GSM base station equipment intended to support mobile network deployments in low-density, rural and remote environments. One of the Company's principal hardware offerings is the GSM LiteCell 1.5, a low-power GSM base station designed for use in locations where conventional telecommunications infrastructure may be impractical or uneconomical.

The GSM LiteCell 1.5 is engineered to support simplified deployment and operation in environments with limited physical infrastructure and constrained power availability. The product is designed to be transportable by hand and installed directly on towers or similar structures, without the need for protective shelters or extensive external radio-frequency components.

The GSM LiteCell 1.5 is designed to operate with reduced power consumption relative to conventional base stations, which may allow deployment in locations relying on solar, battery or diesel power solutions. The equipment is intended to support cost-efficient operation in remote or off-grid locations, including sites that rely on satellite-based backhaul connectivity.

The GSM LiteCell 1.5 is compatible with the Company's network management and backhaul optimization solutions, including its base station controller and satellite optimization technologies. These systems are designed to support bandwidth management and operational efficiency in environments where terrestrial backhaul is limited or unavailable.

The Company has deployed multiple generations of GSM base station equipment in various geographic regions, and the GSM LiteCell 1.5 reflects continued development of this product line based on prior deployments and operating experience.

The GSM LiteCell 1.5 is intended for use in a range of deployment scenarios, including:

1. rural
and remote mobile network coverage;

2. low-density
villages and communities;

3. roadside
and highway coverage in sparsely populated areas;

4. isolated
industrial or infrastructure sites;

5. mobile
network expansion projects in developing and emerging markets; and

6. private
or dedicated GSM networks for enterprises and organizations.

Deployment of the GSM LiteCell 1.5 is typically undertaken by mobile network operators, infrastructure providers or enterprise customers seeking to extend basic mobile connectivity into areas where traditional network solutions may not be economically viable.

<u>OC-2G GSM Base Station</u>

The Company offers a 2G GSM base station solution (OC-2G) designed to support flexible deployment models and interoperability with mobile network operator infrastructure. The OC-2G GSM base station may be deployed as part of different solution architectures depending on customer requirements and network design.

Under NuRAN Carrier Solutions (NCS), the OC-2G GSM base station is deployed in combination with the Company's proprietary Base Station Controller (BSC) to form a complete radio access network (RAN). In this configuration, the RAN is designed to integrate with a mobile network operator's existing core network infrastructure.

The OC-2G GSM base station is also available as part of NuRAN OpenAccess (NOA), an open-architecture solution that incorporates open-source software components and open interfaces at various layers of the mobile network protocol stack. The NOA configuration is intended to support greater flexibility in network design and integration and may include higher-level network functionalities such as integrated network-in-a-box deployments and community-based network management tools.

The OC-2G GSM base station is designed to support deployment scenarios where operators, infrastructure providers or enterprises seek modular, scalable GSM solutions that can be adapted to a range of operational environments.

The OC-2G GSM base station is intended for use in a variety of applications, including:

1. rural
mobile network coverage;

2. roadside
and transportation corridor coverage;

3. low-density
villages and communities;

4. remote
and isolated sites;

5. deployments
in developing countries and emerging markets; and

6. private
or dedicated GSM networks for enterprises or organizations.

Deployment of the OC-2G GSM base station may be undertaken by mobile network operators, infrastructure providers or other customers seeking to extend or supplement GSM network coverage using flexible deployment models.

<u>LiteCell-xG Multi-Standard Base Station</u>

The Company offers the LiteCell-xG, a compact, multi-standard base station designed to support 2G, 3G and 4G (LTE) technologies within a single hardware platform. The LiteCell-xG is based on a software-defined architecture intended to allow network operators to deploy multiple radio access technologies using a common unit, subject to applicable configuration and licensing requirements.

The LiteCell-xG is designed to support flexible deployment and network evolution by enabling operators to adapt the supported radio access technologies over time through software configuration, rather than hardware replacement. The platform is intended for use in environments where operators seek to optimize capital efficiency while maintaining the ability to introduce additional services as network requirements evolve.

The LiteCell-xG is designed to operate with a range of backhaul technologies and does not require a specific backhaul medium. The platform incorporates proprietary software features intended to support bandwidth efficiency for both voice and packet-switched traffic, which may be relevant in environments where backhaul capacity is constrained.

The LiteCell-xG is built on a modular hardware architecture incorporating industry-standard processing components. The platform is designed to support remote software upgrades and configuration, enabling operational changes without the need for on-site hardware intervention. The operating system and system architecture are designed to support continuous operation in environments where physical access may be limited.

The LiteCell-xG is designed with energy-efficient components and software-based energy-saving features intended to reduce power consumption relative to conventional base station deployments. These characteristics are relevant for deployments relying on alternative power sources, including solar, battery or hybrid energy solutions.

The LiteCell-xG supports multiple radio access technologies within a single platform and is designed to allow remote configuration of operating modes. The architecture is intended to support future network evolution, including potential upgrades to additional radio access technologies, subject to technical feasibility and regulatory requirements.

The LiteCell-xG is designed to support simplified deployment and management through the use of readily available, commoditized hardware components. The platform is intended to reduce logistical complexity and support efficient installation and maintenance across a range of deployment environments.

The LiteCell-xG is intended for use in a variety of deployment scenarios, including:

1. rural
and remote mobile network coverage;

2. roadside
and transportation corridor coverage;

3. low-density
villages and communities;

4. isolated
or off-grid sites;

5. deployments
in developing countries and emerging markets; and

6. private
or dedicated mobile networks for enterprises or organizations.

Deployment of the LiteCell-xG may be undertaken by mobile network operators, infrastructure providers or enterprise customers seeking a flexible, multi-standard radio access solution.

**Specialized Skill and Knowledge**

NuRAN's operations require specialized expertise in telecommunications engineering, radio frequency planning, satellite and backhaul optimization, rural network deployment, and site operations. The Company maintains in-house technical expertise and operational capabilities to support deployment and ongoing management of wireless networks in developing and remote regions.

**Competitive Conditions**

The Company operates in competitive markets characterized by traditional telecom equipment vendors, infrastructure providers and tower companies. NuRAN competes primarily on the basis of cost efficiency, deployment flexibility, power efficiency and its integrated NaaS business model, particularly in rural and low-density markets, offering one ofthe lowest total cost of ownership (TCO) on the market, supported by key technology features like equipment energy consumption and optimized backhaul bandwidth usage.

**Components**

The Company sources components including radios, power systems, transmission equipment and related infrastructure from a diversified international supplier base. The availability of components is subject to global supply conditions, including potential tariff impacts; however, the Company seeks to mitigate supply risks through supplier diversification.

**Intangible Properties**

The Company relies on proprietary technology, software and know-how related to its wireless infrastructure systems. Licences and regulatory authorizations in various jurisdictions are also important to the Company's operations.

**Cycles**

The Company's business is not considered seasonal; however, deployment schedules may be influenced by financing availability, regulatory approvals and customer rollout timelines.

**Changes to Contracts**

The Company does not expect to be affected in the current financial year by the renegotiation or termination of contracts or sub-contracts.

**Economic Dependence**

The Company is not substantially dependent on any individual contract but is substantially dependent on long-term contracts with MNOs under its NaaS model.

**Employees and Consultants**

The Issuer and its subsidiaries employ 9 persons in management, 2 persons in sales, 2 persons in logistics, and 7 persons in administration.

As of the date of this AIF, the Company has 54 employees and consultants, of which 33 reports directly to Canada, 19 are based in Cameroon, Democratic Republic of the Congo and Ivory Coast. In addition, the Company retains individuals on a temporary contract basis, with the appropriate skills and background as required for particular projects under development or in production. Consultants may also be engaged on a long-term basis with the Company materials. The Company believes its relationship with its employees is excellent. None of the employees are represented by a union or are subject to a collective bargaining agreement. NuRAN ensures the full safety and wellbeing of its staff. In case of any unforeseen circumstances, calamities, war, pandemic etc., it has contingencies in place to relocate staff members to a safer jurisdiction

Their office locations are in:

● Quebec, QC, Canada

● Douala, Cameroon

● Kinshasa, DRC

● Abidjan, Ivory Coast

● Port-Louis, Mauritius

**Regulatory Framework**

Due to the nature of its business, the Company must comply with telecommunications regulatory frameworks that vary by country. Telecommunications equipment and components that use radio frequency spectrum, including base stations, modems, VSAT terminals and antennas, generally require type approval (homologation). The Network-as-a- Service business model is novel and may not fit neatly within existing regulatory frameworks. Although regulatory adjustments may be required over time, the Company has established compliance in each country where it operates insuring appropriate governance. The Company have also implanted an Environmental and Social Governance system to comply with local environmental regulatory frameworks.

*Regulatory Framework in the DRC*

Telecommunications and Internet policy in the DRC is overseen by the Ministry of Posts, Telecommunications and Digital Technologies, together with the Regulatory Authority for Posts and Telecommunications of Congo (Autorité de *Régulation de la Poste et des Télécommunications du Congo*, "**ARPTC**"). The sector is primarily governed by Framework Law No. 013/2002 and Law No. 014/2002, each dated October 16, 2002, alongside applicable international conventions to which the DRC is a party. Operators are required to obtain appropriate licences, including frequency authorizations where applicable, and must establish a local legal entity to conduct business. Licence terms and conditions are prepared by the ARPTC and approved by the Ministry. The Company obtained the following licences, authorizations and/or approvals:

● Shared passive infrastructure license in rural areas (*Licence d'infrastructure passive partagé en zone rurale*)

● Authorization as a telecommunications equipment vendor (*Agréement de vendeur d'équipements de télécommunications*)

● Authorizations for the installation and maintenance of a telecommunications equipement (*Agréements d'installateurs et de maintenance d'équipements de télécommunications*)

● Product approval :

○ LiteCell 1.5

○ OC-2G

*Regulatory Framework in Cameroon*

Telecommunications regulation in Cameroon is overseen by the Ministry of Posts and Telecommunications ("**MINPOSTEL**"), which is responsible for sector policy, together with an independent regulatory authority tasked with supervising operators and enforcing compliance with applicable laws and regulations. The sector is principally governed by Law No. 98/014 of July 14, 1998 (as amended). Telecommunications services are subject to licensing or authorization requirements, and operators must comply with conditions relating to service quality, network interconnection, consumer protection and competition. The regulatory framework emphasizes principles such as transparency, non-discrimination, fair competition and equal access to networks and services, and prohibits anti-competitive practices. The Company obtained the following licences, authorizations and/or approvals:

● Passive infrastructure (*Infrastructure passive*) *–* License Category 1 *(Licence Catégorie 1*)

● Authorization as a telecommunications equipment vendor (*Agréement de vendeur d'équipements de télécommunications*)

● Authorizations for the installation and maintenance of a telecommunications equipement (*Agréements d'installateurs et de maintenance d'équipements de télécommunications*)

● Product approval :

○ LiteCell 1.5

○ OC-2G

○ LiteCell xG

 

*Regulatory Framework in Benin*

Telecommunications regulation in Benin is overseen by the government ministry responsible for electronic communications, together with the *Autorité de Régulation des Communications Électroniques et de la Poste* ("**ARCEP**"), an independent regulatory authority responsible for supervising the sector and ensuring compliance with applicable laws and regulations. The sector is principally governed by the Digital Code (Law No. 2017-20 of April 20, 2018, as amended) and related implementing decrees. Telecommunications networks and services are subject to licensing, authorization or declaration regimes depending on their nature. Licences are typically required for the establishment and operation of public networks using spectrum and are granted by the government following a competitive process, while other services may be subject to authorization or notification to ARCEP. The Company obtained the following licences, authorizations and/or approvals:

● Authorization as a telecommunications equipment vendor (*Agréement de vendeur d'équipements de télécommunications)* 

● Authorizations for the installation and maintenance of a telecommunications equipement (*Agréements d'installateurs et de maintenance d'équipements de télécommunications*)

● Products Approval :

○ LiteCell 1.5

○ LiteCell xG

*Regulatory Framework in Madagascar*

Telecommunications regulation in Madagascar is overseen by the Ministry responsible for telecommunications and digital development, together with the *Autorité de Régulation des Technologies de Communication* ("**ARTEC**"), an independent public authority responsible for supervising the sector and ensuring compliance with applicable laws and regulations. The sector is principally governed by telecommunications legislation, including Law No. 2005-023 (as implemented by subsequent decrees), which establishes the legal and institutional framework and supports a liberalized market structure. Telecommunications networks and services are subject to licensing, authorization and declaration regimes. ARTEC is responsible for granting licences, issuing approvals, managing spectrum and numbering resources, and monitoring operator compliance with applicable requirements. The application of any licences or authorizations has not been submitted yet.

*Regulatory Framework in Ivory Coast*

Telecommunications regulation in Côte d'Ivoire is overseen by the Ministry of Digital Transition and Innovation, together with the *Autorité de Régulation des Télécommunications/TIC de Côte d'Ivoire* ("**ARTCI**"), an independent administrative authority responsible for regulating the sector and enforcing compliance with applicable laws. The sector is governed by a modern legal framework, including Law No. 2024-352 of June 6, 2024 relating to electronic communications, which establishes the current regulatory regime and aims to enhance transparency, competition and sector governance. Telecommunications services and networks are subject to licensing and authorization requirements. ARTCI is responsible for granting authorizations, managing spectrum resources, regulating tariffs, overseeing interconnection and competition, and ensuring compliance with licence conditions and consumer protection rules. The Company obtained the following licences, authorizations and/or approvals:

● Authorization as a telecommunications equipment vendor (*Agréement de vendeur d'équipements de télécommunications*)

● Authorizations for the installation and maintenance of a telecommunications equipement (*Agréements d'installateurs et de maintenance d'équipements de télécommunications*)

● Products Approval :

○ LiteCell 1.5

○ LiteCell xG

*Regulatory Framework in Canada*

The Company has no intention or future plans to undertake operations in Canada. In the event that the Company determines to undertake operations in Canada or undertake operations that otherwise require regulation in Canada, it would have to comply with the regulatory framework in Canada. Specifically, the Company may need to register with the Canadian Radio-television and Telecommunications Commission and obtain the requisite licenses from Innovation, Science and Economic Development Canada. Compliance with these regulatory requirements may involve ongoing obligations and, where applicable, approvals or licences, and there can be no assurance that the Company would be able to obtain or maintain such registrations, licences or approvals on acceptable terms or within required timeframes.

**Lending**

The Company does not engage in lending activities.

**Business Objectives**

The Company's business objectives are focused on the development, deployment and operation of mobile telecommunications infrastructure and related services in rural, remote and underserved markets, primarily through its subsidiaries operating in multiple jurisdictions. The Company seeks to pursue these objectives in a capital-efficient manner while managing the operational, regulatory and financial risks associated with international operations. Specifically, the Company's principal business objectives include:

1. Expansion
of NaaS Operations

To expand the deployment of network infrastructure and the provision of Network-as-a-Service solutions to mobile network operators, with a focus on rural and low-density markets where traditional network deployment may be constrained by economic or logistical factors.

2. Optimization
and Utilization of Existing Infrastructure

To optimize the performance, utilization and lifecycle of deployed network assets through ongoing monitoring, maintenance and selective technology upgrades, subject to commercial, technical and regulatory considerations.

3. Selective
Geographic Growth

To pursue disciplined expansion in jurisdictions where the Company has existing operational presence or where regulatory frameworks, market demand and partner relationships support sustainable deployment and operation of telecommunications infrastructure.

4. Development
and Commercialization of Proprietary Technology

To continue the development and commercialization of proprietary and modular telecommunications equipment, software and network management solutions designed for deployment in rural and remote environments.

5. Strengthening
Relationships with Mobile Network Operators and Partners

To maintain and expand long-term commercial relationships with mobile network operators, infrastructure partners and other counterparties to support network deployment, service delivery and operational scalability.

6. Prudent
Capital and Liquidity Management

To manage liquidity and capital resources in a manner that supports ongoing operations, infrastructure deployment and strategic initiatives, while balancing the need for external financing with the interests of securityholders.

7. Operational
and Regulatory Compliance

To conduct operations in compliance with applicable telecommunications, environmental, tax and securities regulations in each jurisdiction in which the Company operates, and to manage the risks inherent in operating across multiple legal and regulatory regimes

**Bankruptcy and Similar Procedures**

There are no bankruptcy, receivership or similar proceedings against the Company, nor is the Company aware of any such pending or threatened proceedings. There have not been any voluntary bankruptcy, receivership or similar proceedings by the Company within the three most recently completed financial years or proposed for the current financial year.

**Social and Environmental Policies**

The Company respects its employees, the environment and the communities in which its operates. The Company acknowledges that its activities can impact the environment. The Company believes that environmental stewardship is a sound business practice that will create value for its shareholders.

NuRAN commits to the following principles to ensure environmental stewardship:

1. comply
 with applicable legal requirements;

2. work
 to reduce or avoid potential environmental impacts through effective management, the
 wise use of resources, pollution prevention and other appropriate mitigative measures,
 including reducing the Company's carbon footprint; and

3. ensure
 that employees and contractors are aware of environmental policies, understand the policies,
 are aware of their roles and responsibilities, and have the appropriate training to do
 their work.

**Operations in an Emerging Market Jurisdiction**

Guidance from Canadian securities regulators provides that issuers operating in markets deemed "emerging markets" include additional disclosure with respect to operations in such markets. The Company has material operating subsidiaries located in the DRC, Cameroon, Benin, Madagascar and Ivory Coast. It is likely that operating in the DRC, Cameroon, Benin, Madagascar and Ivory Coast, may expose the Company to a certain degree of political, economic and other risks and uncertainties. For these reasons, the following disclosure is in included in contemplation of the guidance in Staff Notice 51-720 – *Issuer Guide for Companies Operating in Emerging Markets of the Ontario Securities Commission*.

The establishment and development of the subsidiaries in the DRC, Cameroon, Benin, Madagascar and Ivory Coast adds an additional regulatory framework to which the Company operates and is supplementary to the existing regulatory framework existing in Canada. The Company's operations are regulated at a significantly higher level than non-market regulatory businesses and this creates potential risk in the form of significantly higher costs associated with compliance and operations as well as standards or requirements that other businesses do not have to meet.

The dual regulatory framework that the Company will have to operate under when operations in the DRC, Cameroon, Benin, Madagascar and Ivory Coast are active, creates layers of structure that are governed by local regulatory environments that differ and will create additional risks and costs to monitor for the management of the Company. Each jurisdiction will require greater internal controls and adherence to a regulatory framework that creates challenges in relation to decisions making, communication, and compliance. The Company has enlisted internal risk managers and policies as well as experienced management to help facilitate adherence to regulatory requirements in order to meet this challenge.

The Company and its subsidiaries also employ numerous senior members of staff such as directors, employees and consultants that have significant experience in those markets. These include:

● Navindran Naidoo, a director on the Board of the Company, who has over 30 years telecommunications experience and was a former network executive of MTN Group, a position he held for 8 years and went on assignments in Nigeria, Uganda, Cameroon, and Swaziland, where he was instrumental in the initial planning, deployment, and operation of MTN's mobile networks in these countries.

● Gerard Lokossou, a strategic commercial advisor senior executive and strategic advisor, who has nearly 30 years of leadership experience across Africa in telecommunications and other sectors, including FMCG, renewable energy, and capital markets. He has held regional, group-level, and executive positions like MTN, Airtel Africa, and Orange, among other companies. He has led business turnarounds, growth acceleration strategies, and commercial transformations across West, Central, and East Africa. He brings a strong pan- African network of relationships with operators, regulators, investors, and strategic partners.

*Language and Cultural Differences*

French is an official language in the DRC, Cameroon, Benin, Madagascar, and Ivory Coast, while Cameroon also recognizes English as an official language. The Company's executive officers and all members of the Board are fluent in English and, in each case, English is their primary language. Francis Létourneau, the Company's CEO has French as his primary language. In addition, the Company operates in English and all Board materials are prepared in English. The Company works with advisors capable of professionally conversing in English and in French.

The financial records of the Company and its subsidiaries existing under the laws of the DRC, Cameroon, Benin, Madagascar, and Ivory Coast are maintained in French. The Company does not believe that any material language or cultural barriers exist.

Should a translation from a jurisdiction's official language to English be required, the Company intends to engage a professional translator to execute the required translation. In particular, the Company can rely on translators, bilingual local lawyers and/or bilingual local auditors.

The Company's executive officers and members of the Board are familiar with local management and take a strong interest in the direction and operational aspects of ongoing managerial decisions. The Company engages with all subsidiaries and staff on a global basis as a team and interacts through cross company telecommunications and internal media to update and communicate corporate advancement with great frequency.

*Risk Management and Disclosure*

The Company has implemented a system of corporate governance, internal controls over financial and disclosure controls and procedures that apply to the Company and its subsidiaries, which are overseen by the Board and implemented by senior management of the Company. Executive management and the Board prepare and review the financial reporting of its subsidiaries as part of preparing its consolidated financial reporting, and the Company's independent auditors review the consolidated financial statements under the oversight of the Company's Audit Committee. As required under NI 52-110, the Company's Audit Committee has the authority to engage independent counsel and other advisors as it deems necessary, to set the compensation for any such advisors, and to communicate directly with internal and external auditors. For additional details related to the Audit Committee and its role of oversight of the external auditor, see the heading "Audit Committee Information" in this AIF.

The board of the Company are responsible for maintaining good corporate governance practices and risk controls. The Company has a disclosure and confidentiality policy that establishes the protocol for the preparation, review and dissemination of information about the Company. This policy provides for multiple points of contact in the review of important disclosure matters.

*Internal Controls*

The Company prepares its consolidated financial statements on a quarterly and annual basis, using IFRS. The Company implements internal controls over the preparation of its financial statements and other financial disclosures, including its MD&A, to provide reasonable assurance that its financial reporting is reliable, the quarterly and annual financial statements are being prepared in accordance with IFRS and other financial disclosures, including its MD&A, are being prepared in accordance with relevant securities legislation. These systems are designed to ensure that, among other things, the Company has access to material information about its subsidiaries.

The Company's operations and adherence to risk management in the DRC, Cameroon, Benin, Madagascar, and Ivory Coast are regulated and actively monitored. The Company when operational in the DRC, Cameroon, Benin, Madagascar, and Ivory Coast, will have monthly risk adherence standards to meet and communicate to the regulator. The Company provides internal monitoring through management and deploys corporate risk officers in the DRC, Cameroon, Benin, Madagascar, and Ivory Coast to facilitate this ongoing requirement. Risk officers in the DRC, Cameroon, Benin, Madagascar, and Ivory Coast, in addition to internal compliance standards, are both pre-approved and their activities monitored by the regulatory authority.

*Related Parties*

The Company is subject to Canadian securities laws and accounting rules with respect to approval and disclosure of related party transactions and has policies in place which it follows to mitigate risk associated with potential related party transactions. The Company may transact with related parties from time to time, in which case such related party transaction may require disclosure in its consolidated financial statements and in accordance with relevant securities laws.

*Local Counsel and Advice*

The Company has retained legal counsel in various international jurisdictions in which it operates regarding various corporate and regulatory legal issues, including the Company's right to conduct business in the DRC, Cameroon, Benin, Madagascar, and Ivory Coast and other applicable jurisdictions, and has relied on advice from that counsel with respect to such matters. The Company ensures that any such counsel or provider retained has their credentials vetted, referenced, with considerable diligence and adherence to local licenses, professional associations, and regulators.

**RISK FACTORS**

AN INVESTMENT IN THE COMMON SHARES OF THE COMPANY IS SPECULATIVE IN NATURE AND INVOLVES A HIGH DEGREE OF RISK. Due to the nature of the Company's business and its present stage of development, prospective investors in the Company's securities should carefully consider the specific and general risks described below and elsewhere in this AIF. Additional risks and uncertainties not presently known to the Company or that the Company does not currently anticipate will be material, may impair the Company's business operations and its operating results and as a result could materially impact its business, results of operations, prospects and financial condition.

**Risk Related to the Issuer, its Business and Securities**

*The Issuer is a Holding Company*

The Issuer is a holding company and essentially all of its assets are the capital stock of its subsidiaries in each of the markets the Issuer operates in. As a result, investors in the Issuer are subject to the risks attributable to its subsidiaries. As a holding company, the Issuer conducts substantially all of its business through its subsidiaries, which generate substantially all of its revenues. Consequently, the Issuer's cash flows and ability to complete current or desirable future enhancement opportunities are dependent on the earnings of its subsidiaries and the distribution of those earnings to the Issuer. The ability of these entities to pay dividends and other distributions will depend on its operating results and will be subject to applicable laws and regulations which require that solvency and capital standards be maintained by such companies and contractual restrictions contained in the instruments governing its debt. In the event of a bankruptcy, liquidation or reorganization of any of the Issuer's material subsidiaries, holders of indebtedness and trade creditors may be entitled to payment of its claims from the assets of those subsidiaries before the Issuer.

*Investors May Lose Their Entire Investment*

An investment in the Common Shares is speculative and may result in the loss of an investor's entire investment. Only potential investors who are experienced in high-risk investments and who can afford to lose their entire investment should consider an investment in the Issuer.

*Evolving Business Strategy*

While the Issuer and the Group have existing operations and are generating revenues, they plan to expand their operations and staff to meet the requirements of their business initiatives. The commercial response to the product offerings is still uncertain, and although the Issuer and the Group believe that their strategy incorporates advantages compared to other suppliers of mobile and broadband wireless infrastructure solutions, if consumers do not respond favorably to the Issuer and the Group's products or if it takes longer to develop their products or establish their customer base or it proves to be more costly than currently anticipated to develop their businesses, revenues may be adversely affected.

*Liquidity, Going-Concern and Additional Financing Risk*

The Company's ability to continue operations, realize its assets and discharge its liabilities depends on its ability to generate sufficient cash flows from operations and obtain additional financing when required. The Company has historically relied on debt financings, equity financings and a restructuring transaction to fund its activities. There can be no assurance that additional financing will be available on acceptable terms, or at all. Failure to secure adequate financing could require the Company to delay, scale back or cease operations, restructure its obligations, or result in significant dilution to existing securityholders.

*Customer Concentration and Dependence Risk*

The Company is dependent on a limited number of customers for a significant portion of its revenues. The loss of one or more significant customers, a reduction or delay in customer purchases, contract terminations, disputes, or failure to renew existing arrangements could materially adversely affect the Company's business, results of operations, liquidity and financial condition.

*International Operations and Emerging Market Risk*

A substantial portion of the Company's operations and revenues are derived from jurisdictions outside Canada, including emerging markets. International operations expose the Company to economic, political, legal and regulatory risks, including political instability, civil unrest, changes in laws or regulations, expropriation or nationalization, restrictions on foreign ownership, limitations on the repatriation of funds, adverse tax consequences, customs and trade restrictions, and inconsistent enforcement of legal rights. These risks may be more pronounced in emerging markets where legal and regulatory systems are less developed or less predictable.

*Foreign Exchange Risk*

The Company generates a significant portion of its revenues in currencies other than the Canadian dollar, while a substantial portion of its operating costs are denominated in Canadian dollars and other currencies. Fluctuations in foreign exchange rates may materially adversely affect the Company's revenues, margins, cash flows and financial results.

*Sales Cycle, Revenue Timing and Contract Execution Risk*

The Company's sales cycles may be lengthy and involve complex technical, commercial and regulatory considerations. Revenue recognition may depend on customer acceptance, deployment milestones or other conditions. Delays in contract execution, customer approvals or project deployment may result in significant fluctuations in revenues, operating results and cash flows from period to period.

*Gross Margin, Cost Structure and Profitability Risk*

The Company's gross margins and profitability may be adversely affected by changes in customer, geographic or product mix, pricing pressure, higher input and manufacturing costs, inventory obsolescence, warranty claims, shipment volumes, timing of revenue recognition and execution of its service-based business model. There can be no assurance that historical margins will be sustained.

*Dependence on Key Personnel and Skilled Workforce*

The Company's success depends on its ability to attract, retain and motivate qualified technical, operational and management personnel. Competition for skilled professionals is intense, particularly in specialized telecommunications and technology roles. The loss of key personnel or the inability to recruit and retain qualified employees could materially adversely affect the Company's operations and strategic execution.

*Outsourcing, Manufacturing and Supply Chain Risk*

The Company relies on third-party manufacturers and suppliers for the production of certain products and components. The Company has limited control over third-party manufacturing capacity, quality, delivery schedules and cost structures. Supply disruptions, manufacturing defects, cost increases or delays could impair the Company's ability to meet customer obligations and negatively affect revenues and margins.

*Technology Development and Obsolescence Risk*

The Company operates in markets characterized by rapid technological change. Failure to anticipate or respond effectively to evolving customer requirements, technological advances or competing solutions could result in reduced demand for the Company's products and services, loss of market share and adverse impacts on growth prospects.

*Intellectual Property Risk*

The Company relies on patents, trademarks, trade secrets and contractual protections to safeguard its intellectual property. These protections may be insufficient to prevent unauthorized use, misappropriation or infringement by third parties. The Company may also be exposed to claims alleging infringement of third-party intellectual property rights, which could result in costly litigation, licensing obligations, operational restrictions or reputational harm.

*Regulatory and Compliance Risk*

The Company is subject to laws and regulations in multiple jurisdictions, including telecommunications, environmental, tax, labour and securities regulations. Changes in regulatory requirements, failure to obtain or maintain required approvals, or non-compliance with applicable laws could result in fines, penalties, operational restrictions, litigation or reputational damage.

*Credit Risk and Collection Risk*

The Company may experience longer payment cycles and increased difficulty collecting accounts receivable, particularly in certain jurisdictions. Customer defaults, disputes or payment delays could adversely affect liquidity and financial performance.

 

*Business Interruption and Force Majeure Risk*

The Company's operations may be disrupted by events beyond its control, including natural disasters, pandemics, transportation disruptions, political unrest, cyber incidents or other force majeure events. Such disruptions could materially adversely affect operations, customer relationships and financial results.

*Volatile Market Price for the Issuer's Common Shares*

In recent years, the securities markets in Canada have experienced a high level of price and volume volatility, and the market prices of securities of many companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continual fluctuations in price will not occur. It may be anticipated that any quoted market for the Common Shares will be subject to market trends generally, notwithstanding any potential success of the Issuer in creating revenues, cash flows or earnings. The value of Common Shares distributed hereunder will be affected by such volatility.

The wide fluctuations are in response of numerous factors, many of which will be beyond the Issuer's control, including, but not limited to the following:

1. actual
or anticipated fluctuations in the Issuer's quarterly results of operations;

2. recommendations
by securities research analysts;

3. changes
in the economic performance or market valuations of companies in the telecommunications industry;

4. addition
or departure of the Issuer's executive officers and other key personnel;

5. sales
or perceived sales of additional Common Shares, or other classes of shares of the Issuer;

6. operating
and financial performance that vary from the expectations of management, securities analysts and investors;

7. regulatory
changes affecting the telecommunications sector generally and the Issuer's business and operations ;

8. regulatory
changes affecting businesses generally within jurisdictions in which the Issuer operates or does business;

9. announcements
of developments and other material events by the Issuer's or its competitors;

10. fluctuations
to the costs of vital production materials and services;

11. significant
acquisitions or business combinations, strategic partnerships, joint ventures or capital commitments by or involving the Issuer
or its competitors;

12. operating
and share price performance of other companies that investors deem comparable to the Issuer or from a lack of market comparable
companies; and

13. news
reports relating to trends, concerns, technological or competitive developments, regulatory changes and other related issues in
the Issuer's industry or target markets.

*The Company's activities are subject to community relations and license to operate*

The Company's relationship with the local communities and local authorities where it operates is critical to ensure the future success of its existing activities and the potential development and operation of its business. Failure by the Company to maintain good relations with local stakeholders can result in adverse claims and difficulties for the Company. Adverse publicity could have a material adverse impact on the Company and its reputation. Reputation loss may result in decreased investor confidence, increased challenges in developing and maintaining community relations and an impediment to the Company's overall ability to advance its operations, which could have a material adverse impact on the Company's business, results of operations and financial condition.

*Reputational Risk*

As a result of the increased usage and the speed and global reach of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users, companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. The Company places a great emphasis on protecting its image and reputation, but the Company does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and an impediment to the Company's overall ability to advance its business, thereby having a material adverse impact on financial performance, cash flows and growth prospects.

**Risks Related To The Trading And Telecommunications Sector**

*Competitive Conditions*

The Company operates in highly competitive markets that include traditional telecommunications equipment vendors, network infrastructure providers, and tower companies, many of which have greater financial, technical, and operational resources than the Company. These markets are characterized by rapid innovation, evolving technologies, and significant price competition. Competition is based on a number of factors, including pricing, cost efficiency, deployment speed and flexibility, power efficiency, service reliability, and business model. The Company's competitiveness, particularly in rural and low-density markets, depends in part on its ability to deliver cost-effective and flexible wireless infrastructure solutions through its integrated Network-as-a-Service (NaaS) model. Increased competition could result in pricing pressure, reduced margins, loss of customers, or reduced growth opportunities. There can be no assurance that the Company will be able to maintain its competitive position or that competitive pressures will not materially and adversely affect its market share, operating results, or financial condition.

*Industry Cyclicality and Market Demand Risk*

Demand for telecommunications infrastructure, network services and related technologies may be affected by macroeconomic conditions, capital spending cycles, customer budget constraints and shifts in industry priorities. Economic downturns or reduced infrastructure investment could materially adversely affect demand for the Company's products and services.

*Component Supply and Availability*

The telecommunications and infrastructure sector relies on complex global supply chains and logistics networks. The Company relies on third-party suppliers for key components, including radio equipment, power systems, transmission equipment, and related infrastructure, which are sourced from an international supplier base. The availability, pricing, and delivery timelines of these components are subject to global supply chain conditions, including manufacturing capacity constraints, transportation disruptions, shipping delays, customs restrictions, geopolitical events, trade restrictions, tariffs, and other disruptions beyond the Company's control. Although the Company seeks to mitigate supply chain risks through supplier diversification, there can be no assurance that alternative suppliers will be available on commercially reasonable terms or at all. Any disruption or delay in the supply or delivery of critical components could adversely affect the Company's deployment schedules, operating performance, and financial results.

*Standardization and Interoperability Risk*

Many telecommunications technologies are subject to industry standards that are accessible to competitors. The Company's products and services must interoperate with third-party systems and networks. Failure to comply with evolving standards or maintain interoperability could limit market acceptance and competitiveness.

*Sector-Specific Regulatory and Licensing Risk*

The telecommunications sector is subject to extensive regulation, including licensing requirements and operational approvals that vary by jurisdiction. Regulatory changes, delays in licensing or revocation of permits could materially adversely affect the Company's ability to operate or expand in certain markets.

*Reliance on Intellectual Property and Regulatory Authorizations*

The Company's operations depend on proprietary technology, software, and technical know-how related to its wireless infrastructure solutions. The Company may not be able to adequately protect its intellectual property rights, and unauthorized use, infringement, or misappropriation by third parties could occur. In addition, the Company relies on licences, permits, and regulatory authorizations in multiple jurisdictions to conduct its business. The loss, suspension, non-renewal, or material modification of any such intellectual property rights or regulatory approvals, or the inability to obtain new or amended approvals on acceptable terms, could materially and adversely affect the Company's operations, business prospects, and financial condition.

*Operations in Foreign Jurisdictions*

The Company's investments and interests may be exposed to various degrees of political, economic and other risks and uncertainties in a foreign jurisdiction. In particular, the Company's business objectives may be affected by the local and governing political and economic developments including and not limited to: expropriation of property including intellectual property rights, invalidation of government orders, permits or agreements to operate, political unrest, labour disputes, limitations on repatriation of earnings, limitation on foreign ownership, inability to obtain or delays in obtaining necessary approvals, licenses, permits, or authorizations, government participation, royalties, rates of exchange, high rates of inflation, price controls, exchange controls, currency fluctuations, taxation and changes in laws, regulations or policies. The Company's investments may also be adversely affected by the laws and policies of Canada affecting foreign trade, taxation and investment. In the event of a dispute arising in connection with a business interest of the Company in an international jurisdiction, the Company may be subject to the exclusive jurisdiction of foreign courts and may not be successful in subjecting foreign persons to the jurisdiction of courts of Canada or enforcing Canadian judgments in other jurisdictions. The Company may also be hindered or prevented from enforcing its rights with respect to a governmental instrumentality because of the doctrine of sovereign immunity. Accordingly, regulated exchange activities in international jurisdictions involving the Company or a subsidiary could be substantially affected by factors beyond the Company's control, and which could have a material adverse effect on the Company.

*Volatility of Prices*

Changes in global macro-economic conditions, including trade tariffs, volatility in global markets, supply chain constraints, and increased price competition can influence equipments prices. Crude oil prices and metals can remain under pressure for a prolonged period. This could subsequently result in market access constraints, regional and international supply shortages, reduced utilization and demand imbalances. The uncertainty and increased risk caused by volatile markets could be mitigated using financial derivatives to hedge the positions the Issuer takes.

*Fluctuations in currency exchanges rates*

The Issuer and Group find their suppliers and customers across the globe, while operations and operating costs are spread across several different countries and currencies. Fluctuation in exchange rates, in particular, movements in Canadian Dollars and African currencies, may have a material impact on the Issuer and the Group's financial results. Note that the business is mainly executed on a dollar basis on the purchasing, selling as well as the financing side. If currency is not naturally hedged through back-to-back deals, the exposure is hedged through adequate instruments.

*Government or Regulatory Policy*

The industry is also subject to regulation and intervention by governments including changes in government policy, regulation, and involvement of other laws, potentially materially impacting the Issuer and the Group's ability to transact. Management follows these developments in order to ensure that the Issuer and the Group can flex its strategy as needed.

*Climate Change and Emissions*

Climate change may cause more frequent and severe weather events, diminished biodiversity, and changing weather factors such as fluctuating temperatures, precipitation, wind, and water levels. Physical risks from climate change may also result in operational or supply chain delays, depending on the nature of the event.

*Access to Capital and Liquidity*

With the market volatility, access to sufficient capital and liquidity is critical in enabling the Issuer and the Group to operate. The Issuer and the Group's growth plans are also highly dependent upon having access to adequate capital and liquidity. It is important that the Issuer and the Group has access to different lines of financing and use of available headroom with their financiers helps to mitigate the liquidity risk.

*Credit Risk*

The Issuer and the Group are exposed to the credit risk of their customers in the ordinary course of the business. Generally, the customers are otherwise considered creditworthy or provide the Issuer and the Group security to satisfy credit concerns. However, the Issuer and the Group cannot predict to what extent their business would be impacted by deteriorating conditions in the economy, including possible declines in their customers' creditworthiness. It is possible that customer payment defaults, if significant, could adversely affect their earnings and cash flows. The Issuer and the Group currently have credit insurance to cover credit receivables which is used to mitigate this risk.

*Margin Risk*

Difficulty arises if the Issuer and the Group make losses on the utilisation of options to manage the risks in the portfolio, which results in reduced levels of liquidity. The daily management of cash flows and liquidity is essential to the operation of the business so they can meet repayment obligations.

*Errors in IT*

The Issuer and the Group are using information and communication technology to run their business. Although their infrastructure is carefully designed and a team is involved to monitor and maintain it, unforeseen changes or events could adversely affect their business.

*Tax Law Environment*

The Issuer and the Group operate in Canada and various countries in Africa. Adjustments in tax regimes could adversely affect the business.

 

*Legal*

In trading, the Issuer and the Group enter into a multitude of contracts with suppliers, customers and service providers. Although the Issuer and the Group intend to carry out any contractual commitment and are selective in choosing its counterparts, the risk remains that a situation arises that will lead to legal arbitration and subsequent adverse effects.

*Discretion in the Available Funds*

Management has discretion concerning the use of the Issuer's available funds, as well as the timing of its expenditure. As a result, investors will be relying on the judgment of management for the application of the Issuer's available funds. The results and the effectiveness of the application of the proceeds are uncertain. If the proceeds are not applied effectively, the results of the Issuer's operations may suffer.. However, management may elect to allocate the proceeds differently from that described under" if it believes it would be in the Issuer and the Group's best interest to do so. Shareholders may not agree with the manner in which Management chooses to allocate and spend the Issuer's available funds and proceeds.

*Future Acquisitions or Dispositions*

Material acquisitions, dispositions and other strategic transactions involve a number of risks, including: (i) potential disruption of the Issuer and the Group's ongoing business; (ii) distraction of management; (iii) the Issuer and the Group may become more financially leveraged; (iv) the anticipated benefits and cost savings of those transactions may not be realized fully or at all or may take longer to realize than expected; (v) increasing the scope and complexity of the Issuer and the Group's operations; (vi) loss or reduction of control over certain of the Issuer and the Group's assets; and (vii) litigation or other disputes concerning either the Issuer and the Group's obligations to counterparties under relevant transaction documents or liabilities of an acquisition target or its previous owners (whether disclosed or undisclosed at the time of the relevant transaction).

Additionally, the Issuer may issue additional Common Shares or other securities of the Issuer in connection with such transactions, which would dilute a shareholder's holdings in the Issuer.

The presence of one or more material liabilities of an acquired company that are unknown to the Issuer and the Group at the time of acquisition could have a material adverse effect on the business, results of operations, prospects and financial condition of the Issuer and the Group. While the Issuer and the Group attempt to obtain appropriate indemnification provisions in connection with their acquisitions and dispositions, the Issuer and the Group may still be exposed to significant financial or reputational risk as a result of entering into such transactions.

*Dilution from Equity Financing could Negatively Impact Holders of Common Shares*

The Issuer may from time to time raise funds through the issuance of Common Shares or the issuance of debt instruments or other securities convertible into Common Shares. The Issuer cannot predict the size or price of future issuances of Common Shares or the size or terms of future issuances of debt instruments or other securities convertible into Common Shares, or the effect, if any, that future issuances and sales of the Issuer's securities will have on the market price of the Common Shares. Sales or issuances of substantial numbers of Common Shares, or the perception that such sales or issuances could occur, may adversely affect prevailing market prices of the Common Shares. With any additional sale or issuance of Common Shares, or securities convertible into Common Shares, investors will suffer dilution to their voting power and the Issuer may experience dilution in its earnings per share.

*Management of Debt Dependent on Cash Flow*

An economic downturn may negatively impact the Issuer and the Group's cash flows. Credit and capital markets can be volatile, which could make it more difficult for the Issuer and the Group to obtain additional debt or equity financings in the future. Such constraints could increase the Issuer and the Group's costs of borrowing and could restrict their access to other potential sources of future liquidity.

The Issuer and the Group's failure to have sufficient liquidity to make interest and other payments required by its debt could result in a default of such debt and acceleration of the Issuer and the Group's borrowings, which would have a material adverse effect on the Issuer and the Group's business and financial condition. To the extent the Issuer and the Group incur indebtedness, principal and interest payments on such indebtedness will have to be made when due, regardless of whether sufficient cash flow or income is available. If payments on any debts and obligations are not made when due, it may result in substantial adverse consequences to the Issuer and the Group, including adverse income tax consequences.

*Management and Directors*

The success of the Issuer is currently largely dependent on the performance of its officers. The loss of the services of these persons will have a materially adverse effect on the Issuer's business and prospects. There is no assurance the Issuer can maintain the services of its officers or other qualified personnel required to operate its business. Failure to do so could have a material adverse effect on the Issuer and its prospects.

The Issuer has made certain forward-looking statements in this AIF regarding the future plans and intentions of the Issuer. Investors are cautioned that while the Issuer presently believes such statements to be accurate, the current Board of Directors and management of the Issuer do not have the power to irrevocably bind future Boards of Directors, management or shareholders of the Issuer and, accordingly, cannot guarantee that such plans and intentions will be fulfilled by the Issuer, if any.

*Litigation*

The Issuer may from time to time be involved in various claims, legal proceedings and disputes arising from disputes in the ordinary course of business. If such disputes arise and the Issuer is unable to resolve these disputes favourably, it may have a material and adverse effect on the Issuer's profitability or results of operations and financial condition.

*Conflicts of Interest*

Certain of the directors of the Issuer serve as directors of other companies or have significant shareholdings in other companies and, to the extent that such other companies may participate in ventures in which the Issuer may participate, the directors of the Issuer may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In the event that such a conflict of interest arises at a meeting of the board of directors of the Issuer, a director who has such a conflict will abstain from voting for or against the approval of such a participation or such terms. It may occur that a particular company will assign all or a portion of its interest in a particular program to another of these companies due to the financial position of the company making the assignment. The directors of the Issuer are required to act honestly, in good faith and in the best interests of the Issuer. In determining whether or not the Issuer will participate in a particular program and the interest therein to be acquired by it, the directors will primarily consider the degree of risk to which the Issuer may be exposed and its financial position at that time.

*Dividends*

The Issuer does not anticipate paying any dividends on its Common Shares in the foreseeable future.

**DIVIDEND POLICY**

The Issuer has not declared dividends on any of its shares in the past and does not intend to pay any in the foreseeable future. Any future determination to pay dividends will be at the discretion of the Board and will depend on the financial condition, business environment, operating results, capital requirements, any contractual restrictions on the payment of dividends and any other factors that the Board deems relevant.

**DESCRIPTION OF THE CAPITAL STRUCTURE**

**Authorized and Issued and to be Issued Share Capital**

The authorized share capital of the Issuer consists of an unlimited number of Common Shares without par value. As of the date of this AIF, 13,084,716 Common Shares were issued and outstanding as fully paid and non-assessable shares.

**Common Shares**

The holders of the Common Shares are entitled to receive notice of and to attend and vote at all meetings of the shareholders of the Issuer and each Common Share confers the right to one vote in person or by proxy at all meetings of the shareholders of the Issuer. The holders of the Common Shares, subject to the prior rights, if any, of any other class of shares of the Issuer, are entitled to receive such dividends in any financial year as the Board may by resolution determine. Holders of the Common Shares have the right, as respect to capital, to participate in distributions (including winding-ups) are entitled to receive, subject to the prior rights, if any, of the holders of any other class of shares of the Issuer, the remaining property and assets of the Issuer. The Common Shares are not redeemable.

**Warrants**

As of the day of the AIF, there are 6,363,824 Warrants issued and outstanding. The Warrants are exercisable at prices from $4.34 to $120 to acquire one Common Share until August 28, 2026, November 26, 2028, December 22, 2030,

December 29, 2030, and January 30, 2031.

3,599,010 Warrants are currently subject to an undertaking of the BCSC, whereby the Warrants cannot be exercised into Common Shares until (i) two business days following the removal of the Company from the BCSC's Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the undertaking.

**Stock Options**

As of the date of this AIF, there are 8,267 stock options outstanding, issued to the directors, officers and consultants of the Issuer. The stock options are exercisable at prices from $127.50 to $705 to acquire one Common Share per stock option until October 20, 2026, October 26, 2026, and January 27, 2027.

**Restricted Share Units**

As of the date of this AIF, there are no restricted share units issued and outstanding.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The Common Shares are listed for trading on the Canadian Securities Exchange under the trading symbol "NUR" and on the OTCQB under the symbol "NRRWF" and on the Frankfurt Stock Exchange under the symbol "1RN".

The following table sets out the intraday high and low prices and the trading volume for the Common Shares traded on the CSE during the 12-month period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Month** | **Low (CAD)** | **High (CAD)** | **Volume** |
| January 2025 | 0.07 | 0.085 | 2854500 |
| February 2025 | 0.065 | 0.10 | 4481400 |
| March 2025 | 0.065 | 0.085 | 1915500 |
| April 2025 | 0.07 | 0.095 | 3943200 |
| May 2025 | 0.08 | 0.1150 | 4591800 |
| June 2025 | 0.0750 | 0.1050 | 4778400 |
| July 2025 | 0.0500 | 0.0850 | 3111600 |
| August 2025 | 0.0350 | 0.055 | 4482900 |
| September 2025 | 0.025 | 0.045 | 14411400 |
| October 2025 | 0.02 | 0.03 | 5269200 |
| November 2025 | 0.015 | 0.02 | 951600 |
| December 2025<sup>(1)</sup> | 7.50 | 7.50 | 27797 |

---

<u>Note:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(1) On
December 9, 2025, the Company completed a 300-for-1 share consolidation.

**Prior Sales**

The following table sets forth the securities issued or granted by the Company during the fiscal year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issue** | &nbsp;&nbsp;**Type of Security** | &nbsp;&nbsp;**Number of Securities<sup>(1)</sup>** | &nbsp;&nbsp;**Exercise Price per**<br> **Security<sup>(1)</sup>** |
| &nbsp;&nbsp;August 26, 2025 | &nbsp;&nbsp;Common shares | &nbsp;&nbsp;100000 | &nbsp;&nbsp;$15 |
| &nbsp;&nbsp;November 26, 2025 | &nbsp;&nbsp;Common Shares<br> (underlying the units) | &nbsp;&nbsp;45454 | &nbsp;&nbsp;$6.60 |
| &nbsp;&nbsp;November 26, 2025 | &nbsp;&nbsp;Warrants (underlying the units) | &nbsp;&nbsp;22727 | &nbsp;&nbsp;$9.90 |
| &nbsp;&nbsp;December 22, 2025 | &nbsp;&nbsp;Common Shares<br> (underlying the units) | &nbsp;&nbsp;10380618 | &nbsp;&nbsp;$2.89 |
| &nbsp;&nbsp;December 22, 2025 | &nbsp;&nbsp;Warrants (underlying the units) | &nbsp;&nbsp;5190309 | &nbsp;&nbsp;$4.335 |
| &nbsp;&nbsp;December 22, 2025 | &nbsp;&nbsp;Common Shares<br> (underlying the units) | &nbsp;&nbsp;2115064 | &nbsp;&nbsp;$2.89 |
| &nbsp;&nbsp;December 22, 2025 | &nbsp;&nbsp;Warrants (underlying the units) | &nbsp;&nbsp;1057532 | &nbsp;&nbsp;$4.335 |
| &nbsp;&nbsp;December 29, 2025 | &nbsp;&nbsp;Common Shares<br> (underlying the units) | &nbsp;&nbsp;147668 | &nbsp;&nbsp;$2.89 |
| &nbsp;&nbsp;December 29, 2025 | &nbsp;&nbsp;Warrants (underlying the units) | &nbsp;&nbsp;73834 | &nbsp;&nbsp;$4.335 |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;(1) On
 December 9, 2025, the Company completed a 300-for-1 share consolidation. Figures are
 calculated on a post- consolidation basis.

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTIONS ON TRANSFER**

**Escrowed Securities**

On April 17, 2026, the former shareholders of the Factor entered into an undertaking pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the SPA, notwithstanding the expiry or removal of any legend required under applicable securities laws. The Undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the BCSC's Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

As of the date of this AIF, the following table sets forth details of the Escrowed Securities that are subject to a contractual restriction on transfer as of the date of this AIF:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **No. of Common Shares held per<br> the Undertaking** | **Percentage of Class as at<br> the date of the AIF** | **No. of Warrants held in <br> the Undertaking** |
| Shimshon Posen | 1159966 | 8.87% | 579983 |
| AK Holdings Group Inc. | 1288927 | 9.85% | 644463 |
| Joseph and Marla Posen Family Trust | 1288927 | 9.85% | 644463 |
| Xorax Family Trust | 1124567 | 8.59% | 562283 |
| Donal Carroll | 1124567 | 8.59% | 562283 |
| Pacific Investment Holdings Limited | 1124567 | 8.59% | 562283 |
| Roxanne Letourneau | 86505 | 0.66% | 43252 |
| **TOTAL:** | 7198026 | 8.87% | 3599010 |

---

<u>Note:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Based
on 13,084,716 Common Shares issued and outstanding as of the date of the AIF.

**DIRECTORS AND EXECUTIVE OFFICERS**

The following table provides the names, provinces of residence, positions, principal occupations and the number of voting securities of the Issuer that each of the directors and executive officers beneficially owns, directly or indirectly, or exercises control over, as of the date hereof:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Province or State and** <br> **Country of Residence and**<br> **Position(s) with the Company** | &nbsp;&nbsp;**Principal Occupation,** <br> **Business or Employment**<br> **for Last Five Years** | &nbsp;&nbsp;**Periods during** <br> **which Nominee** <br> **has Served as a** <br> **Director or**<br> **Officer** | &nbsp;&nbsp;**Number of** <br> **Common** <br> **Shares**<br> **Owned**<sup>(2)</sup> |
| &nbsp;&nbsp;**Francis Letourneau**<br> Quebec City, QC<br> *President, CEO and Director* | &nbsp;&nbsp;CEO and President of NuRAN Wireless since August 28, 2020 and October 16, 2020, respectively; VP, Sales & Marketing of NuRAN Wireless 2015 to 2020 | &nbsp;&nbsp;Since March 16, 2016 | &nbsp;&nbsp;7967 |
| &nbsp;&nbsp;**Jim Bailey**<br> Newbury, United Kingdom<br> *CFO* | &nbsp;&nbsp;CFO of NuRAN Wireless; financial consultant to SMEs and enterprise clients providing corporate finance advice in M&A, business planning and financing | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;3042 |
| &nbsp;&nbsp;**Binyomin Posen<sup>(1)</sup>**<br> Toronto, ON<br> *Director* | &nbsp;&nbsp;Senior Analyst at Plaza Capital Ltd. since 2017 | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Brendan Purdy<sup>(1)</sup>**<br> Toronto, ON<br> *Director* | &nbsp;&nbsp;Principal lawyer at Purdy Law since January 2014 | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Vitor Fonseca<sup>(1)</sup>**<br> Toronto, ON<br> *Director* | &nbsp;&nbsp;Treasurer and Vice President of Romspen Investment Corp. from February 2007 to February 2022; Director of Canntab Therapeutics Ltd. from April 11, 2018 to May 1, 2023 | &nbsp;&nbsp;Since March 11, 2021 | &nbsp;&nbsp;27761 |
| &nbsp;&nbsp;**Navindran Naidoo**<br> Johannesburg, South Africa<br> *Director* | &nbsp;&nbsp;Various Senior Management positions in Group Technology as well as being the Network Executive from 2013 to 2021. He has had previous assignments in Nigeria, Uganda, Cameroon, and Swaziland | &nbsp;&nbsp;Since February 1<sup>st</sup>, 2024 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Avi Minkowitz** <br> Toronto, ON<br> *Director* | &nbsp;&nbsp;Entrepreneur and finance professional with various private hedge funds | &nbsp;&nbsp;*Since September 30, 2025* | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Joseph Labkowski**<br> Cape Coral, Florida, USA<br> *Director* | &nbsp;&nbsp;Executive Director of the Chabad Jewish Center of Cape Coral | &nbsp;&nbsp;*Since December 22, 2025* | &nbsp;&nbsp;Nil |

---

Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Member
 of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information as to the number of Shares (being the only voting securities of the Company)
 beneficially owned, or controlled or directed, directly or indirectly, is as of the date
 of this AIF, and has been furnished to the Company by the respective nominees individually.
 These figures do not include any securities that are convertible into or exercisable
 for Common Shares of the Company. The number of shares has been updated as a result of
 the 300:1 consolidation that took place on December 9, 2025.

The term of office of the directors expires annually at the time of the Issuer's annual general meeting. The term of office of the officers expires at the discretion of the Issuer's directors.

The Issuer has two committees, the Audit Committee, comprised of Binyomin Posen, Brendan Purdy, and Vitor Fonseca.

Directors and executive officers, as a group, beneficially own, control or direct, directly or indirectly, 38,770 Common Shares, representing approximately 0.30% of the issued and outstanding Common Shares.

**Corporate Cease Trade Orders or Bankruptcies**

Other than as set out below, to the Issuer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. no
existing or proposed director, chief executive officer, chief financial officer or promoter of the Issuer is as of the date hereof,
or within the ten years prior to the date hereof has been, a director or executive officer of any other company that, while that
person was acting in the capacity of director or executive officer of that company, was the subject of a cease trade order or
similar order or an order that denied the company access to any statutory exemptions for a period of more than 30 consecutive
days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. no
existing or proposed director, chief executive officer, chief financial officer or promoter of the Issuer is as of the date hereof,
or within the ten years prior to the date hereof ceased to be a director or executive officer of any other company that, was the
subject of a cease trade order or similar order or an order that denied the company access to any statutory exemptions for a period
of more than 30 consecutive days that was issued after the director, executive officer or promoter ceased to be a director or
executive officer and which resulted from an event that occurred while that person was acting in the capacity as director or executive
officer.

On May 19, 2022, the Company was subject to a cease trade order due to the Company's prior auditor, Mallette LLP, including an auditor's report that expressed a modified audit opinion with the Company's audited annual financial statements for the year ended December 31, 2021. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company re-filed its audited annual financial statements for the year ended December 31, 2021 including an auditor's report that expressed an unmodified audit opinion, the British Columbia Securities Commission issued a revocation order on June 29, 2022.

On May 2, 2023, the Company was subject to a management cease trade order due to the Company failing to file its annual audited financial statements for the year ended December 31, 2022, and its management's discussion and analysis relating thereto before the prescribed deadline of May 1, 2023. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company filed its audited annual financial statements for the year ended December 31, 2022 and its management's discussion and analysis relating thereto, the British Columbia Securities Commission issued a revocation order on May 15, 2023.

Brendan Purdy was director of Boomerang Oil, Inc. ("**Boomerang**") when on February 3, 2015, which was subject to a cease trade order issued by the BCSC due to Boomerang failing to file its annual audited financial statements for the period ended September 30, 2014, and its management's discussion and analysis relating thereto within the prescribed time period under applicable securities laws. Mr. Purdy is no longer a director of Boomerang.

Brendan Purdy is currently a director of Rotonda Ventures Corp. ("**Rotonda**"). Rotonda was subject to a cease trade order issued by the BCSC on September 3, 2020 for failure to file its annual financial statements and accompanying management's discussion and analysis for the period ended April 30, 2020, within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked.

Brendan Purdy is currently a director of Wellbeing Digital Sciences Inc. ("**Wellbeing Digital**"). Wellbeing Digital was subject to a cease trade order issued by the BCSC on April 5, 2023 for failure to file its annual financial statements and accompanying management's discussion and analysis for the period ended October 31, 2022 and interim financial statements and accompanying management's discussion and analysis for the period ended January 31, 2023, within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked. Mr. Purdy is no longer a director of Wellbeing Digital.

Binyomin Posen and Brendan Purdy were directors of i3 Interactive Inc. ("**i3**") when on June 29, 2022, the BCSC issued a management cease trade order (the "**i3 MCTO**") against i3 and insiders of i3, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended February 28, 2022 and corresponding certifications of the foregoing within the time prescribed under NI 51-102. Binyomin Posen was a director of i3 at the time of the i3 MCTO, and remains a director as of the date hereof. The i3 MCTO remains in effect as of the date hereof.

Binyomin Posen was a director of Ryah Group Inc. ("**Ryah**") when on July 5, 2022, the Ontario Securities Commission (the "**OSC**") issued a cease trade order (the "**Ryah CTO**") against Ryah, to replace the management cease trade order issued by the OSC on May 5, 2022 (the "**Ryah MCTO**"), for failure to file its (i) audited annual financial statements and related management's discussion and analysis for the year ended December 31, 2021 and corresponding certifications of the foregoing (the "**2021 Annual Records**"); and (ii) interim financial statements and related management's discussion and analysis for the interim period ended March 31, 2022 and corresponding certifications of the foregoing (the "**2022 Interim Records**") within the time prescribed under NI 51-102. Binyomin Posen was a director of Ryah at the time of the Ryah CTO and Ryah MCTO, and remains a director as of the date hereof. The Ryah CTO remains in effect as of the date hereof.

Vitor Fonseca was a director of Canntab Therapeutics Limited ("**Canntab**") when on October 4, 2023, the BCSC issued a cease trade order against Canntab, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended May 31, 2023 and corresponding certifications of the foregoing within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked. Mr. Fonseca is no longer a director of Canntab.

**Penalties or Sanctions**

To the Issuer's knowledge, no director or executive officer of the Issuer, or any shareholder holding a sufficient number of securities of the Issuer to affect materially the control of the Issuer has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or been subject to any other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision.

On May 3, 2019, pursuant to a disciplinary hearing of the Law Society of Ontario, Mr. Purdy admitted fault for failing to cooperate with an investigation of the Law Society of Ontario by failing to provide a prompt and complete response to written and oral requests from the Law Society. Mr. Purdy was issued a reprimand and ordered to pay costs to the Law Society. Mr. Purdy remains a member of the Law Society of Ontario.

**Personal Bankruptcies**

To the Issuer's knowledge, no existing or proposed director, executive officer or a shareholder holding a sufficient number of securities of the Issuer to affect materially the control of the issuer is as of the date hereof, or within the ten years prior to the date hereof, been declared bankrupt or made a voluntary assignment into bankruptcy, made a proposal under any legislation relating to bankruptcy or insolvency or has been subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold his or her assets.

On August 28, 2020, the board of directors of Nutaq Innovation Inc. ("**Nutaq**"), a wholly owned subsidiary of the Company, ceased operations and all directors except for Mr. Letourneau resigned their respective positions. On September 2, 2020, Nutaq filed for bankruptcy with the Office of the Superintendent of Bankruptcy under the Bankruptcy and Insolvency Act (Canada). Mr. Letourneau has been director of Nutaq Innovation Inc since December 8, 2017. On September 22, 2020, the assigned trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all of the assets of Nutaq, including all of Nutaq's inventory, equipment and R&D equipment, trademarks, patents, accounts receivable, bank account and SR&ED credits would be sold by the Trustee with the consent of the first ranking secured creditors. Subsequent to the year ended October 31, 2020, the only operations of the Company is through the parent company and the Company intends to continue the former business of its subsidiary going forward.

**Conflicts of Interest**

The directors of the Issuer are required by law to act honestly and in good faith with a view to the best interests of the Issuer and to disclose any interests, which they may have in any project or opportunity of the Issuer. If a conflict of interest arises at a meeting of the Board of Directors, any director in a conflict will disclose his interest and abstain from voting on such matter.

To the Issuer's knowledge and other than disclosed herein, there are no known existing or potential conflicts of interest among the Issuer, its promoters, directors and officers or other members of management of the Issuer or of any proposed promoter, director, officer or other member of management as a result of their outside business interests except that certain of the directors and officers serve as directors and officers of other companies and therefore it is possible that a conflict may arise between their duties to the Issuer and their duties as a director or officer of such other companies.

**AUDIT COMMITTEE INFORMATION**

**Audit Committee**

National Instrument 52-110 – *Audit Committees* ("**NI 52-110**"), NI 41-101 and Form 52-110F1 require the Issuer to disclose certain information relating to the Issuer's Audit Committee and its relationship with the Issuer's independent auditors.

*Audit Committee Charter*

The text of the Audit Committee's charter is attached hereto as Schedule "A".

*Composition of Audit Committee* 

As of the date hereof, Binyomin Posen, Brendan Purdy, and Vitor Fonseca have been members of the Audit Committee. Pursuant to National Instrument 52-110, the majority of the members of the Audit Committee are directors that are independent and free from any interest and any business or other relationship which could or could reasonably be perceived to, materially interfere with the director's ability to act with the best interests of the Company, other than the interests and relationships arising from shareholders. All members of the Audit Committee are independent.

All of the Audit Committee members are "financially literate" as defined in National Instrument 52-110, as all have the industry experience necessary to understand and analyze financial statements of the Company, as well as the understanding of internal controls and procedures necessary for financial reporting. The Audit Committee is responsible for review of both interim and annual financial statements for the Company. For the purposes of performing their duties, the members of the Audit Committee have the right at all times, to inspect all the books and financial records of the Company and any subsidiaries and to discuss with management and the external auditors of the Company any accounts, records and matters relating to the financial statements of the Company. The audit committee members meet periodically with management and annually with the external auditors.

*Relevant Education and Experience*

Each of Binyomin Posen, Vitor Fonseca, and Brendan Purdy meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

*<u>Vitor Fonseca</u>*

Mr. Fonseca was the Vice President and Treasurer of Romspen Investment Corporation, one of the largest private commercial real estate lenders in Canada with a $3 billion north American portfolio. Immediately prior to joining Romspen he was COO of a retirement home developer and operator. He was also a director and Chair of the Audit Committee of Canntab Therapeutics Inc. and is a director of Magellan Communities Care a not for profit organization developing a senior care complex in downtown Toronto. He was a former director and Chair of the Audit Committee of Mission Ready Services Inc. and Enwave Energy Corporation. Mr. Fonseca holds an MBA from the Rotman School of Management , a CPA-CGA and is also a graduate of the Institute of Corporate Directors.

 

*<u>Brendan Purdy</u>*

Mr. Purdy is a practicing securities lawyer focused on the resource, life sciences, and technology sectors. In his private practice, he has developed extensive experience with respect to public companies, capital markets, mergers and acquisitions, and other transactions fundamental to the Canadian junior equity markets. Prior to receiving his J.D. from the University of Ottawa, Mr. Purdy completed a Bachelor of Management and Organizational Studies degree from the University of Western Ontario, majoring in finance and administration. Mr. Purdy was previously CEO of Enforcer Gold Corp. and High Hampton Holdings Corp., and has served as director of several private and public companies. Mr. Purdy is currently serving on the board of DGTL Holdings Inc., a digital media technology incubator.

*<u>Binyomin Posen</u>*

Mr. Binyomin Y. Posen is a CEO, Chief Financial Officer & Director at Rio Verde Industries, Inc., a Director, Chief Executive & Financial Officer at TransGlobe Internet & Telecom Co. Ltd., a Director, Chief Executive & Financial Officer at Shane Resources Ltd., an Independent Director at Pacific Iron Ore Corp., a Director, Chief Executive & Financial Officer at Prominex Resource Corp., an Independent Director at Red Light Holland Corp., a Director, Chief Executive & Financial Officer at Jiminex, Inc., a Director, Chief Executive & Financial Officer at Sniper Resources Ltd., a Chief Executive Officer, CFO & Director at Academy Explorations Ltd., an Independent Director at Senternet Phi Gamma, Inc., a President, CEO, CFO, Secretary & Director at Agau Resources, Inc. and a President at 2778533 Ontario, Inc.

*Audit Committee Oversight*

Since the commencement of the Company's most recently completed financial year, the Company Board has not failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

*Reliance on Certain Exemptions*

Since the commencement of the Company's most recently completed financial year, the Company has not relied on the exemptions contained in sections 2.4 or 8 of National Instrument 52-110. Section 2.4 (De Minimis Non-audit Services) provides an exemption from the requirement that the Audit Committee must pre-approve all non-audit services to be provided by the auditor, where the total amount of fees related to the non-audit services are not expected to exceed 5% of the total fees payable to the auditor in the fiscal year in which the non-audit services were provided. Section 8 (Exemptions) permits a company to apply to a securities regulatory authority for an exemption from the requirements of National Instrument 52-110 in whole or in part.

*Pre-Approval Policies and Procedures*

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter of the Company.

*External Auditor Service Fees*

In the following table, "audit fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of the Company's financial statements. "Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All other fees" are fees billed by the auditor for products and services not included in the foregoing categories. The aggregate fees billed by the Company's external auditor in the last two fiscal years, by category, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Auditor** | &nbsp;&nbsp;**Financial Year**<br> **Ended** | &nbsp;&nbsp;**Audit Fees ($)** | &nbsp;&nbsp;**Audit Related**<br> **Fees ($)** | &nbsp;&nbsp;**Tax Fees ($)** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;SRCO Professional Corporation | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;$552352 | &nbsp;&nbsp;$135000 | &nbsp;&nbsp;$20000 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Zeifmans LLP | &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;$127500 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3555 |

---

*Exemption*

The Company is relying on the exemption provided by section 6.1 of National Instrument 52-110 which provides that the Company, as a venture issuer, is not required to comply with Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) of National Instrument 52-110.

**PROMOTERS**

The Company did not retain the services of any promoters within the two most recently completed financial years.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

The Company has not been the subject of any legal proceedings, regulatory actions, penalties or sanctions imposed by a court or regulatory authority, or settlement agreements before a court or regulatory, and no such legal proceedings, penalties or sanctions are known by the Issuer or their subsidiaries to be contemplated.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

The directors, senior officers and principal shareholders of the Issuer, a person or company that beneficially owns or controls or directs, directly or indirectly more than 10% of the Common Shares of the Issuer, or any associate or affiliate of the foregoing have had no material interest, direct or indirect, in any transactions in which the Issuer or its subsidiaries have participated within the three year period prior to the date of this AIF, or will have any material interest in any proposed transaction, which has materially affected or will materially affect the Issuer. See "*Description of the Business*".

**REGISTRAR AND TRANSFER AGENT**

The registrar and transfer agent of the Issuer is Odyssey Trust Company, of 350 – 409 Granville Street, Vancouver BC V6C 1T2.

**MATERIAL CONTRACTS**

Except for contracts made in the ordinary course of business, the following are the only material contracts entered into by the Issuer to the date hereof which are currently in effect and considered to be material:

1. Share
Purchase Agreement dated December 22, 2025 between: NuRAN Wireless Inc., Advance Factoring Inc., and the shareholders of Advance
Factoring Inc. with respect to the acquisition by NuRAN Wireless Inc. of all of the issued and outstanding shares of Advance Factoring
Inc.

The above agreements are available on the Issuer's SEDAR+ profile at www.sedarplus.ca.

**INTEREST OF EXPERTS**

Except as disclosed below, no person or company whose profession or business gives authority to a report, valuation, statement or opinion and who is named as having prepared or certified a part of this AIF or as having prepared or certified a report or valuation described or included in this AIF holds or is to hold any beneficial or registered interest, direct or indirect, in any securities or property of the Issuer or any associate or affiliate of the Issuer:

1. SRCO
Professional Corporation audited NuRAN's financial statements for the year ended December 31, 2025. It has confirmed that
it is independent of the Issuer within the meaning of the relevant rules and related interpretations prescribed by the Code of
Professional Conduct of the Chartered Professional Accountants of Ontario.

**ADDITIONAL INFORMATION**

Additional information on the Company may be found on the Company's website at www.nuranwireless.com or under the Company's profile on SEDAR+ at www.sedarplus.ca . Additional financial information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans, if applicable, is contained in the Company's information circular for its most recent annual meeting of security holders that involved the election of directors. Additional financial information is provided in the Company's most recent financial statements and the management discussion and analysis for its most recently completed financial year.

**SCHEDULE "A"**

**AUDIT COMMITTEE CHARTER**

The following Audit Committee Charter was adopted by the Audit Committee of the Board of Directors and the Board of Directors of NuRAN Wireless Inc. (the "**Company**"):

**Mandate**

The primary function of the audit committee (the "**Committee**") is to assist the Company's Board of Directors in fulfilling its financial oversight responsibilities by reviewing the financial reports and other financial information provided by the Company to regulatory authorities and shareholders, the Company's systems of internal controls regarding finance and accounting and the Company's auditing, accounting and financial reporting processes. Consistent with this function, the Committee will encourage continuous improvement of, and should foster adherence to, the Company's policies, procedures and practices at all levels. The Committee's primary duties and responsibilities are to:

&nbsp;&nbsp;&nbsp;&nbsp;1. serve
 as an independent and objective party to monitor the Company's financial reporting
 and internal control system and review the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;2. review
 and appraise the performance of the Company's external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;3. provide
 an open avenue of communication among the Company's auditors, financial and senior
 management and the Board of Directors.

**Composition**

The Committee shall be comprised of a minimum of three directors as determined by the Board of Directors. If the Company ceases to be a "venture issuer" (as that term is defined in NI 52-110), then all of the members of the Committee shall be free from any relationship that, in the opinion of the Board of Directors, would interfere with the exercise of his or her independent judgment as a member of the Committee.

If the Company ceases to be a "venture issuer" (as that term is defined in NI 52-110), then all members of the Committee shall have accounting or related financial management expertise. All members of the Committee that are not financially literate will work towards becoming financially literate to obtain a working familiarity with basic finance and accounting practices. For the purposes of the Company's Audit Committee Charter, the definition of "financially literate" is the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can presumably be expected to be raised by the Company's financial statements.

The members of the Committee shall be elected by the Board of Directors at its first meeting following the annual shareholders' meeting. Unless a Chair is elected by the full Board of Directors, the members of the Committee may designate a Chair by a majority vote of the full Committee membership.

**Meetings**

The Committee shall meet at least twice annually, or more frequently as circumstances dictate. As part of its job to foster open communication, the Committee will meet at least annually with the Chief Financial Officer and the external auditors in separate sessions.

**Responsibilities and Duties**

To fulfill its responsibilities and duties, the Committee shall:

1. Documents/Reports
Review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
and update this Audit Committee Charter annually; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review
 the Company's financial statements, MD&A and any annual and interim earnings
 press releases before the Company publicly discloses this information and any reports
 or other financial information (including quarterly financial statements), which are
 submitted to any governmental body, or to the public, including any certification, report,
 opinion, or review rendered by the external auditors.

2. External
Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
 annually, the performance of the external auditors who shall be ultimately accountable
 to the Company's Board of Directors and the Committee as representatives of the
 shareholders of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain
 annually, a formal written statement of external auditors setting forth all relationships
 between the external auditors and the Company, consistent with Independence Standards
 Board Standard 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review
 and discuss with the external auditors any disclosed relationships or services that may
 impact the objectivity and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take,
 or recommend that the Company's full Board of Directors take appropriate action
 to oversee the independence of the external auditors, including the resolution of disagreements
 between management and the external auditor regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) recommend
 to the Company's Board of Directors the selection and, where applicable, the replacement
 of the external auditors nominated annually for shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) recommend
 to the Company's Board of Directors the compensation to be paid to the external
 auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) at
 each meeting, consult with the external auditors, without the presence of management,
 about the quality of the Company's accounting principles, internal controls and
 the completeness and accuracy of the Company's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review
 and approve the Company's hiring policies regarding partners, employees and former
 partners and employees of the present and former external auditors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
 with management and the external auditors the audit plan for the year-end financial statements
 and intended template for such statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) review
 and pre-approve all audit and audit-related services and the fees and other compensation
 related thereto, and any non-audit services, provided by the Company's external
 auditors. The preapproval requirement is waived with respect to the provision of non-audit
 services if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
aggregate amount of all such non-audit services provided to the Company constitutes not more than five percent of the total amount
of revenues paid by the Company to its external auditors during the fiscal year in which the non-audit services are provided,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 services were not recognized by the Company at the time of the engagement to be non-
 audit services, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such
 services are promptly brought to the attention of the Committee by the Company and approved
 prior to the completion of the audit by the Committee or by one or more members of the
 Committee who are members of the Board of Directors to whom authority to grant such approvals
 has been delegated by the Committee.

Provided the pre-approval of the non-audit services is presented to the Committee's first scheduled meeting following such approval such authority may be delegated by the Committee to one or more independent members of the Committee.

3. Financial
Reporting Processes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 consultation with the external auditors, review with management the integrity of the
 Company's financial reporting process, both internal and external;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consider
 the external auditors' judgments about the quality and appropriateness of the Company's
 accounting principles as applied in its financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consider
 and approve, if appropriate, changes to the Company's auditing and accounting principles
 and practices as suggested by the external auditors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review
 significant judgments made by management in the preparation of the financial statements
 and the view of the external auditors as to appropriateness of such judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) following
 completion of the annual audit, review separately with management and the external auditors
 any significant difficulties encountered during the course of the audit, including any
 restrictions on the scope of work or access to required information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review
 any significant disagreement among management and the external auditors in connection
 with the preparation of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review
 with the external auditors and management the extent to which changes and improvements
 in financial or accounting practices have been implemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review
 any complaints or concerns about any questionable accounting, internal accounting controls
 or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
 the certification process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) establish
 a procedure for the receipt, retention and treatment of complaints received by the Company
 regarding accounting, internal accounting controls or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) establish
 a procedure for the confidential, anonymous submission by employees of the Company of
 concerns regarding questionable accounting or auditing matters.

4. Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review
 any related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) engage
 independent counsel and other advisors as it determines necessary to carry out its duties;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 set and pay compensation for any independent counsel and other advisors employed by the
 Committee.

## Exhibit 99.87

**Exhibit 99.87**

**FORM 52-109F1 – AIF**

***CERTIFICATION OF ANNUAL FILINGS***

***IN CONNECTION WITH VOLUNTARILY FILED AIF***

This certificate is being filed on the same date that NuRAN Wireless Inc. (the "issuer") has voluntarily filed an AIF.

I, Jim Bailey, Chief Financial Officer of the issuer, certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the AIF, annual
financial statements and annual MD&A, including for greater certainty all documents and information that are incorporated
by reference in the AIF (together, the "annual filings") of the issuer for the financial year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised
reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was
made, for the period covered by the annual filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Fair presentation:*** Based on my knowledge,
having exercised reasonable diligence, the annual financial statements together with the other financial information included
in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of
the issuer, as of the date of and for the periods presented in the annual filings.

Date: June 4, 2026

"Jim Bailey" <br> Jim Bailey <br> Chief Financial Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable
assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed
or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in
securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

## Exhibit 99.88

**Exhibit 99.88**

**FORM 52-109F1 – AIF**

***CERTIFICATION OF ANNUAL FILINGS***

***IN CONNECTION WITH VOLUNTARILY FILED AIF***

This certificate is being filed on the same date that NuRAN Wireless Inc. (the "issuer") has voluntarily filed an AIF.

I, Francis Létourneau, Chief Executive Officer of the issuer, certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the AIF, annual
financial statements and annual MD&A, including for greater certainty all documents and information that are incorporated
by reference in the AIF (together, the "annual filings") of the issuer for the financial year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No misrepresentations:*** Based on my knowledge, having exercised
reasonable diligence, the annual filings do not contain any untrue statement of a material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was
made, for the period covered by the annual filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Fair presentation:*** Based on my knowledge,
having exercised reasonable diligence, the annual financial statements together with the other financial information included
in the annual filings fairly present in all material respects the financial condition, financial performance and cash flows of
the issuer, as of the date of and for the periods presented in the annual filings.

Date: June 4, 2026

*"Francis Létourneau"* <br> Francis Létourneau <br> Chief Executive Officer

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that
information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under
securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation;
and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.89

**Exhibit 99.89**

---

| | |
|:---|:---|
| ![](img001_v7.jpg) | PRESS RELEASE |

---

&nbsp;&nbsp;&nbsp;&nbsp;**For immediate release**

NuRAN Wireless Secures USD 12 Million Debt Financing Mandate Letter, Launches in Ivory Coast and Accelerates African Expansion

**Quebec, QC, Canada, June 9<sup>th</sup>, 2026 –** NuRAN Wireless Inc. ("**NuRAN**" or the "**Company**") (CSE: NUR) (OTC: NRRWF) (FSE: 1RN), a pioneering rural connectivity company bridging the digital divide across Africa, today announced a landmark mandate letter with Afrigreen Debt Impact Fund for a proposed senior debt financing of up to USD 12 million — its largest financing milestone to date — to accelerate the deployment of mobile and broadband infrastructure across multiple African nations. Structured as a multi-country, multi-currency, multi-tranche facility through NuRAN Wireless Africa Holding, this financing is designed to unlock the next wave of site development, bringing reliable 2G, 3G, and 4G coverage to communities that have long been left behind by traditional telecoms. The mandate letter marks a decisive inflection point in NuRAN's mission to connect over one billion underserved people worldwide.

The proposed financing remains subject to customary conditions, including completion of due diligence, internal approvals, negotiation and execution of definitive financing documentation, and satisfaction of applicable conditions precedent. There can be no assurance that definitive transaction documents will be executed or that the proposed financing will be completed on the terms currently contemplated, or at all. NuRAN will provide further updates as appropriate and in accordance with its continuous disclosure obligations.

**Operational Highlights: New Country Entry and Technology Expansion** 

NuRAN has successfully deployed its first towers in Ivory Coast, marking the Company's entry into yet another sub-Saharan African market. The new sites are equipped with advanced 4G transmission technology, delivering high-speed mobile connectivity to underserved rural communities for the first time.

NuRAN has commenced the rollout of 3G technology in Cameroon in response to surging demand for higher data capacity and enhanced connectivity — a critical upgrade that deepens the Company's presence in one of its core markets.

**Management Commentary**

"This mandate letter with Afrigreen is a defining moment for NuRAN," said Francis Létourneau, Director and CEO. "Combined with our expansion into Ivory Coast and the 3G upgrade in Cameroon, we are executing on every dimension of our growth strategy — securing the capital, deploying the infrastructure, and reaching the communities that need connectivity most. We are building something meaningful."

**Update on Regulatory Filings**

As previously disclosed on January 28, 2026, the Company is finalizing the material change report required under section 14.2 of Form 51-102F5 in connection with Advance Factoring Inc. and the Restructuring Transaction, which it expects filing very shortly. NuRAN is actively working to complete this filing and remedy the default as promptly as practicable in accordance with applicable securities laws.

---

| | |
|:---|:---|
| ![](img001_v7.jpg)<br>| PRESS RELEASE |

---

**About NuRAN Wireless:**

NuRAN Wireless (CSE: NUR) (OTC: NRRWF) (FSE: 1RN) is a leading rural telecommunications company dedicated to delivering affordable 2G, 3G, and 4G wireless connectivity to remote and underserved communities worldwide. Through its scalable Network-as-a-Service (NaaS) model, NuRAN is bringing meaningful mobile access to more than one billion people who lack reliable connectivity. Bridging the Digital Divide, One Connection at a Time.

**About the AFRIGREEN Debt Impact Fund:**

AFRIGREEN is an infrastructure senior debt fund that offers financing solutions for commercial & industrial (C&I) consumers in Africa, enabling their installation of on-and off-grid solar power plants to help reduce their energy bill as well as their diesel dependency. AFRIGREEN is a fund managed by RGREEN INVEST and advised by ECHOSYS INVEST. AFRIGREEN is backed by prominent institutions including the European Investment Bank (EIB), the International Finance Corporation (IFC), BIO (Belgian Investment Company for Developing Countries), FMO, Proparco, Société Générale, and BNP Paribas.

AFRIGREEN applies IFC Performance Standards and EIB Environmental & Social Standards. It follows an environmental and social management system under which all projects are audited to assess positive and negative impacts in terms of environmental and social aspects. AFRIGREEN pays specific attention to the risk of forced labour being used in the production of solar photovoltaic panels and their components. It condemns the use of such forced labour for the production of solar photovoltaic panels or their components.

**Additional Information:** 

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau,

Director and CEO

Francis.letourneau@nuranwireless.com<br> Tel: (418) 264-1337

***Forward Looking Statements***

*This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", "will", "may", "would", "could" and similar expressions.*

*Forward-looking statements in this news release include, without limitation, statements regarding: (i) the proposed senior debt financing with Afrigreen Debt Impact Fund, including the anticipated structure, size, tranching, currency composition, and conditions of the proposed facility; (ii) the execution of definitive financing documentation and satisfaction of conditions precedent in connection with the proposed facility; (iii) the Company's continued rollout of network infrastructure in Ivory Coast, Cameroon, and other African markets through NuRAN Wireless Africa Holding; (iv) the anticipated benefits of 4G deployment in Ivory Coast and 3G deployment in Cameroon; (v) the Company's business strategy, growth objectives, and ability to expand its NaaS (Network-as-a-Service) operations; and (vi) the Company's intention to complete and file the outstanding material change report in connection with the Restructuring Transaction and Advance Factoring Inc., and to remedy the related default under applicable securities laws.*

---

| | |
|:---|:---|
| ![](img001_v7.jpg)<br>| PRESS RELEASE |

---

*These forward-looking statements are based on the beliefs, expectations, and opinions of management of the Company as of the date of this news release and are subject to a number of known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements, including, without limitation: the risk that the proposed financing with Afrigreen Debt Impact Fund may not be completed on the terms contemplated, or at all; the risk that definitive financing documentation may not be negotiated or executed; the risk that conditions precedent to the proposed facility may not be satisfied; risks related to the Company's ability to continue to deploy and operate network infrastructure in multiple African jurisdictions, including regulatory, political, and operational risks in those markets; the risk that the Company may not be able to remedy the outstanding filing default to the satisfaction of the applicable securities regulatory authority; and general economic, market, and business conditions.*

*Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements, which are inherently uncertain and are based on information available to management as of the date hereof. The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The Company does not undertake any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.*

## Exhibit 99.90

**Exhibit 99.90**

**Nuran Wireless Inc.**

**Condensed Interim Consolidated**

**Financial Statements**

**March 31, 2026 and 2025**

---

| | |
|:---|:---|
| Condensed Interim Consolidated Financial Statements<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Financial Position | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Shareholders' Equity (Deficiency) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condensed Interim Consolidated Statements of Cash Flows | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes to Condensed Interim Consolidated Financial Statements | 6-30 |

---

The condensed interim consolidated financial statements of Nuran Wireless inc. for the first quarter ended March 31, 2026 as well as the corresponding comparative data were not subject to a review by the Company's auditor.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of Financial Position** 

As at March 31, 2026 and December 31, 2025

(Expressed in Canadian dollars)

(Unaudited)

---

| |
|:---|
| ***ASSETS*** |
| Current assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues (Note 3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories (Note 4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable (Note 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets |
| Non-current assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets (Note 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |
| Total assets |
| ***LIABILITIES***  |
| Current liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer advances (Note 9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable (Note10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures (Note 12A) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 12B) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |
| Non-current liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (Note 11) |
| Total liabilities |
| ***Shareholders' equity*** |
| Share capital (Note 13) |
| Warrants (Note 14) |
| Contributed surplus (Notes 15) |
| Foreign exchange in translation of foreign operations**)** |
| Accumulated deficit |
| Total shareholders' equity |
| Total liabilities and shareholders' equity |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Condensed Interim Consolidated Statements of net Loss and Comprehensive Loss**

For the periods ended March 31, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

---

| | |
|:---|:---|
|  | ***Three months ended*** |
| **Revenue** |  |
| Cost of sales |  |
| **Gross profit (loss)** |  |
| Selling expenses |  |
| Administrative expenses |  |
| Financial expenses |  |
| Research and development costs, net of $3,828 in tax credits for the three-month period ended March 31, 2026, ($26,209 for the three-month period ended March 31, 2025) |  |
| Loss before other elements |  |
| Other elements: |  |
| &nbsp;&nbsp;&nbsp;Gain (Loss) on debt settlement |  |
| Loss before income taxes |  |
| Income tax expense |  |
| &nbsp;&nbsp;&nbsp;Income Tax |  |
| **Net loss for the period** |  |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |  |
| Foreign exchange difference on translation of foreign operations |  |
| **Total comprehensive income for the period** |  |
| **Net loss per share (Note 16)** |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |  |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**Nuran Wireless Inc.** 

**Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency)** 

For the periods ended March 31, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **2026-03-31** |
|  | **Share capital** | **Share capital** | **Warrants** | **Total Equity** |
|  | **Number** | **$** | **$** | **$** |
| **Balance as at January 1, 2026** | 13069567 | 86606375 | 6465936) |  |
| Issue of shares (Note 13) | 15149 | 47796 |  |  |
| Net loss for the period |  |  | —) |  |
| Foreign exchange in translation of foreign operations |  |  | —) |  |
| Issue of warrants (Notes 13 and 14) |  |  | 4803 |  |
| **Balance as at March 31, 2026** | **13084716** | **86654171** | **6470739** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Share capital | **Contributed Surplus** | **Translation reserve** |
|  | Number | $ | |
| **Balance as at January 1, 2025** | 195647 | 761495 | (1148311) |
| Issue of shares (Note 13) | 10000 | —) |  |
| Net loss for the period |  |  | —) |
| Debenture conversion in share capital (Notes 12A) | 11666 |  |  |
| Foreign exchange in translation of foreign operations |  |  | (107740) |
| Issue of warrants (Notes 13 and 14) |  | 45000 |  |
| **Balance as at March 31, 2025** | 217313 | 806495 | (1256051) |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**Nuran Wireless Inc.**

**Amended Condensed Interim Consolidated Statements of Cash Flows**

For the periods ended March 31, 2026 and 2025

(Expressed in Canadian dollars)

(Unaudited)

---

| |
|:---|
| ***OPERATING ACTIVITIES*** |
| Net loss**)** |
| Non-cash flow adjustments |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of Right-of-use assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on overdue payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on debt settlement**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;OID on convertible debenture) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on loan |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payable |
| Net change in working capital items |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues) |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer advances |
| Net cash from operating activities |
| ***INVESTING ACTIVITIES*** |
| Purchase of property, plant and equipment**)** |
| Purchase of intangible assets |
| Net cash used in investing activities |
| ***FINANCING ACTIVITIES*** |
| Non cash - issue of common shares |
| Non cash - issue of warrants |
| Lease liabilities |
| Repayment of lease liabilities**)** |
| Proceeds (repayment of) loan payable |
| Net cash used in financing activities |
| **Net decrease in cash)** |
| Cash, beginning of period |
| Foreign exchange in translation of foreign operations |
| Cash, end of period |

---

The accompanying notes are an integral part of the amended condensed interim consolidated financial statements.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN

NuRAN Wireless Inc. ("NuRAN" or the "Company") was incorporated in the province of British Columbia, Canada on September 23, 2014. The Company's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

The Company's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR". On December 9, 2025, the Company completed a 300 for 1 consolidation of its common shares, whereby each 300 common shares issued and outstanding was consolidated into one common share. The share consolidation did not result in any change to the Company's issued share capital. All references to common shares, share-based compensation and warrant amounts in these financial statements have been retroactively adjusted to reflect the share consolidation.

The Company with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of the Company's subsidiaries included in these condensed interim financial statements as at March 31, 2026 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries | Country of incorporation | Percentage<br> ownership | Functional currency | Principal activity |
| Innovation Nutaq Inc. | Canada | 100% | CAD | Wireless solutions |
| NuRAN Wireless (Africa) Holding | Mauritius | 100% | USD | Holding company |
| NuRAN Wireless DRC SA | DRC | 100% | USD | Wireless solutions |
| NuRAN Wireless Cameroon Ltd | Cameroon | 100% | XAF | Wireless solutions |
| NuRAN Wireless Benin S.A.R.L.U | Benin | 100% | XOF | Wireless solutions |
| NuRAN Wireless Madagascar S.A.R.L.U | Madagascar | 100% | MGA | Wireless solutions |
| NuRAN Wireless Cote d'Ivoire S.A.R.L.U | Ivory Coast | 100% | XOF | Wireless solutions |
| Advance Factoring Inc. (2025) | Canada | 100% | CAD | Factoring |

---

XAF – Central African Franc; XOF – West African Franc; MGA – Malagasy Ariary

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**1. NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)**

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build, r and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business These condensed interim consolidated financial statements should be read in conjunction with the 2025 audited annual financial statements.

During the three-month period ended March 31, 2026, the Company incurred a net loss of $2,033,140 ($1,689,530 for the three-month period ended March 31, 2025) and used net cash of $2,180,259 ($1,650,940 for the three-month period ended March 31, 2025) in operating activities and, as of that date, had an accumulated deficit of $96,266,801 ($74,487,143 for the three-month period ended March 31, 2025) and a working capital deficiency of $7,882,196 ($20,073,903 for the three-month period ended March 31, 2025). Additionally, in prior periods and through part of the year ended December 31, 2025, the Company operated with a shareholders' deficit and had overdue outstanding debt instruments with ongoing creditor waivers. These conditions indicate the existence of material uncertainties that cast a significant doubt on the Company's ability to continue as a going concern.

In December 2025, the Company completed steps approved by its shareholders at Annual General and Special Meetings (AGSMs) on October 22, 2025 and October 29, 2025 including a 300:1 share consolidation effective on December 9, 2025 and subsequent to this, a Restructuring Transaction. The Restructuring Transaction resulted in the conversion and extinguishment of over $20 million of debt and accounts payable to equity, together with a private placement raising aggregate gross proceeds of $5.8 million. As a result of the Restructuring Transaction, the Company's shareholders' deficit moved to a surplus position, and the Company's market capitalization exceeded $57 million at March 31, 2026.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**1. NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)**

The Company submitted an application to list its common shares on Nasdaq on March 30, 2026 which is subject to pending filings and approvals, and appointed additional strategic advisors to support operational and commercial growth in Africa. The Company's operations continued to grow across Cameroon, the DRC and, prospectively, Ivory Coast and Benin. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional

financing to support its operations and growth. During the quarter, the company received approval for the final drawdown of USD 0.45 million (CAD 0.62 million) of the USD 5 million (CAD 6.83 million) loan from the Facility for Energy Inclusion (FEI), a fund managed by a non related company, Cygnum Capital.

Having regard to the completion of the Restructuring Transaction, the Company's operational progress, its committed and anticipated financing arrangements, and all other available information up to the date of approval of these consolidated financial statements, management has concluded that the going concern basis of accounting used in preparation of these consolidated financial statements is appropriate. Nonetheless, the Company's ability to continue as a going concern remains dependent upon its planned raise of capital, continuity of debt availability as may be needed, and the continued execution of its NaaS deployment strategy in Africa.

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

The condensed interim consolidated financial statements were approved and authorized for issue by the Board of Directors on June 9, 2026.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

2. SUMMARY OF ACCOUNTING POLICIES

**Overall considerations**

The accounting policies are in accordance with those used in the preparation of the 2025 annual financial statements.

**Significant management judgement in applying accounting policies and estimation uncertainty**

When preparing the condensed interim financial statements, management makes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgments, estimates and assumptions made by management and will seldom equal the estimated results.

The judgments, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Company's last annual financial statements for the year ended December 31, 2025.

3. ACCRUED REVENUES

---

| |
|:---|
| Equipments sale |
| Services revenues |
| Interest Revenues |
| Sites revenues |

---

Accrued revenues represent the unbilled cumulative site deployment and construction revenue under IFRS 15 for which the performance obligation has been delivered.

4. INVENTORY

---

| | | | |
|:---|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 | 2025-12-31 |
|  |  | $— | $|
| Raw materials |  |  | 1228181 |
| Finished goods |  |  | 1373104 |
| Work in progress |  |  | 3788454 |
|  |  |  | 6389739 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

5. LOAN RECEIVABLE

---

| | | | |
|:---|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 | 2025-12-31 |
|  |  | $— | $|
| Loan from non-related companies (a) |  |  | 50000 |
| Loan from non-related companies (b) |  |  | 27347 |
|  |  |  | 77347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;a) This is an unsecured loan to a non-related company entered into on December 23, 2025 bearing interest
at 5% per annum and repayable on June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;b) This is an unsecured loan to an individual entered into on December
23, 2025 bearing interest at 5% per annum and repayable on June 30, 2026 .

6. PROPERTY, PLANT AND EQUIPMENT

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** |
|  | **Leasehold**<br>**improvements** | **Site**<br>**infrastructure** |
|  | **$** | $— |
| **Gross carrying amount** |  |  |
| Balance as at December 31, 2025 | **8995** | **1525067** |
| Additions | **—** | **—** |
| Current translation effects | **—)** | **25926** |
| Balance as at March 31, 2026 | **8995** | **1550992** |
| **Depreciation and impairment** |  |  |
| Balance as at December 31, 2025 | **7183** | **42445** |
| Depreciation | **450** | **32777** |
| Current translation effects | **—)** | **722)** |
| Balance as at March 31, 2026 | **7633** | **75943** |
| **Carrying amount as at** |  |  |
| **March 31, 2026** | **1362** | **1475049** |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**6. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | <br>Leasehold<br>improvements | Equipment and<br>furniture, tele-<br>communication<br>system,<br>furniture<br>and fixtures | <br>Site<br>infrastructure | <br>Total |
|  | $| $| $— | $|
| Gross carrying amount |  |  |  |  |
| Balance as at December 31, 2024 | 8995 | 746818 |  | 1114571 |
| Additions |  | 1432036 |  | 1499014 |
| Reclassification |  |  | 1525067 | 1525067 |
| Current translation effects |  | 8378 |  | 11664 |
| Balance as at December 31, 2025 | 8995 | 2187232 | 1525067 | 4150315 |
| Depreciation and impairment |  |  |  |  |
| Balance as at December 31, 2024 | 5383 | 597090 |  | 920868 |
| Depreciation | 1800 | 97867 | 42445 | 166046 |
| Current translation effects |  | 3092 |  | 4201 |
| Balance as at December 31, 2025 | 7183 | 698048 | 42445 | 1091114 |
| Carrying amount as at |  |  |  |  |
| December 31, 2025 | 1812 | 1489184 | 1482622 | 3059201 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

7. INTANGIBLE ASSETS

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|  | **Software** | **Total** | **Total** |
|  |  | $— | **$** |
| **Gross carrying amount** |  |  |  |
| Balance as at December 31, 2025 |  |  | **8394729** |
| Additions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under development |  |  | **60661** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquired |  |  | **760** |
| Balance as at March 31, 2026 |  |  | **8456150** |
| **Depreciation and impairment** |  |  |  |
| Balance as at December 31, 2025 |  |  | **922303** |
| Amortization |  |  | **59058** |
| Balance as at March 31, 2025 |  |  | **981361** |
| **Carrying amount as at March 31, 2026** |  |  | **7474788** |

---

---

| | |
|:---|:---|
|  | December 31, 2025 |
|  | Software |
| Gross carrying amount |  |
| Balance as at December 31, 2024 |  |
| Additions |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under development |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquired |  |
| Write-off |  |
| Balance as at December 31, 2025 |  |
| Depreciation and impairment |  |
| Balance as at December 31, 2024 |  |
| Amortization |  |
| Balance as at March 31, 2025 |  |
| Carrying amount as at December 31, 2025 |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

8. RIGHT-OF-USE ASSETS

The Company's right-of-use assets and their carrying amounts are detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 | 2025-12-31 |
|  |  | $— | $|
| **Gross carrying amount** |  |  |  |
| Balance as at December 31, 2025 |  |  | 815051 |
| Addition |  |  | 258150 |
| Current translation effects |  |  | 97005 |
| Balance as at March 31, 2026 |  |  | 1170206 |
| Depreciation and impairment |  |  |  |
| Balance as at December 31, 2025 |  |  | 588408 |
| Amortization |  |  | 185658 |
| Current translation effects |  |  | 6733 |
| Balance as at March 31, 2025 |  |  | 780799 |
| Carrying amount as March 31, 2026 |  |  | 389407 |

---

9. CUSTOMER ADVANCES

---

| | | | |
|:---|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 | 2025-12-31 |
|  |  | $— | $|
| Customer advances |  |  | 1154191 |
|  |  |  | 1154191 |

---

Customer advances represent advance payments received from customers for non-NaaS sales which have not been invoiced as of year end.

10. LOANS PAYABLES

---

| | | | |
|:---|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 | 2025-12-31 |
|  |  | $— | $|
| Loan from non-related company (a) |  |  | 69429 |
| Loan from non-related company (b) |  |  | 7150626 |
| Loan from non-related company (c) |  |  | 63467 |
| Loan from non-related company (d) |  |  | 13579 |
|  |  |  | 7297100 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**10. LOANS PAYABLE (CONTINUED)**

Given their short-term maturity, the carrying amount of loans receivable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The amount due to a non-related party was replaced with an unsecured loan of USD 394,781 (CAD 536,073),
including interest of USD 75,930 (CAD 103,105), dated December 5, 2023. The loan bears interest at a fixed rate of 11% per annum
and was payable over 24 months in blended principal and interest payments.

On December 22, 2025, the Company partially settled a portion of the remaining balance of the loan of USD 147,000 (CAD 202,056) including USD 32,797 (CAD 45,089) of interest (principal portion USD $114,203 (CAD 157,007), by issuing 69,929 common shares of the Company (See Note 20). The carrying value of the debt extinguished at the date of settlement was USD $147,000 (CAD 202,096).

During the year, the Company repaid USD 9,710 (CAD 13,535) for a remaining balance of USD 50,654 (CAD 69,426) bearing interest at a fixed rate of 11% per annum and payable over 24 months in blended principal and interest payments.

b) The loan is pursuant to a two-year term loan facility
of USD 5,000,000 (CAD 6,834,000 dated April 26, 2024 with FEI Ongrid to NuRAN Wireless (Africa) Holding. The loan is secured on
the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under a general security agreement and bears
interest at the Secured Overnight Financing Rate (SOFR) plus 8.5% per annum. Interest accrues but is not payable until maturity.
The terms of the loan were amended extending the maturity date to April 26, 2027 with interest partially paid in cash in accordance
with an agreed schedule to maturity.

On March 10, 2025, the Company received of drawdown of USD 1,050,000 (CAD 1,515,255).

On October 6, 2025, the Company received of drawdown of USD 1,000,000 (CAD 1,395,500).

On March 13, 2026, the Company received of drawdown of USD 450,000 (CAD 627,255).

&nbsp;&nbsp;&nbsp;&nbsp;c) The loan, secured by guarantee of the
parent company, is pursuant to a bank facility of CFA 150,000,000 (approx. $366K) with Société Générale
Cameron to NuRAN Cameroon Ltd, dated June 20, 2024. The disbursement was made on February 25, 2025. The loan bears interest at
a fixed rate of 7% and is payable monthly in blended principal and interest payments in the amount of CFA 12,283,126 (approx. $31K)
over 12 months from the disbursement date.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**10. LOANS PAYABLE (CONTINUED)**

During the year ended December 31, 2025, the Company repaid CFA 124,126,824 for a remaining balance of CFA 25,873,176.

During, the three-month period ended March 31, 2026, the Company fully repaid the loan.

&nbsp;&nbsp;&nbsp;&nbsp;d) The unsecured loan is an installment payment agreement of $23,279 including interest at a fixed
rate of 14.8% dated July 28, 2025 and is payable monthly in blended principal and interest payments in the amount of $1,924 over
12 months.

During the year ended December 31, 2025, the Company repaid $9,699 for a remaining balance of $13,579.

During the three-month period ended March 31, 2026, the Company repaid $5,820 for remaining balance of $7,760.

11. LEASE LIABILITIES

Lease liabilities are measured at the present value of lease payments using the Company's incremental borrowing rate of 8% - 18% (2024 8% - 10%) on the date of the lease inception. The incremental borrowing rate reflects the rate of interest that the Company would have to pay to borrow over a similar term the funds necessary to obtain an asset of similar value in a similar economic environment.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**11. LEASE LIABILITIES (CONTINUED)**

The Company's lease liabilities and their carrying amounts are detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 |
| **Gross carrying amount** |  |  |
| Balance as at December 31, 2025 |  |  |
| Additions |  |  |
| Lease payments**)** |  |  |
| Lease interest |  |  |
| Effect of foreign exchange |  |  |
| **Balance as at March 31, 2026** |  |  |
| **Current** |  |  |
| **Non-current** |  |  |

---

**12A. CONVERTIBLE DEBENTURES**

As at March 31, 2026, the convertible debentures and derivative liability consists of:

---

| | |
|:---|:---|
|  | **Unsecured**<br>**Convertible**<br>**debentures** |
| Balance at December 31, 2024 |  |
| Fair Value |  |
| Amortization of OID |  |
| Conversion (a) |  |
| Accretion |  |
| Settlement (b) |  |
| **Closing balance, as at December 31, 2025** |  |
| **Closing balance, as at March 31, 2026** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**12A. CONVERTIBLE DEBENTURES (CONTINUED)**

As at December 20, 2023, the Company extended the maturity date of the Convertible Debentures entered into in July 2022. The maturity date of the Convertible Debentures was extended to July 12, 2024 along with other terms of the original debenture which were amended.

The original debenture had an original issuance discount of 10% and this was increased to 16% paid upon maturity leading to a maturity value of $2,645,502. In addition, the principal amount is convertible into common shares of the Company at a fixed price of $120 at the option of the debenture holder during the term of the Convertible Debenture. Under the terms of the Convertible Debenture the principal amount is due one year from the date of closing and does not bear interest until the maturity date or an event of default occurs. The number and terms of warrants issued in conjunction with the original debenture, as well as all other terms of the debenture did not change.

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $2,273,353.

In accordance with IFRS 9, the Company assessed whether the December 20, 2023 amendment to the Convertible Debentures constituted a modification or an extinguishment. The present value of the cash flows under the amended terms, discounted at the original effective interest rate, differed from the present value of the remaining cash flows under the original terms by less than 10%, and no other qualitative factors requiring immediate derecognition were present. Accordingly, the amendment was accounted for as a debt modification. The carrying amount of the debenture was adjusted to the present value of the modified future cash flows, discounted at the original effective interest rate, and the resulting gain on modification of $Nil was recognized in financial expenses in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2023.

The current value method refers to the present value of the contractual future cash flows of the debenture (being the maturity amount of $2,645,502 payable on July 12, 2024), discounted using an applicable market rate of interest that reflects the credit risk and terms of the instrument at the date of the amendment. The share price used as an input to the Black-Scholes model for valuing the conversion option was the market price of the Company's common shares on the date of the transaction (December 20, 2023), being $0.11 per share (pre-consolidation), which represents a Level 1 input. No VWAP or other averaging methodology was applied.

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**12A. CONVERTIBLE DEBENTURES (CONTINUED)**

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $33 |
| Exercise price | $120 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $60 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses.

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $3,397,006.

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $60 per common share.

In accordance with IFRS 9, the Company assessed whether the December 23, 2024 amendment to the convertible debentures constituted a modification or an extinguishment. The amendments significantly impacted the economic substance of the instrument and result in a fundamentally different risk and return profile for both the Company and the holders. Consistent with IFRS 9, amendments were considered an extinguishment and the original debenture liabilities were

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**12A. CONVERTIBLE DEBENTURES (CONTINUED)**

therefore derecognized in full as at December 23, 2024, and new financial liabilities were recognized at fair value on that date.

On extinguishment, the original debenture was derecognized at its carrying amount of $2,256,419 and the new debenture was recognized at its fair value of $3,397,006, determined using the current value method. The resulting loss on extinguishment of $1,140,587 has been recognized in financial expenses in the consolidated statement of profit or loss and comprehensive loss for the year ended December 31, 2024.

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $27 |
| Exercise price | $60 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

During the year ended December 31, 2024, the debenture holders requested the conversion of the principal value of debentures totalling $225,000 in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these shares based on share value plus fair value of the conversion option was $227,000 (Note 20).

(a) During the year ended December 31, 2025, the debenture holders requested the conversion of debentures totalling a value of $800,000 in common shares of the Company. Taking into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these shares was $247,975 (Note 20).

(b) On December 22, 2025, the Company settled debt of $3,384,564 in common shares of the Company (see Note 20), resulting in the recognition of $182,271 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss. The book value of the debt converted the carrying value recorded for these shares was $2,552,890

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**12B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES**

As at March 31, 2026, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  |<br>**Derivative**<br>**liability** |
| Balance at December 31, 2024 |  |
| Amortization of OID |  |
| Accretion |  |
| Effect of foreigh exchange |  |
| Balance at December 31, 2025 |  |
| Amortization of OID |  |
| Accretion |  |
| Effect of foreigh exchange |  |
| **Closing balance, as at March 31, 2026** |  |

---

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of USD 2,194,772 (CAD 3,008,374) with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the amortized cost using the effective interest method, with the carrying value accreted over time through interest expense was USD 1,594,729 (CAD 2,185,847). The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $67.50 per common share.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**12B. CONVERTIBLE DEBENTURES AND DERIVATIVES LIABILITIES (CONTINUED)**

The fair value at December 31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $2.50 |
| Exercise price | $67.50 |
| Time to maturity | 0.58 years |
| Risk-free rate | 2.58% |
| Expected volatility | 41.91% |
| Dividend yield | Nil |
| Dilution factor | 33.28% |

---

The fair value at March 31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price<br>| $2.50 |
| Exercise price | $67.50 |
| Time to maturity | 0.33 years |
| Risk-free rate | 2.82% |
| Expected volatility | 41.91% |
| Dividend yield | Nil |
| Dilution factor | 33.26% |

---

The Company measured the conversion feature of convertible debentures at FVTPL and the conversion feature was classified as a derivative financial liability for the loan, which was denominated in a currency other than the Company's functional currency (and therefore its exercise price is not fixed in the Company's functional currency) and is convertible into a variable number of both common shares and warrants. The embedded derivative did not qualify as an equity instrument due to not meeting the "fixed for fixed" criteria of IAS 32 Financial instruments: Presentation. Therefore, the Company separated the embedded derivative from the host contract and accounted for each element separately. The embedded derivative was initially recognized at its fair value. The amount of change in the fair value of the derivative is presented in profit or loss.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

13. SHARE CAPITAL

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

● Common shares, voting and participating

● Preferred shares

During the three-month period ended March 31, 2026, the Company settled debt through the issuance of common shares and warrants. The debt was derecognized at its carrying amount, and the equity instruments issued were measured at fair value and allocated between share capital and contributed surplus using the relative fair value method.

---

| | | |
|:---|:---|:---|
|  | **2026-03-31** | 2025-12-31 |
|  | **Number** | $Number |
| Opening balance | **13069567** | 195647 |
| Issue of share capital (a) | **15149** | 12860587 |
| Convertible Debenture (b) | **—** | —) |
| Debenture conversion in share capital (c) | **—** | 13333 |
| **Closing balance** | **13084716** | 13069567 |

---

During the three-month period ended March 31, 2026, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On January 30, 2026, the Company issued 9,515 shares as of accounts payables settlement, resulting
in the recognition of $27,232 as of share capital, $4,803 as of warrants and $4,535 as loss on debt settlement in the Consolidated
Statements of Net Loss and Comprehensive Loss. The company also issued 5,634 shares to members of its Board of Directors for services
provided in 2022 and 2023, resulting in the recognition of $20,564 as of share capital and $194,436 as loss on debt settlement
in the Consolidated Statements of Net Loss and Comprehensive Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nil in the three-month period ended March 31, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nil in the three-month period ended March 31, 2026

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**13. SHARES CAPITAL (CONTINUED)**

During the year ended December 31, 2025, the Company had the following share transactions:<br>

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 2, 2025, to July 22, 2025, the Company issued 155,000 shares as of loan conversion
with shares price between $15 and $27.60, resulting in the recognition of $2,509,936 as share capital and $2,246,840 as gain on
debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On November 26, 2025, the Company issued 45,454 shares as of private placement with share price of $6.00, resulting in the recognition of $300,000 as of share capital.

On December 22, 2025, the Company issued 10,583,919 shares as of debt and accounts payables settlement, resulting in the recognition of $22,613,774 as of share capital, $1,733,405 as gain on debt settlement and $25,837 as loss on write-off of account payables in the Consolidated Statements of Net Loss and Comprehensive Loss. Included in this transaction is the acquisition of Advance Factoring Inc. (Note 6)

On December 22, 2025, the Company issued 1,946,365 shares as of private placement with share price of $2.78, resulting in the recognition of $5,625,000 as of share capital.

On December 29, 2025, the company issued 64,064 shares as of accounts payables settlement, resulting in the recognition of $128,095 as of share capital and $46,262 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 29, 2025, the Company issued 65,784 shares as of private placement with share price of $2.55 and a finder's fee of $2,609, resulting in the recognition of $187,507 as of share capital.

&nbsp;&nbsp;&nbsp;&nbsp;(b) On December 22, 2025, $(142,571) was recognized for the fair value on debentures following the
settlement in shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From January 20, 2025, to June 26, 2025, the Company issued 13,333 shares upon the conversion of
debenture at a share price of $60 (Note 19A).

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

14. WARRANTS

The following is a summary of the activity of warrants:

---

| |
|:---|
| **Opening balance** |
| Issue of Warrants |
| Warrants expired) |
| Warrants cancelled |
| **Closing balance** |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
|  |<br>**Number of**<br>**warrants** | **Weighted**<br>**average**<br>**exercise price** |
|  |  | **$** |
| **Opening balance** | **6359067** | **4.43** |
| **Granted during the period** | **4757** | **4.33** |
| **Closing balance, as at March 31, 2026** | **6363824** | **4.36** |
| **Closing balance of exercisable warrants, as at March 31, 2026** | **28867** | **24.53** |

---

---

| | | |
|:---|:---|:---|
|  | Twelve months ended December 31, 2025 | Twelve months ended December 31, 2025 |
|  |<br>Number of<br>warrants | Weighted<br>average<br>exercise price |
|  |  | $|
| Opening balance | 61797 | 114.00 |
| Granted during the period | 6404177 | 4.82 |
| Expired during the period | (26333) | 168.61 |
| Cancelled during the period | (80574) | 39.79 |
| Closing balance, as at December 31, 2025 | 6359067 | 4.43 |
| Closing balance of exercisable warrants, as at December 31, 2025 | 6140 | 78.66 |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**14. WARRANTS (CONTINUED)**

The following is a summary of warrants outstanding and exercisable, as at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants outstanding** | | **Warrants exercisable** |
| |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |
|<br><br><br>**March 31, 2026**<br>**Exercise price** | | | | |
| $4.34 | **6265137** | **4.73** | **—** | **—** |
| $4.34 | **65063** | **4.75** | **—** | **—** |
| $4.34 | **4757** | **4.84** | **—** | **—** |
| $9.90 | **22727** | **2.66** | **22727** | **2.66** |
| $75.00 | **5640** | **0.41** | **5640** | **0.41** |
| $120.00 | **500** | **0.41** | **500** | **0.41** |
|  | **6363824** |  | **28867** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**14. WARRANTS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Warrants outstanding | | Warrants exercisable |
| | | Weighted | | Weighted |
| | | average | | average |
| December 31, 2025 |  | contractual |  | contractual |
| Exercise price | Number | life (years) | Number | life (years) |
| $4.335 | 6265137 | 4.98 |  |  |
| $4.335 | 65063 | 5.00 |  |  |
| $9.90 | 22727 | 2.91 |  |  |
| $75.00 | 5640 | 0.66 | 5640 | 0.66 |
| $120.00 | 500 | 0.66 | 500 | 0.66 |
|  | 6359067 |  | 6140 |  |

---

During the year ended December 31, 2025, the Company issued 6,404,177 warrants consisting of 3,599,013 warrants issued to the owners of AFI and 2,805,164 warrants issued warrants issued for private placements, debt conversions, factoring recourse notices and debenture conversions. The value totaling $6,532,539 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.40% and 3.07%; expected volatility between 81.20% and 104.15%; expected dividend yield of 0%; expected life between 0.83 and 5 years and exercise price between $9 and $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $2.55 and $27.

During the three-month period ended March 31, 2026, the Company issued 4,757 warrants. The value totaling $4,803 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate of 2.56%; expected volatility 41.91%; expected dividend yield of 0%; expected life of 5 years and exercise price of $4.34. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was $3.65.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

15. CONTRIBUTED SURPLUS

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | | |
|:---|:---|:---|:---|
|  | **2026-03-15** | 2025-12-31 | 2025-12-31 |
|  |  | $— | $|
| Opening balance |  |  | 6731440 |
| Warrants expired |  |  | 674600 |
| Warrants cancelled |  |  | 153498 |
| **Closing balance** |  |  | 7559538 |

---

---

| | | |
|:---|:---|:---|
|  | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
|  |<br>**Number of**<br>**options** | **Weighted**<br>**average**<br>**exercise price** |
|  |  | **$** |
| Opening balance | **9566** | **402.91** |
| Granted during the period | **—** | **—** |
| Expired during the period | **(3398)** | **705** |
| **Closing balance, as at March 31, 2026** | **6168** | **236.48** |
| **Closing balance of exercisable options, as at March 31, 2026** | **6168** | **236.48** |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**15. CONTRIBUTED SURPLUS (CONTINUED)**

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| | | |
|:---|:---|:---|
|  | Twelve months ended December 31, 2025 | Twelve months ended December 31, 2025 |
|  |<br>Number of<br>options | Weighted<br>average<br>exercise price |
|  |  | $|
| Opening balance | 9566 | 402.91 |
| Forfeited during the period |  |  |
| Closing balance, as at December 31, 2025 | 9566 | 402.91 |
| Closing balance of exercisable options, as at December 31, 2025 | 9566 | 402.91 |

---

The following is a summary of stock options outstanding and exercisable as at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options outstanding** | | **Options exercisable** |
| |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |
|<br><br><br>**March 31, 2026**<br>**Exercise price** | | | | |
| $**127.50** | **4167** | **0.01** | **4167** | **0.01** |
| $**402.00** | **835** | **0.83** | **835** | **0.83** |
| $**501.00** | **334** | **0.57** | **334** | **0.57** |
| $**510.00** | **832** | **0.56** | **832** | **0.56** |
|  | **6168** |  | **6168** |  |

---

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

**15. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options outstanding** | | **Options exercisable** |
| |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |<br><br>**Number** | **Weighted**<br>**average**<br>**contractual**<br>**life (years)** |
| December 31, 2025 |  |  |  |  |
| Exercise price |  |  |  |  |
| $127.50 | 4167 | 0.26 | 4167 | 0.26 |
| $402 | 835 | 1.07 | 835 | 1.07 |
| $501 | 334 | 0.82 | 334 | 0.82 |
| $510 | 832 | 0.80 | 832 | 0.80 |
| $705 | 3398 | 0.11 | 3398 | 0.11 |
|  | 9566 |  | 9566 |  |

---

16. LOSS PER SHARE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the period**)** |
| Weighted average number of outstanding common shares |
| Loss per share |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the three-month period ended March 31, 2029 and the year 2025 as all of the shares options and warrants outstanding are anti-dilutive.

**NuRAN Wireless Inc.**

**Notes to Condensed Interim Consolidated Financial Statements**

March 31, 2026 and 2025

(Expressed In Canadian dollars)

(Unaudited)

17. RELATED PARTY TRANSACTIONS

The Company's related parties include companies under common control as well as key management personnel.

Unless otherwise stated, none of the transactions incorporate special terms and conditions and no guarantees were given or received.

18. SUBSEQUENT EVENTS

On April 17, 2026 the former shareholders of the Factor entered into an undertaking pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the share purchase agreement dated December 22, 2025. The undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the British Columbia Securities Commission (the "BCSC")'s Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

On May 14, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding signed an amendment to the facility agreement signed with FEI Ongrid, a fund managed by Cygnum Capital, extending the maturity date of the agreement to April 26, 2027 and amending the terms of the agreement such that interest would not be fully capitalised but partially paid in cash in accordance with an agreed schedule to maturity. The amendment was entered into to support the Company in raising long term debt and equity financing.

## Exhibit 99.91

**Exhibit 99.91**

![](img001_v7.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the first quarter ended**

**March 31, 2026 and 2025**

![](img002_v7.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the quarter ended March 31, 2026 has been prepared by management and should be read in conjunction with the audited consolidated financial statements for the three-month period ended March 31, 2026 and 2025 and the related notes thereto. The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of June 9, 2026.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at March 31, 2026. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries. In December 2025, NuRAN restored seven sites in Ghana but has not yet incorporated an entity in this country.

**DESCRIPTION OF BUSINESS** 

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES** 

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored means NuRAN's solutions have become a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**OVERALL PERFORMANCE AND OUTLOOK** 

 <u>Performance</u> 

During the quarter ended March 31, 2026, the Company maintained its focus to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of this MD&A, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected. NuRAN has commenced operations in Ghana with Telecel and in Ivory Coast with MTN, representing a significant step forward in diversifying risk. Additionally, the Company has introduced 3G and 4G technologies to address market needs in Cameroon, Ghana, and Ivory Coast. In order to support those technologies, the Company is also testing new technologies like UHF, microwave and soon LEO satellite for the backhaul transmission to support larger bandwidth to provide a better user experience.

Supported by the additional drawdowns of the Cygnum loan facility and CA$5.8M private placement closed in December 2025, the Company continued to deliver sites, focusing on MTN in Cameroon as well as relocating sites in the DRC. In addition, the operations team has worked on increasing the capacity of a number of sites to support growing demand. More than 20 sites in Cameroon were upgraded to support growing demand and maintain KPI targets.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders, with its Wireless Infrastructure Solutions. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

As of the quarter ended March 31st, 2026, the Company has secured nine NaaS contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites and signed a contract for the deployment of rural sites in West Africa under a turnkey delivery model where payments are made based on milestones of delivery and not a NaaS revenue share. NuRAN is currently operating in Cameroon, the Democratic of The Congo, Ivory Coast and Benin and has finalized the incorporation of its operating subsidiary in Madagascar. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document.

As of the date of filing the financial statements for the quarter ended March 31, 2026, NuRAN's NaaS business is now generating revenue with 4 Mobile Network Operators in 3 different countries. Each site is contracted for periods ranging from 5 to 10 years, depending on specific agreements, indicating that NuRAN is still in the early stages of realising its full market potential. The Company is growing its recurring revenue through ongoing site deployments. While issues in Namibia, South Sudan, and Sudan totalling 900 sites, remain unresolved, the Company will concentrate on expanding in other contracted markets.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Company continues to achieve recurring revenue growth per site and has seen a stabilization of the Cost of Goods Sold (COGS) on a per site basis as fixed costs are spread over a larger number of sites, aiming for sustained positive return on site investments for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

During the quarter, NuRAN drew down the final US$450,000 under the US$5 million Cygnum Capital loan facility and in May 2026 extended the maturity of the facility by one year to April 24, 2027. Management is now discussing an extension of that facility by US$2 million to be used in Ivory Coast and Benin and is progressing on other financing options with a current focus on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, at the date of this MD&A, the Company signed a mandate letter for a proposed senior debt financing of up to USD 12 million with the Afrigreen Debt Impact Fund. Structured as a multi-country, multi-currency, multi-tranche facility through NuRAN Wireless (Africa) Holding, this financing is designed to fund the deployment of mobile and broadband infrastructure across multiple African nations. The long-term Loan Facility along with other commitments received by the Company marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility is expected to support NuRAN's network infrastructure rollouts in Cameroon, the DRC, Ivory Coast and Benin.

An important element for all debt financings is sufficient equity to fund costs not covered by the debt instruments including the Company's RAN production facility in Canada and Research and Development efforts. Management is progressing discussions with several potential investors and is also actively pursuing a fund-raising on the public markets made possible by the up-listing to Nasdaq. Management continues to address the requirements set by potential investment partners and the relevant regulatory bodies.

The most important issue mentioned by prospective investors was the level and terms of short-term borrowing at the NuRAN Canada level. Management has addressed this by pursuing a Restructuring Transaction approved at its Annual General and Special Meeting (AGSM) held in October 2025. Under the approved proposal, the Company converted or extinguished more than the expected $25,000,000 of liabilities (including accrued interest) into equity. The conversion of the short-term loan facility provided by Advance Factoring Inc. (the "Factor") was done through the acquisition of this lender. NuRAN also raised more than the expected $5,000,000 of equity. In addition, the Company attracted additional debt holders, service providers, and potential investors to participate in the Restructuring Transaction. The Restructuring Transaction, accompanied by a 300:1 consolidation of the Company's issued and outstanding common shares, was intended to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("NYSE"), or such other U.S. national securities exchange. Such listing would provide access to larger capital markets, enhance visibility and credibility, improve liquidity for shareholders and ultimately support future financings. The Restructuring Transaction also has the direct benefit of reducing interest-bearing debt freeing approximately $3.3 million per year in cash flow from reduced interest expense, strengthening the Company's capital structure, and improving the Company's ability to meet ongoing obligations and continue as a going concern.

MANAGEMENT'S DISCUSSION AND ANALYSIS

On December 22, 2025, the Company completed the acquisition of the Factor, whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the assets are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). The British Columbia Securities Commission (the "Commission") previously advised the Company that, pending the completion and filing of a material change report containing the disclosure required under sections 5.2 of Form 51-102F3 and section 14.2 of Form 51-102F5 in respect of the Factor, the Company was considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Staff Notice 51-322 – Reporting Issuer Defaults. The Company is actively working on remedying the situation. As of the date of this MD&A the Company is in the process of finalizing the material change report with prospectus-level disclosure to satisfy the public disclosure requirements of this complex transaction.

The Restructuring Transaction was combined with a $5.8M million private placement that has moved the Company from a state of technical insolvency toward viability and sustainability. The focus remains on building sufficient NaaS sites to cover group operating expenses which could potentially change the Company's borrowing ability from being forced to accept funding on onerous terms attracting less expensive funding from lenders more aligned with its long-term strategy, capabilities and risk profile.

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon and the DRC. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, an important reduction in monthly satellite managed service fees, which has increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon and the DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

As at the date of this MD&A, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in Cameroon, Namibia, Ivory Coast and Benin. NuRAN also has contracts for South Sudan and Sudan that will be worked on when the political situation in those countries is stabilized. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. The Company plans to reinvest a significant portion of the cash generated by its operations in Africa in site deployment reducing the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing external CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be more easily invested in other countries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management will follow a strategic approach by prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

The business development and sales strategies revolve around leveraging the established hubs to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

Related Party Agreements

NuRAN's execution strategy aims to leverage the skills and capabilities built up at the Canadian parent and utilizing these across the operating subsidiaries. By building knowledge, it is able to follow best practice across all subsidiaries achieving economies and at the same time further efficiency.

NuRAN Canada provides equipment to subsidiaries as well as services and invoices these by way of related party agreements.

The invoicing method is stipulated in agreements signed in April 2021 (Cameroon) and June 2021 (DRC) that cover the charges for the provision of Radio-Access Network (RAN) solutions relating to NuRAN's base station equipment and related software and services (Equipment) and for the provision of management, accounting, commercial and other administrative and operational assistance to deploy, manage and maintain NaaS solutions for the MNOs in support of the continued growth of the NaaS activities (Services). The Company is in the process of signing similar agreements in the Ivory Coast and Benin.

These agreements are subject to international transfer pricing rules and regulations and must comply with these through the multiple jurisdictions within which the Company operates. Equipment pricing is set based on benchmarked pricing implemented globally in the past based on the Company's extensive experience in this area. Services are charged on a cost+ basis which mirrors actual costs incurred. A portion of staff time is allocated based on a % of time devoted to subsidiary NaaS activities and as the Company increases the number of subsidiaries the costs per subsidiary will fall as fixed costs will be spread across a larger number of NaaS operations. Costs including Network Operations Center (NOC), procurement, finance and administration will not for example increase linearly with increased number of subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The payment terms of these agreements follows commercial terms standard for the industry. However, the Company has not demanded payment or enforced these obligations knowing that it would take time for the subsidiaries to construct the NaaS infrastructure and generate excess cashflow, over and above regular operating expenses and cash needs required for continued site construction. Over time as the Company entered into borrowing arrangements with the likes of Cygnum, these receivables were regarded as quasi-equity of the Canadian parent and used to comply with lending covenants. In addition, during 2024 and 2025 NuRAN increased the capital of its subsidiaries in Cameroon and the DRC (in conjunction with the change of this entity to a SA) by converting these amounts to equity. Cygnum also required the Factor to provide a funding guarantee for US$2 million to support ongoing operations in June 2024 and the Company is limited in the amount it can have repaid by the subsidiary. As the term of Cygnum has been extended and other debt facilities will have extended terms as well, the timing for repayment of these balances is also to be lengthened. In addition to services charges, the Company records cash transfers to the subsidiaries, mainly in the early years before the subsidiary is generating NaaS income, to a non-interest-bearing intercompany account. Also, funds provided by Cygnum and others at the NuRAN Africa holding level are on-lent to the subsidiaries and these loans are charged interest based on international standards and regulations which give rise to taxable income in NuRAN Africa for example.

As at the end of March 2026, NuRAN Canada had provided $17.2 million of equipment, services and cash to NuRAN Wireless (Africa) Holding accounted for as an intercompany loan. In addition, direct billing and other support provided to subsidiaries amounted to $7.6 million due directly to Canada. Note that all intercompany charges cancel each other out at the level of consolidated financial statements because income from one source is a cost in another. It is important to recognize however that these charges legally exist and do have tax and other implications at the subsidiary level.

The Company also has related party relationships and amounts owing to members of its senior management team. These amounts are included in Accounts Payable and relate to unpaid salaries, benefits and expenses built up over time resulting from cash shortages. For the period from January to March 2026, total remuneration to these individuals amounted to $365k and the total balance of unpaid accounts was $285k which is non-interest bearing and is to be paid as soon Company resources allow.

**Tabular Comparison and Analysis of Use of Proceeds**

In accordance with Item 1.4(i) of Part 2 of Form 51-102F1, the Company provides the following tabular comparison between previously disclosed intended use of proceeds from financing activities (other than working capital) and the actual application of those proceeds for the years ended December 31, 2023, December 31, 2024, and December 31, 2025. The table also includes explanations for any significant variances, along with an analysis of how these differences have affected the Company's ability to achieve its stated business objectives and milestones.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Comparison of Intended vs. Actual Use of Proceeds

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Items** | &nbsp;&nbsp;**Intended Use** | &nbsp;&nbsp;**Actual Use** | &nbsp;&nbsp;**Variance Explanation:** | &nbsp;&nbsp;**Impact on objectives** |
| &nbsp;&nbsp;**Factoring Agreement (August 28, 2023, as amended)** | &nbsp;&nbsp;**To supplement operational liquidity, reduce accounts receivable risk, and support ongoing business development initiatives** | &nbsp;&nbsp;**Proceeds totalling $11.5 million were received through the factoring of $28.4 million in receivables. The majority of funds were allocated to covering short-term liabilities and ensuring the continuation of operations, with less emphasis on expansion due to heightened liquidity and credit risk. Out of the Purchase Price Paid, $2.1 million was not received directly by the company but paid by the Factor to third parties to settle the company's operating expenses or debt commitments, including $1.9 million in principal repayments of a convertible debenture.** | &nbsp;&nbsp;**Greater than anticipated recourse risk and reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. Amendments to the Factoring Agreement further impacted available liquidity, resulting in losses from debt modification** | &nbsp;&nbsp;**The Company's ability to achieve certain growth milestones was temporarily deferred in favour of maintaining solvency and operational continuity. Material risk related to settlement obligations and shareholder dilution remains, necessitating ongoing monitoring and disclosure** |
| &nbsp;&nbsp;**Loan and Private Placement Financings up to and including December 2025** | &nbsp;&nbsp;**Debt repayment, investment in technology infrastructure, and expansion into key markets** | &nbsp;&nbsp;**Debt repayment, investment in technology infrastructure, and expansion into key markets. The Company also used it for continuation of operations.** | &nbsp;&nbsp;**Reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development.** | &nbsp;&nbsp;**Progress on technology upgrades and market expansion was delayed. The priority shifted to financial stabilization and compliance with creditor terms.** |

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Analysis of Variance and Impact

● Unforeseen performance and credit risks associated with the Factoring Agreement, as well as amendments leading to debt modification losses, required a reallocation of resources.

● Liquidity constraints and working capital deficits contributed to an increasing need to prioritize solvency over strategic investment.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

MANAGEMENT'S DISCUSSION AND ANALYSIS

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility has a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility will allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 from July 2023 to July 12, 2024. As per the terms of the extension, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $120 at the option of the debenture holder during the term of the Convertible Debenture. The investor agreed to be the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations. As of the date of this MD&A the Company is in discussion with the investor for extension of terms.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries. The facility has no expiration date and is still valid and confirmed by the partner. The Global Asset Management Company completed operational due diligence and confirmed their interest to complete next steps for the facility contingent on reception of an equity term sheet for NuRAN Africa Holding of a minimum of US$10M.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon. On September 29, 2025, the Company announced it had received its third drawdown of US$1 million, designated to support the delivery or relocation of 50 sites in the Democratic Republic of the Congo and Cameroon. In March 2026, the Company completed the final drawdown of the balance of the US$5 million facility meeting all conditions imposed by FEI. In May 2026, both parties signed an amendment to the facility agreement extending the maturity to April 24, 2027 to support the Company in raising long term debt and equity financing.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of $67.50 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of $75. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company. The Company issued the convertible debenture to an investment group controlled by an existing investor in the Company at a 25% discount to align with terms previously offered to other debt holders, such as the facility entered into in April 2023. The facility is unsecured, meaning it is not backed by Company assets. This was a deliberate choice to provide flexibility and avoid encumbering assets in a period of heightened liquidity risk. The discounted offering was intended to incentivize immediate financing and provide equitable treatment among lenders, while securing capital necessary for operations. The terms reflect prevailing market conditions and the Company's need to attract timely investment without offering additional securities. The impact of the discount is reflected in the financial statements through increased non-cash interest expense and potential equity dilution upon conversion.

● On August 26, 2025 the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 100,000 common shares of the Company at a price of $15 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

● On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of $300,000. This was accomplished through the issuance of 45,454 units of the Company priced at $6.60 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $9.90 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On December 23, 2025 and following the consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares with an effective date of December 9, 2025, the Company completed a restructuring transaction (the "Restructuring Transaction") pursuant to which it issued an aggregate of 10,380,618 units (each, a "Unit") at a price of $2.89 per Unit, for aggregate gross proceeds of approximately $30 million. Each Unit consisted of one common share of the Issuer and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. The Restructuring Transaction comprised:

○ the settlement of an aggregate of $9,685,256 of indebtedness through the issuance of Units to creditors;

○ a private placement resulting in aggregate gross proceeds of $5,625,000, representing the issuance of 1,946,365 Units; and

○ the acquisition of the Factor for total consideration of $20,802,303.09, satisfied by way of debt settlement through the issuance of 7,198,026 Units.

● On December 30, 2025, the Company announced that it had closed additional amounts pursuant to which it issued an aggregate of 147,668 Units, which included cash subscriptions of $190,116 and debt settlements of $236,648. On February 3, 2026 announced that it closed an additional tranche of debt settlements resulting in the Company issuing an aggregate of 26,297 Units, at $2.89 per Unit, representing debt settlements of $76,000.

● On June 9, 2026, the Company announced the signing of a mandate letter with Afrigreen Debt Impact Fund for a proposed senior debt financing of up to USD 12 million for the deployment of mobile and broadband infrastructure across multiple African nations. Structured as a multi-country, multi-currency, multi-tranche facility, this financing is designed to unlock the next wave of site deployment in Cameroon, the DRC, Ivory Coast and Benin. The proposed financing remains subject to customary conditions, including completion of due diligence, internal approvals, negotiation and execution of definitive financing documentation, and satisfaction of applicable conditions precedent.

NuRAN's NaaS model by its very nature as an infrastructure investment, has led it to pursue several debt and equity instruments since the shift to this model in 2020. The strong asset focus of NaaS has meant that debt was a natural source of capital and the Company has had success in sourcing this, including the Cygnum facility supported by other proposed long term debt facilities. The challenge has been to bring equity alongside this and while NuRAN's public company status gives it access to this liquidity, challenging market conditions and other macro factors have made this difficult to complete. It is hoped the planned listing on Nasdaq will help alleviate these issues.

These factors have led the Company to seek alternative hybrid instruments which have potential equity returns, but also a debt element whereby financiers can participate in cashflows and some element of protection even though this means less potential over the long term. In 2021 NuRAN brought an equity investment in the private placement, but subsequent investments including $2M raised in 2022, US$1.5M in April 2023, and US$1.6M in 2024 were all done via convertible debt instruments. In December 2025, NuRAN raised $5.8M via a private placement in Canada. Two of these were strategic investments, providing financial support to the Company while combining strategically important commercial relationships. Whilst including the option for conversion and the potential value uplift this provides, the intention of these parties is for repayment with suitable interest returns. As unsecured instruments, the risk associated with these is limited and the Company actively manages this by keeping close relations with both providers.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The Company's other funding, excluding the private placement in December 2025, was more financial in nature without any strategic element or connection and therefore with more onerous terms. This was primarily the factoring agreement signed in 2023 and arising from a debt settlement of other short-term facilities provided by the same group, but also the US$1.5M debenture signed in 2023 and other debentures. The funding came at a time when the Company was seeking short-term funding only to bridge to closure of the EIB financing through 2022 and into 2023. Unfortunately, this came at a time when NuRAN's share price was falling and did not reflect what management considered to be the fair value of equity. It was intended that a convertible instrument which provided a reasonable interest rate helped by a conversion price to equity set above market would be the best alternative. As time went and the EIB financing fell away, alternate sources of financing were not available which led the Company to continue to draw on the factoring. By this time the factoring agreement was being amended to add more onerous terms to manage tax implications but also compensate for additional risk given the exposure of the factor overall. This was especially the case as the risk profile of the Company increased due to challenges encountered in delivering site build targets and revenue generation.

NuRAN signed the Eighth and last Factoring Amending Agreement on August 19, 2025. These followed amendments signed 1) September 2023, 2) November 2023, 3) December 2023, 4) April 2024, 5) June 2024, 6) December 2024 and 7) April 2025. Each amendment was entered into to provide additional funding as alternate sources were delayed as well as satisfying specific requirements for the closing of Cygnum Capital in June 2024. The Eighth Amendment is an example of the amounts, frequency and terms of various drawdowns under the factoring agreement as per the table below. The Company had drawn an additional $198k under the factoring agreement and also received an advance of US$150,000 for settlement of the infrastructure licence costs in the DRC. The latter payment was issued under a promissory note issued on September 9, 2025 which was repaid in full with interest of 15% pa and a lending fee of 5% from the proceeds of the Cygnum drawdown of US$1,000,000 received on October 6, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Loan** | &nbsp;&nbsp;**Amount of Principal** | &nbsp;&nbsp;**Maturity Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest**<br> **Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;**Other**<br>**Costs\***  | &nbsp;&nbsp;**Date of Effective Settlement** | &nbsp;&nbsp;**Details of Any Repayments** | &nbsp;&nbsp;**Credit added to the Paid Account of the Factor** |
| &nbsp;&nbsp;23-Dec-24 | &nbsp;&nbsp;150000.00 | &nbsp;&nbsp;06-Feb-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;554271.39 |
| &nbsp;&nbsp;22-Jan-25 | &nbsp;&nbsp;63405.12 | &nbsp;&nbsp;08-Mar-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;231228.97 |
| &nbsp;&nbsp;04-Feb-25 | &nbsp;&nbsp;146030.00 | &nbsp;&nbsp;14-Mar-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;2.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;536268.58 |
| &nbsp;&nbsp;15-Apr-25 | &nbsp;&nbsp;200000.00 | &nbsp;&nbsp;30-May-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;403672.43 |
| &nbsp;&nbsp;02-May-25 | &nbsp;&nbsp;50000.00 | &nbsp;&nbsp;16-Jun-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;97896.78 |
| &nbsp;&nbsp;06-May-25 | &nbsp;&nbsp;150000.00 | &nbsp;&nbsp;20-Jun-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;292604.72 |
| &nbsp;&nbsp;27-May-25 | &nbsp;&nbsp;105000.00 | &nbsp;&nbsp;11-Jul-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;195450.57 |
| &nbsp;&nbsp;04-Jun-25 | &nbsp;&nbsp;70000.00 | &nbsp;&nbsp;19-Jul-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;125532.76 |
| &nbsp;&nbsp;10-Jun-25 | &nbsp;&nbsp;127778.00 | &nbsp;&nbsp;25-Jul-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;234116.55 |
| &nbsp;&nbsp;13-Jun-25 | &nbsp;&nbsp;11830.26 | &nbsp;&nbsp;28-Jul-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;21612.22 |
| &nbsp;&nbsp;20-Jun-25 | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;04-Aug-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;176365.07 |
| &nbsp;&nbsp;08-Jul-25 | &nbsp;&nbsp;100000.00 | &nbsp;&nbsp;22-Aug-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;167745.94 |
| &nbsp;&nbsp;09-Jul-25 | &nbsp;&nbsp;20539.50 | &nbsp;&nbsp;22-Aug-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;34419.33 |
| &nbsp;&nbsp;22-Jul-25 | &nbsp;&nbsp;134232.50 | &nbsp;&nbsp;05-Sep-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;221674.26 |
| &nbsp;&nbsp;29-Jul-25 | &nbsp;&nbsp;27542.00 | &nbsp;&nbsp;12-Sep-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;45860.50 |
| &nbsp;&nbsp;11-Aug-25 | &nbsp;&nbsp;27570.00 | &nbsp;&nbsp;25-Sep-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;43123.77 |
| &nbsp;&nbsp;19-Aug-25 | &nbsp;&nbsp;150000.00 | &nbsp;&nbsp;03-Oct-25 | &nbsp;&nbsp;15.0% | &nbsp;&nbsp;5.0% | &nbsp;&nbsp;25-Aug-25 | &nbsp;&nbsp;Principal repaid in cash | &nbsp;&nbsp;19547.41 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;1633927.38 |  |  |  |  |  | &nbsp;&nbsp;3401391.25 |

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\* Lending Fee: increasing by 1% (first 3 notes) or 2% (all other notes) per month until repayment; interest is charged on this amount. Maximum lending fee of 10% on the first 3 Notes; no maximum on others.

Advances provided and amendments under the factoring agreement were entered into with the expectation that the business would meet the conditions for further drawdowns from Cygnum Capital and these were therefore short term. Also, because the Cygnum funds were to be directed to site construction, the factoring was used to provide working capital for the parent company as well as repayments of the facility drawn in April 2023. The loans in the table above were issued at the time of entering into the 6th amendment in December 2024 when the Company was generating sufficient cash in its Cameroon operation to cover its operating expenses. In fact, in February 2025 funds were up-streamed from Cameroon and the Company also expected to obtain its infrastructure licence for DRC that would unlock additional funding from Cygnum. The notes were used on a limited basis from December 2024 to the beginning of May 2025 to settle urgent cash needs. By May when the significant reduction in income became apparent due to the international billing issue, the Company simply did not have alternatives for cash and continued to draw on the factoring agreement until the drawdown from Cygnum in October 2025. All conditions of the DRC licence had also been fulfilled so we expected not to need more short-term loans. It was this expectation that led management to accept relatively high rates of interest and other terms due to the short term expected life of the debt and simply no other alternatives. Any equity raise would be highly dilutive plus it was not clear there was interest in a public offering given the overhang of potential conversions through recourse on the factoring line.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Restructuring Transaction**

On December 22, 2025, the Company announced that it closed a Restructuring Transaction to purchase of all the issued outstanding common shares and preference shares of the Factor. The Restructuring Transaction resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067, debt settlements of $6,172,629, and the acquisition of Factor for $20,802,303 as a debt settlement. Each Unit consisted of one common share of the Company and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the Factor are able to materially affect the control of the Company. As a result of the Restructuring Transaction, the Factor became a wholly-owned subsidiary of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of NI 51-102. The Company must file a material change report containing the disclosure required by sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 **–** *Information Prospectus-level disclosure* in respect of the Factor. The Company expects to dissolve the Factor at a later date. As of March 31, 2026, the Factor has not yet been dissolved.

The Restructuring Transaction strengthens the Company's financial statements and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Accounting Treatment of Borrowings**

The unsecured instruments are straightforward relative to the other borrowings. These were issued with Original Issuance Discounts (OIDs) which is treated separately from the principal amount of the liability. The OID is a negative amount that is amortised over time as the instruments approach maturity. This amortization is charged through the P&L as a financing expense and the liability is accreted (increased in value), also booked through the P&L. In the absence of any renegotiation or renewal, there is no other booking of loss/gain in the instrument. The conversion feature of both instruments is booked separately as a derivative valued using Black Scholes pricing with key assumptions being the risk free rate (Bank of Canada rate) and volatility (based on a benchmark of similar companies in the industry).

The secured instruments coming from financial investors – the factoring agreement and debentures, all extinguished through the Restructuring Transaction in December 2025 – were somewhat more complex, mainly because they come with additional fees and charges, and due to their size and security characteristics. Main features of the factoring agreement were lending fees and interest which are charged through the P&L. In addition, during the period some cash advances were advanced as promissory notes and then eventually brought under the factoring based on the Company's ability to repay. In addition, with each recourse notice involving a share issuance, any gain resulting from the difference between the contractual conversion price and market price is booked through the profit & loss as "Other Elements". The factoring agreement did not contain any embedded derivatives that require subsequent fair value measurements under IFRS.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The other secured instruments being convertible debentures extinguished in December 2025 included an Original Issuance Discount (OID) and in some cases interest charges. One instrument included a lending and monitoring fee as well as interest and these were booked regularly through the P&L as finance expenses. Amortisation of the OID and accretion of the instrument value was also booked and as these have derivatives, Black Scholes pricing was used with similar assumptions as mentioned above.

Given the significant balance of amounts owing under the factoring facility and convertible debentures, and that these arose from transactions with parties connected to an independent Board member of NuRAN, the Company took several steps to maintain a system of independent oversight when considering these transactions. First the Company has adopted a Code of Business Conduct and Ethics sanctioned by the Board that details specific steps that the Company should take in dealing with these transactions in order to ensure all related party transactions are conducted on an arm's length basis and in the best interests of the company and shareholders. Second, in all matters concerning related party transactions the Board takes a number of steps to maintain independence including disclosure whereby the board member with the potential conflict fully discloses the nature and extent of their interest before the transaction is discussed and in addition, that director does not participate in any discussion, negotiation, or decision related to the transaction. Third, members of the audit committee review and evaluate all related-party transactions including seeking independent, external advice if needed, which has been the case for the factoring and restructuring transaction. While NuRAN can benefit from sourcing finance from connected parties given their knowledge and understanding of the Company, it recognizes the need to follow strict policies to protect its stakeholders' interests.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company amended the NaaS contract with Orange DRC in May 2025 to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders. The above-described Restructuring Transaction significantly improves the Company's financial strength along with these developments.

Results in Cameroon are still on target with management's initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy for reselling Orange products and services that has already shown growth in user adoption and traffic.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing NuRAN's concentration risk. The US$5M bridge facility from Cygnum Capital. the US$1.6M private placement and the $5.8M private placement along with the 2024 announced US$15M Term Sheet with a possible increase to a US$70M Facility and US$12M mandate letter signed in June 2026 continues to support management's efforts to raise other equity. This financing, when completed, is expected to support the rollout of over 1,000 sites across a number of countries to further diversify its revenue sources. Timing of this rollout is uncertain as the larger debt facilities are contingent on an equity injection to NuRAN Africa Holding of a minimum of US$10M as mentioned above. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast deployments.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of March 31<sup>st</sup>, 2026, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The following section discusses the Company's financial performance based on consolidated financial statements for the quarter ended March 31, 2026 and 2025.

***Factors Concerning the Company's Financial Performance and Results of Operations***

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, generating sales as sites go live and produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

Under NuRAN's contracts, site revenue is shared with the mobile network operator based on net billings after applicable charges and taxes. These agreements generally include a threshold (TH) below which NuRAN retains 100% of site revenue; revenue above that level is shared between the parties. The revenue-sharing percentage varies by contract and is designed to reflect the economics of each market.

Under the Orange Cameroon contract, the Company currently recognizes a minimum guaranteed revenue (MGR) per site per month, and site ownership is expected to transfer after six years of operation. The revenue-sharing structure is similar to the threshold model, except that revenue is guaranteed even when a site generates less than the MGR. The Company is in discussions with Orange Cameroon to amend the contract to a threshold-based structure that would allow NuRAN to retain ownership of the infrastructure. A similar amendment has already been signed with Orange DRC.

Under IFRS 15, current contract with Orange Cameroon requires NuRAN to record site sales when operational, impacting revenue and gross profit margins. Moving to the Threshold would cancel the IFRS 15 accounting treatment as was done in the DRC when the contract was amended in May 2025.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net income** is a measure of how efficiently and effectively the business is running. In the early stages of NaaS rollout and implementation, revenue will not cover selling, administrative and R&D costs needed to grow and maintain the NaaS business in the various countries. As sites are deployed and generate increasing revenue the Company is expected to become profitable. To achieve the desired net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Outstanding Share Data (post-consolidation basis)**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;March 31, 2025 | &nbsp;&nbsp;March 31, 2024 |
| &nbsp;&nbsp;Common shares, voting and participating | &nbsp;&nbsp;13084716 | &nbsp;&nbsp;217313 | &nbsp;&nbsp;169262 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;6363824 | &nbsp;&nbsp;81797 | &nbsp;&nbsp;51420 |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;6168 | &nbsp;&nbsp;9566 | &nbsp;&nbsp;10566 |

---

As at March 31, 2026 and the date of this MD&A the Company had 13,084,716 common shares outstanding. As at March 31, 2026, the Company also has convertible debt instruments in issue which, if fully converted, would result in the issuance of 66,612 common shares. This includes 22,045 relating to unsecured Convertible Debentures and 44,567 relating to unsecured Convertible Debenture and Derivative Liabilities.

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the annual consolidated financial statements of the Company as at March 31, 2026 and 2025 and for the periods then ended:

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| | | | |
|:---|:---|:---|:---|
|  | **Three-month period ended March 31, 2026** | **Three-month period ended March 31, 2025** | **Three-month period ended March 31, 2024** |
| &nbsp;&nbsp;Total revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$871066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2209079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$572.527 |
| &nbsp;&nbsp;Total loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2033140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1689530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2355685) |
| &nbsp;&nbsp;Net loss per share – basic | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(8.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14.87) |
| &nbsp;&nbsp;Net loss per share – diluted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(8.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(14.87) |
|  | **As at March 31, 2026** | **As at March 31, 2025** | **As at March 31, 2024** |
| &nbsp;&nbsp;Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27908407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26399169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21130623 |
| &nbsp;&nbsp;Total non-current financial liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$322690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$232004 |

---

**RESULTS OF OPERATIONS**

**Revenue**

Revenue for the three-month period ended March 31, 2026 of $871,066 was a decrease of $1,338,013 from the three-month period ended March 31, 2025 ($1,636,352 increase for the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024).

MANAGEMENT'S DISCUSSION AND ANALYSIS

Of the total revenue for the three-month period ended March 31, 2026, $713,097 was NaaS service revenue from site operations. In addition to this, the Company recognised $(163,054) that was an adjustment to comply with IFRS 15, which requires that we recognize a sale of the site and cost when it becomes operational. Management also booked $146k of NaaS revenue representing revenue currently under review with MNOs relating to increased capacity provided on sites as well as un-billed traffic. Virtually all revenue for the three-month period ended March 31, 2026 was NaaS revenue although the Company continues to offer direct product sales which can be sporadic given the main focus on NaaS. Revenue declined quarter on quarter mainly because the period ended March 31, 2025 included a full 3 months of inflated revenue before the international billing issue became known. In Cameroon revenue for the 3 months was down 40% year on year which could have been worse had it not been for an increase in sites deployed and is in line with management's previous forecasts.

Other revenue for the three-month period ended March 31, 2026 was related to direct product sales of $11,533 which were down from over $200k in the same period in 2025.

**Gross Profit**

Gross profit for the three-month period ended March 31, 2026 decreased by $1,267,963 compared to the three-month period ended March 31, 2025 (increased by $1,852,892 for the three-month period ended March 31, 2025 compared to the three-month period ended March 31, 2024).

Gross margin for the three-month period ended March 31, 2026 decreased to 72.4% from 86% for the three-month period ended March 31, 2025 (increased to 86% for the three-month period ended March 31, 2025 from 8% for the three-month period ended March 31, 2024).

Overall, the three-month period ended March 31, 2026 NaaS gross margin was 78%, and 82% excluding the IFRS 15 adjustment. The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site is being closely managed to maximize gross profit. NaaS gross margin excluding the IFRS 15 adjustment is more in line with the Company's future projections for this line of business and only one contract still remains with this structure. An amendment is being sought meaning all contracts will follow the threshold model which will smooth out future reporting.

**Expenses** 

During the three-month period ended March 31, 2026, total expenses decreased by $710.978 from the three-month period ended March 31, 2025 (for the three-month period ended March 31, 2025 total expenses increased by $752,978 from the three-month period ended March 31, 2024).

Financial expenses saw a reduction of $1.29 million due largely to the extinguishment of debt through the Restructuring Transaction which greatly reduced interest charges. Administrative expenses on the other hand increased by just over $500k which included a charge of over $200k relating to past Board fees settled in shares in the quarter. Because of the calculation methodology using pre-consolidation values, 90% of the charge was offset by a gain on debt settlement booked elsewhere in the profit and loss. Another $141k of the increase came from advisory, legal and filing fees related to finalising reporting and compliance for the year and increased audit fees accrued in the quarter resulting from the planned Nasdaq listing. The remaining difference was mostly payroll related for senior management salary booked in 2026 that was foregone in 2025.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Other Elements**

Other Elements for the three-month period ended March 31, 2026 generated a net gain of $189,901 compared with a net loss of $23,474 in the three-month period ended March 31, 2025 (a net gain of $410,285 for the three-month period ended March 31, 2025 compared to a net loss of $346,643 for the three-month period ended March 31, 2024). This was all related to the gain on debt settlement for board compensation mentioned above.

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the three-month period ended March 31, 2026 increased to $2,033,140 from the three-month period ended March 31, 2025 loss of $1,689,530, an increase of $343,610 (for the three-month period ended March 31, 2025 decreased to $1,689,530 from the three-month period ended March 31, 2024 loss of $2,355,685).

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the three-month period ended March 31, 2026 was a net loss of $290,637 compared with a net loss of $107,740 for the three-month period ended March 31, 2025. The Total Comprehensive Loss for the three-month period ended March 31, 2026 decreased to $2,323, 8777 compared to $1,797,270 for the three-month period ended March 31, 2025 (a Total Comprehensive Loss of $1,797,270 for the three-month period ended March 31, 2025 compared to a Total Comprehensive Loss of $2,558,145 for the three-month period ended March 31, 2024). The loss is expected to reduce in future quarters as growth in NaaS sites and revenue increase relative to business operating costs.

**Expenses** 

Below is a discussion of the expenses for the three-month period ended March 31, 2026, and the three-month period ended March 31, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **2026** | **2025** | **% change from 2025** |
| &nbsp;&nbsp;Selling expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-21.53% |
| &nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800649 | 1297220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+38.81% |
| &nbsp;&nbsp;Financial expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621779 | 1911196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-67.47% |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+51.92% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-19.95% |

---

***Selling expenses***

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the Investor Relations online marketing campaign. The decrease continues to show the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

***Administrative expenses***

Administrative expenses consist of staff remuneration, public company and financing fees, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs increased from the previous period as a result of the Board costs, advisory and compliance and payroll costs mentioned above. Of these, Board costs are approx. 75% non-recurring whereas the others represent the increased scale of the business and operations.

***Financial expenses***

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing including accretion of convertible debentures and gain/loss on foreign exchange. The decrease in financial expenses for the three-month period ended March 31, 2026, compared to the three-month period ended March 31, 2025, is mainly a result of significantly lower interest costs but also helped by a foreign exchange gain resulting from movement in the USD to CAD exchange rate.

***Research and development***

Research and development costs for the three-month period ended March 31, 2026 increased over the three-month period ended March 31, 2025 as a result of a reduction in claimable tax credits as well as a general increase in these costs as the Company continued to focus development of its technical solution and enhancements to its product line towards 3G/4G capabilities. As the business looks to build on successful trials of broadband mobile solutions in its existing operations resource will continue to be directed in this area which provide NuRAN with a unique competitive advantage controlling its technology.

In general, management continues to streamline operational, administrative and financial expenses. This followed a reorganisation of operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners evidenced by recent progress in funding agreement. The Company continues in its effort to have group operating costs covered by NaaS revenue so that any new funds raised can be directed to site construction and servicing and repaying other debt. This, along with the strengthening of the financial position following the Restructuring Transaction will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

**SUMMARY OF QUARTERLY RESULTS** 

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended** | **Total revenues ($)** | **Total loss ($)** | **Basic and Diluted Loss**<br> **Per Share**<br> **($)** |
| 31-Mar-26 | 871066 | (2033140) | (0.16) |
| 31-Dec-25 | 613211 | (12599231) | (8.04) |
| 30-Sep-25 | 627650 | (3105062) | (9.00) |
| 30-Jun-25 | 627920 | (3542950) | (15.00) |
| 31-Mar 25 | 2209079 | (1689530) | (9.00) |
| 31-Dec-24 | 663422 | (371968) | (3.00) |
| 30-Sep-24 | 1563061 | (3220575) | (18.00) |
| 30-Jun-24 | 1512457 | (2425969) | (15.00) |
| 31-Mar-24 | 572727 | (2355685) | (15.00) |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

**First Quarter**

During the three months ended March 31, 2026, the Company earned revenues of $871,066 compared to $2,209,079 during the three months ended March 31, 2025, a decrease of $1,338,013. This decrease is due mainly to the impact of the international tariff issue with Q1 2025 being the last period reflecting this issue.

During the three months ended March 31, 2026, the Company generated gross margin of $630,417 compared to $1,898,380 during the three months ended March 31, 2025, a decrease of $1,267,963. The reduction was a result of the decline in revenue which saw gross margin decline slightly due in part to fixed VSAT costs.

During the three months ended March 31, 2026, the Company incurred a net loss of $2,033,140 compared to net loss of $1,689,530 for the three months ended March 31, 2025. The increase in the loss was due to lower revenues and a slightly higher administrative cost base, partly due to non-recurring advisory fees associated with the Restructuring Transaction.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash increased to $1,933,539 as at March 31, 2026, from $1,225,990 as at March 31, 2025. Current assets decreased to $16,378,312 as at March 31, 2026, from $18,577,723 as at March 31, 2025. The cash balance reflected proceeds remaining from the private placement completed as part of the Restructuring Transaction whereas other current assets fell by approx. $3 million. Accrued revenue, which arises solely from IFRS 15 accounting treatment, fell by $2 million because of reclassification of the DRC NaaS agreement. Other reductions came about mostly due to normal course of business activities which saw several new NaaS sites deployed during the year.

NuRAN's operations are geared to increasing the installed base of owned and operated NaaS sites. Due to the long-term nature of these contracts and the recurring nature of revenue, the Company expects that over time, from a contracted backlog of over 5,000 sites, it will be able to generate a sufficient and significant amount of cash to cover its operating expenses and other obligations. Delayed funding efforts have delayed the build-out however the performance of the existing sites confirms the viability of the NaaS model. The short-term objective is to cover all group operating costs from recurring NaaS revenue and beyond this, a sufficient surplus such that build-out of all remaining sites is covered without the need to resort to additional debt or equity funding. The objective for the remainder of 2026 however is to raise sufficient cash to achieve this critical mass of sites. During the coming period, the Company will also direct some cash to paying trade and other payables, meeting its deferred revenue obligations and settling servicing debt. Currently the Company has less than 5% of the contracted number of sites in operation and execution risk of the development plan is probably the most important observed issue. That said this also points to the potential of the NaaS model to potentially build a highly profitable business.

The business is split in line with its geographical footprint with Research and Development as well as production of its core WIS products centered in Canada. Project management and operations support, procurement, network monitoring and administration are also centered in Canada whereas NaaS operations including site construction and the bulk of revenue generation is focused in Africa. To manage liquidity, the Company must provide sufficient working capital for the Canadian operations while funds generated in Africa are directed to site construction and operating costs there, which is also supplemented by fund-raising directed by the Canadian operation. Most of the Canadian costs are payroll related with no ability to postpone payments and although there are some sales of equipment and services from Canada to third parties, the contribution from this is sporadic and difficult to plan. NuRAN cross-charges central services to subsidiaries so ultimately repayment of these obligations from subsidiaries will provide the company with the liquidity it requires.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Site construction is itself not a time intensive activity – when on site, erection of the site takes a few days but what takes time is the procurement and logistics leading up to this. The NaaS offering has 4 key components – radio base stations supplied by NuRAN, power systems (solar panels and batteries), VSAT satellite terminals and the towers themselves. NuRAN must manage its supply chain for base station components required for its production activities and, in addition, must manage a global supply chain for the other components. From start to finish the working capital needs span at least 6 months or more. Power systems have proven to be the most difficult given the use of hazardous materials including lithium batteries. Recent attention on lithium as a precious mineral, rising demand for electrification and global supply chain challenges following Covid have all added to the complexity. Often times, delays in power deliveries doubled the lead times.

The last element of the site construction process is the local activities including equipment logistics, environmental compliance, site identification and acquisition, installation and commissioning. Local African companies are used almost exclusively for this activity but being at the end of a relatively uncertain lead period means managing these relationships brings added challenges. This is to say nothing of local factors such as weather and security which are very real risks in sub-Saharan Africa. While NuRAN optimizes the use of its local workforce, the long lead times and execution challenges put strain on cashflow. Time is the enemy and NuRAN management is targeting 6-12 months of working capital on hand at any one time.

NuRAN management has been able to sustain extended payment timelines with suppliers and lenders given the potential that the NaaS solution and backlog provides and is grateful for the contribution of its suppliers. It closely manages these relationships, matching payments with revenue generated as much as possible.

In the medium term, NuRAN plans to continue to build its NaaS base to generate additional cash. Some of these funds will ultimately be upstreamed to Canada to satisfy payment obligations and NuRAN manages its foreign currency, translation, convertibility and transfer risk on an ongoing basis as this is a very important element of cash management. It uses such tools as local currency facilities and matches costs to sources including revenue, borrowings and equity. In the short term, repaying outstanding accounts payable and servicing debt will come from planned equity raises to support committed debt facilities.

Of the $9,594,638 in trade and other payables, the majority is attributable to various suppliers and consulting partners. The Company intends to address these obligations through measures such as structured payment plans, allocation of equipment/service sales margin contributions, write-offs, and/or settlement in shares, where applicable. Approximately $1.7m is accrued interest charges on unsecured convertible debentures.

Of the balance of $8,115,168 of loans, $8,044,760 is due to Cygnum Capital in principal and interest and was used for infrastructure investments in NuRAN's NaaS business. This short-term, two-year bridge facility (extended to three years in May 2026) is anticipated to be converted into a long-term arrangement or repaid, and discussions on this transition are currently underway.

As a result of the Restructuring Transaction completed in December 2025, the shareholders' deficit improved by over $17 million into a surplus which is still maintained at the end of the quarter. This was a criterion of the listing on Nasdaq which is now a key element of the Company's funding plans.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. At the current stage of growth, the search for capital to support growth of the NaaS business continues with on-going out-reach to lenders and investors including Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. Management also recognizes the opportunity to improve cash flow by converting inventory to revenue generating NaaS sites and it is transitioning inventory from the DRC to Cameroon and Ivory Coast as a means of maximising the return on these assets. In addition to funding site rollout, financing is required to fund central operations and maintain its technical growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform to support deployment of mobile infrastructure and extended services under the NaaS model).

Currently revenues are not sufficient to cover selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (including the agreements with Orange SA in Cameroon, the DRC and Madagascar and with MTN in South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS deployment and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of this MD&A the Company has placed on hold any effort to pursue the development of this network.

While the company remains reliant on external funding for CAPEX spending, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the US$5M Cygnum loan facility including a possible increase of US$2M related to Ivory Coast and Benin, the $5.8M private placement, the term sheet and mandate letter aimed at raising up to US$70 million and other funding discussions currently underway, as well as the financing capacity made possible through a Nasdaq listing, management believes that the company will be able to raise the necessary financing, helped by its much improved financial position. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS and Uncertainties**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional debt and equity financing.

**Liquidity and Cash Resources:** 

The Company's limited cash resources represent a significant uncertainty that may materially affect future performance and ability to meet obligations.

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of its product research and development expenses, customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

**Competition**

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals**

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends**

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know-how.

**Protection of Intellectual Property**

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Dependence on Customers**

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Over time, as the NaaS business has gained in importance, an increasing proportion of sales are derived outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase. Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks**

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

## Exhibit 99.92

**Exhibit 99.92**

**Form 52-109FV2** 

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, **Jim Bailey, Chief Financial Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
interim MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the "issuer") for the
interim period ended **March 31, 2026**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
reasonable diligence, the interim financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the
date of and for the periods presented in the interim filings.

Date: **June 9, 2026**

---

| |
|:---|
| */s/ "Jim Bailey"* |
| **Jim Bailey** |
| Chief Financial Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required
to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation
is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.93

**Exhibit 99.93**

**Form 52-109FV2** 

***Certification of Interim Filings <br> Venture Issuer Basic Certificate***

I, **Francis Letourneau, Chief Executive Officer** of **Nuran Wireless Inc.**, certify the following:

1.  ***Review:*** I have reviewed the interim financial report and
interim MD&A (together, the "interim filings") of **Nuran Wireless Inc.** (the "issuer") for the
interim period ended **March 31, 2026**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence,
the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated
or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to
the period covered by the interim filings.

*3.*  ***Fair presentation:*** Based on my knowledge, having exercised
reasonable diligence, the interim financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the
date of and for the periods presented in the interim filings.

Date: **June 9, 2026**

---

| |
|:---|
| */s/ "Francis Letourneau"* |
| **Francis Letourneau** |
| Chief Executive Officer |

---

**<u>NOTE TO READER</u>**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

&nbsp;&nbsp;&nbsp;&nbsp;i) controls and other procedures designed to provide reasonable assurance that information required
to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation
is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52- 109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.94

**Exhibit 99.94**

**FORM 51-102F3**

***Material Change Report***

**Item 1: Name and Address of Company**

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

Suite 100, 2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change**

December 22, 2025

**Item 3: News Release**

A news release announcing the material change was issued on January 28, 2026, and filed on SEDAR+ at www.sedarplus.ca, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change**

The Company announced the submission of the prospectus-level disclosure information regarding the acquisition of Advance Factoring Inc., a factoring company (the "**Factor**") has resulted in a restructuring transaction within the meaning of National Instrument 51-102 **–** *Continuous Disclosure Obligations* (the "**Restructuring Transaction**"), and that the Company would file this material change report containing the disclosure required by sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 **–** *Information Prospectus-level disclosure* in respect of the Factor.

On December 23, 2025, the Company announced that it closed a broad restructuring on December 22, 2025 (the "**Closing Date**"). The restructuring resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067.98, debt settlements of $6,172,629, and the acquisition of Factor for $20,802,303.09 as a debt settlement.

In addition, on December 22, 2025, the Company also completed the closing of an initial tranche of additional subscription amounts, issuing an aggregate of 2,115,064 Units, at $2.89 per Unit, for aggregate gross proceeds of approximately $6.11 million, which included cash subscriptions of $2,599,932.02 and debt settlements of $3,512,627.23. Following this the issued and outstanding shares of the Company totalled 12,905,118.

The Company completed the acquisition of the Factor, whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the Factor are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("**NI 51-102**").

The British Columbia Securities Commission (the "**Commission**") previously advised the Company that, pending the completion and filing of a material change report containing the disclosure required under section 14.2 of Form 51-102F5 in respect of the Factor, the Company was considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Staff Notice 51-322 – Reporting Issuer Defaults.

The Company has prepared the disclosure required under sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 and is filing such disclosure with this material change report in order to address the default.

**Item 5.1: Full Description of Material Change**

The material change consists of the completion and filing of this material change report containing the disclosure required under sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 in respect of the Factor.

*5.1.1 Financial Statements*

The issuance of common shares and the elimination of the related indebtedness resulting from the restructuring transaction are reflected in the Company's audited annual financial statements and related management's discussion and analysis ("**MD&A**") for the year ended December 31, 2025 that are included in this material change report in Schedule "B" and "C", respectively.

In connection with the acquisition of the Factor, the Company assumed the liability represented by the preferred shares of the Factor (the "**Preferred Shares**"). The 726,752,667 Preferred Shares issued by the Factor on December 19, 2025 are recorded as a financial liability in the amount of $7,267,527, as these shares are redeemable and retractable at the option of the holder at a redemption price of $0.01 per share. Notwithstanding the foregoing, pursuant to the Restructuring Transaction, the indebtedness under the Preferred shares constitutes intercompany balances and are eliminated in the consolidated financial statements. The key terms of the Preferred Shares, and the risks associated with this liability, are described under 'Description of Securities — Preferred Shares" and "Risk Factors" below.

The pro forma financial statements of the Company are included in Schedule "D". The audited financial statements of the Factor required under sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5, together with the related management's discussion and analysis of the Factor ("**MD&A**"), are included in Schedule "E" and "F" respectively to this material change report.

**Item 5.2 Disclosure for Restructuring Transactions**

No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. This document does not constitute a preliminary prospectus. The transaction described herein has been completed.

This document provides prospectus-level disclosure in respect of the acquisition (the "**Restructuring Transaction**") by Nuran (the "**Company**") of Advance Factoring Inc. (the "**Factor**") in connection with the Transaction, the Company issued an aggregate of 7,198,026 Units to the vendors.

Each Unit consisted of one common share in the share capital of the Company (each, a "**Common Share**") and half common share purchase warrant (each, a "**Warrant**"), with each Warrant entitling the holder thereof to acquire one additional Common Share at an exercise price of $4.335 per share until December 22, 2030. The Common Shares were issued by the Company on December 22, 2025, in connection with the Restructuring Transaction. The issuance was completed pursuant to prospectus exemptions under applicable securities laws. The deemed issue price of the Units was $2.89 Canadian Dollars ("**CAD**"). Unless otherwise indicated, all references to "$" are to CAD.

The Consideration Shares were issued at a fixed deemed price in connection with the Restructuring Transaction. The deemed issue price of the Units was determined by the board of directors of the Company, having regard to, among other things the value of the assets acquired, and the amount of indebtedness settled in connection with the Restructuring Transaction.

The common shares of the Company are listed on the Canadian Securities Exchange under the symbol "NUR". On December 22, 2025, the last closing price of the common shares was $2.78.

An investment in the Factor is subject to significant risks. See "*Risk Factors*".

No underwriters were involved in the Transaction. The Consideration Shares were issued directly by the Company to the vendors.

The Common Shares are subject to resale restrictions under applicable securities laws.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| FORWARD LOOKING INFORMATION | 7 |
| DOCUMENTS INCLUDED IN THIS MATERIAL CHANGE REPORT | 7 |
| INFORMATION CONCERNING THE FACTOR | 8 |
| CORPORATE STRUCTURE | 8 |
| &nbsp;&nbsp;&nbsp;Name, Address and Incorporation | 8 |
| &nbsp;&nbsp;&nbsp;Intercorporate Relationships | 9 |
| DESCRIPTION OF THE BUSINESS OF THE FACTOR | 10 |
| General | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized Skills and Knowledge | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competitive Conditions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business or Seasonal Cycles | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Dependence | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes to Contracts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees | 11 |
| &nbsp;&nbsp;&nbsp;Three Year History | 11 |
| &nbsp;&nbsp;&nbsp;Recent Developments | 11 |
| &nbsp;&nbsp;&nbsp;Information Concerning the Factor Following Completion of the Transaction | 14 |
| PARTICULARS OF THE MATTER – MI 61-101 | 14 |
| DIVIDENDS OR DISTRIBUTIONS | 16 |
| SELECTED CONSOLIDATED FINANCIAL INFORMATION | 16 |
| MANAGEMENT DISCUSSION & ANALYSIS | 16 |
| DESCRIPTION OF SECURITIES | 16 |
| &nbsp;&nbsp;&nbsp;Authorized and Outstanding Capital | 16 |
| OPTIONS TO PURCHASE SECURITIES | 17 |
| CONSOLIDATED CAPITALIZATION | 17 |
| PRIOR SALES | 18 |
| &nbsp;&nbsp;&nbsp;Market for Securities | 18 |
| ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER | 18 |
| PRINCIPAL SECURITYHOLDERS | 18 |
| DIRECTORS AND EXECUTIVE OFFICERS | 19 |
| &nbsp;&nbsp;&nbsp;Cease Trade Orders, Bankruptcies, Penalties or Sanctions | 19 |
| EXECUTIVE COMPENSATION | 20 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Employment, Consulting and Management Agreement | 20 |
| &nbsp;&nbsp;&nbsp;Equity Compensation Securities | 20 |
| &nbsp;&nbsp;&nbsp;Oversight and Description of Director and NEOs Compensation | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Process and Objectives | 21 |
| &nbsp;&nbsp;&nbsp;Pension and Retirement Plans | 21 |
| INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS | 21 |
| LEGAL PROCEEDINGS OR REGULATORY ACTIONS | 21 |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 21 |
| NON-ARM'S LENGTH PARTY TRANSACTIONS | 22 |
| AUDITOR, TRANSFER AGENT AND REGISTRAR | 22 |
| MATERIAL CONTRACTS | 22 |
| EXPERTS | 22 |
| OTHER MATERIAL FACTS | 23 |
| FINANCIAL STATEMENT DISCLOSURE | 23 |
| INFORMATION RELATING TO THE RESULTING ISSUER | 23 |
| &nbsp;&nbsp;&nbsp;Corporate Structure | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Incorporation | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercorporate Relationships | 23 |
| NARRATIVE DESCRIPTION OF THE BUSINESS | 24 |
| &nbsp;&nbsp;&nbsp;Stated Business Objectives | 25 |
| DESCRIPTION OF SECURITIES | 25 |
| PRO FORMA CONSOLIDATED CAPITALIZATION | 26 |
| AVAILABLE FUNDS AND PRINCIPAL PURPOSE | 26 |
| DIVIDENDS | 26 |
| PRINCIPAL SECURITYHOLDERS | 27 |
| DIRECTORS, OFFICERS AND PROMOTERS | 27 |
| &nbsp;&nbsp;&nbsp;Name, Address, Occupation and Security Holdings | 27 |
| &nbsp;&nbsp;&nbsp;Biographies of Management and Directors | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Education and Experience of Managers and Directors | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promoter Consideration | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Cease Trade Orders or Bankruptcies | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties or Sanctions | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Bankruptcies | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Reporting Issuer Experience | 33 |
| EXECUTIVE COMPENSATION | 35 |

---

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| | |
|:---|:---|
| INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS | 40 |
| AUDIT COMMMITTEE | 40 |
| CORPORATE GOVERNANCE | 42 |
| RISK FACTORS | 43 |
| INVESTOR RELATIONS ARRANGEMENTS | 45 |
| OPTIONS TO PURCHASE SECURITIES | 45 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR | 47 |
| EXPERTS | 47 |
| OTHER MATERIAL FACTS | 47 |

---

**FORWARD LOOKING INFORMATION**

This material change report contains certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information relates to future events or the anticipated performance of the Company and reflects management's expectations or beliefs regarding future events. In some cases, forward-looking information can be identified by the use of words such as "expects," "anticipates," "believes," "plans," "intends," "estimates," "may," "will," "should," or similar expressions suggesting future outcomes.

Forward-looking information in this disclosure includes, but is not limited to, statements regarding the anticipated benefits of the Restructuring Transaction, the integration of the Factor's assets and liabilities into the Company, and the expected operational or financial effects of the transaction.

Forward-looking information is based on a number of assumptions that management believes are reasonable as of the date of this material change report, including assumptions regarding the successful integration of the assets and liabilities previously held by the Factor, the continued operation of the Company's business in a manner consistent with past practice, and the absence of material undisclosed liabilities relating to the Factor.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, among others, risks associated with the integration of the acquired business and the potential existence of undisclosed liabilities of the Factor.

Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this material change report is made as of the date hereof and the Company does not undertake any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

The Restructuring Transaction was completed on December 22, 2025. Following completion of the transaction, the Factor ceased to operate as a separate entity and its assets and liabilities were integrated into the Company. Management expects that the Restructuring Transaction will simplify the Company's financing structure by internalizing the factoring arrangements previously carried out by the Factor. These statements constitute forward-looking information and should be read together with the cautionary statements set out above under "Forward-Looking Information."

**DOCUMENTS INCLUDED IN THIS MATERIAL CHANGE REPORT**

This material change report has been prepared in accordance with the requirements *of National Instrument 41-101 – General Prospectus Requirements* and includes all disclosure required to be provided at the prospectus level in connection with the Restructuring Transaction completed on December 22, 2025, including the acquisition of Advance Factoring Inc.

The following documents are included in or form part of this disclosure:

● the audited consolidated financial statements of the Company for the year ended December 31, 2025, together with the related auditor's report;

● the management's discussion and analysis of the Company for the year ended December 31, 2025;

● the annual audited financial statements of the Factor for the period ended December 22, 2025 and December 31, 2024, together with the related auditor's report;

● the pro forma financial statements required in connection with the acquisition of Advance Factoring Inc.;

● the management's discussion and analysis of the Factor for the period ended December 22, 2025 and December 31, 2024; and

● all other disclosure required under applicable securities legislation in respect of the Restructuring Transaction.

Certain documents of the Company filed pursuant to its continuous disclosure obligations, including prior annual and interim financial statements, management's discussion and analysis, material change reports and management information circulars, are available under the Company's profile on SEDAR+. References to such documents are provided for informational purposes only. All information required to be disclosed in this material change report is contained herein, and no document is incorporated by reference into this material change report except as expressly required or permitted by applicable securities legislation.

**INFORMATION CONCERNING THE FACTOR**

The following is a summary of the Factor (the "**Corporation**"), its business and operations, which should be read in conjunction with the information concerning the Factor appearing elsewhere in this disclosure. The information contained in this material change report is given as at December 22, 2025 on a post-transaction basis, unless otherwise indicated.

Unless otherwise indicated, references to the Factor in this disclosure describe the business and operations of the Factor prior to the completion of the Restructuring Transaction. Following completion of the Restructuring Transaction, the Factor ceased to operate as a separate entity.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Factor was incorporated under the laws of Ontario on September 9, 2022, pursuant to the *Business Corporations Act* (Ontario) ("**OBCA**") and is a private company with its registered and head office located at 1 Adelaide Street East, Suite 801, Toronto, Ontario, M5C 2V9. Binyomin Posen, a director of the Company, was the sole director and officer of the Factor upon incorporation, and resigned from those roles on December 30, 2022. His roles were replaced by Shimshon (Shimmy) Posen.

The Factor is primarily engaged in the business of acquiring and holding receivables in connection with a factoring arrangement with the Company, and holding the related contractual arrangements. Substantially all of the efforts of the Factor are devoted to these business activities and to date the Factor has not earned significant revenues.

Since its incorporation, the Factor has amended its articles from time to time. On September 14, 2022, the Factor amended its articles to change its name from 1000307537 Ontario Inc. to Advance Factoring Inc.

On June 20, 2023, the Factor amended its articles to authorize the issuance of an unlimited number of Preferred Shares and to establish the rights, privileges, restrictions and conditions attaching to such Preferred Shares, including priority with respect to dividends and distributions on liquidation, redemption and retraction features, and conditional voting rights in certain limited circumstances.

On December 9, 2025, the Factor amended its articles to reclassify its common shares into Class A Common Shares and Class B Common Shares, each issuable in an unlimited number, and to reflect the resulting classes of shares in the authorized share capital of the Factor.

On December 17, 2025, the Factor further amended its articles to effect a subdivision of its issued and outstanding Class A Common Shares and Class B Common Shares on a 1,000,000 for 1 basis and to amend and restate the rights, privileges, restrictions and conditions attaching to the Preferred Shares, including provisions relating to voting rights, dividends, redemption, retraction and priority on liquidation.

**Intercorporate Relationships**

Prior to the completion of the Restructuring Transaction, the Factor was a privately held corporation operating independently from the Company. The Factor was owned by its existing shareholders and was not a subsidiary or affiliate of the Company. While the Factor held common shares and conversion units of the Company received as arrangement fees and recourse payments under the Factoring Agreement, there were no equity ownership relationships between the Company and the Factor immediately prior to the Restructuring Transaction.

Upon completion of the Restructuring Transaction, the Company acquired all of the issued and outstanding shares of the Factor, as a result of which the Factor became a wholly-owned subsidiary of the Company. Following the completion of the Restructuring Transaction, the Factor continues to exist as a separate legal entity, but its results of operations are consolidated with those of the Company, and the Company exercises control over the Factor through its ownership of all of the Factor's issued and outstanding shares.

The intercorporate relationships between the Company and the Factor before and after the completion of the Restructuring Transaction are illustrated in the diagrams below.

**Before the Restructuring Transaction**

![](img003_v7.jpg)

**After the Restructuring Transaction**

![](img004_v7.jpg)

**DESCRIPTION OF THE BUSINESS OF THE FACTOR**

**General**

**Summary**

The Factor is a privately held Ontario company with its registered office in Toronto, Ontario. The Factor was established as a special purpose vehicle to acquire and hold receivables in connection with a factoring arrangement with the Company.

The Factor's principal business consisted of acquiring certain receivables of the Company and holding those receivables and related contractual arrangements under the factoring agreement. While the Factor completed a limited number of additional factoring mandates, its activities were primarily focused on the factoring arrangement with the Company.

The Factor was incorporated with minimal capitalization and financed primarily through debt obligations, which were converted into equity immediately prior to the Closing.

**Specialized Skills and Knowledge**

The nature of the Factor's business does not require significant operational infrastructure. Its activities consist primarily of acquiring and holding receivables pursuant to the factoring arrangement with the Company and administering the related contractual arrangements.

The Factor relies on the services of its sole director to manage its financial, administrative and contractual obligations. In addition, the Factor may engage third-party service providers and professional advisors, including legal, accounting and administrative consultants, as required in connection with its activities.

As of the date hereof, the Factor has been able to adequately meet its operational and administrative requirements.

**Competitive Conditions**

Competition in the receivables financing and factoring industry is significant. The Factor competes with a range of financial institutions, specialized factoring companies, private credit providers and other financing sources that offer receivables purchase or similar financing arrangements. Many of these competitors have greater financial resources, broader market presence and more established operating platforms than the Factor.

Competition in this sector is generally based on the availability and cost of capital, the terms offered in receivables purchase arrangements, speed and flexibility in structuring transactions, and the ability to effectively assess and manage credit risk associated with the underlying receivables.

The Factor's activities have been primarily focused on the factoring arrangement with the Company. To the extent the Factor seeks additional opportunities in the receivables financing market, it may face competition from financial institutions and other market participants with greater operational capacity and access to capital.

**Business or Seasonal Cycles**

The Factor's business is not materially impacted by seasonal weather patterns. While general economic conditions and business cycles may influence the volume and credit quality of receivables available for purchase, the Factor's operations are not subject to significant seasonal fluctuations.

**Economic Dependence**

The Factor's activities have been primarily focused on the factoring arrangement with the Company. As a result, the Factor has historically been substantially dependent on the factoring agreement with the Company and the related receivables acquired pursuant to that arrangement.

To the Restructuring Transaction date, the Factor had completed only a limited number of factoring mandates with other counterparties. Accordingly, the volume of the Factor's activities has been closely linked to the receivables financing arrangements entered into with the Company.

The termination, non-renewal or material modification of such arrangements would have had a material impact on the Factor's business and operations.

**Changes to Contracts**

Other than the arrangements relating to the factoring agreement with the Company and the transactions contemplated by the debt settlement, the Factor does not have material vendor agreements or third-party contracts that are expected to be affected by the Transaction. As of the date hereof, the Factor is not aware of any potential changes to its material contracts in the current financial year as a result of the Transaction.

**Employees**

As at the end of the most recent financial year of the Factor, the Factor had no employees and no consultants.

***Three Year History***

 ****

***Recent Developments***

**2023**

On August 28, 2023, the Factor entered into a factoring agreement (the "Factoring Agreement") with NuRAN (the "**Seller**"), pursuant to which the Factor agreed to acquire certain receivables of the Seller. In connection with the Factoring Agreement, the Seller also entered into a general security agreement and a guarantee, each dated August 28, 2023, in favour of the Factor as secured party. The initial closing occurred on August 28, 2023, at which time Approved Accounts with an aggregate face value of CAD $10,075,289.36 (as subsequently restated) were sold to the Factor. The consideration paid by the Factor consisted of: (i) CAD $4,638,340.95 paid to repay prior indebtedness owed by the Seller to entities associated with the Factor; (ii) CAD $800,000 payable by September 30, 2023; (iii) CAD $215,000 payable by a subsequent date; and (iv) CAD $650,000 payable by December 31, 2023. As an arrangement fee, the Seller issued 2,500,000 common shares to the Factor at the initial closing. Under the original Factoring Agreement, the Seller was required to satisfy any recourse notice in cash at 107% of the Purchase Amount or by issuing Units at a conversion price of $0.35 per share, with warrants exercisable at $0.40 per share.

**First Amending Agreement (September 27, 2023)**: The parties entered into the first factoring amending agreement dated September 27, 2023, which: (i) extended the deadline for the $800,000 cash payment under Section 4.5.2 from September 30, 2023 to October 31, 2023; (ii) extended the financing milestone deadline under Section 13.1.3 from September 30, 2023 to October 31, 2023; and (iii) extended the deadline for Quebec security to be effected from 30 days to 60 days.

**Second Amending Agreement (November 29, 2023, effective September 30, 2023)**: The parties entered into the second factoring amending agreement dated November 29, 2023, which: (i) reduced the conversion price under the recourse mechanism from $0.35 to $0.225 per share; (ii) reduced the warrant exercise price from $0.40 to $0.25 per share; (iii) restated Section 4.5 to reflect updated payment tranches totalling CAD $6,303,340.95 (including the initial $4,638,340.95 debt settlement, and additional tranches of $800,000 by October 31, 2023, $215,000 by November 14, 2023, and $650,000 by December 31, 2023); (iv) restated the arrangement fee under Section 4.6 to include an additional 1,000,000 shares by January 31, 2024 and 900,000 shares by March 15, 2024; (v) extended the Section 13.1.3 financing deadline to January 31, 2024; (vi) extended the deadline for Quebec security to be effected from 60 days to 125 days; (vii) updated Schedule 3 to add anticipated MINTA receivables (18 monthly payments of US$47,554.10 each from December 2023 to May 2025), with the Factor having the option to collect or waive such payments; and (viii) updated Schedule 1 to extend the applicable deadline to January 31, 2024.

**Third Amending Agreement (December 22, 2023, effective September 30, 2023)**: The parties entered into the third factoring amending agreement dated December 22, 2023, which: (i) extended the deadline for the $650,000 cash payment under Section 4.5.4 of the Second Amending Agreement from December 31, 2023 to January 31, 2024; and (ii) extended the deadline for Quebec security to be effected from 125 days to 156 days.

**2024**

**Fourth Amending Agreement (April 2, 2024):** The parties entered into the fourth factoring amending agreement, which: (i) restated Section 4.5 to update the aggregate face value of Approved Accounts to CAD $11,986,052.44 and the total Purchase Price to CAD $7,303,340.95 (reflecting the completion of additional cash payments, including $1,665,000 by January 31, 2024, $525,000 by March 19, 2024, and $475,000 by April 30, 2024); (ii) confirmed that all arrangement fee shares under Section 4.6 had been issued; (iii) replaced Schedule 3 with Schedule 3 (revised April 2024), which re-added certain invoices that had previously been the subject of Recourse Notices (totalling CAD $1,132,083.08 / USD $838,580.06):; (iv) provided that the Factor waived MINTA payments effective February 1, 2024, resulting in each such monthly amount plus US$15,000 being added to the face value of Approved Accounts; and (v) extended the deadline for Quebec security to be effected from 156 days to 246 days.

The following Recourse Notices were issued and settled by the Seller through the issuance of Units during 2024:

---

| | | | |
|:---|:---|:---|:---|
| Recourse # | Date | Amount | Units Issued |
| 1 | January 31, 2024 | $170634.14 | 758373 |
| 2 | February 2, 2024 | $106093.80 | 471528 |
| 3 | February 7, 2024 | $79411.79 | 352941 |
| 4 | February 12, 2024 | $79103.83 | 351572 |
| 5 | February 13, 2024 | $149190.13 | 663067 |
| 6 | February 22, 2024 | $166564.96 | 740288 |
| 7 | March 7, 2024 | $149190.13 | 663067 |
| 8 | March 20, 2024 | $231894.29 | 1030641 |
| 9 | April 15, 2024 | $149190.13 | 663067 |
| 10 | April 25, 2024 | $339799.98 | 1510222 |
| 11 | June 24, 2024 | $244780.45 | 1087913 |
| 12 | August 5, 2024 | $235329.76 | 1045910 |
| 13 | September 18, 2024 | $145794.03 | 647973 |
| 14 | November 7, 2024 | $230533.85 | 1024594 |

---

**Fifth Amending Agreement (June 25, 2024):** The parties entered into the fifth factoring amending agreement, which: (i) confirmed all payments under the restated Section 4.5 had been made; (ii) the Factor agreed to execute a Waiver and Subordination Request in connection with the FEI Financing (a facility agreement entered into on April 26, 2024 between NuRAN Wireless Africa Holding and Facility for Energy Inclusion, FEI-ONGRID LP), pursuant to which the Factor subordinated its security interests under the Factoring Agreement, the General Security Agreement, and the Guarantee to the security granted to the FEI lenders, and waived non-compliance with Section 13.1.3 of the Factoring Agreement; (iii) increased the aggregate Approved Accounts to CAD $17,886,251.50 through the addition of approximately USD $2,000,000 of new receivables, with a corresponding new draw facility of up to USD $2,000,000 available to the Seller in tranches not exceeding USD $100,000 with at least 10 business days between requests; (iv) replaced Schedule 3 with Schedule 3 (revised June 2024), which re-added certain invoices previously subject to Recourse Notices totalling CAD$733,770.56 / USD $543,533.75; (v) updated the deemed USD/CAD exchange rate from 1.35 to 1.37; and (vi) extended the deadline for Quebec security to be effected from 246 days to one year.

**Sixth Amending Agreement (December 23, 2024):** The parties entered into the sixth factoring amending agreement, which: (i) agreed that 2024 interest would accrue at 5% per annum (non-compounding) until January 1, 2025, reverting thereafter to 15% per annum; (ii) updated the aggregate Approved Accounts to CAD $25,486,251.50, with Paid Accounts of $18,508,740.23 and Unpaid Accounts of $4,500,000; (iii) updated the total Purchase Price to $10,043,340.95, of which $8,247,202.85 had been paid and $1,796,138.10 remained outstanding (Unpaid Purchase Price); (iv) provided for a new short-term loan facility of up to $300,000 available to the Seller, with each loan bearing a 2% lending fee (increasing by 1% per calendar month to a maximum of 10%), interest at 15% per annum, default interest at 25% compounding, and subject to conversion to Paid Accounts if not repaid within 45 days; (v) reduced the conversion price from $0.225 to $0.20 per share; (vi) extended the term of any outstanding warrants held by the Factor from three years to five years, including extending any warrant expiring on August 28, 2026 to August 28, 2028; (vii) increased the cash recourse threshold from 107% to 135% of the Purchase Amount; (viii) extended the deadline for Quebec security to be effected from one year to 18 months; (ix) increased the aggregate Approved Accounts cap from $15,000,000 to $25,500,000; and (x) replaced Schedule 3 with Schedule 3 (revised December 2024), re-adding certain invoices previously subject to Recourse Notices, totalling CAD $611,657.64 / USD $446,465.43.

**2025**

**Seventh Amending Agreement (April 15, 2025):** The parties entered into the seventh factoring amending agreement, which: (i) settled three short-term promissory notes issued pursuant to Section 7 of the Sixth Amending Agreement, the December 23, 2024 Note ($150,000), the January 22, 2025 Note ($63,405.12), and the February 4, 2025 Note ($146,030.00), as credits against additional Paid Accounts, with accrued interest of $1,962.74 on the December Note paid in cash; (ii) updated the aggregate Approved Accounts to CAD $26,808,020.43 (Paid Accounts: $21,775,356.63; Total Purchase Price: $10,402,776.07; Purchase Price Paid: $9,622,392.97; Unpaid Accounts: $780,383.10); (iii) provided for an additional short-term loan facility of up to $200,000; and (iv) extended the deadline for Quebec security to be effected from 18 months to 24 months; and (v) increased the aggregate Approved Accounts cap to $27,000,000.

**Eighth Amending Agreement (August 19, 2025):** The parties entered into the eighth factoring amending agreement, which settled 14 additional short-term promissory notes (the April 15 Note through August 19 Note, totalling approximately $1.35 million in principal) as credits against Paid Accounts, with the Seller having the option to repay each such note in cash by August 25, 2025 in lieu of the credit being applied to Paid Accounts.

The following additional Recourse Notices were issued and settled by the Seller through the issuance of Units during 2025:

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| | | | |
|:---|:---|:---|:---|
| Recourse # | Date | Amount | Units Issued |
| 15 | January 2, 2025 | $300000.00 | 1500000 |
| 16 | February 12, 2025 | $300000.00 | 1500000 |
| 17 | April 2, 2025 | $300000.00 | 1500000 |
| 18 | May 2, 2025 | $300000.00 | 1500000 |
| 19 | May 20, 2025 | $600000.00 | 3000000 |
| 20 | June 26, 2025 | $500000.00 | 2500000 |
| 21 | July 14, 2025 | $500000.00 | 2500000 |
| 22 | July 22, 2025 | $500000.00 | 2500000 |

---

On December 9, 2025, the Factor amended its articles to reclassify its common shares into Class A Common Shares and Class B Common Shares, each issuable in an unlimited number. On December 16, 2025, the Factor completed a 1,000,000-for-1 share split, resulting in 100,000,000 common shares issued and outstanding. On December 19, 2025, the Factor issued 726,752,667 preferred shares at a fair value of $0.01 per share for the settlement of debt with certain shareholders and related parties.

On December 22, 2025, the Restructuring Transaction closed. NuRAN acquired all of the issued and outstanding shares of the Factor pursuant to a share purchase agreement, in exchange for 7,198,026 Units of NuRAN at a deemed price of $2.89 per Unit, representing aggregate consideration of approximately $20,802,303.09. Following completion of the Restructuring Transaction, the Factor ceased to operate as an independent entity and its assets and liabilities were integrated into the Company.

**Information Concerning the Factor Following Completion of the Transaction**

As a result of the Restructuring Transaction, the Company acquired all of the issued and outstanding common shares and Preferred Shares of the Factor. Any related indebtedness under the Preferred Shares constitutes intercompany balances and are eliminated in the consolidated financial statements. The Company expects to dissolve the Factor at a later date.

On a pro forma basis, before transaction costs related to the Transaction, as at December 31, 2025, the Factor had approximately $6, less transaction costs, in cash. See "*Information Concerning Resulting Issuer - Consolidated Capitalization*" in this material change report, as well as the pro forma consolidated financial information and the accompanying notes thereto attached as Schedule "B".

**PARTICULARS OF THE MATTER – MI 61-101**

In the Management Information Circular (the "**Circular**") dated September 9, 2025, the Company determined that the proposed Restructuring Transaction may constitute a "related party transaction" and/or a "business combination" within the meaning of *Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"), depending on the final participation of certain debt holders and subscribers and the resulting ownership of the Company following completion of the Restructuring Transaction.

The Restructuring Transaction described in the Circular involved:

(a) the settlement of up to $25,000,000 of outstanding indebtedness (including accrued interest) through the issuance of equity securities; and

(b) the concurrent issuance of additional equity securities for gross proceeds of up to $5,000,000,

which, in the aggregate, could have resulted in the issuance of securities representing more than 100% of the then issued and outstanding Common Shares of the Company on a non-diluted basis.

Under the Transaction, the Company acquired all of the issued and outstanding shares of the Factor from its Shareholders (the "**Vendors**").

As previously disclosed, the Company sought to implement a restructuring transaction involving the settlement of indebtedness and the raising of additional equity capital.

The transaction constitutes an acquisition that may be characterized as a business combination for accounting or NI 51-102 purposes; however, it does not meet the definition of a "business combination" under Multilateral Instrument 61-101, as it does not involve the termination of the interests of equity security holders without their consent or otherwise fall within the scope of that definition.

Following further negotiations with creditors and prospective investors, on December 22, 2025, the Company implemented a transaction structured as an acquisition of the Factor (the "Acquisition"), which achieved substantially the same economic objectives as the originally proposed Restructuring Transaction, including the reduction of indebtedness and improvement of the Company's financial position.

While the Acquisition resulted in significant dilution to existing shareholders, it did not involve the termination of the interests of holders of equity securities of the Company without their consent, nor did it otherwise constitute a transaction of the nature contemplated by the definition of "business combination" under MI 61-101.

The Acquisition involved the acquisition of 100% of the shares of the Factor; the settlement of $26,222,524.26 of indebtedness; and the issuance of equity securities with an aggregate value of approximately $30,000,000.

The issuance of securities exceeded 100% of the Company's issued and outstanding Common Shares on a non-diluted basis. This issuance of securities was approved by the shareholders in the Annual General and Special Meeting that took place on October 29, 2025.

The acquisition of the Factor pursuant to the Share Purchase agreement dated December 22, 2025 (the "Transaction") does not constitute a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).

Although Binyomin Posen and Francis Letorneau are "related parties" of the Company for purposes of MI 61-101. Binyomin Posen and Francis Letorneau, and their affiliates and representatives, representing approximately 19.68% of the Company's issued and outstanding voting securities, did not vote on this resolution.

Upon completion of the Restructuring Transaction, the Company had 12,905,118 common shares issued and outstanding, of which 7,198,026 common shares were issued to the shareholders of Factor as consideration. As at December 31, 2025, a total of 13,052,785 common shares were issued and outstanding. The chart below summarizes the shareholdings:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Factor Shareholder | &nbsp;&nbsp;Holdings on a Post- Consolidation Basis Prior to the Restructuring Transaction | &nbsp;&nbsp;Units<br>| &nbsp;&nbsp;Total<br>| &nbsp;&nbsp;Percentage of Common Shares Held as of December 23, 2025 | &nbsp;&nbsp;Percentage of Common Shares Held as of<br> December 31, 2025 |
| &nbsp;&nbsp;1. Shimshon Posen | &nbsp;&nbsp;4519 | &nbsp;&nbsp;1159966 | &nbsp;&nbsp;1164485 | &nbsp;&nbsp;9.02% | &nbsp;&nbsp;8.92% |
| &nbsp;&nbsp;2. AK Holdings Group Inc. | &nbsp;&nbsp;— | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;9.99% | &nbsp;&nbsp;9.87% |
| &nbsp;&nbsp;3. Joseph and Marla Posen Family Trust<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;1288927 | &nbsp;&nbsp;9.99%<br>| &nbsp;&nbsp;9.87%<br>|
| &nbsp;&nbsp;4. Xorax Family Trust | &nbsp;&nbsp;33333 | &nbsp;&nbsp;1124567 | &nbsp;&nbsp;1157900 | &nbsp;&nbsp;8.97% | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;5. Donal Carroll | &nbsp;&nbsp;33333 | &nbsp;&nbsp;1124567 | &nbsp;&nbsp;1157900 | &nbsp;&nbsp;8.97% | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;6. Pacific Investment Holdings Limited | &nbsp;&nbsp;33333 | &nbsp;&nbsp;1124567 | &nbsp;&nbsp;1157900 | &nbsp;&nbsp;8.97% | &nbsp;&nbsp;8.87% |
| &nbsp;&nbsp;7. Roxanne Letourneau | &nbsp;&nbsp;75 | &nbsp;&nbsp;86505 | &nbsp;&nbsp;86580 | &nbsp;&nbsp;0.67% | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;104593 | &nbsp;&nbsp;7198026 | &nbsp;&nbsp;7302619 | &nbsp;&nbsp;56.59% | &nbsp;&nbsp;55.95% |

---

Certain vendors of the Factor are related to insiders of the Company. Shimshon Posen, a vendor of the Factor, received 1,159,966 Units upon closing of the Restructuring Transaction; Binyomin Posen, a director of the Company, is the brother of Shimshon Posen. The Joseph and Marla Posen Family Trust, also a vendor of the Factor, received 1,288,927 Units upon closing; Binyomin Posen has a familial relationship with Chana Posen, who serves as trustee of such trust. In addition, Roxanne Letourneau, a vendor of the Factor, received 86,505 Units upon closing; Ms. Letourneau is the daughter of Francis Létourneau, a director and the Chief Executive Officer of the Company, and does not reside at the same address as Mr. Létourneau.

**DIVIDENDS OR DISTRIBUTIONS**

The Factor has not declared or paid any cash dividends on any of its issued shares since incorporation. The Factor does not have a dividend policy and, given the current stage of the Factor's corporate development, the Factor does not intend to adopt such a policy in the foreseeable future. Any decision to declare and pay dividends will be made by the Factor's board of directors on the basis of earnings, financial requirements and other conditions existing at such future time.

**SELECTED CONSOLIDATED FINANCIAL INFORMATION**

The following table sets out selected financial information for the Factor for the periods indicated and should be considered in conjunction with the more complete information contained in the financial statements of the Factor attached as Schedule "C" to this material change report. Unless otherwise indicated, all currency amounts are stated in Canadian dollars.

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| | | |
|:---|:---|:---|
| | **Period ended**<br> **December 22, 2025**<br> **($)** | **Fiscal year ended**<br> **December 31, 2024**<br> **($)** |
| &nbsp;&nbsp;Total revenues | 1970 | 178997 |
| &nbsp;&nbsp;Total operating expenses | (174271) | (153676) |
| &nbsp;&nbsp;Net income (loss) | (172301) | (8361) |
| &nbsp;&nbsp;Basic net loss per share | (0.00) | (0.00) |
| &nbsp;&nbsp;Total Assets | 7619168 | 7239654 |
| &nbsp;&nbsp;Total Liabilities | 7267527 | 6715712 |

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**MANAGEMENT DISCUSSION & ANALYSIS**

The Factor's Management Discussion and Analysis for the period ended December 22, 2025 and December 31, 2024, are incorporated herein as Schedule "D".

**DESCRIPTION OF SECURITIES**

**Authorized and Outstanding Capital**

The authorized share capital of Advance Factoring Inc. consists of an unlimited number of Class A Common Shares, Class B Common Shares and Preferred Shares. The Class A Common Shares and Class B Common Shares rank junior to the Preferred Shares with respect to dividends and the distribution of assets upon liquidation, dissolution or winding-up of the Factor and otherwise carry the rights of common shares under the OBCA and the articles of the Factor.

Each Common Share entitles the holder to receive notice of, attend and vote at all meetings of shareholders of the Factor, except meetings at which only holders of another class or series of shares are entitled to vote, with one vote per Common Share. Holders of Common Shares are entitled to receive dividends if and when declared by the board of directors. In the event of any liquidation, dissolution or winding-up of the Factor, holders of Common Shares are entitled to receive the remaining assets of the Factor available for distribution after satisfaction of the rights of any shares ranking in priority to the Common Shares.

The Preferred Shares rank in priority to the Class A Common Shares and Class B Common Shares with respect to dividends and distributions on liquidation. The Preferred Shares are generally non-voting and holders are not entitled to receive notice of or attend meetings of shareholders, except in certain limited circumstances expressly provided for in the articles, including meetings relating to the dissolution of the Corporation or the sale of all or substantially all of its assets. In addition, if the Factor fails to redeem or retract Preferred Shares as required under the articles, the holders thereof become entitled to one vote per Preferred Share at meetings held after the applicable redemption date. The Preferred Shares are redeemable and retractable at a redemption amount of $0.01 per share, carry non-cumulative dividends declared at the discretion of the board of directors within the limits set out in the articles, and entitle holders, on liquidation, to receive the redemption amount together with any declared and unpaid dividends, in priority to the common shares.

As the Preferred Shares include a holder-controlled redemption option, they are recorded as a financial liability in the Factor's audited financial statements. Through the Restructuring Transaction, the Company has assumed this liability. As of the Closing Date, the aggregate redemption amount of the Preferred Shares is $7,267,527 (726,752,667 shares x $0.01 per share). Notwithstanding the foregoing, pursuant to the Restructuring Transaction, the indebtedness under the Preferred shares constitutes intercompany balances and are eliminated in the consolidated financial statements.

As of the date of the Restructuring Transaction, 100,000,000 Class A Shares and 726,752,667 Preferred Shares were issued and outstanding. No Class B Shares were issued or outstanding as of such date.

The equity securities distributed under the material change report are issued by NuRAN Wireless Inc. in connection with the Restructuring Transaction. The Factor is not distributing any securities, and no securities of the Factor are being offered or issued.

**OPTIONS TO PURCHASE SECURITIES**

As at November 21, 2025, being a date within 30 days prior to the date of the effective date of this material change report, there were no options to purchase securities of the Factor. outstanding or issuable, including options held by or issued to executive officers or former executive officers of the Factor, as a group, or directors or former directors of the Factor, as a group; executive officers or former executive officers of any subsidiary of the Factor, as a group, or directors or former directors of such subsidiaries, as a group; employees or former employees of the Factor or any of its subsidiaries; consultants of the Factor or any of its subsidiaries; or any other person or company.

**CONSOLIDATED CAPITALIZATION**

Other than as disclosed herein, there have been no material changes in the share capitalization or indebtedness of the Factor since December 22, 2025, the date of the Factor's most recent financial statements. The following table sets forth the consolidated capitalization of the Factor as at December 22, 2025, and on a pro forma basis giving effect to the Restructuring Transaction as if it had occurred on January 1, 2025. This table should be read in conjunction with the Factor's comparative financial statements for the period ended December 22, 2025, and the related notes thereto, as well as management's discussion and analysis.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Designation of Security** | &nbsp;&nbsp;&nbsp;**Amount Authorized or to be authorized** | &nbsp;&nbsp;**Amount outstanding as of the date of the most recent balance sheet<sup>(1)</sup>** | &nbsp;&nbsp;**Amount outstanding as of the date prior to giving effect to the Restructuring**<br> **Transaction** |
| &nbsp;&nbsp;Common Shares | Unlimited | 100000000 | &nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;Preferred Shares | Unlimited | 726752667 | &nbsp;&nbsp;726752667 |
| &nbsp;&nbsp;Warrants | Unlimited | Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Options | Unlimited | Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;RSUs | Unlimited | Nil | &nbsp;&nbsp;Nil |

---

**PRIOR SALES**

The Factor has issued the following securities within the 12 months preceding December 22, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Deemed**<br> **Price** | &nbsp;&nbsp;**Number of**<br> **Securities** |
| &nbsp;&nbsp;December 19, 2025<sup>(1)</sup> | &nbsp;&nbsp;Preferred Shares | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;726752667 |

---

**Note**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Factor issued 726,752,667 preferred shares at a fair value of $0.01 per share for the
 settlement of debt with certain shareholders and related parties.

**Market for Securities**

No securities of the Factor are listed or traded on any exchange or quotation system. Upon completion of the Transaction and subject to receipt of all required regulatory approvals, the Factor Shares will be exchanged for shares of the Resulting Issuer. The shares of the Resulting Issuer are expected to be listed on the Canadian Securities Exchange.

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**

As of the date hereof, no securities of the Factor are held in escrow or are subject to any contractual restrictions on transfer.

**PRINCIPAL SECURITYHOLDERS**

To the best of the knowledge of the directors and executive officers of the Factor, as of the material change report, the following persons beneficially owned, or exercise control or direction over, directly or indirectly, over more than 10% of the issued and outstanding common shares of the Factor as at the date of the Restructuring Transaction:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Shareholder | &nbsp;&nbsp;Number of Voting Securities | &nbsp;&nbsp;Percentage of Voting Shares<br> Held |
| &nbsp;&nbsp;Shimshon Posen | &nbsp;&nbsp;24768073 | &nbsp;&nbsp;24.77% |
| &nbsp;&nbsp;AK Holdings Group Inc. | &nbsp;&nbsp;20978317 | &nbsp;&nbsp;20.98% |
| &nbsp;&nbsp;Xorax Family Trust | &nbsp;&nbsp;17468839 | &nbsp;&nbsp;17.47% |
| &nbsp;&nbsp;Donal Carroll | &nbsp;&nbsp;17468839 | &nbsp;&nbsp;17.47% |
| &nbsp;&nbsp;Pacific Investment Holdings Limited | &nbsp;&nbsp;17468839 | &nbsp;&nbsp;17.47% |
| &nbsp;&nbsp;Roxanne Letourneau | &nbsp;&nbsp;1847093 | &nbsp;&nbsp;1.85% |

---

**DIRECTORS AND EXECUTIVE OFFICERS**

As at the date of the Restructuring Transaction, the board of directors of the Factor is comprised of one (1) director, who is elected at each annual meeting of shareholders to hold office for one year or until his successor is elected or appointed, unless he resigns or his office becomes vacant.

The following table sets forth the name and residence of each director and executive officer of the Factor, as well as such individuals position with the Factor, period of service as a director and/or officer (as applicable), and principal occupation(s) within the five preceding years:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Municipality of Residence and**<br> **Position Held** | &nbsp;&nbsp;**Principal Occupation for the Past Five Years<sup>(1)</sup>** | &nbsp;&nbsp;**Director or Officer of the Factor**<br> **Since** | &nbsp;&nbsp;**Shares Beneficially Owned, Directly or Indirectly, or Over Which Control or**<br> **Direction is Exercised** |
| &nbsp;&nbsp;Shimshon (Shimmy) Posen <br> *Toronto, ON*  | &nbsp;&nbsp;Partner at Garfinkle Biderman LLP  | &nbsp;&nbsp;December 30, 2022  | &nbsp;&nbsp;24,768,073 common shares<br> (24.77%) |
| &nbsp;&nbsp;CEO, CFO, Secretary and Director |  |  |  |

---

Immediately before the Restructuring Transaction, the sole director of the Factor owns 24,768,073 common shares of the Factor, representing approximately 24.77% of the outstanding common shares of the Factor.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Other than as stated below, no director or officer of the Factor is, as at the date of this material change report, or has been within the last ten years, a director, chief executive officer or chief financial officer of any company that: (a) was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under applicable securities legislation, and which in all cases was in effect for a period of more than 30 consecutive days (an "**Order**"), which Order was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer of such company; or (b) was subject to an Order that was issued after the director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer of such company.

Other than as stated below, no director or officer of the Factor is, as at the date of this material change report, or has been within the last ten years, a director or executive officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; (b) has, within the last ten years, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or become subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold his, her or its assets; (c) has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (d) has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to reasonable investor in making an investment decision regarding the Factor.

**EXECUTIVE COMPENSATION**

The following table sets forth the information required under *Form 51-102F6V-Statement of Executive Compensation-Venture Issuers* of *Regulation 51-102 respecting Continuous Disclosure Obligations* (the "**Form 51-102F6V**"), regarding all compensation paid, payable, granted or otherwise provided during the last three financial years of years Factor, to all persons acting as directors or as "**Named Executive Officers**" (the "**NEOs**"), as this expression is defined in Form 51-102F6V, for the period ended December 22, 2025 and December 31, 2024. The Chief Executive Officer (the "**CEO**") and the Chief Financial Officer (the "**CFO**") is the only NEO of Factor for the period ended December 22, 2025 and December 31, 2024 is Shimmy Posen.

**Director and named executive officer compensation, excluding compensation securities**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of compensation excluding compensation securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of compensation excluding compensation securities** |
| **Name and position** | **Year** |
| Shimshon (Shimmy) Posen <br> President, CEO, CFO and Director  | 2025 Nil |
| Shimshon (Shimmy) Posen <br> President, CEO, CFO and Director  | 2024<br>Nil<br>Nil |

---

**Employment, Consulting and Management Agreement**

Management functions of the Company are not, to any substantial degree, performed other than by directors or NEOs of the Factor. There are no agreements or arrangements that provide for compensation to NEOs or directors of the Factor, or that provide for payments to a NEO or director at, following or in connection with any termination (whether voluntary, involuntary or constructive), resignation, retirement, severance, a change of control in the Factor or a change in the NEO or director's responsibilities.

**Equity Compensation Securities**

The Factor did not have in place an incentive compensation plan.

**Oversight and Description of Director and NEOs Compensation**

The Factor's board of directors (the "**Board**") has no compensation committee. Considering its small size, the Board assumes the responsibility to establish the objectives of the Factor's executive compensation program which are to attract, motivate, engage and retain qualified, high performance individuals and to meet performance objectives designed to increase shareholder returns. The Board: (i) establishes the objectives that will govern Factor's compensation program for the NEOs and the directors; (ii) oversees and approves the compensation and benefits; and (iii) promotes the clear and complete disclosure to shareholders of material information regarding executive compensation.

**Compensation Process and Objectives**

The Board relies on the knowledge and experience of its members to set appropriate levels of compensation for the NEOs. The Board reviews the NEOs compensation on an annual basis and, in doing such task, it evaluates the NEOs achievements during the preceding year. The Factor has not retained any third party advisors to conduct compensation reviews of its competitors' pay levels and practices.

The Factor's principal business consisted of acquiring certain receivables of the Company and holding those receivables and related contractual arrangements pursuant to the factoring agreement with the Company. While the Factor completed a limited number of additional factoring mandates, its activities were primarily focused on the factoring arrangement with the Company.

As a result, the Board did not consider traditional performance metrics, such as corporate profitability, to be appropriate in evaluating the performance of Factor's Named Executive Officers ("NEOs"). The compensation of the officers was determined having regard to the limited scope of the Factor's operations, industry compensation practices and the execution of the Factor's business objectives, including the management of the receivables and related financing arrangements.

The Factor was incorporated with minimal capitalization and was financed primarily through debt obligations. Immediately prior to the Closing, certain debt obligations were settled through the issuance of 726,752,667 Preferred Shares of the Factor in favour of the holders of such debt. The Preferred Shares are recorded as a financial liability in the Factor's financial statements. The Company acquired all of the issued and outstanding common shares and Preferred Shares of the Factor. Any related indebtedness under the Preferred Shares constitutes intercompany balances and are eliminated in the consolidated financial statements.

The Factor does not offer benefit programs, such as life insurance and health and dental benefits.

**Pension and Retirement Plans**

The Factor does not have any pension plan that provides for payments or benefits at, following, or in connection with retirement of any director or officer.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No director, officer, employee or previous directors, officers or employees of the Factor was indebted to the Factor at any time in its last completed financial year in connection with the purchase of securities of the Factor of for any other reason.

**LEGAL PROCEEDINGS OR REGULATORY ACTIONS**

As of the date of this material change report, the Factor is not or was not a party to any legal proceedings or regulatory actions and is not aware of any such proceedings or actions known to be contemplated.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Other than as disclosed**,** there were no material interests, direct or indirect, of Factor's directors or executive officers, or any director or executive officer of a subsidiary of Factor, or any person who beneficially owns, or controls or directs, directly or indirectly, more than 10% of the outstanding common shares of Factor, or any associate or affiliate of such persons, in any transaction since the commencement of the Factor's last completed financial year or in any proposed transaction that has materially affected, or would materially affect, the Factor.

**NON-ARM'S LENGTH PARTY TRANSACTIONS**

At December 22, 2025, amounts included in accounts payable and accrued liabilities due to related parties was $nil upon completion of the Restructuring Transaction (2024 -- $6,667,122). In addition, on December 19, 2025, 726,752,667 Preferred Shares were issued to related parties of the Company, including Shimshon Posen (CEO and director) and other shareholders, in settlement of existing debt obligations. The Preferred Shares are recorded as a financial liability in the amount of $7,267,527. The key terms of the Preferred Shares are described under "Description of Securities — Preferred Shares of the Factor" above.. Any related indebtedness under the Preferred Shares of the Factor constitutes intercompany balances and are eliminated in the consolidated financial statements.

**AUDITOR, TRANSFER AGENT AND REGISTRAR**

The auditor of the Factor is ND LLP located at 120 East Beaver Creek Rd, suite 200, Richmond Hill, ON L4B 4V1.

**MATERIAL CONTRACTS**

The material contracts entered into in connection with the Restructuring Transaction include the acquisition agreement relating to the Company's acquisition of the Factor is filed on SEDAR+. The acquisition agreement includes customary representations, warranties, and indemnification provisions protecting NURAN against undisclosed liabilities and breaches by the Factor.

Other than the acquisition agreement and the contracts entered into in the ordinary course of business, the following material contracts were entered into by the Factor and effective up to December 22, 2025, and are still in effect as of the date of this material change report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Factoring Agreement dated August 28, 2023 between NuRAN Wireless Inc. and Advance Factoring
 Inc., as amended by eight amending agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 General Security Agreement dated August 28, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Guarantee dated August 28, 2023.

The foregoing agreements are discussed in the section titled *Description of The Business Of the Factor - Three Year History - Recent Developments (Current Financial Year)*

**EXPERTS**

ND LLP, the auditors of the Factor, have advised that they are independent with respect to the Factor within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario.

None of the foregoing experts, nor any partner, employee or consultant of such an expert who participated in and who was in a position to directly influence the preparation of the applicable statement, report or valuation, has, has received or is expected to receive, registered or beneficial interests, direct or indirect, in common shares of the Factor or other property of the Factor or any of its associates or affiliates, representing 1% or more of the outstanding common shares of the Factor.

**OTHER MATERIAL FACTS**

There are no other material facts other than as disclosed herein that are necessary to be disclosed in order for this "*Information Concerning the Factor*" to contain full, true and plain disclosure of all material facts relating to the Factor.

**FINANCIAL STATEMENT DISCLOSURE**

The financial statements of the Factor included in this material change report as Schedule "E" are the audited annual financial statements for the period ended December 22, 2025 and December 31, 2024.

**INFORMATION RELATING TO THE RESULTING ISSUER**

The following information is presented on a post-Restructuring Transaction basis and is reflective of the projected business, financial and share capital position of the Resulting Issuer. This section only includes information respecting the Resulting Issuer that is materially different from information provided earlier in this material change report. Following the completion of the Transactions, the Resulting Issuer will carry on the businesses currently carried on by Nuran. See the various headings under "*Information Concerning the Factor*" for additional information regarding the Factor, respectively. See also the Pro Forma Financial Statements of the Resulting Issuer attached hereto as Schedule "D"

The following section of this material change report contains forward-looking information. Readers are cautioned that actual results may vary. See "Forward-Looking Information".

***Corporate Structure***

**Name and Incorporation**

The corporate name of the Resulting Issuer is "NuRAN Wireless Inc." The Resulting Issuer will be governed by the *Business Corporations Act* (British Columbia). Following completion of the Restructuring Transaction, the Resulting Issuer's head office will be located at Suite 100, 2150 Cyrille-Duquet St., Quebec, Québec, G1N 2G3, Canada. The Resulting Issuer's registered and records office is 1000 - 595 Burrard Street, Vancouver, BC V7X 1S8.

**Intercorporate Relationships**

Prior to the completion of the Transaction, the corporate structures of the Company and Factor are as follows:

![](img005_v7.jpg)

Upon the completion of the Transaction, the corporate structure of the Resulting Issuer will be as follows:

![](img006_v7.jpg)

Upon completion of the Restructuring Transaction, the indebtedness owed to the Factor was fully satisfied through the issuance of common shares, and the Factor ceased to be a creditor of the Issuer.

**NARRATIVE DESCRIPTION OF THE BUSINESS**

The Company continues to carry on the same business following completion of the Restructuring Transaction.

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

The Company's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

The Resulting Issuer's assets can be found in its 2025 audited financial statements and consist primarily of cash and cash equivalents, trade and other receivables, telecommunications infrastructure and related equipment, intangible assets, right-of-use assets and investments in subsidiaries. Assets recognized in connection with the Restructuring Transaction were recorded in accordance with IFRS and primarily reflect the settlement of 7.6 million of receivables previously owed by the Issuer.

**Stated Business Objectives**

Upon completion of the Transaction, the Resulting Issuer's business objectives will be to continue to develop, operate and expand its existing telecommunications business and to grow and realize value from its current operations. NuRAN Wireless is a specialist telecommunications company focused on providing affordable and innovative wireless network solutions, including 2G, 3G and 4G technologies, primarily in rural and remote regions that are underserved by traditional network infrastructure.

The Resulting Issuer's objectives include expanding the deployment of its compact and cost-effective wireless solutions in developing and remote markets, supporting the delivery of reliable connectivity to populations with limited access to telecommunications services, and enhancing the scalability and efficiency of its network-as-a-service model. In pursuing these objectives, the Resulting Issuer seeks to improve long-term shareholder value while advancing its mission of bridging the digital divide by enabling affordable and reliable connectivity in underserved regions.

**DESCRIPTION OF SECURITIES**

The authorized share capital of the Resulting Issuer following completion of the Restructuring Transaction shall consist of an unlimited number of common shares. The authorized share capital of the Resulting Issuer and the rights and restrictions of the Resulting Issuer Shares will remain unchanged.

As of the date of this material change report, there are 12,905,118 common shares of the Resulting Issuer issued and outstanding.

**PRO FORMA CONSOLIDATED CAPITALIZATION**

The following table sets forth the consolidated capitalization of the Resulting Issuer as at the date of this material change report after giving effect to the Restructuring Transaction. For detailed information on the capitalization of the Company and Factor as at December 31, 2025, see the Company's audited annual financial statements of the Company as at December 31, 2025 and the annual financial statements of the Factor for the period ended December 22, 2025 and December 31, 2024. See also the pro forma condensed consolidated financial statements of the Resulting Issuer which gives effect to the Transaction as set forth in Schedule "D" to this material change report.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Designation of Security** | **Amount authorized or to be authorized**<br>| **Amount outstanding as of the date prior to giving effect to the Restructuring**<br> **Transaction** | &nbsp;&nbsp;&nbsp;**Amount outstanding after giving effect to the Restructuring Transaction (Resulting Issuer)** | **Amount outstanding after giving effect to December 31,**<br> **2025 (Resulting Issuer)** |
| &nbsp;&nbsp;NURAN Shares | Unlimited | 5707092 | 12905118 | 13069567 |
| &nbsp;&nbsp;**Total Shares Outstanding** |  | 5707092 | 12905118 | 13069567 |
| &nbsp;&nbsp;NURAN Warrants | Unlimited | 28867 | 6294004 | 6359067 |
| &nbsp;&nbsp;NURAN Options | &nbsp;&nbsp;&nbsp;&nbsp;10% of issued and outstanding | 9566 | 9566 | 9566 |
| &nbsp;&nbsp;NURAN RSUs | &nbsp;&nbsp;&nbsp;&nbsp;10% of issued and outstanding | Nil | Nil | Nil |
| &nbsp;&nbsp;**Total Capitalization fully diluted** |  | 5745525 | 19208688 | 19438200 |

---

**AVAILABLE FUNDS AND PRINCIPAL PURPOSE**

The available funds of the Resulting Issuer are estimated to be approximately ($33,002,029) represented as current assets less current liabilities as at the date of this material change report on a pro-forma basis. Per the Restructuring Transaction, the Resulting Issuer purchased all of the issued and outstanding common and preferred shares of the Factor for consideration of $20,802,303, by way of issuance of 7,198,026 Units, broken down into 7,198,026 common shares and 3,599,013 warrants.

The Resulting Issuer reserves the right to allocate and reallocate available funds among its projects and uses as management may determine to be appropriate from time to time, where such reallocation is considered necessary for sound business reasons. The Resulting Issuer may require additional capital to fund its operations and growth initiatives, which may be obtained from a combination of existing cash flow, anticipated cash flow, equity financing and/or debt financing. There can be no assurance that additional capital will be available to the Resulting Issuer when required or that such financing will be available on terms acceptable to the Resulting Issuer. See "*Risk Factors*".

**DIVIDENDS**

The payment of dividends following completion of the Restructuring Transaction will be at the discretion of the Resulting Issuer Board. The Company has not declared or paid dividends on the Company Shares to date and the Resulting Issuer is not currently expected to pay dividends following the completion of the Restructuring Transaction, as it is currently anticipated that it will retain future earnings for use in the development of the Resulting Issuer's business and for general corporate purposes. Accordingly, dividends will only be paid when operational circumstances permit.

**PRINCIPAL SECURITYHOLDERS**

To the knowledge of the directors and executive officers of the Factor and NURAN, no person beneficially owns, controls or directs, directly or indirectly, shares carrying 10% or more of the voting rights attached to all shares of the Resulting Issuer.

**DIRECTORS, OFFICERS AND PROMOTERS**

**Name, Address, Occupation and Security Holdings**

Following completion of the Transaction, the board of directors of the Resulting Issuer are Francis Letourneau, Binyomin Posen, Brendan Purdy, Vitor Fonseca, Navindran Naidoo, Avi Minkowitz, and Joseph Labkowski. Binyomin Posen, Brendan Purdy, Vitor Fonseca, Navindran Naidoo, Avi Minkowitz, and Joseph Labkowski are independent. Francis Letourneau is not independent as he is the president and CEO of the Resulting Issuer. The directors of the Resulting Issuer will hold office until the next annual general meeting of the Resulting Issuer or until their respective successors have been duly elected or appointed, unless his or her office is earlier vacated in accordance with the articles and by-laws of the Resulting Issuer or within the provisions of the BCBCA.

The following table sets forth certain information regarding the individuals who serve as directors and officers of the Resulting Issuer, including their place of residence, status as independent or non-independent director (if applicable), the period of time for which each director or officer has served as a director or officer of the Company or the Factor, as applicable, each director's principal occupation, business or employment for the past five years, and the number of securities of the Resulting Issuer that will be beneficially owned by each director or officer, directly or indirectly, or over which each director or officer will exercise control or direction.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Province or State and Country of Residence and Position(s) with the Company** | **Principal Occupation, Business or Employment for Last Five Years** | **Periods during which Nominee has Served as a Director or Officer** | **Number of Common Shares Owned**<sup>(2)</sup> |
| **Francis Letourneau**<br> Quebec City, QC<br>*President, CEO and Director* | &nbsp;&nbsp;CEO and President of NuRAN Wireless since August 28, 2020 and October 16, 2020, respectively; VP, Sales & Marketing of NuRAN Wireless 2015 to 2020 | Since March 16,<br> 2016 | 7967 |
| **Jim Bailey Newbury,**<br> **United Kingdom**<br>*CFO* | CFO of NuRAN Wireless; financial consultant to SMEs providing corporate finance advice in M&A, business planning | Since October 16,<br> 2020 | 3042 |
| **Binyomin Posen<sup>(1)</sup>**<br> Toronto, ON<br>*Director* | Senior Analyst at Plaza Capital Ltd. since 2017 | Since October 16,<br> 2020 | Nil |
| **Brendan Purdy<sup>(1)</sup>**<br> Toronto, ON<br>*Director* | Principal lawyer at Purdy Law since January 2014<br>| Since October 16,<br> 2020 | Nil |
| **Vitor Fonseca<sup>(1)</sup>**<br> Toronto, ON<br>*Director* | Treasurer and Vice President of Romspen Investment Corp. from February 2007 to February 2022; Director of Canntab Therapeutics Ltd. from April 11, 2018 to May 1, 2023 | Since March 11,<br> 2021 | 27761 |
| **Navindran Naidoo**<br> Johannesburg, South Africa<br>*Director* | Various Senior Management positions in Group Technology as well as being the Network Executive from 2013 to 2021. He has had previous assignments in Nigeria, Uganda, Cameroon, <br> and Swaziland | Since February 1<sup>st</sup>, 2024<br>| Nil |
| ***Avi Minkowitz***<br> Toronto, ON<br>*Director* | Entrepreneur and finance professional with various private hedge funds | *Since September 30, 2025* | Nil |
| ***Joseph Labkowski***<br> Cape Coral, Florida<br>*Director of Nuran* | Executive Director of the Chabad Jewish Center of Cape Coral | *Since December 22, 2025* | Nil |

---

**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Member of audit committee for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information as to the number of Shares (being the only voting securities of the Company) beneficially owned, or controlled or directed, directly or indirectly, is as of December 22, 2025, and has been furnished to the Company by the respective nominees individually. These figures do not include any securities that are convertible into or exercisable for Common Shares of the Company. The number of shares has been updated as a result of the 300:1 consolidation that took place on December 9, 2025.

After giving effect to the Restructuring Transaction, it was expected that the number of Resulting Issuer Shares beneficially owned, directly or indirectly, or over which control or direction will be exercised, by the directors and officers of the Resulting Issuer and their associates and affiliates, will be an aggregate of approximately 38,770 Resulting Issuer Shares representing approximately 0.30% of the 12,905,118 Resulting Issuer shares that were anticipated to be outstanding following completion of the Restructuring Transaction.

The board committees of the Resulting Issuer include an audit committee. No other board committees have been considered necessary at this stage. Binyomin Posen, Brendan Purdy, and Vitor Fonseca are the members of the audit committee. All members are independent and each member has sufficient financial expertise, experience with audit engagements for public companies, and Canadian financial reporting skills. Each of the members meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

No officer or director has a non-disclosure agreement with the Resulting Issuer. Francis Létourneau and Jim Bailey has non-compete provisions in their management agreements with the Resulting Issuer.

***Biographies of Management and Directors***

**Relevant Education and Experience of Managers and Directors**

*<u>Francis Letourneau</u>* is President and Chief Executive Officer of NuRAN Wireless Inc. and has more than 25 years of experience in the telecommunications industry. Mr. Letourneau has been with NuRAN Wireless for over two decades and was appointed to the Company's board of directors in 2015. During his tenure, he has held a number of senior roles, including leadership positions in sales, marketing, and business development. As Chief Executive Officer, Mr. Letourneau has led the strategic transition of NuRAN Wireless toward a Network-as-a-Service (NaaS) business model focused on enabling mobile network operators to expand connectivity in underserved and rural regions. Mr. Letourneau holds a Bachelor of Business Administration from Université Laval in Québec, Canada, and is a Registered Certified Management Accountant (CMA).

*<u>Jim Bailey</u>* is Chief Financial Officer of NuRAN Wireless Inc. and has more than 25 years of experience working with telecommunications, media, and technology companies. Over the course of his career, he has held senior finance and executive roles, including Director of Mergers and Acquisitions, Chief Financial Officer, Chief Executive Officer, and director positions in various organizations. Mr. Bailey previously served as Chief Financial Officer and later Chief Executive Officer of Telecel International, a subsidiary of Orascom Telecom Holding, which operated telecommunications businesses across sub-Saharan Africa. He also held business development responsibilities within the Orascom Telecom group covering the EMEA region and served as Chief Financial Officer of Orascom Telecom WiMAX Limited, a joint venture with Intel Capital. For the past decade, Mr. Bailey has worked as a financial consultant to small and medium-sized enterprises, providing corporate finance advisory services in areas including mergers and acquisitions, business planning, and interim or part-time chief financial officer mandates. Mr. Bailey holds a Bachelor of Commerce from the University of Calgary, an MBA from London Business School, and is a member of the Chartered Institute of Management Accountants (CIMA).

*<u>Binyomin Posen</u>* is a corporate executive and director with extensive experience in capital markets, corporate finance, and the governance of public companies. Mr. Posen currently serves as President of 2778533 Ontario Inc. and holds senior executive roles, including Chief Executive Officer, Chief Financial Officer, and director positions, at several public and private companies. Mr. Posen has served as a director or officer of a number of publicly listed companies across the mining, technology, and telecommunications sectors. He currently serves as a director of NuRAN Wireless Inc., as well as several other public companies. Earlier in his career, Mr. Posen worked as a senior analyst at Plaza Capital Ltd., where he gained experience in investment analysis and capital markets. Throughout his career, Mr. Posen has been involved in corporate development, financing transactions, and the strategic oversight of growth-stage public companies.

*<u>Brendan Purdy</u>* is a lawyer and corporate executive with experience advising and leading publicly listed and private companies across a range of industries, including natural resources, technology, and financial services. Mr. Purdy is the principal of Brendan Purdy, Barrister & Solicitor, and serves as General Counsel to several companies. Over the course of his career, Mr. Purdy has held a number of executive and board positions with public companies, including Chief Executive Officer, Chief Financial Officer, Secretary, and director roles. He currently serves as Chief Executive Officer and director of Canadian GoldCamps Corp. and International Cobalt Corp., and as Chief Financial Officer and director of Transnational Cannabis Ltd. Mr. Purdy is a member of the Law Society of Ontario and holds a graduate degree from the University of Ottawa and an undergraduate degree from Western University.

*<u>Vitor Fonseca</u>* has over 25 years of experience in the finance and real estate industries. He currently serves as Vice President and Treasurer of Romspen Investment Corporation, one of the largest private commercial real estate lenders in Canada, with a portfolio exceeding $3 billion across North America. Prior to joining Romspen, Mr. Fonseca served as Chief Operating Officer of a retirement home developer and operator. Mr. Fonseca currently serves as a director and Chair of the Audit Committee of Canntab Therapeutics Inc. and as a director of Magellan Community Care, a not-for-profit organization developing a senior care complex in downtown Toronto. He previously served as a director and Chair of the Audit Committee of Mission Ready Services Inc. and Enwave Energy Corporation. Mr. Fonseca holds an MBA from the Rotman School of Management at the University of Toronto, is a Chartered Professional Accountant (CPA-CGA), and is a graduate of the Institute of Corporate Directors.

*<u>Navindran Naidoo</u>* has more than 25 years of experience in the telecommunications industry, specializing in mobile and fixed network planning, optimization, and infrastructure development. His expertise includes radio access networks (RAN), transport and IP networks, next-generation core networks, spectrum planning, and network infrastructure. Mr. Naidoo spent the majority of his career with MTN Group, joining the organization in 1997 and holding a number of senior technology and network leadership roles. From 2013 to 2021, he served as Network Executive, where he was responsible for the strategic development and evolution of MTN's global network infrastructure, including RAN, transport, core networks, operational support systems, and energy and infrastructure platforms. During his tenure at MTN, Mr. Naidoo contributed to the expansion of telecommunications infrastructure across several African markets and supported rural network rollout initiatives, including the evaluation and deployment of alternative and open network vendors. He also represented MTN Group in industry initiatives focused on telecommunications innovation and network interoperability. Mr. Naidoo holds a Master of Business Administration, a Postgraduate Diploma in Business Management, a Master of Science in Engineering and Electronics, and a Bachelor of Science in Engineering and Electronics from the University of KwaZulu-Natal in South Africa.

*<u>Avi Minkowitz</u>* is an entrepreneur and corporate advisor with experience in corporate finance, mergers and acquisitions, and business development. Mr. Minkowitz has been involved in the development, financing, and strategic growth of a number of private and public companies across multiple sectors. Earlier in his career, he worked as an analyst at Leonite Capital, where he was involved in financing transactions, mergers and acquisitions, and corporate development initiatives for publicly traded companies. Mr. Minkowitz has also founded and developed several businesses and has advised companies on growth strategies, restructuring initiatives, and financing matters. Mr. Minkowitz has held director and executive roles with other public and private companies. Mr. Minkowitz holds a Specialized Honours Bachelor's degree in Psychology and a Master's degree in Disaster and Emergency Management from York University in Toronto, Canada.

*<u>Joseph Labkowski</u>* is a non-profit chief executive with over 20 years of experience in strategy, operations, and stakeholder management. Since 2004, he has served as Executive Director of the Chabad Jewish Center of Cape Coral, effectively functioning as its chief executive officer and overseeing budgeting, financial stewardship, staff and volunteer management, vendor and contractor oversight, and day-to-day operations. He has led multiple capital projects from concept through completion, including the planning, fundraising, and construction of a modern community center, initiatives that required long-range planning, disciplined budget control, coordination with local authorities, and continuous engagement with donors and other stakeholders. In this role, Mr. Labkowski works closely with boards, advisors, and public officials, regularly reporting on performance, risk, and policy implementation, and is known for clear communication and an ability to align diverse interests.

**Promoter Consideration**

No persons have acted as a promoter of the Reporting Issuer or its predecessor corporations for a period of two years prior to the date of this material change report.

**Corporate Cease Trade Orders or Bankruptcies**

Within the ten years prior, other than as set forth below, no director of the Resulting Issuer is, as at the date of this material change report, or has been, within the preceding 10 years, a director, chief executive officer or chief financial officer of any company that while that person was acting in that capacity: (i) was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days; or (ii) became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceeding, amalgamation or compromise with creditors or had a receiver or receiver manager or trustee appointed to hold its assets.

On May 19, 2022, the Company was subject to a cease trade order due to the Company's prior auditor, Mallette LLP, including an auditor's report that expressed a modified audit opinion with the Company's audited annual financial statements for the year ended December 31, 2021. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company re-filed its audited annual financial statements for the year ended December 31, 2021 including an auditor's report that expressed an unmodified audit opinion, the British Columbia Securities Commission issued a revocation order on June 29, 2022.

On May 2, 2023, the Company was subject to a management cease trade order due to the Company failing to file its annual audited financial statements for the year ended December 31, 2022, and its management's discussion and analysis relating thereto before the prescribed deadline of May 1, 2023. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company filed its audited annual financial statements for the year ended December 31, 2022 and its management's discussion and analysis relating thereto, the British Columbia Securities Commission issued a revocation order on May 15, 2023.

Brendan Purdy was director of Boomerang Oil, Inc. ("Boomerang") when on February 3, 2015, which was subject to a cease trade order issued by the British Columbia Securities Commission (the "**BCSC**") due to Boomerang failing to file its annual audited financial statements for the period ended September 30, 2014, and its management's discussion and analysis relating thereto within the prescribed time period under applicable securities laws. Mr. Purdy is no longer a director of Boomerang.

Brendan Purdy is currently a director of Rotonda Ventures Corp. ("**Rotonda**"). Rotonda was subject to a cease trade order issued by the BCSC on September 3, 2020 for failure to file its annual financial statements and accompanying management's discussion and analysis for the period ended April 30, 2020, within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked.

Brendan Purdy is currently a director of Wellbeing Digital Sciences Inc. ("**Wellbeing Digital**"). Wellbeing Digital was subject to a cease trade order issued by the BCSC on April 5, 2023 for failure to file its annual financial statements and accompanying management's discussion and analysis for the period ended October 31, 2022 and interim financial statements and accompanying management's discussion and analysis for the period ended January 31, 2023, within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked. Mr. Purdy is no longer a director of Wellbeing Digital.

Binyomin Posen and Brendan Purdy were directors of i3 Interactive Inc. ("**i3**") when on June 29, 2022, the BCSC issued a management cease trade order (the "**i3 MCTO**") against i3 and insiders of i3, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended February 28, 2022 and corresponding certifications of the foregoing within the time prescribed under NI 51-102. Binyomin Posen was a director of i3 at the time of the i3 MCTO, and remains a director as of the date hereof. The i3 MCTO remains in effect as of the date hereof.

Binyomin Posen was a director of Ryah Group Inc. ("**Ryah**") when on July 5, 2022, the Ontario Securities Commission (the "**OSC**") issued a cease trade order (the "**Ryah CTO**") against Ryah, to replace the management cease trade order issued by the OSC on May 5, 2022 (the "**Ryah MCTO**"), for failure to file its (i) audited annual financial statements and related management's discussion and analysis for the year ended December 31, 2021 and corresponding certifications of the foregoing (the "2021 Annual Records"); and (ii) interim financial statements and related management's discussion and analysis for the interim period ended March 31, 2022 and corresponding certifications of the foregoing (the "2022 Interim Records") within the time prescribed under NI 51-102. Binyomin Posen was a director of Ryah at the time of the Ryah CTO and Ryah MCTO, and remains a director as of the date hereof. The Ryah CTO remains in effect as of the date hereof.

Vitor Fonseca was a director of Canntab Therapeutics Limited ("**Canntab**") when on October 4, 2023, the BCSC issued a cease trade order against Canntab, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended May 31, 2023 and corresponding certifications of the foregoing within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked. Mr. Fonseca is no longer a director of Canntab.

**Penalties or Sanctions**

No director or officer of the Resulting Issuer or a securityholder anticipated to hold sufficient securities of the Resulting Issuer to affect materially the control of the Resulting Issuer, has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or has been subject to any other penalties or sanctions imposed by a court or regulatory body, including a self-regulatory body, that would be likely to be considered important to a reasonable investor making an investment decision.

On May 3, 2019, pursuant to a disciplinary hearing of the Law Society of Ontario, Mr. Purdy admitted fault for failing to cooperate with an investigation of the Law Society of Ontario by failing to provide a prompt and complete response to written and oral requests from the Law Society. Mr. Purdy was issued a reprimand and ordered to pay costs to the Law Society. Mr. Purdy remains a member of the Law Society of Ontario.

**Personal Bankruptcies**

No director or officer of the Resulting Issuer, or a securityholder anticipated to hold sufficient securities of the Resulting Issuer to affect materially the control of the Resulting Issuer, or a personal holding company of any such persons, has, within the 10 years preceding the date of this material change report, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or been subject to or instituted any proceedings, merger or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the individual.

On August 28, 2020, the board of directors of Nutaq Innovation Inc. ("Nutaq"), a wholly owned subsidiary of the Company, ceased operations and all directors except for Mr. Letourneau resigned their respective positions. On September 2, 2020, Nutaq filed for bankruptcy with the Office of the Superintendent of Bankruptcy under the Bankruptcy and Insolvency Act (Canada). Mr. Letourneau has been director of Nutaq Innovation Inc since December 8, 2017. On September 22, 2020, the assigned trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all of the assets of Nutaq, including all of Nutaq's inventory, equipment and R&D equipment, trademarks, patents, accounts receivable, bank account and SR&ED credits would be sold by the Trustee with the consent of the first ranking secured creditors. Subsequent to the year ended October 31, 2020, the only operations of the Company is through the parent company and the Company intends to continue the former business of its subsidiary going forward.

**Conflicts of Interest**

The directors and officers of the Resulting Issuer are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and the laws requiring disclosure by directors and officers of conflicts of interest. The Resulting Issuer will rely upon such laws in respect of any such conflict of interest or in respect of any breach of duty by any of the Resulting Issuer's directors or officers. Any such conflicts are required to be disclosed by such directors or officers in accordance with the *Business Corporations Act (British Columbia)* ("BCBCA") and the directors of the Resulting Issuer are required to govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law. Certain directors of the Resulting Issuer are, or may in the future be, directors, officers or shareholders of other companies that are, or may in future be, engaged in the business of, or enter into transactions with, the Resulting Issuer. Such associations and transactions may give rise to conflicts of interest from time to time.

**Other Reporting Issuer Experience**

The following table sets out the directors and officers of the Resulting Issuer that are, or have been within the last five years, directors, officers or promoters of other reporting issuers.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Name of Reporting Issuer** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Exchange** | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** |
| &nbsp;&nbsp;**Francis Letourneau** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Jim Bailey** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;The Well Told Company Inc. | &nbsp;&nbsp;Director and Officer | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;March 2018 | &nbsp;&nbsp;October 2021 |
|  |  |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;March 2024 |
|  | &nbsp;&nbsp;RDARS Inc. | &nbsp;&nbsp;Director |  |  |  |
|  | &nbsp;&nbsp;Global Tactical Metals Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;November 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;i3 Interactive Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;December 2018 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Canadian Uranium Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;October 2020 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Red Light Holland Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;March 2019 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Vertiqal Studios Corp. | &nbsp;&nbsp;Director and Officer | &nbsp;&nbsp;TSX | &nbsp;&nbsp;December 2019 | &nbsp;&nbsp;May 2021 |
|  | &nbsp;&nbsp;Guyana Frontier Mining Corp. | &nbsp;&nbsp;CEO, CFO and Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Pegmatite One Lithium and Gold Corp. | &nbsp;&nbsp;Director<br>| &nbsp;&nbsp;CSE<br>| &nbsp;&nbsp;August 2022<br>| &nbsp;&nbsp;Present<br>|
|  | &nbsp;&nbsp;Waraba Gold Limited |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;April 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;RYAH Group<br> Inc.  |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;April 2021 | &nbsp;&nbsp;June 2024 |
|  | &nbsp;&nbsp;Trio Gold Corp. |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;**Binyomin Posen** | &nbsp;&nbsp;Metaville Labs<br> Inc.  |  |  |  |  |
|  |  |  | &nbsp;&nbsp;CSE | &nbsp;&nbsp;December 2018 | &nbsp;&nbsp;Present |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;DevvStream | &nbsp;&nbsp;CEO, CFO, |  |  |  |
| &nbsp;&nbsp;Holdings Inc. | &nbsp;&nbsp;Director |  |  |  |
|  |  | &nbsp;&nbsp;Cboe | &nbsp;&nbsp;December 2021 | &nbsp;&nbsp;November 2022 |
|  | &nbsp;&nbsp;Director |  |  |  |
| &nbsp;&nbsp;Metavista3D |  |  |  |  |
| &nbsp;&nbsp;Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;October 2022 |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Green Scientific | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Labs Holdings |  |  |  |  |
| &nbsp;&nbsp;Inc. |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;March 2019 | &nbsp;&nbsp;November 2021 |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Newfoundland | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Goldbar |  |  |  |  |
| &nbsp;&nbsp;Resources Inc. |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;May 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
|  | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Jiminex Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;December 2018 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;1344344 B.C. | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Ltd. | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;1344343 B.C. | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Ltd. |  |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Street Capital | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;May 2018 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;1344342 B.C. | &nbsp;&nbsp;Director |  |  |  |
| &nbsp;&nbsp;Ltd. |  |  |  |  |
|  | &nbsp;&nbsp;Director, | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;Christie Capital | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Corp. |  |  |  |  |
|  | &nbsp;&nbsp;Director, | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;1344346 B.C. | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Ltd. |  |  |  |  |
| &nbsp;&nbsp;1344345 B.C. | &nbsp;&nbsp;Director, | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;Ltd. | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;Pacific Iron Ore | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Corporation | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;July 2019 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Rio Verde | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Industries Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;December 2020 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;CEO, CFO, |  |  |  |
| &nbsp;&nbsp;Empatho | &nbsp;&nbsp;Director |  |  |  |
| &nbsp;&nbsp;Holdings Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;December 2019 | &nbsp;&nbsp;December 2021 |
|  | &nbsp;&nbsp;Director, |  |  |  |
|  | &nbsp;&nbsp;Officer |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Musk Ventures Ltd. | &nbsp;&nbsp;CEO and President | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;November 2020 | &nbsp;&nbsp;September 2025 |
|  | &nbsp;&nbsp;Red White & Bloom Brands Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;July 2017<br>| &nbsp;&nbsp;Present<br>|
|  | &nbsp;&nbsp;DGTL Holdings Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;August 2019<br>| &nbsp;&nbsp;November 2022<br>|
|  | &nbsp;&nbsp;Talent Infinity Resource Developments Inc. | &nbsp;&nbsp;Director  | &nbsp;&nbsp;CSE  | &nbsp;&nbsp;April 2022  | &nbsp;&nbsp;October 2024<br>|
|  | &nbsp;&nbsp;Canadian Goldcamps Corp. | &nbsp;&nbsp;Director<br>| &nbsp;&nbsp;CSE<br>| &nbsp;&nbsp;December 2016<br>| &nbsp;&nbsp;April 2024<br>|
|  | i3 Interactive Inc. | Director | Delisted | March 2021 | Present |
|  | &nbsp;&nbsp;Rotonda Ventures Corp. | &nbsp;&nbsp;Director<br>| &nbsp;&nbsp;Unlisted<br>| &nbsp;&nbsp;February 2019<br>| &nbsp;&nbsp;Present<br>|
|  | &nbsp;&nbsp;Wellbeing Digital Sciences Inc. | &nbsp;&nbsp;Director<br>| &nbsp;&nbsp;OTC Pink<br>| &nbsp;&nbsp;January 2021<br>| &nbsp;&nbsp;January 2024<br>|
|  | &nbsp;&nbsp;Slam Exploration Ltd. |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;July 2021 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;**Brendan Purdy**<br>| &nbsp;&nbsp;Powertap Hydrogen Capital Corp. | &nbsp;&nbsp;Director  | &nbsp;&nbsp;OTC Pink  | &nbsp;&nbsp;March 2019  | &nbsp;&nbsp;February 2023  |
| **Vitor Fonseca** | &nbsp;&nbsp;Canntab<br> Therapeutics Limited | &nbsp;&nbsp;Director | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;April 2018 | &nbsp;&nbsp;May 2025 |
| **Navindran Naidoo** |  |  |  |  |  |
| &nbsp;&nbsp;**Avi Minkowitz** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Joseph Labkowski** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

**EXECUTIVE COMPENSATION**

Securities laws require that a "Statement of Executive Compensation" in accordance with Form 51-102F6 be included in this material change report. Form 51-102F6 prescribes the disclosure requirements in respect of the compensation of executive officers and directors of reporting issuers. Form 51-102F6 provides that compensation disclosure must be provided for the Chief Executive Officer and the Chief Financial Officer of an issuer and each of the three most highly compensated executive officers whose total compensation exceeds $150,000. Based on those requirements, the executive officers of the Resulting Issuer for whom disclosure is required under Form 51-102F6 are Mr. Francis Letourneau (Chief Executive Officer, President and director), and Mr. Jim Bailey (Chief Financial Officer), who are collectively referred to as the "Named Executive Officers".

For the purpose of this Statement of Executive Compensation:

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the Resulting Issuer or one of its subsidiaries (if any) for services provided or to be provided, directly or indirectly to the Resulting Issuer or any of its subsidiaries (if any);

"**NEO**" or "**named executive officer**" means:

&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 individual who served as chief executive officer ()"**CEO**") of the Resulting
 Issuer, or who performed functions similar to a CEO, during any part of the most recently
 completed financial year,

(b) each
 individual who served as chief financial officer ()"**CFO**") of the Resulting
 Issuer, or who performed functions similar to a CFO, during any part of the most recently
 completed financial year,

(c) the
 most highly compensated executive officer of the Resulting Issuer or any of its subsidiaries
 (if any) other than individuals identified in paragraphs (a) and (b) at the end of the
 most recently completed financial year whose total compensation was more than $150,000
 for that financial year, and

(d) each
 individual who would be an NEO under paragraph (c) but for the fact that the individual
 was neither an executive officer of the Resulting Issuer or its subsidiaries, nor acting
 in a similar capacity, at the end of that financial year;

"**plan**" includes any plan, contract, authorization or arrangement, whether or not set out in any formal document, where cash, compensation securities or any other property may be received, whether for one or more persons; and

"**underlying securities**" means any securities issuable on conversion, exchange or exercise of compensation securities.

*Director and Named Executive Officer Compensation, Excluding Compensation Securities*

The following table sets forth all direct and indirect compensation paid, payable, awarded, granted, given or otherwise provided, directly or indirectly, by the Resulting Issuer or any subsidiary thereof to each NEO and each director of the Resulting Issuer, in any capacity, including, for greater certainty, all plan and non-plan compensation, direct and indirect pay, remuneration, economic or financial award, reward, benefit, gift or perquisite paid, payable, awarded, granted, given or otherwise provided to the NEO or director for services provided and for services to be provided, directly or indirectly, to the Resulting Issuer or any subsidiary thereof:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Principal**<br> **Position** | &nbsp;&nbsp;**Year Ended Dec. 31** | &nbsp;&nbsp;**Salary**<br> **($)** | &nbsp;&nbsp;**Total <br> Compensation ($)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Francis Létourneau, <br> Chief | 2025<br> 2024 | 175000<br> 121154<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil Nil &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil Nil &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil Nil | 175000<br> 121154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Officer and President<sup>(1)</sup> |  |  |  |
| Jim Bailey,<br> Chief Financial | 2025<br> 2024 | 157566<br> 114867<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil Nil &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil Nil &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nil Nil | 157566<br> 114867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer |  |  |  |

---

*Narrative Discussion*

No director of NuRAN who is not an NEO has received, other than described below, during the most recently completed financial year, compensation pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any standard arrangement for the compensation of directors for their services in their capacity as directors, including any additional amounts payable for committee participation or special assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other arrangement, in addition to, or in lieu of, any standard arrangement, for the compensation of directors in their capacity as directors; or any arrangement for the compensation of directors for services as consultants or expert.

The Resulting Issuer's NEOs have all entered into employment agreements with the Resulting Issuer. Each agreement specifies the terms and conditions of employment, the duties and responsibilities of the executive during the term, the compensation and benefits to be provided by the Resulting Issuer in exchange for each executive's services, and the compensation and benefits to be provided by the Resulting Issuer in the event of a termination of employment.

On March 30, 2021, Mr. Letourneau entered into an employment agreement (the "**Letourneau Employment Agreement**") pursuant to which he is entitled to a base annual salary of $240,000 which is subject to increase to $350,000 on the earlier of: (i) the Resulting Issuer achieving a project debt financing under any of its network as a service agreements, or (ii) the date the Resulting Issuer completes an equity financing for minimum gross proceeds of $1,000,000. Mr. Letourneau is entitled to participate in any executive incentive bonus plans and is entitled to receive options at the discretion of the Board and received a special warrant to acquire up to 3,200,000 Common Shares of the Resulting Issuer upon the achievement of certain performance milestones including but not limited to the execution of additional network as a service or other agreements for proposed build out of site in a new country not previously contracted for the build out of sites by the Resulting Issuer; execution of a network as a service agreement resulting in an additional 1,000-5.000 cumulative sites under contract; the first $1,000,000 of revenue achieved from any network as a service agreement; and upon the first closing of any network as a service project financing in any country.

On September 3, 2021, the Resulting Issuer entered into a consulting agreement with Questus Consulting Ltd. ("**Questus**"), a company that is 50% controlled by Jim Bailey, Chief Financial Officer, and 50% controlled by his spouse (the "**Questus Agreement**"). Pursuant to the terms of the Questus Agreement, the Resulting Issuer will pay Questus a fixed fee of $20,833.33 per month in consideration of certain management consulting services provided by Questus including managing the financing and banking functions of the Resulting Issuer and overseeing the procedures for internal controls management of continuous disclosure filings of the Resulting Issuer. Under the terms of the Questus Agreement, Questus will be entitled to receive options of the Resulting Issuer under the Resulting's Issuer equity compensation plan at the discretion of the Board and was issued a performance warrant to acquire a total of up to 1,600,000 Common Shares of the Resulting Issuer based on the Resulting Issuer reaching certain successful milestones in strategic planning, growth, increased revenue and achievement of operation targets and subject to the completion of a minimum of four months of continued employment from the date of the Questus Agreement. The Questus Agreement does not have a predetermined term.

*Employment, Consulting and Management Agreements*

For the years ended December 31, 2024 and December 31, 2025, other than described above, the Resulting Issuer does not have any employment, consulting or management agreements or arrangements with any of the current NEOs or directors.

*Termination and Change of Control Benefits*

Other than as described below, the Resulting Issuer does not have any compensatory plan, contract or arrangement where a NEO is entitled to receive a payment from the Resulting Issuer or its subsidiary, including periodic payments or instalments in the event of: (i) a change of control of the Resulting Issuer or its subsidiary or (ii) a change in the responsibilities of such Named Executive Officer following a change in control.

The Letourneau Employment Agreement provides for certain compensation in the case of either (i) the director or indirect acquisition by any person or persons of more than 50% of the outstanding voting shares of the Resulting Issuer or the rights to acquire such shares; or (ii) any director or indirect sale, transfer or disposition of all or substantially all of the assets of the Resulting Issuer (a "**Change of Control**"). In the event of a Change of Control of the Resulting Issuer and the occurrence of one or more of the following events: (i) the Resulting Issuer terminates Mr. Letourneau's employment without cause within 12 months of the Change of Control of the Resulting Issuer; (ii) Mr. Letourneau resigns because of a reduction in salary of greater than 10% material reduction in his status, title, position or duties or responsibilities; or (iii) a material breach of the terms and conditions, pursuant to the Letourneau Employment Agreement, the Resulting Issuer will pay Mr. Letourneau an amount that includes the following: (i) the equivalent to 12- months of base salary in a lump sum and subject to applicable statutory deductions or withholdings or both, but not subject to any duty to mitigate or other principle of mitigation; (ii) 12-months of incentive compensation within 30 days of the termination of employment in a lump sum and subject to applicable statutory deductions and withholdings; (iii) accrued but outstanding vacation pay; (iv) and all options under the stock option plan will immediately vest and become exercisable for a period of 90 days from the end of the term of employment after which time all unexercised stock options will expire and will not be exercisable. If Mr. Letourneau's employment is terminated without cause he is entitled to termination or pay in lieu of notice or any combination of the same as follows: (i) within 12 consecutive months of employment, one month of termination notice or pay in lieu of notice or any combination of the same; and (ii) after the first 12 consecutive month of employment, three months of termination notice or pay in lieu of notice or any combination of the same plus an additional one month of termination notice or pay in lieu of notice or any combination of same for each completed year of employment, to a total of a maximum of 12 months of termination notice or pay in lieu of notice or any combination of the same.

In the event of a change of control of the Resulting Issuer and pursuant to the terms and conditions of the Questus Agreement, whereby more than 50% of the outstanding voting shares of the Resulting Issuer are acquired by a person or persons, acting jointly and in concert, Questus is entitled to payment in the amount equivalent to 12 months of the aforementioned fixed fee, incentive compensation pursuant to the incentive compensation plan and the vesting of all of Questus' unvested stock options under the Resulting Issuer's stock option plan.

*Stock Options and Other Compensation Securities*

For the year ended December 31, 2025, the Resulting Issuer did not grant any compensation securities to directors or NEOs and consultants of the Company. No director or NEO of the Resulting Issuer has exercised any compensation securities during the financial year ended December 31, 2025.

*Stock Option Plans and Other Incentive Plans*

The Resulting Issuer's stock option plan ("**Stock Option Plan**") provides that the Board may, from time to time, in its discretion, grant to directors, officers, employees, consultants and other personnel of the Resulting Issuer and its subsidiaries or affiliates, options to purchase Shares. The Stock Option Plan is a "rolling" stock option plan, whereby the aggregate number of Shares reserved for issuance, together with any other Shares reserved for issuance under any other plan or agreement of the Resulting Issuer, shall not exceed ten (10%) percent of the total number of issued Shares (calculated on a non-diluted basis) at the time an option is granted. See "Options to Purchase Securities".

*Oversight and Description of Director and NEO Compensation*

The Board has not created or appointed a compensation committee given the Resulting Issuer's current size and stage of development. All tasks related to developing and monitoring the Resulting Issuer's approach to the compensation of its NEOs and directors are performed by the members of the Board. The compensation of the NEOs, directors and the Resulting Issuer's employees or consultants is reviewed, recommended and approved by the Board without reference to any specific formula or criteria. NEOs that are also directors of the Resulting Issuer are involved in discussion relating to compensation and disclose their interest in and abstain from voting on compensation decisions relating to them, as applicable, in accordance with the applicable corporate legislation.

The Resulting Issuer's compensation program is intended to attract, motivate, reward and retain the management talent needed to achieve the Resulting Issuer's business objectives of improving overall corporate performance and creating long term value for the shareholders. The compensation program is intended to reward executive officers on the basis of individual performance and achievement of corporate objectives, including the advancement of the exploration and development goals of the Resulting Issuer.

The Resulting Issuer's current compensation program is comprised of three major components: base salary or fees, short term incentives such as discretionary bonuses and long-term incentives such as stock options.

In making compensation decisions, the Board strives to find a balance between short-term and long-term compensation and cash versus equity incentive compensation. Base salaries or fees and discretionary cash bonuses primarily reward recent performance and incentive stock options encourage NEOs and directors to continue to deliver results over a longer period of time and serve as a retention tool. The annual salary or fee for each NEO, as applicable, is determined by the Board based on the level of responsibility and experience of the individual, the relative importance of the position to the Resulting Issuer, the professional qualifications of the individual and the performance of the individual over time. The NEOs' performances and salaries or fees are to be reviewed periodically. Increases in salary or fees are to be evaluated on an individual basis and are performance and market based. The amount and award of cash bonuses to key executives and senior management is discretionary, depending on, among other factors, the financial performance of the Resulting Issuer and the position of a participant.

*Pension Benefits*

The Resulting Issuer does not have a pension benefit arrangement under which the Resulting Issuer have made payments to the directors and or Named Executive Officers of the Resulting Issuer during its fiscal years ended December 31, 2025 and December 31, 2024 or intends to make payments to the Resulting Issuer's directors or Named Executive Officers upon their retirement (other than the payments set out above and those made, if any, pursuant to the Canada Pension Plan or any government plan similar to it).

*Proposed Compensation*

Set out below is a summary of the estimated compensation for President, CEO and CFO of the Resulting Issuer, for the 12-month period ended December 31, 2026, on an annualized basis:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and**<br> **Principal <br> Position** | &nbsp;&nbsp;**Year Ended Dec. 31** | &nbsp;&nbsp;**Salary**<br> **($)** | &nbsp;&nbsp;**Total <br> Compensation <br> ($)** |
| Francis Létourneau, Chief Executive<br> Officer and President<sup>(1)</sup> | 2026 | 240000<br> Nil | 240000 |
| Jim Bailey, Chief Financial<br> Officer | 2026 | 250000 <br> Nil<br> Nil<br>| 250000<br>|

---

**Notes:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Francis
Létourneau is entitled to a base annual salary of $240,000 which is subject to increase to $350,000 on the earlier of:
(i) the Resulting Issuer achieving a project debt financing under any of its network as a service agreements, or (ii) the date
the Resulting Issuer completes an equity financing for minimum gross proceeds of $1,000,000.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No current or former director, executive officer or employee, proposed nominee for election to the board of directors, or associate of such persons is, or has been, indebted to the Company since the beginning of the most recently completed financial year of The Company and no indebtedness remains outstanding as at the date of this material change report.

**AUDIT COMMMITTEE**

*The Audit Committee Charter*

The full text of the Resulting Issuer's Audit Committee Charter is disclosed at Schedule "A" to the Company's management information circular dated September 30, 2025, available on SEDAR+.

*Composition of the Audit Committee*

As of the date hereof, Binyomin Posen, Brendan Purdy, and Vitor Fonseca have been members of the Audit Committee. Pursuant to National Instrument 52-110, the majority of the members of the Audit Committee are directors that are independent and free from any interest and any business or other relationship which could or could reasonably be perceived to, materially interfere with the director's ability to act with the best interests of the Resulting Issuer, other than the interests and relationships arising from shareholders. All members of the Audit Committee are independent.

All of the Audit Committee members are "financially literate" as defined in National Instrument 52-110, as all have the industry experience necessary to understand and analyze financial statements of the Resulting Issuer, as well as the understanding of internal controls and procedures necessary for financial reporting. The Audit Committee is responsible for review of both interim and annual financial statements for the Resulting Issuer. For the purposes of performing their duties, the members of the Audit Committee have the right at all times, to inspect all the books and financial records of the Resulting Issuer and any subsidiaries and to discuss with management and the external auditors of the Resulting Issuer any accounts, records and matters relating to the financial statements of the Resulting Issuer. The audit committee members meet periodically with management and annually with the external auditors.

*Relevant Education and Experience*

Each of Binyomin Posen, Vitor Fonseca, and Brendan Purdy meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

*Audit Committee Oversight*

Since the commencement of the Resulting Issuer's most recently completed financial year, the Resulting Issuer Board has not failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

*Reliance on Certain Exemptions*

Since the commencement of the Resulting Issuer's most recently completed financial year, the Resulting Issuer has not relied on the exemptions contained in sections 2.4 or 8 of National Instrument 52-110. Section 2.4 (De Minimis Non-audit Services) provides an exemption from the requirement that the Audit Committee must pre-approve all non-audit services to be provided by the auditor, where the total amount of fees related to the non-audit services are not expected to exceed 5% of the total fees payable to the auditor in the fiscal year in which the non-audit services were provided. Section 8 (Exemptions) permits a company to apply to a securities regulatory authority for an exemption from the requirements of National Instrument 52-110 in whole or in part.

*Pre-Approval Policies and Procedures*

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter of the Resulting Issuer.

*External Auditor Service Fees*

In the following table, "audit fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of the Company's financial statements. "Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All other fees" are fees billed by the auditor for products and services not included in the foregoing categories. The aggregate fees billed by the Company's external auditor in the last two fiscal years, by category, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Financial Year Ended | &nbsp;&nbsp;Audit Fees ($) | &nbsp;&nbsp;Audit Related Fees ($) | &nbsp;&nbsp;Tax Fees ($) | &nbsp;&nbsp;All Other Fees |
| &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;$552352 | &nbsp;&nbsp;$135000 | &nbsp;&nbsp;$20000 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;$127500 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3555 |

---

*Exemption*

The Resulting Issuer is relying on the exemption provided by section 6.1 of National Instrument 52-110 which provides that the Resulting Issuer, as a venture issuer, is not required to comply with Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) of National Instrument 52-110.

**CORPORATE GOVERNANCE**

Pursuant to National Instrument 58-101 Disclosure of Corporate Governance Practices, the Resulting Issuer is required to disclose its corporate governance practices as follows:

*Board of Directors*

The Board of the Resulting Issuer facilitates its exercise of independent supervision over the Resulting Issuer's management through frequent meetings of the Board.

Directors are considered to be independent if they have no direct or indirect material relationship with the Resulting Issuer. A "material relationship" is a relationship which could, in the view of the Resulting Issuer's Board, be reasonably expected to interfere with the exercise of a director's independent judgment. The independent directors are given full access to management so that they can develop an independent perspective and express their views and communicate their expectations of management.

The independent directors are Navindran Naidoo, Binyomin Posen, Brendan Purdy, Vitor Fonseca, Joseph Labkowski, and Avi Minkowitz. Francis Letourneau is not considered independent by virtue of his being Chief Executive Officer of the Resulting Issuer.

*Orientation and Continuing Education*

The Resulting Issuer has not formalized an orientation program. If a new director was appointed or elected, however, he or she would be provided with orientation and education about the Resulting Issuer which would include information about the duties and obligations of directors, the business and operations of the Resulting Issuer, documents from recent board meetings and opportunities for meetings and discussion with senior management and other directors. Specific details of the orientation of each new director would be tailored to that director's individual needs and areas of interest.

The Resulting Issuer does provide continuing education opportunities to directors so that they may maintain or enhance their skills and abilities as directors and ensure that their knowledge and understanding of the Resulting Issuer's business remains current.

*Ethical Business Conduct*

The Resulting Issuer has not taken any formal steps to promote a culture of ethical business conduct, but the Resulting Issuer and its management are committed to conducting its business in an ethical manner. This is accomplished by management actively doing the following in its administration and conduct of the Resulting Issuer's business:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 promotion of integrity and deterrence of wrongdoing.

2. The
 promotion of honest and ethical conduct, including the ethical handling of actual or
 apparent conflicts of interest.

3. The
 promotion of avoidance or absence of conflicts of interest.

4. The
 promotion of full, fair, accurate, timely and understandable disclosure in public communications
 made by the Resulting Issuer.

5. The
 promotion of compliance with applicable governmental laws, rules and regulations.

6. Providing
 guidance to the Resulting Issuer's directors, officers and employees to help them
 recognize and deal with ethical issues.

7. Helping
 foster a culture of integrity, honesty and accountability throughout the Resulting Issuer.

*Nomination of Directors*

The directors will be elected each year by the shareholders at the annual meeting of shareholders. The Board proposes a slate of nominees to the shareholders for election to the Board at such meeting. Between annual meetings of shareholders, the Board may fill casual vacancies on the Board and, subject to the Resulting Issuer's Articles, increase the size of the Board and elect directors to fill the resulting vacancies until the next annual meeting of shareholders.

The Board as a whole is responsible for identifying and evaluating qualified candidates for nomination to the Board. In identifying candidates, the Board considers the competencies and skills that the Board considers to be necessary for the Board, as a whole, to possess, the competencies and skills that the Board considers each existing director to possess, the competencies and skills each new nominee will bring to the Board and the ability of each new nominee to devote sufficient time and resources to his or her duties as a director.

*Compensation*

The Board as a whole is responsible for reviewing the adequacy and form of compensation paid to the Resulting Issuer's executives and key employees, and ensuring that such compensation realistically reflects the responsibilities and risks of such positions. In fulfilling these responsibilities, the Board evaluates the performance of the Resulting Issuer's chief executive officer and other senior management in light of corporate goals and objectives, and makes recommendations with respect to compensation levels based on such evaluations.

*Other Board Committees*

The Board has no other committees other than the Audit Committee.

*Assessments*

The Board has not, as of the present time, taken any formal steps to assess whether the Board, its committees and its individual directors are performing effectively.

**RISK FACTORS**

The Restructuring Transaction gives rise to the following material risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Significant
 dilution of existing Shareholders

In connection with the Restructuring Transaction, the Company issued an aggregate of 7,198,026 common shares to the vendors of Factor, resulting in an aggregate of 12,905,118 issued and outstanding common shares of the Company following completion of the Restructuring Transaction.

As a result of the issuance of common shares to the vendors of the Factor as consideration for the acquisition of Factor, the shareholders of the Company experienced substantial dilution of their equity interests. At the date of the current material change report, the vendors of Factor collectively hold approximately 55.78% of the Company's issued and outstanding common shares following completion of the Restructuring Transaction.

Following completion of the transaction, the former vendors of Factor collectively hold a majority of the Company's outstanding voting securities and are able to materially influence matters requiring shareholder approval, including the election of directors and the approval of significant corporate transactions. As a result, the relative voting power and influence of the Company's existing shareholders have been significantly reduced. Upon completion of the Restructuring Transaction, Factor ceased to operate as a separate entity and is expected to be wound up or liquidated in accordance with applicable corporate law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unexpected
 liabilities related to the Acquisition

In connection with the Acquisition, there may be liabilities failed to discover or was unable to quantify in the due diligence which it conducted in connection with the Acquisition and the Company may not be indemnified for some or all of these liabilities after 12 months of the Acquisition. Following 12 months of the Acquisition, the Company may discover that it has acquired undisclosed liabilities. The discovery of any material liabilities, or the inability to obtain full indemnification for such liabilities, could have a material adverse effect on the Company's business, financial condition or future prospects. While the Company has estimated these potential liabilities for the purposes of making its decision to enter into the Acquisition Agreement, there can be no assurance that any resulting liability will not exceed the Company's estimates.

The existence of undisclosed liabilities could have an adverse impact on the Company's business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Risks
 associated with the acquisition and integration of the Factor

Prior to completion of the Restructuring Transaction, the Factor's principal business consisted primarily of purchasing and factoring invoices issued by the Company. As a result of the Restructuring Transaction, the Factor ceased to operate as a separate entity and its assets and liabilities were integrated into the Company. The Restructuring Transaction effectively internalized the factoring arrangements that previously existed between the Company and the Factor. While the Company expects that this structure may simplify its financial and operational arrangements, there can be no assurance that the anticipated operational or financial benefits of the transaction will be realized. The integration of Factor's assets, liabilities and contractual arrangements into the Company may involve administrative, operational and financial adjustments. In addition, liabilities or obligations relating to Factor's prior factoring activities may arise that were not identified or fully quantified prior to completion of the Restructuring Transaction. Any difficulties arising from the integration of Factor or from liabilities associated with its prior operations could adversely affect the Company's financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 Acquisition of the Factor was effected primarily as a debt Settlement and may not provide
 ongoing operating benefits

The acquisition of the Factor was undertaken primarily as a mechanism to settle outstanding indebtedness of the Company and to eliminate liabilities arising from prior factoring arrangements. The principal assets of the Factor consisted of receivables owed by the Company, and the fundamental economic effect of the transaction was the extinguishment of the Company's debt through the issuance of equity.

Accordingly, the acquisition was not intended to expand or diversify the Issuer's operating business, generate incremental revenue, or provide synergies typically associated with an acquisition of an operating company. There can be no assurance that the acquisition will result in any ongoing operational, financial, or strategic benefits to the Issuer beyond the reduction of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) No
 independent valuation was obtained in connection with the Restructuring Transaction

No independent valuation was obtained in connection with the acquisition of the Factor or the determination of the consideration issued thereunder. The consideration was negotiated between the parties and reflected, among other things, the amount of indebtedness being settled, tax planning considerations applicable to the vendors, and administrative efficiency. As a result, the consideration paid may not reflect the fair market value of the Factor or its assets, and investors may disagree with the valuation implied by the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Regulatory
 and disclosure risk associated with the Restructuring Transaction

The Restructuring Transaction constituted a "restructuring transaction" within the meaning of NI 51-102 and triggered requirements to prepare and file prospectus-level disclosure in respect of the acquisition of the Factor. The Company has prepared, or is in the process of preparing, such disclosure in accordance with applicable securities laws.

There can be no assurance that regulators will not request additional disclosure, financial information, or amendments to filings, or that any such requests would not result in additional costs, delays, or regulatory consequences for the Issuer. Any failure to comply with applicable disclosure requirements could result in enforcement action, the issuance of cease trade orders, or restrictions on the Issuer's access to the capital markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Future
 financings may further dilute shareholders

Although the Restructuring Transaction improved the Issuer's balance sheet by reducing indebtedness, the Company may continue to require additional financing to fund its operations and growth initiatives. Any future equity or equity-linked financings could result in further dilution to existing shareholders and may be undertaken on terms that are unfavourable to current investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Market
 perception risk

The Restructuring Transaction, including the significant dilution, the concentration of ownership, and the characterization of the acquisition as a debt settlement rather than a growth transaction, may adversely affect investor perception of the Company. Negative market perception could impact the trading price, volatility, and liquidity of the Company's securities.

**INVESTOR RELATIONS ARRANGEMENTS**

The Factor has not engaged any investor relations or promotional firms and has not entered into any investor awareness or marketing arrangements. As of the date hereof, the Factor has not retained any third parties to provide investor relations, promotional or marketing services.

**OPTIONS TO PURCHASE SECURITIES**

The Resulting Issuer adopted the Company's Stock Option Plan last approved by the shareholders of NuRAN on October 29, 2025 which provides that the board of directors of the Resulting Issuer may from time to time, in its discretion, and in accordance with the Exchange requirements, grant to directors, officers, employees, charitable organizations and consultants to the Resulting Issuer, non-transferable Options to purchase Resulting Issuer Shares, provided that the number of Resulting Issuer Shares reserved for issuance does not exceed ten percent (10%) of the issued and outstanding Resulting Issuer Shares at any given time. The exercise price or grant price for the Resulting Issuer Options, is determined by the directors of the Resulting Issuer which in no event will be less than the fair market value of the Resulting Issuer Shares at the time of grant. In connection with the foregoing, without prior receipt of disinterested shareholder approval, the number of Resulting Issuer Shares reserved for issuance to any individual director or officer will not exceed 5% of the then issued and outstanding Resulting Issuer Shares and the number available to any one consultant will not exceed two percent (2%) of the issued and outstanding Resulting Issuer Shares. Subject to board approval, Resulting Issuer Options may be exercised not later than 90 days, or such other day as determined in the discretion of the board, following cessation of the awardee's position with the Resulting Issuer, provided that if the cessation of office, directorship, or consulting Amalgamation was by reason of death, such Resulting Issuer Option respectively, may be exercised within a maximum period of one year after such death, subject to the expiry date of such Resulting Issuer Option, and other Award. Upon completion of the Transaction, all current outstanding awards will be handled under the Company's Stock Option Plan.

The Resulting Issuer adopted the Company's Restricted Share Unit Plan (the "**RSU Plan**"), last approved by the shareholders of NuRAN on May 30, 2024, the purpose of which is to provide discretionary bonuses and similar awards to directors, officers, employees and consultants of the Resulting Issuer (collectively, "**Eligible Persons**") as an incentive and reward in connection with the achievement of long-term financial and strategic objectives of the Company and the corresponding enhancement of shareholder value. The RSU Plan is intended to further align the interests of Eligible Persons with those of shareholders by providing an opportunity to participate in increases in the value of the Resulting Issuer. Participation in the RSU Plan is voluntary and each grant of restricted share units ("**RSUs**") is evidenced by a grant agreement entered into between the Resulting Issuer and the applicable participant. RSUs are non-assignable and non-transferable. The aggregate number of Common Shares issuable from treasury under the RSU Plan shall not exceed ten percent (10%) of the issued and outstanding Common Shares of the Resulting Issuer at any given time. The Board may, in its sole discretion, establish such performance conditions and vesting conditions in respect of RSUs as it considers appropriate, which conditions may differ among participants or grants, and may provide for vesting upon satisfaction of one or more performance conditions. Subject to applicable regulatory approvals, in the event of a change of control of the Resulting Issuer, RSUs that have not otherwise been cancelled will vest and become payable on the date such change of control occurs, and the Board may make arrangements to facilitate participation by recipients in the transaction. Except as otherwise provided in a grant agreement, RSUs shall vest on the later of (i) the vesting date determined by the Board at the time of grant, or if no such date is specified, the earlier of the expiry date of the RSU and the third anniversary of the grant date, and (ii) the date on which all applicable performance or vesting conditions have been satisfied (the "**Trigger Date**"). Where a Trigger Date occurs during a restricted period, vesting shall be deferred to the earlier of one business day following the end of such restricted period and the expiry date of the RSU. Upon vesting and subject to required approvals, RSUs shall be settled, at the discretion of the Board, by the issuance of one Common Share per vested RSU, the payment of a cash amount equal to the vesting date value of such RSU, or a combination thereof, net of any applicable withholding taxes, and in no event shall any RSU remain outstanding beyond its expiry date.

The Resulting Issuer adopted the Company's restricted share unit plan (the "**RSU Plan**") approved on August 8, 2022 and on May 30, 2024.

The following table sets out the number of Awards of the Resulting Issuer that will be outstanding upon completion of the Transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Group and Number of Persons in Group** | &nbsp;&nbsp;**Number of Resulting Issuer Shares Under Stock Option Plan** | &nbsp;&nbsp;**Exercise Price Per Resulting Issuer Share** | &nbsp;&nbsp;**Expiry Date** | &nbsp;&nbsp;**Market Value of the Securities as of the Date of this Material Change Report** |
| &nbsp;&nbsp;All Officers of the Resulting Issuer and subsidiaries of the<br> Resulting Issuer<br>| &nbsp;&nbsp;500 Options<br>| &nbsp;&nbsp;$705<br>| &nbsp;&nbsp;February 9,<br> 2026<br>| &nbsp;&nbsp;$1390<br>|
| &nbsp;&nbsp;All Directors of the | &nbsp;&nbsp;133 Options | &nbsp;&nbsp;$705 | &nbsp;&nbsp;February 8, | &nbsp;&nbsp;$93765 |
| &nbsp;&nbsp;Resulting Issuer and |  |  | &nbsp;&nbsp;2026 |  |
| &nbsp;&nbsp;subsidiaries of the | &nbsp;&nbsp;1,333 Options | &nbsp;&nbsp;$705 | &nbsp;&nbsp;February 9, | &nbsp;&nbsp;$939765 |
| &nbsp;&nbsp;Resulting Issuer |  |  | &nbsp;&nbsp;2026 |  |
|  | &nbsp;&nbsp;167 Options | &nbsp;&nbsp;$501 | &nbsp;&nbsp;October 26, | &nbsp;&nbsp;$461.48 |
|  |  |  | &nbsp;&nbsp;2026 |  |
|  | &nbsp;&nbsp;334 Options<br>| &nbsp;&nbsp;$402<br>| &nbsp;&nbsp;January 27,<br> 2027<br>| &nbsp;&nbsp;$925.74 |
| &nbsp;&nbsp;All employees of the Resulting Issuer as a group<br>| &nbsp;&nbsp;Nil<br>| &nbsp;&nbsp;N/A<br>| &nbsp;&nbsp;N/A<br>| &nbsp;&nbsp;N/A<br>|
| &nbsp;&nbsp;All consultants of the Resulting Issuer as a group | &nbsp;&nbsp;501 Options<br>832 Options | &nbsp;&nbsp;$402<br>$510<br>| &nbsp;&nbsp;January 27,<br> 2027<br>October 20,<br> 2026 | &nbsp;&nbsp;1,392.78$2,312.96$|

---

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The auditors of the Resulting Issuer were Zeifmans LLP from Toronto, Ontario (the "Predecessor Auditor") as at January 13, 2026. SRCO Professional Corporation (the "Successor Auditor"), of 15 Wertheim Court, Suite 409 Richmond Hill, ON L4B 3H7, has agreed to act as the Resulting Issuer's auditor effective January 13, 2026.

The proposed transfer agent and registrar for the Resulting Issuer Shares is Odyssey Trust Company, located at Suite 1100, 67 Yonge Street, Toronto, Ontario, M5E 1J8, Canada.

**EXPERTS**

The following experts have assisted in the preparation of this material change report:

● SRCO Professional Corporation, Chartered Professional Accountants are the independent auditors of the Resulting Issuer within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario.

● ND LLP, the auditors of the Factor, have advised that they are independent with respect to the Factor within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario.

None of the foregoing experts, nor any partner, employee or consultant of such an expert who participated in and who was in a position to directly influence the preparation of the applicable statement, report or valuation, has, has received or is expected to receive, registered or beneficial interests, direct or indirect, in common shares of the Company or the Factor or other property of the Company or the Factor or any of its associates or affiliates, representing 1% or more of the outstanding common shares of the Company or the Factor.

**OTHER MATERIAL FACTS**

There are no material facts about the Factor, the Company, the Resulting Issuer or the Restructuring Transaction that are not disclosed within this material change report which are necessary in order for this material change report to contain full, true and plain disclosure of all material facts relating to the Factor, the Company and the Resulting Issuer, regarding the completion of the Transaction.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)**

Not applicable.

**Item 7: Omitted Information**

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer**

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO

<u>info@nuranwireless.com</u> 

Tel: (418) 264-1337

**Item 9: Date of Report**

This report is dated as of June 9, 2026, but effective December 22, 2025.

**SCHEDULE "A"**

Press Release

---

| | |
|:---|:---|
| ![](img007_v7.jpg) | PRESS RELEASE |

---

For Immediate release

NuRAN Provides Clarification and Corrections Regarding <br> Restructuring Transaction Disclosure

Quebec, QC, Canada, January 28, 2026 – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE</u>: <u>NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), announces, further to its prior press release of December 23, 2025, that its acquisition of Advance Factoring Inc. (the "Factor") has resulted in a restructuring transaction within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* (the "Restructuring Transaction"), and that the Company is in the process of preparing a material change report containing the disclosure required by section 14.2 of Form 51-102F5 – *Information Circular* in respect of the Factor.

<u>Restatement and correction of prior disclosure</u>

This news release restates and corrects certain information contained in the Company's press release dated <u>December 23, 2025</u>. In particular, the Company is correcting the disclosure on the following items:

-the amount of the debt settlements completed for $6,172,629, and

-for the initial tranche of the additional amounts, the Company issued an aggregate of 2,115,064 Units at a price of $2.89 per Unit, for aggregate gross proceeds consisting of cash subscriptions of $2,599,932 and debt settlements of $3,512,627.

<u>Restructuring transaction and disclosure status</u>

The Restructuring Transaction involves the acquisition by the Company of the Factor as part of a broader restructuring of the Company's financial position. On December 22nd, 2025, the Company issued an aggregate of 10,380,618 Units, at $2.89 per Unit, which included cash subscriptions of $3,025,068, debt settlements of $6,172,629, and the acquisition of the Factor for $20,802,303.09, and an aggregate of 2,115,064 Units at a price of $2.89 per Unit.

The Restructuring Transaction was implemented through the acquisition of the Factor, a private company whose principal assets consisted of factored receivables representing financial claims against the Company arising from prior factoring arrangements. The fundamental economic effect of this transaction is equivalent to a debt settlement in which the creditor's claim against the Company is extinguished through the issuance of Units. The consideration for the Factor was $20,802,303.09, comprised of 7,198,026 Units issued at $2.89 per Unit.

---

| | |
|:---|:---|
| ![](img007_v7.jpg) | PRESS RELEASE |

---

The Restructuring Transaction structure was used as a legal and tax-efficient mechanism to effect the settlement and extinguishment of indebtedness owed by the Company, which allowed administrative efficiency and a 23% discount on the amounts owed.

As consideration for the acquisition of the Factor, the vendors of the Factor received common shares of the Company. Upon completion of the Restructuring Transaction, the vendors of the Factor held 55.80% of the Company's outstanding common shares, resulting in a change of control of the Company.

<u>Regulatory status update</u>

The British Columbia Securities Commission (the "Commission") has advised the Company that, pending the completion and filing of the material change report containing the disclosure required by section 14.2 of Form 51-102F5 in respect of the Factor, the Company is considered to be in default of certain continuous disclosure requirements in accordance with Canadian Securities Administrators Notice 51-322 – *Reporting Issuer Defaults*. As a result, the Company expects to be included on the Commission's Issuers in Default List, and to be removed from the list once the required disclosure has been completed and filed.

The Company is continuing to prepare the required disclosure and intends to remedy the default as soon as practicable in accordance with applicable securities laws.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:

For further information about NuRAN Wireless: <u>www.nuranwireless.com</u>

Francis Létourneau, <br> Director and CEO

Francis.letourneau@nuranwireless.com <br> Tel: (418) 264-1337

---

| | |
|:---|:---|
| ![](img007_v7.jpg) | PRESS RELEASE |

---

*Forward Looking Statements*

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

**SCHEDULE "B"**

**Company's audited annual financial statements**

**for the year ended December 31, 2025** 

**Nuran Wireless Inc.**

**Consolidated Financial Statements**

**December 31, 2025 and 2024**

---

| | |
|:---|:---|
| Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Financial Position | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements Net Loss and Comprehensive Loss | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Shareholders' Equity | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements | 7-71 |

---

---

| | |
|:---|:---|
| ![](img008_v7.jpg) | **SRCO Professional Corporation**<br> **Chartered Professional Accountants**<br> **Licensed Public Accountants** <br> Park Place Corporate Centre<br> 15 Wertheim Court, Suite 409 <br> Richmond Hill, ON L4B 3H7, Canada<br>Tel: 905 882 9500 & 416 671 7292 <br> Fax: 905 882 9580 <br> Email: info@srco.ca<br> www.srco.ca  |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of NuRan Wireless Inc.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of NuRan Wireless Inc. and its subsidiaries (collectively referred to as the "Company") as of December 31, 2025 and 2024, the related consolidated statements of net loss and comprehensive loss, changes in equity (deficiency), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes to the consolidated financial statements, (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred recurring losses from operations, has negative cash flows from operating activities, working capital deficiency and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*SRCO Professional Corporation*

---

| | |
|:---|:---|
| We have served as the Company's auditor since 2026.<br> Richmond Hill, Ontario, Canada<br> May 31, 2026 | CHARTERED PROFESSIONAL ACCOUNTANTS<br> Authorized to practice public accounting by the<br> Chartered Professional Accountants of Ontario |

---

**Nuran Wireless Inc.**

**Consolidated Statements of Financial Position**

As at December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| ***ASSETS*** |
| **Current assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables (Note 7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues (Note 8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories (Note 9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable (Note 10) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Current assets** |
| **Non-current assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets (Note 12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets (Note 13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |
| **Total assets** |
| ***LIABILITIES*** |
| **Current Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables (Note 14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue (Note 15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans payable (Note 16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures (Note 19A) |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 19B) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |
| **Non-current liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities (Note 18) |
| **Total liabilities** |
| ***Shareholders' equity*** |
| Share capital (Note 20) |
| Warrants (Note 21) |
| Contributed surplus (Notes 21 and 22) |
| Fair value of conversion option (Note 23) |
| Foreign exchange loss in translation of foreign operations**)** |
| Accumulated deficit |
| **Total shareholders' equity** |
| **Total liabilities and shareholders' equity** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 35)

These consolidated financial statements were approved by the Board of Directors of the Company on May 31, 2026, and signed on their behalf by:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ "Francis Letourneau" | &nbsp;&nbsp;&nbsp;&nbsp;/s/ "Vitor Fonseca" |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Net Loss and Comprehensive Loss**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| **Revenue (Note 33)** |
| Cost of sales |
| **Gross profit** |
| Selling expenses |
| Administrative expenses (Note 26) |
| Financial expenses (Note 27) |
| Research and development costs, net of $29,955 in tax credit ($115,780 as at December 31, 2024) |
| Loss before other elements |
| Other elements |
| &nbsp;&nbsp;&nbsp;Gain / (loss) on debt settlement (Note 16 and 19A)**)** |
| &nbsp;&nbsp;&nbsp;Impairment of inventory (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;Impairment of assets (Note 11) |
| &nbsp;&nbsp;&nbsp;Impairment of receivable (Note 7)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of assets (Note 11)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of account receivables (Note 7)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of inventory (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of account payables (Note 14) |
| &nbsp;&nbsp;&nbsp;Write-off of deferred revenue (Note 15) |
| &nbsp;&nbsp;&nbsp;Waive of lease liabilities (Note 18) |
| &nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |
| Loss before income taxes**)** |
| Income tax expense |
| &nbsp;&nbsp;&nbsp;Income tax (Note 25) |
| **Net loss for the year** |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |
| Foreign exchange difference on translation of foreign operations) |
| **Comprehensive loss for the year** |
| **Net loss per share (Note 24)** |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Changes in Shareholders' Equity**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **2025** |
|  | **Share capital** | **Contributed Surplus** | **Fair value of the conversion option** | **Total Shareholders' deficit** |
|  | **Number** <br> **(Note 1)** | **$** | **$** | **$** |
| **Balance as at January 1, 2025** | **195647** | **6731440)** **))** |  |  |
| Issue of share capital (Note 20) | **12860587** |  |  |  |
| Net loss for the year |  | —**))** |  |  |
| Foreign exchange in translation of foreign operations |  |  |  |  |
| Convertible debenture (Note 19A)**)))** |  |  |  |  |
| Debenture conversion (Notes 19A, 20 and 23) | **13333** |  |  |  |
| Issue of warrants (Note 21) |  |  |  |  |
| Warrants expired (Note 21 and 22) |  | **828098** |  |  |
| **Balance as at December 31, 2025** | **13069567** | **7559538** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Share capital** | **Contributed Surplus** | **Fair value of the conversion option** |
|  | **Number <br> (Note 1)** | **$** | **$** |
| Balance as at January 1, 2024 | 143479 | 6623292 | 21990) |
| Issue of share capital (Note 20) | 48835 |  |  |
| Net loss for the year |  |  | —) |
| Foreign exchange in translation of foreign operations |  |  | —) |
| Convertible debenture (Note 19A) |  |  | 19856 |
| Debenture conversion (Notes 19A, 20 and 23) | 3333 |  |  |
| Issue of warrants (Note 21) | —) |  |  |
| Warrants expired (Note 21 and 22) |  | 108148 |  |
| Balance as at December 31, 2024 | 195647 | 6731440 | 41846 |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Cash Flows**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| ***OPERATING ACTIVITIES*** |
| Net loss and total comprehensive income**)** |
| Non-cash flow adjustments |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on overdue payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt settlement) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of inventory |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Waive of lease liabilities) |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of accounts receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of inventory |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of accounts payable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of deferred revenue**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad Debt expense |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on factoring agreement |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on loans |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures |
| &nbsp;&nbsp;&nbsp;&nbsp;Expected credit loss |
| Net change in working capital items |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits receivable |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable**)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |
| Net cash used in operating activities |
| ***INVESTING ACTIVITIES*** |
| Purchase of property, plant and equipment**)** |
| Purchase of intangible assets |
| Net cash generated in investing activities |
| ***FINANCING ACTIVITIES*** |
| Proceeds (repayment of) loan payable |
| Proceeds (repayment of) promissory notes |
| Proceeds (repayment of) from factoring agreement**)** |
| Repayment of loan payable) |
| Repayment of lease liabilities**)** |
| Convertible debenture and derivative liabilitiey |
| Net cash generated in financing activities |
| **Net increase in cash** |
| Cash, beginning of year |
| Foreign exchange in translation of foreign operations |
| **Cash, end of year** |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

1. **NATURE OF OPERATIONS AND GOING CONCERN** 

Nuran Wireless Inc. ("Nuran") was incorporated in the province of British Columbia, Canada on September 23, 2014. Nuran's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

Nuran's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR". On December 9, 2025, the Company completed a 300 for 1 consolidation of its common shares, whereby each 300 common shares issued and outstanding was consolidated into one common share. The share consolidation did not result in any change to the Company's issued share capital. All references to common shares, share-based compensation and warrant amounts in these financial statements have been retroactively adjusted to reflect the share consolidation.

Nuran with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of Nuran's subsidiaries included in these consolidated financial statements with ownership as at December 31, 2025 and December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries  | &nbsp;&nbsp;Country of <br> incorporation | &nbsp;&nbsp;&nbsp;Percentage <br> ownership | &nbsp;&nbsp;Functional<br> currency | &nbsp;&nbsp;&nbsp;&nbsp;Principal activity |
| Innovation Nutaq Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless (Africa) Holding | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Holding company |
| Nuran Wireless DRC SA | &nbsp;&nbsp;DRC | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cameroon Ltd | &nbsp;&nbsp;Cameroon | &nbsp;&nbsp;100% | &nbsp;&nbsp;XAF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Benin S.A.R.L.U | &nbsp;&nbsp;Benin | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Madagascar S.A.R.L.U | &nbsp;&nbsp;Madagascar | &nbsp;&nbsp;100% | &nbsp;&nbsp;MGA | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cote d'Ivoire S.A.R.L.U | &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;&nbsp;&nbsp;Wireless solutions |
| Advance Factoring Inc. (2025) | &nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;Factoring |

---

XAF – Central African Francs; XOF – West African Franc; MGA – Malagasy Ariary;

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build, sell to a customer and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business. For the year ended December 31, 2025, the Company incurred a net loss of $21,436,048 (2024 - $8,755,861), used net cash of $2,958,890 (2024 - $6,221,099) in operating activities and, as of that date, had an accumulated deficit of $94,233,661 (2024 - $72,797,613) and a working capital deficit of $5,001,442 (2024 – $19,103,397). Improvement of working capital is discussed below. Additionally, in prior periods and through part of the year ended December 31, 2025, the Company operated with a shareholders' deficit and had overdue outstanding debt instruments with ongoing creditor waivers. These conditions indicate the existence of material uncertainties that cast a significant doubt on the Company's ability to continue as a going concern.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

In December 2025, the Company completed steps approved by its shareholders at Annual General and Special Meetings (AGSMs) on October 22, 2025 and October 29, 2025 including a 300:1 share consolidation effective on December 9, 2025 and subsequent to this, a Restructuring Transaction. The Restructuring Transaction resulted in the conversion and extinguishment of over $20 million of debt and accounts payable to equity, together with a private placement raising aggregate gross proceeds of $5.8 million. As a result of the Restructuring Transaction, the Company's shareholders' deficit moved to equity position, and the Company's market capitalization exceeded $32 million at December 31, 2025.

Subsequent to the Restructuring Transaction, the Company submitted an application to list its common shares on Nasdaq on March 30, 2026 which is subject to pending filings and approvals, and appointed additional strategic advisors to support operational and commercial growth in Africa. The Company's operations continued to grow across Cameroon, the DRC and, prospectively, Ivory Coast and Benin. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth. Subsequent to year end, the company received approval for the final drawdown of USD 0.45 million (CAD 0.62 million) of the USD 5 million (CAD 6.83 million) loan from the Facility for Energy Inclusion (FEI), a fund managed by a non related company, Cygnum Capital.

Having regard to the completion of the Restructuring Transaction, the Company's operational progress, its committed and anticipated financing arrangements, and all other available information up to the date of approval of these consolidated financial statements, management has concluded that the going concern basis of accounting used in preparation of these consolidated financial statements is appropriate. Nonetheless, the Company's ability to continue as a going concern remains dependent upon its planned raise of capital, continuity of debt availability as may be needed, and the continued execution of its NaaS deployment strategy in Africa.

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**2.** **BASIS OF ACCOUNTING** 

**Basis of accounting** 

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board ("IASB"), and Interpretations of the International Financial Reporting Interpretation Committee ("IFRIC"). The accounting policies set out below were consistently applied to all periods presented unless otherwise noted. These financial statements have been prepared on an accrual basis and are based on historical cost.

The consolidated financial statements for the year ended December 2025 (including comparatives) were approved and authorized for issue by the Board of Directors on May 31, 2026. The Board of Directors of the Company has the power to amend the consolidated financial statements after issue.

**Basis of consolidation** 

<u>Subsidiaries</u> 

Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its Net Loss and Comprehensive Loss. The financial statements of the subsidiaries are included in these consolidated financial statements from the date on which control commences until the date on which control ceases. Details of the subsidiaries are included in Note 1.

<u>Transactions eliminated on consolidation</u> 

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated on consolidation.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the 12 months period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**Functional and presentation currency** 

These consolidated financial statements are presented in Canadian dollars ("dollar"), which is Nuran's presentation currency. All amounts have been rounded to the nearest dollar unless otherwise indicated. Details of the subsidiaries' functional currencies are included in Note 1.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**2.** **BASIS OF ACCOUNTING (CONTINUED)** 

<u>Foreign currency transactions</u> 

Transactions in foreign currencies are translated into the respective functional currencies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in consolidated statements of net loss and comprehensive loss.

<u>Foreign operations</u> 

The assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Canadian dollars at the average exchange rates for the period. Foreign currency differences are recognized in other comprehensive income (loss) and accumulated in the translation reserve. For the current year, a gain of $346,509 was recognized in the translation reserve (2024 – loss of $1,170,878).

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

**Revenue including Accrued Revenue and Customer Advances (Deferred Revenue)** 

To determine whether to recognize revenue, the Company follows a five-step process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying
 the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identifying
 the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determining
 the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Allocating
 the transaction price to the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognizing revenue when/as performance obligations are satisfied. Revenue arises from the sale of goods and the rendering of services and is measured at the consideration to which the Company expects to be entitled in exchange for transferring promised goods and services to customer, excluding sales taxes.

The Company recognizes revenue from two sources: sale of goods and rendering of services (Network as a Service).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<u>Sale of goods</u> 

Performance obligations for the Company's revenue that is derived from the sale of goods is recognised at a point in time, when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Company no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.

Revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered).

In the Company's sale of goods business, where a customer pays in advance of the delivery of goods or the rendering of services, the amount received is initially recognized as customer advances within current liabilities. Deferred revenue represents a contract liability under IFRS 15 and reflects the Company's obligation to deliver the promised goods or services. Revenue is recognized, and the deferred revenue balance is released, only when the related performance obligation has been satisfied — that is, when control of the goods has transferred to the customer or the services have been rendered in accordance with the Company's revenue recognition policy for sale of goods.

<u>Network as a Service ("NaaS")</u> 

The Company has two kinds of Network as a Service ("NaaS") contracts. Where there is a contractual transfer provision there are two performance obligations: the construction and sale of the network site, and the operation of the network site. Revenue for the construction and sale of the network site is recognised at a point in time, when the network has been constructed and accepted by the customer. This is because, although legal title does not pass to the customer until the defined transfer date, the criteria for recognising revenue at a point in time under IFRS 15 are met upon customer acceptance: the Company has a present right to payment, the customer has obtained the significant risks and rewards of ownership of the network site, and the customer has accepted the asset. Accordingly, revenue is recognised at the point in time when the customer accepts the constructed network site. Revenue for the network operation is recognised over a period of time, over the life of the contract. This is because the customer simultaneously receives and consumes the benefits of the network operation services throughout the term of the contract satisfying the criteria for over a period of time recognition under IFRS 15. In contracts where there is no transfer provision, there is only one performance obligation which is the operation of the network site.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

In the Company's contracts that include a contractual transfer provision, NaaS contracts operating revenue is a fixed guaranteed minimum amount plus a variable portion equal to a percentage of the gross margin (defined as gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) earned by the network over the life of the contract. Where there is no contractual transfer provision, NaaS contracts operating revenue is a threshold amount (defined as a fixed amount of gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) plus a variable portion equal to a percentage of all revenue earned by the network above the threshold over the life of the contract. In May 2025, the Company amended the NaaS contract in the DRC to remove the transfer provision. The variable portion earned by the network sites varies due to factors such as population coverage, subscriber take-up, competition and nearby economic activity making it difficult to reliably estimate the value of the payment that will be received. Final amounts are determined on a monthly basis and recognised at a point in time through a revenue reconciliation process completed between the Company and the MNO and all NaaS revenue received in 2025 and 2024 is derived from this monthly billing.

Under the Company's NaaS contract with Orange Cameroon, operating revenue is calculated by reference to the gross revenue generated by the network sites, net of allowable direct costs deducted by the Mobile Network Operator, as reported through the monthly revenue reconciliation process. Gross revenue includes both domestic and international traffic volumes generated across the Company's sites.

In certain periods, differences have arisen between the international traffic volumes reported by Orange Cameroon in the monthly reconciliation statements and the volumes that the Company has independently estimated or observed. These differences affect the gross revenue base against which the Company's entitlement is calculated and therefore bear directly on the amount of operating revenue recognized.

Management's position is that any adjustment arising from a revision to international traffic volume data represents a change in estimate under IAS 8, to be recognized prospectively in the period in which the revised information becomes available and is agreed with the MNO through the reconciliation process. This treatment reflects the fact that the monthly reconciliation is the contractually specified mechanism for finalizing revenue amounts, and that final volumes are not determinable until that process is complete. Revenue for each period is therefore recognized on the basis of the best estimate of entitlement available at the reporting date, using the most recent reconciled data and, where reconciliation is outstanding, management's best estimate of the amounts due.

Management does not consider it appropriate to restate revenue recognized in prior periods for revisions to international traffic volumes, or as occurred and reported during 2025, the mis-allocation by the MNO of traffic attributable to international versus local call, as those periods were reported on the basis of information available at the time and in accordance with the contractual reconciliation process then in effect. This position is consistent with the treatment of variable consideration under IFRS 15, whereby the constraint on variable revenue recognition requires that it be highly probable that a significant reversal of cumulative revenue will not occur when the uncertainty is subsequently resolved. Adjustments to previously reported periods would only be appropriate if those periods contained a material error, which management does not consider to be the case.

On the sale of network sites where there is a contractual transfer provision, the Company accepts monthly installment payments from the date the site is accepted/recognized as operational up to the contractual transfer date, in advance of the transfer of the legal title (sale). The Company measures the amount of revenue to recognize on delivery of the goods by calculating a financing component at the interest rate that would have applied had the Company borrowed the funds from its customer.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

The transaction price is then allocated between all performance obligations on a relative stand-alone selling price basis. The stand-alone selling price per site is estimated based on the expected cost of building the site, including the financing component, plus a profit margin (Gross Cost). The difference between the Gross Cost and the estimate of the Gross Margin for each of the Network's sites, is classified as operational income.

The costs of fulfilling contracts do not result in the recognition of a separate asset because for service contracts, revenue is recognised over a period of time by reference to the stage of completion meaning that control of the asset (the design service) is transferred to the customer on a continuous basis as work is carried out. Consequently, no asset for work in progress is recognised.

Under the Company's NaaS contracts that include a contractual transfer provision, revenue attributable to the sale of a network site is recognized at the point in time when the site is accepted by the customer and goes live, in accordance with the Company's revenue recognition policy for the construction and sale performance obligation. However, billing to the customer occurs monthly over the term of the contract, with a portion of each guaranteed monthly installment representing recovery of the site sale consideration. As a result, a timing difference arises between the point at which site sale revenue is recognized and the point at which the corresponding cash is received. The cumulative amount of site sale revenue recognized in excess of the monthly installments received to date is recorded as accrued revenue. Accrued revenue is reduced as subsequent monthly installments attributable to the site sale consideration are received.

**Property, plant and equipment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounting Policy - Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition or construction of the asset and bringing it to the location and condition necessary for it to be capable of operating in the manner intended by management..

Depreciation is calculated on a straight-line basis (or declining balance where indicated) over the estimated useful life of each asset, from the date on which the asset is available for use. The estimated useful lives applied during the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Methods | Rates |
| Site infrastructure assets – Africa | &nbsp;&nbsp;&nbsp;&nbsp;Straight-line | 20 years |
| Leasehold improvements - Canada | &nbsp;&nbsp;&nbsp;&nbsp;Straight-line | 5 years |
| Equipment and furniture, telecommunication system, |  |  |
| furniture and fixtures | &nbsp;&nbsp;&nbsp;&nbsp;Declining balance | 20% |
| Computer equipment -- Canada | &nbsp;&nbsp;&nbsp;&nbsp;Declining balance | 30% |

---

The residual values, useful lives and depreciation methods applied to property, plant and equipment are reviewed at each reporting date. Changes in estimates are recognized prospectively as changes in accounting estimates in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains or losses arising on disposal are recognized in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Contract Modification and Reclassification of Site Assets

Prior to 2025, the Company's site infrastructure assets deployed in the Democratic Republic of the Congo ("DRC") under a long-term revenue-sharing agreement with Orange RDC were classified as inventory under IAS 2. This classification reflected a contractual obligation requiring the Company to transfer ownership of the infrastructure to Orange RDC after a period of five years from each site's operational acceptance date. The transfer obligation represented a distinct performance obligation under IFRS 15, and a portion of the transaction price had been allocated to this obligation and deferred accordingly.

On May 8, 2025, the Company entered into an addendum to the Orange RDC agreement. The addendum formally removed the ownership transfer obligation in its entirety. Under the revised terms, the Company retains full ownership of the infrastructure for the duration of the agreement and beyond, with Orange RDC holding only a right of use for the purpose of providing mobile services. In addition, the commercial structure was revised from a minimum guaranteed revenue model to a usage-based (threshold) remuneration model.

The addendum constitutes a contract modification under IFRS 15.18. As the remaining services are not distinct from those already provided, the modification is accounted for as a cumulative catch-up adjustment in the period of modification, in accordance with IFRS 15.21(b).

As a consequence of the removal of the transfer obligation, the infrastructure assets no longer meet the definition of inventory under IAS 2. Accordingly, with effect from May 8, 2025 (the date of the addendum), the assets were reclassified from inventory to property, plant and equipment at their carrying amount of USD 1,022,072 (CAD 1,421,396), in accordance with IAS 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Change in Accounting Estimate – Useful Life of Site Infrastructure Assets

In accordance with IAS 16.51, management is required to review the useful life of an asset whenever there is an indication that the current estimate is no longer appropriate.

Prior to the contract modification, the site infrastructure assets were classified as inventory (reflecting the planned ownership transfer) and therefore no useful life estimate under IAS 16 had been established for these assets. Upon reclassification to property, plant and equipment on 8 May 2025, management determined the useful life of the site assets for the first time.

In making this determination, management considered the factors set out in IAS 16.56, including the expected usage and capacity of the assets, their physical condition and expected wear and tear, the risk of technical or commercial obsolescence, and the absence of any legal or contractual constraint on continued use. Management also conducted a benchmarking exercise, reviewing the useful lives applied to comparable telecommunications infrastructure by peer operators in Africa.

Having regard to the physical and technical characteristics of the assets (which include steel and aluminum tower structures, solar panels and battery storage systems, VSAT equipment, radio access hardware, and associated civil works), the expectation that the assets will be retained and managed by the Company throughout the remaining term of the Orange RDC agreement and potentially redeployed under future contracts, and the benchmarking evidence, management determined that a useful life of 20 years is appropriate for the site infrastructure assets.

This useful life was applied prospectively from May 8, 2025, the date on which the assets became available for use as property, plant and equipment, in accordance with IAS 16.55. The change constitutes the initial determination of useful life upon reclassification rather than a revision to a previously held estimate; however, in accordance with IAS 8.36, any change in estimate is applied prospectively and no restatement of prior periods is required or appropriate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial Effect

The effect of the reclassification, the contract modification, and the initial recognition of depreciation on the site infrastructure assets during the year ended December 31, 2025 is summarized below:

---

| | | |
|:---|:---|:---|
| | Amounts (USD) | Recognised in |
| Reclassification of site assets from inventory to PP&E | 1022072 | Statement of Financial Position |
| Reversal of accrued revenue (loss on modification) | (1236451) | Profit or Loss |
| Reversal of previously accrued cost of sales (gain on modification) | 1022072 | Profit or Loss |
| Depreciation charge on site assets (May – December 2025) | 30968 \* | Profit or Loss |

---

\* Based on carrying amount of USD 1,022,072 (CAD 1,421,396) at reclassification date, depreciated on a straight-line basis over 20 years from 08 May 2025 to 31 December 2025 (approximately 8 months).

The actual charge of USD 30,968 (CAD 43,067) reflects the partial year from the date of reclassification. The effect of the change in estimate on future periods is an annual depreciation charge of approximately USD 60,122 (CAD 83,611) per annum for each of the remaining approximately 17 years of the assets' useful life (subject to any additions or disposals).

**Intangible assets**

<u>Recognition of intangible assets</u>

The acquired computer software is capitalized on the basis of costs incurred to acquire and install the specific software. Trademarks acquired are recognized as intangible assets at their cost. The Company also develops third and fourth generation mobile networks (3G,4G).

Expenditure on the research phase of projects is recognized as an expense as incurred. Costs that are attributable to a project's development phase are recognized as intangible assets, provided that they meet the following recognition requirements:

<sup>■</sup> The development costs can be measured reliably;

<sup>■</sup> The project is technically and commercially feasible;

<sup>■</sup> The Company intends and has sufficient resources to complete the project;

<sup>■</sup> The Company has the ability to use or sell the asset;

<sup>■</sup> The asset will generate probable future economic benefits.

Development costs not meeting these criteria for capitalization are expensed as incurred. Directly attributable costs include employee costs incurred on development along with an appropriate portion of relevant overheads.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<u>Subsequent measurement</u> 

All intangible assets are accounted for using the cost model whereby capitalized costs (except for trademarks) are amortized over their estimated useful lives, as these assets are considered finite. The following amortization method and rate are applied:

---

| | | |
|:---|:---|:---|
|  | Method | Rate |
|  | Declining balance | 20 |
| Software | Units of Production | 1,500 units |
| 3G and 4G software | Units of production |  |

---

As no finite useful life for trademarks can be determined, related carrying amounts are not amortized.

The residual value, depreciation method and useful life of each asset are reviewed at least at each financial year-end.

Gains or losses arising from the disposal of intangible assets are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss when incurred.

The Company amortizes certain software using the units of production method, whereby the amortization charge in each period reflects the number of base station units deployed relative to the total estimated lifetime deployments (the "denominator"). As at January 1, 2025, management revised the denominator from 6,000 units to 1,500 units, applied prospectively against the net book value of the asset at the date of change.

The revised estimate of 1,500 units aligns with the NaaS deployments supportable by the Company's current board-approved business plan and existing financing commitments, rather than the broader contracted pipeline of approximately 6,000 sites, which is subject to additional funding conditions.

The revision to the denominator represents a change in accounting estimate in accordance with IAS 8, as the underlying accounting policy, being the use of the units of production method, is unchanged. The change reflects updated information regarding the expected deployment profile of the asset and has been applied prospectively with no restatement of prior periods.

**Right-of-use assets and lease liabilities**

Right-of-use assets are initially measured at the amount of the lease liability recognized. Subsequent to initial measurements, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset.

**Impairment of financial assets**

A maximum 12-month allowance for ECL is recognized from initial recognition reflecting the portion of lifetime cash shortfalls that would result if a default occurs in the 12 months after the reporting date, weighted by the risk of a default occurring.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

A lifetime ECL allowance is recognized if a significant increase in credit risk is detected subsequent to the instruments initial recognition reflecting lifetime cash shortfalls that would result over the expected life of a financial instrument.

A lifetime ECL allowance is recognized for credit impaired financial instruments.

The Company assesses all information available, including on a forward-looking basis the expected credit losses (ECL) associated with any financial assets carried at amortized cost.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Company in full or when the financial asset is more than 90 days past due.

The carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts.

**Financial instruments**

<u>Recognition and Initial Measurement</u>

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

Financial liabilities are initially measured at fair value, net of transaction costs that are directly attributable to their issuance, except for financial liabilities classified at fair value through profit or loss ("FVPL"), for which transaction costs are expensed as incurred.

For compound financial instruments containing both liability and equity components, the components are recognized separately based on the substance of the instrument. The liability component is initially measured at fair value, with the equity component assigned the residual amount after deducting the fair value of the liability component from the fair value of the instrument as a whole.

<u>Classification and Measurement of Financial Assets</u>

Financial assets are classified, at initial recognition, into the following categories:

● Amortized cost

● Fair value through profit or loss ("FVPL")

● Fair value through other comprehensive income ("FVOCI")

The classification is determined based on the Company's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

For the periods presented, all of the Company's financial assets are classified and measured at amortized cost. Cash and trade and other receivables fall within this category.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Subsequent to initial recognition, financial assets measured at amortized cost are measured using the effective interest method, less any allowance for expected credit losses. Discounting is omitted where the effect of discounting is immaterial. All income and expenses relating to financial assets are recognized in profit or loss.

<u>Impairment of Financial Assets</u>

The Company applies the expected credit loss ("ECL") model under IFRS 9 to financial assets measured at amortized cost, including trade receivables. The ECL model incorporates forward-looking information and does not require the identification of a credit loss event before recognizing impairment losses.

In assessing credit risk, the Company considers past events, current conditions, and reasonable and supportable forecasts affecting the expected collectability of future cash flows. Financial assets are categorized as follows:

● **Stage 1** – Financial instruments that have not experienced a significant increase in credit risk since initial recognition or that have low credit risk, for which twelve-month expected credit losses are recognized.

● **Stage 2** – Financial instruments that have experienced a significant increase in credit risk since initial recognition, for which lifetime expected credit losses are recognized.

● **Stage 3** – Financial assets with objective evidence of impairment at the reporting date, for which lifetime expected credit losses are recognized.

Expected credit losses are measured as a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade receivables are assessed for impairment on an individual basis, as they arise from specific customer contracts.

<u>Classification and Measurement of Financial Liabilities</u>

The Company's financial liabilities include trade and other payables, loans payable, convertible debentures, convertible debentures and derivative liabilities, and lease liabilities.

Subsequent to initial recognition, financial liabilities are measured at amortized cost using the effective interest method, except for derivative liabilities and financial liabilities designated at FVPL, which are subsequently measured at fair value with changes recognized in profit or loss.

Interest expense and, where applicable, changes in fair value of financial liabilities are recognized in profit or loss and presented within finance costs.

<u>Derecognition of Financial Liabilities</u>

The Company derecognizes financial liabilities when, and only when, the contractual obligations are discharged, cancelled, or expire.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

**Convertible debentures**

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through Consolidated Statements of Net Loss and Comprehensive Loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost.

Original issuance discount represents the difference between the face value and the actual proceeds received from the debentures and loans which is amortized over time through accretion. The fair value adjustment is the difference between the present value of the existing debenture and the present value of the new debenture. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

The Company accounts for amendments to convertible debt as a substantial modification if one of the following tests are met:

---

| | |
|:---|:---|
| <sup>■</sup> | The present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value of the remaining cash flows under the terms of the original instrument; |

---

<sup>■</sup> A significant change in the terms and conditions such that immediate derecognition is required with no additional quantitative analysis.

A substantial modification shall be accounted for like an extinguishment. If any of the tests above are not met, the debt is accounted for as a debt modification.

**Leases**

The Company leases certain items of property, plant and equipment. At lease commencement, the Company recognizes a right-of-use asset and a corresponding lease liability.

Lease liabilities are initially measured at the present value of lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement comprise fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, the exercise price of purchase options reasonably certain to be exercised, and termination penalties if the lease term reflects the exercise of a termination option.

Right-of-use assets are initially measured at cost, comprising the initial lease liability, lease payments made at or before commencement, initial direct costs, and estimated restoration costs.

Right-of-use assets are amortized on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset, unless ownership transfers to the Company or the Company is reasonably certain to exercise a purchase option, in which case depreciation is over the useful life of the asset. Lease liabilities are subsequently measured by increasing the carrying amount for interest expense and reducing it for lease payments made.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date and are remeasured when the cash flows change. Other variable lease payments are recognized in profit or loss in the period in which they are incurred.

The Company applies the recognition exemptions for short-term leases and leases of low value assets, for which lease payments are recognized as an expense on a straight-line basis over the lease term.

**Income taxes**

The tax expense recognized in the profit or loss comprises the sum of deferred taxes and current taxes not recognized directly in equity.

Current income tax assets and/or liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current taxes are payable on taxable profit, which differs from profit or loss in the consolidated financial statements. The calculation of current taxes is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred taxes are not provided on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit.

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided that those rates are enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on the

Company's forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax liabilities are always provided for in full.

Deferred tax assets and liabilities are offset only when the Company has the right and intention to set off current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are directly in equity, in which case the related deferred taxes are also recognized in equity.

**Investment tax credits and government assistance**

Investment tax credits and government assistance related to current expenses are accounted for as a reduction of research and development costs and as other revenue, respectively, while those related to the acquisition of property, plant and equipment or intangible assets are accounted for as a reduction of the cost of the related asset. Investment tax credits and government assistance are accrued in the 12 months period in which the related expenses or capital expenditures are incurred, provided that the Company is reasonably certain that the credits will be received. Investment tax credits must be examined and approved by tax authorities and it is possible that the amounts granted will differ from the amounts recorded.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

**Inventories**

Raw materials and work in progress are valued at the lower of cost and net realizable value, the cost being determined using the first in, first out method. Raw materials consists of the materials used in the manufacturing of equipment. Finished goods are valued at the lower of cost and net realizable value, the cost, consisting of raw material and handling and shipping fees being determined using the first in, first out method. Finished goods consist of the equipment used in production, sites construction for NaaS sites, which are sold upon completion of NaaS sites.

**Equity and Reserves**

Share capital represents the paid-up capital of shares that have been issued, net of share issue cost.

Retained earnings (deficit) include all current and prior period retained profits and losses.

Contributed surplus includes costs recognized in accordance with the share-based compensation, expired warrants and expired convertible debenture equity components.

<u>Unit placements</u>

The proceeds from the issued units are allocated between the shares and the warrants using the fair value method. Proceeds are allocated between shares and warrants based on the relative weight of the fair value of each component. The fair value of the shares is determined by the market price and the warrants by using Black-Scholes option pricing model.

**Share-based compensation**

The Company operates an equity-settled share-based remuneration plan for its employees, which is not cash-settled. Moreover, the Company may grant warrants to its suppliers as payment of goods and services. All goods and services received in exchange for the grant of any share-based payments are measured at their fair value.

Where employees are rewarded using share-based payments, the fair value of employees' services is determined indirectly by reference to the fair value of the equity instruments granted.

Where suppliers are rewarded using share-based payments, the Company estimates the fair value of the goods or services received, unless such fair value cannot be estimated reliably. In such a case, the fair value of the goods or services is determined indirectly by reference to the fair value of the equity instruments granted.

The fair value of the equity instruments granted is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, profitability and sales growth targets and performance conditions).

All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to equity in "Contributed surplus". If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to cumulative share-based compensation resulting from a revision is recognized in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.

Upon exercise of warrants or share options, the proceeds received and the compensation costs previously recorded as contributed surplus, net of any directly attributable transaction costs, are allocated to share capital.

For those warrants that expire unexercised, the recorded value is transferred from warrant reserve to the deficit. Expired options remain in the contributed surplus.

**Provisions, contingent assets and contingent liabilities**

Provisions for legal disputes, onerous contracts or other claims are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain.

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognized as a separate asset. However, this asset may not exceed the amount of the related provision.

No liability is recognized if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote.

**Significant management judgments in applying accounting policies and estimation uncertainty**

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

<u>Significant management judgements</u>

<sup>■</sup> Going concern:

The assessment of the Company's ability to continue as a going concern, to raise sufficient funds to pay for its ongoing operating expenditures and to discharge its liabilities for the ensuing year involves significant judgment based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances (Note 1).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<sup>■</sup> Useful lives of property, plant and equipment

The Company has exercised judgement in determining the estimated useful lives and depreciation methods applied to its property, plant and equipment. Useful lives are estimated by management at the time an asset is acquired based on the expected period over which the asset will be available for use, having regard to physical wear and tear, technical or commercial obsolescence, and legal or contractual limits on use. Given the diverse nature of the Company's asset base, management has applied different methods and rates to reflect the distinct consumption patterns of each asset class. Management reviews the appropriateness of useful life estimates and depreciation methods at each reporting date; any revision is accounted for prospectively as a change in accounting estimate in accordance with IAS 8.

<sup>■</sup> Capitalization of internally developed software:

Distinguishing the research and development phases of a new customized software project and determining whether the recognition requirements for capitalization of development costs are met requires judgment. After capitalization, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalized costs may be impaired (Note 11).

Management has also exercised significant judgment in estimating the total expected units of production used to determine amortisation under the units-of-production method for intangible assets. This estimate is based on current contractual commitments, operational plans, and historical performance. Actual production levels may differ from these estimates due to changes in market conditions, operational factors, technological developments, or other circumstances. These estimates are reviewed regularly and updated as necessary to reflect changes in expected production levels and asset performance.

<sup>■</sup> Useful life of software

The Company has exercised significant judgement in determining that the units of production method most appropriately reflects the pattern in which the economic benefits of its capitalized software are consumed. The software generates economic benefits exclusively through the deployment of base station units at customer sites under NaaS arrangements; an undeployed unit of the software generates no cash flows and has no standalone economic utility. Accordingly, management concluded that the passage of time is not a reliable proxy for the consumption of the asset's economic benefits, given that deployment timing is subject to Mobile Network Operator contract milestones, infrastructure logistics, regulatory conditions, and financing requirements in rural sub-Saharan Africa. Under the units of production method, the amortization charge in each period is calculated as the number of NaaS base station units deployed in that period divided by the total estimated lifetime NaaS deployments (the "denominator"), applied to the carrying amount of the asset. This judgement requires that the amortization method reflect the pattern in which the asset's future economic benefits are expected to be consumed.

<sup>■</sup> Debt modification:

The Company needs to exercise judgment to determine the impact of any changes to the terms of the convertible debentures and then apply the guidance set out in IFRS 9 - Financial Instruments to determine whether the change is considered a debt extinguishment or a debt modification (Notes 16, 19).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<sup>■</sup> Acquisition of Advance Factoring Inc.

The accounting for the acquisition of AFI involved significant judgement, including the determination that NuRAN is the accounting acquirer despite former AFI shareholders obtaining a majority voting interest, and the conclusion that AFI did not meet the definition of a business under IFRS 3 and was therefore accounted for as an asset acquisition. Refer to Note 6 for further details.

<u>Estimation uncertainty</u>

<sup>■</sup> Inventories:

Management estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future technology, or other market driven changes or their routing and use oversea that may reduce future selling prices.

<sup>■</sup> Recognition of investment tax credits:

Determining the amount of investment tax credits requires estimates and significant judgment as management needs to assess if research and development projects for which investment tax credits are claimed are eligible, as well as assessing if the expenses incurred are eligible.

<sup>■</sup> Expected credit loss of trade accounts receivable:

Significant estimates and judgments are required in the application of IFRS 9 when measuring the expected credit losses and the assessment of expected credit loss provisions required for trade accounts receivable, including the forward looking information to adjust historic loss rates (Note 7).

<sup>■</sup> Share based compensation:

Significant estimates and judgments are required in determining the fair value of the equity instruments granted as share based compensation or the fair value of goods or services received. The estimated value of share based compensation requires the selection of an appropriate valuation model and data and consideration as to the volatility of the Company's own shares, the probable life of share options and warrants granted and the time of exercise of those share options and warrants. The model used by the Company is the Black Scholes valuation model (Notes 21 and 22).

---

| | |
|:---|:---|
| <sup>■</sup> | The determination of the recoverable amount of non-financial assets: |

---

In assessing impairment, management estimates the recoverable amount of each asset of the cash-generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainties relate to assumptions about future operating results and the determination of a suitable discount rate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<sup>■</sup> The determination of incremental borrowing rate used and expected lease lengths in the application of IFRS 16 - Leases:

Determining the incremental borrowing rate is more complex than simply determining the weighted rate that an entity pays on its current borrowings. The Company determines the incremental borrowing rate by taking into consideration the base rate, financing factors, and asset factors. The Company determines the expected lease lengths by assessing the periods for which the lease contract is enforceable. A lease is no longer enforceable when the lessee and the lessor each has the right to terminate the lease without permission from the other party with no more than an insignificant penalty (Note 18).

<sup>■</sup> Effective interest rate of convertible financial instruments:

For accounting of convertible financial instruments, the Company needs to determine the effective interest rate required to evaluate the fair value of the liability component. The effective interest rate should be the market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Determining such a market rate requires assumptions such as comparable loans on the market and qualitative and quantitative analysis of the financial position of the Company (Note 19).

● Income taxes:

The determination of the Company's tax expense or recovery for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used.

● Fair value of the derivative liability:

Determining the fair value of the derivative liability involves the application of the partial differential equations method. The Company uses its judgment to select a valuation model and to develop unobservable inputs to determine the fair values of the derivative liability at the end of each reporting period. Determining the fair values of the derivative liability requires management to use significant unobservable inputs related to the expected volatility and the credit spread. The valuation of the convertible debenture is subjective and can impact Consolidated Statements of Net Loss and Comprehensive Loss significantly.

**4.** **APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS** 

<u>Recent adoptions</u>

Amendments to IAS 21

Lack of exchangeability requires an entity to use a consistent approach when exchanging a currency into another. If the currency is unexchangeable, a consistent approach must be used in determining the exchange rate and necessary disclosures. The amendment is effective for annual periods beginning on or after January 1, 2025. This amendment did not have a significant impact on its financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**4.** **APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS (CONTINUED)** 

<u>Future changes in significant accounting policies</u>

At December 31, 2025, the following standards and interpretations which may be applicable to the Company, but have not yet been applied in these consolidated financial statements, were in issue but not yet effective:

*IFRS 18 Presentation and Disclosure in Financial Statements and consequential amendments to other IFRS standards:*

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1, IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company has not early adopted this IFRS. The Company is currently assessing the impact of this standard.

*IFRS 9 Financial Instruments:*

IASB has issued amendments to IFRS 9 "Financial Instruments" relating to the classification and measurement of financial instruments. These amendments clarify aspects of SPPI (solely payments of principal and interest), the classification of financial assets with non-recourse features and contractually linked instruments and the derecognition of financial liabilities. These amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company has not early adopted this IFRS. The Company is currently assessing the impact of this standard.

**5.** **OPERATING SEGMENTS** 

During the year ended December 31, 2025, the Company operated as a manufacturer of digital electronic circuits and wireless telecommunication products, which was considered one reportable segment under the requirements of IFRS 8.

The Company's subsidiaries also act as a Network as a Service (NaaS) entity in various geographical areas which is considered another reportable segment under the requirements of IFRS 8.

The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Refer to Note 32 for operating segment disclosures.

**6.** **ACQUISITION OF ADVANCE FACTORING INC.** 

On December 22, 2025, NuRAN Wireless Inc. entered into a Share Purchase Agreement (SPA) to acquire 100% of the issued and outstanding shares of Advance Factoring Inc. ("AFI") from its shareholders in exchange for NuRAN units. AFI Shares means collectively the AFI Class A Common Shares, AFI Class B Common Shares and AFI Preferred Shares. NuRAN units will consist of i) one (1) NuRAN Common Share, and (ii) one half of one (1/2) NuRAN warrant.

The purchase price defined in the SPA amounts to $20,802,303. NuRAN issued 7,198,026 units to the AFI shareholders. i.e. 7,198,026 common shares (Note 20) and 3,599,013 warrants (Note 21). As at the date of the acquisition, the Company determined that AFI did not constitute a business as defined under IFRS 3, Business Combinations and the acquisition was accounted for as an asset acquisition.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

6. ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)

IFRS 2 was applied to measure the fair value of the consideration for the asset acquisition. The quoted share price used to value the units was $2.78, which represents a level 1 input. The warrants were valued using the Black-Scholes-Merton Model with the following assumptions: share price of $2.78, exercise price of $4.335, time to maturity of 60 months, risk-free rate of 2.98%, expected volatility of 98% and a dividend yield of Nil. The NuRAN units were issued with legends in accordance with applicable Securities Laws and the policies of the Canadian Securities Exchange (CSE), resulting in a trading restriction requiring the units to be held for a period of 4 months and a day. To reflect this temporary trading restriction, a discount for lack of marketability (DLOM) of 21.58% was applied using the Finnerty model over the applicable hold period. The Finnerty model considers assumptions of expected volatility of 182%, share price of $2.78, and term of 0.33 years. As a result, the fair value of the common shares and warrants after applying the DLOM was $2.18 and $1.49, respectively.

NuRAN issued units with a fair value of $21,063,698 as consideration for the acquisition of AFI. The fair value of common share and warrants were $15,690,476 and $5,373,222, respectively. The difference between this value of $21,116,315 and the purchase price defined in the SPA of $20,802,303 is accounted for by the DLOM applied to the common shares and the addition of the value of the warrants. The fair value of the net identifiable net assets was determined to be $Nil, as the underlying financial assets and financial liabilities did not meet the recognition criteria under IFRS 9 at the acquisition date. The resulting difference of $21,063,698 is recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

The financial asset of AFI acquired was related to the amount NuRAN owed AFI. Therefore, upon acquisition NuRAN cannot have a contractual obligation against itself and the acquired receivable fails the definition of a financial asset on initial recognition. The financial liability acquired related to the preference shares outstanding to AFI shareholders, on acquisition, NuRAN acquired all shares including preference shares. Therefore, the preferred share liability once acquired, cannot have a contractual right against itself and the acquired liability fails the definition of a financial liability on initial recognition.

The excess of $21,063,698 was recognized as consideration paid in excess of net assets acquired in the Consolidated Statement of Net Loss and Comprehensive Loss.

Since the Company acquired AFI's net assets, the loan payable outstanding to AFI is now discharged and therefore the liability is extinguished per the definition of IFRS 9. The liability extinguished pursuant to the transaction is $11,910,915 which is recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the date of acquisition.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

6. ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)

---

| | |
|:---|:---|
| **Consideration** | **2025** |
|  | $ |
| Fair value of 7,198,026 common shares issued ($2.1798 per unit) |  |
| Fair value of 3,599,013 warrants issued ($1.4930 per unit) |  |
| **Total consideration** |  |
| **Identifiable assets and liabilities acquired:** |  |
| Current assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance receivable |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable |  |
| Current liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable Preferred shares |  |
| Total identifiable net assets acquired |  |
| Consideration paid in excess of net assets acquired |  |
| Liability extinguished pursuant to the transaction |  |
| **Net impact – Loss on assets acquired** |  |

---

The loss on assets acquired of $9,152,783 was offset by $2,173,549 of gains on the settlement of accounts payable and debt instruments through the issuance of equity due to the difference between the 10-day VWAP and the share price on the date of the transaction as well as a gain of $104,917 on accounts payable settled for cash.

**Significant judgement** 

*<u>Acquisition of AFI recorded as an asset acquisition</u>*

**<u>Determination of the Accounting Acquirer</u>**

The determination of the accounting acquirer in the transaction involving Advance Factoring Inc. ("AFI") required significant judgment. Although former AFI shareholders collectively obtained approximately 56% of the voting interests in NuRAN following the transaction, management exercised significant judgement determining that these shareholders do not have control over NuRAN despite the majority voting interests.

Management considered various factors such as shareholders voting rights, decision making power, substantive rights, governance structure and senior management indicators to determine both the legal and accounting acquirer. Although former AFI shareholders collectively received a majority of the voting rights in NuRAN following the transaction, those rights are dispersed among several unrelated investors, each holding less than 10% and with no contractual arrangement to act in concert. AFI as a legal entity itself did not receive any equity interests. AFI received one (1) board representation out of the seven (7) board members of the combined entity. All Board decisions require a simple majority of votes. However, AFI's one board representation alone will not be sufficient to either appoint or remove a majority of the members of the governing body of the combined entity. Additionally, none of the board members have a veto right and the chair of the board is set by the board; the Board designated Brendan Purdy as Chairman in December. Further, the CEO of NuRAN (Francis Letourneau) continues to be CEO post this transaction. On December 22, 2025, the sole director of AFI resigned and the CEO of NuRAN was appointed as the sole director of AFI. In addition, on the basis of total assets, revenue and scale of operations, and profit/(loss), NuRAN is significantly larger than AFI.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;6. ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)

**<u>Assessment of Whether AFI Constituted a Business</u>**

Management exercised judgment in determining that AFI did not meet the definition of a business under IFRS 3, as it did not include substantive processes or an organised workforce. As a result, the transaction was accounted for as an asset acquisition rather than a business combination.

7. TRADE AND OTHER RECEIVABLES

---

| |
|:---|
| Trade accounts receivable, gross |
| Allowance for credit losses**))** |
| Indirect taxes receivable |

---

All amounts are short-term amounts. Accordingly, the carrying amount of trade and other receivables is considered a reasonable approximation of their fair value. The Company does not hold any collateral as security.

Indirect taxes receivable represent Value-Added Tax (VAT) due from the tax authority with 94% or $1.98 million of this in Cameroon. Of this amount, $882k is offset by amounts due on mobile network operator billings which have been retained at source by the MNO. Of the remainder, $438k is amounts still to be paid on outstanding supplier invoices, offset by Accounts Payable and the remaining $660k is in the process of being claimed for repayment.

During the year, management wrote back $47,056 (2024 - $nil) of account receivables in Consolidated Statements of Net Loss and Comprehensive Loss. Management also impaired $44,169 (2024 - $nil) of account receivables in Consolidated Statements of Net Loss and Comprehensive Loss. The allowance for credit loss arose mainly from a provision for the remaining project in the Marshall Islands.

The expected loss rates are assessed on an individual basis, as they arise from specific customer contracts.

The change in the of the allowance for credit losses is presented below:

---

| | |
|:---|:---|
|  | For the year ended December 31<br>2024 |
|  | $|
| Opening balance | 3925 |
| Write-off**)** |  |
| Impairment loss | 79464 |
| Exchange difference on allowance for credit losses | 7228 |
| Closing balance | 90618 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**7.** **TRADE AND OTHER RECEIVABLES (CONTINUED)** 

The lifetime expected loss provision for trade receivables is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2025** |
|  |  | More than | More than | More than |  |
| December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 days<br> past due | Total |
| Expected loss rate | 0.000000% | 0.000000% | 0.000000% | 33.35% | 14.44% |
| Gross carrying amount | $1029148 | $41128 | $43113 | $850711 | $1964100 |
| Loss provision | $— | $— | $— | $283677 | $283677 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2024** |
|  |  | More than | More than | More than |  |
| December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 days<br> past due | Total |
| Expected loss rate | 0% | 0% | 0% | 5.59% | 4.38% |
| Gross carrying amount | $277462 | $69787 | $100563 | $1622116 | $2069928 |
| Loss provision | $— | $— | $— | $90618 | $90618 |

---

**8.** **ACCRUED REVENUES** 

---

| |
|:---|
| Equipment sale |
| Services revenues |
| Interest revenues |
| Sites revenues |

---

Accrued revenues represent the unbilled cumulative site deployment and construction revenue under IFRS 15 for which the performance obligation has been delivered.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

9. INVENTORIES

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Raw materials | **1228181** | 1273705 |
| Finished goods | **1373104** | 1107284 |
| Work in progress | **3788454** | 3340502 |
|  | **6389739** | 5721491 |

---

During the year, management impaired $1,339 (2024 - $4,930) of inventory in Consolidated Statements of Net Loss and Comprehensive Loss. Management also wrote off $495,907 (2024 - $173,193) of inventory in Consolidated Statements of Net Loss and Comprehensive Loss. Inventory expensed in the year is $747,307 (2024 - $142,707).

10. LOANS RECEIVABLE

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Loan from non-related companies (a) | **50000** |  |
| Loan from non-related companies (b) | **27347** |  |
|  | **77347** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) This is an unsecured loan to a non-related company entered into on December 23, 2025, bearing
interest at 5% per annum and repayable on June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) This is an unsecured loan to an individual entered into on December 23, 2025, bearing interest
at 5% per annum and repayable on June 30, 2026.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;11. PROPERTY, PLANT AND EQUIPMENT

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Leasehold**<br> improvements** | **Equipment and**<br> **furniture, tele-**<br> **communication**<br> **system,**<br> **furniture**<br> and fixtures** | **Computer**<br> equipment** | **Site**<br> infrastructure** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** |
| **Gross carrying amount** |  |  |  |  |  |
| Balance as at December 31, 2024 | **8995** | **746818** | **358758** | **—** | **1114571** |
| Additions | **—** | **1432036** | **66978** | **—** | **1499014** |
| Reclassification | **—** | **—** | **—** | **1525067** | **1525067** |
| Current translation effects |  | **8378** | **3286** | **—** | **11664** |
| Balance as at December 31, 2025 | **8995** | **2187232** | **429022** | **1525067** | **4150315** |
| **Depreciation and impairment** |  |  |  |  |  |
| Balance as at December 31, 2024 | **5383** | **597090** | **318395** | **—** | **920868** |
| Depreciation | **1800** | **97867** | **23935** | **42445** | **166046** |
| Current translation effects |  | **3092** | **1109** | **—** | **4201** |
| Balance as at December 31, 2025 | **7183** | **698048** | **343439** | **42445** | **1091114** |
| **Carrying amount as at December 31, 2025** | **1812** | **1489184** | **85583** | **1482622** | **3059201** |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 |
|  | Leasehold<br> improvements | Equipment and<br> furniture, tele-<br> communication<br> system, furniture<br> and fixtures | Computer<br> equipment | Total |
|  | $| $ | $ | $ |
| Gross carrying amount Balance as at December 31, 2023 | 7727 |  | 354258 |  |
| Additions | 1269 |  | 1629 |  |
| Disposal |  |  |  |  |
| Write- off | —) |  | —) |  |
| Current translation effects |  |  | 2871 |  |
| Balance as at December 31, 2024 | 8996 |  | 358758 |  |
| Depreciation and impairment Balance as at December 31, 2023 | 3773 |  | 298267 |  |
| Depreciation | 1610 |  | 18415 |  |
| Disposal |  |  |  |  |
| Write- off | —) |  | —) |  |
| Current translation effects |  |  | 1712 |  |
| Balance as at December 31, 2024 | 5383 |  | 318395 |  |
| Carrying amount as at December 31, 2024 | 3613 |  | 40363 |  |

---

For the year ended December 31, 2025, a total of $nil ($22,274 in 2024) of assets was written off and included in Consolidated Statements of Net Loss and Comprehensive Loss as other elements.

Depreciation charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | 2024 |
|  | **$** | $|
| Cost of sales | **—** | 9546 |
| Administrative expenses | **147572** | 53194 |
| Research and development costs | **22674** | 22238 |
|  | **170246** | 84978 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

12. INTANGIBLE ASSETS

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **2025** |
|  | **Software** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 | **8160650** |
| Additions |  |
| &nbsp;&nbsp;&nbsp;Under development | **231302** |
| &nbsp;&nbsp;&nbsp;Acquired | **2777** |
| Write-off |  |
| Balance as at December 31, 2025 | **8394729** |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 | **872162** |
| Amortization | **50141** |
| Balance as at December 31, 2025 | **922303** |
| **Carrying amount as at December 31, 2025** | **7472426** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 |
|  | Software | Trademarks | Total |
|  | $ | $ | $ |
| Gross carrying amount |  |  |  |
| Balance as at December 31, 2023 | 7803221 | 44244 | 7847465 |
| Additions |  |  |  |
| &nbsp;&nbsp;&nbsp; Under development | 357429 |  | 357429 |
| Balance as at December 31, 2024 | 8160650 | 44244 | 8204894 |
| Depreciation and impairment |  |  |  |
| Balance as at December 31, 2023 | 847917 |  | 847917 |
| Amortization | 24245 |  | 24245 |
| Balance as at December 31, 2024 | 872162 |  | 872162 |
| Carrying amount as at December 31, 2024 | 7288489 | 44244 | 7332733 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

12. INTANGIBLE ASSETS (CONTINUED)

At each reporting date, the Company assesses its intangible assets for indicators of impairment. Based on this assessment, no impairment was identified during the year ended December 31, 2025 and 2024. The recoverable amount of the CGU has been determined based on value-in-use calculations using cash flow projections derived from management-approved budgets.

Key assumptions used in the calculation include:

● a weighted average cost of capital of 16.57%;

● revenue growth rates over the forecast period in line with build milestones and thereafter assuming growth of average revenue per user (ARPU) of 5%;

● a terminal growth rate of 3% applied beyond the forecast period; and

● assumptions regarding expected operating margins and future network deployment.

These assumptions reflect management's best estimates of future economic and operating conditions. The recoverable amount is most sensitive to changes in the discount rate and terminal growth rate.

For the year ended December 31, 2025, $44,244 ($nil in 2024) of assets was written off and included in Consolidated Statements of Net Loss and Comprehensive Loss as other elements. The derecognition pertained to trademarks that were no longer expected to generate future economic benefits.

The anticipated amortization charge for 2026 and 2027 is $602,259 and $1,494,987, respectively.

Amortization charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** |
|  | **$** | $|
| Cost of sales | **33164** | 4975 |
| Research and development costs | **3069** | 3836 |
| Administrative expenses | **13908** | 15434 |
|  | **50141** | 24245 |

---

As at December 31, 2025, software includes software under development at a cost of $4,631,298 ($4,399,997 as at December 31, 2024) and is not amortized until available for use.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

13. RIGHT-OF-USE-ASSETS

The Company's right-of-use assets consist of a premise and equipment lease and the carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **For the year ended December 31,**<br>**2025** |
|  | **$** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 | **815051** |
| Addition | **258150** |
| Impairment | **—**) |
| Current translation effects | **97005**) |
| Balance as at December 31, 2025 | **1170206** |
| **Depreciation and impairment** |  |
| Balance as at December 31, 2024 | **588408** |
| Amortization | **185658** |
| Impairment | **—**) |
| Current translation effects | **6733**) |
| Balance as at December 31, 2025 | **780799** |
| **Carrying amount as at December 31, 2025** | **389407** |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS** 

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

14. TRADE AND OTHER PAYABLES

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Accounts payable and accrued liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders | **39400** | 39400 |
| &nbsp;&nbsp;&nbsp;Non-related third party | **8871802** | 10518371 |
| Salaries and payroll deductions payable | **1545365** | 779191 |
|  | **10456567** | 11336962 |

---

As at December 31, 2025, accounts payable include $38,810 relating to intangible asset purchases ($209,480 as at December 31, 2024) and $39,400 ($39,400 as at December 31, 2024) relating to unpaid interest on convertible debentures (Note 19).

During the year, management wrote back $39,902 (2024 - $nil) of accounts payable in Consolidated Statements of Net Loss and Comprehensive Loss relating to settlement and $527,177 (2024 - $nil) relating to forgiveness of a payable.

15. CUSTOMER ADVANCES

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
| Customer advances | **1154191** | 2520879 |
|  | **1154191** | 2520879 |

---

Customer advances represent advance payments received from customers for non-NaaS sales which have not been invoiced as of year end. Management wrote back $820,695 (2024 - $nil) of customer advances in Consolidated Statements of Net Loss and Comprehensive Loss as a result of cancellation of a contract in Marshall Islands by the main contractor.

16. LOANS PAYABLE

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Loan from non-related companies (a) | **—** | 226910 |
| Loan from non-related companies (b) | **—** | 2839102 |
| Loan from non-related companies (c) | **—** | 7003329 |
| Loan from non-related company (d) | **69429** | 355645 |
| Loan from non-related company (e) | **—** | 150000 |
| Loan from non-related company (f) | **7150626** | 3829499 |
| Loan from non-related company (g) | **63467** | **—** |
| Loan from non-related company (h) | **13579** | **—** |
|  | **7297100** | 14404484 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

Given the short-term maturity, the carrying amount of loans payable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets.

The loan relates to a factoring agreement dated October 4, 2023, for the sale of $287,306 of receivables owed to Nuran by its operating subsidiaries in Africa for gross proceeds of $173,686.

Under the terms of the agreement, the creditor has recourse against the Company in certain circumstances. If the creditor delivers a recourse notice, the Company has the option of satisfying any repurchase request of the account in cash at 107% of the price originally paid by the creditor for the account or by issuing units of the Company (each a "Unit") at $67.50 per Unit for the amount of the account. Each Unit is to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $75 until October 4, 2026.

The loan bears interest until the creditor has received payment, at a fixed rate of 15% per annum, payable monthly.

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

On December 22, 2025, the Company settled debt of $511,290 including interest and an amount due to a company related to the Factor, in 72,664 common shares of the Company and $301,290 in cash (See Note 20). The book value of the debt converted over the carrying value recorded for these shares was $158,395 applying a discount for lack of marketability (DLOM) to the market price of the Company's shares on the date of settlement to reflect applicable trading restrictions.

The excess of the carrying value of the shares issued ($158,395) plus warrants ($13,612) for a total of $172,008 over the carrying value of the debt extinguished ($210,000), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $37,992.

The cost of the loan for the year ended December 31, 2025 was $62,640 (2024 - $76,462) and was included in in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses. The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;b) This
 secured promissory note of USD 1,653,947 (CAD 2,239,610), dated April 24, 2023 is from
 a US-based institution and is secured by a chattel mortgage on the universality of the
 Company's assets. The note bears interest at a fixed rate of 10% per annum calculated
 on a monthly basis and is payable on the maturity date. The maturity date was initially
 October 24, 2023 but was extended as follows.

On December 4th, 2023, the Company extended the loan facility until October 21, 2024. As consideration, an extension fee of USD 169,895 (CAD 230,055) was added to the principal and the Company issued the lender 16,666 share purchase warrants to replace the existing warrants of 6,666 shares held by the lender, with each warrant exercisable to acquire a share of the Company at an exercise price of $75 which expire on December 1, 2025. In addition, the Company agreed to add a conversion feature to the loan, at $67.50 per common share of the Company. Any securities issuable upon exercise of these warrants or conversion of the loan are to be subject to a statutory hold period of four months and one day. A lending fee of USD 45,000 (CAD 60,934), accrued interest of USD 123,142 (CAD 166,747) and extension fee of USD 169,895 (CAD 230,055) were added to the principal amount.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;b) On
 June 24, 2024 the Company further extended the loan facility until December 31, 2025.
 As consideration, the Company agreed to increase the principal amount of the loan by
 USD 230,117 (CAD 314,409) as an extension fee, increased the interest rate to the fixed
 default rate of 24% per annum and agreed to a repayment schedule to commence following
 the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly
 thereafter starting October 31, 2024. The lender also agreed to subordinate the loan
 to the FEI. A lending fee of USD 50,000 (CAD 68,315), accrued interest of USD 259,190
 (CAD 354,131), compounded interest of USD 83,164 (CAD 113,627) and an extension fee of
 USD 230,117 (CAD 314,409) were added to the principal amount. The repayment requirement
 was not met.

On December 31, 2024, the Company repaid USD 618,186 (CAD 889,508) for a remaining balance of USD 1,973,106 (CAD 2,839,102).

On December 22, 2025, the Company settled debt of USD 1,991,447 (CAD 2,772,936) including interest, in common shares of the Company (See Note 20). The book value of the debt converted the carrying value recorded for these shares was $2,102,914 applying a discount for lack of marketability (DLOM) to the price on the date of settlement.

The excess of the carrying value of the shares issued ($2,102,914) plus warrants ($180,724) for a total of $2,283,638 over the carrying value of the debt extinguished USD 1,991,447 (CAD 2,772,936), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $489.298.The outstanding loan balance was fully repaid as at year end.

During the year, the Company repaid USD 692,936 (CAD 968,586). The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;c) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets and relates to an agreement with a lender dated August 28, 2023,
 for the sale of up to $15 million of receivables owed to the Company by its operating
 subsidiaries in Africa. Pursuant to the agreement, the Company sold receivables valued
 at $8.65 million for gross proceeds of $5,438,340 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $4,638,340 used to settle outstanding loans advanced by short term lenders,
 who are affiliates of the lender (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment of $800,000 from August 31, 2023 to October 30, 2023 for the purpose of
 funding working capital requirements.

Under the terms of the agreement, the lender has recourse against the Company for any sold receivables, in certain circumstances. If the lender delivers a recourse notice, the Company has the option of satisfying any repurchase request of the recourse account in cash at 107% of the price originally paid by the lender for the recourse account or by issuing units of the Company at $105 per Unit for the amount of the recourse account. Each Unit to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $120 until August 28, 2026. The sold receivables will bear interest until the lender has received payment, at a fixed rate of 15% per annum payable monthly.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

If the Company does complete a subsequent sale of receivables, the pricing on the Units will be set in compliance with applicable policies of the CSE.

In connection with the agreement, the Company paid an arrangement fee to the lender consisting of 12,666 common shares (the "Fee Shares") (having a deemed value of $69 based on closing price of the common shares of NuRAN on the closing) representing approximately 5% of the total factoring facility. 8,333 of these Fee Shares were issued at the initial closing and the remainder were issued on January 2, 2024 (see note 20). The Fee Shares were subject to a statutory hold period in Canada of four months and one day.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
 October 17, 2023, the Company amended the terms of the agreement which called for additional
 cash payments, completion of other financing and securing the indebtedness by way of
 a general security agreement in favor of the lender or its duly authorized agent on or
 before September 30, 2023, this date was extended to October 31, 2023.

On December 4<sup>th</sup>, 2023, the Company further amended the terms of the agreement by selling receivables valued at $1.425 million for proceeds of $865,000 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $215,000 that have been received by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment $650,000 from October 31, 2023 to December 31, 2023 for the purpose of funding
 working capital requirements leading up to the finalisation of other loans.

Included in the amendment, the lender agreed to extend various deadlines until January 31, 2024.

Furthermore, pursuant to the amendment, if the Company chooses to satisfy the recourse account by issuing units, which is entirely at the discretion of the Company, the deemed price per unit is to be $67.50 per unit and the warrant exercise price will be $75. Finally, the amendment adjusted the timing and quantum of the Fee Shares so that the remaining balance of 4,333 Fee Shares has increased to 6,333, 3,333 were issued on or before January 31, 2024, and the remainder were issued on or before March 15, 2024 (see note 20). The Fee Shares were subject to a statutory hold period in Canada of four months and a day from the date of issuance.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.52 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $1.52 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,52 million was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional USD 2,000,000 (CAD 2,731,800) by selling additional receivables as required by the Company.

On December 23, 2024, the Company further amended the terms of the agreement to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 116,667 units form the previous 266,667 units which are eligible to be issued. Each unit included three quarters of one warrant to purchase a common share at $75 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $60 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 21).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

On April 15, 2025, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $26.8 million and increase the amount to be drawn to $10.4 million. The Company also settled promissory notes totaling $359,435 in principal.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
 August 19, 2025, the Company further amended the terms of the agreement to settle promissory
 notes totaling $1,274,492 in principal and added $2,079,622 to the paid accounts of the
 Factor.

During the year, the lender requested the conversion of debt under the agreement totaling a value of $1,162,241, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $2,788,000.

On December 22, 2025, the Company settled debt of $11,910,915 including interest, in common shares of the Company (See Note 20). The book value of the debt converted over the carrying value recorded for these shares ($15,490,476) plus warrants ($5,373,222) for a total of $21,063,696 resulted in a loss of $9,152,783. The outstanding loan balance was fully repaid as at year end (See Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;d) The
 amount due to a non-related party was replaced with an unsecured loan of USD 394,781
 (CAD 536,073), including interest of USD 75,930 (CAD 103,105), dated December 5, 2023.
 The loan bears interest at a fixed rate of 11% per annum and was payable over 24 months
 in blended principal and interest payments.

On December 22, 2025, the Company partially settled a portion of the remaining balance of the loan of USD 147,000 (CAD 202,056) including USD 32,797 (CAD 45,089) of interest (principal portion USD $114,203 (CAD 157,007)), by issuing 69,929 common shares of the Company (See Note 20). The carrying value of the debt extinguished at the date of settlement was USD $147,000 (CAD 202,096)).

The shares issued were recorded at a carrying value of $152,433 applying a discount for lack of marketability (DLOM) to the market price of the Company's shares on the date of settlement to reflect applicable trading restrictions. The excess of the carrying value of the shares issued ($152,433) plus warrants ($13,100) for a total of $165,534 over the carrying value of the debt extinguished (USD 147,000 (CAD 202,056), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $36,522.

The settlement was accounted for as an extinguishment of debt. Under IFRS 9, when a financial liability is extinguished by the issuance of equity instruments, the liability is derecognized and the equity instruments are recognized at fair value on the date of settlement. The difference between the carrying amount of the liability derecognized and the fair value of the equity instruments issued is recognized in profit or loss as a gain or loss on extinguishment.

During the year, the Company also repaid USD 74,057 (CAD 103,517) for a remaining balance of USD 50,654 (CAD 69,426) bearing interest at a fixed rate of 11% per annum and payable over 24 months in blended principal and interest payments.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;e) This
 unsecured loan bears interest at 15% per annum and was repayable on February 6, 2025.

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bears interest at a fixed rate of 15% payable monthly and is payable on March 8, 2025.

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bears interest at a fixed rate of 15% payable monthly and is payable on March 14, 2025.

On April 15, 2025, these promissory notes were settled with the factoring amendment.

On April 15, 2025, the Company issued a promissory note of $200,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 30, 2025, but was not repaid on that date.

On May 2, 2025, the Company issued a promissory note of $50,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On May 6, 2025, the Company issued a promissory note of $150,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On May 27, 2025, the Company issued a promissory note of $105,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On June 4, 2025, the Company issued a promissory note of $70,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 10, 2025, the Company issued a promissory note of $127,778. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 13, 2025, the Company issued a promissory note of $11,830. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 20, 2025, the Company issued a promissory note of $100,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On August 25, the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 100,000 common shares of the Company at a price of $15 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) The
 loan is pursuant to a two-year term loan facility of USD 5,000,000 (CAD 6,834,000) dated
 April 26, 2024 with FEI Ongrid to NuRAN Wireless (Africa) Holding. The loan is secured
 on the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under
 a general security agreement and bears interest at the Secured Overnight Financing Rate
 (SOFR) plus 8.5% per annum. Interest accrues but is not payable until maturity. The terms
 of the loan were amended extending the maturity date to April 26, 2027 with interest
 partially paid in cash in accordance with an agreed schedule to maturity. Management
 intends to settle this loan within one year from the balance sheet date and hence classified
 current.

On March 10, 2025, the Company received of drawdown of USD 1,050,000 (CAD 1,515,255).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **LOANS PAYABLE (CONTINUED)** 

On October 6, 2025, the Company received of drawdown of USD 1,000,000 (CAD 1,395,500).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The
 loan, secured by guarantee of the parent company, is pursuant to a bank facility of CFA
 150,000,000 (approx. $366K) with Société Générale Cameron
 to Nuran Cameroon Ltd, dated June 20, 2024. The disbursement was made on February 25,
 2025. The loan bears interest at a fixed rate of 7% and is payable monthly in blended
 principal and interest payments in the amount of CFA 12,283,126 (approx. $31K) over 12
 months from the disbursement date.

During the year, the Company repaid CFA 124,126,824 for a remaining balance of CFA 25,873,176. The loan was fully repaid in February 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The
 unsecured loan is an installment payment agreement of $23,279 including interest at a
 fixed rate of 14.8% dated July 28, 2025 and is payable monthly in blended principal and
 interest payments in the amount of $1,924 over 12 months.

During the year, the Company repaid $9,699 for a remaining balance of $13,579.

**17.** **EMPLOYEES FUTURE BENEFITS** 

The Company implemented a tailored Simplified Pension Plan (SIPP) on a defined contribution basis. All employees in Canada are eligible after three months of continuous service. Participation in the plan is on a voluntary basis and the Company matches employee contributions up to a maximum of 3% of their gross annual salary. The Company expensed $63,747 in 2025 (2024 - $45,072) in relation to employee future benefits.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**18. LEASE LIABILITIES**

The maturity analysis of the lease liability as at reporting date was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Within 1 year | After 1 year but<br>less than 5 years | Total | Total |
| **At 31 December 2025** |  | $— | $— | **$** |
| Gross lease liability |  |  |  | **728411** |
| Less future interest costs |  |  |  | **312625** |
|  |  |  |  | **415786** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Within 1 year | After 1 year but<br>less than 5 years | Total | Total |
| At 31 December 2024 |  | $— | $— | $|
| Gross lease liability |  |  |  | 256637 |
| Less future interest costs |  |  |  | 14784 |
|  |  |  |  | 241853 |

---

Lease liabilities are measured at the present value of lease payments using the Company's incremental borrowing rate of 8% - 18% (2024 8% - 10%) on the date of the lease inception. The incremental borrowing rate reflects the rate of interest that the Company would have to pay to borrow over a similar term the funds necessary to obtain an asset of similar value in a similar economic environment.

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gross carrying amount** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease payments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease interest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing Balance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **LEASES LIABILITIES (CONTINUED)** 

The lease expense during the 12 months period amounts to the following, representing the minimum lease payments:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease expense (office) |  |  | 248892 |

---

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES** |

---

As at December 31, 2025, the convertible debentures consist of the following:

---

| | |
|:---|:---|
|  | **Unsecured**<br>**Convertible**<br>**debentures** |
| Balance at December 31, 2023 |  |
| Extension of debenture (a) |  |
| Effect of the modification (b) |  |
| Accretion of OID (c) |  |
| Conversion (d) |  |
| Accretion (c) |  |
| Balance at December 31, 2024 |  |
| Issuance of convertible debenture |  |
| Fair Value |  |
| Amortization of OID |  |
| Conversion (e)**))** |  |
| Accretion |  |
| Settlement (f) |  |
| **Closing balance, as at December 31, 2025** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES (CONTINUED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) As
 at December 20, 2023, the Company extended the maturity date of the Convertible Debentures
 entered into in July 2022. The maturity date of the Convertible Debentures was extended
 to July 12, 2024 along with other terms of the original debenture which were amended.
 The original debenture had an original issuance discount of 10% and this was increased
 to 16% paid upon maturity leading to a maturity value of $2,645,502. In addition, the
 principal amount is convertible into common shares of the Company at a fixed price of
 $120 at the option of the debenture holder during the term of the Convertible Debenture.
 Under the terms of the Convertible Debenture the principal amount is due one year from
 the date of closing and does not bear interest until the maturity date or an event of
 default occurs. The number and terms of warrants issued in conjunction with the original
 debenture, as well as all other terms of the debenture did not change.

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $2,273,353.

In accordance with IFRS 9, the Company assessed whether the December 20, 2023 amendment to the Convertible Debentures constituted a modification or an extinguishment. The present value of the cash flows under the amended terms, discounted at the original effective interest rate, differed from the present value of the remaining cash flows under the original terms by less than 10%, and no other qualitative factors requiring immediate derecognition were present. Accordingly, the amendment was accounted for as a debt modification. The carrying amount of the debenture was adjusted to the present value of the modified future cash flows, discounted at the original effective interest rate, and the resulting gain on modification of $Nil was recognized in financial expenses in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2023.

The current value method refers to the present value of the contractual future cash flows of the debenture (being the maturity amount of $2,645,502 payable on July 12, 2024), discounted using an applicable market rate of interest that reflects the credit risk and terms of the instrument at the date of the amendment. The share price used as an input to the Black-Scholes model for valuing the conversion option was the market price of the Company's common shares on the date of the transaction (December 20, 2023), being $0.11 per share (pre-consolidation), which represents a Level 1 input. No VWAP or other averaging methodology was applied.

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $33 |
| Exercise price | $120 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES (CONTINUED)** |

---

---

| | |
|:---|:---|
| (a), (b) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $60 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses<br>The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $3,397,006. |

---

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $60 per common share.

In accordance with IFRS 9, the Company assessed whether the December 23, 2024 amendment to the convertible debentures constituted a modification or an extinguishment. The amendments significantly impacted the economic substance of the instrument and result in a fundamentally different risk and return profile for both the Company and the holders. Consistent with IFRS 9, amendments were considered an extinguishment and the original debenture liabilities were therefore derecognized in full as at December 23, 2024, and new financial liabilities were recognized at fair value on that date.

On extinguishment, the original debenture was derecognized at its carrying amount of $2,256,419 and the new debenture was recognized at its fair value of $3,397,006, determined using the current value method. The resulting loss on extinguishment of $1,140,587 has been recognized in financial expenses in the consolidated statement of profit or loss and comprehensive loss for the year ended December 31, 2024.

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $27 |
| Exercise price | $60 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **19A.** | **CONVERTIBLE DEBENTURES (CONTINUED)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During
 the year ended December 31, 2024, the debenture holders requested the conversion of the
 principal value of debentures totalling $225,000 in common shares of the Company. Taking
 into account the book value of the debentures converted, as well as the value of the
 conversion option, the carrying value recorded for these shares based on share value
 plus fair value of the conversion option was $227,000 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(e) During
 the year ended December 31, 2025, the debenture holders requested the conversion of debentures
 totalling a value of $800,000 in common shares of the Company. Taking into account the
 book value of the debentures converted, as well as the value of the conversion option,
 the carrying value recorded for these shares was $247,975 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On
 December 22, 2025, the Company settled debt of $3,384,564 in common shares of the Company
 (see Note 20), resulting in the recognition of $182,271 as gain on debt settlement in
 the Consolidated Statements of Net Loss and Comprehensive Loss. The book value of the
 debt converted the carrying value recorded for these shares was $2,552,890

---

| | |
|:---|:---|
| **19B.** | **CONVERTIBLE DEBENTURES AND DERIVATIVE LIABILITIES** |

---

As at December 31, 2025, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  |<br>**Derivative**<br>**liability** |
| Balance at December 31, 2023 |  |
| Issuance of convertible debenture |  |
| Fair Value) |  |
| Amortization of OID |  |
| Accretion |  |
| Change in fair value) |  |
| Effect of foreign exchange |  |
| Balance at December 31, 2024 |  |
| Amortization of OID |  |
| Accretion |  |
| Effect of foreign exchange |  |
| **Closing balance, as at December 31, 2025** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**19B. CONVERTIBLE DEBENTURES AND DERIVATIVE LIABILITIES (CONTINUED)**

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of USD 2,194,772 (CAD 3,008,374) with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the amortized cost using the effective interest method, with the carrying value accreted over time through interest expense was USD 1,594,729 (CAD 2,185,847). The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $67.50 per common share.

The fair value of derivative liability on August 16, 2024 was estimated at $93,594, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $36.00 |
| Exercise price | $67.50 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 67.45% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $24.00 |
| Exercise price | $67.50 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The fair value at December 31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $2.50 |
| Exercise price | $67.50 |
| Time to maturity | 0.58 years |
| Risk-free rate | 2.58% |
| Expected volatility | 41.91% |
| Dividend yield | Nil |
| Dilution factor | 33.28% |

---

The conversion feature embedded in the Company's convertible debentures was classified as a derivative financial liability and measured at fair value through profit or loss, as the debentures are denominated in a currency other than the Company's functional currency and are convertible into a variable number of common shares and warrants. As a result, the conversion feature did not meet the "fixed-for-fixed" criterion under IAS 32 and was separated from the host contract, with changes in fair value recognized in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**20.** **SHARE CAPITAL** 

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

● Common shares, voting and participating

● Preferred shares

On December 5, 2025, the Company approved a consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares.

During the year, the Company settled debt through the issuance of common shares and warrants. The debt was derecognized at its carrying amount, and the equity instruments issued were measured at fair value and allocated between share capital and contributed surplus using the relative fair value method.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **Number** | Number |
| Opening Balance | **195647** | 143479 |
| Issue of share capital (a) | **12860587** | 48835 |
| Convertible Debenture (b) | **—)** |  |
| Debenture conversion in share capital (c) | **13333** | 3333 |
| Issue of Warrants (d) | **—** | —) |
| Closing Balance | **13069567** | 195647 |

---

During the year ended December 31, 2025, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 January 2, 2025, to July 22, 2025, the Company issued 155,000 shares as of loan conversion
 with shares price between $15 and $27.60, resulting in the recognition of $2,509,936
 as share capital and $2,246,840 as gain on debt settlement in the Consolidated Statements
 of Net Loss and Comprehensive Loss.

On November 26, 2025, the Company issued 45,454 shares as of private placement with share price of $6.00, resulting in the recognition of $300,000 as of share capital.

On December 22, 2025, the Company issued 10,583,919 shares as of debt and accounts payables settlement, resulting in the recognition of $22,613,774 as of share capital, $1,733,405 as gain on debt settlement and $25,837 as loss on write-off of account payables in the Consolidated Statements of Net Loss and Comprehensive Loss. Included in this transaction is the acquisition of Advance Factoring Inc. (Note 6)

On December 22, 2025, the Company issued 1,946,365 shares as of private placement with share price of $2.78, resulting in the recognition of $5,625,000 as of share capital.

On December 29, 2025, the company issued 64,064 shares as of accounts payables settlement, resulting in the recognition of $128,095 as of share capital and $46,262 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 29, 2025, the Company issued 65,784 shares as of private placement with share price of $2.55 and a finder's fee of $2,609, resulting in the recognition of $187,507 as of share capital.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**20.** **SHARE CAPITAL (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 December 22, 2025, $(142,571) was recognized for the fair value on debentures following
 the settlement in shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From
 January 20, 2025, to June 26, 2025, the Company issued 13,333 shares upon the conversion
 of debenture at a share price of $60 (Note 19A).

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 January 10, 2024 to December 31, 2024, the Company issued 1,237 shares as of shares for
 services with shares price between $31.50 and $39, resulting in the recognition of $45,200
 as administrative expenses in the Consolidated Statements of Net Loss and Comprehensive
 Loss.

From January 31, 2024 to November 7, 2024, the Company issued 39,598 shares as of loan conversion with shares price between $30 and $49.80, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On January 2, 2024, 6,333 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 16, 2024, the Company issued 1,666 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the Consolidated Statements of Net Loss and Comprehensive Loss.

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 August 16, 2024, $822,461 was recognized for the fair value on debentures. On December
 23, 2024, $765,742 was recognized for the fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 April 2024, the Company issued 3,333 shares upon the conversion of debenture at a share
 price of $67.50 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From
 January 31, 2024 to November 7, 2024, the Company issued 32,198 warrants for loan and
 debenture exercise. The fair value of the warrants was $77,106.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21.** **WARRANTS** 

The following is a summary of the activity of warrants:

---

| |
|:---|
| Opening Balance |
| Issue of Warrants |
| Warrants expired**)** |
| Warrants cancelled**)** |
| Closing Balance |

---

---

| | | |
|:---|:---|:---|
|  | | **2025** |
|  | **Number of**<br> **warrants** | <br> **Weighted**<br> **average**<br> **exercise price**<br> **(post-**<br> **consolidation)** |
|  |  | **$** |
| **Opening balance** | **61797** | **114.00** |
| **Granted during the year** | **6404177** | **4.82** |
| **Expired during the year** | **(26333)** | **168.61** |
| **Cancelled during the year** | **(80574)** | **39.79** |
| **Closing balance, as at December 31, 2025** | **6359067** | **4.43** |
| **Closing balance of exercisable warrants, as at December 31, 2025** | **6140** | **78.66** |

---

---

| | | |
|:---|:---|:---|
|  | | 2024 |
|  | Number of <br>warrants | Weighted <br>average <br>exercise price <br>(post- <br>Consolidation) |
|  |  | $|
| Opening balance | 39704 | 360.00 |
| Granted during the year | 32199 | 75.00 |
| Expired during the year | (10105) | 294.00 |
| Closing balance, as at December 31, 2024 | 61798 | 114.00 |
| <br> Closing balance of exercisable warrants, as at December 31, 2024 | 61798 | 114.00 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21. WARRANTS (CONTINUED)**

The following is a summary of warrants outstanding and exercisable as at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants**<br> **outstanding** | | **Warrants**<br> **exercisable** |
| | **Number** | <br>**Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | <br> **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
|<br>**December 31, 2025**<br>**Exercise price (post-**<br>**consolidation)** | | | | |
| $**4.34** | **6265137** | **4.98** | **—** | **—** |
| $**4.34** | **65063** | **5.00** | **—** | **—** |
| $**9.90** | **22727** | **2.91** | **—** | **—** |
| $**75.00** | **5640** | **0.66** | **5640** | **0.66** |
| $**120.00** | **500** | **0.66** | **500** | **0.66** |
|  | **6359067** |  | **6140** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Warrants<br> outstanding | | Warrants<br> exercisable |
| | Number | Weighted <br>average <br>contractual <br>life (years) | Number | Weighted <br>average <br>contractual <br>life (years) |
| December 31, 2024 <br>Exercise price <br>(post- <br>Consolidation) |  |  |  |  |
| $75.00 | 34964 | 1.66 | 34964 | 1.66 |
| $75.00 | 16667 | 0.92 | 16667 | 0.92 |
| $120.00 | 500 | 1.66 | 500 | 1.66 |
| $330.00 | 9667 | 0.63 | 9667 | 0.63 |
|  | 61798 |  | 61798 |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21.** **WARRANTS (CONTINUED)** 

During the year ended December 31, 2024, the Company issued 32,199 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $30 and $51.

During the year ended December 31, 2025, the Company issued 6,404,177 warrants consisting of 3,599,013 warrants issued to the owners of AFI and 2,805,164 warrants issued warrants issued for private placements, debt conversions, factoring recourse notices and debenture conversions. The value totaling $6,532,539 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.40% and 3.07%; expected volatility between 81.20% and 104.15%; expected dividend yield of 0%; expected life between 0.83 and 5 years and exercise price between $9 and $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $2.55 and $27.

**22.** **CONTRIBUTED SURPLUS** 

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $|
| Opening balance | **6731440** | 6623292 |
| Warrants expired | **674600** | 108148 |
| Warrants cancelled | **153498** |  |
| Closing balance | **7559538** | 6731440 |

---

During the year, 26,333 warrants expired (3,041,481 expired in 2024) and 80,574 warrants were cancelled (Nil in 2024)

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**22. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | | **2025** |
|  | **Number of**<br> **options** | **Weighted**<br> **average**<br> **exercise price**<br> **(post-**<br> **consolidation)** |
|  | | $ |
| **Opening balance** | **9566** | **402.91** |
| **Granted during the period** | **—** | **—** |
| **Cancelled during the period** | **—** | **—** |
| **Closing balance, as at December 31, 2025** | **9566** | **402.91** |
| **Closing balance of exercisable options, as at December 31, 2025** | **9566** | **402.91** |

---

---

| | | |
|:---|:---|:---|
|  | | 2024 |
|  | Number of<br> options | Weighted<br> average<br> exercise price<br> (post-<br> consolidation)<br>|
|  |  | $|
| Opening balance | 11016 | 462.00 |
| Forfeited during the period | (1450) | 546.00 |
| Closing balance, as at December 31, 2024 | 9566 | 402.91 |
| Closing balance of exercisable options, as at December 31, 2024 | 9566 | 402.91 |

---

The following is a summary of stock options outstanding and exercisable as at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options**<br> **outstanding** | | **Options**<br> **exercisable** |
| | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
|<br>**December 31, 2025** <br> **Exercise price** <br> **(post-** <br>**consolidation)** | | | | |
| $**127.5** | **4167** | **0.26** | **4167** | **0.26** |
| $**402** | **835** | **1.07** | **835** | **1.07** |
| $**501** | **334** | **0.82** | **334** | **0.82** |
| $**510** | **832** | **0.80** | **832** | **0.80** |
| $**705** | **3398** | **0.11** | **3398** | **0.11** |
|  | **9566** |  | **9566** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**22. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Options <br>outstanding | | Options <br>exercisable |
| | Number | Weighted <br>average <br>contractual <br>life (years) | Number | Weighted <br>average <br>contractual <br>life (years) |
| December 31, 2024 <br>Exercise price <br>(post- <br>consolidation) |  |  |  |  |
| $127.5 | 4167 | 1.26 | 4167 | 1.26 |
| $402 | 835 | 2.07 | 833 | 2.07 |
| $501 | 334 | 1.82 | 333 | 1.82 |
| $510 | 833 | 1.80 | 833 | 1.80 |
| $705 | 3398 | 1.11 | 3400 | 1.11 |
|  | 9566 |  | 9567 |  |

---

In total, $nil ($nil in 2024) of employee remuneration expense and consultant fees (all of which related to equity-settled share-based payment transactions) has been included in profit or loss and credited to contributed surplus.

**23. FAIR VALUE OF CONVERSION OPTION**

---

| |
|:---|
| Balance as at December 31, 2024 |
| Debenture issued (a) |
| Conversion of debentures**)** |
| Restructuring of the debentures |
| Balance as at December 31, 2025 |

---

(a) During
 the year, for the fair value of the conversion options on debentures issued estimation
 was derived using a Black-Scholes option pricing model (Note 19A and 19B).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**24.** **LOSS PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the year**)** |
| Weighted average number of outstanding common shares |
| Loss per share |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the year 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

**25.** **INCOME TAXES** 

**Current income tax expense** 

The Reconciliation of income taxes computed at the Canadian statutory rates with the income tax expense is as follows:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Loss before income taxes | (21329482) | (8610972) |
| Income tax recovery calculated on the basis of the statutory rate in Canada of 26.50%, Mauritius 15%, Cameroon 27.5% , Madagascar 33%, DRC 0%, Ivory Coast 30% | (4913957) | (1096168) |
| Increase (decrease) of the following items: |  |  |
| &nbsp;&nbsp;Non-deductible (taxable) items | 2353391 |  |
| &nbsp;&nbsp;Allowable income | (314572) | 915669 |
| &nbsp;&nbsp;Minimum tax | 88452 |  |
| &nbsp;&nbsp;Change in unrecognized deferred tax assets | 3520992 | 792322 |
| &nbsp;&nbsp;Other | (627740) | (467371) |
| Income tax expense in the consolidated statement of net loss and comprehensive loss | 106566 | 144453 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**25.** **INCOME TAXES (CONTINUED)** 

The major component of tax reconciliation of the expected tax expense based on the domestic tax rate for the Company and the reported tax expense in profit or loss is the increase of the unused tax losses and deductible temporary difference for which no deferred tax assets are recognized.

**Deferred income taxes**

Deferred income taxes reflect the net tax effects of temporary difference between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company's deferred income tax assets (liabilities) are as follows:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Non-capital loss carry-forwards | 19888898 | 18168410 |
| Share issue costs - Canada | 2686 | 7147 |
| Property, plant and equipment and intangible assets | 463581 | 389359 |
| Capital loss | 306749 | 306749 |
|  | **20661914** | **18871665** |

---

The Company has the following deductible temporary differences for which no deferred tax assets have been recognized:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Non-capital loss carry-forwards | 80813484 | 74402230 |
| Share issue costs - Canada | 10134 | 26971 |
| Property, plant and equipment and intangible assets | 1749364 | 1469278 |
| Capital loss | 2315084 | 2315084 |
|  | **84888066** | **78213563** |

---

Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can use benefits.

The Company has unused tax losses from its operations totalling $84,888,066 for the federal level and $78,117,009 for the provincial level that may be carried forward and applied against taxable income expiring between 2026 and 2045.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**26.** **ADMINISTRATIVE EXPENSES** 

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended | For the years ended | For the years ended |
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| Bad Debt |  |  | 88699 |
| Depreciation |  |  | 309736 |
| Financing fees |  |  | 1607122 |
| Insurance |  |  | 37973 |
| Maintenance |  |  | 15679 |
| Office |  |  | 274233 |
| Payroll and employee costs |  |  | 1562156 |
| Professional and consulting |  |  | 1810902 |
| Registration and licensing |  |  | 59894 |
| Supplies |  |  | 15259 |
| Transportation |  |  | 57405 |
| Travel and meals |  |  | 192418 |
| Utilities |  |  | 63227 |
| Share Based Compensation |  |  | 726427 |
| **Total** |  |  | 6821129 |

---

27. FINANCIAL EXPENSES

Financial expenses consist of the following:

---

| | |
|:---|:---|
|  | For the years ended<br>December 31,<br>2024 |
|  | $— |
| Foreign exchange loss / (gain) |  |
| Bank charges |  |
| Penalties |  |
| Accretion expense on convertible debentures |  |
| Interest expenses for financial liabilities at amortized cost |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities |  |

---

Exchange differences arising from such monetary items are recognized in Consolidated Statements of Net Loss and Comprehensive Loss in separate subsidiaries financial statements from loans at the parent level.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**28.** **EMPLOYEE REMUNERATION** 

Expenses recognized for employee benefits such as wages, salaries and social security costs total $2,988,594 for the year ended December 31, 2025 (2024 - $3,146,087).

**29.** **COMMITMENTS** 

On June 29, 2021, the Company entered into a 10-year agreement with Space-Communication Ltd. ("Spacecom") for the provision of satellite capacity and bandwidth services on geostationary (GEO) satellites, expiring on June 28, 2031. Under the agreement, Spacecom has the commitment to meet the Company's satellite service requirements—whether for capacity, managed services, or related solutions— provided it can deliver the required services at the agreed price, by the required start date, and using satellites that meet the defined technical specifications. Spacecom must deliver the services directly or through third-party satellite providers subject to the execution of individual Service Orders between the parties. Charges for satellite services are defined under the terms of individual service orders and are based on actual bandwidth utilization, subject to minimum charges from the beginning of the second year following the service start date (as amended from time to time). As of the date of these financial statements, a service order is only in place in the DRC with minimum capacity of 92 Mbps. On December 22, 2025, the Company entered into an agreement with Spacecom to settle all outstanding obligations in the DRC, including an extra charge of USD 669k (CAD 920k) reversing previous credits, through the issuance of NuRAN units as part of the Restructuring Transaction. Current billing under the DRC service order is USD 10,000 (CAD 13,706) per month. As at December 31, 2025, the balance was $nil (2024 – $883,489) included in accounts payable.

**30.** **RELATED PARTY TRANSACTIONS** 

The Company's related parties include companies under common control as well as key management personnel.

**Transactions with key management personnel** 

The Company's key management consists of the directors and executives. The key management personnel remuneration totals $1,612,440 (2024 - $1,694,187) and benefits total $145,337 (2024 - $121,635 for the year ended December 31, 2025. The accounts payable and accrued liabilities related to key management personnel totals $362,120 as at December 31, 2025 (2024 - $412,797). All amounts represent short-term employee benefits.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENTS RISK** 

**Fair value measurement** 

The financial instruments recognized on the consolidated statement of financial position are comprised of cash, trade receivables, trade and other payables, lease liabilities, loan payable, convertible debentures and convertible debentures with derivative liabilities.

The carrying values of cash, trade receivables, trade and other payables approximate their fair values due to the short-term nature of these instruments.

The fair value of financial instruments disclosed in the consolidated statements of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly;

Level 3: Unobservable inputs for the asset or liability

● As at December 31, 2025 and 2024, the Company measures the derivative liabilities at Level 3 fair value as there are unobservable inputs for these items.

There were no transfers between the levels in the current year.

**Risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk.

The Company's risk management is coordinated by its executives and focuses on identifying risks and that the capital base is adequate in relation to those risks.

The Company does not hold financial instruments for trading or speculative purposes and does not enter into option contracts.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The carrying amounts of the Company's financial assets and liabilities by category are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | **December 31,**<br>**2025** | 2024 | 2024 |
|  |  | $— | $|
| Financial assets classified at amortized costs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 1171558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable |  |  | 1979309 |
|  |  |  | 3150868 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | December 31, | December 31, |
|  | **December 31,**<br>**2025** | 2024 | 2024 |
|  |  | $— | $|
| Financial liabilities carried at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable |  |  | 10557772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 5069589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 1706926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan payable |  |  | 14404484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | 256637 |
|  |  |  | 31995408 |

---

The most significant financial risks to which the Company is exposed are described below.

**Market risk analysis**

The Company is exposed to market risk through its use of financial instruments and specifically foreign currency risk which result from its operating and financing activities.

&nbsp;&nbsp;&nbsp;&nbsp;■ Foreign
 currency risk and foreign currency sensitivity:

The exposure to currency exchange rate fluctuations arises from the Company's sales and expenses outside Canada, which are primarily denominated in US dollars.

To mitigate the Company's exposure to foreign currency risk, non-Canadian cash flows are monitored, but no forward exchange contracts or other derivative financial instruments are entered in.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. The Company is exposed to USD, XAF, XOF and MGA and they are translated in Canadian dollars at the closing rate:

---

| | |
|:---|:---|
| **December 31, 2025** |  |
|  | **Profit or loss** |
| ***Effects in Canadian dollars*** |  |
| **USD (5% movement)** |  |
| **XAF (5% movement)** |  |
| **MGA (5% movement)** |  |
| **XOF (5% movement)** |  |

---

---

| | |
|:---|:---|
| December 31, 2024 |  |
|  | Profit or loss |
| *Effects in Canadian dollars* |  |
| USD (5% movement) |  |
| XAF (5% movement) |  |
| MGA (5% movement) |  |
| XOF (5% movement) |  |

---

A change in exchange rates of 5% is considered to be reasonably possible based on the observation of current market conditions and the market risk volatility in exchange rates in the previous 12 months. All other things being equal, such a change in exchange rates would have increased or decreased the net loss and deficit by $384,418 for the year ended December 31, 2025 (2024 - $194,251) based on the Company's foreign currency financial instruments held at each reporting date.

**Credit risk analysis**

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk mainly due to trade accounts receivable from its customers. The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recognized as at its reporting date.

The Company continuously monitors defaults of customers and incorporates this information into its credit risk controls.

To assess the expected credit losses, trade accounts receivable have been assessed on an individual basis since they originate from specific contracts. There are few contracts, therefore, this gives a more precise assessment than using a calculation matrix and grouping all trade accounts receivable according to certain criteria. Refer to Note 7.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The Company takes into account economic perspectives of regions served by its clients as well as economic decisions affecting the telecommunication industry in Canada and worldwide. Therefore the Company adjusted the hypothesis of assessment according to expected changes in these factors.

Trade accounts receivable are written off when there is no reasonable expectation of recovery. Failure to make payments within 120 days from the invoice date and failure to engage with the Company on alternative payment arrangement for instance are considered indicators of no reasonable expectation of recovery.

**Credit risk analysis** 

The Company's management considers that all of its financial assets that are not impaired or past due are of good credit quality. The amounts analyzed by the length of time past due are the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | December 31, | December 31, |
|  | **2025** | 2024 | 2024 |
|  |  | $— | $|
| No more than three months |  |  | 447812 |
| More than three months but no more than six months |  |  | 888589 |
| More than six months but no more than one year |  |  | 88862 |
| More than one year |  |  | 644665 |
|  |  |  | 2069928 |

---

The Company held cash and cash equivalents of CAD 4,802,452 at year end (2024 - CAD 1,171,550). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA-to AA+, based on rating agency ratings.

The Company is exposed to a credit risk concentration because 92% of its trade accounts receivable are due from three customers (2024 - 95% from three customers).

**Interest rate risk analysis**

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in market interest rates. A sensitivity analysis has determined that one percent change in interest rate have increased or decreased the net loss and deficit by $476,528 (2024 - $246,818) based on the Company's financial instruments held at each reporting date. The Company is exposed to interest rate price risk as all convertible debentures bear interest at a fixed rate for most of the debt instruments.

**Liquidity risk analysis**

Liquidity risk is the risk that the Company might be unable to meet its obligations. The Company manages its liquidity needs by monitoring forecasts of cash inflows and outflows due in day-to-day business. Net cash requirements on day-to-day, week-to-week and 30-day projections are compared to available borrowing facilities in order to determine headroom or any shortfalls. The Company's current year trade and other payables are in arrears.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The Company considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular its cash resources and trade accounts receivable. The Company's existing cash resources and its trade accounts receivable are insufficient to cover the current cash outflow requirement and, therefore, the Company is actively exploring possible sources of financing on the market. Cash flows from trade and other receivables are all contractually due within six months.

The Company's financial liabilities have contractual maturities (including interest payments, where applicable) which are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Non-current** | **Non-current** | **Non-current** |
|  | **Within**<br>**1 year** | **Total** | **Total** |
|  |  | $— | **$** |
| Trade and other payables |  |  | **8911202** |
| Lease liabilities |  |  | **415786** |
| Loan payable |  |  | **7297100** |
| Convertible debenture |  |  | **2645502** |
| Convertible debenture and derivative liabilities |  |  | **2432637** |
|  |  |  | **21702230** |

---

These amounts reflect the contractual undiscounted cash flows,and therefore may differ from the carrying amounts of the liabilities at the reporting date.

**32.** **CAPITAL MANAGEMENT POLICIES AND PROCEDURES** 

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern (Note 1) and to support the development of its operations while maintaining an efficient capital structure.

The Company defines capital as shareholders' equity, consisting of share capital, reserves and accumulated deficit. The Company manages its capital structure based on its cash position, working capital and forecasted liquidity needs, and may adjust it through the issuance of equity or debt instruments, or by managing expenditures. The Company monitors capital and management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage.

The Company is not subject to any externally imposed capital requirements.

There have been no changes in the Company's approach to capital management during the period.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

---

| | |
|:---|:---|
| **33.** | **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION**<br>|
|  | **Disaggregation of Revenue** |

---

The Company has examined its activities and has determined that, based on information reviewed on a regular basis by the main decision-makers, it has two reportable segments (NaaS and Direct sales). The Company has disaggregated revenue into various categories in the following table which is intended to:

● Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and

● Enable users to understand the relationship with revenue segment information provided below.

The following information provides the required entity-wide disclosures:

**Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segment total** | **Segment total** | | |
| <br>**Segment** | **Direct** | **NaaS** | <br>**Corporate** | <br>**Total** |
| **Sale of goods** |  |  | |  |
| **Rendering of Services** |  |  | |  |
| **Interest** | | | **—**<br>**—**<br>**—** | |
| **Cost of sales** | | | **—**<br>**—**<br>**—** | |
| **Segment profit** |  |  | **—** |  |
| **Selling expenses** |  |  | **(415063)** |  |
| **Administrative expenses** |  |  | **(2576923)** |  |
| **Financial expenses** |  |  | **(7705276)** |  |
| **Research and development costs** |  |  | **(1065449)** |  |
| **Gain / (loss) on debt settlement** |  |  | **(6874318)** |  |
| **Impairment of inventory** |  |  | **—** |  |
| **Impairment of receivable** |  |  | **—** |  |
| **Write-off of assets** |  |  | **—** |  |
| **Write-off of account receivables** |  |  | **—** |  |
| **Write-off of inventory** |  |  | **—** |  |
| **Write-off of account payables** |  |  | **—** |  |
| **Write-off of deferred revenue** |  |  | **—** |  |
| **Loss on modification of contract** |  |  | **—** |  |
|  |  |  | **(18637029)** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**33.** **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | | | |
| **Segment** | **Direct** |<br>**NaaS** |<br>**Adjustments and eliminations** |<br>**Total** |
| **Total assets** | **65170100** | **46691960** | **(86431696)** | **25430364** |
| **Total liabilities** | **38381604** | **53072068** | **(67051889)** | **24401783** |

---

Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Segmental total | Segmental total |  |  |
| Segment | Direct | NaaS | Corporate | Total |
| Sale of goods |  |  |  |  |
| Rendering of Services |  |  |  |  |
| Interest |  |  |  |  |
| Handling |  |  |  |  |
| Cost of sales |  |  |  |  |
| Segment profit |  |  |  |  |
| Selling expenses |  |  | (479196) |  |
| Administrative expenses |  |  | (3359373) |  |
| Financial expenses |  |  | (1307388) |  |
| Research and development costs |  |  | (675678) |  |
| Gain / (loss) on debt settlement |  |  | 146946 |  |
| Impairment of inventory |  |  |  |  |
| Impairment of assets |  |  |  |  |
| Write-off of Assets |  |  |  |  |
| Write-off of inventory |  |  |  |  |
| Waive of lease |  |  |  |  |
|  |  |  | (5674689) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended December 31, 2024 |  |  |  |  |
| Segment | Direct | NaaS | Adjustments and eliminations | Total |
| Total assets | 60260095 | 37640555 | (74022228) | 23878422 |
| Total liabilities | 52794420 | 47427470 | (64926413) | 35295477 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**33.** **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)** 

Geographical Information is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Revenue from external customers based on region** | **2025** | 2024 | 2024 |
|  |  | $— | $|
| **Africa** |  |  | 3489618 |
| **Canada** |  |  | 197683 |
| **Europe** |  |  | 28323 |
| **Asia** |  |  | 40064 |
| **Marshall Islands** |  |  | 608640 |
|  |  |  | 4364327 |

---

The Company is exposed to a credit risk concentration because 90% of its revenues are from three customers for the year ended December 31, 2025 (95% from three customers in 2024). Revenue from three customers amounted to $204,247 in direct sales from Star Solutions International Inc., $281,131 in NaaS from Orange RDC and $3,262,677 in NaaS from Orange Cameroon for a total of $3,748,055 in 2025 and $575,697 in direct sales from MINTA, $285,488 in NaaS from Orange RDC and $3,266,180 in NaaS from Orange Cameroon for a total of $4,127,366 in 2024.

All of the Company's non-current assets are located in Canada ($7,667,301 in 2025, $7,692,678 in 2024) and Africa ($3,253,732 in 2025, $60,690 in 2024). Non-current assets in Canada relate to Direct segments and all in Africa relate to the NaaS segment.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**34.** **RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES** 

The changes in the Company's liabilities arising from financing activities can be classified as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Lease liabilities** | **Convertible debentures** | **Convertible debentures and derivative liability** | **Loans payable, promissory notes, factoring** | **Total** |
| **January 1, 2025** |  |  |  |  |  |
| **Cash flows** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Addition |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment proceeds |  |  |  |  |  |
| **Non-cash** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan settlement |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  |  |  |  |  |
| **December 31, 2025** |  |  |  |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**34. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Lease liabilities | Convertible debentures | Convertible debentures and derivative liability | Loans payable, Promissory notes, factoring | Total |
| **January 1, 2024** | **January 1, 2024** |  |  |  |  |  |
| **Cash flows** |  |  |  |  |  |  |
|  | Repayment |  |  |  |  |  |
|  | Proceeds |  |  |  |  |  |
| **Non-cash** | Interest |  |  |  |  |  |
|  | Modification |  |  |  |  |  |
|  | OID |  |  |  |  |  |
|  | Loan settlement |  |  |  |  |  |
|  | Amortization of OID |  |  |  |  |  |
|  | Accretion |  |  |  |  |  |
|  | Fair value |  |  |  |  |  |
|  | adjustments |  |  |  |  |  |
|  | Conversion |  |  |  |  |  |
|  | Waive off |  |  |  |  |  |
|  | Forex exchange |  |  |  |  |  |
| December 31, 2024 | December 31, 2024 |  |  |  |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**35.** **SUBSEQUENT EVENTS** 

On January 30, 2026, the Company issued shares to members of its Board of Directors for services provided in 2022 and 2023. A total of 5,634 post-consolidation shares at a deemed price of $2.89, with a fair market value of $16,282, were issued to five (5) members of the Board that provided services during that period. In addition, the Company issued 9,515 post-consolidation shares at a deemed price of $2.89, with a fair market value of $27,498, and 4,757 warrants with an exercise price of $4.335 and an expiry date of January 30, 2031 to the Chair of the Company's audit committee for services up to and including December 2025.

On March 13, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding, drew down the remaining USD 450,000 (CAD 616,770) from FEI Ongrid, a fund managed by Cygnum Capital. This was the last amount due under the USD 5 million (CAD 6.83 million) facility signed on April 24, 2024.

On April 17, 2026 the former shareholders of the Factor entered into an undertaking pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the share purchase agreement dated December 22, 2025. The undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the British Columbia Securities Commission (the "BCSC")'s Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

On May 14, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding signed an amendment to the facility agreement signed with FEI Ongrid, a fund managed by Cygnum Capital, extending the maturity date of the agreement to April 26, 2027 and amending the terms of the agreement such that interest would not be fully capitalised but partially paid in cash in accordance with an agreed schedule to maturity. The amendment was entered into to support the Company in raising long term debt and equity financing.

**SCHEDULE "C"**

**Company's management's discussion and analysis ("MD&A") for the year ended December 31, 2025**

![](img009_v7.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the year ended**

**December 31, 2025 and 2024**

![](img010_v7.jpg)

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the year ended December 31, 2025 has been prepared by management and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 and 2024 and the related notes thereto. The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of May 31, 2026.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at September 30, 2025. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries. In December, NuRAN restored seven sites in Ghana but has not yet incorporated an entity in this country.

**DESCRIPTION OF BUSINESS**

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES**

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored means NuRAN's solutions have become a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

**OVERALL PERFORMANCE AND OUTLOOK**

<u>Performance</u>

During the year ended December 31, 2025, the Company maintained its focus to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of this MD&A, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected. NuRAN has commenced operations in Ghana with Telecel and in Ivory Coast with MTN, representing a significant step forward in diversifying risk. Additionally, the Company has introduced 3G and 4G technologies to address market needs in Cameroon, Ghana, and Ivory Coast.

MANAGEMENT'S DISCUSSION AND ANALYSIS

During the second quarter, management was informed by Orange of a billing error in the Orange Network Billing System from early 2023 to January 2025 that resulted in some traffic being incorrectly billed as international due to area code misallocation.

Prefixes not classified as local calls were treated as international calls or SMS, causing revenue calculations to be over-stated since international tariffs exceed local ones by a significant margin. The problem stems from the addition of new area codes to support increased mobile penetration; these numbers were not configured as local calls and were thus categorized as international calls by default. This issue resulted in roughly 15% of traffic being charged at international tariffs instead of local ON-NET or OFF-NET tariffs, with the international tariff twelve times higher than local rates.

While Nuran's Q1 revenue has been adjusted from what was originally reported, the Q2 onwards revenue reflects the updated billing information supplied by Orange. Reported revenue per site declined compared to reported January due to the above-mentioned error by Orange, but is consistent with the Company's prior financial projections.

As of the date of this MD&A, NuRAN has, as a gesture of goodwill, agreed to the issuance of a credit of FCFA 99 million (approx. CA$240k). This credit will be allocated across six monthly installments, which will be applied to billing from June 2026. Our revenues continue to increase, particularly in Cameroon. The table below shows the monthly revenues in total and average per site.

Q1 2025 Revenue, as reported in Q1:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February** | &nbsp;&nbsp;**March** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;229 612 100 | &nbsp;&nbsp;274 981 900 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457<br>| &nbsp;&nbsp;2 442 682<br>| &nbsp;&nbsp;2 925 339<br>|
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;5 374 | &nbsp;&nbsp;6 436 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;505 147 | &nbsp;&nbsp;604 960 |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

2025 Revenue including Q1 correction:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**January** | &nbsp;&nbsp;**February**<br> **(corrected)** | &nbsp;&nbsp;**March**<br> **(Corrected)** | &nbsp;&nbsp;**April** | &nbsp;&nbsp;**May** | &nbsp;&nbsp;**June** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;221 037 000 | &nbsp;&nbsp;76 285 600 | &nbsp;&nbsp;88 328 500 | &nbsp;&nbsp;85 579 100 | &nbsp;&nbsp;85 301 300 | &nbsp;&nbsp;81 489 000 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;2 351 457 | &nbsp;&nbsp;811 549 | &nbsp;&nbsp;849 313 | &nbsp;&nbsp;785 129 | &nbsp;&nbsp;782 581 | &nbsp;&nbsp;747 606 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;5 173 | &nbsp;&nbsp;1 785 | &nbsp;&nbsp;1 868 | &nbsp;&nbsp;1 727 | &nbsp;&nbsp;1 722 | &nbsp;&nbsp;1 645 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;486 281 | &nbsp;&nbsp;167 828 | &nbsp;&nbsp;194 323 | &nbsp;&nbsp;188 274 | &nbsp;&nbsp;187 663 | &nbsp;&nbsp;179 276 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**July** | &nbsp;&nbsp;**August** | &nbsp;&nbsp;**September** | &nbsp;&nbsp;**October** | &nbsp;&nbsp;**November** | &nbsp;&nbsp;**December** |
| &nbsp;&nbsp;**Invoice (FCFA)** | &nbsp;&nbsp;83 762 925 | &nbsp;&nbsp;92 924 313 | &nbsp;&nbsp;91 345 677 | &nbsp;&nbsp;90 432 848 | &nbsp;&nbsp;94 677 305 | &nbsp;&nbsp;101 857 457 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | &nbsp;&nbsp;761 481 | &nbsp;&nbsp;767 970 | &nbsp;&nbsp;754 923 | &nbsp;&nbsp;741 253 | &nbsp;&nbsp;776 043 | &nbsp;&nbsp;834 897 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | &nbsp;&nbsp;1 828 | &nbsp;&nbsp;1 843 | &nbsp;&nbsp;1 812 | &nbsp;&nbsp;1 779 | &nbsp;&nbsp;1 863 | &nbsp;&nbsp;2 004 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | &nbsp;&nbsp;201 031 | &nbsp;&nbsp;223 018 | &nbsp;&nbsp;219 230 | &nbsp;&nbsp;217 039 | &nbsp;&nbsp;227 226 | &nbsp;&nbsp;244 458 |

---

Note: The exchange from FCFA to CAD used is 0.0024.

Although the outlined issue has influenced short-term results, the table above demonstrates a stable growth in revenue per active sites in Cameroon. In the Democratic Republic of the Congo (DRC), thus far a weaker market than Cameroon, billing sites are experiencing above average traffic growth as a result of marketing and relocation initiatives. We also expect our new operations in Ivory Coast, Benin and Ghana to perform well as these are countries with stronger economies and a higher level of mobile penetration.

Supported by the additional drawdowns of the Cygnum loan facility and CA$5.8M private placement closed in December 2025, the Company continued to deliver sites, focusing on MTN in Cameroon as well as relocating sites in the DRC. In addition, the operations team has worked on increasing the capacity of a number of sites to support growing demand.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders, with its Wireless Infrastructure Solutions. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As of the year ended December 31st, 2025, the Company has secured nine NaaS contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites and signed a contract for the deployment of rural sites in West Africa under a turnkey delivery model where payments are made based on milestones of delivery and not a NaaS revenue share. NuRAN is currently operating in four countries and has finalized the incorporation of its operating subsidiary in an additional country. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document. Enabled by supplemental funding from the Cygnum Capital loan facility, cash contributions from the Cameroon operation, the Societe Generale credit facility, receipt of outstanding payments from Orange Cameroon and the CA$5.8M private placement, the Company successfully expanded site rollouts, initiated activities in new countries, and enhanced the network to facilitate the introduction of 3G services.

As of the date of filing the financial statements for the year ended 2025, NuRAN's NaaS business is now generating revenue with 4 Mobile Network Operators in 3 different countries. Each site is contracted for periods ranging from 5 to 10 years, depending on specific agreements, indicating that NuRAN is still in the early stages of realising its full market potential. The Company is growing its recurring revenue through ongoing site deployments. While issues in Namibia, South Sudan, and Sudan totalling 900 sites, remain unresolved, the Company will concentrate on expanding in other contracted markets.

The Company continues to achieve recurring revenue growth per site and has seen a reduction in the Cost of Goods Sold (COGS) on a per site basis as fixed costs are spread over a larger number of sites, aiming for sustained positive return on site investments for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

During the year 2025, NuRAN continued to work on drawing down against the Cygnum Capital loan facility, drawing an additional US$1 million and the end of September and the final US$450,000 in March 2026. Management is progressing on other financing options with a current focus on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

The long-term Loan Facility includes terms that are different from those previously offered by other lenders and marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility is expected to support NuRAN's network infrastructure rollouts in Cameroon, DRC, Ivory Coast, Benin, and Madagascar. As of the date of this MD&A, the potential lender has completed its due diligence and, pending receipt of an equity or quasi-equity term sheet, has indicated readiness to submit the application to its investment committee for approval. For the equity raise, management continues to address the requirements set by potential investment partners. Management is progressing discussions with several potential investors as well as investigating the possibility of a fund-raise on Canadian public markets. Valuation discussions and negotiations have begun, representing a step forward in finalizing an investment.

MANAGEMENT'S DISCUSSION AND ANALYSIS

In addition to other criteria important to the prospective investors, concerns were raised over the level and terms of short-term borrowing at the NuRAN Canada level. Management has addressed these concerns by pursuing a restructuring transaction (Restructuring) approved at its Annual General and Special Meeting (AGSM) held in October. Under the approved proposal, the Company converted or extinguished more than the expected $25,000,000 of liabilities (inclusive of accrued interest) into equity. The conversion of the short-term loan facility provided by Advance Factoring Inc. was done through the acquisition of this lender. NuRAN also raised more than the expected $5,000,000 of equity. In addition, the Company attracted additional debt holders, service providers, and potential investors to participate in the Restructuring. The Restructuring, accompanied by a 300:1 consolidation of the Company's issued and outstanding common shares, was intended to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("NYSE"), or such other U.S. national securities exchange. Such listing would provide access to larger capital markets, enhance visibility and credibility, improve liquidity for shareholders and ultimately support future financings. The Restructuring also has the direct benefit of reducing interest-bearing debt freeing approximately $3.3 million per year in cash flow from reduced interest expense, strengthening the Company's capital structure, and improving the Company's ability to meet ongoing obligations and continue as a going concern.

On December 22, 2025, the Company completed the acquisition of Advance Factoring Inc. (the "Factor"), whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the assets are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). The British Columbia Securities Commission (the "Commission") previously advised the Company that, pending the completion and filing of a material change report containing the disclosure required under sections 5.2 of Form 51-102F3 and section 14.2 of Form 51-102F5 in respect of the Factor, the Company was considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Staff Notice 51-322 – Reporting Issuer Defaults. The Company is actively working on remedying the situation. As of December 31, 2025, the drafting of the material change report is in progress.

The Restructuring Transaction was combined with a CA$5.8M million private placement that has moved the Company from a state of technical insolvency toward viability and sustainability. The focus remains on building sufficient NaaS sites to cover group operating expenses which could potentially change the Company's borrowing ability from being forced to accept funding on onerous terms attracting less expensive funding from lenders more aligned with its long-term strategy, capabilities and risk profile.

MANAGEMENT'S DISCUSSION AND ANALYSIS

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon and the DRC. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, an important reduction in monthly satellite managed service fees, which has increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon and the DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

As at the date of this MD&A, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in Cameroon, Namibia, Ivory Coast and Benin. NuRAN also has contracts for South Sudan and Sudan that will be worked on when the political situation in those countries is stabilized. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. The Company plans to reinvest a significant portion of the cash generated by its operations in Africa in site deployment reducing the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing external CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be more easily invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management will follow a strategic approach by prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The business development and sales strategies revolve around leveraging the established hubs to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

Related Party Agreements

NuRAN's execution strategy aims to leverage the skills and capabilities built up at the Canadian parent and utilizing these across the operating subsidiaries. By building knowledge, it is able to follow best practice across all subsidiaries achieving economies and at the same time further efficiency.

NuRAN Canada provides equipment to subsidiaries as well as services and invoices these by way of related party agreements.

The invoicing method is stipulated in agreements signed in April 2021 (Cameroon) and June 2021 (DRC) that cover the charges for the provision of Radio-Access Network (RAN) solutions relating to NuRAN's base station equipment and related software and services (Equipment) and for the provision of management, accounting, commercial and other administrative and operational assistance to deploy, manage and maintain NaaS solutions for the MNOs in support of the continued growth of the NaaS activities (Services).

These agreements are subject to international transfer pricing rules and regulations and must comply with these through the multiple jurisdictions within which the Company operates. Equipment pricing is set based on benchmarked pricing implemented globally in the past based on the Company's extensive experience in this area. Services are charged on a cost+ basis which mirrors actual costs incurred. A portion of staff time is allocated based on a % of time devoted to subsidiary NaaS activities and as the Company increases the number of subsidiaries the costs per subsidiary will fall as fixed costs will be spread across a larger number of NaaS operations. Costs including Network Operations Center (NOC), procurement, finance and administration will not for example increase linearly with increased number of subsidiaries.

The payment terms of these agreements follows commercial terms standard for the industry. However, the Company has not demanded payment or enforced these obligations knowing that it would take time for the subsidiaries to construct the NaaS infrastructure and generate excess cashflow, over and above regular operating expenses and cash needs required for continued site construction. Over time as the Company entered into borrowing arrangements with the likes of Cygnum, these receivables were regarded as quasi-equity of the Canadian parent and used to comply with lending covenants. In addition, during 2024 and 2025 NuRAN increased the capital of its subsidiaires in Cameroon and the DRC (in conjunction with the change of this entity to a SA) by converting these amounts to equity. Cygnum also required the Factor to provide a funding guarantee for US$2 million to support ongoing operations in June 2024 and the Company is limited in the amount it can have repaid by the subsidiary. As the term of Cygnum and other debt facilities will be extended, the timing for repayment of these balances is to be lengthened as well. In addition to services charges, the Company records cash transfers to the subsidiaries, mainly in the early years before the subsidiary is generating NaaS income, to a non-interest- bearing intercompany account. Also funds provided by Cygnum and others at the NuRAN Africa holding level are on-lent to the subsidiaries and these loans are charged interest based on international standards and regulations which give rise to taxable income in NuRAN Africa for example.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the end of December 2025, NuRAN Canada had provided almost $17 million of equipment, services and cash to NuRAN Africa accounted an intercompany loan. In addition, direct billing and other support provided to subsidiaries amounted to $7 million due directly to Canada. Note that all intercompany charges cancel each other out at the level of consolidated financial statements because income from one source is a cost in another. It is important to recognize however that these charges legally exist and do have tax implications at the subsidiary level.

The Company also has related party relationships and amounts owing to members of its senior management team. These amounts are included in Accounts Payable and relate to unpaid salaries, benefits and expenses built up over time resulting from cash shortages. For the period from January to December 2025, total remuneration to these individuals amounted to $1,612k and of this $145k of benefits remained unpaid. The total balance of unpaid accounts was $362k which is non-interest bearing and is to be paid as soon Company resources allow.

**Tabular Comparison and Analysis of Use of Proceeds**

In accordance with Item 1.4(i) of Part 2 of Form 51-102F1, the Company provides the following tabular comparison between previously disclosed intended use of proceeds from financing activities (other than working capital) and the actual application of those proceeds for the years ended December 31, 2023, December 31, 2024, and the period ended December 22, 2025. The table also includes explanations for any significant variances, along with an analysis of how these differences have affected the Company's ability to achieve its stated business objectives and milestones.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Comparison of Intended vs. Actual Use of Proceeds

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Items** | &nbsp;&nbsp;**Intended Use** | &nbsp;&nbsp;**Actual Use** | &nbsp;&nbsp;**Variance Explanation:** | &nbsp;&nbsp;**Impact on objectives** |
| &nbsp;&nbsp;Factoring Agreement (August 28, 2023, as amended)  | &nbsp;&nbsp;To supplement operational liquidity, reduce accounts receivable risk, and support ongoing business development initiatives | &nbsp;&nbsp;Proceeds totalling $11.5 million were received through the factoring of $28.4 million in receivables. The majority of funds were allocated to covering short-term liabilities and ensuring the continuation of operations, with less emphasis on expansion due to heightened liquidity and credit risk. Out of the Purchase Price Paid, $2.1 million was not received directly by the company but paid by the Factor to third parties to settle the company's operating expenses or debt commitments, including $1.9 million in principal repayments of a convertible debenture. | &nbsp;&nbsp;Greater than anticipated recourse risk and reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. Amendments to the Factoring Agreement further impacted available liquidity, resulting in losses from debt modification | &nbsp;&nbsp;The Company's ability to achieve certain growth milestones was temporarily deferred in favour of maintaining solvency and operational continuity. Material risk related to settlement obligations and shareholder dilution remains, necessitating ongoing monitoring and disclosure |
| &nbsp;&nbsp;Loan and Private Placement Financings | &nbsp;&nbsp;Debt repayment, investment in technology infrastructure, and expansion into key markets | &nbsp;&nbsp;Debt repayment, investment in technology infrastructure, and expansion into key markets. The Company also used it for continuation of operations. | &nbsp;&nbsp;Reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. | &nbsp;&nbsp;Progress on technology upgrades and market expansion was delayed. The priority shifted to financial stabilization and compliance with creditor terms |

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Analysis of Variance and Impact

● Unforeseen performance and credit risks associated with the Factoring Agreement, as well as amendments leading to debt modification losses, required a reallocation of resources.

● Liquidity constraints and working capital deficit as of December 22, 2025 contributed to an increasing need to prioritize solvency over strategic investment.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility has a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility will allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 from July 2023 to July 12, 2024. As per the terms of the extension, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor agreed to be the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations. As of the date of this MD&A the Company is in discussion with the investor for extension of terms.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries. The facility has no expiration date and is still valid and confirmed by the partner. The Global Asset Management Company completed operational due diligence and confirmed their interest to complete next steps for the facility contingent on reception of an equity term sheet for NuRAN Africa Holding of a minimum of US$10M.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon. On September 29, 2025, the Company announced it had received its third drawdown of US$1 million, designated to support the delivery or relocation of 50 sites in the Democratic Republic of the Congo and Cameroon. In March 2026, the Company completed the final drawdown of the balance of the US$5 million facility meeting all conditions imposed by FEI. In May 2026, both parties signed an amendment to the facility agreement extending the maturity to April 24, 2027 to support the Company in raising long term debt and equity financing.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of $0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of $0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company. The Company issued the convertible debenture to an investment group controlled by an existing investor in the Company at a 25% discount to align with terms previously offered to other debt holders, such as the facility entered into in April 2023. The facility is unsecured, meaning it is not backed by Company assets. This was a deliberate choice to provide flexibility and avoid encumbering assets in a period of heightened liquidity risk. The discounted offering was intended to incentivize immediate financing and provide equitable treatment among lenders, while securing capital necessary for operations. The terms reflect prevailing market conditions and the Company's need to attract timely investment without offering additional securities. The impact of the discount is reflected in the financial statements through increased non-cash interest expense and potential equity dilution upon conversion.

● On August 26, 2025 the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

● On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of $300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On December 23, 2025 and following the consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares with an effective date of December 9, 2025, the Company completed a restructuring transaction (the "Restructuring Transaction") pursuant to which it issued an aggregate of 10,380,618 units (each, a "Unit") at a price of $2.89 per Unit, for aggregate gross proceeds of approximately $30 million. Each Unit consisted of one common share of the Issuer and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. The Restructuring Transaction comprised:

○ the settlement of an aggregate of $9,685,256 of indebtedness through the issuance of Units to creditors;

○ a private placement resulting in aggregate gross proceeds of $5,625,000, representing the issuance of 1,946,365 Units; and

○ the acquisition of the Factor for total consideration of $20,802,303.09, satisfied by way of debt settlement through the issuance of 7,198,026 Units.

● On December 30, 2025, the Company announced that it had closed additional amounts pursuant to which it issued an aggregate of 147,668 Units, which included cash subscriptions of $190,116 and debt settlements of $236,648. On February 3, 2026 announced that it closed an additional tranche of debt settlements resulting in the Company issuing an aggregate of 26,297 Units, at $2.89 per Unit, representing debt settlements of $76,000.

NuRAN's NaaS model by its very nature as an infrastructure investment, has led it to pursue several debt and equity instruments since the shift to this model in 2020. The strong asset focus of NaaS has meant that debt was a natural source of capital and the Company has had success in sourcing this, including the Cygnum facility supported by the term sheet for a US$15M long term facility signed with a Global Asset Management Company. The challenge has been to bring equity alongside this and while NuRAN's public company status gives it access to this liquidity, challenging market conditions and other macro factors have made this difficult to complete.

These factors have led the Company to seek alternative hybrid instruments which have potential equity returns, but also a debt element whereby financiers can participate in cashflows and some element of protection even though this means less potential over the long term. In 2021 NuRAN brought an equity investment in the private placement, but subsequent investments including $2M raised in 2022, US$1.5M in April 2023, and US$1.6M in 2024 were all done via convertible debt instruments. Two of these were strategic investments, providing financial support to the Company while combining strategically important commercial relationships. Whilst including the option for conversion and the potential value uplift this provides, the intention of these parties is for repayment with suitable interest returns. As unsecured instruments, the risk associated with these is limited and the Company actively manages this by keeping close relations with both providers.

The Company's other funding was more financial in nature without any strategic element or connection and therefore with more onerous terms. This was primarily the factoring agreement signed in 2023 and arising from a debt settlement of other short-term facilities provided by the same group, but also the US$1.5M debenture signed in 2023 and other debentures. The funding came at a time when the Company was seeking short-term funding only to bridge to closure of the EIB financing through 2022 and into 2023. Unfortunately, this came at a time when NuRAN's share price was falling and did not reflect what management considered to be the fair value of equity. It was intended that a convertible instrument which provided a reasonable interest rate helped by a conversion price to equity set above market would be the best alternative. As time went and the EIB financing fell away, alternate sources of financing were not available which led the Company to continue to draw on the factoring. By this time the factoring agreement was being amended to add more onerous terms to manage tax implications but also compensate for additional risk given the exposure of the factor overall. This was especially the case as the risk profile of the Company increased due to challenges encountered in delivering site build targets and revenue generation.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN signed the Eighth and last Factoring Amending Agreement on August 19, 2025. These followed amendments signed 1) September 2023, 2) November 2023, 3) December 2023, 4) April 2024, 5) June 2024, 6) December 2024 and 7) April 2025. Each amendment was entered into to provide additional funding as alternate sources were delayed as well as satisfying specific requirements for the closing of Cygnum Capital in June 2024. The Eighth Amendment is an example of the amounts, frequency and terms of various drawdowns under the factoring agreement as per the table below. The Company had drawn an additional $198k under the factoring agreement and also received an advance of US$150,000 for settlement of the infrastructure licence costs in the DRC. The latter payment was issued under a promissory note issued on September 9, 2025 which was repaid in full with interest of 15% pa and a lending fee of 5% from the proceeds of the Cygnum drawdown of US$1,000,000 received on October 6, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of Loan** | **Amount of <br> Principal** | **Maturity Date** | **Interest <br> Rate** | **Other <br> Costs\*** | **Date of Effective<br> Settlement** | **Details of Any <br> Repayments** | **Credit added to<br> the Paid Account <br> of the Factor** |
| 23-Dec-24 | 150000.00 | 06-Feb-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 554271.39 |
| 22-Jan-25 | 63405.12 | 08-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 231228.97 |
| 04-Feb-25 | 146030.00 | 14-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 536268.58 |
| 15-Apr-25 | 200000.00 | 30-May-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 403672.43 |
| 02-May-25 | 50000.00 | 16-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 97896.78 |
| 06-May-25 | 150000.00 | 20-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 292604.72 |
| 27-May-25 | 105000.00 | 11-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 195450.57 |
| 04-Jun-25 | 70000.00 | 19-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 125532.76 |
| 10-Jun-25 | 127778.00 | 25-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 234116.55 |
| 13-Jun-25 | 11830.26 | 28-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 21612.22 |
| 20-Jun-25 | 100000.00 | 04-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 176365.07 |
| 08-Jul-25 | 100000.00 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 167745.94 |
| 09-Jul-25 | 20539.50 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 34419.33 |
| 22-Jul-25 | 134232.50 | 05-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 221674.26 |
| 29-Jul-25 | 27542.00 | 12-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 45860.50 |
| 11-Aug-25 | 27570.00 | 25-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 43123.77 |
| 19-Aug-25 | 150000.00 | 03-Oct-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 19547.41 |
| Total | 1633927.38 |  |  |  |  |  | 3401391.25 |

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\* Lending Fee: increasing by 1% (first 3 notes) or 2% (all other notes) per month until repayment; interest is charged on this amount. Maximum lending fee of 10% on the first 3 Notes; no maximum on others.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Advances provided and amendments under the factoring agreement were entered into with the expectation that the business would meet the conditions for further drawdowns from Cygnum Capital and these were therefore short term. Also, because the Cygnum funds were to be directed to site construction, the factoring was used to provide working capital for the parent company as well as repayments of the facility drawn in April 2023. The loans in the table above were issued at the time of entering into the 6th amendment in December 2024 when the Company was generating sufficient cash in its Cameroon operation to cover its operating expenses. In fact, in February 2025 funds were up-streamed from Cameroon and the Company also expected to obtain its infrastructure licence for DRC that would unlock additional funding from Cygnum. The notes were used on a limited basis from December 2024 to the beginning of May 2025 to settle urgent cash needs. By May when the significant reduction in income became apparent due to the international billing issue, the Company simply did not have alternatives for cash and continued to draw on the factoring agreement until the drawdown from Cygnum in October 2025. All conditions of the DRC licence had also been fulfilled so we expected not to need more short-term loans. It was this expectation that led management to accept relatively high rates of interest and other terms due to the short term expected life of the debt and simply no other alternatives. Any equity raise would be highly dilutive plus it was not clear there was interest in a public offering given the overhang of potential conversions through recourse on the factoring line.

**Restructuring Transaction**

On December 22, 2025, the Company announced that it closed a restructuring transaction to purchase of all the issued outstanding common shares and preference shares of the Factor. The restructuring resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067, debt settlements of $6,172,629, and the acquisition of Factor for $20,802,303 as a debt settlement. Each Unit consisted of one common share of the Company and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the Factor are able to materially affect the control of the Company. As a result of the Restructuring Transaction, the Factor became a wholly-owned subsidiary of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of NI 51-102. The Company would file a material change report containing the disclosure required by sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 **–** *Information Prospectus-level disclosure* in respect of the Factor. The Company expects to dissolve the Factor at a later date. As of December 31, 2025, the Factor has not yet been dissolved.

The restructuring transaction strengthens the Company's financial statements and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Accounting Treatment of Borrowings**

The unsecured instruments are straightforward relative to the other borrowings. These were issued with Original Issuance Discounts (OIDs) which is treated separately from the principal amount of the liability. The OID is a negative amount that is amortised over time as the instruments approach maturity. This amortization is charged through the P&L as a financing expense and the liability is accreted (increased in value), also booked through the P&L. In the absence of any renegotiation or renewal, there is no other booking of loss/gain in the instrument. The conversion feature of both of these instruments is booked separately as a derivative valued using Black Scholes pricing with key assumptions being the risk free rate (Bank of Canada rate) and volatility (based on a benchmark of similar companies in the industry).

MANAGEMENT'S DISCUSSION AND ANALYSIS

The secured instruments coming from financial investors – the factoring agreement and debentures – were somewhat more complex, mainly because they come with additional fees and charges, and due to their size and security characteristics. Main features of the factoring agreement were lending fees and interest which are charged through the P&L. In addition, during the period some cash advances were advanced as promissory notes and then eventually brought under the factoring based on the Company's ability to repay. In addition, with each recourse notice involving a share issuance, any gain resulting from the difference between the contractual conversion price and market price is booked through the profit & loss as "Other Elements". The factoring agreement did not contain any embedded derivatives that require subsequent fair value measurements under IFRS.

The other secured instruments being convertible debentures included an Original Issuance Discount (OID) and in some cases interest charges. One instrument included a lending and monitoring fee as well as interest and these were booked regularly through the P&L as finance expenses. Amortisation of the OID and accretion of the instrument value was also booked and as these have derivatives, Black Scholes pricing was used with similar assumptions as mentioned above.

Given the significant balance of amounts owing under the factoring facility and convertible debentures, and that these arose from transactions with parties connected to an independent Board member of NuRAN, the Company took several steps to maintain a system of independent oversight when considering these transactions. First the Company has adopted a Code of Business Conduct and Ethics sanctioned by the Board that details specific steps that the Company should take in dealing with these transactions in order to ensure all related party transactions are conducted on an arm's-length basis and in the best interests of the company and shareholders. Second, in all matters concerning related party transactions the Board takes a number of steps to maintain independence including disclosure whereby the board member with the potential conflict fully discloses the nature and extent of their interest before the transaction is discussed and in addition, that director does not participate in any discussion, negotiation, or decision related to the transaction. Third, members of the audit committee review and evaluate all related-party transactions including seeking independent, external advice if needed, which has been the case for the factoring and restructuring transaction. While NuRAN can benefit from sourcing finance from connected parties given their knowledge and understanding of the Company, it recognizes the need to follow strict policies to protect its stakeholders interests.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company has amended the NaaS contract with Orange DRC to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders. The above-described Restructuring Transaction significantly improves the Company's financial strength along with these developments.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Results in Cameroon are still on target with management's initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy for reselling Orange products and services that has already shown growth in user adoption and traffic.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing NuRAN's concentration risk. The US$5M bridge facility from Cygnum Capital and US$1.6M private placement along with the 2024 announced US$15M Term Sheet with a possible increase to a US$70M Facility continues to support management's efforts to raise equity. This financing, when completed, is expected to support the rollout of up to 600 sites across a number of countries to further diversify its revenue sources. Timing of this rollout is uncertain as the US$15M facility is contingent on an equity injection to NuRAN Africa Holding of a minimum of US$10M as mentioned above. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast deployments.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of December 31<sup>st</sup>, 2025, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

The following section discusses the Company's financial performance based on consolidated financial statements for the year ended December 31, 2025 and 2024.

**Factors Concerning the Company's Financial Performance and Results of Operations**

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, generating sales as sites go live and produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

Under NuRAN's contracts, site revenue is shared with the mobile network operator based on net billings after applicable charges and taxes. These agreements generally include a threshold (TH) below which NuRAN retains 100% of site revenue; revenue above that level is shared between the parties. The revenue-sharing percentage varies by contract and is designed to reflect the economics of each market.

Under the Orange Cameroon contract, the Company currently recognizes a minimum guaranteed revenue (MGR) per site per month, and site ownership is expected to transfer after six years of operation. The revenue-sharing structure is similar to the threshold model, except that revenue is guaranteed even when a site generates less than the MGR. The Company is in discussions with Orange Cameroon to amend the contract to a threshold-based structure that would allow NuRAN to retain ownership of the infrastructure. A similar amendment has already been signed with Orange DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Under IFRS 15, current contract with Orange Cameroon requires NuRAN to record site sales when operational, impacting revenue and gross profit margins. Moving to the Threshold would cancel the IFRS 15 accounting treatment as was done in the DRC when the contract was amended in May 2025.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running. In the early stages of NaaS rollout and implementation, revenue will not cover selling, administrative and R&D costs needed to grow and maintain the NaaS business in the various countries. As sites are deployed and generate increasing revenue the Company is expected to become profitable. To achieve the desired net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys.

**Outstanding Share Data (post-consolidation basis)**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;December 31, 2024 | &nbsp;&nbsp;December 31, 2023 |
| &nbsp;&nbsp;Common shares, voting and participating | &nbsp;&nbsp;13069567 | &nbsp;&nbsp;195647 | &nbsp;&nbsp;143479 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;6359067 | &nbsp;&nbsp;61797 | &nbsp;&nbsp;39704 |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;9566 | &nbsp;&nbsp;9566 | &nbsp;&nbsp;11017 |

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As at December 31, 2025 the Company had 13,069,567 common shares outstanding. As at December 31, 2025, the Company has convertible debt instruments in issue which, if fully converted, would result in the issuance of 66,612 common shares. This includes 22,045 relating to unsecured Convertible Debentures and 44,567 relating to unsecured Convertible Debenture and Derivative Liabilities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the annual consolidated financial statements of the Company as at December 31, 2025 and 2024 and for the periods then ended:

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| | | | |
|:---|:---|:---|:---|
|  | **Year ended <br> December 31, 2025** | **Year ended <br> December 31, 2024** | **Year ended <br> December 31, 2023** |
| &nbsp;&nbsp;Total revenues | $4168154 | $4364327 | $3199125 |
| &nbsp;&nbsp;Total loss | $(21436048) | $(8755861) | $(12322243) |
| &nbsp;&nbsp;Net loss per share – basic | $(36.30) | $(48.80) | $(96.00) |
| &nbsp;&nbsp;Net loss per share – diluted | $(36.30) | $(48.80) | $(96.00) |

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| | | | |
|:---|:---|:---|:---|
|  | **As at <br> December 31, 2025** | **As at <br> December 31, 2024** | **As at <br> December 31, 2023** |
| &nbsp;&nbsp;Total assets | $29998169 | $23878422 | $20210608 |
| &nbsp;&nbsp;Total non-current financial liabilities | $323206 | $66739 | $293768 |

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**RESULTS OF OPERATIONS**

**Revenue** 

Revenue for year ended December 31, 2025 of $4,168,154 was an decrease of $196,173 from the year ended December 31, 2024 ($1,165,202 increase for the year period ended December 31, 2024 compared to the year ended December 31, 2023).

Of the total revenue for year period ended December 31 2025, $3,221,569 was NaaS service revenue from site operations. In addition to this, the Company recognised $385,531 that was an adjustment to comply with IFRS 15, which requires that we recognize a sale of the site and cost when it becomes operational. Approximately 90% of the total revenue for the period ended December 31, 2025 is now NaaS revenue. Although monthly revenue per site declined compared to 2024 due to the international billing issue with Orange Cameroon, the increase in the number of sites and consistent growth in average revenue per site has helped sustain and even enhance overall revenue for the year ended.

Other revenue for the year ended December 31, 2025 was related to direct product sales of $561,053.

**Gross Profit** 

Gross profit for the year ended December 31, 2025 decreased by $1,018,739 compared to the year ended December 31, 2024 (increased by $1,787,795 for the year period ended December 31, 2024 compared to the year ended December 31, 2023).

MANAGEMENT'S DISCUSSION AND ANALYSIS

Gross margin for the year ended December 31, 2025 decreased to 31% from 53% for the year ended December 31, 2024 (increased to 53% for the year ended December 31, 2024 from 17% for the year ended December 31, 2023).

Overall, the year ended December 31, 2025 NaaS gross margin was 27%, and 48% excluding the IFRS 15 adjustment. Results were impacted by recognition of extra charges of USD 669k from Spacecom for satellite bandwidth in the DRC in connection with the Restructuring Transaction. Excluding these charges would have resulted in NaaS gross margin of 52% and 77% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method, now in place in DRC, will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site is being closely managed to maximize gross profit. NaaS gross margin excluding the IFRS 15 adjustment is more in line with the Company's future projections for this line of business.

**Expenses** 

During the year ended December 31, 2025, total expenses increased by $5,331,013 from the year ended December 31, 2024 (for the year ended December 31, 2024 total expenses increased by $1,484,318 from the year ended December 31, 2023). In aggregate, operating cost categories including selling, administrative and research and development decreased by approx. $744k or 9% over 2022 as management continued cost containment initiatives across all categories while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. As described in Note 3 of the Audited Consolidated Financial Statements for the year ended December 31, 2025, the Company amortizes certain software using the units of production method, whereby the amortization charge in each period reflects the number of base station units deployed relative to the total estimated lifetime deployments (the "denominator"). As at January 1, 2025, management revised the denominator from 6,000 units to 1,500 units, applied prospectively against the net book value of the asset at the date of change. The revised estimate of 1,500 units aligns with the NaaS deployments supportable by the Company's current board-approved business plan and existing financing commitments, rather than the broader contracted pipeline of approximately 5,000 sites, which is subject to additional funding conditions. As a result the amortisation charge for 2025 is $33,164 based on this adjusted number of units.

Financial expenses increased by approx. $6.1M including approximately $4 million of interest costs on short-term borrowings, most of which were settled as part the Restructuring transaction and are therefore non-recurring.

**Other Elements** 

Other Elements for the year ended December 31, 2025 generated a net loss of $6,418,918 compared with a net loss of $50,160 in the year ended December 31, 2024 (a net loss of $50,160 for the year ended December 31, 2024 compared to a net loss of $473,558 for the year ended December 31, 2023). These relate mostly to the extraordinary book loss on the acquisition of the Factor which represented the difference between the carrying value of the debt and the factored receivables and interest charges extinguished. The loss on assets acquired of $9,152,783 was offset by $2,173,549 of gains on the settlement of accounts payable and debt instruments as well as a gain of $104,917 on accounts payable settled for cash. More detail on this is provided in the Company's Notes to Financial Statements and Material Change Report including prospectus-level disclosure concerning the transaction and filed on SEDAR+. Other Elements also included a write-off of $496k of NuRAN radio equipment in the DRC resulting from the local customs authorities losing the equipment. This loss is partially offset elsewhere in the financial statements with reversal of a provision for customs duties payable. In addition, the Company realised a book loss of $300k on the modification of the DRC contract. Approx. $1.37m of gains were realised through the write-off of accounts payable and deferred revenue related mainly to projects in the Marshall Islands.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net Loss** 

As a result of all the factors mentioned above the Net Loss for the year ended December 31, 2025 increased to $21,436,048 from the year ended December 31, 2024 loss of $8,755,861, an increase of $12,680,187 (for the year ended December 31, 2024 decreased to $8,755,860 from the year ended December 31, 2023 loss of $12,322,245).

**Total Comprehensive Loss** 

The difference in the foreign exchange translation of foreign operations for the year ended December 31, 2025 was a net gain of $346,509 compared with a net loss of $1,170,878 for the year ended December 31, 2024. The Total Comprehensive Loss for the year ended December 31, 2025 decreased to $21,089,539 compared to $9,926,739 for the year ended December 31, 2024 (a Total Comprehensive Loss of $9,926,738 for the year ended December 31, 2024 compared to a Total Comprehensive Loss of $12,130,890 for the year ended September 30, 2023).

While the restructuring transaction has heavily impacted the year, especially the global comprehensive loss, the steps taken strengthens the Company's overall financial position and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Expenses**

Below is a discussion of the expenses for the year ended December 31, 2025, and the year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **% change from** <br> **2024** |
| &nbsp;&nbsp;Selling expenses | 691772 | 798660 | -13.38% |
| &nbsp;&nbsp;Administrative expenses | 5794206 | 6821129 | -15.06% |
| &nbsp;&nbsp;Financial expenses | 8672013 | 2596960 | +233.93% |
| &nbsp;&nbsp;Research and development costs | 1065449 | 675678 | +57.69% |
|  | 16223440 | 10892426 | +48.94% |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

**Selling expenses** 

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the Investor Relations online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

**Administrative expenses** 

Administrative expenses consist of staff remuneration, public company and financing fees, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs decreased from the previous period as a result of cost containment measures implemented by management to establish a streamlined operation. $1.1m of these costs relate to financing split roughly 80% non- recurring financing fees of debts settled via the Restructuring Transaction and 20% public company-related, which are likely to increase when the company moves to Nasdaq. A more detailed breakdown by category is available in the Company's Notes to Financial Statements.

**Financial expenses** 

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing including accretion of convertible debentures and gain/loss on foreign exchange. The increase in financial expenses for the year ended December 31, 2025, compared to the year ended December 31, 2024, is mainly a result of the higher interest costs related to short-term borrowings, most of which were settled through the Restructuring Transaction and are therefore non-recurring and non-cash foreign exchange charges as a result of the movement in the USD:CAD exchange rate.

**Research and development** 

Research and development costs for the year ended December 31, 2025 increased over the year ended December 31, 2024 as the Company continued to focus on continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. The Company continues in its effort to have group operating costs covered by NaaS revenue so that any new funds raised can be directed to site construction and servicing and repaying other debt. This, along with the strengthening of the financial position as a result of the Restructuring Transaction will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SUMMARY OF QUARTERLY RESULTS**

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| | | | |
|:---|:---|:---|:---|
| **Three Months Ended** | **Total revenues ($)** | **Total loss ($)** | **Basic and Diluted Loss <br> Per Share**<br> **($)** |
| 31-Dec-25 | 613211 | (12599231) | (8.04) |
| 30-Sep-25 | 627650 | (3105062) | (9.00) |
| 30-Jun-25 | 627920 | (3542950) | (15.00) |
| 31-Mar 25 | 2209079 | (1689530) | (9.00) |
| 31-Dec-24 | 663422 | (371968) | (3.00) |
| 30-Sep-24 | 1563061 | (3220575) | (18.00) |
| 30-Jun-24 | 1512457 | (2425969) | (15.00) |
| 31-Mar-24 | 572727 | (2355685) | (15.00) |
| 31-Dec-23 | 1125235 | (2861581) | (21.00) |

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**Fourth Quarter**

During the three months ended December 31, 2025, the Company earned revenues of $613,211 compared to $663,422 during the three months ended December 31, 2024, a decrease of $50,211. This decrease is due mainly to the impact of the international tariff issue which was especially pronounced in Q4.

During the three months ended December 31, 2025, the Company generated gross margin of $(880,544) compared to $289,704 during the three months ended December 31, 2024, a decrease of $1,170,248. The reduction was due in large part to a charge taken in the DRC related to the Restructuring Transaction and the settlement of accounts payable in shares with our satellite partner, Spacecom.

During the three months ended December 31, 2025, the Company incurred a net loss of $12,599,231 compared to net loss of $371,968 for the three months ended December 31, 2024. The increase in the loss in 2025 was almost entirely due to the Restructuring Transaction, namely the AFI acquisition which resulted in a book loss of $9.2 million offset by gains on the settlement of short-term borrowing and other write-offs.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash increased to $4,665,392 as at December 31, 2025, from $1,171,558 as at December 31, 2024. Current assets increased to $19,077,136 as at December 31, 2025, from $16,125,341 as at December 31, 2024, mainly due to increases in Cash from the private placement with smaller increases in Trade and other receivables and Inventories. The increases were offset by a reduction in accrued revenues brought about partially by the reversal of IFRS 15 accounting treatment in the DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's operations are geared to increasing the installed base of owned and operated NaaS sites. Due to the long-term nature of these contracts and the recurring nature of revenue, the Company expects that over time, from a contracted backlog of over 5,000 sites, it will be able to generate a sufficient and significant amount of cash to cover its obligations. While funding efforts have delayed the NaaS build-out, the performance of the existing sites that has been achieved thus far confirms the viability of management's expectation. The short-term objective is to cover all group operating costs on a monthly basis and beyond this, a sufficient surplus such that build-out of all remaining sites is covered without the need to resort to additional debt or equity funding. During the coming period, the Company will also direct some cash to paying trade and other payables, meeting its obligations with regard to deferred revenue and settling loans payable. Currently the Company has less than 5% of the contracted number of sites in operation and execution risk of the development plan is probably the most important observed issue. This has been exacerbated by an aborted financing attempt and extremely difficult financial market conditions which put the company's funding plans at least 2 years behind.

The business is split in line with its geographical footprint with Research and Development as well as production of its core WIS products centered in Canada. Project management and operations support, procurement, network monitoring and administration are also centered in Canada whereas NaaS operations including site construction and the bulk of revenue generation is focused in Africa. In order to manage liquidity, the Company must provide sufficient working capital for the Canadian operations while funds generated in Africa are directed to site construction and operating costs there. Most of the Canadian costs are payroll related with no ability to postpone payments and although there are some sales of equipment and services from Canada to third parties, the contribution from this is sporadic and difficult to plan. NuRAN cross-charges central services to subsidiaries so ultimately repayment of these obligations from subsidiaries will provide the company with the liquidity it requires.

Site construction is itself not a time intensive activity – what takes time is the procurement and logistics leading up to this. The NaaS offering has 4 key components – radio base stations supplied by NuRAN, power systems (solar panels and batteries), VSAT satellite terminals and the towers themselves. NuRAN must manage its supply chain for base station components and in addition must manage a global supply chain for the other components. From start to finish the working capital needs span at least 6 months or more. Power systems have proven to be the most difficult given the use of hazardous materials including lithium batteries. Recent attention on lithium as a precious mineral, rising demand for electrification and global supply chain challenges following Covid have all added to the complexity. In the second half of 2024, delays in power deliveries doubled the lead times.

The last element of the site construction process is the local activities including equipment logistics, environmental compliance, site identification and acquisition, installation and commissioning. Local African companies are used almost exclusively for this activity but being at the end of a relatively uncertain lead period means managing these relationships brings added challenges. This is to say nothing of local factors such as weather and security which are very real risks in sub-Saharan Africa. While NuRAN optimizes the use of its local workforce, the long lead times and execution challenges put strain on cashflow. Time is the enemy and NuRAN management is targeting 6-12 months of working capital on hand at any one time.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN management has been able to sustain extended payment timelines with suppliers and lenders given the potential that the NaaS solution and backlog provides. It closely manages supplier relationships, matching payments with revenue generated as much as possible.

In the medium term, NuRAN plans to continue to build its NaaS base to generate additional cash. Some of these funds will ultimately be upstreamed to Canada to satisfy payment obligations and NuRAN manages its foreign currency, translation, convertibility and transfer risk on an ongoing basis as this is a very important element of cash management. It uses such tools as local currency facilities and matches costs to sources including revenue, borrowings and equity. In the short term, repaying outstanding accounts payable and servicing debt will come from planned equity raises to support committed debt facilities.

Of the $10,456,567 in trade and other payables, the majority is attributable to various suppliers and consulting partners. The Company intends to address these obligations through measures such as structured payment plans, allocation of equipment/service sales margin contributions, write-offs, and/or settlement in shares, where applicable. Approximately $1.5m is accrued interest charges on unsecured convertible debentures.

Within loans payable totaling $7,297,100, an amount of $7,150,626 is due to Cygnum Capital and pertains to infrastructure investments in NuRAN's NaaS business. This short-term, two-year bridge facility (extended to three years in May 2026) is anticipated to be converted into a long-term arrangement or repaid, and discussions on this transition are currently underway.

As a result of the Restructuring Transaction completed in December, the shareholders' deficit improved by over $17 million into a surplus. This was a criterion of the listing on Nasdaq which is now a key element of the Company's funding plans.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. Management has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites and it is transitioning some inventory from the DRC to Cameroon and Ivory Coast as a means of extending the NaaS footprint and improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of this MD&A the Company has placed on hold any effort to pursue the development of this network.

MANAGEMENT'S DISCUSSION AND ANALYSIS

While the company remains reliant on external funding for CAPEX spending, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the US$5M Cygnum loan facility including a possible increase of US$2M related to Ivory Coast and Benin, the $5.8M private placement, the term sheet and mandate letter aimed at raising up to US$70 million and other funding discussions currently underway, as well as the financing capacity made possible through a Nasdaq listing, management believes that the company will be able to raise the necessary financing, helped by its much improved financial position. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS AND UNCERTAINTIES**

**Additional Financing Requirements and Access to Capital** 

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Liquidity and Cash Resources:** 

The Company's limited cash resources represent a significant uncertainty that may materially affect future performance and ability to meet obligations.

**Sales Risks** 

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk** 

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of its product research and development expenses, , customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk** 

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Competition** 

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals** 

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends** 

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know- how.

**Protection of Intellectual Property** 

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers** 

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Over time, as the NaaS business has gained in importance, an increasing proportion of sales are derived outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks** 

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

**SCHEDULE "D"**

**Pro forma consolidated financial information**

Unaudited Pro Forma Condensed Consolidated Financial Statements of

**NuRAN Wireless Inc.**

As at December 22, 2025<br> For the Period Ended December 22, 2025

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Financial Position

As at December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **Nuran Wireless Inc. (As at <br> December 22, 2025)** | **Advance Factoring Inc. (As at <br> December 22, 2025)** | **Total** |
| ***ASSETS*** | **$** | **$** |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | **5860061** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |  |  | **3798016** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |  |  | **49200** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues |  |  | **2724647** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  | **6389739** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | **59348** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |  |  | **1313447** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan receivable |  |  | **77347** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets |  |  | **20271805** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment |  |  | **3059201** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets |  |  | **7472426** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets |  |  | **389407** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |  |  | **10921034** |
| **Total assets** |  |  | **31192839** |
| ***LIABILITIES*** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  |  | **11651232** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  |  | **1154191** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable |  |  | **7297100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | **2645502** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability |  |  | **2432637** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable preferred shares |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities |  |  | **92580** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  | **25273242** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | **323206** |
| **Total liabilities** |  |  | **25596448** |
| ***Shareholders' surplus*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital |  |  | **86606375** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  | **6465936** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus |  |  | **7559538** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of conversion option |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange in translation of foreign operations |  |  | **(801802)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  |  | **(94233656)** |
| **Total shareholders' surplus** |  |  | **5596391** |
| **Total liabilities and shareholders' surplus** |  |  | **31192839** |

---

*See accompanying notes to the unaudited pro forma condensed consolidated financial statements.*

 

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss

For the year ended December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advance Factoring Inc. for the period ended December 22, 2025** | **Notes** | **Notes** | **Pro Forma Adjustments** | **Total** |
|  | **$** | $— |  |  |  |
| **Revenue** |  |  |  | **—** | **4168154** |
| Cost of sales |  |  |  | **—** | **2855279** |
| **Gross profit** |  |  |  | **—** | **1312875** |
| Selling expenses |  |  | 2 b) | **19123** | **691772** |
| Administrative expenses |  |  |  | **—** | **5794206** |
| Financial expenses |  |  |  | **—** | **8672013** |
| Research and development costs |  |  |  | **—** | **1065449** |
|  |  |  |  | **19123** | **16223440** |
| Loss before other elements**)** |  |  |  | **(19123)** | **(14910565)** |
| Other elements |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gain / (loss) on debt settlement |  |  | 2 a) | **(9152783)** | **(6874318)** |
|  |  |  | 2 b) | **1816687** |  |
| &nbsp;&nbsp;&nbsp;Impairment of inventory**)** |  |  |  | **—** | **(1339)** |
| &nbsp;&nbsp;&nbsp;Impairment of receivable**)** |  |  |  | **—** | **(44169)** |
| &nbsp;&nbsp;&nbsp;Write-off of assets**)** |  |  |  | **—** | **(44245)** |
| &nbsp;&nbsp;&nbsp;Write-off of account receivables**)** |  |  |  | **—** | **(47056)** |
| &nbsp;&nbsp;&nbsp;Write-off of inventory**)** |  |  |  | **—** | **(495907)** |
| &nbsp;&nbsp;&nbsp;Write-off of account payables |  |  |  | **—** | **567079** |
| &nbsp;&nbsp;&nbsp;Write-off of deferred revenue |  |  |  | **—** | **820695** |
| &nbsp;&nbsp;&nbsp;Loss on modification of contract**)** |  |  |  | **—** | **(299659)** |
|  |  |  |  | **(7336096)** | **(6418918)** |
| Loss before income taxes**)** |  |  |  | **(7355219)** | **(21329482)** |
| Income tax expense |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax |  |  |  | **—** | **106566** |
| &nbsp;&nbsp;&nbsp;Deferred |  |  |  | **—** | **—** |
| **Net loss for the year)** |  |  |  | **(7355219)** | **(21436048)** |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |  |  |  |  |  |
| Foreign exchange difference on translation |  |  |  | **—** | **346509** |
| **Comprehensive loss for the year)** |  |  |  | **(7355219)** | **(21089539)** |
| **Net loss per share** |  |  |  |  | **(36.30)** |
| **Weighted average number of outstanding common shares** |  |  |  |  | **590522** |

---

*See accompanying notes to the unaudited pro forma condensed consolidated financial statements.*

**NuRAN Wireless Inc.**

Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements<br> (Expressed in Canadian Dollars, except shares, unless otherwise noted)

**1.** **Basis of presentation:** 

The accompanying unaudited pro forma condensed consolidated financial statements (the "Pro Forma Financial Statements") of NuRAN Wireless, Inc. ("NuRAN" or "the Company"), and Advance Factoring, Inc ("AFI" or the "Factor") have been prepared in connection with a restructuring transaction within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations involving the acquisition of Advance Factoring Inc., a factoring company; private placement financing and other debt settlements (together the "Restructuring Transaction"). The restructuring transaction was effective on December 22, 2025.

On December 22, 2025, the Company entered into a Share Purchase agreement resulting in the acquisition of AFI. In relation to the acquisition of AFI, the Company concluded that NuRAN is both the legal and accounting acquirer under *International Financial Reporting Standards ("IFRS") 3 Business Combinations*. Although former AFI shareholders collectively obtained approximately 56% of the voting rights post-transaction, these shareholders do not have control over NuRAN, as they lack the ability to direct the relevant activities or govern key operating and financing decisions.

Further the Company determined that AFI did not meet the definition of a business under *IFRS 3 Business Combinations*, as it did not include substantive processes or an organized workforce. As a result, the transaction was accounted for as an asset acquisition rather than a business combination.

The Pro Forma Financial Statements are based on the historical consolidated financial statements of NuRAN and the historical financial statements of AFI. The pro forma adjustments are limited to the restructuring of NuRAN and the acquisition of AFI, other debt settlements, and a private placement financing.

The Pro Forma Financial Statements have been prepared in accordance with Canadian securities legislation and based on the principles of IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The Pro Forma Financial Statements are presented in Canadian Dollars ("CAD"), the presentation currency of NuRAN.

The unaudited Pro Forma Condensed Consolidated Statement of Financial Position gives effect to the acquisition of AFI, concurrent debt settlements, and the private placement financing as if it had occurred on December 22, 2025, as described in Note 2.

The unaudited Pro Forma Condensed Consolidated Statements of Loss and Comprehensive Loss for the period ended December 22, 2025, give effect to the acquisition of AFI, concurrent debt settlements, and the private placement financing as if it had occurred on January 1, 2025. The Company noted for the period December 22, 2025, through December 31, 2025, there were no other material adjustments required in preparing the unaudited Pro Forma Condensed Consolidated Statements of Loss and Comprehensive Loss for the period ended December 22, 2025.

These Pro forma Financial Statements have been prepared from information derived from and should be read in conjunction with the following financial statements.

i) the audited consolidated financial statements of NuRAN Wireless Inc. for the year ended December 31, 2025.

ii) the audited financial statements of Advance Factoring Inc. for the period ended December 22, 2025.

The unaudited pro forma December 22, 2025, financial information of NuRAN was derived by adjusting the Company's December 31, 2025, financial statements and reversing the journal entries relating to the Restructuring Transaction completed on December 22, 2025. No adjustment was required to the financial information of AFI.

The assumptions and estimates underlying the adjustments to the Pro Forma Financial Statements are described in the accompanying notes.

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss

For the year ended December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

The adjustments to the Pro Forma Financial Statements are estimates and have been made solely for the purpose of presenting the Pro Forma Financial Statements, which are necessary to comply with applicable securities and reporting requirements. The pro forma financial information may not reflect the financial condition or operating results of the consolidated Company or may not be useful in predicting the future condition and operating results of the Company. The pro forma statements do not necessarily reflect what the consolidated Company's financial condition or results of operations would have been had the Restructuring Transaction, occurred on the dates indicated. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. It is management's opinion that the unaudited Pro Forma condensed consolidated financial statements contain all adjustments necessary for the fair presentation of the acquisition of AFI, other debt settlements, and the private placement financing in all material aspects.

**2.** **Pro forma assumptions and financial statement adjustments:** 

The pro forma adjustments to the Pro Forma Financial Statements have been prepared based on the following assumptions.

(a) Acquisition of Advance Factoring Inc. (the Restructuring Transaction):

On December 22, 2025, NuRAN Wireless Inc. entered into a Share Purchase Agreement (SPA) to acquire 100% of the issued and outstanding shares of Advance Factoring Inc. from its shareholders in exchange for NuRAN units. AFI Shares means collectively the AFI Class A Common Shares, AFI Class B Common Shares and AFI Preferred Shares. NuRAN units will consist of i) one (1) NuRAN Common Share, and (ii) one half of one (1/2) NuRAN warrant.

The purchase price defined in the SPA amounts to $20,802,303. NuRAN issued 7,198,026 units to the AFI shareholders. i.e. 7,198,026 common shares and 3,599,013 warrants. The deemed issue price was determined by the Company at $2.89 per unit. At the date of the acquisition, the Company determined that AFI did not constitute a business as defined under *IFRS 3, Business Combinations*, and the acquisition was accounted for as an asset acquisition.

*IFRS 2 Share Based Payment* was applied to measure the fair value of the consideration for the asset acquisition. The quoted share price used to value the units was $2.78, which represents a level 1 input. The warrants were valued using the Black-Scholes-Merton Model. The following inputs were used in estimating the fair value of the warrants:

---

| | |
|:---|:---|
| Quantity of warrants | 3599013 |
| Expected life | 5 years |
| Underlying stock price | $2.78 |
| Exercise price | $4.34 |
| Volatility | 98% |
| Risk-free interest rate | 2.98% |

---

The NuRAN units were issued with legends in accordance with applicable Securities Laws and the policies of the Canadian Securities Exchange (CSE), resulting in a trading restriction requiring the units to be held for a period of 4 months and a day. To reflect this temporary trading restriction, a discount for lack of marketability (DLOM) of 21.58% was applied using the Finnerty model over the applicable hold period. The Finnerty model considers assumptions of expected volatility of 182%, share price of $2.78, and term of 0.33 years. As a result, the fair value of the common shares and warrants after applying the DLOM was $2.1798 and $1.4929, respectively.

NuRAN issued units with a fair value of $21,063,698 as consideration for the acquisition of AFI. The fair value of common share and warrants were $15,690,476 and $5,373,222, respectively. The fair value of the net identifiable net assets was determined to be $Nil, as the underlying financial assets and financial liabilities did not meet the recognition criteria under *IFRS 9 Financial Instruments* at the acquisition date. The resulting difference of $21,063,698 was considered as an adjustment to accumulated deficit on the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position.

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss

For the year ended December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

As the Company acquired AFI's net assets, the loans payable outstanding to AFI are now discharged and therefore the liability is extinguished per the definition of *IFRS 9 Financial Instruments*. The liability extinguished pursuant to the transaction is $11,910,915 which is considered as an adjustment to accumulated deficit in the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position. The net impact to the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position is as below.

---

| | |
|:---|:---|
| **Consideration** | **Pro Forma** |
| Fair value of 7,198,026 common shares issued ($2.1798) | $15690476 |
| Fair value of 3,599,013 warrants issued ($1.4929) | $5373222 |
| **Total consideration** | $**21063698** |
| **Identifiable assets and liabilities acquired:** |  |
| Current assets |  |
| &nbsp;&nbsp;&nbsp;Finance receivable | $— |
| &nbsp;&nbsp;&nbsp;Interest receivable | $— |
| Current liabilities |  |
| &nbsp;&nbsp;&nbsp;Callable Preferred shares | $— |
| **Total identifiable net assets acquired** | $**—** |
| **Consideration paid in excess of net assets acquired** | $**21063698** |
| Liability extinguished pursuant to the transaction | $(11910915) |
| **Net impact on accumulated deficit** | $**9152783** |

---

The unaudited Pro Forma Statement of Loss and Comprehensive Loss are adjusted to reflect the impacts of consideration paid in excess of net assets acquired and liability extinguished pursuant to the transaction. The following table summarizes the net impact of the acquisition on the unaudited Pro Forma Statement of Loss and Comprehensive Loss.

---

| | |
|:---|:---|
|  | **Pro Forma Adjustment** |
| For the period ended December 22, 2025 | $9152783 |

---

(b) Additional debt settlements:

Concurrent with the acquisition of AFI, the Company paid $301,290 in cash and issued 3,449,957 Units to settle payables and debts with other parties based on deemed price of $2.89 per Unit. Each Unit consists of one common share and half common share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. The fair value of the Units upon settlement is $2.63 per unit, based on the fair value of the common shares and the warrant as $2.18 per common share and $0.58 per warrant, respectively, in addition to a discount for lack of marketability. The fair value of the warrants was estimated using the Black-Scholes model based on a term of 5 years, exercise price of $4.335 per share, risk-free rate of 2.56%, and expected volatility of 98%. The total fair value of the common shares and warrants issued are $7,511,314 and $645,144, respectively.

The carrying amount of the net debts upon settlement is $10,255,312, which includes the factoring receivable amount of $1,802,923 which is netted against the debts. The Company recognized $1,816,687 in gains on settlement of debt and $19,123 in financial expenses, in the Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss.

**NuRAN Wireless Inc.**

Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements<br> (Expressed in Canadian Dollars, except shares, unless otherwise noted)

(c) Private placement financing

The Company completed a private placement, whereby subscribers purchased Units in the aggregate amount of $5,815,116, for a total of 2,012,149 Units. The Company incurred finder's fees of $2,609 relating to the private placement. The net proceeds received of $5,812,507 were allocated to share capital and warrants based on their relative fair values of $2.18 per common share and $0.58 per warrant, respectively. The total fair value of the common shares and warrants issued are $5,352,585 and $459,922, respectively These subscriptions provide immediate working capital to support the Company's operations.

(d) Elimination of AFI balances

As the AFI net assets, do not meet the definition of the financial assets and financial liabilities as per *IFRS 9 Financial Instruments,* the balances of Trade and other receivables, Callable preferred shares and share capital of $7,619,162, $7,267,527 and $100, respectively, is eliminated and the resulting difference is recorded to the accumulated deficit of $351,535 in the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position.

**3. Share capital**

The following details the share capital of the Resulting issuer:

---

| | |
|:---|:---|
|  | **Number of**<br>**common shares** |
| NuRAN's share outstanding as of December 22, 2025 | 409436 |
| Acquisition of AFI | 7198026 |
| Shares issued against other debt settlements | 3449957 |
| Shares issued on private placements | 2,012,149 |
|  | **13,069,568** |

---

4. Payments not related to the transaction

Cash payments totaling $1,194,663 were made against trade and other payables during the period from December 22 to December 31, 2025, which were unrelated to the restructuring transaction. These payments were not reflected in the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position. As a result, the pro forma cash balance and trade and other payables do not reconcile to the corresponding balances reported in NuRAN Wireless Inc.'s consolidated audited financial statements for the year ended December 31, 2025.

**SCHEDULE "E"**

**Factor's audited annual financial statements**

**for the period ended December 22, 2025 and December 31, 2024**

---

| |
|:---|
| **Advance Factoring Inc.** |
| **Financial Statements** |
| **For the period ended December 22, 2025 and December 31, 2024** |
| **(In Canadian Dollars)** |

---

![](img011_v7.jpg)

**INDEPENDENT AUDITOR'S REPORT**

To the Shareholders of **Advance Factoring Inc., Opinion**

We have audited the financial statements of **Advance Factoring Inc.** (the Company) which comprise the statement of financial position as at December 31, 2025, and the statements of changes in earnings, comprehensive income and cash flows for the years then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 22, 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

**Emphasis of Matters**

Without qualifying our opinion, we draw attention to Note 3 in the financial statements which indicates the existence of a material uncertainty that may cast significant doubt on the ability of **Advance Factoring Inc.** to continue as a going concern.

**Basis for Opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Financial Statements* section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high-level assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

![](img011_v7.jpg)

**INDEPENDENT AUDITOR'S REPORT (cont'd)**

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism through the audit. We also:

● Identify and assess the risks of
 material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to these
 risks, and obtain audit evidence that is
 sufficient and appropriate to provide a basis
 for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
 as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

● Obtain an
 understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Company's internal control.

● Evaluate the appropriateness of accounting policies used
 and the reasonableness of accounting estimates and related
 disclosures made by management.

● Conclude on the appropriateness of management's use of the
 going concern basis of accounting and, based
 on the audit evidence obtained, whether a material
 uncertainty exists related to events or conditions that may cast
 significant doubt on the Company's ability
 to continue as a going
 concern. If we conclude that a material
 uncertainty exists, we are required to draw attention
 in our independent auditor's report to the related
 disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
 obtained up to the date of our auditor's report.
 However, future events or conditions may cause the Company to cease to continue as a going concern.

● Evaluate
 the overall presentation, structure, and
 content of the financial statements, including the
 disclosures, and whether the financial statements
 represent the underlying transactions and events in a
 manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

---

| | |
|:---|:---|
| **Richmond Hill, Canada** | **Chartered Professional Accountants** |
| April 15, 2026 | **Licensed Public Accountants** |

---

**Advance Factoring Inc.**

**Statement of Financial Position** 

**As at December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 22,**<br> **2025** | **December 31,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| $**6** | $63279 |
| &nbsp;&nbsp;&nbsp;Finance receivables (Note 5) | **7619162** | 7003238 |
| &nbsp;&nbsp;&nbsp;Marketable securities | **—** | 23137 |
| &nbsp;&nbsp;&nbsp;Interest receivable (Note 5) | **4291664** | 501784 |
| &nbsp;&nbsp;&nbsp;Less: allowance for doubtful accounts (Note 5) | **(4291664)** | (501784) |
| &nbsp;&nbsp;&nbsp;Loan receivable | **—** | 150000 |
|  | $**7619168** | $7239654 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $**—** | $14907 |
| &nbsp;&nbsp;&nbsp;Income tax payable | **—** | 33683 |
| &nbsp;&nbsp;&nbsp;Due to related parties (Note 8) | **—** | 5024175 |
| &nbsp;&nbsp;&nbsp;Due to shareholders (Note 8) | **—** | 1642947 |
| &nbsp;&nbsp;&nbsp;Callable preferred shares (Note 6) | **7267527** |  |
|  | **7267527** | 6715712 |
| &nbsp;&nbsp;&nbsp;**Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 6) | **100** | 100 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **351541** | 523842 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **351641** | 523942 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**7619168** | $7239654 |

---

**Incorporation and nature of business (Note 1)**

**Qualifying transaction (Note 9)**

---

| | |
|:---|:---|
| **Approved by the Board** | **Shimshon Posen** |
|  | &nbsp;&nbsp;&nbsp;**Director (signed)** |

---

*The accompanying notes are an integral part of these audited financial statements.*

**Advance Factoring Inc.**

**Statement of Profit or Loss** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 22,** <br> **2025**  | **December 31,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Factoring income | $**—** | $15784 |
| &nbsp;&nbsp;&nbsp;Interest income | **1970** | 163213 |
| &nbsp;&nbsp;&nbsp;**Total Revenue** | $**1970** | $178997 |
| &nbsp;&nbsp;&nbsp;Professional fees | $**29049** | 7543 |
| &nbsp;&nbsp;&nbsp;Travel and entertainment | **907** |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **3749** |  |
| &nbsp;&nbsp;&nbsp;Loss on marketable securities | **126280** | 145351 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on foreign exchange | **3103** |  |
| &nbsp;&nbsp;&nbsp;Office expense | **10569** |  |
| &nbsp;&nbsp;&nbsp;Bank fees | **614** | 782 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **(174271)** | $(153676) |
| &nbsp;&nbsp;&nbsp;**Net income (loss) before other items:** | **(172301)** | 25321 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | **—** | (33682) |
| &nbsp;&nbsp;&nbsp;**Net loss and comprehensive loss** | **(172301)** | $(8361) |
| &nbsp;&nbsp;&nbsp;**Net loss per share (basic and diluted)** | $**(0.00)** | $(0.00) |
| &nbsp;&nbsp;&nbsp;**Weighted average number of shares outstanding (basic and diluted)** | **100000000** | 100000000 |

---

*The accompanying notes are an integral part of these audited financial statements.*

 

**Advance Factoring Inc.** 

**Statement of Changes in Shareholders' Equity**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Share**<br>**Capital** | **Number of Preferred Shares** | **Preferred** <br> **shares**  | **Accumulated** <br> **Surplus**  | **Shareholders' Equity** |
| &nbsp;&nbsp;&nbsp;Balance, January 1, 2024 | 100000000 | $100 |  | $— | $532203 | $532303 |
| &nbsp;&nbsp;&nbsp;Net loss for the year |  |  |  |  | (8361) | (8361) |
| &nbsp;&nbsp;&nbsp;**Balance, December 31, 2024** | **100000000** | $**100** | **—** | $**—** | $**523.842** | $**523942** |
| &nbsp;&nbsp;&nbsp;Shares issued for debt settlement (Note 6) |  |  | 726752667 | 7267527 |  | 7267527 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  | (172301) | (172301) |
| &nbsp;&nbsp;&nbsp;**Balance, December 22, 2025** | **100000000** | $**100** | **726752667** | $**7267527** | $**(351541)** | **7619168** |

---

*The accompanying notes are an integral part of these audited financial statements.*

 

**Advance Factoring Inc.**

**Statement of Changes in Cash Flows** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 22,**<br>**2025** | **December 31,**<br>**2024** |
| &nbsp;&nbsp;&nbsp;**Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | $**(172301)** | $(8361) |
| &nbsp;&nbsp;&nbsp;**Adjustments for non-cash items:** |  |  |
| &nbsp;&nbsp;&nbsp;Fair value change on marketable securities | **23137** | 405386 |
| &nbsp;&nbsp;&nbsp;**Net changes in working capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan receivable | **150000** | (145000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance receivables and loans, gross | **(615924)** | (699897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(14907)** | 7752 |
| &nbsp;&nbsp;&nbsp;Income tax payable | **(33683)** | 33683 |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(663678)** | (406437) |
| &nbsp;&nbsp;&nbsp;**Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loans | **4451287** | 1689034 |
| &nbsp;&nbsp;&nbsp;Repayment of related party loans | **(2207935)** | (1098781) |
| &nbsp;&nbsp;&nbsp;Proceeds from shareholder loans | **3015312** | 680391 |
| &nbsp;&nbsp;&nbsp;Repayment of shareholder loans | **(4658259)** | (975073) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **600405** | 469609 |
| &nbsp;&nbsp;&nbsp;**Net change in cash** | $**(63273)** | $63172 |
| &nbsp;&nbsp;&nbsp;**Cash, beginning of period** | **63279** | 107 |
| &nbsp;&nbsp;&nbsp;**Cash, ending of period** | $**6** | $63279 |

---

*The accompanying notes are an integral part of these audited financial statements.*

 ****

 **** 

**Advance Factoring Inc.**

**Notes to the Financial Statements** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**1.** **INCORPORATION** **AND NATURE OF BUSINESS** 

Advance Factoring Inc. ("AFI" or the "Company") was incorporated on September 9, 2022, under the Business Corporations Act (Ontario) (the "OBCA"). On June 20, 2023, the Company changed its name from 1000307537 Ontario Inc. to Advance Factoring Inc. The Company is engaged in providing asset-based financing, including factoring and receivables financing. The Company's registered address is 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9.

On April 15, 2026, the Board of Directors approved the audited financial statements for the period ended December 22, 2025 and December 31, 2024.

**2.** **BASIS OF PRESENTATION** 

**Statement of Compliance**

The financial statements have been prepared in accordance with IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

**Basis of Presentation**

These financial statements are presented in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. The financial statements are prepared on a historical cost basis except for certain financial statements classified as fair value through profit or loss ("FVTPL"), which are stated at their fair value. The accounting policies have been applied consistently throughout the entire period presented in these financial statements. The company is preparing financial statements for the period January 1, 2025 to December 22, 2025 in relation to a qualifying transaction (see note 9), instead of the full fiscal year.

**3.** **GOING CONCERN OF OPERATIONS** 

The Company has incurred losses in the current period and prior periods. For the period ended December 22, 2025, the Company incurred a net loss of $171,301 (2024 - $8,361). Although the company has been successful in securing additional financing in the past, the current market conditions raise material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern.

These financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. Accordingly, no adjustments to the carrying values of the assets and liabilities have been made in these financial statements. Should the Company no longer be able to continue as a going concern, certain assets and liabilities may require restatement on a liquidation basis which may differ materially from the going concern basis. We additionally draw attention to note 9 and the qualifying transaction which outlines the sale of the company to the primary factoring customer, Nuran Wireless Inc.

**Advance Factoring Inc.**

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**4.** **MATERIAL ACCOUNTING POLICY** **INFORMATION** 

**Revenue recognition**

Revenue principally comprises of interest and other fees from the Company's asset-based financial services, including factoring, and is measured at the fair value of the consideration received. Interest charged on finance receivables is recognized as revenue using the effective interest rate method. Other revenue, such as Factoring income, setup fees, commitment fees and service fees, is recognized as revenue when earned.

**Finance** **receivables**

The Company finances its clients principally by providing asset-based loans, including factoring receivables. Finance receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and that the Company does not intend to sell immediately or in the near term. Finance receivables are initially measured at fair value plus incremental direct transaction costs and subsequently measured at amortized cost using the effective interest rate method. The Company's finance receivables are financial assets that are measured at amortized cost as the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest.

**Financial Instruments**

*Recognition*

The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments.

*Classification*

The Company classifies its financial assets and financial liabilities in the following measurement categories: i) those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss, and ii) those to be measured at amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows.

Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income.

The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified.

The Company has implemented the following classifications:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash
 is classified as assets at fair value and any period change in fair value is recorded
 in profit or loss.

**Advance Factoring Inc.**

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**4.** **MATERIAL ACCOUNTING POLICY** **INFORMATION - continued** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Accounts
 payable and accrued liabilities are classified as other financial liabilities measured
 at amortized cost using the effective interest rate method.

*Measurement*

All financial instruments are required to be measured at fair value on initial recognition, plus, in case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments or principal and interest on the principal outstanding are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at their fair values at the end of subsequent accounting periods, with any changes taken through profit and loss or other comprehensive income (irrevocable election at the time of recognition).

Additional fair value measurement disclosure includes classification of financial instrument fair values in a fair value hierarchy comprising three levels reflecting the significance of the inputs used in making the measurements which are as follows:

Level 1: Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities:

Level 2: Valuations based on directly or indirectly observable inputs in active markets for similar assets or liabilities, other than Level 1 prices, such as quoted interest or currency exchange rates; and

Level 3: Valuations based on significant inputs that are not derived from observable market date, such as discounted cash flow methodologies based on internal cash flow forecast.

Cash is a level 1 financial instrument measured at fair value on the statement of financial position.

**Income Taxes**

Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered.

**Advance Factoring Inc.**

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**4.** **MATERIAL ACCOUNTING POLICY INFORMATION - continued** 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.

**Estimates**

Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Corporation reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made.

The preparation of financial statements in conformity with IFRS accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates used in the financial statements.

**Share capital**

Proceeds from the issuance of common shares are classified as equity in the statement of financial position. Incremental costs directly attributable to the issuance of shares are recognized as a deduction, net of any tax effects.

**Basic and Diluted Loss per share**

Basic loss per share is computed by dividing the net loss applicable to common shares by the weighted average number of common shares outstanding for the relevant period. Diluted loss per share is computed by dividing the net loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding if potentially dilutive instruments were converted. The effects of anti-dilutive potential instruments are ignored in calculating diluted earnings per share.

**5.** **FINANCE RECEIVABLES** 

The Company's finance receivables and loans are generally either: (i) collateralized by a charge on substantially all the borrowers' assets; or (ii) leased assets or factored receivables which the Company owns; or (iii) guaranteed by a credit worthy party. Collateral securing the Company's finance receivables and loans is primarily comprised of receivables, inventory, and equipment, as well as other assets such as real estate and guarantees.

**Advance Factoring Inc.** 

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**5.** **FINANCE RECEIVABLES - continued** 

As at December 22, 2025 and December 31, 2024, management has reviewed the factoring receivables for any impairment. Upon their review, there was significant doubt that interest receivable on these factoring receivables would be collectible, resulting in an allowance for the entirety of the interest receivable. Note 7 includes disclosures relating to the credit risk exposure and analysis relating to the allowance for expected credit losses. Both the current and comparative provisions apply the IFRS 9 expected loss model.

**6.** **SHARE CAPITAL** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Authorized** - Unlimited common shares<br>&nbsp;&nbsp;&nbsp;**Issued** | <br>**#** | **$** |
| &nbsp;&nbsp;&nbsp;Balance, December 31, 2024 and December 22, 2025 (i) | 100000000 | 100 |
|  | **100000000** | **100** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 December 16, 2025 the Company completed a share split on the basis of 1,000,000:1 common
 share which resulted in the Company having 100,000,000 common shares issued and outstanding.
 The share split is reflected retrospectively in these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Authorized** - Unlimited preferred shares | | |
| &nbsp;&nbsp;&nbsp;**Issued** | # | **$** |
| &nbsp;&nbsp;&nbsp;Balance, December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares issued for debt settlement (i) | 726752667 | 7267527 |
| &nbsp;&nbsp;&nbsp;**Balance, December 22, 2025** | **726752667** | **7267527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 December 19, 2025, the Company issued 726,752,667 preferred shares at a fair value of
 $0.01 per share for the settlement of debt with certain shareholders and related parties.
 These preferred shares are callable at the option of the holder. In accordance with IAS
 32, management assessed the terms of the instrument to contain features that result in
 liability classification in the financial statements. The callable preferred shares are
 treated as equity under corporate law even though they are treated as debt under IFRS.

**7.** **FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES** 

**Fair Value**

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The levels of the fair value hierarchy are defined as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs for assets or liabilities that are not based on observable market data.

The fair value of accounts payable and accrued liabilities approximates its carrying value due to the short-term maturity. Cash and cash equivalents are measured using level 1 hierarchy.

**Advance Factoring Inc.**

**Notes to the Financial Statements** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**7.** **FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - continued** 

**Capital Management**

The Company's capital consists of Shareholders' Equity. The Company's objective for managing capital is to maintain sufficient capital to identify, evaluate and complete an acquisition or other transaction.

The Company sets the amount of capital in relation to risk and manages the capital structure and adjusts it in light of changes to economic conditions and the risk characteristics of the underlying assets.

The Company's objectives when managing capital are: i. to maintain a flexible capital structure, which optimizes the cost of capital at an acceptable risk; and ii. to maintain investor, creditor and market confidence in order to sustain the future development of the business.

**Credit Risk**

Credit risk is the risk of loss due to the counterparty's inability to meet its obligations. The Company's exposure to credit risk is on its cash and cash equivalents. Risk associated with cash and cash equivalents is managed through the use of major banks which are high credit quality financial institutions as determined by rating agencies.

Factoring receivables consist of one customer. The Company has determined that the although the factoring receivables are collateralized, the interest receivable has credit risk and has taken the appropriate allowance for the period ended December 22, 2025 and December 31, 2024.

**Liquidity Risk**

Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations when they become due. The Company ensures that there is sufficient capital in order to meet short-term operating requirements, after taking into account the Company's holdings of cash and cash equivalents. The Company's accounts payable and accrued liabilities are due within 90 days of December 22, 2025. See Note 1 related to going concern.

**8.** **RELATED PARTY TRANSACTIONS** 

For the period ended December 22, 2025, the following expenses were incurred with key management personnel of the Company. Key management personnel are persons responsible for planning, directing and controlling the activities of the entity, and include certain directors and officers.

● The Company received $3,015,312 (December 31, 2024 - $680,391) in loans from the Company's Chief Executive Officer. The Company repaid $4,658,259 (December 31, 2024 - $801,035) in loans to the Company's Chief Executive Officer.

● The Company received $4,451,287 (December 31, 2024 - $1,689,034) in loans from related parties of the Company, The Company repaid $2,207,935 (December 31, 2024 - $1,098,781) in loans to related parties of the Company.

● The Company issued an aggregate of 7,267,527 preferred shares in settlement of existing related party and shareholder loans. The preferred shares were issued at a fair value of $0.01 per share.

**Advance Factoring Inc.**

**Notes to the Financial Statements** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**8.** **RELATED** **PARTY TRANSACTIONS - continued** 

As of December 22, 2025, the Company has $nil (December 31, 2024 - $6,667,122) as payables to directors and officers of the Corporation in the ordinary course of business. Amounts due to related parties are without interest, unsecured and without stated terms of repayment

**9.** **QUALIFYING TRANSACTION** 

On December 22, 2025, the Company and Nuran Wireless Inc. ("Nuran") entered into a share purchase agreement for the purpose of completing the purchase of 100% interest in the Company (the "Transaction"). Nuran has agreed to purchase all the outstanding shares of the Company in exchange for units of Nuran, the Company will be a wholly owned subsidiary of Nuran.

**10.** **ACCOUNTING STANDARDS ISSUED BUT NOT YET APPLIED** 

In April 2024, the IASB issued the new standard IFRS Accounting Standards 18 - Presentation and Disclosure in Financial Statements that will replace IAS 1 - Presentation of Financial Statements. The new standard introduces newly defined subtotals on the income statement, requirements for aggregation and disaggregation of information, and disclosure of Management Performance Measures ("MPMs") in the financial statements. The new standard is effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted. The Company is assessing the impacts to the financial statements.

In May 2024, the IASB issued amendments to IFRS Accounting Standards 9 - Financial Instruments and IFRS Accounting Standards 7 - Financial Instruments: Disclosures. The amendments relate to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets, including those with Environmental, Social, and Governance ("ESG")-linked features. The IASB also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income ("FVOCI") and added disclosure requirements for financial instruments with contingent features. The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted. The Company is assessing the impacts to the financial statements.

**SCHEDULE "F"**

**Factor's management discussion and analysis**

**for the period ended December 22, 2025 and December 31, 2024**

**Advance Factoring Inc.**

**Management Discussion and Analysis**

**For the period ended December 22, 2025 and December 31, 2024**

April 15, 2026

The following management discussion and analysis ("MD&A") of the results of the operations and financial position of Advance Factoring Inc. (the "Company" or "AFI") for the period ended December 22, 2025 and December 31, 2024, should be read in conjunction with the Company's audited financial statements for period ended December 22, 2025 and December 31, 2024. All figures contained in this MD&A are presented in Canadian dollars.

**Forward-Looking Statements**

Certain statements contained in this MD&A may constitute forward-looking statements. These statements relate to future events or the Company's future performance. All statements, other than statements of historical fact, may be forward-looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this MD&A should not be unduly relied upon by investors as actual results may vary. These statements speak only as of the date of this MD&A and are expressly qualified, in their entirety, by this cautionary statement. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various risk factors.

**The Company**

Advance Factoring Inc. ("AFI" or the "Company") was incorporated on September 9, 2022, under the *Business Corporations Act* (Ontario) (the "OBCA"). On June 20, 2023, the Company changed its name from 1000307537 Ontario Inc. to Advance Factoring Inc. The Company is engaged in providing asset-based financing, including factoring and receivables financing. The Company's registered address is 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9.

On September 9, 2022, the Company issued 100 common shares at $0.01.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 2**

On December 16, 2025, the Company completed a share split on the basis of 1,000,000:1 common share which resulted in the Company having 100,000,000 common shares issued and outstanding.

December 19, 2025, the Company issued 726,752,667 preferred shares at a fair value of $100 per share for the settlement of debt with certain shareholders and related parties.

On April 15, 2026, the Board of Directors approved the audited financial statements for the period ended December 22, 2025, and December 31, 2024.

**Selected annual information** 

---

| | | |
|:---|:---|:---|
| | **December 22, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Total Assets | $7619168 | $7239654 |
| &nbsp;&nbsp;Total Revenues | $1970 | $178997 |
| &nbsp;&nbsp;Total Expenses | ($174271) | ($153676) |
| &nbsp;&nbsp;Net Loss | ($172301) | ($8361) |
| &nbsp;&nbsp;Basic and diluted net loss per share | ($0.00) | ($0.00) |

---

For the period ended December 22, 2025, the Company held total assets of $7,619,168, total liabilities of $7,267,527, representing preferred shares recorded as a financial liability, and incurred a net and comprehensive loss of ($172,301). For the twelve-month period ended December 31, 2024, AFI held total assets of $7,239,654, liabilities of $6,715,712, and a net and comprehensive loss of ($8,361).

**Selected Quarterly information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**December**<br> **22, 2025** | &nbsp;&nbsp;**September**<br> **30, 2025** | &nbsp;&nbsp;**June 30,**<br> **2025** | &nbsp;&nbsp;**March 31,**<br> **2025** | &nbsp;&nbsp;**December**<br> **31, 2024** | &nbsp;&nbsp;**September**<br> **30, 2024** | &nbsp;&nbsp;**June 30,**<br> **2024** | &nbsp;&nbsp;**March 31,**<br> **2024** |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;$7619168 | &nbsp;&nbsp;$7761641 | &nbsp;&nbsp;$8996971 | &nbsp;&nbsp;$7961805 | &nbsp;&nbsp;$7239654 | &nbsp;&nbsp;$6280056 | &nbsp;&nbsp;$6524068 | &nbsp;&nbsp;$6371748 |
| &nbsp;&nbsp;Total Revenues | &nbsp;&nbsp;7 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;$1962 | &nbsp;&nbsp;$177497 | &nbsp;&nbsp;$1500 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;$161629 | &nbsp;&nbsp;$113415 | &nbsp;&nbsp;($100836) | &nbsp;&nbsp;$62 | &nbsp;&nbsp;$184632 | &nbsp;&nbsp;$62 | &nbsp;&nbsp;$2349 | &nbsp;&nbsp;$315 |
| &nbsp;&nbsp;Net Loss | &nbsp;&nbsp;($161622) | &nbsp;&nbsp;($113415) | &nbsp;&nbsp;$100836 | &nbsp;&nbsp;$1900 | &nbsp;&nbsp;($7135) | &nbsp;&nbsp;$1438 | &nbsp;&nbsp;($2349) | &nbsp;&nbsp;($315) |
| &nbsp;&nbsp;Basic and diluted net loss per share | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;($0.00) |

---

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 3**

**Results of Operations**

*<u>Period ended December 22, 2025</u>*

The Company recorded a net loss of $161,622 (December 31, 2024 - $7,135) during the quarter ended December 22, 2025, the increase in net loss period over period is a result of the loss on sale of marketable securities as well as the year-over-year decrease in factoring and interest income.

During the year ended December 31, 2024 and the period ended December 22, 2025, the Company received arrangement fee shares and recourse conversion units from NuRAN Wireless Inc. (the "Seller") pursuant to the Factoring Agreement. During the year ended December 31, 2024, the Seller issued 1,900,000 common shares as arrangement fees and 11,729,452 conversion units (comprising common shares and warrants) as recourse payments under the Factoring Agreement. The common shares received as arrangement fees were recorded at their fair value on the date of receipt of $209,000, being the number of shares multiplied by $0.11, the closing price of the Seller's shares on the date of receipt. The conversion units received as recourse payments were recorded at fair value on the date of receipt was $1,588,262.23, being the fair value of $1,518,206 the common shares (number of shares x closing price on date of receipt) plus the fair value of the warrants of $70,056.23 which is the Black Scholes value of the warrants on the date of issuance . During the period ended December 22, 2025, the Company received 16,500,000 conversion units as recourse payments. The conversion units received were recorded at fair value on the date of receipt of $1,053,160.43, being the fair value of $1,009,936.26 for the common shares component (number of shares x closing price on date of receipt) plus the fair value of the warrants component of $43,224.17 which is the Black Scholes value of the warrants on the date of issuance.

**Liquidity and Capital Resources**

As at December 22, 2025, the Company had cash of $6 (December 31, 2024 - $63,279), finance receivables of $7,619,162 (December 31, 2024 - $7,003,238), marketable securities of $nil (December 31, 2024 - $23,137), loan receivable of $nil (December 31, 2024 - $150,000) and had total liabilities of $7,267,527 (December 31, 2024 - $6,715,712), represented by 726,752,667 Preferred Shares recorded as a financial liability at a redemption amount of $0.01 per share, (December 31, 2024 - $6,715,712) and working capital of $351,641 (December 31, 2024 -$523,942).

Negative cash flows of $663,678 (December 31 ,2024 - $406,437) were recorded from operating activities during the period ended December 22, 2025.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 4**

**Outstanding Share Data**

As at December 22, 2025 and as of the date of this MD&A, the Company has 100,000,000 common shares is issued and outstanding and 726,752,667 of issued preferred shares.

**Preferred Shares**

The Preferred Shares have the following key terms: (i) 726,752,667 Preferred Shares were issued on December 19, 2025 at a fair value of $0.01 per share for aggregate consideration of $7,267,527; (ii) the Preferred Shares are redeemable and retractable at a redemption amount of $0.01 per share; (iii) the Preferred Shares are callable at the option of the holder; (iv) the Preferred Shares are recorded as a financial liability in the Company's financial statements, as they contain a holder-controlled redemption feature; (v) the Preferred Shares rank in priority to the common shares with respect to dividends and distributions on liquidation; (vi) the Preferred Shares carry non-cumulative dividends declared at the discretion of the board of directors; and (vii) upon an event of default in redemption, holders become entitled to vote at shareholder meetings.

**Off-Balance Sheet Arrangements**

The Company has not had any off-balance sheet arrangements from the date of its incorporation to the date of this MD&A.

**Related Party Transactions**

For the period ended December 22, 2025, the following expenses were incurred with key management personnel of the Company. Key management personnel are persons responsible for planning, directing and controlling the activities of the entity, and include certain directors and officers.

● The Company received $3,015,312 (December 31, 2024 - $680,391) in loans from entities beneficially owned or controlled by Shimshon Posen, Chief Executive Officer and director of the Company. The Company repaid $4,658,259 (December 31, 2024 - $801,035) in loans to entities beneficially owned or controlled by Shimshon Posen, Chief Executive Officer and director of the Company.

● The Company received $4,451,287 (December 31, 2024 - $1,689,034) in loans from entities beneficially owned or controlled by Shimshon Posen. The Company repaid $2,207,935 (December 31, 2024 - $1,098,781) in loans to entities beneficially owned or controlled by Shimshon Posen.

● The Company issued an aggregate of 726,752,667 preferred shares in settlement of existing related party and shareholder loans. The preferred shares were issued at a fair value of $0.01 per share. The preferred shares have been recorded as a financial liability in the amount of $7,267,527 (726,752,667 x $0.01 per share). The key terms of the Preferred Shares are described under "Preferred Shares" above.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 5**

As of December 22, 2025, the Company has $nil (December 31, 2024 - $6,667,122) as payables to directors and officers of the Corporation in the ordinary course of business. Amounts due to related parties are without interest, unsecured and without stated terms of repayment.

**Qualifying transaction**

On December 22, 2025, the Company and Nuran Wireless Inc. ("Nuran") entered into a share purchase agreement for the purpose of completing the purchase of 100% interest in the Company (the "Transaction"). Nuran has agreed to purchase all the outstanding shares of the Company in exchange for units of Nuran, the Company will be a wholly owned subsidiary of Nuran.

**Capital Management**

The Company's objective when managing capital is to maintain its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders. The Company includes equity, comprised of share capital and accumulated deficit, in the definition of capital.

The Company's primary objective with respect to its capital management is to ensure that it has sufficient cash resources to fund the identification and evaluation of potential acquisitions. To secure the additional capital necessary to pursue these plans, the Company may attempt to raise additional funds through the issuance of equity or by securing strategic partners.

**Risks and Uncertainties**

The following describes certain risks, events and uncertainties that could affect the Company, and that each reader should carefully consider.

External financing may be required to fund the Company's activities primarily through the issuance of Shares. There can be no assurance that the Company will be able to obtain adequate financing. The securities of the Company should be considered a highly speculative investment.

The Company has not generated significant revenues and does not expect to generate significant revenues in the near future. In the event that the Company generates significant revenues in the future, the Company intends to retain its earnings in order to finance further growth. Furthermore, the Company has not paid any dividends in the past and does not expect to pay any dividends in the foreseeable future.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 6**

**Risk Disclosures and Fair Values**

The Company's financial instruments, carried at amortized cost, consists of accrued liabilities which approximate fair value due to the relatively short-term maturity of the instrument. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from this financial instrument.

**Critical Accounting Estimates**

The Company's significant accounting policies are summarized in Note 2 of the audited financial statements for period ended December 22, 2025 and December 31, 2024.

## Exhibit 99.95

**Exhibit 99.95**

**FORM 51-102F3**

***Material Change Report***

**Item 1: Name and Address of Company**

NuRAN Wireless Inc. (the "**Company**" or "**NuRAN**")

Suite 100, 2150 Cyrille-Duquet

Quebec, QC G1N 2G3

**Item 2: Date of Material Change**

December 22, 2025

**Item 3: News Release**

A news release announcing the material change was issued on January 28, 2026, and filed on SEDAR+ at <u>www.sedarplus.ca</u>, a copy of which is attached hereto as Schedule "A".

**Item 4: Summary of Material Change**

The Company announced the submission of the prospectus-level disclosure information regarding the acquisition of Advance Factoring Inc., a factoring company (the "**Factor**") has resulted in a restructuring transaction within the meaning of National Instrument 51-102 **–** *Continuous Disclosure Obligations* (the "**Restructuring Transaction**"), and that the Company would file this material change report containing the disclosure required by sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 **–** *Information Prospectus-level disclosure* in respect of the Factor.

On December 23, 2025, the Company announced that it closed a broad restructuring on December 22, 2025 (the "**Closing Date**"). The restructuring resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067.98, debt settlements of $6,172,629, and the acquisition of Factor for $20,802,303.09 as a debt settlement.

In addition, on December 22, 2025, the Company also completed the closing of an initial tranche of additional subscription amounts, issuing an aggregate of 2,115,064 Units, at $2.89 per Unit, for aggregate gross proceeds of approximately $6.11 million, which included cash subscriptions of $2,599,932.02 and debt settlements of $3,512,627.23. Following this the issued and outstanding shares of the Company totalled 12,905,118.

The Company completed the acquisition of the Factor, whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the Factor are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("**NI 51-102**").

The British Columbia Securities Commission (the "**Commission**") previously advised the Company that, pending the completion and filing of a material change report containing the disclosure required under section 14.2 of Form 51-102F5 in respect of the Factor, the Company was considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Staff Notice 51-322 – Reporting Issuer Defaults.

The Company has prepared the disclosure required under sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 and is filing such disclosure with this material change report in order to address the default.

**Item 5.1: Full Description of Material Change**

The material change consists of the completion and filing of this material change report containing the disclosure required under sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 in respect of the Factor.

*5.1.1 Financial Statements*

The issuance of common shares and the elimination of the related indebtedness resulting from the restructuring transaction are reflected in the Company's audited annual financial statements and related management's discussion and analysis ("**MD&A**") for the year ended December 31, 2025 that are included in this material change report in Schedule "B" and "C", respectively.

In connection with the acquisition of the Factor, the Company assumed the liability represented by the preferred shares of the Factor (the "**Preferred Shares**"). The 726,752,667 Preferred Shares issued by the Factor on December 19, 2025 are recorded as a financial liability in the amount of $7,267,527, as these shares are redeemable and retractable at the option of the holder at a redemption price of $0.01 per share. Notwithstanding the foregoing, pursuant to the Restructuring Transaction, the indebtedness under the Preferred shares constitutes intercompany balances and are eliminated in the consolidated financial statements. The key terms of the Preferred Shares, and the risks associated with this liability, are described under 'Description of Securities — Preferred Shares" and "Risk Factors" below.

The pro forma financial statements of the Company are included in Schedule "D". The audited financial statements of the Factor required under sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5, together with the related management's discussion and analysis of the Factor ("**MD&A**"), are included in Schedule "E" and "F" respectively to this material change report.

**Item 5.2 Disclosure for Restructuring Transactions**

No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. This document does not constitute a preliminary prospectus. The transaction described herein has been completed.

This document provides prospectus-level disclosure in respect of the acquisition (the "**Restructuring Transaction**") by Nuran (the "**Company**") of Advance Factoring Inc. (the "**Factor**") in connection with the Transaction, the Company issued an aggregate of 7,198,026 Units to the vendors.

Each Unit consisted of one common share in the share capital of the Company (each, a "**Common Share**") and half common share purchase warrant (each, a "**Warrant**"), with each Warrant entitling the holder thereof to acquire one additional Common Share at an exercise price of $4.335 per share until December 22, 2030. The Common Shares were issued by the Company on December 22, 2025, in connection with the Restructuring Transaction. The issuance was completed pursuant to prospectus exemptions under applicable securities laws. The deemed issue price of the Units was $2.89 Canadian Dollars ("**CAD**"). Unless otherwise indicated, all references to "$" are to CAD.

The Consideration Shares were issued at a fixed deemed price in connection with the Restructuring Transaction. The deemed issue price of the Units was determined by the board of directors of the Company, having regard to, among other things the value of the assets acquired, and the amount of indebtedness settled in connection with the Restructuring Transaction.

The common shares of the Company are listed on the Canadian Securities Exchange under the symbol "NUR".

On December 22, 2025, the last closing price of the common shares was $2.78. An investment in the Factor is subject to significant risks. See "*Risk Factors*".

No underwriters were involved in the Transaction. The Consideration Shares were issued directly by the Company to the vendors.

The Common Shares are subject to resale restrictions under applicable securities laws.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| FORWARD LOOKING INFORMATION | 7 |
| DOCUMENTS INCLUDED IN THIS MATERIAL CHANGE REPORT | 7 |
| INFORMATION CONCERNING THE FACTOR | 8 |
| CORPORATE STRUCTURE | 8 |
| &nbsp;&nbsp;&nbsp;Name, Address and Incorporation | 8 |
| &nbsp;&nbsp;&nbsp;Intercorporate Relationships | 9 |
| DESCRIPTION OF THE BUSINESS OF THE FACTOR | 10 |
| General | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialized Skills and Knowledge | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competitive Conditions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business or Seasonal Cycles | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Economic Dependence | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes to Contracts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees | 11 |
| &nbsp;&nbsp;&nbsp;Three Year History | 11 |
| &nbsp;&nbsp;&nbsp;Recent Developments | 11 |
| &nbsp;&nbsp;&nbsp;Information Concerning the Factor Following Completion of the Transaction | 14 |
| PARTICULARS OF THE MATTER – MI 61-101 | 14 |
| DIVIDENDS OR DISTRIBUTIONS | 16 |
| SELECTED CONSOLIDATED FINANCIAL INFORMATION | 16 |
| MANAGEMENT DISCUSSION & ANALYSIS | 16 |
| DESCRIPTION OF SECURITIES | 16 |
| &nbsp;&nbsp;&nbsp;Authorized and Outstanding Capital | 16 |
| OPTIONS TO PURCHASE SECURITIES | 17 |
| CONSOLIDATED CAPITALIZATION | 17 |
| PRIOR SALES | 18 |
| &nbsp;&nbsp;&nbsp;Market for Securities | 18 |
| ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER | 18 |
| PRINCIPAL SECURITYHOLDERS | 18 |
| DIRECTORS AND EXECUTIVE OFFICERS | 19 |
| &nbsp;&nbsp;&nbsp;Cease Trade Orders, Bankruptcies, Penalties or Sanctions | 19 |
| EXECUTIVE COMPENSATION | 20 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Employment, Consulting and Management Agreement | 20 |
| &nbsp;&nbsp;&nbsp;Equity Compensation Securities | 20 |
| &nbsp;&nbsp;&nbsp;Oversight and Description of Director and NEOs Compensation | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Process and Objectives | 21 |
| &nbsp;&nbsp;&nbsp;Pension and Retirement Plans | 21 |
| INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS | 21 |
| LEGAL PROCEEDINGS OR REGULATORY ACTIONS | 21 |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 21 |
| NON-ARM'S LENGTH PARTY TRANSACTIONS | 22 |
| AUDITOR, TRANSFER AGENT AND REGISTRAR | 22 |
| MATERIAL CONTRACTS | 22 |
| EXPERTS | 22 |
| OTHER MATERIAL FACTS | 23 |
| FINANCIAL STATEMENT DISCLOSURE | 23 |
| INFORMATION RELATING TO THE RESULTING ISSUER | 23 |
| &nbsp;&nbsp;&nbsp;Corporate Structure | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name and Incorporation | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercorporate Relationships | 23 |
| NARRATIVE DESCRIPTION OF THE BUSINESS | 24 |
| &nbsp;&nbsp;&nbsp;Stated Business Objectives | 25 |
| DESCRIPTION OF SECURITIES | 25 |
| PRO FORMA CONSOLIDATED CAPITALIZATION | 25 |
| AVAILABLE FUNDS AND PRINCIPAL PURPOSE | 26 |
| DIVIDENDS | 26 |
| PRINCIPAL SECURITYHOLDERS | 27 |
| DIRECTORS, OFFICERS AND PROMOTERS | 27 |
| &nbsp;&nbsp;&nbsp;Name, Address, Occupation and Security Holdings | 27 |
| &nbsp;&nbsp;&nbsp;Biographies of Management and Directors | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Relevant Education and Experience of Managers and Directors | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promoter Consideration | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Cease Trade Orders or Bankruptcies | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penalties or Sanctions | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal Bankruptcies | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Reporting Issuer Experience | 33 |
| EXECUTIVE COMPENSATION | 36 |

---

---

| | |
|:---|:---|
| INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS | 40 |
| AUDIT COMMMITTEE | 40 |
| CORPORATE GOVERNANCE | 42 |
| RISK FACTORS | 43 |
| INVESTOR RELATIONS ARRANGEMENTS | 45 |
| OPTIONS TO PURCHASE SECURITIES | 45 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR | 47 |
| EXPERTS | 47 |
| OTHER MATERIAL FACTS | 47 |

---

**FORWARD LOOKING INFORMATION**

This material change report contains certain statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information relates to future events or the anticipated performance of the Company and reflects management's expectations or beliefs regarding future events. In some cases, forward-looking information can be identified by the use of words such as "expects," "anticipates," "believes," "plans," "intends," "estimates," "may," "will," "should," or similar expressions suggesting future outcomes.

Forward-looking information in this disclosure includes, but is not limited to, statements regarding the anticipated benefits of the Restructuring Transaction, the integration of the Factor's assets and liabilities into the Company, and the expected operational or financial effects of the transaction.

Forward-looking information is based on a number of assumptions that management believes are reasonable as of the date of this material change report, including assumptions regarding the successful integration of the assets and liabilities previously held by the Factor, the continued operation of the Company's business in a manner consistent with past practice, and the absence of material undisclosed liabilities relating to the Factor.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, among others, risks associated with the integration of the acquired business and the potential existence of undisclosed liabilities of the Factor.

Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this material change report is made as of the date hereof and the Company does not undertake any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

The Restructuring Transaction was completed on December 22, 2025. Following completion of the transaction, the Factor ceased to operate as a separate entity and its assets and liabilities were integrated into the Company. Management expects that the Restructuring Transaction will simplify the Company's financing structure by internalizing the factoring arrangements previously carried out by the Factor. These statements constitute forward-looking information and should be read together with the cautionary statements set out above under "Forward-Looking Information."

**DOCUMENTS INCLUDED IN THIS MATERIAL CHANGE REPORT**

This material change report has been prepared in accordance with the requirements *of National Instrument 41-101 – General Prospectus Requirements* and includes all disclosure required to be provided at the prospectus level in connection with the Restructuring Transaction completed on December 22, 2025, including the acquisition of Advance Factoring Inc.

The following documents are included in or form part of this disclosure:

● the audited consolidated financial statements of the Company for the year ended December 31, 2025, together with the related auditor's report;

● the management's discussion and analysis of the Company for the year ended December 31, 2025;

● the annual audited financial statements of the Factor for the period ended December 22, 2025 and December 31, 2024, together with the related auditor's report;

● the pro forma financial statements required in connection with the acquisition of Advance Factoring Inc.;

● the management's discussion and analysis of the Factor for the period ended December 22, 2025 and December 31, 2024; and

● all other disclosure required under applicable securities legislation in respect of the Restructuring Transaction.

Certain documents of the Company filed pursuant to its continuous disclosure obligations, including prior annual and interim financial statements, management's discussion and analysis, material change reports and management information circulars, are available under the Company's profile on SEDAR+. References to such documents are provided for informational purposes only. All information required to be disclosed in this material change report is contained herein, and no document is incorporated by reference into this material change report except as expressly required or permitted by applicable securities legislation.

**INFORMATION CONCERNING THE FACTOR**

The following is a summary of the Factor (the "**Corporation**"), its business and operations, which should be read in conjunction with the information concerning the Factor appearing elsewhere in this disclosure. The information contained in this material change report is given as at December 22, 2025 on a post-transaction basis, unless otherwise indicated.

Unless otherwise indicated, references to the Factor in this disclosure describe the business and operations of the Factor prior to the completion of the Restructuring Transaction. Following completion of the Restructuring Transaction, the Factor ceased to operate as a separate entity.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Factor was incorporated under the laws of Ontario on September 9, 2022, pursuant to the *Business Corporations Act* (Ontario) ("**OBCA**") and is a private company with its registered and head office located at 1 Adelaide Street East, Suite 801, Toronto, Ontario, M5C 2V9. Binyomin Posen, a director of the Company, was the sole director and officer of the Factor upon incorporation, and resigned from those roles on December 30, 2022. His roles were replaced by Shimshon (Shimmy) Posen.

The Factor is primarily engaged in the business of acquiring and holding receivables in connection with a factoring arrangement with the Company, and holding the related contractual arrangements. Substantially all of the efforts of the Factor are devoted to these business activities and to date the Factor has not earned significant revenues.

Since its incorporation, the Factor has amended its articles from time to time. On September 14, 2022, the Factor amended its articles to change its name from 1000307537 Ontario Inc. to Advance Factoring Inc.

On June 20, 2023, the Factor amended its articles to authorize the issuance of an unlimited number of Preferred Shares and to establish the rights, privileges, restrictions and conditions attaching to such Preferred Shares, including priority with respect to dividends and distributions on liquidation, redemption and retraction features, and conditional voting rights in certain limited circumstances.

On December 9, 2025, the Factor amended its articles to reclassify its common shares into Class A Common Shares and Class B Common Shares, each issuable in an unlimited number, and to reflect the resulting classes of shares in the authorized share capital of the Factor.

On December 17, 2025, the Factor further amended its articles to effect a subdivision of its issued and outstanding Class A Common Shares and Class B Common Shares on a 1,000,000 for 1 basis and to amend and restate the rights, privileges, restrictions and conditions attaching to the Preferred Shares, including provisions relating to voting rights, dividends, redemption, retraction and priority on liquidation.

**Intercorporate Relationships**

Prior to the completion of the Restructuring Transaction, the Factor was a privately held corporation operating independently from the Company. The Factor was owned by its existing shareholders and was not a subsidiary or affiliate of the Company. While the Factor held common shares and conversion units of the Company received as arrangement fees and recourse payments under the Factoring Agreement, there were no equity ownership relationships between the Company and the Factor immediately prior to the Restructuring Transaction.

Upon completion of the Restructuring Transaction, the Company acquired all of the issued and outstanding shares of the Factor, as a result of which the Factor became a wholly-owned subsidiary of the Company. Following the completion of the Restructuring Transaction, the Factor continues to exist as a separate legal entity, but its results of operations are consolidated with those of the Company, and the Company exercises control over the Factor through its ownership of all of the Factor's issued and outstanding shares.

The intercorporate relationships between the Company and the Factor before and after the completion of the Restructuring Transaction are illustrated in the diagrams below.

**Before the Restructuring Transaction**

![](img012_v7.jpg)

**After the Restructuring Transaction**

![](img013_v7.jpg)

**DESCRIPTION OF THE BUSINESS OF THE FACTOR**

**General**

**Summary**

The Factor is a privately held Ontario company with its registered office in Toronto, Ontario. The Factor was established as a special purpose vehicle to acquire and hold receivables in connection with a factoring arrangement with the Company.

The Factor's principal business consisted of acquiring certain receivables of the Company and holding those receivables and related contractual arrangements under the factoring agreement. While the Factor completed a limited number of additional factoring mandates, its activities were primarily focused on the factoring arrangement with the Company.

The Factor was incorporated with minimal capitalization and financed primarily through debt obligations, which were converted into equity immediately prior to the Closing.

**Specialized Skills and Knowledge**

The nature of the Factor's business does not require significant operational infrastructure. Its activities consist primarily of acquiring and holding receivables pursuant to the factoring arrangement with the Company and administering the related contractual arrangements.

The Factor relies on the services of its sole director to manage its financial, administrative and contractual obligations. In addition, the Factor may engage third-party service providers and professional advisors, including legal, accounting and administrative consultants, as required in connection with its activities.

As of the date hereof, the Factor has been able to adequately meet its operational and administrative requirements.

**Competitive Conditions**

Competition in the receivables financing and factoring industry is significant. The Factor competes with a range of financial institutions, specialized factoring companies, private credit providers and other financing sources that offer receivables purchase or similar financing arrangements. Many of these competitors have greater financial resources, broader market presence and more established operating platforms than the Factor.

Competition in this sector is generally based on the availability and cost of capital, the terms offered in receivables purchase arrangements, speed and flexibility in structuring transactions, and the ability to effectively assess and manage credit risk associated with the underlying receivables.

The Factor's activities have been primarily focused on the factoring arrangement with the Company. To the extent the Factor seeks additional opportunities in the receivables financing market, it may face competition from financial institutions and other market participants with greater operational capacity and access to capital.

**Business or Seasonal Cycles**

The Factor's business is not materially impacted by seasonal weather patterns. While general economic conditions and business cycles may influence the volume and credit quality of receivables available for purchase, the Factor's operations are not subject to significant seasonal fluctuations.

**Economic Dependence**

The Factor's activities have been primarily focused on the factoring arrangement with the Company. As a result, the Factor has historically been substantially dependent on the factoring agreement with the Company and the related receivables acquired pursuant to that arrangement.

To the Restructuring Transaction date, the Factor had completed only a limited number of factoring mandates with other counterparties. Accordingly, the volume of the Factor's activities has been closely linked to the receivables financing arrangements entered into with the Company.

The termination, non-renewal or material modification of such arrangements would have had a material impact on the Factor's business and operations.

**Changes to Contracts**

Other than the arrangements relating to the factoring agreement with the Company and the transactions contemplated by the debt settlement, the Factor does not have material vendor agreements or third-party contracts that are expected to be affected by the Transaction. As of the date hereof, the Factor is not aware of any potential changes to its material contracts in the current financial year as a result of the Transaction.

**Employees**

As at the end of the most recent financial year of the Factor, the Factor had no employees and no consultants.

***Three Year History***

 ****

***Recent Developments***

**2023**

On August 28, 2023, the Factor entered into a factoring agreement (the "Factoring Agreement") with NuRAN (the "**Seller**"), pursuant to which the Factor agreed to acquire certain receivables of the Seller. In connection with the Factoring Agreement, the Seller also entered into a general security agreement and a guarantee, each dated August 28, 2023, in favour of the Factor as secured party. The initial closing occurred on August 28, 2023, at which time Approved Accounts with an aggregate face value of CAD $10,075,289.36 (as subsequently restated) were sold to the Factor. The consideration paid by the Factor consisted of: (i) CAD $4,638,340.95 paid to repay prior indebtedness owed by the Seller to entities associated with the Factor; (ii) CAD $800,000 payable by September 30, 2023; (iii) CAD $215,000 payable by a subsequent date; and (iv) CAD $650,000 payable by December 31, 2023. As an arrangement fee, the Seller issued 2,500,000 common shares to the Factor at the initial closing. Under the original Factoring Agreement, the Seller was required to satisfy any recourse notice in cash at 107% of the Purchase Amount or by issuing Units at a conversion price of $0.35 per share, with warrants exercisable at $0.40 per share.

**First Amending Agreement (September 27, 2023)**: The parties entered into the first factoring amending agreement dated September 27, 2023, which: (i) extended the deadline for the $800,000 cash payment under Section 4.5.2 from September 30, 2023 to October 31, 2023; (ii) extended the financing milestone deadline under Section 13.1.3 from September 30, 2023 to October 31, 2023; and (iii) extended the deadline for Quebec security to be effected from 30 days to 60 days.

**Second Amending Agreement (November 29, 2023, effective September 30, 2023)**: The parties entered into the second factoring amending agreement dated November 29, 2023, which: (i) reduced the conversion price under the recourse mechanism from $0.35 to $0.225 per share; (ii) reduced the warrant exercise price from $0.40 to $0.25 per share; (iii) restated Section 4.5 to reflect updated payment tranches totalling CAD $6,303,340.95 (including the initial $4,638,340.95 debt settlement, and additional tranches of $800,000 by October 31, 2023, $215,000 by November 14, 2023, and $650,000 by December 31, 2023); (iv) restated the arrangement fee under Section 4.6 to include an additional 1,000,000 shares by January 31, 2024 and 900,000 shares by March 15, 2024; (v) extended the Section 13.1.3 financing deadline to January 31, 2024; (vi) extended the deadline for Quebec security to be effected from 60 days to 125 days; (vii) updated Schedule 3 to add anticipated MINTA receivables (18 monthly payments of US$47,554.10 each from December 2023 to May 2025), with the Factor having the option to collect or waive such payments; and (viii) updated Schedule 1 to extend the applicable deadline to January 31, 2024.

**Third Amending Agreement (December 22, 2023, effective September 30, 2023)**: The parties entered into the third factoring amending agreement dated December 22, 2023, which: (i) extended the deadline for the $650,000 cash payment under Section 4.5.4 of the Second Amending Agreement from December 31, 2023 to January 31, 2024; and (ii) extended the deadline for Quebec security to be effected from 125 days to 156 days.

**2024**

**Fourth Amending Agreement (April 2, 2024):** The parties entered into the fourth factoring amending agreement, which: (i) restated Section 4.5 to update the aggregate face value of Approved Accounts to CAD $11,986,052.44 and the total Purchase Price to CAD $7,303,340.95 (reflecting the completion of additional cash payments, including $1,665,000 by January 31, 2024, $525,000 by March 19, 2024, and $475,000 by April 30, 2024); (ii) confirmed that all arrangement fee shares under Section 4.6 had been issued; (iii) replaced Schedule 3 with Schedule 3 (revised April 2024), which re-added certain invoices that had previously been the subject of Recourse Notices (totalling CAD $1,132,083.08 / USD $838,580.06):; (iv) provided that the Factor waived MINTA payments effective February 1, 2024, resulting in each such monthly amount plus US$15,000 being added to the face value of Approved Accounts; and (v) extended the deadline for Quebec security to be effected from 156 days to 246 days.

The following Recourse Notices were issued and settled by the Seller through the issuance of Units during 2024:

---

| | | | |
|:---|:---|:---|:---|
| Recourse # | Date | Amount | Units Issued |
| 1 | January 31, 2024 | $170634.14 | 758373 |
| 2 | February 2, 2024 | $106093.80 | 471528 |
| 3 | February 7, 2024 | $79411.79 | 352941 |
| 4 | February 12, 2024 | $79103.83 | 351572 |
| 5 | February 13, 2024 | $149190.13 | 663067 |
| 6 | February 22, 2024 | $166564.96 | 740288 |
| 7 | March 7, 2024 | $149190.13 | 663067 |
| 8 | March 20, 2024 | $231894.29 | 1030641 |
| 9 | April 15, 2024 | $149190.13 | 663067 |
| 10 | April 25, 2024 | $339799.98 | 1510222 |
| 11 | June 24, 2024 | $244780.45 | 1087913 |
| 12 | August 5, 2024 | $235329.76 | 1045910 |
| 13 | September 18, 2024 | $145794.03 | 647973 |
| 14 | November 7, 2024 | $230533.85 | 1024594 |

---

**Fifth Amending Agreement (June 25, 2024):** The parties entered into the fifth factoring amending agreement, which: (i) confirmed all payments under the restated Section 4.5 had been made; (ii) the Factor agreed to execute a Waiver and Subordination Request in connection with the FEI Financing (a facility agreement entered into on April 26, 2024 between NuRAN Wireless Africa Holding and Facility for Energy Inclusion, FEI-ONGRID LP), pursuant to which the Factor subordinated its security interests under the Factoring Agreement, the General Security Agreement, and the Guarantee to the security granted to the FEI lenders, and waived non-compliance with Section 13.1.3 of the Factoring Agreement; (iii) increased the aggregate Approved Accounts to CAD $17,886,251.50 through the addition of approximately USD $2,000,000 of new receivables, with a corresponding new draw facility of up to USD $2,000,000 available to the Seller in tranches not exceeding USD $100,000 with at least 10 business days between requests; (iv) replaced Schedule 3 with Schedule 3 (revised June 2024), which re-added certain invoices previously subject to Recourse Notices totalling CAD$733,770.56 / USD $543,533.75; (v) updated the deemed USD/CAD exchange rate from 1.35 to 1.37; and (vi) extended the deadline for Quebec security to be effected from 246 days to one year.

**Sixth Amending Agreement (December 23, 2024):** The parties entered into the sixth factoring amending agreement, which: (i) agreed that 2024 interest would accrue at 5% per annum (non-compounding) until January 1, 2025, reverting thereafter to 15% per annum; (ii) updated the aggregate Approved Accounts to CAD $25,486,251.50, with Paid Accounts of $18,508,740.23 and Unpaid Accounts of $4,500,000; (iii) updated the total Purchase Price to $10,043,340.95, of which $8,247,202.85 had been paid and $1,796,138.10 remained outstanding (Unpaid Purchase Price); (iv) provided for a new short-term loan facility of up to $300,000 available to the Seller, with each loan bearing a 2% lending fee (increasing by 1% per calendar month to a maximum of 10%), interest at 15% per annum, default interest at 25% compounding, and subject to conversion to Paid Accounts if not repaid within 45 days; (v) reduced the conversion price from $0.225 to $0.20 per share; (vi) extended the term of any outstanding warrants held by the Factor from three years to five years, including extending any warrant expiring on August 28, 2026 to August 28, 2028; (vii) increased the cash recourse threshold from 107% to 135% of the Purchase Amount; (viii) extended the deadline for Quebec security to be effected from one year to 18 months; (ix) increased the aggregate Approved Accounts cap from $15,000,000 to $25,500,000; and (x) replaced Schedule 3 with Schedule 3 (revised December 2024), re-adding certain invoices previously subject to Recourse Notices, totalling CAD $611,657.64 / USD $446,465.43.

**2025**

**Seventh Amending Agreement (April 15, 2025):** The parties entered into the seventh factoring amending agreement, which: (i) settled three short-term promissory notes issued pursuant to Section 7 of the Sixth Amending Agreement, the December 23, 2024 Note ($150,000), the January 22, 2025 Note ($63,405.12), and the February 4, 2025 Note ($146,030.00), as credits against additional Paid Accounts, with accrued interest of $1,962.74 on the December Note paid in cash; (ii) updated the aggregate Approved Accounts to CAD $26,808,020.43 (Paid Accounts: $21,775,356.63; Total Purchase Price: $10,402,776.07; Purchase Price Paid: $9,622,392.97; Unpaid Accounts: $780,383.10); (iii) provided for an additional short-term loan facility of up to $200,000; and (iv) extended the deadline for Quebec security to be effected from 18 months to 24 months; and (v) increased the aggregate Approved Accounts cap to $27,000,000.

**Eighth Amending Agreement (August 19, 2025):** The parties entered into the eighth factoring amending agreement, which settled 14 additional short-term promissory notes (the April 15 Note through August 19 Note, totalling approximately $1.35 million in principal) as credits against Paid Accounts, with the Seller having the option to repay each such note in cash by August 25, 2025 in lieu of the credit being applied to Paid Accounts.

The following additional Recourse Notices were issued and settled by the Seller through the issuance of Units during 2025:

---

| | | | |
|:---|:---|:---|:---|
| Recourse # | Date | Amount | Units Issued |
| 15 | January 2, 2025 | $300000.00 | 1500000 |
| 16 | February 12, 2025 | $300000.00 | 1500000 |
| 17 | April 2, 2025 | $300000.00 | 1500000 |
| 18 | May 2, 2025 | $300000.00 | 1500000 |
| 19 | May 20, 2025 | $600000.00 | 3000000 |
| 20 | June 26, 2025 | $500000.00 | 2500000 |
| 21 | July 14, 2025 | $500000.00 | 2500000 |
| 22 | July 22, 2025 | $500000.00 | 2500000 |

---

On December 9, 2025, the Factor amended its articles to reclassify its common shares into Class A Common Shares and Class B Common Shares, each issuable in an unlimited number. On December 16, 2025, the Factor completed a 1,000,000-for-1 share split, resulting in 100,000,000 common shares issued and outstanding. On December 19, 2025, the Factor issued 726,752,667 preferred shares at a fair value of $0.01 per share for the settlement of debt with certain shareholders and related parties.

On December 22, 2025, the Restructuring Transaction closed. NuRAN acquired all of the issued and outstanding shares of the Factor pursuant to a share purchase agreement, in exchange for 7,198,026 Units of NuRAN at a deemed price of $2.89 per Unit, representing aggregate consideration of approximately $20,802,303.09. Following completion of the Restructuring Transaction, the Factor ceased to operate as an independent entity and its assets and liabilities were integrated into the Company.

**Information Concerning the Factor Following Completion of the Transaction**

As a result of the Restructuring Transaction, the Company acquired all of the issued and outstanding common shares and Preferred Shares of the Factor. Any related indebtedness under the Preferred Shares constitutes intercompany balances and are eliminated in the consolidated financial statements. The Company expects to dissolve the Factor at a later date.

On a pro forma basis, before transaction costs related to the Transaction, as at December 31, 2025, the Factor had approximately $6, less transaction costs, in cash. See "*Information Concerning Resulting Issuer - Consolidated Capitalization*" in this material change report, as well as the pro forma consolidated financial information and the accompanying notes thereto attached as Schedule "B".

**PARTICULARS OF THE MATTER – MI 61-101**

In the Management Information Circular (the "**Circular**") dated September 9, 2025, the Company determined that the proposed Restructuring Transaction may constitute a "related party transaction" and/or a "business combination" within the meaning of *Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"), depending on the final participation of certain debt holders and subscribers and the resulting ownership of the Company following completion of the Restructuring Transaction.

The Restructuring Transaction described in the Circular involved:

(a) the settlement of up to $25,000,000 of outstanding indebtedness (including accrued interest) through the issuance of equity securities; and

(b) the concurrent issuance of additional equity securities for gross proceeds of up to $5,000,000,

which, in the aggregate, could have resulted in the issuance of securities representing more than 100% of the then issued and outstanding Common Shares of the Company on a non-diluted basis.

Under the Transaction, the Company acquired all of the issued and outstanding shares of the Factor from its Shareholders (the "**Vendors**").

As previously disclosed, the Company sought to implement a restructuring transaction involving the settlement of indebtedness and the raising of additional equity capital.

The transaction constitutes an acquisition that may be characterized as a business combination for accounting or NI 51-102 purposes; however, it does not meet the definition of a "business combination" under Multilateral Instrument 61-101, as it does not involve the termination of the interests of equity security holders without their consent or otherwise fall within the scope of that definition.

Following further negotiations with creditors and prospective investors, on December 22, 2025, the Company implemented a transaction structured as an acquisition of the Factor (the "Acquisition"), which achieved substantially the same economic objectives as the originally proposed Restructuring Transaction, including the reduction of indebtedness and improvement of the Company's financial position.

While the Acquisition resulted in significant dilution to existing shareholders, it did not involve the termination of the interests of holders of equity securities of the Company without their consent, nor did it otherwise constitute a transaction of the nature contemplated by the definition of "business combination" under MI 61-101.

The Acquisition involved the acquisition of 100% of the shares of the Factor; the settlement of $26,222,524.26 of indebtedness; and the issuance of equity securities with an aggregate value of approximately $30,000,000.

The issuance of securities exceeded 100% of the Company's issued and outstanding Common Shares on a non-diluted basis. This issuance of securities was approved by the shareholders in the Annual General and Special Meeting that took place on October 29, 2025.

The acquisition of the Factor pursuant to the Share Purchase agreement dated December 22, 2025 (the "Transaction") does not constitute a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (MI 61-101).

Although Binyomin Posen and Francis Letorneau are "related parties" of the Company for purposes of MI 61-101. Binyomin Posen and Francis Letorneau, and their affiliates and representatives, representing approximately 19.68% of the Company's issued and outstanding voting securities, did not vote on this resolution.

Upon completion of the Restructuring Transaction, the Company had 12,905,118 common shares issued and outstanding, of which 7,198,026 common shares were issued to the shareholders of Factor as consideration. As at December 31, 2025, a total of 13,052,785 common shares were issued and outstanding. The chart below summarizes the shareholdings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Factor Shareholder | Holdings on a Post- Consolidation Basis Prior to the Restructuring Transaction | Units | Total | Percentage of Common Shares Held as of December 23, 2025 | Percentage of Common Shares Held as of December 31, 2025 |
| 1. Shimshon Posen | 4519 | 1159966 | 1164485 | 9.02% | 8.92% |
| 2. AK Holdings Group Inc. |  | 1288927 | 1288927 | 9.99% | 9.87% |
| 3. Joseph and Marla Posen Family Trust |  | 1288927 | 1288927 | 9.99% | 9.87% |
| 4. Xorax Family Trust | 33333 | 1124567 | 1157900 | 8.97% | 8.87% |
| 5. Donal Carroll | 33333 | 1124567 | 1157900 | 8.97% | 8.87% |
| 6. Pacific Investment Holdings Limited | 33333 | 1124567 | 1157900 | 8.97% | 8.87% |
| 7. Roxanne Letourneau | 75 | 86505 | 86580 | 0.67% | 0.66% |
| Total | 104593 | 7198026 | 7302619 | 56.59% | 55.95% |

---

Certain vendors of the Factor are related to insiders of the Company. Shimshon Posen, a vendor of the Factor, received 1,159,966 Units upon closing of the Restructuring Transaction; Binyomin Posen, a director of the Company, is the brother of Shimshon Posen. The Joseph and Marla Posen Family Trust, also a vendor of the Factor, received 1,288,927 Units upon closing; Binyomin Posen has a familial relationship with Chana Posen, who serves as trustee of such trust. In addition, Roxanne Letourneau, a vendor of the Factor, received 86,505 Units upon closing; Ms. Letourneau is the daughter of Francis Létourneau, a director and the Chief Executive Officer of the Company, and does not reside at the same address as Mr. Létourneau.

**DIVIDENDS OR DISTRIBUTIONS**

The Factor has not declared or paid any cash dividends on any of its issued shares since incorporation. The Factor does not have a dividend policy and, given the current stage of the Factor's corporate development, the Factor does not intend to adopt such a policy in the foreseeable future. Any decision to declare and pay dividends will be made by the Factor's board of directors on the basis of earnings, financial requirements and other conditions existing at such future time.

**SELECTED CONSOLIDATED FINANCIAL INFORMATION**

The following table sets out selected financial information for the Factor for the periods indicated and should be considered in conjunction with the more complete information contained in the financial statements of the Factor attached as Schedule "C" to this material change report. Unless otherwise indicated, all currency amounts are stated in Canadian dollars.

---

| | | |
|:---|:---|:---|
| | **Period ended**<br> **December 22, 2025 ($)** | **Fiscal year ended**<br> **December 31, 2024 ($)** |
| Total revenues | 1970 | 178997 |
| Total operating expenses | (174271) | (153676) |
| Net income (loss) | (172301) | (8361) |
| Basic net loss per share | (0.00) | (0.00) |
| Total Assets | 7619168 | 7239654 |
| Total Liabilities | 7267527 | 6715712 |

---

**MANAGEMENT DISCUSSION & ANALYSIS**

The Factor's Management Discussion and Analysis for the period ended December 22, 2025 and December 31, 2024, are incorporated herein as Schedule "D".

**DESCRIPTION OF SECURITIES**

**Authorized and Outstanding Capital**

The authorized share capital of Advance Factoring Inc. consists of an unlimited number of Class A Common Shares, Class B Common Shares and Preferred Shares. The Class A Common Shares and Class B Common Shares rank junior to the Preferred Shares with respect to dividends and the distribution of assets upon liquidation, dissolution or winding-up of the Factor and otherwise carry the rights of common shares under the OBCA and the articles of the Factor.

Each Common Share entitles the holder to receive notice of, attend and vote at all meetings of shareholders of the Factor, except meetings at which only holders of another class or series of shares are entitled to vote, with one vote per Common Share. Holders of Common Shares are entitled to receive dividends if and when declared by the board of directors. In the event of any liquidation, dissolution or winding-up of the Factor, holders of Common Shares are entitled to receive the remaining assets of the Factor available for distribution after satisfaction of the rights of any shares ranking in priority to the Common Shares.

The Preferred Shares rank in priority to the Class A Common Shares and Class B Common Shares with respect to dividends and distributions on liquidation. The Preferred Shares are generally non-voting and holders are not entitled to receive notice of or attend meetings of shareholders, except in certain limited circumstances expressly provided for in the articles, including meetings relating to the dissolution of the Corporation or the sale of all or substantially all of its assets. In addition, if the Factor fails to redeem or retract Preferred Shares as required under the articles, the holders thereof become entitled to one vote per Preferred Share at meetings held after the applicable redemption date. The Preferred Shares are redeemable and retractable at a redemption amount of $0.01 per share, carry non-cumulative dividends declared at the discretion of the board of directors within the limits set out in the articles, and entitle holders, on liquidation, to receive the redemption amount together with any declared and unpaid dividends, in priority to the common shares.

As the Preferred Shares include a holder-controlled redemption option, they are recorded as a financial liability in the Factor's audited financial statements. Through the Restructuring Transaction, the Company has assumed this liability. As of the Closing Date, the aggregate redemption amount of the Preferred Shares is $7,267,527 (726,752,667 shares x $0.01 per share). Notwithstanding the foregoing, pursuant to the Restructuring Transaction, the indebtedness under the Preferred shares constitutes intercompany balances and are eliminated in the consolidated financial statements.

As of the date of the Restructuring Transaction, 100,000,000 Class A Shares and 726,752,667 Preferred Shares were issued and outstanding. No Class B Shares were issued or outstanding as of such date.

The equity securities distributed under the material change report are issued by NuRAN Wireless Inc. in connection with the Restructuring Transaction. The Factor is not distributing any securities, and no securities of the Factor are being offered or issued.

**OPTIONS TO PURCHASE SECURITIES**

As at November 21, 2025, being a date within 30 days prior to the date of the effective date of this material change report, there were no options to purchase securities of the Factor. outstanding or issuable, including options held by or issued to executive officers or former executive officers of the Factor, as a group, or directors or former directors of the Factor, as a group; executive officers or former executive officers of any subsidiary of the Factor, as a group, or directors or former directors of such subsidiaries, as a group; employees or former employees of the Factor or any of its subsidiaries; consultants of the Factor or any of its subsidiaries; or any other person or company.

**CONSOLIDATED CAPITALIZATION**

Other than as disclosed herein, there have been no material changes in the share capitalization or indebtedness of the Factor since December 22, 2025, the date of the Factor's most recent financial statements. The following table sets forth the consolidated capitalization of the Factor as at December 22, 2025, and on a pro forma basis giving effect to the Restructuring Transaction as if it had occurred on January 1, 2025. This table should be read in conjunction with the Factor's comparative financial statements for the period ended December 22, 2025, and the related notes thereto, as well as management's discussion and analysis.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Designation of Security** | &nbsp;&nbsp;**Amount Authorized or to be authorized** | &nbsp;&nbsp;**Amount outstanding as of the date of the most recent balance sheet<sup>(1)</sup>** | &nbsp;&nbsp;**Amount outstanding as of the date prior to giving effect to the Restructuring Transaction** |
| &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;100000000 | &nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;Preferred Shares | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;726752667 | &nbsp;&nbsp;726752667 |
| &nbsp;&nbsp;Warrants | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Options | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;RSUs | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |

---

**PRIOR SALES**

The Factor has issued the following securities within the 12 months preceding December 22, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Deemed**<br> **Price** | &nbsp;&nbsp;**Number of Securities** |
| &nbsp;&nbsp;December 19, 2025<sup>(1)</sup> | &nbsp;&nbsp;Preferred Shares | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;726752667 |

---

**Note**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Factor issued 726,752,667 preferred shares at a fair value of $0.01 per share for the
 settlement of debt with certain shareholders and related parties.

**Market for Securities**

No securities of the Factor are listed or traded on any exchange or quotation system. Upon completion of the Transaction and subject to receipt of all required regulatory approvals, the Factor Shares will be exchanged for shares of the Resulting Issuer. The shares of the Resulting Issuer are expected to be listed on the Canadian Securities Exchange.

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**

As of the date hereof, no securities of the Factor are held in escrow or are subject to any contractual restrictions on transfer.

**PRINCIPAL SECURITYHOLDERS**

To the best of the knowledge of the directors and executive officers of the Factor, as of the material change report, the following persons beneficially owned, or exercise control or direction over, directly or indirectly, over more than 10% of the issued and outstanding common shares of the Factor as at the date of the Restructuring Transaction:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Shareholder | &nbsp;&nbsp;Number of Voting Securities | &nbsp;&nbsp;Percentage of Voting Shares Held |
| &nbsp;&nbsp;Shimshon Posen | &nbsp;&nbsp;24768073 | &nbsp;&nbsp;24.77% |
| &nbsp;&nbsp;AK Holdings Group Inc. | &nbsp;&nbsp;20978317 | &nbsp;&nbsp;20.98% |
| &nbsp;&nbsp;Xorax Family Trust | &nbsp;&nbsp;17468839 | &nbsp;&nbsp;17.47% |
| &nbsp;&nbsp;Donal Carroll | &nbsp;&nbsp;17468839 | &nbsp;&nbsp;17.47% |
| &nbsp;&nbsp;Pacific Investment Holdings Limited | &nbsp;&nbsp;17468839 | &nbsp;&nbsp;17.47% |
| &nbsp;&nbsp;Roxanne Letourneau | &nbsp;&nbsp;1847093 | &nbsp;&nbsp;1.85% |

---

**DIRECTORS AND EXECUTIVE OFFICERS**

As at the date of the Restructuring Transaction, the board of directors of the Factor is comprised of one (1) director, who is elected at each annual meeting of shareholders to hold office for one year or until his successor is elected or appointed, unless he resigns or his office becomes vacant.

The following table sets forth the name and residence of each director and executive officer of the Factor, as well as such individuals position with the Factor, period of service as a director and/or officer (as applicable), and principal occupation(s) within the five preceding years:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Municipality of Residence and Position Held** | &nbsp;&nbsp;**Principal Occupation for the Past Five Years<sup>(1)</sup>** | &nbsp;&nbsp;**Director or Officer of the Factor Since** | &nbsp;&nbsp;**Shares Beneficially Owned, Directly or Indirectly, or Over Which Control or** <br> **Direction is Exercised** |
| &nbsp;&nbsp;Shimshon (Shimmy) Posen<br> *Toronto, ON* | &nbsp;&nbsp;Partner at Garfinkle Biderman LLP | &nbsp;&nbsp;December 30, 2022 | &nbsp;&nbsp;24,768,073 common shares<br> (24.77%) |
| &nbsp;&nbsp;CEO, CFO, Secretary and Director |  |  |  |

---

Immediately before the Restructuring Transaction, the sole director of the Factor owns 24,768,073 common shares of the Factor, representing approximately 24.77% of the outstanding common shares of the Factor.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Other than as stated below, no director or officer of the Factor is, as at the date of this material change report, or has been within the last ten years, a director, chief executive officer or chief financial officer of any company that: (a) was subject to a cease trade order, an order similar to a cease trade order, or an order that denied the relevant company access to any exemption under applicable securities legislation, and which in all cases was in effect for a period of more than 30 consecutive days (an "**Order**"), which Order was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer of such company; or (b) was subject to an Order that was issued after the director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer of such company.

Other than as stated below, no director or officer of the Factor is, as at the date of this material change report, or has been within the last ten years, a director or executive officer of any company that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; (b) has, within the last ten years, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or become subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold his, her or its assets; (c) has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (d) has been subject to any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to reasonable investor in making an investment decision regarding the Factor.

**EXECUTIVE COMPENSATION**

The following table sets forth the information required under *Form 51-102F6V-Statement of Executive Compensation-Venture Issuers* of *Regulation 51-102 respecting Continuous Disclosure Obligations* (the "**Form 51-102F6V**"), regarding all compensation paid, payable, granted or otherwise provided during the last three financial years of years Factor, to all persons acting as directors or as "**Named Executive Officers**" (the "**NEOs**"), as this expression is defined in Form 51-102F6V, for the period ended December 22, 2025 and December 31, 2024. The Chief Executive Officer (the "**CEO**") and the Chief Financial Officer (the "**CFO**") is the only NEO of Factor for the period ended December 22, 2025 and December 31, 2024 is Shimmy Posen.

**Director and named executive officer compensation, excluding compensation securities**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Table of compensation excluding compensation securities** | &nbsp;&nbsp;**Table of compensation excluding compensation securities** |
| &nbsp;&nbsp;**Name and position** | &nbsp;&nbsp;**Year** |
| &nbsp;&nbsp;Shimshon (Shimmy) Posen<br> President, CEO, CFO and Director | &nbsp;&nbsp;2025 &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Shimshon (Shimmy) Posen<br> President, CEO, CFO and Director | &nbsp;&nbsp;2024<br> &nbsp;&nbsp;Nil<br> &nbsp;&nbsp;Nil |

---

**Employment, Consulting and Management Agreement**

Management functions of the Company are not, to any substantial degree, performed other than by directors or NEOs of the Factor. There are no agreements or arrangements that provide for compensation to NEOs or directors of the Factor, or that provide for payments to a NEO or director at, following or in connection with any termination (whether voluntary, involuntary or constructive), resignation, retirement, severance, a change of control in the Factor or a change in the NEO or director's responsibilities.

**Equity Compensation Securities**

The Factor did not have in place an incentive compensation plan.

**Oversight and Description of Director and NEOs Compensation**

The Factor's board of directors (the "**Board**") has no compensation committee. Considering its small size, the Board assumes the responsibility to establish the objectives of the Factor's executive compensation program which are to attract, motivate, engage and retain qualified, high performance individuals and to meet performance objectives designed to increase shareholder returns. The Board: (i) establishes the objectives that will govern Factor's compensation program for the NEOs and the directors; (ii) oversees and approves the compensation and benefits; and (iii) promotes the clear and complete disclosure to shareholders of material information regarding executive compensation.

**Compensation Process and Objectives**

The Board relies on the knowledge and experience of its members to set appropriate levels of compensation for the NEOs. The Board reviews the NEOs compensation on an annual basis and, in doing such task, it evaluates the NEOs achievements during the preceding year. The Factor has not retained any third party advisors to conduct compensation reviews of its competitors' pay levels and practices.

The Factor's principal business consisted of acquiring certain receivables of the Company and holding those receivables and related contractual arrangements pursuant to the factoring agreement with the Company. While the Factor completed a limited number of additional factoring mandates, its activities were primarily focused on the factoring arrangement with the Company.

As a result, the Board did not consider traditional performance metrics, such as corporate profitability, to be appropriate in evaluating the performance of Factor's Named Executive Officers ("NEOs"). The compensation of the officers was determined having regard to the limited scope of the Factor's operations, industry compensation practices and the execution of the Factor's business objectives, including the management of the receivables and related financing arrangements.

The Factor was incorporated with minimal capitalization and was financed primarily through debt obligations. Immediately prior to the Closing, certain debt obligations were settled through the issuance of 726,752,667 Preferred Shares of the Factor in favour of the holders of such debt. The Preferred Shares are recorded as a financial liability in the Factor's financial statements. The Company acquired all of the issued and outstanding common shares and Preferred Shares of the Factor. Any related indebtedness under the Preferred Shares constitutes intercompany balances and are eliminated in the consolidated financial statements.

The Factor does not offer benefit programs, such as life insurance and health and dental benefits.

**Pension and Retirement Plans**

The Factor does not have any pension plan that provides for payments or benefits at, following, or in connection with retirement of any director or officer.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No director, officer, employee or previous directors, officers or employees of the Factor was indebted to the Factor at any time in its last completed financial year in connection with the purchase of securities of the Factor of for any other reason.

**LEGAL PROCEEDINGS OR REGULATORY ACTIONS**

As of the date of this material change report, the Factor is not or was not a party to any legal proceedings or regulatory actions and is not aware of any such proceedings or actions known to be contemplated.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Other than as disclosed**,** there were no material interests, direct or indirect, of Factor's directors or executive officers, or any director or executive officer of a subsidiary of Factor, or any person who beneficially owns, or controls or directs, directly or indirectly, more than 10% of the outstanding common shares of Factor, or any associate or affiliate of such persons, in any transaction since the commencement of the Factor's last completed financial year or in any proposed transaction that has materially affected, or would materially affect, the Factor.

**NON-ARM'S LENGTH PARTY TRANSACTIONS**

At December 22, 2025, amounts included in accounts payable and accrued liabilities due to related parties was $nil upon completion of the Restructuring Transaction (2024 -- $6,667,122). In addition, on December 19, 2025, 726,752,667 Preferred Shares were issued to related parties of the Company, including Shimshon Posen (CEO and director) and other shareholders, in settlement of existing debt obligations. The Preferred Shares are recorded as a financial liability in the amount of $7,267,527. The key terms of the Preferred Shares are described under "Description of Securities — Preferred Shares of the Factor" above.. Any related indebtedness under the Preferred Shares of the Factor constitutes intercompany balances and are eliminated in the consolidated financial statements.

**AUDITOR, TRANSFER AGENT AND REGISTRAR**

The auditor of the Factor is ND LLP located at 120 East Beaver Creek Rd, suite 200, Richmond Hill, ON L4B 4V1.

**MATERIAL CONTRACTS**

The material contracts entered into in connection with the Restructuring Transaction include the acquisition agreement relating to the Company's acquisition of the Factor is filed on SEDAR+. The acquisition agreement includes customary representations, warranties, and indemnification provisions protecting NURAN against undisclosed liabilities and breaches by the Factor.

Other than the acquisition agreement and the contracts entered into in the ordinary course of business, the following material contracts were entered into by the Factor and effective up to December 22, 2025, and are still in effect as of the date of this material change report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Factoring Agreement dated August 28, 2023 between NuRAN Wireless Inc. and Advance Factoring
 Inc., as amended by eight amending agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 General Security Agreement dated August 28, 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Guarantee dated August 28, 2023.

The foregoing agreements are discussed in the section titled *Description of The Business Of the Factor - Three Year History - Recent Developments (Current Financial Year)*

**EXPERTS**

ND LLP, the auditors of the Factor, have advised that they are independent with respect to the Factor within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario.

None of the foregoing experts, nor any partner, employee or consultant of such an expert who participated in and who was in a position to directly influence the preparation of the applicable statement, report or valuation, has, has received or is expected to receive, registered or beneficial interests, direct or indirect, in common shares of the Factor or other property of the Factor or any of its associates or affiliates, representing 1% or more of the outstanding common shares of the Factor.

**OTHER MATERIAL FACTS**

There are no other material facts other than as disclosed herein that are necessary to be disclosed in order for this "*Information Concerning the Factor*" to contain full, true and plain disclosure of all material facts relating to the Factor.

**FINANCIAL STATEMENT DISCLOSURE**

The financial statements of the Factor included in this material change report as Schedule "E" are the audited annual financial statements for the period ended December 22, 2025 and December 31, 2024.

**INFORMATION RELATING TO THE RESULTING ISSUER**

The following information is presented on a post-Restructuring Transaction basis and is reflective of the projected business, financial and share capital position of the Resulting Issuer. This section only includes information respecting the Resulting Issuer that is materially different from information provided earlier in this material change report. Following the completion of the Transactions, the Resulting Issuer will carry on the businesses currently carried on by Nuran. See the various headings under "*Information Concerning the Factor*" for additional information regarding the Factor, respectively. See also the Pro Forma Financial Statements of the Resulting Issuer attached hereto as Schedule "D"

The following section of this material change report contains forward-looking information. Readers are cautioned that actual results may vary. See "Forward-Looking Information".

***Corporate Structure***

**Name and Incorporation**

The corporate name of the Resulting Issuer is "NuRAN Wireless Inc." The Resulting Issuer will be governed by the *Business Corporations Act* (British Columbia). Following completion of the Restructuring Transaction, the Resulting Issuer's head office will be located at Suite 100, 2150 Cyrille-Duquet St., Quebec, Québec, G1N 2G3, Canada. The Resulting Issuer's registered and records office is 1000 - 595 Burrard Street, Vancouver, BC V7X 1S8.

**Intercorporate Relationships**

Prior to the completion of the Transaction, the corporate structures of the Company and Factor are as follows:

![](img014_v7.jpg)

Upon the completion of the Transaction, the corporate structure of the Resulting Issuer will be as follows:

![](img015_v7.jpg)

Upon completion of the Restructuring Transaction, the indebtedness owed to the Factor was fully satisfied through the issuance of common shares, and the Factor ceased to be a creditor of the Issuer.

**NARRATIVE DESCRIPTION OF THE BUSINESS**

The Company continues to carry on the same business following completion of the Restructuring Transaction.

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

The Company's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

• Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

• Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

The Resulting Issuer's assets can be found in its 2025 audited financial statements and consist primarily of cash and cash equivalents, trade and other receivables, telecommunications infrastructure and related equipment, intangible assets, right-of-use assets and investments in subsidiaries. Assets recognized in connection with the Restructuring Transaction were recorded in accordance with IFRS and primarily reflect the settlement of 7.6 million of receivables previously owed by the Issuer.

**Stated Business Objectives**

Upon completion of the Transaction, the Resulting Issuer's business objectives will be to continue to develop, operate and expand its existing telecommunications business and to grow and realize value from its current operations. NuRAN Wireless is a specialist telecommunications company focused on providing affordable and innovative wireless network solutions, including 2G, 3G and 4G technologies, primarily in rural and remote regions that are underserved by traditional network infrastructure.

The Resulting Issuer's objectives include expanding the deployment of its compact and cost-effective wireless solutions in developing and remote markets, supporting the delivery of reliable connectivity to populations with limited access to telecommunications services, and enhancing the scalability and efficiency of its network-as-a-service model. In pursuing these objectives, the Resulting Issuer seeks to improve long-term shareholder value while advancing its mission of bridging the digital divide by enabling affordable and reliable connectivity in underserved regions.

**DESCRIPTION OF SECURITIES**

The authorized share capital of the Resulting Issuer following completion of the Restructuring Transaction shall consist of an unlimited number of common shares. The authorized share capital of the Resulting Issuer and the rights and restrictions of the Resulting Issuer Shares will remain unchanged.

As of the date of this material change report, there are 12,905,118 common shares of the Resulting Issuer issued and outstanding.

**PRO FORMA CONSOLIDATED CAPITALIZATION**

The following table sets forth the consolidated capitalization of the Resulting Issuer as at the date of this material change report after giving effect to the Restructuring Transaction. For detailed information on the capitalization of the Company and Factor as at December 31, 2025, see the Company's audited annual financial statements of the Company as at December 31, 2025 and the annual financial statements of the Factor for the period ended December 22, 2025 and December 31, 2024. See also the pro forma condensed consolidated financial statements of the Resulting Issuer which gives effect to the Transaction as set forth in Schedule "D" to this material change report.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Designation of Security** | &nbsp;&nbsp;**Amount authorized or to be authorized** | &nbsp;&nbsp;**Amount outstanding as of the date prior to giving effect to the Restructuring**<br> **Transaction** | &nbsp;&nbsp;**Amount outstanding after giving effect to the Restructuring Transaction (Resulting Issuer)** | &nbsp;&nbsp;**Amount outstanding after giving effect to December 31,**<br> **2025 (Resulting Issuer)** |
| &nbsp;&nbsp;NURAN Shares | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;5707092 | &nbsp;&nbsp;12905118 | &nbsp;&nbsp;13069567 |
| &nbsp;&nbsp;**Total Shares Outstanding** |  | &nbsp;&nbsp;5707092 | &nbsp;&nbsp;12905118 | &nbsp;&nbsp;13069567 |
| &nbsp;&nbsp;NURAN Warrants | &nbsp;&nbsp;Unlimited | &nbsp;&nbsp;28867 | &nbsp;&nbsp;6294004 | &nbsp;&nbsp;6359067 |
| &nbsp;&nbsp;NURAN Options | &nbsp;&nbsp;10% of issued and outstanding | &nbsp;&nbsp;9566 | &nbsp;&nbsp;9566 | &nbsp;&nbsp;9566 |
| &nbsp;&nbsp;NURAN RSUs | &nbsp;&nbsp;10% of issued and outstanding | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Total Capitalization fully diluted** |  | &nbsp;&nbsp;5745525 | &nbsp;&nbsp;19208688 | &nbsp;&nbsp;19438200 |

---

**AVAILABLE FUNDS AND PRINCIPAL PURPOSE**

The available funds of the Resulting Issuer are estimated to be approximately ($33,002,029) represented as current assets less current liabilities as at the date of this material change report on a pro-forma basis. Per the Restructuring Transaction, the Resulting Issuer purchased all of the issued and outstanding common and preferred shares of the Factor for consideration of $20,802,303, by way of issuance of 7,198,026 Units, broken down into 7,198,026 common shares and 3,599,013 warrants.

The Resulting Issuer reserves the right to allocate and reallocate available funds among its projects and uses as management may determine to be appropriate from time to time, where such reallocation is considered necessary for sound business reasons. The Resulting Issuer may require additional capital to fund its operations and growth initiatives, which may be obtained from a combination of existing cash flow, anticipated cash flow, equity financing and/or debt financing. There can be no assurance that additional capital will be available to the Resulting Issuer when required or that such financing will be available on terms acceptable to the Resulting Issuer. See "*Risk Factors*".

**DIVIDENDS**

The payment of dividends following completion of the Restructuring Transaction will be at the discretion of the Resulting Issuer Board. The Company has not declared or paid dividends on the Company Shares to date and the Resulting Issuer is not currently expected to pay dividends following the completion of the Restructuring Transaction, as it is currently anticipated that it will retain future earnings for use in the development of the Resulting Issuer's business and for general corporate purposes. Accordingly, dividends will only be paid when operational circumstances permit.

**PRINCIPAL SECURITYHOLDERS**

To the knowledge of the directors and executive officers of the Factor and NURAN, no person beneficially owns, controls or directs, directly or indirectly, shares carrying 10% or more of the voting rights attached to all shares of the Resulting Issuer.

**DIRECTORS, OFFICERS AND PROMOTERS**

**Name, Address, Occupation and Security Holdings**

Following completion of the Transaction, the board of directors of the Resulting Issuer are Francis Letourneau, Binyomin Posen, Brendan Purdy, Vitor Fonseca, Navindran Naidoo, Avi Minkowitz, and Joseph Labkowski. Binyomin Posen, Brendan Purdy, Vitor Fonseca, Navindran Naidoo, Avi Minkowitz, and Joseph Labkowski are independent. Francis Letourneau is not independent as he is the president and CEO of the Resulting Issuer. The directors of the Resulting Issuer will hold office until the next annual general meeting of the Resulting Issuer or until their respective successors have been duly elected or appointed, unless his or her office is earlier vacated in accordance with the articles and by-laws of the Resulting Issuer or within the provisions of the BCBCA.

The following table sets forth certain information regarding the individuals who serve as directors and officers of the Resulting Issuer, including their place of residence, status as independent or non-independent director (if applicable), the period of time for which each director or officer has served as a director or officer of the Company or the Factor, as applicable, each director's principal occupation, business or employment for the past five years, and the number of securities of the Resulting Issuer that will be beneficially owned by each director or officer, directly or indirectly, or over which each director or officer will exercise control or direction.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Province or State and Country of Residence and Position(s) with the Company** | &nbsp;&nbsp;**Principal Occupation, Business or Employment for Last Five Years** | &nbsp;&nbsp;**Periods during which Nominee has Served as a Director or Officer** | &nbsp;&nbsp;**Number of Common Shares Owned**<sup>(2)</sup><br>|
| &nbsp;&nbsp;**Francis Letourneau**<br> Quebec City, QC<br>*President, CEO and Director* | &nbsp;&nbsp;CEO and President of NuRAN Wireless since August 28, 2020 and October 16, 2020, respectively; VP, Sales & Marketing of NuRAN Wireless 2015 to 2020 | &nbsp;&nbsp;Since March 16,<br> 2016 | &nbsp;&nbsp;7967 |
| &nbsp;&nbsp;**Jim Bailey Newbury, United Kingdom**<br>*CFO* | &nbsp;&nbsp;CFO of NuRAN Wireless; financial consultant to SMEs providing corporate finance advice in M&A, business planning | &nbsp;&nbsp;Since October 16,<br> 2020 | &nbsp;&nbsp;3042 |
| &nbsp;&nbsp;**Binyomin Posen<sup>(1)</sup>**<br> Toronto, ON<br>*Director* | &nbsp;&nbsp;Senior Analyst at Plaza Capital Ltd. since 2017 | &nbsp;&nbsp;Since October 16,<br> 2020 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Brendan Purdy<sup>(1)</sup>**<br> Toronto, ON<br>*Director* | &nbsp;&nbsp;Principal lawyer at Purdy Law since January 2014 | &nbsp;&nbsp;Since October 16, 2020 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;**Vitor Fonseca<sup>(1)</sup>**<br> Toronto, ON<br>*Director* | &nbsp;&nbsp;Treasurer and Vice President of Romspen Investment Corp. from February 2007 to February 2022; Director of Canntab Therapeutics Ltd. from April 11, 2018 to May 1, 2023 | &nbsp;&nbsp;Since March 11, 2021 | &nbsp;&nbsp;27761 |
| &nbsp;&nbsp;**Navindran Naidoo**<br> Johannesburg, South Africa<br>*Director* | &nbsp;&nbsp;Various Senior Management positions in Group Technology as well as being the Network Executive from 2013 to 2021. He has had previous assignments in Nigeria, Uganda, Cameroon, and Swaziland | &nbsp;&nbsp;Since February 1<sup>st</sup>, 2024 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;***Avi Minkowitz***<br> Toronto, ON<br>*Director* | &nbsp;&nbsp;Entrepreneur and finance professional with various private hedge funds | &nbsp;&nbsp;*Since September 30, 2025* | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;***Joseph Labkowski***<br> Cape Coral, Florida<br>*Director of Nuran* | &nbsp;&nbsp;Executive Director of the Chabad Jewish Center of Cape Coral | &nbsp;&nbsp;*Since December 22, 2025* | &nbsp;&nbsp;Nil |

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**Notes**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Member of audit committee for the fiscal year ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information as to the number of Shares (being the only voting securities of the Company) beneficially owned, or controlled or directed, directly or indirectly, is as of December 22, 2025, and has been furnished to the Company by the respective nominees individually. These figures do not include any securities that are convertible into or exercisable for Common Shares of the Company. The number of shares has been updated as a result of the 300:1 consolidation that took place on December 9, 2025.

After giving effect to the Restructuring Transaction, it was expected that the number of Resulting Issuer Shares beneficially owned, directly or indirectly, or over which control or direction will be exercised, by the directors and officers of the Resulting Issuer and their associates and affiliates, will be an aggregate of approximately 38,770 Resulting Issuer Shares representing approximately 0.30% of the 12,905,118 Resulting Issuer shares that were anticipated to be outstanding following completion of the Restructuring Transaction.

The board committees of the Resulting Issuer include an audit committee. No other board committees have been considered necessary at this stage. Binyomin Posen, Brendan Purdy, and Vitor Fonseca are the members of the audit committee. All members are independent and each member has sufficient financial expertise, experience with audit engagements for public companies, and Canadian financial reporting skills. Each of the members meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

No officer or director has a non-disclosure agreement with the Resulting Issuer. Francis Létourneau and Jim Bailey has non-compete provisions in their management agreements with the Resulting Issuer.

***Biographies of Management and Directors***

**Relevant Education and Experience of Managers and Directors**

*<u>Francis Letourneau</u>* is President and Chief Executive Officer of NuRAN Wireless Inc. and has more than 25 years of experience in the telecommunications industry. Mr. Letourneau has been with NuRAN Wireless for over two decades and was appointed to the Company's board of directors in 2015. During his tenure, he has held a number of senior roles, including leadership positions in sales, marketing, and business development. As Chief Executive Officer, Mr. Letourneau has led the strategic transition of NuRAN Wireless toward a Network-as-a-Service (NaaS) business model focused on enabling mobile network operators to expand connectivity in underserved and rural regions. Mr. Letourneau holds a Bachelor of Business Administration from Université Laval in Québec, Canada, and is a Registered Certified Management Accountant (CMA).

*<u>Jim Bailey</u>* is Chief Financial Officer of NuRAN Wireless Inc. and has more than 25 years of experience working with telecommunications, media, and technology companies. Over the course of his career, he has held senior finance and executive roles, including Director of Mergers and Acquisitions, Chief Financial Officer, Chief Executive Officer, and director positions in various organizations. Mr. Bailey previously served as Chief Financial Officer and later Chief Executive Officer of Telecel International, a subsidiary of Orascom Telecom Holding, which operated telecommunications businesses across sub-Saharan Africa. He also held business development responsibilities within the Orascom Telecom group covering the EMEA region and served as Chief Financial Officer of Orascom Telecom WiMAX Limited, a joint venture with Intel Capital. For the past decade, Mr. Bailey has worked as a financial consultant to small and medium-sized enterprises, providing corporate finance advisory services in areas including mergers and acquisitions, business planning, and interim or part-time chief financial officer mandates. Mr. Bailey holds a Bachelor of Commerce from the University of Calgary, an MBA from London Business School, and is a member of the Chartered Institute of Management Accountants (CIMA).

*<u>Binyomin Posen</u>* is a corporate executive and director with extensive experience in capital markets, corporate finance, and the governance of public companies. Mr. Posen currently serves as President of 2778533 Ontario Inc. and holds senior executive roles, including Chief Executive Officer, Chief Financial Officer, and director positions, at several public and private companies. Mr. Posen has served as a director or officer of a number of publicly listed companies across the mining, technology, and telecommunications sectors. He currently serves as a director of NuRAN Wireless Inc., as well as several other public companies. Earlier in his career, Mr. Posen worked as a senior analyst at Plaza Capital Ltd., where he gained experience in investment analysis and capital markets. Throughout his career, Mr. Posen has been involved in corporate development, financing transactions, and the strategic oversight of growth-stage public companies.

*<u>Brendan Purdy</u>* is a lawyer and corporate executive with experience advising and leading publicly listed and private companies across a range of industries, including natural resources, technology, and financial services. Mr. Purdy is the principal of Brendan Purdy, Barrister & Solicitor, and serves as General Counsel to several companies. Over the course of his career, Mr. Purdy has held a number of executive and board positions with public companies, including Chief Executive Officer, Chief Financial Officer, Secretary, and director roles. He currently serves as Chief Executive Officer and director of Canadian GoldCamps Corp. and International Cobalt Corp., and as Chief Financial Officer and director of Transnational Cannabis Ltd. Mr. Purdy is a member of the Law Society of Ontario and holds a graduate degree from the University of Ottawa and an undergraduate degree from Western University.

*<u>Vitor Fonseca</u>* has over 25 years of experience in the finance and real estate industries. He currently serves as Vice President and Treasurer of Romspen Investment Corporation, one of the largest private commercial real estate lenders in Canada, with a portfolio exceeding $3 billion across North America. Prior to joining Romspen, Mr. Fonseca served as Chief Operating Officer of a retirement home developer and operator. Mr. Fonseca currently serves as a director and Chair of the Audit Committee of Canntab Therapeutics Inc. and as a director of Magellan Community Care, a not-for-profit organization developing a senior care complex in downtown Toronto. He previously served as a director and Chair of the Audit Committee of Mission Ready Services Inc. and Enwave Energy Corporation. Mr. Fonseca holds an MBA from the Rotman School of Management at the University of Toronto, is a Chartered Professional Accountant (CPA-CGA), and is a graduate of the Institute of Corporate Directors.

*<u>Navindran Naidoo</u>* has more than 25 years of experience in the telecommunications industry, specializing in mobile and fixed network planning, optimization, and infrastructure development. His expertise includes radio access networks (RAN), transport and IP networks, next-generation core networks, spectrum planning, and network infrastructure. Mr. Naidoo spent the majority of his career with MTN Group, joining the organization in 1997 and holding a number of senior technology and network leadership roles. From 2013 to 2021, he served as Network Executive, where he was responsible for the strategic development and evolution of MTN's global network infrastructure, including RAN, transport, core networks, operational support systems, and energy and infrastructure platforms. During his tenure at MTN, Mr. Naidoo contributed to the expansion of telecommunications infrastructure across several African markets and supported rural network rollout initiatives, including the evaluation and deployment of alternative and open network vendors. He also represented MTN Group in industry initiatives focused on telecommunications innovation and network interoperability. Mr. Naidoo holds a Master of Business Administration, a Postgraduate Diploma in Business Management, a Master of Science in Engineering and Electronics, and a Bachelor of Science in Engineering and Electronics from the University of KwaZulu-Natal in South Africa.

*<u>Avi Minkowitz</u>* is an entrepreneur and corporate advisor with experience in corporate finance, mergers and acquisitions, and business development. Mr. Minkowitz has been involved in the development, financing, and strategic growth of a number of private and public companies across multiple sectors. Earlier in his career, he worked as an analyst at Leonite Capital, where he was involved in financing transactions, mergers and acquisitions, and corporate development initiatives for publicly traded companies. Mr. Minkowitz has also founded and developed several businesses and has advised companies on growth strategies, restructuring initiatives, and financing matters. Mr. Minkowitz has held director and executive roles with other public and private companies. Mr. Minkowitz holds a Specialized Honours Bachelor's degree in Psychology and a Master's degree in Disaster and Emergency Management from York University in Toronto, Canada.

*<u>Joseph Labkowski</u>* is a non-profit chief executive with over 20 years of experience in strategy, operations, and stakeholder management. Since 2004, he has served as Executive Director of the Chabad Jewish Center of Cape Coral, effectively functioning as its chief executive officer and overseeing budgeting, financial stewardship, staff and volunteer management, vendor and contractor oversight, and day-to-day operations. He has led multiple capital projects from concept through completion, including the planning, fundraising, and construction of a modern community center, initiatives that required long-range planning, disciplined budget control, coordination with local authorities, and continuous engagement with donors and other stakeholders. In this role, Mr. Labkowski works closely with boards, advisors, and public officials, regularly reporting on performance, risk, and policy implementation, and is known for clear communication and an ability to align diverse interests.

**Promoter Consideration**

No persons have acted as a promoter of the Reporting Issuer or its predecessor corporations for a period of two years prior to the date of this material change report.

**Corporate Cease Trade Orders or Bankruptcies**

Within the ten years prior, other than as set forth below, no director of the Resulting Issuer is, as at the date of this material change report, or has been, within the preceding 10 years, a director, chief executive officer or chief financial officer of any company that while that person was acting in that capacity: (i) was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation, for a period of more than 30 consecutive days; or (ii) became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceeding, amalgamation or compromise with creditors or had a receiver or receiver manager or trustee appointed to hold its assets.

On May 19, 2022, the Company was subject to a cease trade order due to the Company's prior auditor, Mallette LLP, including an auditor's report that expressed a modified audit opinion with the Company's audited annual financial statements for the year ended December 31, 2021. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company re-filed its audited annual financial statements for the year ended December 31, 2021 including an auditor's report that expressed an unmodified audit opinion, the British Columbia Securities Commission issued a revocation order on June 29, 2022.

On May 2, 2023, the Company was subject to a management cease trade order due to the Company failing to file its annual audited financial statements for the year ended December 31, 2022, and its management's discussion and analysis relating thereto before the prescribed deadline of May 1, 2023. Brendan Purdy, Binyomin Posen, Vitor Fonseca and Francis Letourneau were directors, and Francis Letourneau was an officer, of the Company at that time. Once the Company filed its audited annual financial statements for the year ended December 31, 2022 and its management's discussion and analysis relating thereto, the British Columbia Securities Commission issued a revocation order on May 15, 2023.

Brendan Purdy was director of Boomerang Oil, Inc. ("Boomerang") when on February 3, 2015, which was subject to a cease trade order issued by the British Columbia Securities Commission (the "**BCSC**") due to Boomerang failing to file its annual audited financial statements for the period ended September 30, 2014, and its management's discussion and analysis relating thereto within the prescribed time period under applicable securities laws. Mr. Purdy is no longer a director of Boomerang.

Brendan Purdy is currently a director of Rotonda Ventures Corp. ("**Rotonda**"). Rotonda was subject to a cease trade order issued by the BCSC on September 3, 2020 for failure to file its annual financial statements and accompanying management's discussion and analysis for the period ended April 30, 2020, within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked.

Brendan Purdy is currently a director of Wellbeing Digital Sciences Inc. ("**Wellbeing Digital**"). Wellbeing Digital was subject to a cease trade order issued by the BCSC on April 5, 2023 for failure to file its annual financial statements and accompanying management's discussion and analysis for the period ended October 31, 2022 and interim financial statements and accompanying management's discussion and analysis for the period ended January 31, 2023, within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked. Mr. Purdy is no longer a director of Wellbeing Digital.

Binyomin Posen and Brendan Purdy were directors of i3 Interactive Inc. ("**i3**") when on June 29, 2022, the BCSC issued a management cease trade order (the "**i3 MCTO**") against i3 and insiders of i3, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended February 28, 2022 and corresponding certifications of the foregoing within the time prescribed under NI 51-102. Binyomin Posen was a director of i3 at the time of the i3 MCTO, and remains a director as of the date hereof. The i3 MCTO remains in effect as of the date hereof.

Binyomin Posen was a director of Ryah Group Inc. ("**Ryah**") when on July 5, 2022, the Ontario Securities Commission (the "**OSC**") issued a cease trade order (the "**Ryah CTO**") against Ryah, to replace the management cease trade order issued by the OSC on May 5, 2022 (the "**Ryah MCTO**"), for failure to file its (i) audited annual financial statements and related management's discussion and analysis for the year ended December 31, 2021 and corresponding certifications of the foregoing (the "2021 Annual Records"); and (ii) interim financial statements and related management's discussion and analysis for the interim period ended March 31, 2022 and corresponding certifications of the foregoing (the "2022 Interim Records") within the time prescribed under NI 51-102. Binyomin Posen was a director of Ryah at the time of the Ryah CTO and Ryah MCTO, and remains a director as of the date hereof. The Ryah CTO remains in effect as of the date hereof.

Vitor Fonseca was a director of Canntab Therapeutics Limited ("**Canntab**") when on October 4, 2023, the BCSC issued a cease trade order against Canntab, for failure to file its audited annual financial statements and related management's discussion and analysis for the year ended May 31, 2023 and corresponding certifications of the foregoing within the prescribed time period under applicable securities laws. As of the date hereof, this cease trade order has not been revoked. Mr. Fonseca is no longer a director of Canntab.

**Penalties or Sanctions**

No director or officer of the Resulting Issuer or a securityholder anticipated to hold sufficient securities of the Resulting Issuer to affect materially the control of the Resulting Issuer, has been subject to any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or has been subject to any other penalties or sanctions imposed by a court or regulatory body, including a self-regulatory body, that would be likely to be considered important to a reasonable investor making an investment decision.

On May 3, 2019, pursuant to a disciplinary hearing of the Law Society of Ontario, Mr. Purdy admitted fault for failing to cooperate with an investigation of the Law Society of Ontario by failing to provide a prompt and complete response to written and oral requests from the Law Society. Mr. Purdy was issued a reprimand and ordered to pay costs to the Law Society. Mr. Purdy remains a member of the Law Society of Ontario.

**Personal Bankruptcies**

No director or officer of the Resulting Issuer, or a securityholder anticipated to hold sufficient securities of the Resulting Issuer to affect materially the control of the Resulting Issuer, or a personal holding company of any such persons, has, within the 10 years preceding the date of this material change report, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or been subject to or instituted any proceedings, merger or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the individual.

On August 28, 2020, the board of directors of Nutaq Innovation Inc. ("Nutaq"), a wholly owned subsidiary of the Company, ceased operations and all directors except for Mr. Letourneau resigned their respective positions. On September 2, 2020, Nutaq filed for bankruptcy with the Office of the Superintendent of Bankruptcy under the Bankruptcy and Insolvency Act (Canada). Mr. Letourneau has been director of Nutaq Innovation Inc since December 8, 2017. On September 22, 2020, the assigned trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all of the assets of Nutaq, including all of Nutaq's inventory, equipment and R&D equipment, trademarks, patents, accounts receivable, bank account and SR&ED credits would be sold by the Trustee with the consent of the first ranking secured creditors. Subsequent to the year ended October 31, 2020, the only operations of the Company is through the parent company and the Company intends to continue the former business of its subsidiary going forward.

**Conflicts of Interest**

The directors and officers of the Resulting Issuer are aware of the existence of laws governing accountability of directors and officers for corporate opportunity and the laws requiring disclosure by directors and officers of conflicts of interest. The Resulting Issuer will rely upon such laws in respect of any such conflict of interest or in respect of any breach of duty by any of the Resulting Issuer's directors or officers. Any such conflicts are required to be disclosed by such directors or officers in accordance with the *Business Corporations Act (British Columbia)* ("BCBCA") and the directors of the Resulting Issuer are required to govern themselves in respect thereof to the best of their ability in accordance with the obligations imposed upon them by law. Certain directors of the Resulting Issuer are, or may in the future be, directors, officers or shareholders of other companies that are, or may in future be, engaged in the business of, or enter into transactions with, the Resulting Issuer. Such associations and transactions may give rise to conflicts of interest from time to time.

**Other Reporting Issuer Experience**

The following table sets out the directors and officers of the Resulting Issuer that are, or have been within the last five years, directors, officers or promoters of other reporting issuers.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Name of Reporting Issuer** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Exchange** | &nbsp;&nbsp;**From** | &nbsp;&nbsp;**To** |
| &nbsp;&nbsp;**Francis Letourneau** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Jim Bailey** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;The Well Told Company Inc. | &nbsp;&nbsp;Director and Officer | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;March 2018 | &nbsp;&nbsp;October 2021 |
|  |  |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;March 2024 |
|  | &nbsp;&nbsp;RDARS Inc. | &nbsp;&nbsp;Director |  |  |  |
|  | &nbsp;&nbsp;Global Tactical Metals Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;November 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;i3 Interactive Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;December 2018 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Canadian Uranium Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;October 2020 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Red Light Holland Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;March 2019 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Vertiqal Studios Corp. | &nbsp;&nbsp;Director and Officer | &nbsp;&nbsp;TSX | &nbsp;&nbsp;December 2019 | &nbsp;&nbsp;May 2021 |
|  | &nbsp;&nbsp;Guyana Frontier Mining Corp. | &nbsp;&nbsp;CEO, CFO and Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;March 2023 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Pegmatite One Lithium and Gold Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;August 2022 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Waraba Gold Limited |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;April 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;RYAH Group Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;April 2021 | &nbsp;&nbsp;June 2024 |
|  | &nbsp;&nbsp;Trio Gold Corp. |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;March 2026 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;**Binyomin Posen** | &nbsp;&nbsp;Metaville Labs Inc. |  |  |  |  |
|  |  |  | &nbsp;&nbsp;CSE | &nbsp;&nbsp;December 2018 | &nbsp;&nbsp;Present |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;DevvStream | &nbsp;&nbsp;CEO, CFO, |  |  |  |
| &nbsp;&nbsp;Holdings Inc. | &nbsp;&nbsp;Director |  |  |  |
|  |  | &nbsp;&nbsp;Cboe | &nbsp;&nbsp;December 2021 | &nbsp;&nbsp;November 2022 |
|  | &nbsp;&nbsp;Director |  |  |  |
| &nbsp;&nbsp;Metavista3D |  |  |  |  |
| &nbsp;&nbsp;Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;October 2022 |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Green Scientific | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Labs Holdings |  |  |  |  |
| &nbsp;&nbsp;Inc. |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;March 2019 | &nbsp;&nbsp;November 2021 |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Newfoundland | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Goldbar |  |  |  |  |
| &nbsp;&nbsp;Resources Inc. |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;May 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
|  | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Jiminex Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;December 2018 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;1344344 B.C. | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Ltd. | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;1344343 B.C. | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Ltd. |  |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Street Capital | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;May 2018 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;1344342 B.C. | &nbsp;&nbsp;Director |  |  |  |
| &nbsp;&nbsp;Ltd. |  |  |  |  |
|  | &nbsp;&nbsp;Director, | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;Christie Capital | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Corp. |  |  |  |  |
|  | &nbsp;&nbsp;Director, | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;1344346 B.C. | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Ltd. |  |  |  |  |
| &nbsp;&nbsp;1344345 B.C. | &nbsp;&nbsp;Director, | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;Ltd. | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;March 2022 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;Pacific Iron Ore | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Corporation | &nbsp;&nbsp;Officer |  |  |  |
|  |  | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;July 2019 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Director, |  |  |  |
| &nbsp;&nbsp;Rio Verde | &nbsp;&nbsp;Officer |  |  |  |
| &nbsp;&nbsp;Industries Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;December 2020 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;CEO, CFO, |  |  |  |
| &nbsp;&nbsp;Empatho | &nbsp;&nbsp;Director |  |  |  |
| &nbsp;&nbsp;Holdings Inc. |  |  |  |  |
|  |  | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;December 2019 | &nbsp;&nbsp;December 2021 |
|  | &nbsp;&nbsp;Director, |  |  |  |
|  | &nbsp;&nbsp;Officer |  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Musk Ventures Ltd. | &nbsp;&nbsp;CEO and President | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;November 2020 | &nbsp;&nbsp;September 2025 |
|  | &nbsp;&nbsp;Red White & Bloom Brands Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;July 2017 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;DGTL Holdings Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;August 2019 | &nbsp;&nbsp;November 2022 |
|  | &nbsp;&nbsp;Talent Infinity Resource Developments Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;April 2022 | &nbsp;&nbsp;October 2024 |
|  | &nbsp;&nbsp;Canadian Goldcamps Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;CSE | &nbsp;&nbsp;December 2016 | &nbsp;&nbsp;April 2024 |
|  | &nbsp;&nbsp;i3 Interactive Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;March 2021 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Rotonda Ventures Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;Unlisted | &nbsp;&nbsp;February 2019 | &nbsp;&nbsp;Present |
|  | &nbsp;&nbsp;Wellbeing Digital Sciences Inc. | &nbsp;&nbsp;Director | &nbsp;&nbsp;OTC Pink | &nbsp;&nbsp;January 2021 | &nbsp;&nbsp;January 2024 |
|  | &nbsp;&nbsp;Slam Exploration Ltd. |  |  |  |  |
|  |  | &nbsp;&nbsp;Director | &nbsp;&nbsp;TSXV | &nbsp;&nbsp;July 2021 | &nbsp;&nbsp;Present |
| &nbsp;&nbsp;**Brendan Purdy** | &nbsp;&nbsp;Powertap Hydrogen Capital Corp. | &nbsp;&nbsp;Director | &nbsp;&nbsp;OTC Pink | &nbsp;&nbsp;March 2019 | &nbsp;&nbsp;February 2023 |
| &nbsp;&nbsp;**Vitor Fonseca** | &nbsp;&nbsp;Canntab<br> Therapeutics Limited | &nbsp;&nbsp;Director | &nbsp;&nbsp;Delisted | &nbsp;&nbsp;April 2018 | &nbsp;&nbsp;May 2025 |
| &nbsp;&nbsp;**Navindran Naidoo** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Avi Minkowitz** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;**Joseph Labkowski** | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

**EXECUTIVE COMPENSATION**

Securities laws require that a "Statement of Executive Compensation" in accordance with Form 51-102F6 be included in this material change report. Form 51-102F6 prescribes the disclosure requirements in respect of the compensation of executive officers and directors of reporting issuers. Form 51-102F6 provides that compensation disclosure must be provided for the Chief Executive Officer and the Chief Financial Officer of an issuer and each of the three most highly compensated executive officers whose total compensation exceeds $150,000. Based on those requirements, the executive officers of the Resulting Issuer for whom disclosure is required under Form 51-102F6 are Mr. Francis Letourneau (Chief Executive Officer, President and director), and Mr. Jim Bailey (Chief Financial Officer), who are collectively referred to as the "Named Executive Officers".

For the purpose of this Statement of Executive Compensation:

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the Resulting Issuer or one of its subsidiaries (if any) for services provided or to be provided, directly or indirectly to the Resulting Issuer or any of its subsidiaries (if any);

"**NEO**" or "**named executive officer**" means:

&nbsp;&nbsp;&nbsp;&nbsp;(a) each
individual who served as chief executive officer ()"**CEO**") of the Resulting Issuer, or who performed functions
similar to a CEO, during any part of the most recently completed financial year,

&nbsp;&nbsp;&nbsp;&nbsp;(b) each
individual who served as chief financial officer ()"**CFO**") of the Resulting Issuer, or who performed functions
similar to a CFO, during any part of the most recently completed financial year,

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
most highly compensated executive officer of the Resulting Issuer or any of its subsidiaries (if any) other than individuals identified
in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation was more than $150,000
for that financial year, and

&nbsp;&nbsp;&nbsp;&nbsp;(d) each
individual who would be an NEO under paragraph (c) but for the fact that the individual was neither an executive officer of the
Resulting Issuer or its subsidiaries, nor acting in a similar capacity, at the end of that financial year;

"**plan**" includes any plan, contract, authorization or arrangement, whether or not set out in any formal document, where cash, compensation securities or any other property may be received, whether for one or more persons; and

"**underlying securities**" means any securities issuable on conversion, exchange or exercise of compensation securities.

*Director and Named Executive Officer Compensation, Excluding Compensation Securities*

The following table sets forth all direct and indirect compensation paid, payable, awarded, granted, given or otherwise provided, directly or indirectly, by the Resulting Issuer or any subsidiary thereof to each NEO and each director of the Resulting Issuer, in any capacity, including, for greater certainty, all plan and non-plan compensation, direct and indirect pay, remuneration, economic or financial award, reward, benefit, gift or perquisite paid, payable, awarded, granted, given or otherwise provided to the NEO or director for services provided and for services to be provided, directly or indirectly, to the Resulting Issuer or any subsidiary thereof:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Principal Position** | &nbsp;&nbsp;**Year Ended Dec. 31** | &nbsp;&nbsp;**Salary ($)** | &nbsp;&nbsp;**Total Compensation ($)** |
| &nbsp;&nbsp;Francis Létourneau, <br> Chief Executive | &nbsp;&nbsp;2025<br> 2024 | &nbsp;&nbsp;175000<br> 121154<br> &nbsp;&nbsp;Nil<br> Nil | &nbsp;&nbsp;175000<br> 121154 |
| &nbsp;&nbsp;Officer and President<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Jim Bailey, <br> Chief Financial Officer | &nbsp;&nbsp;2025<br> 2024 | &nbsp;&nbsp;157566<br> 114867<br> &nbsp;&nbsp;Nil<br> Nil | &nbsp;&nbsp;157566<br> 114867 |

---

*Narrative Discussion*

No director of NuRAN who is not an NEO has received, other than described below, during the most recently completed financial year, compensation pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
standard arrangement for the compensation of directors for their services in their capacity as directors, including any additional
amounts payable for committee participation or special assignments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other arrangement, in addition to, or in lieu of, any standard arrangement, for the compensation of directors in their capacity as directors; or any arrangement for the compensation of directors for services as consultants or expert.

The Resulting Issuer's NEOs have all entered into employment agreements with the Resulting Issuer. Each agreement specifies the terms and conditions of employment, the duties and responsibilities of the executive during the term, the compensation and benefits to be provided by the Resulting Issuer in exchange for each executive's services, and the compensation and benefits to be provided by the Resulting Issuer in the event of a termination of employment.

On March 30, 2021, Mr. Letourneau entered into an employment agreement (the "**Letourneau Employment Agreement**") pursuant to which he is entitled to a base annual salary of $240,000 which is subject to increase to $350,000 on the earlier of: (i) the Resulting Issuer achieving a project debt financing under any of its network as a service agreements, or (ii) the date the Resulting Issuer completes an equity financing for minimum gross proceeds of $1,000,000. Mr. Letourneau is entitled to participate in any executive incentive bonus plans and is entitled to receive options at the discretion of the Board and received a special warrant to acquire up to 3,200,000 Common Shares of the Resulting Issuer upon the achievement of certain performance milestones including but not limited to the execution of additional network as a service or other agreements for proposed build out of site in a new country not previously contracted for the build out of sites by the Resulting Issuer; execution of a network as a service agreement resulting in an additional 1,000-5.000 cumulative sites under contract; the first $1,000,000 of revenue achieved from any network as a service agreement; and upon the first closing of any network as a service project financing in any country.

On September 3, 2021, the Resulting Issuer entered into a consulting agreement with Questus Consulting Ltd. ("**Questus**"), a company that is 50% controlled by Jim Bailey, Chief Financial Officer, and 50% controlled by his spouse (the "**Questus Agreement**"). Pursuant to the terms of the Questus Agreement, the Resulting Issuer will pay Questus a fixed fee of $20,833.33 per month in consideration of certain management consulting services provided by Questus including managing the financing and banking functions of the Resulting Issuer and overseeing the procedures for internal controls management of continuous disclosure filings of the Resulting Issuer. Under the terms of the Questus Agreement, Questus will be entitled to receive options of the Resulting Issuer under the Resulting's Issuer equity compensation plan at the discretion of the Board and was issued a performance warrant to acquire a total of up to 1,600,000 Common Shares of the Resulting Issuer based on the Resulting Issuer reaching certain successful milestones in strategic planning, growth, increased revenue and achievement of operation targets and subject to the completion of a minimum of four months of continued employment from the date of the Questus Agreement. The Questus Agreement does not have a predetermined term.

*Employment, Consulting and Management Agreements*

For the years ended December 31, 2024 and December 31, 2025, other than described above, the Resulting Issuer does not have any employment, consulting or management agreements or arrangements with any of the current NEOs or directors.

*Termination and Change of Control Benefits*

Other than as described below, the Resulting Issuer does not have any compensatory plan, contract or arrangement where a NEO is entitled to receive a payment from the Resulting Issuer or its subsidiary, including periodic payments or instalments in the event of: (i) a change of control of the Resulting Issuer or its subsidiary or (ii) a change in the responsibilities of such Named Executive Officer following a change in control.

The Letourneau Employment Agreement provides for certain compensation in the case of either (i) the director or indirect acquisition by any person or persons of more than 50% of the outstanding voting shares of the Resulting Issuer or the rights to acquire such shares; or (ii) any director or indirect sale, transfer or disposition of all or substantially all of the assets of the Resulting Issuer (a "**Change of Control**"). In the event of a Change of Control of the Resulting Issuer and the occurrence of one or more of the following events: (i) the Resulting Issuer terminates Mr. Letourneau's employment without cause within 12 months of the Change of Control of the Resulting Issuer; (ii) Mr. Letourneau resigns because of a reduction in salary of greater than 10% material reduction in his status, title, position or duties or responsibilities; or (iii) a material breach of the terms and conditions, pursuant to the Letourneau Employment Agreement, the Resulting Issuer will pay Mr. Letourneau an amount that includes the following: (i) the equivalent to 12- months of base salary in a lump sum and subject to applicable statutory deductions or withholdings or both, but not subject to any duty to mitigate or other principle of mitigation; (ii) 12-months of incentive compensation within 30 days of the termination of employment in a lump sum and subject to applicable statutory deductions and withholdings; (iii) accrued but outstanding vacation pay; (iv) and all options under the stock option plan will immediately vest and become exercisable for a period of 90 days from the end of the term of employment after which time all unexercised stock options will expire and will not be exercisable. If Mr. Letourneau's employment is terminated without cause he is entitled to termination or pay in lieu of notice or any combination of the same as follows: (i) within 12 consecutive months of employment, one month of termination notice or pay in lieu of notice or any combination of the same; and (ii) after the first 12 consecutive month of employment, three months of termination notice or pay in lieu of notice or any combination of the same plus an additional one month of termination notice or pay in lieu of notice or any combination of same for each completed year of employment, to a total of a maximum of 12 months of termination notice or pay in lieu of notice or any combination of the same.

In the event of a change of control of the Resulting Issuer and pursuant to the terms and conditions of the Questus Agreement, whereby more than 50% of the outstanding voting shares of the Resulting Issuer are acquired by a person or persons, acting jointly and in concert, Questus is entitled to payment in the amount equivalent to 12 months of the aforementioned fixed fee, incentive compensation pursuant to the incentive compensation plan and the vesting of all of Questus' unvested stock options under the Resulting Issuer's stock option plan.

*Stock Options and Other Compensation Securities*

For the year ended December 31, 2025, the Resulting Issuer did not grant any compensation securities to directors or NEOs and consultants of the Company. No director or NEO of the Resulting Issuer has exercised any compensation securities during the financial year ended December 31, 2025.

*Stock Option Plans and Other Incentive Plans*

The Resulting Issuer's stock option plan ("**Stock Option Plan**") provides that the Board may, from time to time, in its discretion, grant to directors, officers, employees, consultants and other personnel of the Resulting Issuer and its subsidiaries or affiliates, options to purchase Shares. The Stock Option Plan is a "rolling" stock option plan, whereby the aggregate number of Shares reserved for issuance, together with any other Shares reserved for issuance under any other plan or agreement of the Resulting Issuer, shall not exceed ten (10%) percent of the total number of issued Shares (calculated on a non-diluted basis) at the time an option is granted. See "Options to Purchase Securities".

*Oversight and Description of Director and NEO Compensation*

The Board has not created or appointed a compensation committee given the Resulting Issuer's current size and stage of development. All tasks related to developing and monitoring the Resulting Issuer's approach to the compensation of its NEOs and directors are performed by the members of the Board. The compensation of the NEOs, directors and the Resulting Issuer's employees or consultants is reviewed, recommended and approved by the Board without reference to any specific formula or criteria. NEOs that are also directors of the Resulting Issuer are involved in discussion relating to compensation and disclose their interest in and abstain from voting on compensation decisions relating to them, as applicable, in accordance with the applicable corporate legislation.

The Resulting Issuer's compensation program is intended to attract, motivate, reward and retain the management talent needed to achieve the Resulting Issuer's business objectives of improving overall corporate performance and creating long term value for the shareholders. The compensation program is intended to reward executive officers on the basis of individual performance and achievement of corporate objectives, including the advancement of the exploration and development goals of the Resulting Issuer.

The Resulting Issuer's current compensation program is comprised of three major components: base salary or fees, short term incentives such as discretionary bonuses and long-term incentives such as stock options.

In making compensation decisions, the Board strives to find a balance between short-term and long-term compensation and cash versus equity incentive compensation. Base salaries or fees and discretionary cash bonuses primarily reward recent performance and incentive stock options encourage NEOs and directors to continue to deliver results over a longer period of time and serve as a retention tool. The annual salary or fee for each NEO, as applicable, is determined by the Board based on the level of responsibility and experience of the individual, the relative importance of the position to the Resulting Issuer, the professional qualifications of the individual and the performance of the individual over time. The NEOs' performances and salaries or fees are to be reviewed periodically. Increases in salary or fees are to be evaluated on an individual basis and are performance and market based. The amount and award of cash bonuses to key executives and senior management is discretionary, depending on, among other factors, the financial performance of the Resulting Issuer and the position of a participant.

*Pension Benefits*

The Resulting Issuer does not have a pension benefit arrangement under which the Resulting Issuer have made payments to the directors and or Named Executive Officers of the Resulting Issuer during its fiscal years ended December 31, 2025 and December 31, 2024 or intends to make payments to the Resulting Issuer's directors or Named Executive Officers upon their retirement (other than the payments set out above and those made, if any, pursuant to the Canada Pension Plan or any government plan similar to it).

*Proposed Compensation*

Set out below is a summary of the estimated compensation for President, CEO and CFO of the Resulting Issuer, for the 12-month period ended December 31, 2026, on an annualized basis:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Principal Position** | &nbsp;&nbsp;**Year Ended Dec. 31** | &nbsp;&nbsp;**Salary ($)** | &nbsp;&nbsp;**Total Compensation ($)** |
| &nbsp;&nbsp;Francis Létourneau, Chief Executive Officer and President<sup>(1)</sup> | &nbsp;&nbsp;2026 | &nbsp;&nbsp;350000<br> &nbsp;&nbsp;Nil | &nbsp;&nbsp;350000<br>|
| &nbsp;&nbsp;Jim Bailey, Chief Financial Officer | &nbsp;&nbsp;2026 | &nbsp;&nbsp;250000<br> &nbsp;&nbsp;Nil<br>&nbsp;&nbsp;Nil | &nbsp;&nbsp;250000 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Francis
Létourneau is entitled to a base annual salary of $240,000 which is subject to increase to $350,000 on the earlier of:
(i) the Resulting Issuer achieving a project debt financing under any of its network as a service agreements, or (ii) the date
the Resulting Issuer completes an equity financing for minimum gross proceeds of $1,000,000.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No current or former director, executive officer or employee, proposed nominee for election to the board of directors, or associate of such persons is, or has been, indebted to the Company since the beginning of the most recently completed financial year of The Company and no indebtedness remains outstanding as at the date of this material change report.

**AUDIT COMMMITTEE**

*The Audit Committee Charter*

The full text of the Resulting Issuer's Audit Committee Charter is disclosed at Schedule "A" to the Company's management information circular dated September 30, 2025, available on SEDAR+.

*Composition of the Audit Committee*

As of the date hereof, Binyomin Posen, Brendan Purdy, and Vitor Fonseca have been members of the Audit Committee. Pursuant to National Instrument 52-110, the majority of the members of the Audit Committee are directors that are independent and free from any interest and any business or other relationship which could or could reasonably be perceived to, materially interfere with the director's ability to act with the best interests of the Resulting Issuer, other than the interests and relationships arising from shareholders. All members of the Audit Committee are independent.

All of the Audit Committee members are "financially literate" as defined in National Instrument 52-110, as all have the industry experience necessary to understand and analyze financial statements of the Resulting Issuer, as well as the understanding of internal controls and procedures necessary for financial reporting. The Audit Committee is responsible for review of both interim and annual financial statements for the Resulting Issuer. For the purposes of performing their duties, the members of the Audit Committee have the right at all times, to inspect all the books and financial records of the Resulting Issuer and any subsidiaries and to discuss with management and the external auditors of the Resulting Issuer any accounts, records and matters relating to the financial statements of the Resulting Issuer. The audit committee members meet periodically with management and annually with the external auditors.

*Relevant Education and Experience*

Each of Binyomin Posen, Vitor Fonseca, and Brendan Purdy meet the requirements set out in Section 3 – Relevant Education and Experience of Form 52-110F2 – Audit Committee Disclosure by Venture Issuers.

*Audit Committee Oversight*

Since the commencement of the Resulting Issuer's most recently completed financial year, the Resulting Issuer Board has not failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

*Reliance on Certain Exemptions*

Since the commencement of the Resulting Issuer's most recently completed financial year, the Resulting Issuer has not relied on the exemptions contained in sections 2.4 or 8 of National Instrument 52-110. Section 2.4 (De Minimis Non-audit Services) provides an exemption from the requirement that the Audit Committee must pre-approve all non-audit services to be provided by the auditor, where the total amount of fees related to the non-audit services are not expected to exceed 5% of the total fees payable to the auditor in the fiscal year in which the non-audit services were provided. Section 8 (Exemptions) permits a company to apply to a securities regulatory authority for an exemption from the requirements of National Instrument 52-110 in whole or in part.

*Pre-Approval Policies and Procedures*

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as set out in the Audit Committee Charter of the Resulting Issuer.

*External Auditor Service Fees*

In the following table, "audit fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of the Company's financial statements. "Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All other fees" are fees billed by the auditor for products and services not included in the foregoing categories. The aggregate fees billed by the Company's external auditor in the last two fiscal years, by category, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Financial Year<br> Ended | &nbsp;&nbsp;Audit Fees ($) | &nbsp;&nbsp;Audit Related Fees<br> ($) | &nbsp;&nbsp;Tax Fees ($) | &nbsp;&nbsp;All Other Fees |
| &nbsp;&nbsp;December 31,<br> 2025 | &nbsp;&nbsp;$552352 | &nbsp;&nbsp;$135000 | &nbsp;&nbsp;$20000 | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;December 31,<br> 2024 | &nbsp;&nbsp;$127500 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;$3555 |

---

*Exemption*

The Resulting Issuer is relying on the exemption provided by section 6.1 of National Instrument 52-110 which provides that the Resulting Issuer, as a venture issuer, is not required to comply with Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) of National Instrument 52-110.

**CORPORATE GOVERNANCE**

Pursuant to National Instrument 58-101 Disclosure of Corporate Governance Practices, the Resulting Issuer is required to disclose its corporate governance practices as follows:

*Board of Directors*

The Board of the Resulting Issuer facilitates its exercise of independent supervision over the Resulting Issuer's management through frequent meetings of the Board. Directors are considered to be independent if they have no direct or indirect material relationship with the Resulting Issuer. A "material relationship" is a relationship which could, in the view of the Resulting Issuer's Board, be reasonably expected to interfere with the exercise of a director's independent judgment. The independent directors are given full access to management so that they can develop an independent perspective and express their views and communicate their expectations of management.

The independent directors are Navindran Naidoo, Binyomin Posen, Brendan Purdy, Vitor Fonseca, Joseph Labkowski, and Avi Minkowitz. Francis Letourneau is not considered independent by virtue of his being Chief Executive Officer of the Resulting Issuer.

*Orientation and Continuing Education*

The Resulting Issuer has not formalized an orientation program. If a new director was appointed or elected, however, he or she would be provided with orientation and education about the Resulting Issuer which would include information about the duties and obligations of directors, the business and operations of the Resulting Issuer, documents from recent board meetings and opportunities for meetings and discussion with senior management and other directors. Specific details of the orientation of each new director would be tailored to that director's individual needs and areas of interest.

The Resulting Issuer does provide continuing education opportunities to directors so that they may maintain or enhance their skills and abilities as directors and ensure that their knowledge and understanding of the Resulting Issuer's business remains current.

*Ethical Business Conduct*

The Resulting Issuer has not taken any formal steps to promote a culture of ethical business conduct, but the Resulting Issuer and its management are committed to conducting its business in an ethical manner. This is accomplished by management actively doing the following in its administration and conduct of the Resulting Issuer's business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 promotion of integrity and deterrence of wrongdoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 promotion of honest and ethical conduct, including the ethical handling of actual or
 apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 promotion of avoidance or absence of conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 promotion of full, fair, accurate, timely and understandable disclosure in public communications
 made by the Resulting Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 promotion of compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Providing
 guidance to the Resulting Issuer's directors, officers and employees to help them
 recognize and
deal with ethical issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Helping
 foster a culture of integrity, honesty and accountability throughout the Resulting Issuer.

*Nomination of Directors*

The directors will be elected each year by the shareholders at the annual meeting of shareholders. The Board proposes a slate of nominees to the shareholders for election to the Board at such meeting. Between annual meetings of shareholders, the Board may fill casual vacancies on the Board and, subject to the Resulting Issuer's Articles, increase the size of the Board and elect directors to fill the resulting vacancies until the next annual meeting of shareholders.

The Board as a whole is responsible for identifying and evaluating qualified candidates for nomination to the Board. In identifying candidates, the Board considers the competencies and skills that the Board considers to be necessary for the Board, as a whole, to possess, the competencies and skills that the Board considers each existing director to possess, the competencies and skills each new nominee will bring to the Board and the ability of each new nominee to devote sufficient time and resources to his or her duties as a director.

*Compensation*

The Board as a whole is responsible for reviewing the adequacy and form of compensation paid to the Resulting Issuer's executives and key employees, and ensuring that such compensation realistically reflects the responsibilities and risks of such positions. In fulfilling these responsibilities, the Board evaluates the performance of the Resulting Issuer's chief executive officer and other senior management in light of corporate goals and objectives, and makes recommendations with respect to compensation levels based on such evaluations.

*Other Board Committees*

The Board has no other committees other than the Audit Committee.

*Assessments*

The Board has not, as of the present time, taken any formal steps to assess whether the Board, its committees and its individual directors are performing effectively.

**RISK FACTORS**

The Restructuring Transaction gives rise to the following material risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Significant dilution of existing Shareholders

In connection with the Restructuring Transaction, the Company issued an aggregate of 7,198,026 common shares to the vendors of Factor, resulting in an aggregate of 12,905,118 issued and outstanding common shares of the Company following completion of the Restructuring Transaction.

As a result of the issuance of common shares to the vendors of the Factor as consideration for the acquisition of Factor, the shareholders of the Company experienced substantial dilution of their equity interests. At the date of the current material change report, the vendors of Factor collectively hold approximately 55.78% of the Company's issued and outstanding common shares following completion of the Restructuring Transaction.

Following completion of the transaction, the former vendors of Factor collectively hold a majority of the Company's outstanding voting securities and are able to materially influence matters requiring shareholder approval, including the election of directors and the approval of significant corporate transactions. As a result, the relative voting power and influence of the Company's existing shareholders have been significantly reduced.

Upon completion of the Restructuring Transaction, Factor ceased to operate as a separate entity and is expected to be wound up or liquidated in accordance with applicable corporate law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Unexpected liabilities related to the Acquisition

In connection with the Acquisition, there may be liabilities failed to discover or was unable to quantify in the due diligence which it conducted in connection with the Acquisition and the Company may not be indemnified for some or all of these liabilities after 12 months of the Acquisition. Following 12 months of the Acquisition, the Company may discover that it has acquired undisclosed liabilities. The discovery of any material liabilities, or the inability to obtain full indemnification for such liabilities, could have a material adverse effect on the Company's business, financial condition or future prospects. While the Company has estimated these potential liabilities for the purposes of making its decision to enter into the Acquisition Agreement, there can be no assurance that any resulting liability will not exceed the Company's estimates.

The existence of undisclosed liabilities could have an adverse impact on the Company's business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Risks associated with the acquisition and integration of the Factor

Prior to completion of the Restructuring Transaction, the Factor's principal business consisted primarily of purchasing and factoring invoices issued by the Company. As a result of the Restructuring Transaction, the Factor ceased to operate as a separate entity and its assets and liabilities were integrated into the Company. The Restructuring Transaction effectively internalized the factoring arrangements that previously existed between the Company and the Factor. While the Company expects that this structure may simplify its financial and operational arrangements, there can be no assurance that the anticipated operational or financial benefits of the transaction will be realized. The integration of Factor's assets, liabilities and contractual arrangements into the Company may involve administrative, operational and financial adjustments. In addition, liabilities or obligations relating to Factor's prior factoring activities may arise that were not identified or fully quantified prior to completion of the Restructuring Transaction. Any difficulties arising from the integration of Factor or from liabilities associated with its prior operations could adversely affect the Company's financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Acquisition of the Factor was effected primarily as a debt Settlement and may not provide
ongoing operating benefits

The acquisition of the Factor was undertaken primarily as a mechanism to settle outstanding indebtedness of the Company and to eliminate liabilities arising from prior factoring arrangements. The principal assets of the Factor consisted of receivables owed by the Company, and the fundamental economic effect of the transaction was the extinguishment of the Company's debt through the issuance of equity.

Accordingly, the acquisition was not intended to expand or diversify the Issuer's operating business, generate incremental revenue, or provide synergies typically associated with an acquisition of an operating company. There can be no assurance that the acquisition will result in any ongoing operational, financial, or strategic benefits to the Issuer beyond the reduction of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) No independent valuation was obtained in connection with the Restructuring Transaction

No independent valuation was obtained in connection with the acquisition of the Factor or the determination of the consideration issued thereunder. The consideration was negotiated between the parties and reflected, among other things, the amount of indebtedness being settled, tax planning considerations applicable to the vendors, and administrative efficiency. As a result, the consideration paid may not reflect the fair market value of the Factor or its assets, and investors may disagree with the valuation implied by the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Regulatory and disclosure risk associated with the Restructuring Transaction

The Restructuring Transaction constituted a "restructuring transaction" within the meaning of NI 51-102 and triggered requirements to prepare and file prospectus-level disclosure in respect of the acquisition of the Factor. The Company has prepared, or is in the process of preparing, such disclosure in accordance with applicable securities laws.

There can be no assurance that regulators will not request additional disclosure, financial information, or amendments to filings, or that any such requests would not result in additional costs, delays, or regulatory consequences for the Issuer. Any failure to comply with applicable disclosure requirements could result in enforcement action, the issuance of cease trade orders, or restrictions on the Issuer's access to the capital markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Future financings may further dilute shareholders

Although the Restructuring Transaction improved the Issuer's balance sheet by reducing indebtedness, the Company may continue to require additional financing to fund its operations and growth initiatives. Any future equity or equity-linked financings could result in further dilution to existing shareholders and may be undertaken on terms that are unfavourable to current investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Market perception risk

The Restructuring Transaction, including the significant dilution, the concentration of ownership, and the characterization of the acquisition as a debt settlement rather than a growth transaction, may adversely affect investor perception of the Company. Negative market perception could impact the trading price, volatility, and liquidity of the Company's securities.

**INVESTOR RELATIONS ARRANGEMENTS**

The Factor has not engaged any investor relations or promotional firms and has not entered into any investor awareness or marketing arrangements. As of the date hereof, the Factor has not retained any third parties to provide investor relations, promotional or marketing services.

**OPTIONS TO PURCHASE SECURITIES**

The Resulting Issuer adopted the Company's Stock Option Plan last approved by the shareholders of NuRAN on October 29, 2025 which provides that the board of directors of the Resulting Issuer may from time to time, in its discretion, and in accordance with the Exchange requirements, grant to directors, officers, employees, charitable organizations and consultants to the Resulting Issuer, non-transferable Options to purchase Resulting Issuer Shares, provided that the number of Resulting Issuer Shares reserved for issuance does not exceed ten percent (10%) of the issued and outstanding Resulting Issuer Shares at any given time. The exercise price or grant price for the Resulting Issuer Options, is determined by the directors of the Resulting Issuer which in no event will be less than the fair market value of the Resulting Issuer Shares at the time of grant. In connection with the foregoing, without prior receipt of disinterested shareholder approval, the number of Resulting Issuer Shares reserved for issuance to any individual director or officer will not exceed 5% of the then issued and outstanding Resulting Issuer Shares and the number available to any one consultant will not exceed two percent (2%) of the issued and outstanding Resulting Issuer Shares. Subject to board approval, Resulting Issuer Options may be exercised not later than 90 days, or such other day as determined in the discretion of the board, following cessation of the awardee's position with the Resulting Issuer, provided that if the cessation of office, directorship, or consulting Amalgamation was by reason of death, such Resulting Issuer Option respectively, may be exercised within a maximum period of one year after such death, subject to the expiry date of such Resulting Issuer Option, and other Award. Upon completion of the Transaction, all current outstanding awards will be handled under the Company's Stock Option Plan.

The Resulting Issuer adopted the Company's Restricted Share Unit Plan (the "**RSU Plan**"), last approved by the shareholders of NuRAN on May 30, 2024, the purpose of which is to provide discretionary bonuses and similar awards to directors, officers, employees and consultants of the Resulting Issuer (collectively, "**Eligible Persons**") as an incentive and reward in connection with the achievement of long-term financial and strategic objectives of the Company and the corresponding enhancement of shareholder value. The RSU Plan is intended to further align the interests of Eligible Persons with those of shareholders by providing an opportunity to participate in increases in the value of the Resulting Issuer. Participation in the RSU Plan is voluntary and each grant of restricted share units ("**RSUs**") is evidenced by a grant agreement entered into between the Resulting Issuer and the applicable participant. RSUs are non-assignable and non-transferable. The aggregate number of Common Shares issuable from treasury under the RSU Plan shall not exceed ten percent (10%) of the issued and outstanding Common Shares of the Resulting Issuer at any given time. The Board may, in its sole discretion, establish such performance conditions and vesting conditions in respect of RSUs as it considers appropriate, which conditions may differ among participants or grants, and may provide for vesting upon satisfaction of one or more performance conditions. Subject to applicable regulatory approvals, in the event of a change of control of the Resulting Issuer, RSUs that have not otherwise been cancelled will vest and become payable on the date such change of control occurs, and the Board may make arrangements to facilitate participation by recipients in the transaction. Except as otherwise provided in a grant agreement, RSUs shall vest on the later of (i) the vesting date determined by the Board at the time of grant, or if no such date is specified, the earlier of the expiry date of the RSU and the third anniversary of the grant date, and (ii) the date on which all applicable performance or vesting conditions have been satisfied (the "**Trigger Date**"). Where a Trigger Date occurs during a restricted period, vesting shall be deferred to the earlier of one business day following the end of such restricted period and the expiry date of the RSU. Upon vesting and subject to required approvals, RSUs shall be settled, at the discretion of the Board, by the issuance of one Common Share per vested RSU, the payment of a cash amount equal to the vesting date value of such RSU, or a combination thereof, net of any applicable withholding taxes, and in no event shall any RSU remain outstanding beyond its expiry date.

The Resulting Issuer adopted the Company's restricted share unit plan (the "**RSU Plan**") approved on August 8, 2022 and on May 30, 2024.

The following table sets out the number of Awards of the Resulting Issuer that will be outstanding upon completion of the Transactions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Group and Number of Persons in Group** | &nbsp;&nbsp;&nbsp;**Number of Resulting Issuer Shares Under Stock Option Plan** | &nbsp;&nbsp;**Exercise Price Per Resulting Issuer Share** | **Expiry Date** | &nbsp;&nbsp;**Market Value of the Securities as of the Date of this Material Change Report** |
| &nbsp;&nbsp; All Officers of the Result'ing Issuer and subsidiaries of the Resulting Issuer  | 500 Options | $705 | February 9,<br> 2026 | $1390 |
| &nbsp;&nbsp;All Directors of the | 133 Options | $705 | February 8, | $93765 |
| &nbsp;&nbsp;Resulting Issuer and |  |  | 2026 |  |
| &nbsp;&nbsp;subsidiaries of the | 1,333 Options | $705 | February 9, | $939765 |
| &nbsp;&nbsp;Resulting Issuer |  |  | 2026 |  |
|  | 167 Options | $501 | October 26, | $461.48 |
|  |  |  | 2026 |  |
|  | 334 Options | $402 | January 27,<br> 2027 | $925.74 |
| &nbsp;&nbsp; All employees of the Resulting Issuer as a group  | Nil | N/A | N/A | N/A |
| &nbsp;&nbsp;All consultants of the Resulting Issuer as a group | 501 Options<br>832 Options<br>| $402<br>$510 | January 27,<br> 2027<br> October 20,<br> 2026 | 1,392.78$2,312.96$|

---

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The auditors of the Resulting Issuer were Zeifmans LLP from Toronto, Ontario (the "Predecessor Auditor") as at January 13, 2026. SRCO Professional Corporation (the "Successor Auditor"), of 15 Wertheim Court, Suite 409 Richmond Hill, ON L4B 3H7, has agreed to act as the Resulting Issuer's auditor effective January 13, 2026.

The proposed transfer agent and registrar for the Resulting Issuer Shares is Odyssey Trust Company, located at Suite 1100, 67 Yonge Street, Toronto, Ontario, M5E 1J8, Canada.

**EXPERTS**

The following experts have assisted in the preparation of this material change report:

● SRCO Professional Corporation, Chartered Professional Accountants are the independent auditors of the Resulting Issuer within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario.

● ND LLP, the auditors of the Factor, have advised that they are independent with respect to the Factor within the meaning of the Code of Professional Conduct of the Chartered Professional Accountants of Ontario.

None of the foregoing experts, nor any partner, employee or consultant of such an expert who participated in and who was in a position to directly influence the preparation of the applicable statement, report or valuation, has, has received or is expected to receive, registered or beneficial interests, direct or indirect, in common shares of the Company or the Factor or other property of the Company or the Factor or any of its associates or affiliates, representing 1% or more of the outstanding common shares of the Company or the Factor.

**OTHER MATERIAL FACTS**

There are no material facts about the Factor, the Company, the Resulting Issuer or the Restructuring Transaction that are not disclosed within this material change report which are necessary in order for this material change report to contain full, true and plain disclosure of all material facts relating to the Factor, the Company and the Resulting Issuer, regarding the completion of the Transaction.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)**

Not applicable.

**Item 7: Omitted Information**

No information has been omitted on the basis that it is confidential information.

**Item 8: Executive Officer**

For additional information with respect to this material change, the following person may be contacted:

NuRAN Wireless Inc.

Francis Letourneau, Director and CEO<br> <u>info@nuranwireless.com</u>

Tel: (418) 264-1337

**Item 9: Date of Report**

This report is dated as of June 9, 2026, but effective December 22, 2025.

**SCHEDULE "A"**

Press Release

---

| | |
|:---|:---|
| ![](img016_v7.jpg) | PRESS RELEASE |

---

For Immediate release

NuRAN Provides Clarification and Corrections Regarding <br> Restructuring Transaction Disclosure

Quebec, QC, Canada, January 28, 2026 – NuRAN Wireless Inc. ("NuRAN" or the "Company") (<u>CSE: NUR</u>) (<u>OTC: NRRWF</u>) (<u>FSE: 1RN</u>), announces, further to its prior press release of December 23, 2025, that its acquisition of Advance Factoring Inc. (the "Factor") has resulted in a restructuring transaction within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* (the "Restructuring Transaction"), and that the Company is in the process of preparing a material change report containing the disclosure required by section 14.2 of Form 51-102F5 – *Information Circular* in respect of the Factor.

<u>Restatement and correction of prior disclosure</u>

This news release restates and corrects certain information contained in the Company's press release dated <u>December 23, 2025</u>. In particular, the Company is correcting the disclosure on the following items:

-the amount of the debt settlements completed for $6,172,629, and

-for the initial tranche of the additional amounts, the Company issued an aggregate of 2,115,064 Units at a price of $2.89 per Unit, for aggregate gross proceeds consisting of cash subscriptions of $2,599,932 and debt settlements of $3,512,627.

<u>Restructuring transaction and disclosure status</u>

The Restructuring Transaction involves the acquisition by the Company of the Factor as part of a broader restructuring of the Company's financial position. On December 22nd, 2025, the Company issued an aggregate of 10,380,618 Units, at $2.89 per Unit, which included cash subscriptions of $3,025,068, debt settlements of $6,172,629, and the acquisition of the Factor for $20,802,303.09, and an aggregate of 2,115,064 Units at a price of $2.89 per Unit.

The Restructuring Transaction was implemented through the acquisition of the Factor, a private company whose principal assets consisted of factored receivables representing financial claims against the Company arising from prior factoring arrangements. The fundamental economic effect of this transaction is equivalent to a debt settlement in which the creditor's claim against the Company is extinguished through the issuance of Units. The consideration for the Factor was $20,802,303.09, comprised of 7,198,026 Units issued at $2.89 per Unit.

—1—

---

| | |
|:---|:---|
| ![](img016_v7.jpg) | PRESS RELEASE |

---

The Restructuring Transaction structure was used as a legal and tax-efficient mechanism to effect the settlement and extinguishment of indebtedness owed by the Company, which allowed administrative efficiency and a 23% discount on the amounts owed.

As consideration for the acquisition of the Factor, the vendors of the Factor received common shares of the Company. Upon completion of the Restructuring Transaction, the vendors of the Factor held 55.80% of the Company's outstanding common shares, resulting in a change of control of the Company.

<u>Regulatory status update</u>

The British Columbia Securities Commission (the "Commission") has advised the Company that, pending the completion and filing of the material change report containing the disclosure required by section 14.2 of Form 51-102F5 in respect of the Factor, the Company is considered to be in default of certain continuous disclosure requirements in accordance with Canadian Securities Administrators Notice 51-322 – *Reporting Issuer Defaults*. As a result, the Company expects to be included on the Commission's Issuers in Default List, and to be removed from the list once the required disclosure has been completed and filed.

The Company is continuing to prepare the required disclosure and intends to remedy the default as soon as practicable in accordance with applicable securities laws.

About NuRAN Wireless:

NuRAN Wireless is a leading rural telecommunications company that meets the growing demand for wireless network coverage in remote and rural regions around the globe. With its affordable and innovative scalable solutions of 2G, 3G, and 4G technologies, NuRAN Wireless offers a new possibility for more than one billion people to communicate effectively over long distances efficiently and affordably. "Bridging the Digital Divide, One Connection at a Time."

Additional Information:

For further information about NuRAN Wireless: www.nuranwireless.com

Francis Létourneau, <br> Director and CEO

Francis.letourneau@nuranwireless.com <br> Tel: (418) 264-1337

—2—

---

| | |
|:---|:---|
| ![](img016_v7.jpg) | PRESS RELEASE |

---

*Forward Looking Statements*

*This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "anticipates", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, such as, the risk that the Company will not complete the Consolidation; the risk that the Company will not complete the Restructuring Transaction; the risk that the Company will not complete the additional demand for Units; uncertainties and risks relating to NuRAN's business and the economy generally; NuRAN's ability to collect fees from our telecommunication providers and reliance on the network of our telecommunications providers, the capacity of the Company to deliver in a technical capacity and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers, the loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; effects of the global supply shortage affecting parts needed for NuRAN's sites and site installations; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for our operations, access to the credit and capital markets, changes in applicable telecommunications laws or regulations or changes in license and regulatory fees, downturns in customers' business cycles; and insurance prices and insurance coverage availability, the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. Accordingly, readers should not place undue reliance on forward looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management's discussion and analysis that is available on the Company's profile on SEDAR+ at www.sedarplus.ca.*

—3—

**SCHEDULE "B"**

**Company's audited annual financial statements**

**for the year ended December 31, 2025**

**Nuran Wireless Inc.**

**Consolidated Financial Statements**

**December 31, 2025 and 2024**

---

| | |
|:---|:---|
| Consolidated Financial Statements |  |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Financial Position | 3 |
| &nbsp;&nbsp;&nbsp;Consolidated Statements Net Loss and Comprehensive Loss | 4 |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Shareholders' Equity | 5 |
| &nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows | 6 |
| &nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements | 7-71 |

---

---

| | |
|:---|:---|
| ![](img017_v7.jpg) | **SRCO Professional Corporation**<br> **Chartered Professional Accountants**<br> **Licensed Public Accountants** <br> Park Place Corporate Centre<br> 15 Wertheim Court, Suite 409 <br> Richmond Hill, ON L4B 3H7, Canada<br>Tel: 905 882 9500 & 416 671 7292 <br> Fax: 905 882 9580 <br> Email: info@srco.ca www.srco.ca |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of NuRan Wireless Inc.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statements of financial position of NuRan Wireless Inc. and its subsidiaries (collectively referred to as the "Company") as of December 31, 2025 and 2024, the related consolidated statements of net loss and comprehensive loss, changes in equity (deficiency), and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes to the consolidated financial statements, (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Material Uncertainty Related to Going Concern**

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has incurred recurring losses from operations, has negative cash flows from operating activities, working capital deficiency and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*SRCO Professional Corporation*

We have served as the Company's auditor since 2026. Richmond Hill, Ontario, Canada May 31, 2026 CHARTERED PROFESSIONAL ACCOUNTANTS Authorized to practice public accounting by the Chartered Professional Accountants of Ontario

**Nuran Wireless Inc.** 

**Consolidated Statements of Financial Position**

As at December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| ***ASSETS*** |
| **Current assets**  |
| &nbsp;&nbsp;&nbsp;Cash |
| &nbsp;&nbsp;&nbsp;Trade and other receivables (Note 7) |
| &nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |
| &nbsp;&nbsp;&nbsp;Accrued revenues (Note 8) |
| &nbsp;&nbsp;&nbsp;Inventories (Note 9) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses |
| &nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |
| &nbsp;&nbsp;&nbsp;Loan receivable (Note 10) |
| &nbsp;&nbsp;&nbsp;**Current assets** |
| **Non-current assets** |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment (Note 11) |
| &nbsp;&nbsp;&nbsp;Intangible assets (Note 12) |
| &nbsp;&nbsp;&nbsp;Right-of-use assets (Note 13) |
| &nbsp;&nbsp;&nbsp;Non-current assets |
| **Total assets** |
| ***LIABILITIES*** |
| **Current Liabilities** |
| &nbsp;&nbsp;&nbsp;Trade and other payables (Note 14) |
| &nbsp;&nbsp;&nbsp;Deferred revenue (Note 15) |
| &nbsp;&nbsp;&nbsp;Loans payable (Note 16) |
| &nbsp;&nbsp;&nbsp;Convertible debentures (Note 19A) |
| &nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability (Note 19B) |
| &nbsp;&nbsp;&nbsp;Current portion of lease liabilities (Note 18) |
| &nbsp;&nbsp;&nbsp;Current liabilities |
| **Non-current liabilities** |
| &nbsp;&nbsp;&nbsp;Lease liabilities (Note 18) |
| **Total liabilities** |
| ***Shareholders' equity*** |
| Share capital (Note 20) |
| Warrants (Note 21) |
| Contributed surplus (Notes 21 and 22) |
| Fair value of conversion option (Note 23) |
| Foreign exchange loss in translation of foreign operations**)** |
| Accumulated deficit |
| **Total shareholders' equity** |
| **Total liabilities and shareholders' equity** |

---

Nature of operations and going concern (Note 1)

Subsequent events (Note 35)

These consolidated financial statements were approved by the Board of Directors of the Company on May 31, 2026, and signed on their behalf by:

---

| | |
|:---|:---|
| /s/ "Francis Letourneau" | /s/ "Vitor Fonseca" |
| Director | Director |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Net Loss and Comprehensive Loss**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| |
|:---|
| **Revenue (Note 33)** |
| Cost of sales |
| **Gross profit** |
| Selling expenses |
| Administrative expenses (Note 26) |
| Financial expenses (Note 27) |
| Research and development costs, net of $29,955 in tax credit ($115,780 as at December 31, 2024) |
| Loss before other elements |
| Other elements |
| &nbsp;&nbsp;&nbsp;Gain / (loss) on debt settlement (Note 16 and 19A)**)** |
| &nbsp;&nbsp;&nbsp;Impairment of inventory (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;Impairment of assets (Note 11) |
| &nbsp;&nbsp;&nbsp;Impairment of receivable (Note 7)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of assets (Note 11)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of account receivables (Note 7)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of inventory (Note 9)**)** |
| &nbsp;&nbsp;&nbsp;Write-off of account payables (Note 14) |
| &nbsp;&nbsp;&nbsp;Write-off of deferred revenue (Note 15) |
| &nbsp;&nbsp;&nbsp;Waive of lease liabilities (Note 18) |
| &nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |
| Loss before income taxes**)** |
| Income tax expense |
| &nbsp;&nbsp;&nbsp;Income tax (Note 25) |
| **Net loss for the year** |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |
| Foreign exchange difference on translation of foreign operations |
| **Comprehensive loss for the year** |
| **Net loss per share (Note 24)** |
| &nbsp;&nbsp;&nbsp;Basic and diluted loss per share |
| &nbsp;&nbsp;&nbsp;Weighted average number of outstanding common shares |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Changes in Shareholders' Equity**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | **2025** |
|  | **Share capital** | **Contributed Surplus** | **Fair value of the<br> conversion option** | **Total<br> Shareholders'<br> deficit** |
|  | **Number** | **$** | **$** | **$** |
|  | **(Note 1)** | | | |
| **Balance as at January 1, 2025** | **195647** | **6731440)** **))** |  |  |
| Issue of share capital (Note 20) | **12860587** |  |  |  |
| Net loss for the year |  | —**))** |  |  |
| Foreign exchange in translation of foreign operations |  |  |  |  |
| Convertible debenture (Note 19A)**)))** |  |  |  |  |
| Debenture conversion (Notes 19A, 20 and 23) | **13333** |  |  |  |
| Issue of warrants (Note 21) |  |  |  |  |
| Warrants expired (Note 21 and 22) |  | **828098** |  |  |
| **Balance as at December 31, 2025** | **13069567** | **7559538** |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Share capital | Contributed Surplus | Fair value of the<br> conversion option |
|  | Number | $ | $ |
|  | (Note 1) | | |
| Balance as at January 1, 2024 | 143479 | 6623292 | 21990) |
| Issue of share capital (Note 20) | 48835 |  |  |
| Net loss for the year |  |  | —) |
| Foreign exchange in translation of foreign operations |  |  | —) |
| Convertible debenture (Note 19A) |  |  | 19856 |
| Debenture conversion (Notes 19A, 20 and 23) | 3333 |  |  |
| Issue of warrants (Note 21) | —) |  |  |
| Warrants expired (Note 21 and 22) |  | 108148 |  |
| Balance as at December 31, 2024 | 195647 | 6731440 | 41846 |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**Consolidated Statements of Cash Flows**

For the years ended December 31, 2025 and 2024

(Expressed in Canadian dollars)

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| ***OPERATING ACTIVITIES*** |  |  |
| Net loss and total comprehensive income Non-cash flow adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of intangible assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right-of-use assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest on overdue payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on debt settlement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of inventory |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairement of receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Waive of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write-off of inventory |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of accounts payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Write off of deferred revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on modification of contract (Note 3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad Debt expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on factoring agreement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on convertible debentures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of convertible debentures Expected credit loss |  |  |
| Net change in working capital items Trade and other receivables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credits receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in progress |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  |  |
| Net cash used in operating activities |  |  |
| ***INVESTING ACTIVITIES*** |  |  |
| Purchase of property, plant and equipment |  |  |
| Purchase of intangible assets |  |  |
| Net cash generated in investing activities |  |  |
| ***FINANCING ACTIVITIES*** |  |  |
| Proceeds (repayment of) loan payable |  |  |
| Proceeds (repayment of) promissory notes |  |  |
| Proceeds (repayment of) from factoring agreement |  |  |
| Repayment of loan payable |  |  |
| Repayment of lease liabilities |  |  |
| Convertible debenture and derivative liabilitiey |  |  |
| Net cash generated in financing activities |  |  |
| **Net increase in cash** |  |  |
| Cash, beginning of year |  |  |
| Foreign exchange in translation of foreign operations |  |  |
| **Cash, end of year** |  |  |

---

The accompanying notes are an integral part of the consolidated financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**1.** **NATURE OF OPERATIONS AND GOING CONCERN** 

Nuran Wireless Inc. ("Nuran") was incorporated in the province of British Columbia, Canada on September 23, 2014. Nuran's registered office is located at 1000 – 595 Burrard Street, Vancouver BC V7X 1S8 and its place of business is at 2150, Cyrille-Duquet, suite 100, Québec (Québec) G1N 2G3.

Nuran's shares are traded on the Canadian Securities Exchange (the "CSE") under the trading symbol "NUR". On December 9, 2025, the Company completed a 300 for 1 consolidation of its common shares, whereby each 300 common shares issued and outstanding was consolidated into one common share. The share consolidation did not result in any change to the Company's issued share capital. All references to common shares, share-based compensation and warrant amounts in these financial statements have been retroactively adjusted to reflect the share consolidation.

Nuran with its subsidiaries (together, the "Company") operates in the research, development, manufacturing, marketing and operation of digital electronic circuits and wireless telecommunication products and services to the mobile telephony industry.

A summary of Nuran's subsidiaries included in these consolidated financial statements with ownership as at December 31, 2025 and December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name of subsidiaries | &nbsp;&nbsp;Country of incorporation | &nbsp;&nbsp;Percentage ownership | &nbsp;&nbsp;Functional currency | &nbsp;&nbsp;Principal activity |
| Innovation Nutaq Inc. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;Wireless solutions |
| Nuran Wireless (Africa) Holding | &nbsp;&nbsp;Mauritius | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;Holding company |
| Nuran Wireless DRC SA | &nbsp;&nbsp;DRC | &nbsp;&nbsp;100% | &nbsp;&nbsp;USD | &nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cameroon Ltd | &nbsp;&nbsp;Cameroon | &nbsp;&nbsp;100% | &nbsp;&nbsp;XAF | &nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Benin S.A.R.L.U | &nbsp;&nbsp;Benin | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Madagascar S.A.R.L.U | &nbsp;&nbsp;Madagascar | &nbsp;&nbsp;100% | &nbsp;&nbsp;MGA | &nbsp;&nbsp;Wireless solutions |
| Nuran Wireless Cote d'Ivoire S.A.R.L.U | &nbsp;&nbsp;Ivory Coast | &nbsp;&nbsp;100% | &nbsp;&nbsp;XOF | &nbsp;&nbsp;Wireless solutions |
| Advance Factoring Inc. (2025) | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% | &nbsp;&nbsp;CAD | &nbsp;&nbsp;Factoring |

---

XAF – Central African Francs; XOF – West African Franc; MGA – Malagasy Ariary;

The Company provides products and services that help Mobile Network Operators (MNOs) profitably serve off-grid markets. The main strategy is to finance, build, sell to a customer and manage rural cellular infrastructure telecommunications sites, monetizing the assets through a Network as a Service (NaaS) business model that has been developed by the Company. It also sells products and services direct to MNOs and others which they build into their own networks.

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) on a going concern basis of accounting, which assumes that the Company will continue operations for the foreseeable future and be able to realize the carrying value of its assets and discharge its liabilities and commitments in the normal course of business. For the year ended December 31, 2025, the Company incurred a net loss of $21,436,048 (2024 - $8,755,861), used net cash of $2,958,890 (2024 - $6,221,099) in operating activities and, as of that date, had an accumulated deficit of $94,233,661 (2024 - $72,797,613) and a working capital deficit of $5,001,442 (2024 – $19,103,397). Improvement of working capital is discussed below. Additionally, in prior periods and through part of the year ended December 31, 2025, the Company operated with a shareholders' deficit and had overdue outstanding debt instruments with ongoing creditor waivers. These conditions indicate the existence of material uncertainties that cast a significant doubt on the Company's ability to continue as a going concern.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

1. **NATURE OF OPERATIONS AND GOING CONCERN (CONTINUED)** 

In December 2025, the Company completed steps approved by its shareholders at Annual General and Special Meetings (AGSMs) on October 22, 2025 and October 29, 2025 including a 300:1 share consolidation effective on December 9, 2025 and subsequent to this, a Restructuring Transaction. The Restructuring Transaction resulted in the conversion and extinguishment of over $20 million of debt and accounts payable to equity, together with a private placement raising aggregate gross proceeds of $5.8 million. As a result of the Restructuring Transaction, the Company's shareholders' deficit moved to equity position, and the Company's market capitalization exceeded $32 million at December 31, 2025.

Subsequent to the Restructuring Transaction, the Company submitted an application to list its common shares on Nasdaq on March 30, 2026 which is subject to pending filings and approvals, and appointed additional strategic advisors to support operational and commercial growth in Africa. The Company's operations continued to grow across Cameroon, the DRC and, prospectively, Ivory Coast and Benin. The Company has a history of securing sufficient debt and equity funding and continues to actively pursue additional financing to support its operations and growth. Subsequent to year end, the company received approval for the final drawdown of USD 0.45 million (CAD 0.62 million) of the USD 5 million (CAD 6.83 million) loan from the Facility for Energy Inclusion (FEI), a fund managed by a non related company, Cygnum Capital.

Having regard to the completion of the Restructuring Transaction, the Company's operational progress, its committed and anticipated financing arrangements, and all other available information up to the date of approval of these consolidated financial statements, management has concluded that the going concern basis of accounting used in preparation of these consolidated financial statements is appropriate. Nonetheless, the Company's ability to continue as a going concern remains dependent upon its planned raise of capital, continuity of debt availability as may be needed, and the continued execution of its NaaS deployment strategy in Africa.

Although material uncertainties remain that could impact the Company's ability to continue as a going concern, no adjustments have been made to the carrying amounts of assets and liabilities in these consolidated financial statements.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**2.** **BASIS OF ACCOUNTING** 

**Basis of accounting**

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board ("IASB"), and Interpretations of the International Financial Reporting Interpretation Committee ("IFRIC"). The accounting policies set out below were consistently applied to all periods presented unless otherwise noted. These financial statements have been prepared on an accrual basis and are based on historical cost.

The consolidated financial statements for the year ended December 2025 (including comparatives) were approved and authorized for issue by the Board of Directors on May 31, 2026. The Board of Directors of the Company has the power to amend the consolidated financial statements after issue.

**Basis of consolidation**

<u>Subsidiaries</u>

Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its Net Loss and Comprehensive Loss. The financial statements of the subsidiaries are included in these consolidated financial statements from the date on which control commences until the date on which control ceases. Details of the subsidiaries are included in Note 1.

<u>Transactions eliminated on consolidation</u>

Intra-group balances and transactions, and any unrealized income and expenses (except for foreign currency transaction gains or losses) arising from intra-group transactions, are eliminated on consolidation.

Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the 12 months period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

**Functional and presentation currency**

These consolidated financial statements are presented in Canadian dollars ("dollar"), which is Nuran's presentation currency. All amounts have been rounded to the nearest dollar unless otherwise indicated. Details of the subsidiaries' functional currencies are included in Note 1.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**2.** **BASIS OF ACCOUNTING (CONTINUED)** 

<u>Foreign currency transactions</u>

Transactions in foreign currencies are translated into the respective functional currencies at the exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in consolidated statements of net loss and comprehensive loss.

<u>Foreign operations</u>

The assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates at the reporting date. The income and expenses of foreign operations are translated into Canadian dollars at the average exchange rates for the period. Foreign currency differences are recognized in other comprehensive income (loss) and accumulated in the translation reserve. For the current year, a gain of $346,509 was recognized in the translation reserve (2024 – loss of $1,170,878).

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

**Revenue including Accrued Revenue and Customer Advances (Deferred Revenue)**

To determine whether to recognize revenue, the Company follows a five-step process:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identifying the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;2. Identifying the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;3. Determining the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;4. Allocating the transaction price to the performance obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Recognizing revenue when/as performance obligations are satisfied. Revenue arises from the sale of goods and the rendering of services and is measured at the consideration to which the Company expects to be entitled in exchange for transferring promised goods and services to customer, excluding sales taxes.

The Company recognizes revenue from two sources: sale of goods and rendering of services (Network as a Service).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<u>Sale of goods</u>

Performance obligations for the Company's revenue that is derived from the sale of goods is recognised at a point in time, when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the Company no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.

Revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. There is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered).

In the Company's sale of goods business, where a customer pays in advance of the delivery of goods or the rendering of services, the amount received is initially recognized as customer advances within current liabilities. Deferred revenue represents a contract liability under IFRS 15 and reflects the Company's obligation to deliver the promised goods or services. Revenue is recognized, and the deferred revenue balance is released, only when the related performance obligation has been satisfied — that is, when control of the goods has transferred to the customer or the services have been rendered in accordance with the Company's revenue recognition policy for sale of goods.

<u>Network as a Service ("NaaS")</u>

The Company has two kinds of Network as a Service ("NaaS") contracts. Where there is a contractual transfer provision there are two performance obligations: the construction and sale of the network site, and the operation of the network site. Revenue for the construction and sale of the network site is recognised at a point in time, when the network has been constructed and accepted by the customer. This is because, although legal title does not pass to the customer until the defined transfer date, the criteria for recognising revenue at a point in time under IFRS 15 are met upon customer acceptance: the Company has a present right to payment, the customer has obtained the significant risks and rewards of ownership of the network site, and the customer has accepted the asset. Accordingly, revenue is recognised at the point in time when the customer accepts the constructed network site. Revenue for the network operation is recognised over a period of time, over the life of the contract. This is because the customer simultaneously receives and consumes the benefits of the network operation services throughout the term of the contract satisfying the criteria for over a period of time recognition under IFRS 15. In contracts where there is no transfer provision, there is only one performance obligation which is the operation of the network site.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

In the Company's contracts that include a contractual transfer provision, NaaS contracts operating revenue is a fixed guaranteed minimum amount plus a variable portion equal to a percentage of the gross margin (defined as gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) earned by the network over the life of the contract. Where there is no contractual transfer provision, NaaS contracts operating revenue is a threshold amount (defined as a fixed amount of gross revenue generated by the site less allowable direct costs deducted by the Mobile Network Operator) plus a variable portion equal to a percentage of all revenue earned by the network above the threshold over the life of the contract. In May 2025, the Company amended the NaaS contract in the DRC to remove the transfer provision. The variable portion earned by the network sites varies due to factors such as population coverage, subscriber take-up, competition and nearby economic activity making it difficult to reliably estimate the value of the payment that will be received. Final amounts are determined on a monthly basis and recognised at a point in time through a revenue reconciliation process completed between the Company and the MNO and all NaaS revenue received in 2025 and 2024 is derived from this monthly billing.

Under the Company's NaaS contract with Orange Cameroon, operating revenue is calculated by reference to the gross revenue generated by the network sites, net of allowable direct costs deducted by the Mobile Network Operator, as reported through the monthly revenue reconciliation process. Gross revenue includes both domestic and international traffic volumes generated across the Company's sites.

In certain periods, differences have arisen between the international traffic volumes reported by Orange Cameroon in the monthly reconciliation statements and the volumes that the Company has independently estimated or observed. These differences affect the gross revenue base against which the Company's entitlement is calculated and therefore bear directly on the amount of operating revenue recognized.

Management's position is that any adjustment arising from a revision to international traffic volume data represents a change in estimate under IAS 8, to be recognized prospectively in the period in which the revised information becomes available and is agreed with the MNO through the reconciliation process. This treatment reflects the fact that the monthly reconciliation is the contractually specified mechanism for finalizing revenue amounts, and that final volumes are not determinable until that process is complete. Revenue for each period is therefore recognized on the basis of the best estimate of entitlement available at the reporting date, using the most recent reconciled data and, where reconciliation is outstanding, management's best estimate of the amounts due.

Management does not consider it appropriate to restate revenue recognized in prior periods for revisions to international traffic volumes, or as occurred and reported during 2025, the mis-allocation by the MNO of traffic attributable to international versus local call, as those periods were reported on the basis of information available at the time and in accordance with the contractual reconciliation process then in effect. This position is consistent with the treatment of variable consideration under IFRS 15, whereby the constraint on variable revenue recognition requires that it be highly probable that a significant reversal of cumulative revenue will not occur when the uncertainty is subsequently resolved. Adjustments to previously reported periods would only be appropriate if those periods contained a material error, which management does not consider to be the case.

On the sale of network sites where there is a contractual transfer provision, the Company accepts monthly installment payments from the date the site is accepted/recognized as operational up to the contractual transfer date, in advance of the transfer of the legal title (sale). The Company measures the amount of revenue to recognize on delivery of the goods by calculating a financing component at the interest rate that would have applied had the Company borrowed the funds from its customer.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

The transaction price is then allocated between all performance obligations on a relative stand-alone selling price basis. The stand-alone selling price per site is estimated based on the expected cost of building the site, including the financing component, plus a profit margin (Gross Cost). The difference between the Gross Cost and the estimate of the Gross Margin for each of the Network's sites, is classified as operational income.

The costs of fulfilling contracts do not result in the recognition of a separate asset because for service contracts, revenue is recognised over a period of time by reference to the stage of completion meaning that control of the asset (the design service) is transferred to the customer on a continuous basis as work is carried out. Consequently, no asset for work in progress is recognised.

Under the Company's NaaS contracts that include a contractual transfer provision, revenue attributable to the sale of a network site is recognized at the point in time when the site is accepted by the customer and goes live, in accordance with the Company's revenue recognition policy for the construction and sale performance obligation. However, billing to the customer occurs monthly over the term of the contract, with a portion of each guaranteed monthly installment representing recovery of the site sale consideration. As a result, a timing difference arises between the point at which site sale revenue is recognized and the point at which the corresponding cash is received. The cumulative amount of site sale revenue recognized in excess of the monthly installments received to date is recorded as accrued revenue. Accrued revenue is reduced as subsequent monthly installments attributable to the site sale consideration are received.

**Property, plant and equipment**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounting Policy - Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition or construction of the asset and bringing it to the location and condition necessary for it to be capable of operating in the manner intended by management..

Depreciation is calculated on a straight-line basis (or declining balance where indicated) over the estimated useful life of each asset, from the date on which the asset is available for use. The estimated useful lives applied during the year ended December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | Methods | Rates |
| Site infrastructure assets – Africa | Straight-line | 20 years |
| Leasehold improvements - Canada | Straight-line | 5 years |
| Equipment and furniture, telecommunication system, furniture and fixtures | Declining balance | 20% |
| Computer equipment -- Canada | Declining balance | 30% |

---

The residual values, useful lives and depreciation methods applied to property, plant and equipment are reviewed at each reporting date. Changes in estimates are recognized prospectively as changes in accounting estimates in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains or losses arising on disposal are recognized in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Contract Modification and Reclassification of Site Assets

Prior to 2025, the Company's site infrastructure assets deployed in the Democratic Republic of the Congo ("DRC") under a long-term revenue-sharing agreement with Orange RDC were classified as inventory under IAS 2. This classification reflected a contractual obligation requiring the Company to transfer ownership of the infrastructure to Orange RDC after a period of five years from each site's operational acceptance date. The transfer obligation represented a distinct performance obligation under IFRS 15, and a portion of the transaction price had been allocated to this obligation and deferred accordingly.

On May 8, 2025, the Company entered into an addendum to the Orange RDC agreement. The addendum formally removed the ownership transfer obligation in its entirety. Under the revised terms, the Company retains full ownership of the infrastructure for the duration of the agreement and beyond, with Orange RDC holding only a right of use for the purpose of providing mobile services. In addition, the commercial structure was revised from a minimum guaranteed revenue model to a usage-based (threshold) remuneration model.

The addendum constitutes a contract modification under IFRS 15.18. As the remaining services are not distinct from those already provided, the modification is accounted for as a cumulative catch-up adjustment in the period of modification, in accordance with IFRS 15.21(b).

As a consequence of the removal of the transfer obligation, the infrastructure assets no longer meet the definition of inventory under IAS 2. Accordingly, with effect from May 8, 2025 (the date of the addendum), the assets were reclassified from inventory to property, plant and equipment at their carrying amount of USD 1,022,072 (CAD 1,421,396), in accordance with IAS 16.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Change in Accounting Estimate – Useful Life of Site Infrastructure Assets

In accordance with IAS 16.51, management is required to review the useful life of an asset whenever there is an indication that the current estimate is no longer appropriate.

Prior to the contract modification, the site infrastructure assets were classified as inventory (reflecting the planned ownership transfer) and therefore no useful life estimate under IAS 16 had been established for these assets. Upon reclassification to property, plant and equipment on 8 May 2025, management determined the useful life of the site assets for the first time.

In making this determination, management considered the factors set out in IAS 16.56, including the expected usage and capacity of the assets, their physical condition and expected wear and tear, the risk of technical or commercial obsolescence, and the absence of any legal or contractual constraint on continued use. Management also conducted a benchmarking exercise, reviewing the useful lives applied to comparable telecommunications infrastructure by peer operators in Africa.

Having regard to the physical and technical characteristics of the assets (which include steel and aluminum tower structures, solar panels and battery storage systems, VSAT equipment, radio access hardware, and associated civil works), the expectation that the assets will be retained and managed by the Company throughout the remaining term of the Orange RDC agreement and potentially redeployed under future contracts, and the benchmarking evidence, management determined that a useful life of 20 years is appropriate for the site infrastructure assets.

This useful life was applied prospectively from May 8, 2025, the date on which the assets became available for use as property, plant and equipment, in accordance with IAS 16.55. The change constitutes the initial determination of useful life upon reclassification rather than a revision to a previously held estimate; however, in accordance with IAS 8.36, any change in estimate is applied prospectively and no restatement of prior periods is required or appropriate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;(d) Financial Effect

The effect of the reclassification, the contract modification, and the initial recognition of depreciation on the site infrastructure assets during the year ended December 31, 2025 is summarized below:

---

| | | |
|:---|:---|:---|
| | Amounts (USD) | Recognised in |
| Reclassification of site assets from inventory to PP&E | 1022072 | Statement of Financial Position |
| Reversal of accrued revenue (loss on modification) | (1236451) | Profit or Loss |
| Reversal of previously accrued cost of sales (gain on modification) | 1022072 | Profit or Loss |
| Depreciation charge on site assets (May – December 2025) | 30,968\* | Profit or Loss |

---

\* Based on carrying amount of USD 1,022,072 (CAD 1,421,396) at reclassification date, depreciated on a straight-line basis over 20 years from 08 May 2025 to 31 December 2025 (approximately 8 months).

The actual charge of USD 30,968 (CAD 43,067) reflects the partial year from the date of reclassification. The effect of the change in estimate on future periods is an annual depreciation charge of approximately USD 60,122 (CAD 83,611) per annum for each of the remaining approximately 17 years of the assets' useful life (subject to any additions or disposals).

**Intangible assets**

<u>Recognition of intangible assets</u>

The acquired computer software is capitalized on the basis of costs incurred to acquire and install the specific software. Trademarks acquired are recognized as intangible assets at their cost. The Company also develops third and fourth generation mobile networks (3G,4G).

Expenditure on the research phase of projects is recognized as an expense as incurred. Costs that are attributable to a project's development phase are recognized as intangible assets, provided that they meet the following recognition requirements:

&nbsp;&nbsp;&nbsp;&nbsp;■ The development costs can be measured reliably;

&nbsp;&nbsp;&nbsp;&nbsp;■ The project is technically and commercially feasible;

&nbsp;&nbsp;&nbsp;&nbsp;■ The Company intends and has sufficient resources to complete the project;

&nbsp;&nbsp;&nbsp;&nbsp;■ The Company has the ability to use or sell the asset;

&nbsp;&nbsp;&nbsp;&nbsp;■ The asset will generate probable future economic benefits.

Development costs not meeting these criteria for capitalization are expensed as incurred. Directly attributable costs include employee costs incurred on development along with an appropriate portion of relevant overheads.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

<u>Subsequent measurement</u>

All intangible assets are accounted for using the cost model whereby capitalized costs (except for trademarks) are amortized over their estimated useful lives, as these assets are considered finite. The following amortization method and rate are applied:

---

| | | |
|:---|:---|:---|
|  | Method | Rate |
|  | Declining balance | 20% |
| Software | Units of Production | 1,500 units |
| 3G and 4G software | Units of production |  |

---

As no finite useful life for trademarks can be determined, related carrying amounts are not amortized.

The residual value, depreciation method and useful life of each asset are reviewed at least at each financial year-end.

Gains or losses arising from the disposal of intangible assets are determined as the difference between the disposal proceeds and the carrying amount of the assets and are recognized in profit or loss when incurred.

The Company amortizes certain software using the units of production method, whereby the amortization charge in each period reflects the number of base station units deployed relative to the total estimated lifetime deployments (the "denominator"). As at January 1, 2025, management revised the denominator from 6,000 units to 1,500 units, applied prospectively against the net book value of the asset at the date of change.

The revised estimate of 1,500 units aligns with the NaaS deployments supportable by the Company's current board-approved business plan and existing financing commitments, rather than the broader contracted pipeline of approximately 6,000 sites, which is subject to additional funding conditions.

The revision to the denominator represents a change in accounting estimate in accordance with IAS 8, as the underlying accounting policy, being the use of the units of production method, is unchanged. The change reflects updated information regarding the expected deployment profile of the asset and has been applied prospectively with no restatement of prior periods.

**Right-of-use assets and lease liabilities**

Right-of-use assets are initially measured at the amount of the lease liability recognized. Subsequent to initial measurements, right-of-use assets are amortized on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset.

**Impairment of financial assets**

A maximum 12-month allowance for ECL is recognized from initial recognition reflecting the portion of lifetime cash shortfalls that would result if a default occurs in the 12 months after the reporting date, weighted by the risk of a default occurring.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

A lifetime ECL allowance is recognized if a significant increase in credit risk is detected subsequent to the instruments initial recognition reflecting lifetime cash shortfalls that would result over the expected life of a financial instrument.

A lifetime ECL allowance is recognized for credit impaired financial instruments.

The Company assesses all information available, including on a forward-looking basis the expected credit losses (ECL) associated with any financial assets carried at amortized cost.

The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Company considers a financial asset to be in default when the borrower is unlikely to pay its credit obligations to the Company in full or when the financial asset is more than 90 days past due.

The carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts.

**Financial instruments**

<u>Recognition and Initial Measurement</u>

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument.

Financial liabilities are initially measured at fair value, net of transaction costs that are directly attributable to their issuance, except for financial liabilities classified at fair value through profit or loss ("FVPL"), for which transaction costs are expensed as incurred.

For compound financial instruments containing both liability and equity components, the components are recognized separately based on the substance of the instrument. The liability component is initially measured at fair value, with the equity component assigned the residual amount after deducting the fair value of the liability component from the fair value of the instrument as a whole.

<u>Classification and Measurement of Financial Assets</u>

Financial assets are classified, at initial recognition, into the following categories:

● Amortized cost

● Fair value through profit or loss ("FVPL")

● Fair value through other comprehensive income ("FVOCI")

The classification is determined based on the Company's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

For the periods presented, all of the Company's financial assets are classified and measured at amortized cost. Cash and trade and other receivables fall within this category.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Subsequent to initial recognition, financial assets measured at amortized cost are measured using the effective interest method, less any allowance for expected credit losses. Discounting is omitted where the effect of discounting is immaterial. All income and expenses relating to financial assets are recognized in profit or loss.

<u>Impairment of Financial Assets</u>

The Company applies the expected credit loss ("ECL") model under IFRS 9 to financial assets measured at amortized cost, including trade receivables. The ECL model incorporates forward-looking information and does not require the identification of a credit loss event before recognizing impairment losses.

In assessing credit risk, the Company considers past events, current conditions, and reasonable and supportable forecasts affecting the expected collectability of future cash flows. Financial assets are categorized as follows:

● **Stage 1** – Financial instruments that have not experienced a significant increase in credit risk since initial recognition or that have low credit risk, for which twelve-month expected credit losses are recognized.

● **Stage 2** – Financial instruments that have experienced a significant increase in credit risk since initial recognition, for which lifetime expected credit losses are recognized.

● **Stage 3** – Financial assets with objective evidence of impairment at the reporting date, for which lifetime expected credit losses are recognized.

Expected credit losses are measured as a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade receivables are assessed for impairment on an individual basis, as they arise from specific customer contracts.

<u>Classification and Measurement of Financial Liabilities</u>

The Company's financial liabilities include trade and other payables, loans payable, convertible debentures, convertible debentures and derivative liabilities, and lease liabilities.

Subsequent to initial recognition, financial liabilities are measured at amortized cost using the effective interest method, except for derivative liabilities and financial liabilities designated at FVPL, which are subsequently measured at fair value with changes recognized in profit or loss.

Interest expense and, where applicable, changes in fair value of financial liabilities are recognized in profit or loss and presented within finance costs.

<u>Derecognition of Financial Liabilities</u>

The Company derecognizes financial liabilities when, and only when, the contractual obligations are discharged, cancelled, or expire.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

**Convertible debentures**

Convertible debentures are financial instruments which are accounted for separately dependent on the nature of their components: a financial liability and an equity instrument. The identification of such components embedded within a convertible debenture requires significant judgment given that it is based on the interpretation of the substance of the contractual arrangement. Where the conversion option has a fixed conversion rate, the financial liability, which represents the obligation to pay coupon interest on the convertible debentures in the future, is initially measured at its fair value and subsequently measured at amortized cost. The residual amount is accounted for as an equity instrument at issuance. Where the conversion option has a variable conversion rate, the conversion option is recognized as a derivative liability measured at fair value through Consolidated Statements of Net Loss and Comprehensive Loss. The residual amount is recognized as a financial liability and subsequently measured at amortized cost.

Original issuance discount represents the difference between the face value and the actual proceeds received from the debentures and loans which is amortized over time through accretion. The fair value adjustment is the difference between the present value of the existing debenture and the present value of the new debenture. The determination of the fair value is also an area of significant judgment given that it is subject to various inputs, assumptions and estimates including: contractual future cash flows, discount rates, credit spreads and volatility.

The Company accounts for amendments to convertible debt as a substantial modification if one of the following tests are met:

&nbsp;&nbsp;&nbsp;&nbsp;■ The
present value of the cash flows under the terms of the new debt instrument is at least 10 percent different from the present value
of the remaining cash flows under the terms of the original instrument;

&nbsp;&nbsp;&nbsp;&nbsp;■ A
significant change in the terms and conditions such that immediate derecognition is required with no additional quantitative analysis.

A substantial modification shall be accounted for like an extinguishment. If any of the tests above are not met, the debt is accounted for as a debt modification.

**Leases**

The Company leases certain items of property, plant and equipment. At lease commencement, the Company recognizes a right-of-use asset and a corresponding lease liability.

Lease liabilities are initially measured at the present value of lease payments not yet paid, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement comprise fixed payments (including in-substance fixed payments), variable payments that depend on an index or rate, amounts expected to be payable under residual value guarantees, the exercise price of purchase options reasonably certain to be exercised, and termination penalties if the lease term reflects the exercise of a termination option.

Right-of-use assets are initially measured at cost, comprising the initial lease liability, lease payments made at or before commencement, initial direct costs, and estimated restoration costs.

Right-of-use assets are amortized on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset, unless ownership transfers to the Company or the Company is reasonably certain to exercise a purchase option, in which case depreciation is over the useful life of the asset. Lease liabilities are subsequently measured by increasing the carrying amount for interest expense and reducing it for lease payments made.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Variable lease payments that depend on an index or rate are initially measured using the index or rate at the commencement date and are remeasured when the cash flows change. Other variable lease payments are recognized in profit or loss in the period in which they are incurred.

The Company applies the recognition exemptions for short-term leases and leases of low value assets, for which lease payments are recognized as an expense on a straight-line basis over the lease term.

**Income taxes**

The tax expense recognized in the profit or loss comprises the sum of deferred taxes and current taxes not recognized directly in equity.

Current income tax assets and/or liabilities comprise those obligations to, or claims from, tax authorities relating to the current or prior reporting periods, that are unpaid at the reporting date. Current taxes are payable on taxable profit, which differs from profit or loss in the consolidated financial statements. The calculation of current taxes is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period

Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. However, deferred taxes are not provided on the initial recognition of an asset or liability unless the related transaction is a business combination or affects tax or accounting profit.

Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided that those rates are enacted or substantively enacted by the end of the reporting period.

Deferred tax assets are recognized to the extent that it is probable that the underlying tax loss or deductible temporary difference will be utilized against future taxable income. This is assessed based on the

Company's forecast of future operating results, adjusted for significant non-taxable income and expenses and specific limits on the use of any unused tax loss or credit. Deferred tax liabilities are always provided for in full.

Deferred tax assets and liabilities are offset only when the Company has the right and intention to set off current tax assets and liabilities from the same taxation authority.

Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are directly in equity, in which case the related deferred taxes are also recognized in equity.

**Investment tax credits and government assistance**

Investment tax credits and government assistance related to current expenses are accounted for as a reduction of research and development costs and as other revenue, respectively, while those related to the acquisition of property, plant and equipment or intangible assets are accounted for as a reduction of the cost of the related asset. Investment tax credits and government assistance are accrued in the 12 months period in which the related expenses or capital expenditures are incurred, provided that the Company is reasonably certain that the credits will be received. Investment tax credits must be examined and approved by tax authorities and it is possible that the amounts granted will differ from the amounts recorded.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

**Inventories**

Raw materials and work in progress are valued at the lower of cost and net realizable value, the cost being determined using the first in, first out method. Raw materials consists of the materials used in the manufacturing of equipment. Finished goods are valued at the lower of cost and net realizable value, the cost, consisting of raw material and handling and shipping fees being determined using the first in, first out method. Finished goods consist of the equipment used in production, sites construction for NaaS sites, which are sold upon completion of NaaS sites.

**Equity and Reserves**

Share capital represents the paid-up capital of shares that have been issued, net of share issue cost.

Retained earnings (deficit) include all current and prior period retained profits and losses.

Contributed surplus includes costs recognized in accordance with the share-based compensation, expired warrants and expired convertible debenture equity components.

<u>Unit placements</u>

The proceeds from the issued units are allocated between the shares and the warrants using the fair value method. Proceeds are allocated between shares and warrants based on the relative weight of the fair value of each component. The fair value of the shares is determined by the market price and the warrants by using Black-Scholes option pricing model.

**Share-based compensation**

The Company operates an equity-settled share-based remuneration plan for its employees, which is not cash-settled. Moreover, the Company may grant warrants to its suppliers as payment of goods and services. All goods and services received in exchange for the grant of any share-based payments are measured at their fair value.

Where employees are rewarded using share-based payments, the fair value of employees' services is determined indirectly by reference to the fair value of the equity instruments granted.

Where suppliers are rewarded using share-based payments, the Company estimates the fair value of the goods or services received, unless such fair value cannot be estimated reliably. In such a case, the fair value of the goods or services is determined indirectly by reference to the fair value of the equity instruments granted.

The fair value of the equity instruments granted is appraised at the grant date and excludes the impact of non-market vesting conditions (for example, profitability and sales growth targets and performance conditions).

All share-based remuneration is ultimately recognized as an expense in profit or loss with a corresponding credit to equity in "Contributed surplus". If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the number of share options expected to vest.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest differs from previous estimates. Any adjustment to cumulative share-based compensation resulting from a revision is recognized in the current period. The number of vested options ultimately exercised by holders does not impact the expense recorded in any period.

Upon exercise of warrants or share options, the proceeds received and the compensation costs previously recorded as contributed surplus, net of any directly attributable transaction costs, are allocated to share capital.

For those warrants that expire unexercised, the recorded value is transferred from warrant reserve to the deficit. Expired options remain in the contributed surplus.

**Provisions, contingent assets and contingent liabilities**

Provisions for legal disputes, onerous contracts or other claims are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic resources will be required from the Company and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain.

Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are discounted to their present values, where the time value of money is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to the obligation is recognized as a separate asset. However, this asset may not exceed the amount of the related provision.

No liability is recognized if an outflow of economic resources as a result of present obligations is not probable. Such situations are disclosed as contingent liabilities unless the outflow of resources is remote.

**Significant management judgments in applying accounting policies and estimation uncertainty**

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

<u>Significant management judgements</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Going
concern:

The assessment of the Company's ability to continue as a going concern, to raise sufficient funds to pay for its ongoing operating expenditures and to discharge its liabilities for the ensuing year involves significant judgment based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances (Note 1).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Useful
lives of property, plant and equipment

The Company has exercised judgement in determining the estimated useful lives and depreciation methods applied to its property, plant and equipment. Useful lives are estimated by management at the time an asset is acquired based on the expected period over which the asset will be available for use, having regard to physical wear and tear, technical or commercial obsolescence, and legal or contractual limits on use. Given the diverse nature of the Company's asset base, management has applied different methods and rates to reflect the distinct consumption patterns of each asset class. Management reviews the appropriateness of useful life estimates and depreciation methods at each reporting date; any revision is accounted for prospectively as a change in accounting estimate in accordance with IAS 8.

&nbsp;&nbsp;&nbsp;&nbsp;■ Capitalization
of internally developed software:

Distinguishing the research and development phases of a new customized software project and determining whether the recognition requirements for capitalization of development costs are met requires judgment. After capitalization, management monitors whether the recognition requirements continue to be met and whether there are any indicators that capitalized costs may be impaired (Note 11).

Management has also exercised significant judgment in estimating the total expected units of production used to determine amortisation under the units-of-production method for intangible assets. This estimate is based on current contractual commitments, operational plans, and historical performance. Actual production levels may differ from these estimates due to changes in market conditions, operational factors, technological developments, or other circumstances. These estimates are reviewed regularly and updated as necessary to reflect changes in expected production levels and asset performance.

&nbsp;&nbsp;&nbsp;&nbsp;■ Useful
life of software

The Company has exercised significant judgement in determining that the units of production method most appropriately reflects the pattern in which the economic benefits of its capitalized software are consumed. The software generates economic benefits exclusively through the deployment of base station units at customer sites under NaaS arrangements; an undeployed unit of the software generates no cash flows and has no standalone economic utility. Accordingly, management concluded that the passage of time is not a reliable proxy for the consumption of the asset's economic benefits, given that deployment timing is subject to Mobile Network Operator contract milestones, infrastructure logistics, regulatory conditions, and financing requirements in rural sub-Saharan Africa. Under the units of production method, the amortization charge in each period is calculated as the number of NaaS base station units deployed in that period divided by the total estimated lifetime NaaS deployments (the "denominator"), applied to the carrying amount of the asset. This judgement requires that the amortization method reflect the pattern in which the asset's future economic benefits are expected to be consumed.

&nbsp;&nbsp;&nbsp;&nbsp;■ Debt
modification:

The Company needs to exercise judgment to determine the impact of any changes to the terms of the convertible debentures and then apply the guidance set out in IFRS 9 - Financial Instruments to determine whether the change is considered a debt extinguishment or a debt modification (Notes 16, 19).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ Acquisition
of Advance Factoring Inc.

The accounting for the acquisition of AFI involved significant judgement, including the determination that NuRAN is the accounting acquirer despite former AFI shareholders obtaining a majority voting interest, and the conclusion that AFI did not meet the definition of a business under IFRS 3 and was therefore accounted for as an asset acquisition. Refer to Note 6 for further details.

<u>Estimation uncertainty</u>

&nbsp;&nbsp;&nbsp;&nbsp;■ Inventories:

Management estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future technology, or other market driven changes or their routing and use oversea that may reduce future selling prices.

&nbsp;&nbsp;&nbsp;&nbsp;■ Recognition
of investment tax credits:

Determining the amount of investment tax credits requires estimates and significant judgment as management needs to assess if research and development projects for which investment tax credits are claimed are eligible, as well as assessing if the expenses incurred are eligible.

&nbsp;&nbsp;&nbsp;&nbsp;■ Expected
credit loss of trade accounts receivable:

Significant estimates and judgments are required in the application of IFRS 9 when measuring the expected credit losses and the assessment of expected credit loss provisions required for trade accounts receivable, including the forward looking information to adjust historic loss rates (Note 7).

&nbsp;&nbsp;&nbsp;&nbsp;■ Share
based compensation:

Significant estimates and judgments are required in determining the fair value of the equity instruments granted as share based compensation or the fair value of goods or services received. The estimated value of share based compensation requires the selection of an appropriate valuation model and data and consideration as to the volatility of the Company's own shares, the probable life of share options and warrants granted and the time of exercise of those share options and warrants. The model used by the Company is the Black Scholes valuation model (Notes 21 and 22).

&nbsp;&nbsp;&nbsp;&nbsp;■ The
determination of the recoverable amount of non-financial assets:

In assessing impairment, management estimates the recoverable amount of each asset of the cash-generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainties relate to assumptions about future operating results and the determination of a suitable discount rate.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;■ The
determination of incremental borrowing rate used and expected lease lengths in the application of IFRS 16 - Leases:

Determining the incremental borrowing rate is more complex than simply determining the weighted rate that an entity pays on its current borrowings. The Company determines the incremental borrowing rate by taking into consideration the base rate, financing factors, and asset factors. The Company determines the expected lease lengths by assessing the periods for which the lease contract is enforceable. A lease is no longer enforceable when the lessee and the lessor each has the right to terminate the lease without permission from the other party with no more than an insignificant penalty (Note 18).

&nbsp;&nbsp;&nbsp;&nbsp;■ Effective
interest rate of convertible financial instruments:

For accounting of convertible financial instruments, the Company needs to determine the effective interest rate required to evaluate the fair value of the liability component. The effective interest rate should be the market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Determining such a market rate requires assumptions such as comparable loans on the market and qualitative and quantitative analysis of the financial position of the Company (Note 19).

● Income taxes:

The determination of the Company's tax expense or recovery for the period and deferred tax assets and liabilities involves significant estimation and judgment by management. In determining these amounts, management interprets tax legislation in a variety of jurisdictions and makes estimates of the expected timing of the reversal of deferred tax assets and liabilities. Management also makes estimates of future earnings, which affect the extent to which potential future tax benefits may be used.

● Fair value of the derivative liability:

Determining the fair value of the derivative liability involves the application of the partial differential equations method. The Company uses its judgment to select a valuation model and to develop unobservable inputs to determine the fair values of the derivative liability at the end of each reporting period. Determining the fair values of the derivative liability requires management to use significant unobservable inputs related to the expected volatility and the credit spread. The valuation of the convertible debenture is subjective and can impact Consolidated Statements of Net Loss and Comprehensive Loss significantly.

**4.** **APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS** 

<u>Recent adoptions</u>

Amendments to IAS 21

Lack of exchangeability requires an entity to use a consistent approach when exchanging a currency into another. If the currency is unexchangeable, a consistent approach must be used in determining the exchange rate and necessary disclosures. The amendment is effective for annual periods beginning on or after January 1, 2025. This amendment did not have a significant impact on its financial statements.

<u>Future changes in significant accounting policies</u>

At December 31, 2025, the following standards and interpretations which may be applicable to the Company, but have not yet been applied in these consolidated financial statements, were in issue but not yet effective:

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**4.** **APPLICATION OF NEW AND REVISED ACCOUNTING STANDARDS (CONTINUED)** 

*IFRS 18 Presentation and Disclosure in Financial Statements and consequential amendments to other IFRS standards:*

In April 2024, the IASB released IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements while carrying forward many of the requirements in IAS 1, IFRS 18 introduces new requirements to: i) present specified categories and defined subtotals in the statement of earnings, ii) provide disclosures on management-defined performance measures in the notes to the financial statements, iii) improve aggregation and disaggregation. Some of the requirements in IAS 1 are moved to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IFRS 7 Financial Instruments: Disclosures. The IASB also made minor amendments to IAS 7 Statement of Cash Flows and IAS 33 Earnings per Share in connection with the new standard. IFRS 18 requires retrospective application with specific transition provisions. The Company is required to apply IFRS 18 for annual reporting periods beginning on or after January 1, 2027 with early adoption permitted. The Company has not early adopted this IFRS. The Company is currently assessing the impact of this standard.

*IFRS 9 Financial Instruments:*

IASB has issued amendments to IFRS 9 "Financial Instruments" relating to the classification and measurement of financial instruments. These amendments clarify aspects of SPPI (solely payments of principal and interest), the classification of financial assets with non-recourse features and contractually linked instruments and the derecognition of financial liabilities. These amendments are effective for annual periods beginning on or after January 1, 2026 with early application permitted. The Company has not early adopted this IFRS. The Company is currently assessing the impact of this standard.

**5.** **OPERATING SEGMENTS** 

During the year ended December 31, 2025, the Company operated as a manufacturer of digital electronic circuits and wireless telecommunication products, which was considered one reportable segment under the requirements of IFRS 8.

The Company's subsidiaries also act as a Network as a Service (NaaS) entity in various geographical areas which is considered another reportable segment under the requirements of IFRS 8.

The operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Refer to Note 32 for operating segment disclosures.

**6.** **ACQUISITION OF ADVANCE FACTORING INC.** 

On December 22, 2025, NuRAN Wireless Inc. entered into a Share Purchase Agreement (SPA) to acquire 100% of the issued and outstanding shares of Advance Factoring Inc. ("AFI") from its shareholders in exchange for NuRAN units. AFI Shares means collectively the AFI Class A Common Shares, AFI Class B Common Shares and AFI Preferred Shares. NuRAN units will consist of i) one (1) NuRAN Common Share, and (ii) one half of one (1/2) NuRAN warrant.

The purchase price defined in the SPA amounts to $20,802,303. NuRAN issued 7,198,026 units to the AFI shareholders. i.e. 7,198,026 common shares (Note 20) and 3,599,013 warrants (Note 21). As at the date of the acquisition, the Company determined that AFI did not constitute a business as defined under IFRS 3, Business Combinations and the acquisition was accounted for as an asset acquisition.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**6.** **ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)** 

IFRS 2 was applied to measure the fair value of the consideration for the asset acquisition. The quoted share price used to value the units was $2.78, which represents a level 1 input. The warrants were valued using the Black-Scholes-Merton Model with the following assumptions: share price of $2.78, exercise price of $4.335, time to maturity of 60 months, risk-free rate of 2.98%, expected volatility of 98% and a dividend yield of Nil. The NuRAN units were issued with legends in accordance with applicable Securities Laws and the policies of the Canadian Securities Exchange (CSE), resulting in a trading restriction requiring the units to be held for a period of 4 months and a day. To reflect this temporary trading restriction, a discount for lack of marketability (DLOM) of 21.58% was applied using the Finnerty model over the applicable hold period. The Finnerty model considers assumptions of expected volatility of 182%, share price of $2.78, and term of 0.33 years. As a result, the fair value of the common shares and warrants after applying the DLOM was $2.18 and $1.49, respectively.

NuRAN issued units with a fair value of $21,063,698 as consideration for the acquisition of AFI. The fair value of common share and warrants were $15,690,476 and $5,373,222, respectively. The difference between this value of $21,116,315 and the purchase price defined in the SPA of $20,802,303 is accounted for by the DLOM applied to the common shares and the addition of the value of the warrants. The fair value of the net identifiable net assets was determined to be $Nil, as the underlying financial assets and financial liabilities did not meet the recognition criteria under IFRS 9 at the acquisition date. The resulting difference of $21,063,698 is recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

The financial asset of AFI acquired was related to the amount NuRAN owed AFI. Therefore, upon acquisition NuRAN cannot have a contractual obligation against itself and the acquired receivable fails the definition of a financial asset on initial recognition. The financial liability acquired related to the preference shares outstanding to AFI shareholders, on acquisition, NuRAN acquired all shares including preference shares. Therefore, the preferred share liability once acquired, cannot have a contractual right against itself and the acquired liability fails the definition of a financial liability on initial recognition.

The excess of $21,063,698 was recognized as consideration paid in excess of net assets acquired in the Consolidated Statement of Net Loss and Comprehensive Loss.

Since the Company acquired AFI's net assets, the loan payable outstanding to AFI is now discharged and therefore the liability is extinguished per the definition of IFRS 9. The liability extinguished pursuant to the transaction is $11,910,915 which is recognized in the Consolidated Statement of Net Loss and Comprehensive Loss.

The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed at the date of acquisition.

---

| | |
|:---|:---|
|  | 28.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**6.** **ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)** 

---

| | |
|:---|:---|
| **Consideration** | |
|  | **2025** |
| Fair value of 7,198,026 common shares issued ($2.1798 per unit) |  |
| Fair value of 3,599,013 warrants issued ($1.4930 per unit) |  |
| **Total consideration** |  |
| **Identifiable assets and liabilities acquired:** |  |
| Current assets |  |
| &nbsp;&nbsp;&nbsp;Finance receivable |  |
| &nbsp;&nbsp;&nbsp;Interest receivable |  |
| Current liabilities |  |
| &nbsp;&nbsp;&nbsp;Callable Preferred shares |  |
| Total identifiable net assets acquired |  |
| Consideration paid in excess of net assets acquired |  |
| Liability extinguished pursuant to the transaction |  |
| **Net impact — Loss on assets acquired** |  |

---

The loss on assets acquired of $9,152,783 was offset by $2,173,549 of gains on the settlement of accounts payable and debt instruments through the issuance of equity due to the difference between the 10-day VWAP and the share price on the date of the transaction as well as a gain of $104,917 on accounts payable settled for cash.

**Significant judgement**

*<u>Acquisition of AFI recorded as an asset acquisition</u>*

**<u>Determination of the Accounting Acquirer</u>**

The determination of the accounting acquirer in the transaction involving Advance Factoring Inc. ("AFI") required significant judgment. Although former AFI shareholders collectively obtained approximately 56% of the voting interests in NuRAN following the transaction, management exercised significant judgement determining that these shareholders do not have control over NuRAN despite the majority voting interests.

Management considered various factors such as shareholders voting rights, decision making power, substantive rights, governance structure and senior management indicators to determine both the legal and accounting acquirer. Although former AFI shareholders collectively received a majority of the voting rights in NuRAN following the transaction, those rights are dispersed among several unrelated investors, each holding less than 10% and with no contractual arrangement to act in concert. AFI as a legal entity itself did not receive any equity interests. AFI received one (1) board representation out of the seven (7) board members of the combined entity. All Board decisions require a simple majority of votes. However, AFI's one board representation alone will not be sufficient to either appoint or remove a majority of the members of the governing body of the combined entity. Additionally, none of the board members have a veto right and the chair of the board is set by the board; the Board designated Brendan Purdy as Chairman in December. Further, the CEO of NuRAN (Francis Letourneau) continues to be CEO post this transaction. On December 22, 2025, the sole director of AFI resigned and the CEO of NuRAN was appointed as the sole director of AFI. In addition, on the basis of total assets, revenue and scale of operations, and profit/(loss), NuRAN is significantly larger than AFI.

---

| | |
|:---|:---|
|  | 29.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**6.** **ACQUISITION OF ADVANCE FACTORING INC. (CONTINUED)** 

**<u>Assessment of Whether AFI Constituted a Business</u>**

Management exercised judgment in determining that AFI did not meet the definition of a business under IFRS 3, as it did not include substantive processes or an organised workforce. As a result, the transaction was accounted for as an asset acquisition rather than a business combination.

**7.** **TRADE AND OTHER RECEIVABLES** 

---

| |
|:---|
| Trade accounts receivable, gross |
| Allowance for credit losses |
| Indirect taxes receivable |

---

All amounts are short-term amounts. Accordingly, the carrying amount of trade and other receivables is considered a reasonable approximation of their fair value. The Company does not hold any collateral as security.

Indirect taxes receivable represent Value-Added Tax (VAT) due from the tax authority with 94% or $1.98 million of this in Cameroon. Of this amount, $882k is offset by amounts due on mobile network operator billings which have been retained at source by the MNO. Of the remainder, $438k is amounts still to be paid on outstanding supplier invoices, offset by Accounts Payable and the remaining $660k is in the process of being claimed for repayment.

During the year, management wrote back $47,056 (2024 - $nil) of account receivables in Consolidated Statements of Net Loss and Comprehensive Loss. Management also impaired $44,169 (2024 - $nil) of account receivables in Consolidated Statements of Net Loss and Comprehensive Loss. The allowance for credit loss arose mainly from a provision for the remaining project in the Marshall Islands.

The expected loss rates are assessed on an individual basis, as they arise from specific customer contracts.

The change in the of the allowance for credit losses is presented below:

---

| | |
|:---|:---|
|  | For the year ended December 31<br>2024 |
|  | **$** |
| Opening balance | 3925 |
| Write-off**)** |  |
| Impairment loss | 79464 |
| Exchange difference on allowance for credit losses | 7228 |
| Closing balance | 90618 |

---

---

| | |
|:---|:---|
|  | 30.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**7.** **TRADE AND OTHER RECEIVABLES (CONTINUED)** 

The lifetime expected loss provision for trade receivables is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2025** |
| December <br>31, 2025 | Current | More than <br>30 days <br>past due | More than <br>60 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More than90 days<br>past due | Total |
| Expected loss rate | 0.000000% | 0.000000% | 0.000000% | 33.35% | 14.44% |
| Gross carrying amount | $1029148 | $41128 | $43113 | $850711 | $1964100 |
| Loss provision | $— | $— | $— | $283677 | $283677 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | | **2024** |
| December <br>31, 2025 | Current | More than <br>30 days <br>past due | More than <br>60 days<br> past due | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More than90 days<br>past due | Total |
| Expected loss rate | 0% | 0% | 0% | 5.59% | 4.38% |
| Gross carrying amount | $277462 | $69787 | $100563 | $1622116 | $2069928 |
| Loss provision | $— | $— | $— | $90618 | $90618 |

---

**8.** **ACCRUED REVENUES** 

---

| |
|:---|
| Equipment sale |
| Services revenues |
| Interest revenues |
| Sites revenues**)**) |

---

Accrued revenues represent the unbilled cumulative site deployment and construction revenue under IFRS 15 for which the performance obligation has been delivered.

---

| | |
|:---|:---|
|  | 31.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**9.** **INVENTORIES** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2024 |
|  | $— | $|
| Raw materials |  | 1273705 |
| Finished goods |  | 1107284 |
| Work in progress |  | 3340502 |
|  |  | 5721491 |

---

During the year, management impaired $1,339 (2024 - $4,930) of inventory in Consolidated Statements of Net Loss and Comprehensive Loss. Management also wrote off $495,907 (2024 - $173,193) of inventory in Consolidated Statements of Net Loss and Comprehensive Loss. Inventory expensed in the year is $747,307 (2024 - $142,707).

**10.** **LOANS RECEIVABLE** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2024 |
|  | $— | $|
| Loan from non-related companies (a) |  |  |
| Loan from non-related companies (b) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;a) This
 is an unsecured loan to a non-related company entered into on December 23, 2025, bearing
 interest at 5% per annum and repayable on June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;b) This
 is an unsecured loan to an individual entered into on December 23, 2025, bearing interest
 at 5% per annum and repayable on June 30, 2026.

---

| | |
|:---|:---|
|  | 32.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**11.** **PROPERTY, PLANT AND EQUIPMENT** 

The Company's property, plant and equipment and their carrying amounts are detailed as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Leasehold** <br> **improvements** | **Equipment and**<br> **furniture, tele-**<br> **communication**<br> **system,**<br>**furniture** <br> **and fixtures** | **Computer** <br> **equipment** | **Site** <br> **infrastructure** | **Total** | **Total** |
|  |  | $— | $— | $— | $— | **$** |
| **Gross carrying amount** |  |  |  |  |  |  |
| Balance as at December 31, 2024 |  |  |  |  |  | **1114571** |
| Additions |  |  |  |  |  | **1499014** |
| Reclassification |  |  |  |  |  | **1525067** |
| Current translation effects |  |  |  |  |  | **11664** |
| Balance as at December 31, 2025 |  |  |  |  |  | **4150315** |
| **Depreciation and impairment** |  |  |  |  |  |  |
| Balance as at December 31, 2024 |  |  |  |  |  | **920868** |
| Depreciation |  |  |  |  |  | **166046** |
| Current translation effects |  |  |  |  |  | **4201** |
| Balance as at December 31, 2025 |  |  |  |  |  | **1091114** |
| **Carrying amount as at December 31, 2025** |  |  |  |  |  | **3059201** |

---

---

| | |
|:---|:---|
|  | 33.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**11.** **PROPERTY, PLANT AND EQUIPMENT (CONTINUED)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 |
|  | Leasehold <br>improvements | Equipment and <br>furniture, tele- <br>communication <br>system, <br>furniture <br>and fixtures | Computer <br>equipment | Total |
|  |  | $— |  | $— |
| Gross carrying amount |  |  |  |  |
| Balance as at December 31, 2023 |  |  |  |  |
| Additions |  |  |  |  |
| Disposal |  |  |  |  |
| Write- off) |  |  |  |  |
| Current translation effects |  |  |  |  |
| Balance as at December 31, 2024 |  |  |  |  |
| Depreciation and impairment |  |  |  |  |
| Balance as at December 31, 2023 |  |  |  |  |
| Depreciation |  |  |  |  |
| Disposal |  |  |  |  |
| Write- off) |  |  |  |  |
| Current translation effects |  |  |  |  |
| Balance as at December 31, 2024 |  |  |  |  |
| Carrying amount as at December 31, 2024 |  |  |  |  |

---

For the year ended December 31, 2025, a total of $nil ($22,274 in 2024) of assets was written off and included in Consolidated Statements of Net Loss and Comprehensive Loss as other elements.

Depreciation charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | 2024 | 2024 |
|  |  | $— | $|
| Cost of sales |  |  | 9546 |
| Administrative expenses |  |  | 53194 |
| Research and development costs |  |  | 22238 |
|  |  |  | 84978 |

---

---

| | |
|:---|:---|
|  | 34.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**12.** **INTANGIBLE ASSETS** 

The Company's intangible assets and their carrying amounts are detailed as follows:

---

| |
|:---|
| **Gross carrying amount** |
| Balance as at December 31, 2024 |
| Additions |
| &nbsp;&nbsp;&nbsp;Under development |
| &nbsp;&nbsp;&nbsp;Acquired |
| Write-off |
| Balance as at December 31, 2025 |
| **Depreciation and impairment** |
| Balance as at December 31, 2024 |
| Amortization |
| Balance as at December 31, 2025 |
| **Carrying amount as at December 31, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 | 2024 |
|  | Software | Trademarks | Total | Total |
|  |  | $— | $— | $|
| Gross carrying amount |  |  |  |  |
| Balance as at December 31, 2023 |  |  |  | 7847465 |
| Additions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Under development |  |  |  | 357429 |
| Balance as at December 31, 2024 |  |  |  | 8204894 |
| Depreciation and impairment |  |  |  |  |
| Balance as at December 31, 2023 |  |  |  | 847917 |
| Amortization |  |  |  | 24245 |
| Balance as at December 31, 2024 |  |  |  | 872162 |
| Carrying amount as at December 31, 2024 |  |  |  | 7332733 |

---

---

| | |
|:---|:---|
|  | 35.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**12.** **INTANGIBLE ASSETS (CONTINUED)** 

At each reporting date, the Company assesses its intangible assets for indicators of impairment. Based on this assessment, no impairment was identified during the year ended December 31, 2025 and 2024. The recoverable amount of the CGU has been determined based on value-in-use calculations using cash flow projections derived from management-approved budgets.

Key assumptions used in the calculation include:

● a weighted average cost of capital of 16.57%;

● revenue growth rates over the forecast period in line with build milestones and thereafter assuming growth of average revenue per user (ARPU) of 5%;

● a terminal growth rate of 3% applied beyond the forecast period; and

● assumptions regarding expected operating margins and future network deployment.

These assumptions reflect management's best estimates of future economic and operating conditions. The recoverable amount is most sensitive to changes in the discount rate and terminal growth rate.

For the year ended December 31, 2025, $44,244 ($nil in 2024) of assets was written off and included in Consolidated Statements of Net Loss and Comprehensive Loss as other elements. The derecognition pertained to trademarks that were no longer expected to generate future economic benefits.

The anticipated amortization charge for 2026 and 2027 is $602,259 and $1,494,987, respectively.

Amortization charges for each of the reporting periods are included in profit or loss and detailed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025** | **2024** | **2024** |
|  |  | $— | $|
| Cost of sales |  |  | 4975 |
| Research and development costs |  |  | 3836 |
| Administrative expenses |  |  | 15434 |
|  |  |  | 24245 |

---

As at December 31, 2025, software includes software under development at a cost of $4,631,298 ($4,399,997 as at December 31, 2024) and is not amortized until available for use.

---

| | |
|:---|:---|
|  | 36.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**13.** **RIGHT-OF-USE-ASSETS** 

The Company's right-of-use assets consist of a premise and equipment lease and the carrying amounts are detailed as follows:

---

| | |
|:---|:---|
|  | **For the year ended December 31,**<br>**2025** |
| **Gross carrying amount** |  |
| Balance as at December 31, 2024 |  |
| Addition |  |
| Impairment) |  |
| Current translation effects |  |
| Balance as at December 31, 2025 |  |
| **Depreciation and impairment** |  |
| <br>Balance as at December 31, 2024 |  |
| Amortization |  |
| Impairment) |  |
| Current translation effects |  |
| Balance as at December 31, 2025 |  |
| **Carrying amount as at December 31, 2025** |  |

---

---

| | |
|:---|:---|
|  | 37.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**14.** **TRADE AND OTHER PAYABLES** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2024 |
|  | $— | $|
| Accounts payable and accrued liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Shareholders |  | 39400 |
| &nbsp;&nbsp;&nbsp;Non-related third party |  | 10518371 |
| Salaries and payroll deductions payable |  | 779191 |
|  |  | 11336962 |

---

As at December 31, 2025, accounts payable include $38,810 relating to intangible asset purchases ($209,480 as at December 31, 2024) and $39,400 ($39,400 as at December 31, 2024) relating to unpaid interest on convertible debentures (Note 19).

During the year, management wrote back $39,902 (2024 - $nil) of accounts payable in Consolidated Statements of Net Loss and Comprehensive Loss relating to settlement and $527,177 (2024 - $nil) relating to forgiveness of a payable.

**15.** **CUSTOMER ADVANCES** 

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **$** | $ |
| Customer advances | **1154191** | 2520879 |
|  | **1154191** | 2520879 |

---

Customer advances represent advance payments received from customers for non-NaaS sales which have not been invoiced as of year end. Management wrote back $820,695 (2024 - $nil) of customer advances in Consolidated Statements of Net Loss and Comprehensive Loss as a result of cancellation of a contract in Marshall Islands by the main contractor.

**16.** **LOANS PAYABLE** 

---

| | | |
|:---|:---|:---|
|  | 2024 | 2024 |
|  | $— | $|
| Loan from non-related companies (a) |  | 226910 |
| Loan from non-related companies (b) |  | 2839102 |
| Loan from non-related companies (c) |  | 7003329 |
| Loan from non-related company (d) |  | 355645 |
| Loan from non-related company (e) |  | 150000 |
| Loan from non-related company (f) |  | 3829499 |
| Loan from non-related company (g) |  | **—** |
| Loan from non-related company (h) |  | **—** |
|  |  | 14404484 |

---

---

| | |
|:---|:---|
|  | 38.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

Given the short-term maturity, the carrying amount of loans payable is considered a reasonable approximation of their fair value.

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets.

The loan relates to a factoring agreement dated October 4, 2023, for the sale of $287,306 of receivables owed to Nuran by its operating subsidiaries in Africa for gross proceeds of $173,686.

Under the terms of the agreement, the creditor has recourse against the Company in certain circumstances. If the creditor delivers a recourse notice, the Company has the option of satisfying any repurchase request of the account in cash at 107% of the price originally paid by the creditor for the account or by issuing units of the Company (each a "Unit") at $67.50 per Unit for the amount of the account. Each Unit is to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $75 until October 4, 2026.

The loan bears interest until the creditor has received payment, at a fixed rate of 15% per annum, payable monthly.

On March 25, 2025, the Company amended the terms of the agreement to increase the maximum amount available on the facility to $462,500 and reduce interest to 5%.

On December 22, 2025, the Company settled debt of $511,290 including interest and an amount due to a company related to the Factor, in 72,664 common shares of the Company and $301,290 in cash (See Note 20). The book value of the debt converted over the carrying value recorded for these shares was $158,395 applying a discount for lack of marketability (DLOM) to the market price of the Company's shares on the date of settlement to reflect applicable trading restrictions.

The excess of the carrying value of the shares issued ($158,395) plus warrants ($13,612) for a total of $172,008 over the carrying value of the debt extinguished ($210,000), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $37,992.

The cost of the loan for the year ended December 31, 2025 was $62,640 (2024 - $76,462) and was included in in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses. The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;b) This
 secured promissory note of USD 1,653,947 (CAD 2,239,610), dated April 24, 2023 is from
 a US- based institution and is secured by a chattel mortgage on the universality of the
 Company's assets. The note bears interest at a fixed rate of 10% per annum calculated
 on a monthly basis and is payable on the maturity date. The maturity date was initially
 October 24, 2023 but was extended as follows.

On December 4th, 2023, the Company extended the loan facility until October 21, 2024. As consideration, an extension fee of USD 169,895 (CAD 230,055) was added to the principal and the Company issued the lender 16,666 share purchase warrants to replace the existing warrants of 6,666 shares held by the lender, with each warrant exercisable to acquire a share of the Company at an exercise price of $75 which expire on December 1, 2025. In addition, the Company agreed to add a conversion feature to the loan, at $67.50 per common share of the Company. Any securities issuable upon exercise of these warrants or conversion of the loan are to be subject to a statutory hold period of four months and one day. A lending fee of USD 45,000 (CAD 60,934), accrued interest of USD 123,142 (CAD 166,747) and extension fee of USD 169,895 (CAD 230,055) were added to the principal amount.

---

| | |
|:---|:---|
|  | 39.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;b) On
 June 24, 2024 the Company further extended the loan facility until December 31, 2025.
 As consideration, the Company agreed to increase the principal amount of the loan by
 USD 230,117 (CAD 314,409) as an extension fee, increased the interest rate to the fixed
 default rate of 24% per annum and agreed to a repayment schedule to commence following
 the first drawdown under the Facility for Energy Inclusion (FEI) loan facility and monthly
 thereafter starting October 31, 2024. The lender also agreed to subordinate the loan
 to the FEI. A lending fee of USD 50,000 (CAD 68,315), accrued interest of USD 259,190
 (CAD 354,131), compounded interest of USD 83,164 (CAD 113,627) and an extension fee of
 USD 230,117 (CAD 314,409) were added to the principal amount. The repayment requirement
 was not met.

On December 31, 2024, the Company repaid USD 618,186 (CAD 889,508) for a remaining balance of USD 1,973,106 (CAD 2,839,102).

On December 22, 2025, the Company settled debt of USD 1,991,447 (CAD 2,772,936) including interest, in common shares of the Company (See Note 20). The book value of the debt converted the carrying value recorded for these shares was $2,102,914 applying a discount for lack of marketability (DLOM) to the price on the date of settlement.

The excess of the carrying value of the shares issued ($2,102,914) plus warrants ($180,724) for a total of $2,283,638 over the carrying value of the debt extinguished USD 1,991,447 (CAD 2,772,936), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $489.298.The outstanding loan balance was fully repaid as at year end.

During the year, the Company repaid USD 692,936 (CAD 968,586). The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;c) The
 loan from a non-related company is secured by a chattel mortgage on the universality
 of the Company's assets and relates to an agreement with a lender dated August 28, 2023,
 for the sale of up to $15 million of receivables owed to the Company by its operating
 subsidiaries in Africa. Pursuant to the agreement, the Company sold receivables valued
 at $8.65 million for gross proceeds of $5,438,340 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $4,638,340 used to settle outstanding loans advanced by short term lenders,
 who are affiliates of the lender (d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment of $800,000 from August 31, 2023 to October 30, 2023 for the purpose of
 funding working capital requirements.

Under the terms of the agreement, the lender has recourse against the Company for any sold receivables, in certain circumstances. If the lender delivers a recourse notice, the Company has the option of satisfying any repurchase request of the recourse account in cash at 107% of the price originally paid by the lender for the recourse account or by issuing units of the Company at $105 per Unit for the amount of the recourse account. Each Unit to be comprised of (i) one share in the capital of the Company; and (ii) three quarters (3/4) of one warrant exercisable into one additional share of the Company at $120 until August 28, 2026. The sold receivables will bear interest until the lender has received payment, at a fixed rate of 15% per annum payable monthly.

---

| | |
|:---|:---|
|  | 40.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

If the Company does complete a subsequent sale of receivables, the pricing on the Units will be set in compliance with applicable policies of the CSE.

In connection with the agreement, the Company paid an arrangement fee to the lender consisting of 12,666 common shares (the "Fee Shares") (having a deemed value of $69 based on closing price of the common shares of NuRAN on the closing) representing approximately 5% of the total factoring facility. 8,333 of these Fee Shares were issued at the initial closing and the remainder were issued on January 2, 2024 (see note 20). The Fee Shares were subject to a statutory hold period in Canada of four months and one day.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
 October 17, 2023, the Company amended the terms of the agreement which called for additional
 cash payments, completion of other financing and securing the indebtedness by way of
 a general security agreement in favor of the lender or its duly authorized agent on or
 before September 30, 2023, this date was extended to October 31, 2023.

On December 4th, 2023, the Company further amended the terms of the agreement by selling receivables valued at $1.425 million for proceeds of $865,000 consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 cash payment of $215,000 that have been received by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 cash payment $650,000 from October 31, 2023 to December 31, 2023 for the purpose of funding
 working capital requirements leading up to the finalisation of other loans.

Included in the amendment, the lender agreed to extend various deadlines until January 31, 2024.

Furthermore, pursuant to the amendment, if the Company chooses to satisfy the recourse account by issuing units, which is entirely at the discretion of the Company, the deemed price per unit is to be $67.50 per unit and the warrant exercise price will be $75. Finally, the amendment adjusted the timing and quantum of the Fee Shares so that the remaining balance of 4,333 Fee Shares has increased to 6,333, 3,333 were issued on or before January 31, 2024, and the remainder were issued on or before March 15, 2024 (see note 20). The Fee Shares were subject to a statutory hold period in Canada of four months and a day from the date of issuance.

On April 2nd, 2024, the Company further amended the terms of the agreement by selling receivables valued at $1.52 million for proceeds of $1,000,000 consisting of a cash payment that has been received by the Company. $1.52 million was added to the factoring loan, $1,000,000 was recorded in factoring receivable and $1,52 million was recoded in factoring reserve.

On June 25, 2024, the Company further amended the terms of the agreement to allow for the drawdown of an additional USD 2,000,000 (CAD 2,731,800) by selling additional receivables as required by the Company.

On December 23, 2024, the Company further amended the terms of the agreement to increase the maximum amount available on the facility to $25.5 million and reduce interest for 2024 to 5%. In addition, the lender has agreed to cap conversions so that no more than 116,667 units form the previous 266,667 units which are eligible to be issued. Each unit included three quarters of one warrant to purchase a common share at $75 till August 28, 2028. As consideration to the lender, the Company agreed to reduce the price per unit to be $60 and extend the expiry of the warrants that have been issued or are to be issued to August 28, 2028. $3,100,000 was added to the factoring loan and $7,600,000 was recoded in factoring reserve (see note 21).

---

| | |
|:---|:---|
|  | 41.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

During the year ended December 31, 2024, the lender requested the conversion of debt under the agreement totaling a value of $1,459,709, including interest, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $1,518,206.

On April 15, 2025, the Company further amended the terms of the agreement to increase the amount of pledged accounts under the facility to $26.8 million and increase the amount to be drawn to $10.4 million. The Company also settled promissory notes totaling $359,435 in principal.

&nbsp;&nbsp;&nbsp;&nbsp;c) On
 August 19, 2025, the Company further amended the terms of the agreement to settle promissory
 notes totaling $1,274,492 in principal and added $2,079,622 to the paid accounts of the
 Factor.

During the year, the lender requested the conversion of debt under the agreement totaling a value of $1,162,241, in common shares of the Company. Taking into account the book value of the debt converted the carrying value recorded for these shares was $2,788,000.

On December 22, 2025, the Company settled debt of $11,910,915 including interest, in common shares of the Company (See Note 20). The book value of the debt converted over the carrying value recorded for these shares ($15,490,476) plus warrants ($5,373,222) for a total of $21,063,696 resulted in a loss of $9,152,783. The outstanding loan balance was fully repaid as at year end (See Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;d) The
 amount due to a non-related party was replaced with an unsecured loan of USD 394,781
 (CAD 536,073), including interest of USD 75,930 (CAD 103,105), dated December 5, 2023.
 The loan bears interest at a fixed rate of 11% per annum and was payable over 24 months
 in blended principal and interest payments.

On December 22, 2025, the Company partially settled a portion of the remaining balance of the loan of USD 147,000 (CAD 202,056) including USD 32,797 (CAD 45,089) of interest (principal portion USD $114,203 (CAD 157,007)), by issuing 69,929 common shares of the Company (See Note 20). The carrying value of the debt extinguished at the date of settlement was USD $147,000 (CAD 202,096)).

The shares issued were recorded at a carrying value of $152,433 applying a discount for lack of marketability (DLOM) to the market price of the Company's shares on the date of settlement to reflect applicable trading restrictions. The excess of the carrying value of the shares issued ($152,433) plus warrants ($13,100) for a total of $165,534 over the carrying value of the debt extinguished (USD 147,000 (CAD 202,056), translated at the prevailing exchange rate on the settlement date resulted in a gain on debt settlement of $36,522.

The settlement was accounted for as an extinguishment of debt. Under IFRS 9, when a financial liability is extinguished by the issuance of equity instruments, the liability is derecognized and the equity instruments are recognized at fair value on the date of settlement. The difference between the carrying amount of the liability derecognized and the fair value of the equity instruments issued is recognized in profit or loss as a gain or loss on extinguishment.

During the year, the Company also repaid USD 74,057 (CAD 103,517) for a remaining balance of USD 50,654 (CAD 69,426) bearing interest at a fixed rate of 11% per annum and payable over 24 months in blended principal and interest payments.

---

| | |
|:---|:---|
|  | 42.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

&nbsp;&nbsp;&nbsp;&nbsp;e) This
 unsecured loan bears interest at 15% per annum and was repayable on February 6, 2025.

On January 22, 2025, the Company issued a promissory note of $63,405. The loan bears interest at a fixed rate of 15% payable monthly and is payable on March 8, 2025.

On February 4, 2025, the Company issued a promissory note of $146,030. The loan bears interest at a fixed rate of 15% payable monthly and is payable on March 14, 2025.

On April 15, 2025, these promissory notes were settled with the factoring amendment.

On April 15, 2025, the Company issued a promissory note of $200,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 30, 2025, but was not repaid on that date.

On May 2, 2025, the Company issued a promissory note of $50,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On May 6, 2025, the Company issued a promissory note of $150,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On May 27, 2025, the Company issued a promissory note of $105,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on May 31, 2025, but was not repaid on that date.

On June 4, 2025, the Company issued a promissory note of $70,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 10, 2025, the Company issued a promissory note of $127,778. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 13, 2025, the Company issued a promissory note of $11,830. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On June 20, 2025, the Company issued a promissory note of $100,000. The note bears interest at a fixed rate of 15% payable monthly and is payable on June 30, 2025, but was not repaid on that date.

On August 25, the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 100,000 common shares of the Company at a price of $15 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

The outstanding loan balance was fully repaid as at year end.

&nbsp;&nbsp;&nbsp;&nbsp;f) The
 loan is pursuant to a two-year term loan facility of USD 5,000,000 (CAD 6,834,000) dated
 April 26, 2024 with FEI Ongrid to NuRAN Wireless (Africa) Holding. The loan is secured
 on the business and assets of NuRAN Wireless Cameroon Ltd and NuRAN Wireless DRC SA under
 a general security agreement and bears interest at the Secured Overnight Financing Rate
 (SOFR) plus 8.5% per annum. Interest accrues but is not payable until maturity. The terms
 of the loan were amended extending the maturity date to April 26, 2027 with interest
 partially paid in cash in accordance with an agreed schedule to maturity. Management
 intends to settle this loan within one year from the balance sheet date and hence classified
 current.

On March 10, 2025, the Company received of drawdown of USD 1,050,000 (CAD 1,515,255).

---

| | |
|:---|:---|
|  | 43.0 |
| **Nuran Wireless Inc.** |  |

---

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**16.** **LOANS PAYABLE (CONTINUED)** 

On October 6, 2025, the Company received of drawdown of USD 1,000,000 (CAD 1,395,500).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) The
 loan, secured by guarantee of the parent company, is pursuant to a bank facility of CFA
 150,000,000 (approx. $366K) with Société Générale Cameron
 to Nuran Cameroon Ltd, dated June 20, 2024. The disbursement was made on February 25,
 2025. The loan bears interest at a fixed rate of 7% and is payable monthly in blended
 principal and interest payments in the amount of CFA 12,283,126 (approx. $31K) over 12
 months from the disbursement date.

During the year, the Company repaid CFA 124,126,824 for a remaining balance of CFA 25,873,176. The loan was fully repaid in February 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) The
 unsecured loan is an installment payment agreement of $23,279 including interest at a
 fixed rate of 14.8% dated July 28, 2025 and is payable monthly in blended principal and
 interest payments in the amount of $1,924 over 12 months.

During the year, the Company repaid $9,699 for a remaining balance of $13,579.

**17.** **EMPLOYEES FUTURE BENEFITS** 

The Company implemented a tailored Simplified Pension Plan (SIPP) on a defined contribution basis. All employees in Canada are eligible after three months of continuous service. Participation in the plan is on a voluntary basis and the Company matches employee contributions up to a maximum of 3% of their gross annual salary. The Company expensed $63,747 in 2025 (2024 - $45,072) in relation to employee future benefits.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**18.** **LEASE LIABILITIES** 

The maturity analysis of the lease liability as at reporting date was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Within 1 year | After 1 year but <br>less than 5 years | Total | Total |
| **At 31 December 2025** |  | $— | $— | **$** |
| Gross lease liability |  |  |  | **728411** |
| Less future interest costs |  |  |  | **312625** |
|  |  |  |  | **415786** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Within 1 year | After 1 year but <br> less than 5 years  | Total |
| At 31 December 2024 | $ | $ | $ |
| Gross lease liability | 203566 | 67855 | 256637 |
| Less future interest costs | 13668 | 1116 | 14784 |
|  | 189898 | 66739 | 241853 |

---

Lease liabilities are measured at the present value of lease payments using the Company's incremental borrowing rate of 8% - 18% (2024 8% - 10%) on the date of the lease inception. The incremental borrowing rate reflects the rate of interest that the Company would have to pay to borrow over a similar term the funds necessary to obtain an asset of similar value in a similar economic environment.

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Gross carrying amount** |  |
| Opening Balance |  |
| Additions |  |
| Lease payments**)** |  |
| Lease interest |  |
| Other |  |
| Closing Balance |  |
| Current |  |
| Non-current |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**18.** **LEASES LIABILITIES (CONTINUED)** 

The lease expense during the 12 months period amounts to the following, representing the minimum lease payments:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| Lease expense (office) |  |  | 248892 |

---

**19A. CONVERTIBLE DEBENTURES**

As at December 31, 2025, the convertible debentures consist of the following:

---

| | |
|:---|:---|
|  | **Unsecured** <br> **Convertible debentures**  |
| Balance at December 31, 2023 |  |
| Extension of debenture (a) |  |
| Effect of the modification (b) |  |
| Accretion of OID (c) |  |
| Conversion (d) |  |
| Accretion (c) |  |
| Balance at December 31, 2024 |  |
| Issuance of convertible debenture |  |
| Fair Value |  |
| Amortization of OID |  |
| Conversion (e)**))** |  |
| Accretion |  |
| Settlement (f) |  |
| **Closing balance, as at December 31, 2025** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**19A. CONVERTIBLE DEBENTURES (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;(c) As at December 20, 2023, the Company extended the
maturity date of the Convertible Debentures entered into in July 2022. The maturity date of the Convertible Debentures was extended
to July 12, 2024 along with other terms of the original debenture which were amended. The original debenture had an original issuance
discount of 10% and this was increased to 16% paid upon maturity leading to a maturity value of $2,645,502. In addition, the principal
amount is convertible into common shares of the Company at a fixed price of $120 at the option of the debenture holder during
the term of the Convertible Debenture. Under the terms of the Convertible Debenture the principal amount is due one year from
the date of closing and does not bear interest until the maturity date or an event of default occurs. The number and terms of
warrants issued in conjunction with the original debenture, as well as all other terms of the debenture did not change.

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $2,273,353.

In accordance with IFRS 9, the Company assessed whether the December 20, 2023 amendment to the Convertible Debentures constituted a modification or an extinguishment. The present value of the cash flows under the amended terms, discounted at the original effective interest rate, differed from the present value of the remaining cash flows under the original terms by less than 10%, and no other qualitative factors requiring immediate derecognition were present. Accordingly, the amendment was accounted for as a debt modification. The carrying amount of the debenture was adjusted to the present value of the modified future cash flows, discounted at the original effective interest rate, and the resulting gain on modification of $Nil was recognized in financial expenses in the consolidated statement of net loss and comprehensive loss for the year ended December 31, 2023.

The current value method refers to the present value of the contractual future cash flows of the debenture (being the maturity amount of $2,645,502 payable on July 12, 2024), discounted using an applicable market rate of interest that reflects the credit risk and terms of the instrument at the date of the amendment. The share price used as an input to the Black-Scholes model for valuing the conversion option was the market price of the Company's common shares on the date of the transaction (December 20, 2023), being $0.11 per share (pre-consolidation), which represents a Level 1 input. No VWAP or other averaging methodology was applied.

The fair value of the conversion option on December 20, 2023 was estimated at $nil, which was derived using a Black-Scholes option pricing model.

The Black-Scholes pricing model used for the conversion options used the following assumptions:

---

| | |
|:---|:---|
| Share price | $33 |
| Exercise price | $120 |
| Time to maturity | 6 months |
| Risk-free rate | 3.91% |
| Expected volatility | 26.80% |
| Dividend yield | Nil |
| Dilution factor | 41.06% |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**19A. CONVERTIBLE DEBENTURES (CONTINUED)**

---

| | |
|:---|:---|
| (a), (b) | On December 23, 2024, the Company extended the convertible secured debentures issued in August 2023. The debenture holders agreed to extend the maturity for a further 28 months to December 31, 2026 and reduce the interest rate to 10% to December 2026. As consideration to these debenture holders, the Company agreed to increase the principal amount owing of $2,256,419 to include interest accrued to date of $882,034, a one-time extension fee of 15% and a prepayment of interest for 2025 as an increase in the principal amount. In addition, the Company agreed to reduce the price per Unit to $60 and to extend the expiry of the warrants that have been issued or are to be issued upon conversion to August 28, 2028. The new principal amount of $4,184,604 includes an Original Issuance Discount ("OID") of 25% of $1,046,151 (a). The OID is amortized over two years and it recorded in the consolidated statement of financial position as convertible debenture and in Consolidated Statements of Net Loss and Comprehensive Loss as financial expenses |

---

The debenture value determined using the current value method which deducts the value of the conversion option from the maturity value was $3,397,006.

The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $60 per common share.

In accordance with IFRS 9, the Company assessed whether the December 23, 2024 amendment to the convertible debentures constituted a modification or an extinguishment. The amendments significantly impacted the economic substance of the instrument and result in a fundamentally different risk and return profile for both the Company and the holders. Consistent with IFRS 9, amendments were considered an extinguishment and the original debenture liabilities were therefore derecognized in full as at December 23, 2024, and new financial liabilities were recognized at fair value on that date.

On extinguishment, the original debenture was derecognized at its carrying amount of $2,256,419 and the new debenture was recognized at its fair value of $3,397,006, determined using the current value method. The resulting loss on extinguishment of $1,140,587 has been recognized in financial expenses in the consolidated statement of profit or loss and comprehensive loss for the year ended December 31, 2024.

The fair value of the conversion option on December 23, 2024 was estimated at $41,846 (a), which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $27 |
| Exercise price | $60 |
| Time to maturity | 2 years |
| Risk-free rate | 3.03% |
| Expected volatility | 60.18% |
| Dividend yield | Nil |
| Dilution factor | 38.43% |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**19A. CONVERTIBLE DEBENTURES (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the year ended December 31, 2024, the debenture
holders requested the conversion of the principal value of debentures totalling $225,000 in common shares of the Company. Taking
into account the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded
for these shares based on share value plus fair value of the conversion option was $227,000 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(e) During the year ended December 31, 2025, the debenture
holders requested the conversion of debentures totalling a value of $800,000 in common shares of the Company. Taking into account
the book value of the debentures converted, as well as the value of the conversion option, the carrying value recorded for these
shares was $247,975 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(f) On December 22, 2025, the Company settled debt of
$3,384,564 in common shares of the Company (see Note 20), resulting in the recognition of $182,271 as gain on debt settlement
in the Consolidated Statements of Net Loss and Comprehensive Loss. The book value of the debt converted the carrying value recorded
for these shares was $2,552,890

**19B. CONVERTIBLE DEBENTURES AND DERIVATIVE LIABILITIES**

As at December 31, 2025, the unsecured convertible debentures and derivative liability consist of the following:

---

| | |
|:---|:---|
|  | **Derivative liability** |
| Balance at December 31, 2023 |  |
| Issuance of convertible debenture |  |
| Fair Value) |  |
| Amortization of OID |  |
| Accretion |  |
| Change in fair value) |  |
| Effect of foreign exchange |  |
| Balance at December 31, 2024 |  |
| Amortization of OID |  |
| Accretion |  |
| Effect of foreign exchange |  |
| **Closing balance, as at December 31, 2025** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**19B. CONVERTIBLE DEBENTURES AND DERIVATIVE LIABILITIES (CONTINUED)**

On August 16, 2024, the Company issued unsecured convertible debentures in the principal amount of USD 2,194,772 (CAD 3,008,374) with an original issue discount equal to 25% of the purchase price. The debenture matures on August 16, 2026. Interest is accrued until the maturity date, at a rate of 15% per annum. The debenture value determined using the amortized cost using the effective interest method, with the carrying value accreted over time through interest expense was USD 1,594,729 (CAD 2,185,847). The principal amount is convertible, at the option of the debenture holder, into common shares of NuRAN at any time before the maturity date at a price of $67.50 per common share.

The fair value of derivative liability on August 16, 2024 was estimated at $93,594, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $36.00 |
| Exercise price | $67.50 |
| Time to maturity | 2 years |
| Risk-free rate | 3.31% |
| Expected volatility | 67.45% |
| Dividend yield | Nil |
| Dilution factor | 38.86% |

---

The fair value at December 31, 2024 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $24.00 |
| Exercise price | $67.50 |
| Time to maturity | 1.58 years |
| Risk-free rate | 2.93% |
| Expected volatility | 55.18% |
| Dividend yield | Nil |
| Dilution factor | 38.04% |

---

The fair value at December 31, 2025 was estimated at $nil, which was derived using a Black-Scholes option pricing model:

---

| | |
|:---|:---|
| Share price | $2.50 |
| Exercise price | $67.50 |
| Time to maturity | 0.58 years |
| Risk-free rate | 2.58% |
| Expected volatility | 41.91% |
| Dividend yield | Nil |
| Dilution factor | 33.28% |

---

The conversion feature embedded in the Company's convertible debentures was classified as a derivative financial liability and measured at fair value through profit or loss, as the debentures are denominated in a currency other than the Company's functional currency and are convertible into a variable number of common shares and warrants. As a result, the conversion feature did not meet the "fixed-for-fixed" criterion under IAS 32 and was separated from the host contract, with changes in fair value recognized in profit or loss.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**20.** **SHARE CAPITAL** 

NuRAN's share capital consists only of fully paid shares of each of the following categories, each of an unlimited amount and without nominal value:

● Common shares, voting and participating

● Preferred shares

On December 5, 2025, the Company approved a consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre- consolidated Common Shares.

During the year, the Company settled debt through the issuance of common shares and warrants. The debt was derecognized at its carrying amount, and the equity instruments issued were measured at fair value and allocated between share capital and contributed surplus using the relative fair value method.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **Number** | Number |
| Opening Balance | **195647** | 143479 |
| Issue of share capital (a) | **12860587** | 48835 |
| Convertible Debenture (b) | **—)** |  |
| Debenture conversion in share capital (c) | **13333** | 3333 |
| Issue of Warrants (d) | **—** |  |
| Closing Balance | **13069567** | 195647 |

---

During the year ended December 31, 2025, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 2, 2025, to July 22, 2025, the Company
issued 155,000 shares as of loan conversion with shares price between $15 and $27.60, resulting in the recognition of $2,509,936
as share capital and $2,246,840 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On November 26, 2025, the Company issued 45,454 shares as of private placement with share price of $6.00, resulting in the recognition of $300,000 as of share capital.

On December 22, 2025, the Company issued 10,583,919 shares as of debt and accounts payables settlement, resulting in the recognition of $22,613,774 as of share capital, $1,733,405 as gain on debt settlement and $25,837 as loss on write-off of account payables in the Consolidated Statements of Net Loss and Comprehensive Loss. Included in this transaction is the acquisition of Advance Factoring Inc. (Note 6)

On December 22, 2025, the Company issued 1,946,365 shares as of private placement with share price of $2.78, resulting in the recognition of $5,625,000 as of share capital.

On December 29, 2025, the company issued 64,064 shares as of accounts payables settlement, resulting in the recognition of $128,095 as of share capital and $46,262 as gain on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 29, 2025, the Company issued 65,784 shares as of private placement with share price of $2.55 and a finder's fee of $2,609, resulting in the recognition of $187,507 as of share capital.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**20. SHARE CAPITAL (CONTINUED)**

&nbsp;&nbsp;&nbsp;&nbsp;(b) On December 22, 2025, $(142,571) was recognized for
the fair value on debentures following the settlement in shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) From January 20, 2025, to June 26, 2025, the Company
issued 13,333 shares upon the conversion of debenture at a share price of $60 (Note 19A).

During the year ended December 31, 2024, the Company had the following share transactions:

&nbsp;&nbsp;&nbsp;&nbsp;(a) From January 10, 2024 to December 31, 2024, the Company
issued 1,237 shares as of shares for services with shares price between $31.50 and $39, resulting in the recognition of $45,200
as administrative expenses in the Consolidated Statements of Net Loss and Comprehensive Loss.

From January 31, 2024 to November 7, 2024, the Company issued 39,598 shares as of loan conversion with shares price between $30 and $49.80, resulting in the recognition of $1,543,106 as share capital and $1,127,771 as loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On January 2, 2024, 6,333 shares were issued as bonus shares resulting in the recognition of $45,000 as a loss on debt settlement in the Consolidated Statements of Net Loss and Comprehensive Loss.

On December 16, 2024, the Company issued 1,666 shares were issued as interest payment on debenture, resulting in the recognition of $209,000 as administrative expenses in the Consolidated Statements of Net Loss and Comprehensive Loss.

From February 21, 2023 to December 31, 2023, $1,534,722 was recognized for the fair value on debentures

&nbsp;&nbsp;&nbsp;&nbsp;(b) On August 16, 2024, $822,461 was recognized for the
fair value on debentures. On December 23, 2024, $765,742 was recognized for the fair value on debentures.

&nbsp;&nbsp;&nbsp;&nbsp;(c) On April 2024, the Company issued 3,333 shares upon
the conversion of debenture at a share price of $67.50 (Note 20).

&nbsp;&nbsp;&nbsp;&nbsp;(d) From January 31, 2024 to November 7, 2024, the Company
issued 32,198 warrants for loan and debenture exercise. The fair value of the warrants was $77,106.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21.** **WARRANTS** 

The following is a summary of the activity of warrants:

---

| |
|:---|
| Opening Balance |
| Issue of Warrants |
| Warrants expired**)** |
| Warrants cancelled |
| Closing Balance |

---

---

| | | |
|:---|:---|:---|
|  | | **2025** |
|  | **Number of**<br> **warrants** | **Weighted average** <br> **exercise price**<br> **(post- consolidation)** |
|  |  | **$** |
| **Opening balance**<br>| **61797** | **114.00** |
| **Granted during the year** | **6404177** | **4.82** |
| **Expired during the year** | **(26333)** | **168.61** |
| **Cancelled during the year** | **(80574)** | **39.79** |
| **Closing balance, as at December 31, 2025** | **6359067** | **4.43** |
| **Closing balance of exercisable warrants, as at December 31, 2025** | **6140** | **78.66** |

---

---

| | | |
|:---|:---|:---|
|  | | 2024 |
|  | Number of <br>warrants | Weighted average exercise price (post- Consolidation) |
|  |  | $|
| Opening balance | 39704 | 360.00 |
| Granted during the year | 32199 | 75.00 |
| Expired during the year | (10105) | 294.00 |
| Closing balance, as at December 31, 2024 | 61798 | 114.00 |
| Closing balance of exercisable warrants, as at December 31, 2024 | 61798 | 114.00 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21.** **WARRANTS (CONTINUED)** 

The following is a summary of warrants outstanding and exercisable as at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Warrants**<br> **outstanding** | | **Warrants**<br> **exercisable** |
| | **Number** | <br>**Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | <br> **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
|<br>**December 31, 2025**<br>**Exercise price (post-**<br>**consolidation)** | | | | |
| $**4.34** | **6265137** | **4.98** | **—** | **—** |
| $**4.34** | **65063** | **5.00** | **—** | **—** |
| $**9.90** | **22727** | **2.91** | **—** | **—** |
| $**75.00** | **5640** | **0.66** | **5640** | **0.66** |
| $**120.00** | **500** | **0.66** | **500** | **0.66** |
|  | **6359067** |  | **6140** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Warrants<br> outstanding | | Warrants<br> exercisable |
| | Number | Weighted <br>average <br>contractual <br>life (years) | Number | Weighted <br>average <br>contractual <br>life (years) |
| December 31, 2024 <br>Exercise price <br>(post- <br>Consolidation) |  |  |  |  |
| $75.00 | 34964 | 1.66 | 34964 | 1.66 |
| $75.00 | 16667 | 0.92 | 16667 | 0.92 |
| $120.00 | 500 | 1.66 | 500 | 1.66 |
| $330.00 | 9667 | 0.63 | 9667 | 0.63 |
|  | 61798 |  | 61798 |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**21. WARRANTS (CONTINUED)**

During the year ended December 31, 2024, the Company issued 32,199 warrants. The value totaling $71,856 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.93% and 4.35%; expected volatility between 55.93% and 62.68%; expected dividend yield of 0%; expected life between one and two years and exercise price of $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $30 and $51.

During the year ended December 31, 2025, the Company issued 6,404,177 warrants consisting of 3,599,013 warrants issued to the owners of AFI and 2,805,164 warrants issued warrants issued for private placements, debt conversions, factoring recourse notices and debenture conversions. The value totaling $6,532,539 was obtained using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate between 2.40% and 3.07%; expected volatility between 81.20% and 104.15%; expected dividend yield of 0%; expected life between 0.83 and 5 years and exercise price between $9 and $75. Expected volatility was based on the historical volatility of other comparable listed companies. The share price upon issuance was between $2.55 and $27.

**22. CONTRIBUTED SURPLUS**

The Company has a stock option plan for its employees, officers, directors and consultants for up to 10% of the issued and outstanding shares at the grant date.

The following is a summary of the activity of stock options and warrants:

---

| | | |
|:---|:---|:---|
|  | 2024 | 2024 |
|  | $— | $|
| Opening balance |  | 6623292 |
| Warrants expired |  | 108148 |
| Warrants cancelled |  |  |
| Closing balance |  | 6731440 |

---

During the year, 26,333 warrants expired (3,041,481 expired in 2024) and 80,574 warrants were cancelled (Nil in 2024)

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**22. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | | **2025** |
|  | **Number of**<br> **options** | **Weighted**<br> **average**<br> **exercise price**<br> **(post-**<br> **consolidation)** |
|  | | $ |
| **Opening balance** | **9566** | **402.91** |
| **Granted during the period** | **—** | **—** |
| **Cancelled during the period** | **—** | **—** |
| **Closing balance, as at December 31, 2025** | **9566** | **402.91** |
| **Closing balance of exercisable options, as at December 31, 2025** | **9566** | **402.91** |

---

---

| | | |
|:---|:---|:---|
|  | | 2024 |
|  | Number of<br> options | Weighted<br> average<br> exercise price<br> (post-<br> consolidation)<br>|
|  |  | $|
| Opening balance | 11016 | 462.00 |
| Forfeited during the period | (1450) | 546.00 |
| Closing balance, as at December 31, 2024 | 9566 | 402.91 |
| Closing balance of exercisable options, as at December 31, 2024 | 9566 | 402.91 |

---

The following is a summary of stock options outstanding and exercisable as at December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Options**<br> **outstanding** | | **Options**<br> **exercisable** |
| | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** | **Number** | **Weighted**<br> **average**<br> **contractual**<br> **life (years)** |
|<br>**December 31, 2025** <br> **Exercise price** <br> **(post-** <br>**consolidation)** | | | | |
| $**127.5** | **4167** | **0.26** | **4167** | **0.26** |
| $**402** | **835** | **1.07** | **835** | **1.07** |
| $**501** | **334** | **0.82** | **334** | **0.82** |
| $**510** | **832** | **0.80** | **832** | **0.80** |
| $**705** | **3398** | **0.11** | **3398** | **0.11** |
|  | **9566** |  | **9566** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**22. CONTRIBUTED SURPLUS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | Options <br> outstanding | | Options <br>exercisable |
| |<br><br>Number | Weighted<br>average<br>contractual<br>life (years) |<br><br>Number | Weighted<br>average<br>contractual<br>life (years) |
| December 31, 2024 Exercise price (post-consolidation)  |  |  |  |  |
| $127.5 | 4167 | 1.26 | 4167 | 1.26 |
| $402 | 835 | 2.07 | 833 | 2.07 |
| $501 | 334 | 1.82 | 333 | 1.82 |
| $510 | 833 | 1.80 | 833 | 1.80 |
| $705 | 3398 | 1.11 | 3400 | 1.11 |
|  | 9566 |  | 9567 |  |

---

In total, $nil ($nil in 2024) of employee remuneration expense and consultant fees (all of which related to equity-settled share-based payment transactions) has been included in profit or loss and credited to contributed surplus.

**23.** **FAIR VALUE OF CONVERSION OPTION** 

---

| |
|:---|
| Balance as at December 31, 2024 |
| Debenture issued (a) |
| Conversion of debentures**)** |
| Restructuring of the debentures |
| Balance as at December 31, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) During the year, for the fair value of the conversion
options on debentures issued estimation was derived using a Black-Scholes option pricing model (Note 19A and 19B).

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **LOSS PER SHARE** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Basic** 

Basic income (loss) per share is calculated by dividing income (loss) by weighted average number of common shares in issue for the year

---

| |
|:---|
| Net loss for the year**)** |
| Weighted average number of outstanding common shares |
| Loss per share |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Diluted** 

Diluted income (loss) per common share is equal to the loss per common share for the year 2025 and the year 2024 as all of the shares options and warrants outstanding are anti-dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **INCOME TAXES** 

**Current income tax expense**

The Reconciliation of income taxes computed at the Canadian statutory rates with the income tax expense is as follows:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Loss before income taxes | (21329482) | (8610972) |
| Income tax recovery calculated on the basis of the statutory rate in |  |  |
| Canada of 26.50%, Mauritius 15%, Cameroon 27.5% , Madagascar |  |  |
| 33%, DRC 0%, Ivory Coast 30% | (4913957) | (1096168) |
| Increase (decrease) of the following items: |  |  |
| &nbsp;&nbsp;&nbsp;Non-deductible (taxable) items | 2353391 |  |
| &nbsp;&nbsp;&nbsp;Allowable income | (314572) | 915669 |
| &nbsp;&nbsp;&nbsp;Minimum tax | 88452 |  |
| &nbsp;&nbsp;&nbsp;Change in unrecognized deferred tax assets | 3520992 | 792322 |
| &nbsp;&nbsp;&nbsp;Other | (627740) | (467371) |
| Income tax expense in the consolidated statement of net loss and comprehensive loss | 106566 | 144453 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**25.** **INCOME TAXES (CONTINUED)** 

The major component of tax reconciliation of the expected tax expense based on the domestic tax rate for the Company and the reported tax expense in profit or loss is the increase of the unused tax losses and deductible temporary difference for which no deferred tax assets are recognized.

**Deferred income taxes**

Deferred income taxes reflect the net tax effects of temporary difference between the carrying amounts of assets and liabilities used for financial reporting purposes and the amounts used for income tax purposes.

Significant components of the Company's deferred income tax assets (liabilities) are as follows:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Non-capital loss carry-forwards | 19888898 | 18168410 |
| Share issue costs - Canada | 2686 | 7147 |
| Property, plant and equipment and intangible assets | 463581 | 389359 |
| Capital loss | 306749 | 306749 |
|  | **20,661,G14** | **18871665** |

---

The Company has the following deductible temporary differences for which no deferred tax assets have been recognized:

---

| | | |
|:---|:---|:---|
|  | **31-Dec-25** | **31-Dec-24** |
| Non-capital loss carry-forwards | 80813484 | 74402230 |
| Share issue costs - Canada | 10134 | 26971 |
| Property, plant and equipment and intangible assets | 1749364 | 1469278 |
| Capital loss | 2315084 | 2315084 |
|  | **84888066** | **78213563** |

---

Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can use benefits.

The Company has unused tax losses from its operations totalling $84,888,066 for the federal level and $78,117,009 for the provincial level that may be carried forward and applied against taxable income expiring between 2026 and 2045.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**26.** **ADMINISTRATIVE EXPENSES** 

---

| | | | |
|:---|:---|:---|:---|
|  | For the years ended | For the years ended | For the years ended |
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| Bad Debt |  |  | 88699 |
| Depreciation |  |  | 309736 |
| Financing fees |  |  | 1607122 |
| Insurance |  |  | 37973 |
| Maintenance |  |  | 15679 |
| Office |  |  | 274233 |
| Payroll and employee costs |  |  | 1562156 |
| Professional and consulting |  |  | 1810902 |
| Registration and licensing |  |  | 59894 |
| Supplies |  |  | 15259 |
| Transportation |  |  | 57405 |
| Travel and meals |  |  | 192418 |
| Utilities |  |  | 63227 |
| Share Based Compensation |  |  | 726427 |
| **Total** |  |  | 6821129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**27.** **FINANCIAL EXPENSES** 

Financial expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | For the years ended | For the years ended |
|  | **December 31, 2025** | December 31, 2024 |
|  |  | $— |
| Foreign exchange loss / (gain) |  |  |
| Bank charges |  |  |
| Penalties |  |  |
| Accretion expense on convertible debentures |  |  |
| Interest expenses for financial liabilities at amortized cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities |  |  |

---

Exchange differences arising from such monetary items are recognized in Consolidated Statements of Net Loss and Comprehensive Loss in separate subsidiaries financial statements from loans at the parent level.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**28.** **EMPLOYEE REMUNERATION** 

Expenses recognized for employee benefits such as wages, salaries and social security costs total $2,988,594 for the year ended December 31, 2025 (2024 - $3,146,087).

&nbsp;&nbsp;&nbsp;&nbsp;**29.** **COMMITMENTS** 

On June 29, 2021, the Company entered into a 10-year agreement with Space-Communication Ltd. ("Spacecom") for the provision of satellite capacity and bandwidth services on geostationary (GEO) satellites, expiring on June 28, 2031. Under the agreement, Spacecom has the commitment to meet the Company's satellite service requirements—whether for capacity, managed services, or related solutions— provided it can deliver the required services at the agreed price, by the required start date, and using satellites that meet the defined technical specifications. Spacecom must deliver the services directly or through third-party satellite providers subject to the execution of individual Service Orders between the parties. Charges for satellite services are defined under the terms of individual service orders and are based on actual bandwidth utilization, subject to minimum charges from the beginning of the second year following the service start date (as amended from time to time). As of the date of these financial statements, a service order is only in place in the DRC with minimum capacity of 92 Mbps. On December 22, 2025, the Company entered into an agreement with Spacecom to settle all outstanding obligations in the DRC, including an extra charge of USD 669k (CAD 920k) reversing previous credits, through the issuance of NuRAN units as part of the Restructuring Transaction. Current billing under the DRC service order is USD 10,000 (CAD 13,706) per month. As at December 31, 2025, the balance was $nil (2024 – $883,489) included in accounts payable.

&nbsp;&nbsp;&nbsp;&nbsp;**30.** **RELATED PARTY TRANSACTIONS** 

The Company's related parties include companies under common control as well as key management personnel.

**Transactions with key management personnel**

The Company's key management consists of the directors and executives. The key management personnel remuneration totals $1,612,440 (2024 - $1,694,187) and benefits total $145,337 (2024 - $121,635 for the year ended December 31, 2025. The accounts payable and accrued liabilities related to key management personnel totals $362,120 as at December 31, 2025 (2024 - $412,797). All amounts represent short-term employee benefits.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**31.** **FINANCIAL INSTRUMENTS RISK** 

**Fair value measurement**

The financial instruments recognized on the consolidated statement of financial position are comprised of cash, trade receivables, trade and other payables, lease liabilities, loan payable, convertible debentures and convertible debentures with derivative liabilities.

The carrying values of cash, trade receivables, trade and other payables approximate their fair values due to the short-term nature of these instruments.

The fair value of financial instruments disclosed in the consolidated statements of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly;

Level 3: Unobservable inputs for the asset or liability

● As at December 31, 2025 and 2024, the Company measures the derivative liabilities at Level 3 fair value as there are unobservable inputs for these items.

There were no transfers between the levels in the current year.

**Risk management objectives and policies**

The Company is exposed to various risks in relation to financial instruments. The main types of risks are market risk, credit risk and liquidity risk.

The Company's risk management is coordinated by its executives and focuses on identifying risks and that the capital base is adequate in relation to those risks.

The Company does not hold financial instruments for trading or speculative purposes and does not enter into option contracts.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The carrying amounts of the Company's financial assets and liabilities by category are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| Financial assets classified at amortized costs |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | 1171558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable |  |  | 1979309 |
|  |  |  | 3150868 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| Financial liabilities carried at amortized cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable |  |  | 10557772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 5069589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | 1706926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan payable |  |  | 14404484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | 256637 |
|  |  |  | 31995408 |

---

The most significant financial risks to which the Company is exposed are described below.

**Market risk analysis**

The Company is exposed to market risk through its use of financial instruments and specifically foreign currency risk which result from its operating and financing activities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Foreign
currency risk and foreign currency sensitivity:

The exposure to currency exchange rate fluctuations arises from the Company's sales and expenses outside Canada, which are primarily denominated in US dollars.

To mitigate the Company's exposure to foreign currency risk, non-Canadian cash flows are monitored, but no forward exchange contracts or other derivative financial instruments are entered in.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31. FINANCIAL INSTRUMENT RISK (CONTINUED)**

Foreign currency denominated financial assets and liabilities which expose the Company to currency risk are disclosed below. The Company is exposed to USD, XAF, XOF and MGA and they are translated in Canadian dollars at the closing rate:

---

| |
|:---|
| **December 31, 2025** |
| ***Effects in Canadian dollars***  |
| **USD (5% movement)** |
| **XAF (5% movement)** |
| **MGA (5% movement)** |
| **XOF (5% movement)** |

---

---

| | |
|:---|:---|
| December 31, 2024 |  |
|  | Profit or loss |
| *Effects in Canadian dollars* |  |
| USD (5% movement) |  |
| XAF (5% movement) |  |
| MGA (5% movement) |  |
| XOF (5% movement) |  |

---

A change in exchange rates of 5% is considered to be reasonably possible based on the observation of current market conditions and the market risk volatility in exchange rates in the previous 12 months. All other things being equal, such a change in exchange rates would have increased or decreased the net loss and deficit by $384,418 for the year ended December 31, 2025 (2024 - $194,251) based on the Company's foreign currency financial instruments held at each reporting date.

**Credit risk analysis**

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is exposed to this risk mainly due to trade accounts receivable from its customers. The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recognized as at its reporting date.

The Company continuously monitors defaults of customers and incorporates this information into its credit risk controls.

To assess the expected credit losses, trade accounts receivable have been assessed on an individual basis since they originate from specific contracts. There are few contracts, therefore, this gives a more precise assessment than using a calculation matrix and grouping all trade accounts receivable according to certain criteria. Refer to Note 7.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**31. FINANCIAL INSTRUMENT RISK (CONTINUED)**

The Company takes into account economic perspectives of regions served by its clients as well as economic decisions affecting the telecommunication industry in Canada and worldwide. Therefore the Company adjusted the hypothesis of assessment according to expected changes in these factors.

Trade accounts receivable are written off when there is no reasonable expectation of recovery. Failure to make payments within 120 days from the invoice date and failure to engage with the Company on alternative payment arrangement for instance are considered indicators of no reasonable expectation of recovery.

**Credit risk analysis**

The Company's management considers that all of its financial assets that are not impaired or past due are of good credit quality. The amounts analyzed by the length of time past due are the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | December 31, 2024 | December 31, 2024 |
|  |  | $— | $|
| No more than three months |  |  | 447812 |
| More than three months but no more than six months |  |  | 888589 |
| More than six months but no more than one year |  |  | 88862 |
| More than one year |  |  | 644665 |
|  |  |  | 2069928 |

---

The Company held cash and cash equivalents of CAD 4,802,452 at year end (2024 - CAD 1,171,550). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated AA- to AA+, based on rating agency ratings.

The Company is exposed to a credit risk concentration because 92% of its trade accounts receivable are due from three customers (2024 - 95% from three customers).

**Interest rate risk analysis**

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in market interest rates. A sensitivity analysis has determined that one percent change in interest rate have increased or decreased the net loss and deficit by $476,528 (2024 - $246,818) based on the Company's financial instruments held at each reporting date. The Company is exposed to interest rate price risk as all convertible debentures bear interest at a fixed rate for most of the debt instruments.

**Liquidity risk analysis**

Liquidity risk is the risk that the Company might be unable to meet its obligations. The Company manages its liquidity needs by monitoring forecasts of cash inflows and outflows due in day-to-day business. Net cash requirements on day-to-day, week-to-week and 30-day projections are compared to available borrowing facilities in order to determine headroom or any shortfalls. The Company's current year trade and other payables are in arrears.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**31.** **FINANCIAL INSTRUMENT RISK (CONTINUED)** 

The Company considers expected cash flows from financial assets in assessing and managing liquidity risk, in particular its cash resources and trade accounts receivable. The Company's existing cash resources and its trade accounts receivable are insufficient to cover the current cash outflow requirement and, therefore, the Company is actively exploring possible sources of financing on the market. Cash flows from trade and other receivables are all contractually due within six months.

The Company's financial liabilities have contractual maturities (including interest payments, where applicable) which are summarized below:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Non-current** | **Non-current** |
|  | **Within**<br>**1 year** | **Total** | **Total** |
|  |  | $— | **$** |
| Trade and other payables |  |  | **8911202** |
| Lease liabilities |  |  | **415786** |
| Loan payable |  |  | **7297100** |
| Convertible debenture |  |  | **2645502** |
| Convertible debenture and derivative liabilities |  |  | **2432637** |
|  |  |  | **21702230** |

---

These amounts reflect the contractual undiscounted cash flows,and therefore may differ from the carrying amounts of the liabilities at the reporting date.

&nbsp;&nbsp;&nbsp;&nbsp;**32.** **CAPITAL MANAGEMENT POLICIES AND PROCEDURES** 

The Company's objectives when managing capital are to safeguard its ability to continue as a going concern (Note 1) and to support the development of its operations while maintaining an efficient capital structure.

The Company defines capital as shareholders' equity, consisting of share capital, reserves and accumulated deficit. The Company manages its capital structure based on its cash position, working capital and forecasted liquidity needs, and may adjust it through the issuance of equity or debt instruments, or by managing expenditures. The Company monitors capital and management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage.

The Company is not subject to any externally imposed capital requirements.

There have been no changes in the Company's approach to capital management during the period.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

&nbsp;&nbsp;&nbsp;&nbsp;**33.** **REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION** 

**Disaggregation of Revenue**

The Company has examined its activities and has determined that, based on information reviewed on a regular basis by the main decision-makers, it has two reportable segments (NaaS and Direct sales). The Company has disaggregated revenue into various categories in the following table which is intended to:

● Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and

● Enable users to understand the relationship with revenue segment information provided below.

The following information provides the required entity-wide disclosures:

**Year Ended December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Segment total** | **Segment total** | | |
| <br>**Segment** | **Direct** | **NaaS** |<br>**Corporate** |<br>**Total** |
| **Sale of goods** |  |  | |  |
| **Rendering of Services** |  |  | |  |
| **Interest** | | | **—**<br>**—**<br>**—** | |
| **Cost of sales** | | | **—**<br>**—**<br>**—** | |
| **Segment profit** |  |  | **—** |  |
| **Selling expenses** |  |  | **(415063)** |  |
| **Administrative expenses** |  |  | **(2576923)** |  |
| **Financial expenses** |  |  | **(7705276)** |  |
| **Research and development costs** |  |  | **(1065449)** |  |
| **Gain / (loss) on debt settlement** |  |  | **(6874318)** |  |
| **Impairment of inventory** |  |  | **—** |  |
| **Impairment of receivable** |  |  | **—** |  |
| **Write-off of assets** |  |  | **—** |  |
| **Write-off of account receivables** |  |  | **—** |  |
| **Write-off of inventory** |  |  | **—** |  |
| **Write-off of account payables** |  |  | **—** |  |
| **Write-off of deferred revenue** |  |  | **—** |  |
| **Loss on modification of contract** |  |  | **—** |  |
|  |  |  | **(18637029)** |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**33. REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | | | |
| **Segment** | **Direct** |<br>**NaaS** |<br>**Adjustments and eliminations** |<br>**Total** |
| **Total assets** | **65170100** | **46691960** | **(86431696)** | **25430364** |
| **Total liabilities** | **38381604** | **53072068** | **(67051889)** | **24401783** |

---

Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Segmental total | Segmental total |  |  |
| Segment | Direct | NaaS | Corporate | Total |
| Sale of goods |  |  |  |  |
| Rendering of Services |  |  |  |  |
| Interest |  |  |  |  |
| Handling |  |  |  |  |
| Cost of sales |  |  |  |  |
| Segment profit |  |  |  |  |
| Selling expenses |  |  | (479196) |  |
| Administrative expenses |  |  | (3359373) |  |
| Financial expenses |  |  | (1307388) |  |
| Research and development costs |  |  | (675678) |  |
| Gain / (loss) on debt settlement |  |  | 146946 |  |
| Impairment of inventory |  |  |  |  |
| Impairment of assets |  |  |  |  |
| Write-off of Assets |  |  |  |  |
| Write-off of inventory |  |  |  |  |
| Waive of lease |  |  |  |  |
|  |  |  | (5674689) |  |

---

Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| Segment | Direct | NaaS | Adjustments and <br>eliminations | Total |
| Total assets | 60260095 | 37640555 | (74022228) | 23878422 |
| Total liabilities | 52794420 | 47427470 | (64926413) | 35295477 |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**33. REVENUE FROM CONTRACTS WITH CUSTOMERS AND SEGMENT INFORMATION (CONTINUED)**

Geographical Information is as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Revenue from external** <br> **customers based on region**  | **2025** | 2024 |
|  | **$** | $ |
| &nbsp;&nbsp;**Africa** | **3705529** | 3489618 |
| &nbsp;&nbsp;**Canada** | **204307** | 197683 |
| &nbsp;&nbsp;**Europe** | **—** | 28323 |
| &nbsp;&nbsp;**Asia** | **46230** | 40064 |
| &nbsp;&nbsp;**Marshall Islands** | **212088** | 608640 |
|  | **4168154** | 4364327 |

---

The Company is exposed to a credit risk concentration because 90% of its revenues are from three customers for the year ended December 31, 2025 (95% from three customers in 2024). Revenue from three customers amounted to $204,247 in direct sales from Star Solutions International Inc., $281,131 in NaaS from Orange RDC and $3,262,677 in NaaS from Orange Cameroon for a total of $3,748,055 in 2025 and $575,697 in direct sales from MINTA, $285,488 in NaaS from Orange RDC and $3,266,180 in NaaS from Orange Cameroon for a total of $4,127,366 in 2024.

All of the Company's non-current assets are located in Canada ($7,667,301 in 2025, $7,692,678 in 2024) and Africa ($3,253,732 in 2025, $60,690 in 2024). Non-current assets in Canada relate to Direct segments and all in Africa relate to the NaaS segment.

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**34. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES**

The changes in the Company's liabilities arising from financing activities can be classified as follows:

---

| | | |
|:---|:---|:---|
|  | **Lease liabilities** | **Convertible debentures** |
|  | **$** | **$** |
| **January 1, 2025**  |  |  |
| **Cash flows** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Addition  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment proceeds) |  |  |
| **Non-cash** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Interest  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modification |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan settlement) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of OID |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange |  |  |
| **December 31, 2025** |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**34. RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES (CONTINUED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Lease liabilities | Convertible debentures | Convertible debentures <br>and derivative <br>liability | Loans payable, Promissory <br>notes, <br>factoring | Total |
| January 1, 2024 | January 1, 2024 |  |  |  |  |  |
| Cash flows | Cash flows |  |  |  |  |  |
|  | Repayment) |  |  |  |  |  |
|  | Proceeds |  |  |  |  |  |
| Non-cash | Interest |  |  |  |  |  |
|  | Modification |  |  |  |  |  |
|  | OID) |  |  |  |  |  |
|  | Loan settlement) |  |  |  |  |  |
|  | Amortization of OID |  |  |  |  |  |
|  | Accretion |  |  |  |  |  |
|  | Fair value adjustments) |  |  |  |  |  |
|  | Conversion) |  |  |  |  |  |
|  | Waive off) |  |  |  |  |  |
|  | Forex exchange |  |  |  |  |  |
| December 31, 2024 | December 31, 2024 |  |  |  |  |  |

---

**Nuran Wireless Inc.**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

December 31, 2025 and 2024

(Expressed in Canadian dollars, unless otherwise stated)

**35. SUBSEQUENT EVENTS**

On January 30, 2026, the Company issued shares to members of its Board of Directors for services provided in 2022 and 2023. A total of 5,634 post-consolidation shares at a deemed price of $2.89, with a fair market value of $16,282, were issued to five (5) members of the Board that provided services during that period. In addition, the Company issued 9,515 post-consolidation shares at a deemed price of $2.89, with a fair market value of $27,498, and 4,757 warrants with an exercise price of $4.335 and an expiry date of January 30, 2031 to the Chair of the Company's audit committee for services up to and including December 2025.

On March 13, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding, drew down the remaining USD 450,000 (CAD 616,770) from FEI Ongrid, a fund managed by Cygnum Capital. This was the last amount due under the USD 5 million (CAD 6.83 million) facility signed on April 24, 2024.

On April 17, 2026 the former shareholders of the Factor entered into an undertaking pursuant to which they agreed not to, directly or indirectly, offer, sell, contract to sell, pledge, transfer, or otherwise dispose of any securities of the Company held by them and issued pursuant to the share purchase agreement dated December 22, 2025. The undertaking remains in effect until the earlier of (i) two business days following the removal of the Company from the British Columbia Securities Commission (the "BCSC")'s Issuers in Default List, and (ii) the date on which the BCSC provides its written consent to revise, replace, or revoke the Undertaking.

On May 14, 2026, the Company's subsidiary, NuRAN Wireless (Africa) Holding signed an amendment to the facility agreement signed with FEI Ongrid, a fund managed by Cygnum Capital, extending the maturity date of the agreement to April 26, 2027 and amending the terms of the agreement such that interest would not be fully capitalised but partially paid in cash in accordance with an agreed schedule to maturity. The amendment was entered into to support the Company in raising long term debt and equity financing.

**SCHEDULE "C"**

**Company's management's discussion and analysis ("MD&A") for the year ended December 31, 2025**

![](img018_v7.jpg)

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**For the year ended**

**December 31, 2025 and 2024**

MANAGEMENT'S DISCUSSION AND ANALYSIS

**GENERAL**

The following Management Discussion and Analysis of financial condition and results of operations ("MD&A") of NuRAN Wireless Inc. ("we", "us", "our", the "Company" or "NuRAN") for the year ended December 31, 2025 has been prepared by management and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2025 and 2024 and the related notes thereto. The Company's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). References to notes are with reference to the consolidated financial statements. Unless otherwise noted, all currency amounts are in Canadian dollars. These documents, as well as additional information on the Company, are filed electronically through the System for Electronic Document Analysis and Retrieval (SEDAR) and are available online at www.sedar.com.

Unless otherwise stated, this MD&A is prepared as of May 31, 2026.

**DISCLAIMER FOR FOWARD LOOKING STATEMENTS**

This MD&A contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Issuer (as defined herein) or NuRAN (as defined herein) to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include expectations regarding NuRAN's ability to raise capital, the intention to expand the business and operations of NuRAN and use of working capital and proceeds of capital raises. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such forward-looking statements are subject to a number of risks as outlined below under "Risks and Uncertainties" and include risks such as the uncertainties regarding the continuing impact of COVID-19, and measures to prevent its spread, risks relating to NuRAN's business and the economy generally; NuRAN's ability to continue to develop its new NaaS model; the capacity of the Company to deliver its technical solution and to import inventory to Africa at a reasonable cost; NuRAN's ability to obtain project financing for the proposed site build out under its NaaS agreements with Orange, MTN and other telecommunication providers; the potential loss of one or more significant suppliers or a reduction in significant volume from such suppliers; NuRAN's ability to meet or exceed customers' demand and expectations; significant current competition and the introduction of new competitors or other disruptive entrants in the Company's industry; NuRAN's ability to retain key employees and protect its intellectual property; compliance with local laws and regulations and ability to obtain all required permits for its operations; access to the credit and capital markets; changes in applicable telecommunications laws or regulations or changes in license and regulatory fees; downturns in customers' business cycles; insurance prices and insurance coverage availability; the Company's ability to effectively maintain or update information and technology systems; our ability to implement and maintain measures to protect against cyberattacks and comply with applicable privacy and data security requirements; the Company's ability to successfully implement its business strategies or realize expected cost savings and revenue enhancements; business development activities, including acquisitions and integration of acquired businesses; the Company's expansion into markets outside of Canada and the operational, competitive and regulatory risks facing the Company's non-Canadian based operations. These forward-looking statements should not be relied upon as representing NuRAN's views as of any date subsequent to the date of this MD&A.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Although NuRAN has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward- looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. The factors identified above are not intended to represent a complete list of the factors that could affect NuRAN. Such statements made by the Company are based on current expectations, factors and assumptions and reflect our expectations as at September 30, 2025. Except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For a description of material factors that could cause the Company's actual results to differ materially from the forward-looking statements in this MD&A, please see "Risks and Uncertainties" below.

**CORPORATE STRUCTURE**

NuRAN was incorporated under the *Business Corporations Act* (British Columbia) on September 23<sup>rd</sup>, 2014. The Company was initially a wholly owned subsidiary of Bravura Ventures Corp. ("Bravura"). On October 14<sup>th</sup>, 2014, the Company entered into an arrangement agreement with Bravura and 1014379 B.C. Ltd., pursuant to which the shareholders of Bravura exchanged certain common shares of Bravura for common shares of NuRAN by way of a plan of arrangement (the "Arrangement") and NuRAN became a reporting issuer in the provinces of British Columbia and Alberta.

Following completion of the Arrangement, NuRAN entered into an amalgamation agreement dated March 11, 2015 with Nutaq Innovation Inc. ("Nutaq") and 9215174 Canada Inc. ("Newco"), a wholly owned subsidiary of NuRAN formed for the purpose of the amalgamation, pursuant to which Nutaq amalgamated with Newco and NuRAN acquired all of the issued and outstanding shares of the amalgamated company in consideration of 32,999,994 common shares of NuRAN based on a ratio of 2.749 NuRAN common shares for each share of Nutaq issued and outstanding on the closing date. Nutaq and Newco completed the amalgamation on June 2<sup>nd</sup>, 2015, and the amalgamated company was named "Nutaq Innovation Inc.". Following the closing of the transaction, NuRAN had 40,471,869 common shares issued and outstanding and former shareholders of Nutaq acquired 81.5% of the issued and outstanding common shares of NuRAN. Following the closing of the Amalgamation, Nutaq Innovation Inc. was a wholly owned subsidiary of NuRAN and NuRAN operated the business of Nutaq.

Nutaq was incorporated under the laws of Canada on May 30, 2005, under the name "Lyrtech RD Inc.". Nutaq changed its name to "Nutaq Innovation Inc." on August 31, 2012; its registered and head office is located at 2150 Cyrille-Duquet Street, Suite 100, Quebec, Quebec G1N 2G3. On August 28, 2020, the Board of Directors of Nutaq voted to cease operations and on that date all its board members, except Mr. Francis Letourneau, resigned their respective positions. On August 31, 2020, Nutaq announced the decision and filed an insolvency proceeding and on September 1, 2020, the Company approved the appointment of Lemieux Nolet as trustee for Nutaq's bankruptcy proceedings. At the same time the trading of the Company's stock was halted.

On September 22, 2020, the trustee and Nutaq's first ranking secured creditors reached an agreement pursuant to which all the assets of Nutaq, including all inventory, equipment and R&D equipment, trademarks, patents, accounts receivables, bank account and SR&ED credits would be sold. On October 27, 2020, the parent company re-acquired Nutaq Assets for $100,000.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As a result of the insolvency proceedings, the Company eliminated/extinguished the obligation to repay certain creditors and recorded a $1.5M gain on the extinguishment of liabilities. Also, the Company assumed all obligations of Nutaq. Subsequently the management of NuRAN made the decision to unwind the bankruptcy of Nutaq in order to recover the significant losses accumulated, now estimated at over $24M, which can be used to offset future profits of the Company. The process began in 2021 and the final step was completed when NuRAN's proposal to creditors was accepted by the bankruptcy court on March 17, 2022. A final payment of settlement was made and on March 25, 2022, Nutaq received a Certificate of Full Performance of Proposal issued by the Licensed Insolvency Trustee signifying that Nutaq is released from the debt included in the proposal.

In 2021, NuRAN incorporated two wholly owned subsidiaries, NuRAN Wireless Cameroon Ltd. and NuRAN Wireless DRC SARLU, to own and manage the networks that the Company is developing in those countries. In April 2022 the Company incorporated NuRAN Wireless (Africa) Holding based in Mauritius, a regional holding company that will hold all of its African investments. During 2022 the shares in both subsidiaries were transferred to the holding company and in future this entity will be used to raise debt and equity to fund further growth. During 2023 NuRAN incorporated two other wholly owned subsidiaries of NuRAN Wireless (Africa) Holding; NuRAN Wireless Cote d'Ivoire SARLU and NuRAN Wireless Madagascar SARLU to own and manage networks in those countries. In September 2024, NuRAN Wireless DRC changed its status to SA, Societe Anonyme, and increased its capital to comply with local licensing requirements and in November 2024 NuRAN incorporated NuRAN Wireless Benin SARLU to own and manage a network in that country. The results therefore include the consolidated results of these African subsidiaries. In December, NuRAN restored seven sites in Ghana but has not yet incorporated an entity in this country.

**DESCRIPTION OF BUSINESS**

NuRAN is a leading supplier of mobile and broadband wireless infrastructure solutions. Its innovative radio access network (RAN), core network, and backhaul products dramatically reduce the total cost of ownership, giving mobile network operators (MNOs) the ability to profitably serve remote, low income and low population density locations, an unfeasible proposition with existing systems.

NuRAN's current business focus is to grow the market penetration of its Network as a Service (NaaS) offering, a communications solution whose backbone is its Wireless Infrastructure Systems (WIS).

NuRAN's WIS are mobile wireless infrastructure equipment (e.g. base station radios) that use proprietary breakthrough small cell solutions to offer better coverage, the lowest installed cost, the most efficient power consumption combined with leading technology for satellite bandwidth reduction usage currently available in the global marketplace. This technology was subject to rigorous testing by leading MNOs proving its carrier-grade status and leading to broad acceptance for NaaS solutions in the years since.

Our design provides two key competitive advantages:

● Low total cost of ownership, a key feature for developing countries and rural/low population density areas, and

● Small footprint, easy to deploy private networks, customizable for large scale deployments such as rural mobile networks and specific markets such as defense, utilities, industrial and machine-to-machine ("M2M").

NuRAN's NaaS model leverages the capabilities of its WIS as well as its extensive expertise in building cost-effective cellular infrastructure. The model provides not only network equipment, but NuRAN also finances, builds, manages and maintains the cellular sites in a very effective manner. Revenue to NuRAN comes in the form of either a revenue share with guaranteed minimum or threshold or fixed monthly payments depending usually on the type of site being deployed. As demonstrated by the number of contracts signed, the NaaS model has received significant interest from MNOs as a carrier-grade mobile network infrastructure solution that allows MNOs to continue focusing their capital expenditure on building capacity in denser urban and semi-urban areas while developing new technologies such as 4G and 5G. Another reason for this growing interest in the NaaS model is that it allows MNOs to reach previously uneconomic markets, thus meeting government license obligations to cover the vast majority of the population which is only possible by serving remote communities. The investment in the NaaS model is customer friendly but it also provides NuRAN with long-term recurring revenues over contract periods which range from 5 to 10 years in length, and in many cases are of indefinite length because they incorporate continued asset ownership by NuRAN.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's wireless infrastructure solutions are also capable of supporting mobile payment transactions, a tremendous social and economic benefit for those in the developing world where 95% of all transactions are cash and 60% of adults don't currently have a bank account, as well a significant potential market for MNOs. This is one of the key applications that MNOs are interested in rolling out when they deploy NaaS in rural areas where bank accounts are less prevalent.

By deploying communication infrastructure in uncovered areas, NuRAN also makes a very significant contribution to the socio-economic conditions of the areas it serves and meets a significant number of the seventeen sustainable development goals set by the United Nations. This includes improving the local economies and enabling access to e-learning, e-health and other social services not currently available to the local population.

**GENERAL OBJECTIVES**

NuRAN's mission is to create a new possibility for over a billion people to communicate effectively over long distances. Our commitment combined with our ethical and ambitious values drive the company in its mission to connect the world.

Now more than ever, especially on the back of the COVID-19 pandemic and the need for remote connectivity, people need to be connected to the vast network that provides a window to the outside world and a connection with those around them. At NuRAN Wireless, we offer people a universal possibility: connect to a global network and communicate over long distances efficiently and affordably in addition to contributing to the local economy. Our innovative, compact, and specialised solutions for rural regions allow users to stay connected with the world and keep in touch with family, friends, colleagues, and acquaintances.

NuRAN's specialized telecommunications solutions satisfy the growing demand for wireless network coverage in remote and rural areas across the world. The fact that NuRAN's solutions make it economically viable for MNOs to service small and isolated communities that have been previously ignored means NuRAN's solutions have become a truly disruptive technology. With its affordable solutions supporting 2G, 3G, 4G technologies and its innovative NaaS business model, NuRAN has the capability to build, optimize and manage rural connectivity expansion at an unprecedented rate.

**OVERALL PERFORMANCE AND OUTLOOK**

<u>Performance</u>

During the year ended December 31, 2025, the Company maintained its focus to implement its NaaS strategy, aiming to be the preferred supplier to Mobile Network Operators (MNOs) globally by connecting remote and rural regions that have previously lacked access to the economic and social benefits of connectivity. The majority of sites currently in operation—particularly in Cameroon—have demonstrated rapid adoption and average traffic levels that meet the Company's per-site business objectives. The Company now serves two Mobile Network Operators in Cameroon, with a focus on expanding coverage, leveraging the nation's economic growth, and diversifying risk management strategies. As of the date of this MD&A, the Company has completed delivery of the initial 122-site phase with Orange and made significant progress on site deployment for MTN. While MTN sites are gradually ramping up, Orange site traffic continues to perform as projected. NuRAN has commenced operations in Ghana with Telecel and in Ivory Coast with MTN, representing a significant step forward in diversifying risk. Additionally, the Company has introduced 3G and 4G technologies to address market needs in Cameroon, Ghana, and Ivory Coast.

MANAGEMENT'S DISCUSSION AND ANALYSIS

During the second quarter, management was informed by Orange of a billing error in the Orange Network Billing System from early 2023 to January 2025 that resulted in some traffic being incorrectly billed as international due to area code misallocation.

Prefixes not classified as local calls were treated as international calls or SMS, causing revenue calculations to be over-stated since international tariffs exceed local ones by a significant margin. The problem stems from the addition of new area codes to support increased mobile penetration; these numbers were not configured as local calls and were thus categorized as international calls by default. This issue resulted in roughly 15% of traffic being charged at international tariffs instead of local ON-NET or OFF-NET tariffs, with the international tariff twelve times higher than local rates.

While Nuran's Q1 revenue has been adjusted from what was originally reported, the Q2 onwards revenue reflects the updated billing information supplied by Orange. Reported revenue per site declined compared to reported January due to the above-mentioned error by Orange, but is consistent with the Company's prior financial projections.

As of the date of this MD&A, NuRAN has, as a gesture of goodwill, agreed to the issuance of a credit of FCFA 99 million (approx. CA$240k). This credit will be allocated across six monthly installments, which will be applied to billing from June 2026. Our revenues continue to increase, particularly in Cameroon. The table below shows the monthly revenues in total and average per site.

Q1 2025 Revenue, as reported in Q1:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**February** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**March** |
| &nbsp;&nbsp;**Invoice (FCFA)** | 221 037 000 | 229 612 100 | 274 981 900 |
| &nbsp;&nbsp;**Revenue per site (FCFA)** | 2 351 457 | 2 442 682 | 2 925 339 |
| &nbsp;&nbsp;**Revenue per site (CA$)** | 5 173 | 5 374 | 6 436 |
| &nbsp;&nbsp;**Total Monthly (CA$)** | 486 281 | 505 147 | 604 960 |

---

MANAGEMENT'S DISCUSSION AND ANALYSIS

2025 Revenue including Q1 correction:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | <br> **January** | **February (corrected)** | **March (Corrected)** | <br> **April** | <br> **May** | <br> **June** |
| **Invoice (FCFA)** | 221 037 000 | 76 285 600 | 88 328 500 | 85 579 100 | 85 301 300 | 81 489 000 |
| **Revenue per site (FCFA)** | 2 351 457 | 811 549 | 849 313 | 785 129 | 782 581 | 747 606 |
| **Revenue per site (CA$)** | 5 173 | 1 785 | 1 868 | 1 727 | 1 722 | 1 645 |
| **Total Monthly (CA$)** | 486 281 | 167 828 | 194 323 | 188 274 | 187 663 | 179 276 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **July** | **August** | **September** | **October** | **November** | **December** |
| **Invoice (FCFA)** | 83 762 925 | 92 924 313 | 91 345 677 | 90 432 848 | 94 677 305 | 101 857 457 |
| **Revenue per site (FCFA)** | 761 481 | 767 970 | 754 923 | 741 253 | 776 043 | 834 897 |
| **Revenue per site (CA$)** | 1 828 | 1 843 | 1 812 | 1 779 | 1 863 | 2 004 |
| **Total Monthly (CA$)** | 201 031 | 223 018 | 219 230 | 217 039 | 227 226 | 244 458 |

---

Note: The exchange from FCFA to CAD used is 0.0024.

Although the outlined issue has influenced short-term results, the table above demonstrates a stable growth in revenue per active sites in Cameroon. In the Democratic Republic of the Congo (DRC), thus far a weaker market than Cameroon, billing sites are experiencing above average traffic growth as a result of marketing and relocation initiatives. We also expect our new operations in Ivory Coast, Benin and Ghana to perform well as these are countries with stronger economies and a higher level of mobile penetration.

Supported by the additional drawdowns of the Cygnum loan facility and CA$5.8M private placement closed in December 2025, the Company continued to deliver sites, focusing on MTN in Cameroon as well as relocating sites in the DRC. In addition, the operations team has worked on increasing the capacity of a number of sites to support growing demand.

Management's strategic decision to shift NuRAN's focus toward the NaaS market was made with a full understanding of the substantial initial investments required in marketing, branding, sales, field testing, and preparations for increased production capacity, as well as the necessary working capital and capital expenditures to fund the deployment and installation of remote networks. While the pace of investment recovery has been slower than anticipated, recurring, sustainable, and more predictable revenues are now materializing.

NuRAN's continued commitment to research and development, engineering, and manufacturing has been recognized by leading industry organizations and stakeholders, with its Wireless Infrastructure Solutions. In recent years, the Company has clearly demonstrated that technology ownership is central to its success. Enhancements to its solutions have resulted in notable gains in network capacity, contributing significantly to increased revenues.

To further support the expansion of the NaaS model, management has remained focused on raising additional capital to underpin deployment plans and on continuous improvement of operating sites.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As of the year ended December 31st, 2025, the Company has secured nine NaaS contracts with MTN and Orange across eight countries, encompassing a total of 5,092 sites and signed a contract for the deployment of rural sites in West Africa under a turnkey delivery model where payments are made based on milestones of delivery and not a NaaS revenue share. NuRAN is currently operating in four countries and has finalized the incorporation of its operating subsidiary in an additional country. The deployment of the existing backlog and anticipated pipeline will necessitate ongoing capital-raising initiatives to support operations in all markets. Further details on these efforts are provided later in this document. Enabled by supplemental funding from the Cygnum Capital loan facility, cash contributions from the Cameroon operation, the Societe Generale credit facility, receipt of outstanding payments from Orange Cameroon and the CA$5.8M private placement, the Company successfully expanded site rollouts, initiated activities in new countries, and enhanced the network to facilitate the introduction of 3G services.

As of the date of filing the financial statements for the year ended 2025, NuRAN's NaaS business is now generating revenue with 4 Mobile Network Operators in 3 different countries. Each site is contracted for periods ranging from 5 to 10 years, depending on specific agreements, indicating that NuRAN is still in the early stages of realising its full market potential. The Company is growing its recurring revenue through ongoing site deployments. While issues in Namibia, South Sudan, and Sudan totalling 900 sites, remain unresolved, the Company will concentrate on expanding in other contracted markets.

The Company continues to achieve recurring revenue growth per site and has seen a reduction in the Cost of Goods Sold (COGS) on a per site basis as fixed costs are spread over a larger number of sites, aiming for sustained positive return on site investments for the organization overall. COGS includes expenditures such as site leases, repair and maintenance, insurance, and satellite managed services. The reliability and efficiency of NuRAN's technical solutions have contributed to decreased costs related to preventive and corrective maintenance, as well as optimized satellite bandwidth usage, all contributing to improved gross margins and cash contribution from active NaaS sites.

**Operational and Business Highlights:**

During the year 2025, NuRAN continued to work on drawing down against the Cygnum Capital loan facility, drawing an additional US$1 million and the end of September and the final US$450,000 in March 2026. Management is progressing on other financing options with a current focus on financing alternatives that it believes are efficient, reliable, and well aligned with its project objectives. As an example, the Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, has signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the size of the Loan Facility to up to US$70,000,000 through syndication with other lenders. This financing will facilitate the purchase of components and installation of network infrastructure sites across several African countries.

The long-term Loan Facility includes terms that are different from those previously offered by other lenders and marks a step forward in NuRAN's plans to expand telecommunications infrastructure in Africa. The facility is expected to support NuRAN's network infrastructure rollouts in Cameroon, DRC, Ivory Coast, Benin, and Madagascar. As of the date of this MD&A, the potential lender has completed its due diligence and, pending receipt of an equity or quasi-equity term sheet, has indicated readiness to submit the application to its investment committee for approval. For the equity raise, management continues to address the requirements set by potential investment partners. Management is progressing discussions with several potential investors as well as investigating the possibility of a fund-raise on Canadian public markets. Valuation discussions and negotiations have begun, representing a step forward in finalizing an investment.

MANAGEMENT'S DISCUSSION AND ANALYSIS

In addition to other criteria important to the prospective investors, concerns were raised over the level and terms of short-term borrowing at the NuRAN Canada level. Management has addressed these concerns by pursuing a restructuring transaction (Restructuring) approved at its Annual General and Special Meeting (AGSM) held in October. Under the approved proposal, the Company converted or extinguished more than the expected $25,000,000 of liabilities (inclusive of accrued interest) into equity. The conversion of the short-term loan facility provided by Advance Factoring Inc. was done through the acquisition of this lender. NuRAN also raised more than the expected $5,000,000 of equity. In addition, the Company attracted additional debt holders, service providers, and potential investors to participate in the Restructuring. The Restructuring, accompanied by a 300:1 consolidation of the Company's issued and outstanding common shares, was intended to permit the Company to satisfy all conditions and necessary regulatory approvals to list the Common Shares on the NASDAQ, New York Stock Exchange ("NYSE"), or such other U.S. national securities exchange. Such listing would provide access to larger capital markets, enhance visibility and credibility, improve liquidity for shareholders and ultimately support future financings. The Restructuring also has the direct benefit of reducing interest-bearing debt freeing approximately $3.3 million per year in cash flow from reduced interest expense, strengthening the Company's capital structure, and improving the Company's ability to meet ongoing obligations and continue as a going concern.

On December 22, 2025, the Company completed the acquisition of Advance Factoring Inc. (the "Factor"), whose principal assets consisted of factored receivables representing claims against the Company. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the assets are able to materially affect the control of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"). The British Columbia Securities Commission (the "Commission") previously advised the Company that, pending the completion and filing of a material change report containing the disclosure required under sections 5.2 of Form 51-102F3 and section 14.2 of Form 51-102F5 in respect of the Factor, the Company was considered to be in default of certain continuous disclosure obligations in accordance with Canadian Securities Administrators Staff Notice 51-322 – Reporting Issuer Defaults. The Company is actively working on remedying the situation. As of December 31, 2025, the drafting of the material change report is in progress.

The Restructuring Transaction was combined with a CA$5.8M million private placement that has moved the Company from a state of technical insolvency toward viability and sustainability. The focus remains on building sufficient NaaS sites to cover group operating expenses which could potentially change the Company's borrowing ability from being forced to accept funding on onerous terms attracting less expensive funding from lenders more aligned with its long-term strategy, capabilities and risk profile.

MANAGEMENT'S DISCUSSION AND ANALYSIS

With funding from the Cygnum Capital facility, site rollout is advancing in Cameroon and the DRC. NuRAN's operations team has enhanced the site selection and acquisition process and further optimized network efficiency and capacity, resulting in notable increases in traffic and revenue across existing sites. Concurrently, management has secured improved terms and pricing with key suppliers, achieving, for instance, an important reduction in monthly satellite managed service fees, which has increased gross margin. The Company has also obtained agreements for Custom Duty exoneration in Cameroon and the DRC, leading to substantial reductions in capital expenditures and enabling improved ROI and payback periods. Consequently, these measures are expected to facilitate the construction of additional sites using the raised capital.

As at the date of this MD&A, NuRAN has 5,092 NaaS sites under contract with Orange in Cameroon, DRC, and Madagascar and with MTN in Cameroon, Namibia, Ivory Coast and Benin. NuRAN also has contracts for South Sudan and Sudan that will be worked on when the political situation in those countries is stabilized. Following the announcement on July 21, 2022 of NuRAN's entry into a Group Framework Agreement ("GFA") with MTN Group (JSE: MTN) for up to 19,000 network sites in over 15 countries in the Middle East and Africa, the Company has been successful in engaging with a number of MTN operating companies. Management expects to bring additional contracts with MTN as well as other MNOs which will move the Company closer to meeting its objective of 10,000 sites under contract, especially as more traction is gained with cashflow generated in existing operations.

The Company maintains its plan to develop and fund its 10,000 sites network objective in several phases and while discussions are at various stages, management reports high interest from several investors and lenders in participating in the next stages of financing. The Company plans to reinvest a significant portion of the cash generated by its operations in Africa in site deployment reducing the external capital required.

To achieve the 10,000-site goal, the business development strategy will focus on creating an economic hub around high-performing countries to leverage currency efficiency and cash movement within the hub, facilitating infrastructure consolidation and reducing external CAPEX investment. Management aims to optimize financial efficiency based on market demand. For instance, Ivory Coast borders five countries and uses the West Africa CFA currency shared with seven countries, enabling cash generation to be more easily invested in other countries.

This strategy involves forming what is termed as a "regional economic pole" (Pole), where high-performing countries act as central nodes that support surrounding nations economically. By consolidating infrastructure and investments within these hubs, NuRAN can ensure efficient use of resources and funds. The West Africa CFA currency allows seamless financial transactions across the region, minimizing currency exchange exposure and enhancing liquidity and cash flow.

Similarly, Cameroon, which borders six countries, can serve as another Pole. With its stable economy and strategic location, revenue generated in Cameroon can be reinvested into neighboring countries, thereby accelerating the deployment of 10,000 sites. This approach not only maximizes financial efficiency but also promotes regional economic growth and connectivity.

Without deviating from its focus of delivering its backlog to reach profitability and to enable additional financing, management will follow a strategic approach by prioritizing the completion of existing projects and ensuring that operational targets are met, the company aims to build a robust financial foundation. This involves meticulous planning and execution of site rollouts, optimizing resource allocation, and continuously improving network infrastructure. This nuanced approach is designed to enhance cash flow, attract further investments, and solidify NuRAN's position in the telecommunications market. This comprehensive strategy encapsulates the goal of achieving the 10,000-sites milestone while ensuring sustainable growth and regional economic synergy.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The business development and sales strategies revolve around leveraging the established hubs to sign contracts with surrounding countries. By capitalizing on the infrastructure and resources within these hubs, management aims to extend its reach and secure new contracts. Ivory Coast and Cameroon, as central poles, will serve as the foundation for this expansion. The strategy involves forming partnerships with mobile network operators in neighboring countries, using the success and stability of the hubs as a selling point. This approach will not only maximize the efficiency of resource utilization but also foster regional economic growth and connectivity. Through strategic negotiations and targeted marketing efforts, NuRAN intends to achieve its objective of 10,000 sites under contract by tapping into the potential of both existing and new poles across Africa.

Related Party Agreements

NuRAN's execution strategy aims to leverage the skills and capabilities built up at the Canadian parent and utilizing these across the operating subsidiaries. By building knowledge, it is able to follow best practice across all subsidiaries achieving economies and at the same time further efficiency.

NuRAN Canada provides equipment to subsidiaries as well as services and invoices these by way of related party agreements.

The invoicing method is stipulated in agreements signed in April 2021 (Cameroon) and June 2021 (DRC) that cover the charges for the provision of Radio-Access Network (RAN) solutions relating to NuRAN's base station equipment and related software and services (Equipment) and for the provision of management, accounting, commercial and other administrative and operational assistance to deploy, manage and maintain NaaS solutions for the MNOs in support of the continued growth of the NaaS activities (Services).

These agreements are subject to international transfer pricing rules and regulations and must comply with these through the multiple jurisdictions within which the Company operates. Equipment pricing is set based on benchmarked pricing implemented globally in the past based on the Company's extensive experience in this area. Services are charged on a cost+ basis which mirrors actual costs incurred. A portion of staff time is allocated based on a % of time devoted to subsidiary NaaS activities and as the Company increases the number of subsidiaries the costs per subsidiary will fall as fixed costs will be spread across a larger number of NaaS operations. Costs including Network Operations Center (NOC), procurement, finance and administration will not for example increase linearly with increased number of subsidiaries.

The payment terms of these agreements follows commercial terms standard for the industry. However, the Company has not demanded payment or enforced these obligations knowing that it would take time for the subsidiaries to construct the NaaS infrastructure and generate excess cashflow, over and above regular operating expenses and cash needs required for continued site construction. Over time as the Company entered into borrowing arrangements with the likes of Cygnum, these receivables were regarded as quasi-equity of the Canadian parent and used to comply with lending covenants. In addition, during 2024 and 2025 NuRAN increased the capital of its subsidiaires in Cameroon and the DRC (in conjunction with the change of this entity to a SA) by converting these amounts to equity. Cygnum also required the Factor to provide a funding guarantee for US$2 million to support ongoing operations in June 2024 and the Company is limited in the amount it can have repaid by the subsidiary. As the term of Cygnum and other debt facilities will be extended, the timing for repayment of these balances is to be lengthened as well. In addition to services charges, the Company records cash transfers to the subsidiaries, mainly in the early years before the subsidiary is generating NaaS income, to a non-interest- bearing intercompany account. Also funds provided by Cygnum and others at the NuRAN Africa holding level are on-lent to the subsidiaries and these loans are charged interest based on international standards and regulations which give rise to taxable income in NuRAN Africa for example.

MANAGEMENT'S DISCUSSION AND ANALYSIS

As at the end of December 2025, NuRAN Canada had provided almost $17 million of equipment, services and cash to NuRAN Africa accounted an intercompany loan. In addition, direct billing and other support provided to subsidiaries amounted to $7 million due directly to Canada. Note that all intercompany charges cancel each other out at the level of consolidated financial statements because income from one source is a cost in another. It is important to recognize however that these charges legally exist and do have tax implications at the subsidiary level.

The Company also has related party relationships and amounts owing to members of its senior management team. These amounts are included in Accounts Payable and relate to unpaid salaries, benefits and expenses built up over time resulting from cash shortages. For the period from January to December 2025, total remuneration to these individuals amounted to $1,612k and of this $145k of benefits remained unpaid. The total balance of unpaid accounts was $362k which is non-interest bearing and is to be paid as soon Company resources allow.

**Tabular Comparison and Analysis of Use of Proceeds**

In accordance with Item 1.4(i) of Part 2 of Form 51-102F1, the Company provides the following tabular comparison between previously disclosed intended use of proceeds from financing activities (other than working capital) and the actual application of those proceeds for the years ended December 31, 2023, December 31, 2024, and the period ended December 22, 2025. The table also includes explanations for any significant variances, along with an analysis of how these differences have affected the Company's ability to achieve its stated business objectives and milestones.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Comparison of Intended vs. Actual Use of Proceeds

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Items** | &nbsp;&nbsp;**Intended Use** | &nbsp;&nbsp;**Actual Use** | &nbsp;&nbsp;**Variance Explanation:** | &nbsp;&nbsp;**Impact on objectives** |
| &nbsp;&nbsp;Factoring Agreement (August 28, 2023, as amended) | &nbsp;&nbsp;To supplement operational liquidity, reduce accounts receivable risk, and support ongoing business development initiatives | &nbsp;&nbsp;Proceeds totalling $11.5 million were received through the factoring of $28.4 million in receivables. The majority of funds were allocated to covering short-term liabilities and ensuring the continuation of operations, with less emphasis on expansion due to heightened liquidity and credit risk. Out of the Purchase Price Paid, $2.1 million was not received directly by the company but paid by the Factor to third parties to settle the company's operating expenses or debt commitments, including $1.9 million in principal repayments of a convertible debenture. | &nbsp;&nbsp;Greater than anticipated recourse risk and reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. Amendments to the Factoring Agreement further impacted available liquidity, resulting in losses from debt modification | &nbsp;&nbsp;The Company's ability to achieve certain growth milestones was temporarily deferred in favour of maintaining solvency and operational continuity. Material risk related to settlement obligations and shareholder dilution remains, necessitating ongoing monitoring and disclosure |
| &nbsp;&nbsp;Loan and Private Placement Financings | &nbsp;&nbsp;Debt repayment, investment in technology infrastructure, and expansion into key markets | &nbsp;&nbsp;Debt repayment, investment in technology infrastructure, and expansion into key markets. The Company also used it for continuation of operations. | &nbsp;&nbsp;Reduced cash flow from collections required the Company to prioritize stabilization of core operations over new development. | &nbsp;&nbsp;Progress on technology upgrades and market expansion was delayed. The priority shifted to financial stabilization and compliance with creditor terms |

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Analysis of Variance and Impact

● Unforeseen performance and credit risks associated with the Factoring Agreement, as well as amendments leading to debt modification losses, required a reallocation of resources.

● Liquidity constraints and working capital deficit as of December 22, 2025 contributed to an increasing need to prioritize solvency over strategic investment.

There is no assurance that the Company will reach the target of 10,000 sites under contract as planned and the estimates above are subject to the risk factors and assumptions set out below under "forward looking statements".

*Some of the financial achievements that support management's belief in its ability to complete the building of the networks currently under development and those being negotiated include:*

 

● On January 3, 2024, the Company announced that it had signed a non-binding mandate letter for a US$5M Senior Secured Bridge Facility (the "Facility"). The Facility has a 2-year tenor and bullet principal repayment at maturity. It is to be refinanced by long-term senior debt at maturity and the term can be extended by the lender or converted into other long-term debt. On April 26, 2024, NuRAN announced the signing of the Facility with the Facility for Energy Inclusion ("FEI"), a fund managed by Cygnum Capital, for the purpose of (re)financing the construction of renewable energy assets for mobile network infrastructure in respect of existing and new NaaS agreements with the intention of accelerating the build of NaaS sites primarily in Cameroon and DRC. This Facility will allow NuRAN to deploy more than 500 new sites and combined with cash generated from operating sites, the Company will use the proceeds to cover all material and construction costs of new sites. The loan drawdowns are subject to customary drawdown conditions for a loan of this nature including evidence of new sites being funded and operational from the proceeds of drawdowns and the amounts are secured against the assets of the Company's subsidiaries.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Also on January 3, 2024, the Company announced that it extended the maturity date of the Convertible Debentures entered into in July 2022 from July 2023 to July 12, 2024. As per the terms of the extension, the original issuance discount of 10% was increased to 16% leading to a maturity value of $2,645,502 and the principal amount is convertible into common shares of the Company at a fixed price of $0.40 at the option of the debenture holder during the term of the Convertible Debenture. The investor agreed to be the exclusive transmission equipment provider for a term of the earlier of seven years or until such time as the Company completes the purchase of a committed volume of equipment for its African operations. As of the date of this MD&A the Company is in discussion with the investor for extension of terms.

● On February 6, 2024, the Company announced that it had received a non-binding Letter of Intent for up to US$15M of debt financing and on March 11, 2024, the Company announced that it received three additional expressions of interest from lenders to support the Company's network infrastructure roll-out at the NuRAN Africa level. It is anticipated that the funding can be drawn individually or as co-lenders in a syndicated debt facility. The combined value of these four potential facilities as well the possible rollover of the US$5M bridge facility mentioned above can possibly fund at least 2,500 of the sites under contract. Moreover, the terms proposed by those potential lenders are actually more attractive to the Company than anything received previously and also provides much more flexibility allowing drawdown on a per country basis if necessary. This is a result of the positive progress made to date with current operations and contracts.

● On May 15, 2024, The Company announced that NuRAN Wireless Africa Holding, a wholly owned subsidiary of NuRAN, signed a non-binding Term Sheet and a Mandate Letter with a Global Asset Management Company ("The Lender" and "The Lead Arranger") for a long-term senior secured credit facility (the "Loan Facility") of which US$15,000,000 is to be provided by The Lender. The Loan Facility will include a mechanism for the Lead Arranger to increase the facility to up to US$70,000,000 in funding including a syndication of other lenders. This financing will facilitate the procurement and installation of network infrastructure sites across several African countries. The facility has no expiration date and is still valid and confirmed by the partner. The Global Asset Management Company completed operational due diligence and confirmed their interest to complete next steps for the facility contingent on reception of an equity term sheet for NuRAN Africa Holding of a minimum of US$10M.

● On July 16, 2024, the Company announced that the initial US$2.5M drawdown from FEI had been received. As a result of this NuRAN resumed its rollout plan. On February 28, 2025, NuRAN announced that it had received approval for the second drawdown of US$1.05M to support expansion of its NaaS operations in Cameroon. On September 29, 2025, the Company announced it had received its third drawdown of US$1 million, designated to support the delivery or relocation of 50 sites in the Democratic Republic of the Congo and Cameroon. In March 2026, the Company completed the final drawdown of the balance of the US$5 million facility meeting all conditions imposed by FEI. In May 2026, both parties signed an amendment to the facility agreement extending the maturity to April 24, 2027 to support the Company in raising long term debt and equity financing.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On August 19, 2024, NuRAN announced the closing of a non-brokered private placement of an unsecured convertible debenture (the "Debenture") for aggregate gross proceeds of US$1.6M. The Debenture has a two-year term and accrues interest at a rate of 15% per annum until the Maturity Date. The principal amount of Debenture is US$2,194,772 after application of an original issuance discount of 25% and including all applicable fees. The Debenture may be converted into units of the Company (each, a "Unit") at a conversion price of $0.225 per Unit (the "Conversion Price") with each Unit consisting of one common share and one common share purchase warrant exercisable into one common share at a price of $0.25. Under the terms of the Debenture, the Company also granted a participation right in future equity financings up to a 9.9% equity interest in the Company. The Company issued the convertible debenture to an investment group controlled by an existing investor in the Company at a 25% discount to align with terms previously offered to other debt holders, such as the facility entered into in April 2023. The facility is unsecured, meaning it is not backed by Company assets. This was a deliberate choice to provide flexibility and avoid encumbering assets in a period of heightened liquidity risk. The discounted offering was intended to incentivize immediate financing and provide equitable treatment among lenders, while securing capital necessary for operations. The terms reflect prevailing market conditions and the Company's need to attract timely investment without offering additional securities. The impact of the discount is reflected in the financial statements through increased non-cash interest expense and potential equity dilution upon conversion.

● On August 26, 2025 the Company closed a non-brokered private placement financing for gross proceeds of $1,500,000 through the issuance of 30,000,000 common shares of the Company at a price of $0.05 per Share. The proceeds raised from the Private Placement were used by the Company for working capital purposes and payment of all outstanding short-term promissory notes issued from April to August 2025 totaling $1,274,492.

● On November 26, 2025, the Company announced the successful closing of a non-brokered private placement financing, raising gross proceeds of $300,000. This was accomplished through the issuance of 13,636,362 units of the Company priced at $0.022 per Unit. Each Unit is comprised of (i) one common share in the capital of the Company and one half of one (1/2) Share purchase warrant. Each whole Warrant will entitle the holder thereof, following the proposed consolidation to acquire one pre-Consolidation Share at a pre-Consolidation price of $0.033 per Warrant Share until 5:00 p.m. (Vancouver time) on the date of expiration of the Warrant, which is three (3) years following issuance.

MANAGEMENT'S DISCUSSION AND ANALYSIS

● On December 23, 2025 and following the consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every three hundred (300) pre-consolidated Common Shares with an effective date of December 9, 2025, the Company completed a restructuring transaction (the "Restructuring Transaction") pursuant to which it issued an aggregate of 10,380,618 units (each, a "Unit") at a price of $2.89 per Unit, for aggregate gross proceeds of approximately $30 million. Each Unit consisted of one common share of the Issuer and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. The Restructuring Transaction comprised:

○ the settlement of an aggregate of $9,685,256 of indebtedness through the issuance of Units to creditors;

○ a private placement resulting in aggregate gross proceeds of $5,625,000, representing the issuance of 1,946,365 Units; and

○ the acquisition of the Factor for total consideration of $20,802,303.09, satisfied by way of debt settlement through the issuance of 7,198,026 Units.

● On December 30, 2025, the Company announced that it had closed additional amounts pursuant to which it issued an aggregate of 147,668 Units, which included cash subscriptions of $190,116 and debt settlements of $236,648. On February 3, 2026 announced that it closed an additional tranche of debt settlements resulting in the Company issuing an aggregate of 26,297 Units, at $2.89 per Unit, representing debt settlements of $76,000.

NuRAN's NaaS model by its very nature as an infrastructure investment, has led it to pursue several debt and equity instruments since the shift to this model in 2020. The strong asset focus of NaaS has meant that debt was a natural source of capital and the Company has had success in sourcing this, including the Cygnum facility supported by the term sheet for a US$15M long term facility signed with a Global Asset Management Company. The challenge has been to bring equity alongside this and while NuRAN's public company status gives it access to this liquidity, challenging market conditions and other macro factors have made this difficult to complete.

These factors have led the Company to seek alternative hybrid instruments which have potential equity returns, but also a debt element whereby financiers can participate in cashflows and some element of protection even though this means less potential over the long term. In 2021 NuRAN brought an equity investment in the private placement, but subsequent investments including $2M raised in 2022, US$1.5M in April 2023, and US$1.6M in 2024 were all done via convertible debt instruments. Two of these were strategic investments, providing financial support to the Company while combining strategically important commercial relationships. Whilst including the option for conversion and the potential value uplift this provides, the intention of these parties is for repayment with suitable interest returns. As unsecured instruments, the risk associated with these is limited and the Company actively manages this by keeping close relations with both providers.

The Company's other funding was more financial in nature without any strategic element or connection and therefore with more onerous terms. This was primarily the factoring agreement signed in 2023 and arising from a debt settlement of other short-term facilities provided by the same group, but also the US$1.5M debenture signed in 2023 and other debentures. The funding came at a time when the Company was seeking short-term funding only to bridge to closure of the EIB financing through 2022 and into 2023. Unfortunately, this came at a time when NuRAN's share price was falling and did not reflect what management considered to be the fair value of equity. It was intended that a convertible instrument which provided a reasonable interest rate helped by a conversion price to equity set above market would be the best alternative. As time went and the EIB financing fell away, alternate sources of financing were not available which led the Company to continue to draw on the factoring. By this time the factoring agreement was being amended to add more onerous terms to manage tax implications but also compensate for additional risk given the exposure of the factor overall. This was especially the case as the risk profile of the Company increased due to challenges encountered in delivering site build targets and revenue generation.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN signed the Eighth and last Factoring Amending Agreement on August 19, 2025. These followed amendments signed 1) September 2023, 2) November 2023, 3) December 2023, 4) April 2024, 5) June 2024, 6) December 2024 and 7) April 2025. Each amendment was entered into to provide additional funding as alternate sources were delayed as well as satisfying specific requirements for the closing of Cygnum Capital in June 2024. The Eighth Amendment is an example of the amounts, frequency and terms of various drawdowns under the factoring agreement as per the table below. The Company had drawn an additional $198k under the factoring agreement and also received an advance of US$150,000 for settlement of the infrastructure licence costs in the DRC. The latter payment was issued under a promissory note issued on September 9, 2025 which was repaid in full with interest of 15% pa and a lending fee of 5% from the proceeds of the Cygnum drawdown of US$1,000,000 received on October 6, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Date of Loan** | &nbsp;&nbsp;**Amount of <br> Principal** | &nbsp;&nbsp; <br> **Maturity Date** | &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;**Other Costs\*** | &nbsp;&nbsp;**Date of Effective <br> Settlement** | &nbsp;&nbsp;**Details of Any <br> Repayments** | &nbsp;&nbsp;**Credit added to the Paid Account**<br> **of the Factor** |
| 23-Dec-24 | 150000.00 | 06-Feb-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 554271.39 |
| 22-Jan-25 | 63405.12 | 08-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 231228.97 |
| 04-Feb-25 | 146030.00 | 14-Mar-25 | 15.0% | 2.0% | 25-Aug-25 | Principal repaid in cash | 536268.58 |
| 15-Apr-25 | 200000.00 | 30-May-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 403672.43 |
| 02-May-25 | 50000.00 | 16-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 97896.78 |
| 06-May-25 | 150000.00 | 20-Jun-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 292604.72 |
| 27-May-25 | 105000.00 | 11-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 195450.57 |
| 04-Jun-25 | 70000.00 | 19-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 125532.76 |
| 10-Jun-25 | 127778.00 | 25-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 234116.55 |
| 13-Jun-25 | 11830.26 | 28-Jul-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 21612.22 |
| 20-Jun-25 | 100000.00 | 04-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 176365.07 |
| 08-Jul-25 | 100000.00 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 167745.94 |
| 09-Jul-25 | 20539.50 | 22-Aug-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 34419.33 |
| 22-Jul-25 | 134232.50 | 05-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 221674.26 |
| 29-Jul-25 | 27542.00 | 12-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 45860.50 |
| 11-Aug-25 | 27570.00 | 25-Sep-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 43123.77 |
| 19-Aug-25 | 150000.00 | 03-Oct-25 | 15.0% | 5.0% | 25-Aug-25 | Principal repaid in cash | 19547.41 |
| Total | 1633927.38 |  |  |  |  |  | 3401391.25 |

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\* Lending Fee: increasing by 1% (first 3 notes) or 2% (all other notes) per month until repayment; interest is charged on this amount. Maximum lending fee of 10% on the first 3 Notes; no maximum on others.

Advances provided and amendments under the factoring agreement were entered into with the expectation that the business would meet the conditions for further drawdowns from Cygnum Capital and these were therefore short term. Also, because the Cygnum funds were to be directed to site construction, the factoring was used to provide working capital for the parent company as well as repayments of the facility drawn in April 2023. The loans in the table above were issued at the time of entering into the 6th amendment in December 2024 when the Company was generating sufficient cash in its Cameroon operation to cover its operating expenses. In fact, in February 2025 funds were up-streamed from Cameroon and the Company also expected to obtain its infrastructure licence for DRC that would unlock additional funding from Cygnum. The notes were used on a limited basis from December 2024 to the beginning of May 2025 to settle urgent cash needs. By May when the significant reduction in income became apparent due to the international billing issue, the Company simply did not have alternatives for cash and continued to draw on the factoring agreement until the drawdown from Cygnum in October 2025. All conditions of the DRC licence had also been fulfilled so we expected not to need more short-term loans. It was this expectation that led management to accept relatively high rates of interest and other terms due to the short term expected life of the debt and simply no other alternatives. Any equity raise would be highly dilutive plus it was not clear there was interest in a public offering given the overhang of potential conversions through recourse on the factoring line.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Restructuring Transaction**

On December 22, 2025, the Company announced that it closed a restructuring transaction to purchase of all the issued outstanding common shares and preference shares of the Factor. The restructuring resulted in the Company issuing an aggregate of 10,380,618 units (each, a "**Unit**"), at $2.89 per Unit, for aggregate gross proceeds of approximately $30 million, which included cash subscriptions of $3,025,067, debt settlements of $6,172,629, and the acquisition of Factor for $20,802,303 as a debt settlement. Each Unit consisted of one common share of the Company and one half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. In connection with the acquisition of the Factor, the Company issued common shares representing 55.78% of the Company's outstanding voting securities, and as a result the vendors of the Factor are able to materially affect the control of the Company. As a result of the Restructuring Transaction, the Factor became a wholly-owned subsidiary of the Company. Accordingly, the transaction constitutes a "restructuring transaction" within the meaning of paragraph (c)(i) of the definition of that term in s.1 of NI 51-102. The Company would file a material change report containing the disclosure required by sections 5.2 of Form 51-102F3 and 14.2 of Form 51-102F5 **–** *Information Prospectus-level disclosure* in respect of the Factor. The Company expects to dissolve the Factor at a later date. As of December 31, 2025, the Factor has not yet been dissolved.

The restructuring transaction strengthens the Company's financial statements and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Accounting Treatment of Borrowings**

The unsecured instruments are straightforward relative to the other borrowings. These were issued with Original Issuance Discounts (OIDs) which is treated separately from the principal amount of the liability. The OID is a negative amount that is amortised over time as the instruments approach maturity. This amortization is charged through the P&L as a financing expense and the liability is accreted (increased in value), also booked through the P&L. In the absence of any renegotiation or renewal, there is no other booking of loss/gain in the instrument. The conversion feature of both of these instruments is booked separately as a derivative valued using Black Scholes pricing with key assumptions being the risk free rate (Bank of Canada rate) and volatility (based on a benchmark of similar companies in the industry).

MANAGEMENT'S DISCUSSION AND ANALYSIS

The secured instruments coming from financial investors – the factoring agreement and debentures – were somewhat more complex, mainly because they come with additional fees and charges, and due to their size and security characteristics. Main features of the factoring agreement were lending fees and interest which are charged through the P&L. In addition, during the period some cash advances were advanced as promissory notes and then eventually brought under the factoring based on the Company's ability to repay. In addition, with each recourse notice involving a share issuance, any gain resulting from the difference between the contractual conversion price and market price is booked through the profit & loss as "Other Elements". The factoring agreement did not contain any embedded derivatives that require subsequent fair value measurements under IFRS.

The other secured instruments being convertible debentures included an Original Issuance Discount (OID) and in some cases interest charges. One instrument included a lending and monitoring fee as well as interest and these were booked regularly through the P&L as finance expenses. Amortisation of the OID and accretion of the instrument value was also booked and as these have derivatives, Black Scholes pricing was used with similar assumptions as mentioned above.

Given the significant balance of amounts owing under the factoring facility and convertible debentures, and that these arose from transactions with parties connected to an independent Board member of NuRAN, the Company took several steps to maintain a system of independent oversight when considering these transactions. First the Company has adopted a Code of Business Conduct and Ethics sanctioned by the Board that details specific steps that the Company should take in dealing with these transactions in order to ensure all related party transactions are conducted on an arm's-length basis and in the best interests of the company and shareholders. Second, in all matters concerning related party transactions the Board takes a number of steps to maintain independence including disclosure whereby the board member with the potential conflict fully discloses the nature and extent of their interest before the transaction is discussed and in addition, that director does not participate in any discussion, negotiation, or decision related to the transaction. Third, members of the audit committee review and evaluate all related-party transactions including seeking independent, external advice if needed, which has been the case for the factoring and restructuring transaction. While NuRAN can benefit from sourcing finance from connected parties given their knowledge and understanding of the Company, it recognizes the need to follow strict policies to protect its stakeholders interests.

**Equity Investments Supporting Lender's facility**

Since the announcement of proposed and closed loan facilities, management has been focusing on discussions with Investment Funds and potential strategic partners targeting infrastructure investments in emerging markets. To date the concerns expressed by those investors were mainly related to site performance, operational capacity, asset ownership, risk diversification across markets and the availability of debt finance. In parallel with these discussions, and as part of its ongoing work to strengthen NuRAN's operating and financial position, management has been addressing all these areas of concern. Regarding asset ownership, the Company has amended the NaaS contract with Orange DRC to, amongst other things, eliminate the asset transfer provision. We are progressing discussions with Orange Cameroon to make the same amendment. All recent NaaS contracts do not have the asset transfer provision and in this way NuRAN will retain ownership helping it to generate long term revenue and increase value for shareholders. The above-described Restructuring Transaction significantly improves the Company's financial strength along with these developments.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Results in Cameroon are still on target with management's initial expectations. NuRAN continues to enhance its technology solution and increased network capacity has led to growth in traffic which helps mitigate the effect on revenue. In addition, better site allocation and selection continues to ensure the success of new sites. The same measures are to be adopted in DRC and have started to show signs of performance improvement. Technology effectiveness and ownership is key criterion to NuRAN's success in rural emerging markets, and our engineering team is working continuously on further upgrades. In addition to these measures, the DRC commercial team has established a strategy for reselling Orange products and services that has already shown growth in user adoption and traffic.

Combined with the accumulated experience of its internal team, management has put together a comprehensive ecosystem of partners to support growth. This ecosystem works across service delivery from site selection to monitoring to share findings in both existing and new countries. The Company has also increased and diversified its supplier base to meet demand and reduce the risks associated with one single supplier.

With over 5,000 sites currently under contract, NuRAN's DRC exposure is now less than 40% reducing NuRAN's concentration risk. The US$5M bridge facility from Cygnum Capital and US$1.6M private placement along with the 2024 announced US$15M Term Sheet with a possible increase to a US$70M Facility continues to support management's efforts to raise equity. This financing, when completed, is expected to support the rollout of up to 600 sites across a number of countries to further diversify its revenue sources. Timing of this rollout is uncertain as the US$15M facility is contingent on an equity injection to NuRAN Africa Holding of a minimum of US$10M as mentioned above. In the short term, management is also pursuing a potential increase of the Cygnum Capital facility to support Benin and Ivory Coast deployments.

All of the above are measures that have not only improved the Company's financial performance but also increased its attractiveness to equity investors.

**<u>Outlook</u>**

NuRAN's wireless infrastructure solutions have been used by mobile network operators (MNOs) as part of their network operations and, more recently, to extend rural coverage through the NaaS model. NuRAN's solutions have been evaluated or are currently operated by MNOs in over 20 countries in Southeast Asia, Africa, South America, and Latin America. The company has also formed partnerships with industry participants, including tower, satellite, and power companies, to expand market access. Management reports that acceptance and use of NuRAN's system by MNOs, along with collaborations with other industry stakeholders, may enable NuRAN to pursue further business opportunities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN has previously announced LiteRAN xG, a mobile wireless infrastructure product offering 2G, 3G, and 4G capabilities from one device, which allows operators to utilize multiple technologies concurrently and adapt their services as needed. The addition of LiteRAN xG to the company's offerings, is projected to increase the addressable market.

As of December 31<sup>st</sup>, 2025, NuRAN's NaaS service includes 5,092 sites under contract with two major MNOs in Africa, with an aim to reach 10,000 contracted sites. A 200-site agreement with MTN Benin was announced in July 2024, raising the total to 5,092 sites, which also includes contracts with Orange SA in Cameroon, Madagascar, and DRC, and with MTN Group in Cameroon, South Sudan, Sudan, Ivory Coast, and Namibia. NaaS agreements with MTN in Sudan and South Sudan are currently on hold due to ongoing instability in those countries. Additionally, NuRAN recently signed a Memorandum of Understanding (MOU) with Telecel in Ghana to resume seven sites delivered with support from a GSMA Investment fund. The MOU outlines the plan to establish a NaaS agreement in 2025, consistent with broader economic strategies.

Additional contracts with MNOs and the signing of a Group Framework Agreement (GFA) with MTN Group reflect industry recognition of NuRAN's mobile network infrastructure solutions and its experience in deploying and managing cellular networks for extended customer reach.

The following section discusses the Company's financial performance based on consolidated financial statements for the year ended December 31, 2025 and 2024.

**Factors Concerning the Company's Financial Performance and Results of Operations**

 ****

To evaluate the results of the strategic shift, management closely monitors four key measures of the Company's performance: Revenue, Gross Profit Margins (GPM), Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Net Income.

**Revenue** growth measures the success of the NuRAN's products and services, led by the NaaS solution, combined with our marketing and sales efforts. Growth is demonstrated by the Company's ability to enter into contracts, build NaaS infrastructure, penetrate new markets and gain new customers for existing and new products and services. The investments in marketing and sales and the shift in direction to more of a services model have increased our sales pipeline, generating sales as sites go live and produce increasing revenues as rural subscribers in previously covered and uncovered areas take advantage of more choice, availability and variety of mobile services to improve their economic position. The take-up of NaaS solutions and the resultant recurring revenue stream brought on by each live site is starting to already generate transformative growth in revenue for the Company.

Under NuRAN's contracts, site revenue is shared with the mobile network operator based on net billings after applicable charges and taxes. These agreements generally include a threshold (TH) below which NuRAN retains 100% of site revenue; revenue above that level is shared between the parties. The revenue-sharing percentage varies by contract and is designed to reflect the economics of each market.

Under the Orange Cameroon contract, the Company currently recognizes a minimum guaranteed revenue (MGR) per site per month, and site ownership is expected to transfer after six years of operation. The revenue-sharing structure is similar to the threshold model, except that revenue is guaranteed even when a site generates less than the MGR. The Company is in discussions with Orange Cameroon to amend the contract to a threshold-based structure that would allow NuRAN to retain ownership of the infrastructure. A similar amendment has already been signed with Orange DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Under IFRS 15, current contract with Orange Cameroon requires NuRAN to record site sales when operational, impacting revenue and gross profit margins. Moving to the Threshold would cancel the IFRS 15 accounting treatment as was done in the DRC when the contract was amended in May 2025.

**GPM** measures how efficiently and effectively NuRAN delivers its systems and services to its clients, both in terms of production of its product line, and increasingly, delivery of the NaaS solution in rural areas and direct costs of delivery incurred in local subsidiaries. Management monitors three gross profit margin indicators: revenue per site, revenue share, and operational fees.

**EBITDA** measures the entire operations by including selling and administrative costs in African subsidiaries as well as Canada. It should increase as sales grow due to the fixed nature of much of the support infrastructure including administrative, sales & marketing, research & development and other costs and the economies of scale that can be achieved in monitoring network operations and maximizing site performance.

**Net income** is a measure of how efficiently and effectively the business is running. In the early stages of NaaS rollout and implementation, revenue will not cover selling, administrative and R&D costs needed to grow and maintain the NaaS business in the various countries. As sites are deployed and generate increasing revenue the Company is expected to become profitable. To achieve the desired net income, the company needs to significantly increase its revenues, while maintaining or slightly increasing its selling and general administration costs and efficiently utilising the capital assets that it deploys.

**Outstanding Share Data (post-consolidation basis)**

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| | | | |
|:---|:---|:---|:---|
| | December 31, 2025 | December 31, 2024 | December 31, 2023 |
| &nbsp;&nbsp;Common shares, voting and participating | 13069567 | 195647 | 143479 |
| &nbsp;&nbsp;Warrants | 6359067 | 61797 | 39704 |
| &nbsp;&nbsp;Options | 9566 | 9566 | 11017 |

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As at December 31, 2025 the Company had 13,069,567 common shares outstanding. As at December 31, 2025, the Company has convertible debt instruments in issue which, if fully converted, would result in the issuance of 66,612 common shares. This includes 22,045 relating to unsecured Convertible Debentures and 44,567 relating to unsecured Convertible Debenture and Derivative Liabilities.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SELECTED ANNUAL FINANCIAL INFORMATION**

The following is selected financial data derived from the annual consolidated financial statements of the Company as at December 31, 2025 and 2024 and for the periods then ended:

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| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31, 2025** | **Year ended December 31, 2024** | **Year ended December 31, 2023** |
| &nbsp;&nbsp;Total revenues | $4168154 | $4364327 | $3199125 |
| &nbsp;&nbsp;Total loss | $(21436048) | $(8755861) | $(12322243) |
| &nbsp;&nbsp;Net loss per share – basic | $(36.30) | $(48.80) | $(96.00) |
| &nbsp;&nbsp;Net loss per share – diluted | $(36.30) | $(48.80) | $(96.00) |

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| | | | |
|:---|:---|:---|:---|
| | **As at December 31, 2025** | **As at December 31, 2024** | **As at December 31, 2023** |
| &nbsp;&nbsp;Total assets | $29998169 | $23878422 | $20210608 |
| &nbsp;&nbsp;Total non-current financial liabilities | $323206 | $66739 | $293768 |

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**RESULTS OF OPERATIONS**

**Revenue**

Revenue for year ended December 31, 2025 of $4,168,154 was an decrease of $196,173 from the year ended December 31, 2024 ($1,165,202 increase for the year period ended December 31, 2024 compared to the year ended December 31, 2023).

Of the total revenue for year period ended December 31 2025, $3,221,569 was NaaS service revenue from site operations. In addition to this, the Company recognised $385,531 that was an adjustment to comply with IFRS 15, which requires that we recognize a sale of the site and cost when it becomes operational. Approximately 90% of the total revenue for the period ended December 31, 2025 is now NaaS revenue. Although monthly revenue per site declined compared to 2024 due to the international billing issue with Orange Cameroon, the increase in the number of sites and consistent growth in average revenue per site has helped sustain and even enhance overall revenue for the year ended.

Other revenue for the year ended December 31, 2025 was related to direct product sales of $561,053.

**Gross Profit**

Gross profit for the year ended December 31, 2025 decreased by $1,018,739 compared to the year ended December 31, 2024 (increased by $1,787,795 for the year period ended December 31, 2024 compared to the year ended December 31, 2023).

MANAGEMENT'S DISCUSSION AND ANALYSIS

Gross margin for the year ended December 31, 2025 decreased to 31% from 53% for the year ended December 31, 2024 (increased to 53% for the year ended December 31, 2024 from 17% for the year ended December 31, 2023).

Overall, the year ended December 31, 2025 NaaS gross margin was 27%, and 48% excluding the IFRS 15 adjustment. Results were impacted by recognition of extra charges of USD 669k from Spacecom for satellite bandwidth in the DRC in connection with the Restructuring Transaction. Excluding these charges would have resulted in NaaS gross margin of 52% and 77% excluding the IFRS 15 adjustment. The change in revenue recognition following the planned move from GMR to the threshold method, now in place in DRC, will smooth out future reporting.

The direct costs of NaaS include site leases, insurance, repair & maintenance and VSAT costs with VSAT having a minimum capacity charge. As a result of more revenue being generated over this fixed capacity charge, the VSAT cost per site is being closely managed to maximize gross profit. NaaS gross margin excluding the IFRS 15 adjustment is more in line with the Company's future projections for this line of business.

**Expenses**

During the year ended December 31, 2025, total expenses increased by $5,331,013 from the year ended December 31, 2024 (for the year ended December 31, 2024 total expenses increased by $1,484,318 from the year ended December 31, 2023). In aggregate, operating cost categories including selling, administrative and research and development decreased by approx. $744k or 9% over 2022 as management continued cost containment initiatives across all categories while continuing to invest in enhancing its 3G/4G platform required of its MNO customers. As described in Note 3 of the Audited Consolidated Financial Statements for the year ended December 31, 2025, the Company amortizes certain software using the units of production method, whereby the amortization charge in each period reflects the number of base station units deployed relative to the total estimated lifetime deployments (the "denominator"). As at January 1, 2025, management revised the denominator from 6,000 units to 1,500 units, applied prospectively against the net book value of the asset at the date of change. The revised estimate of 1,500 units aligns with the NaaS deployments supportable by the Company's current board-approved business plan and existing financing commitments, rather than the broader contracted pipeline of approximately 5,000 sites, which is subject to additional funding conditions. As a result the amortisation charge for 2025 is $33,164 based on this adjusted number of units.

Financial expenses increased by approx. $6.1M including approximately $4 million of interest costs on short-term borrowings, most of which were settled as part the Restructuring transaction and are therefore non-recurring.

**Other Elements**

Other Elements for the year ended December 31, 2025 generated a net loss of $6,418,918 compared with a net loss of $50,160 in the year ended December 31, 2024 (a net loss of $50,160 for the year ended December 31, 2024 compared to a net loss of $473,558 for the year ended December 31, 2023). These relate mostly to the extraordinary book loss on the acquisition of the Factor which represented the difference between the carrying value of the debt and the factored receivables and interest charges extinguished. The loss on assets acquired of $9,152,783 was offset by $2,173,549 of gains on the settlement of accounts payable and debt instruments as well as a gain of $104,917 on accounts payable settled for cash. More detail on this is provided in the Company's Notes to Financial Statements and Material Change Report including prospectus-level disclosure concerning the transaction and filed on SEDAR+. Other Elements also included a write-off of $496k of NuRAN radio equipment in the DRC resulting from the local customs authorities losing the equipment. This loss is partially offset elsewhere in the financial statements with reversal of a provision for customs duties payable. In addition, the Company realised a book loss of $300k on the modification of the DRC contract. Approx. $1.37m of gains were realised through the write-off of accounts payable and deferred revenue related mainly to projects in the Marshall Islands.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Net Loss**

As a result of all the factors mentioned above the Net Loss for the year ended December 31, 2025 increased to $21,436,048 from the year ended December 31, 2024 loss of $8,755,861, an increase of $12,680,187 (for the year ended December 31, 2024 decreased to $8,755,860 from the year ended December 31, 2023 loss of $12,322,245).

**Total Comprehensive Loss**

The difference in the foreign exchange translation of foreign operations for the year ended December 31, 2025 was a net gain of $346,509 compared with a net loss of $1,170,878 for the year ended December 31, 2024. The Total Comprehensive Loss for the year ended December 31, 2025 decreased to $21,089,539 compared to $9,926,739 for the year ended December 31, 2024 (a Total Comprehensive Loss of $9,926,738 for the year ended December 31, 2024 compared to a Total Comprehensive Loss of $12,130,890 for the year ended September 30, 2023).

While the restructuring transaction has heavily impacted the year, especially the global comprehensive loss, the steps taken strengthens the Company's overall financial position and supports its objectives of positioning for a NASDAQ listing, presenting a stronger profile to potential equity and debt investors, and significantly reducing financial costs to improve the path to profitability.

**Expenses**

Below is a discussion of the expenses for the year ended December 31, 2025, and the year ended December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** | **% change from**<br> **2024** |
| &nbsp;&nbsp;Selling expenses | 691772 | 798660 | -13.38% |
| &nbsp;&nbsp;Administrative expenses | 5794206 | 6821129 | -15.06% |
| &nbsp;&nbsp;Financial expenses | 8672013 | 2596960 | +233.93% |
| &nbsp;&nbsp;Research and development costs | 1065449 | 675678 | +57.69% |
|  | <br> 16223440 | <br> 10892426 | <br> +48.94% |

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MANAGEMENT'S DISCUSSION AND ANALYSIS

**Selling expenses**

Selling expenses consist of salaries to sales and marketing staff, commissions on sales, travel expenses, trade shows, presentations and costs associated with the Investor Relations online marketing campaign. The decrease shows the impact of reduced headcount of sales staff as the business continues to focus on operations, rollout of sites under contract and financing rather than signing new contracts. Marketing efforts are also seeing less emphasis although the management team makes a point of attending events in Africa, especially where these can be combined with raising finance and visiting operating subsidiaries.

**Administrative expenses**

Administrative expenses consist of staff remuneration, public company and financing fees, legal fees, audit and accounting fees, insurance, rent, consulting fees, general office expenses and depreciation and amortisation. These costs decreased from the previous period as a result of cost containment measures implemented by management to establish a streamlined operation. $1.1m of these costs relate to financing split roughly 80% non- recurring financing fees of debts settled via the Restructuring Transaction and 20% public company-related, which are likely to increase when the company moves to Nasdaq. A more detailed breakdown by category is available in the Company's Notes to Financial Statements.

**Financial expenses**

Financial expenses consist of bank charges, convertible debenture and lease interest, charges associated with short term financing including accretion of convertible debentures and gain/loss on foreign exchange. The increase in financial expenses for the year ended December 31, 2025, compared to the year ended December 31, 2024, is mainly a result of the higher interest costs related to short-term borrowings, most of which were settled through the Restructuring Transaction and are therefore non-recurring and non-cash foreign exchange charges as a result of the movement in the USD:CAD exchange rate.

**Research and development**

Research and development costs for the year ended December 31, 2025 increased over the year ended December 31, 2024 as the Company continued to focus on continuous improvement of its technical solution and enhancements to its product line towards 3G/4G capabilities in line with its unique positioning and awareness of requirements in the markets it operates in.

In general, management continues to streamline operational, administrative and financial expenses. This followed a restructuring initiative to organise operations globally based on function rather than geography and now the emphasis on economic poles as a means of expanding its business. With the funding of Cygnum Capital, increased operating cashflow and other facilities the Company has built more NaaS sites generating recurring revenue showing the potential of the business model. This has allowed management to generate more interest from financing partners. The Company continues in its effort to have group operating costs covered by NaaS revenue so that any new funds raised can be directed to site construction and servicing and repaying other debt. This, along with the strengthening of the financial position as a result of the Restructuring Transaction will support management's efforts to continue to negotiate better financing terms including existing and new financing initiatives.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**SUMMARY OF QUARTERLY RESULTS**

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| | | | |
|:---|:---|:---|:---|
| <br> **Three Months Ended** | <br> **Total revenues ($)** | <br> **Total loss ($)** | **Basic and Diluted Loss Per Share**<br> **($)** |
| 31-Dec-25 | 613211 | (12599231) | (8.04) |
| 30-Sep-25 | 627650 | (3105062) | (9.00) |
| 30-Jun-25 | 627920 | (3542950) | (15.00) |
| 31-Mar 25 | 2209079 | (1689530) | (9.00) |
| 31-Dec-24 | 663422 | (371968) | (3.00) |
| 30-Sep-24 | 1563061 | (3220575) | (18.00) |
| 30-Jun-24 | 1512457 | (2425969) | (15.00) |
| 31-Mar-24 | 572727 | (2355685) | (15.00) |
| 31-Dec-23 | 1125235 | (2861581) | (21.00) |

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**Fourth Quarter**

During the three months ended December 31, 2025, the Company earned revenues of $613,211 compared to

$663,422 during the three months ended December 31, 2024, a decrease of $50,211. This decrease is due mainly to the impact of the international tariff issue which was especially pronounced in Q4.

During the three months ended December 31, 2025, the Company generated gross margin of $(880,544) compared to $289,704 during the three months ended December 31, 2024, a decrease of $1,170,248. The reduction was due in large part to a charge taken in the DRC related to the Restructuring Transaction and the settlement of accounts payable in shares with our satellite partner, Spacecom.

During the three months ended December 31, 2025, the Company incurred a net loss of $12,599,231 compared to net loss of $371,968 for the three months ended December 31, 2024. The increase in the loss in 2025 was almost entirely due to the Restructuring Transaction, namely the AFI acquisition which resulted in a book loss of $9.2 million offset by gains on the settlement of short-term borrowing and other write-offs.

**LIQUIDITY AND CAPITAL RESOURCES**

The Company's cash increased to $4,665,392 as at December 31, 2025, from $1,171,558 as at December 31, 2024. Current assets increased to $19,077,136 as at December 31, 2025, from $16,125,341 as at December 31, 2024, mainly due to increases in Cash from the private placement with smaller increases in Trade and other receivables and Inventories. The increases were offset by a reduction in accrued revenues brought about partially by the reversal of IFRS 15 accounting treatment in the DRC.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN's operations are geared to increasing the installed base of owned and operated NaaS sites. Due to the long-term nature of these contracts and the recurring nature of revenue, the Company expects that over time, from a contracted backlog of over 5,000 sites, it will be able to generate a sufficient and significant amount of cash to cover its obligations. While funding efforts have delayed the NaaS build-out, the performance of the existing sites that has been achieved thus far confirms the viability of management's expectation. The short-term objective is to cover all group operating costs on a monthly basis and beyond this, a sufficient surplus such that build-out of all remaining sites is covered without the need to resort to additional debt or equity funding. During the coming period, the Company will also direct some cash to paying trade and other payables, meeting its obligations with regard to deferred revenue and settling loans payable. Currently the Company has less than 5% of the contracted number of sites in operation and execution risk of the development plan is probably the most important observed issue. This has been exacerbated by an aborted financing attempt and extremely difficult financial market conditions which put the company's funding plans at least 2 years behind.

The business is split in line with its geographical footprint with Research and Development as well as production of its core WIS products centered in Canada. Project management and operations support, procurement, network monitoring and administration are also centered in Canada whereas NaaS operations including site construction and the bulk of revenue generation is focused in Africa. In order to manage liquidity, the Company must provide sufficient working capital for the Canadian operations while funds generated in Africa are directed to site construction and operating costs there. Most of the Canadian costs are payroll related with no ability to postpone payments and although there are some sales of equipment and services from Canada to third parties, the contribution from this is sporadic and difficult to plan. NuRAN cross-charges central services to subsidiaries so ultimately repayment of these obligations from subsidiaries will provide the company with the liquidity it requires.

Site construction is itself not a time intensive activity – what takes time is the procurement and logistics leading up to this. The NaaS offering has 4 key components – radio base stations supplied by NuRAN, power systems (solar panels and batteries), VSAT satellite terminals and the towers themselves. NuRAN must manage its supply chain for base station components and in addition must manage a global supply chain for the other components. From start to finish the working capital needs span at least 6 months or more. Power systems have proven to be the most difficult given the use of hazardous materials including lithium batteries. Recent attention on lithium as a precious mineral, rising demand for electrification and global supply chain challenges following Covid have all added to the complexity. In the second half of 2024, delays in power deliveries doubled the lead times.

The last element of the site construction process is the local activities including equipment logistics, environmental compliance, site identification and acquisition, installation and commissioning. Local African companies are used almost exclusively for this activity but being at the end of a relatively uncertain lead period means managing these relationships brings added challenges. This is to say nothing of local factors such as weather and security which are very real risks in sub-Saharan Africa. While NuRAN optimizes the use of its local workforce, the long lead times and execution challenges put strain on cashflow. Time is the enemy and NuRAN management is targeting 6-12 months of working capital on hand at any one time.

MANAGEMENT'S DISCUSSION AND ANALYSIS

NuRAN management has been able to sustain extended payment timelines with suppliers and lenders given the potential that the NaaS solution and backlog provides. It closely manages supplier relationships, matching payments with revenue generated as much as possible.

In the medium term, NuRAN plans to continue to build its NaaS base to generate additional cash. Some of these funds will ultimately be upstreamed to Canada to satisfy payment obligations and NuRAN manages its foreign currency, translation, convertibility and transfer risk on an ongoing basis as this is a very important element of cash management. It uses such tools as local currency facilities and matches costs to sources including revenue, borrowings and equity. In the short term, repaying outstanding accounts payable and servicing debt will come from planned equity raises to support committed debt facilities.

Of the $10,456,567 in trade and other payables, the majority is attributable to various suppliers and consulting partners. The Company intends to address these obligations through measures such as structured payment plans, allocation of equipment/service sales margin contributions, write-offs, and/or settlement in shares, where applicable. Approximately $1.5m is accrued interest charges on unsecured convertible debentures.

Within loans payable totaling $7,297,100, an amount of $7,150,626 is due to Cygnum Capital and pertains to infrastructure investments in NuRAN's NaaS business. This short-term, two-year bridge facility (extended to three years in May 2026) is anticipated to be converted into a long-term arrangement or repaid, and discussions on this transition are currently underway.

As a result of the Restructuring Transaction completed in December, the shareholders' deficit improved by over $17 million into a surplus. This was a criterion of the listing on Nasdaq which is now a key element of the Company's funding plans.

**Future Financing**

Management closely monitors the cash position and short and long-term cash requirements. Management has broadened its search for capital to support its growth objectives for the NaaS business which included reaching out to Development and Impact Funds, Canadian institutional investors and other sources such as equity and hybrid investors. Management also recognizes the opportunity for improved cash flow from converting inventory to operating NaaS sites and it is transitioning some inventory from the DRC to Cameroon and Ivory Coast as a means of extending the NaaS footprint and improving the return on these assets. In addition to spending on site rollout, the Company will continue to look for additional financing to fund operations and maintain its growth strategy (including continuous development of next generation wireless solutions such as the multi-Standard 2G, 3G, 4G platform, as well as the deployment of mobile infrastructure and extended services under the NaaS model).

Current revenues are not sufficient to cover its selling, administrative and R&D costs and finance the capital investment necessary to implement its NaaS contracts. The Company continues to depend on its ability to convert its signed contracts into recurring revenue (for example the agreements with Orange SA for Cameroon, DRC and Madagascar and with MTN for South Sudan, Namibia, Sudan, Ivory Coast and Benin), raise debt to finance NaaS projects and future equity issuances or other means to finance its operations, including funding into NuRAN Wireless (Africa) Holding in Mauritius. Due to the current situation in Sudan and South Sudan as of the date of this MD&A the Company has placed on hold any effort to pursue the development of this network.

MANAGEMENT'S DISCUSSION AND ANALYSIS

While the company remains reliant on external funding for CAPEX spending, it has become increasingly less dependent on external funding for day-to-day operations. Boosted by the US$5M Cygnum loan facility including a possible increase of US$2M related to Ivory Coast and Benin, the $5.8M private placement, the term sheet and mandate letter aimed at raising up to US$70 million and other funding discussions currently underway, as well as the financing capacity made possible through a Nasdaq listing, management believes that the company will be able to raise the necessary financing, helped by its much improved financial position. However, while showing continued promise, there can be no guarantee that these efforts will be successful.

**RISKS AND UNCERTAINTIES**

**Additional Financing Requirements and Access to Capital**

NuRAN's ability to realize its assets and discharge its liabilities depends on the continued financial support of its shareholders, the growth and profitability of the future sales of its products and services and from obtaining additional financing.

**Liquidity and Cash Resources:**

The Company's limited cash resources represent a significant uncertainty that may materially affect future performance and ability to meet obligations.

**Sales Risks**

NuRAN's sales efforts target large corporations that require sophisticated data capture and production execution systems to collect and analyze data relating to various operational activities. NuRAN spends significant time and resources educating prospective customers about the features and benefits of its solutions. NuRAN's sales cycle usually ranges from 3 to 18 months and sales delays could cause its operating results to vary. NuRAN balances this risk by continuously assessing the condition of its sales pipeline and making the appropriate adjustments as far in advance as possible. NuRAN's strategy also includes a comprehensive program to build and improve relationships with long-standing customers to better understand needs and proactively manage incoming business levels effectively.

**Foreign Exchange Risk**

NuRAN's sales are mainly outside Canada and are generally conducted in currencies other than the Canadian dollar, while a majority of its product research and development expenses, , customer support costs and administrative expenses are in Canadian dollars. Fluctuations in the value of foreign currencies relative to the Canadian dollar and Cameroon CFA can negatively, or positively, impact NuRAN's financial results. The company monitors this risk and will enter/consider entering into forward/ derivatives contracts to minimize the exposure.

**Outsourcing Risk**

NuRAN outsources the manufacture of its products to third parties. If they do not properly manufacture the products or cannot meet the needs in a timely manner, NuRAN may be unable to fulfill its product delivery obligations and its costs may increase, and its revenue and margins could be negatively impacted. The Company's reliance on third-party manufacturers subjects it to a number of risks, including the absence of guaranteed manufacturing capacity and the inability to control the amount of time and resources devoted to the manufacture of products. To mitigate this dependency, the Company has relationships with two separate manufacturing service providers and maintain contact with additional alternative suppliers in case the primary manufacturing sources should be disrupted.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**Competition** 

NuRAN must contend with strong international competition. Therefore, there are no guarantees that NuRAN can maintain its competitive position. However, its unique mix of products combined with NaaS service delivery, and skilled human resources give it a competitive edge in several markets.

**Availability and Cost of Qualified Professionals** 

The high-technology industry's strong growth as well as the Company's move into the NaaS model increased the demand for qualified staff. So far, NuRAN has successfully met its needs for personnel. NuRAN benefits from its location in Quebec City, which gives it access to a large pool of engineering resources but has also pursued hiring internationally. Aware that the satisfaction of its customers is directly tied to the quality of its employees, NuRAN continues to take measures to attract and retain well-qualified professionals from a global talent pool.

**Ability to Develop and Expand Mix of Products and Services to Keep Pace with Demand and Technological Trends** 

NuRAN uses several means to remain on the cutting edge and to meet its customers' changing needs—steady investments in product development and improvements, business alliances with major industry suppliers and partners, ongoing training of its personnel and occasional business acquisitions that provide it with specific know- how.

**Protection of Intellectual Property** 

To protect its intellectual property, NuRAN relies on a series of patent and trademark laws, provisions respecting trade secrets, confidentiality protection measures, and various contracts. Regardless of all the efforts made to retain and protect its exclusive rights, third parties could attempt to copy aspects of its products or obtain information regarded as exclusive without authorization. There can be no assurance that the measures taken by NuRAN to protect its exclusive rights will be sufficient.

**Dependence on Customers** 

NuRAN is currently dependent on a limited number of customers for the sale of its products and services. If one or several of these customers should cease doing business with NuRAN for any reason or should reduce or defer their current or planned product purchases, NuRAN's operating results and financial position could be adversely affected.

MANAGEMENT'S DISCUSSION AND ANALYSIS

**International Operations Risk** 

Our international operations are subject to various economic, political and other uncertainties that could adversely affect our business. Over time, as the NaaS business has gained in importance, an increasing proportion of sales are derived outside North America, and economic conditions in the countries and regions in which we operate significantly affect our profitability and growth prospects. The following risks, associated with doing business internationally, could adversely affect our business, financial condition and results of operations:

● regional or country specific economic downturns;

● the capacity of the Company to deliver in a technical capacity and to import inventory at a reasonable cost;

● fluctuations in currency exchange rates;

● complications in complying with a variety of foreign laws and regulations, including with respect to environmental matters, which may adversely affect our operations and ability to compete effectively in certain jurisdictions or regions;

● international political and trade issues and tensions;

● unexpected changes in regulatory requirements, up to and including the risk of nationalization or expropriation by foreign governments;

● higher tax rates and potentially adverse tax consequences including restrictions on repatriating earnings, adverse tax withholding requirements and double taxation;

● greater difficulties protecting our intellectual property;

● increased risk of litigation and other disputes with customers;

● fluctuations in our operating performance based on our geographic mix of sales;

● longer payment cycles and difficulty in collecting accounts receivable;

● costs and difficulties in integrating, staffing and managing international operations, especially in rapidly growing economies;

● transportation delays and interruptions;

● natural disasters and the greater difficulty in recovering from them in some of the foreign countries in which we operate;

● uncertainties arising from local business practices and cultural considerations;

● customs matter and changes in trade policy, tariff regulations or other trade restrictions; and

● national and international conflicts, including terrorist acts.

The percentage of our sales occurring outside of North America will increase over time largely due to increased activity in Africa, Central and South America and other emerging markets. The foregoing risks may be particularly acute in emerging markets, where our operations are subject to greater uncertainty due to increased volatility associated with the developing nature of the economic, legal and governmental systems of these countries. If we are unable to successfully manage the risks associated with expanding our global business or to adequately manage operational fluctuations, it could adversely affect our business, financial condition or results of operations.

**Gross Margin May Not Be Sustainable** 

Our level of product gross margins may be adversely affected by numerous factors, including:

● Changes in customer, geographic, or product mix, including mix of configurations within each product group;

MANAGEMENT'S DISCUSSION AND ANALYSIS

● Introduction of new products, including products with price-performance advantages;

● Our ability to reduce production costs;

● Entry into new markets or growth in lower margin markets, including markets with different pricing and cost structures, through acquisitions or internal development;

● Increases in material, labor or other manufacturing-related costs, which could be significant especially during periods of supply constraints;

● Excess inventory and inventory holding charges;

● Obsolescence charges;

● Changes in shipment volume;

● The timing of revenue recognition and revenue deferrals;

● Increased cost, loss of cost savings or dilution of savings due to changes in component pricing or charges incurred due to inventory holding periods if parts ordering does not correctly anticipate product demand or if the financial health of either contract manufacturers or suppliers deteriorate.

● Lower than expected benefits from value engineering;

● Increased price competition, including competitors from Asia, especially from China;

● Changes in distribution channels;

● Increased warranty costs;

● How well we execute on our strategy and operating plans implementing our new NaaS model.

Changes in service gross margin may result from various factors such as changes in the mix between technical support services and advanced services, as well as the timing of technical support service contract initiations and renewals and the addition of personnel and other resources to support higher levels of service business in future periods.

**Competition Risks** 

The markets in which we compete are characterized by rapid change, converging technologies, and a migration to networking and communications solutions that offer relative advantages. These market factors represent a competitive threat to us. We compete with numerous vendors in each product category. The overall number of our competitors providing niche product solutions may increase. Also, the identity and composition of competitors may change as we increase our activity in newer product categories such as data center and collaboration and in our priorities. As we continue to expand globally, we may see new competition in different geographic regions. In particular, we have experienced price-focused competition from competitors in Africa and the U.S., and we anticipate this will continue.

Some of our competitors compete across many of our product lines, while others are primarily focused in a specific product area. Barriers to entry are relatively low, and new ventures to create products that do or could compete with our products are regularly formed. In addition, some of our competitors may have greater resources, including technical and engineering resources, than we do. As we expand into new markets, we will face competition not only from our existing competitors but also from other competitors, including existing companies with strong technological, marketing, and sales positions in those markets. Companies with whom we have strategic alliances in some areas may be competitors in other areas, and in our view this trend may increase.

Companies that are strategic alliance partners in some areas of our business may acquire or form alliances with our competitors, thereby reducing their business with us.

MANAGEMENT'S DISCUSSION AND ANALYSIS

The principal competitive factors in the markets in which we presently compete and may compete in the future include:

● The ability to provide a broad range of networking and communications products and services;

● Product performance;

● The ability to introduce new products, including products with price-performance advantages;

● The ability to reduce production costs;

● The ability to provide value-added features such as security, reliability, and investment protection;

● Conformance to standards;

● Market presence;

● The ability to obtain financing on reasonable terms;

● Disruptive technology shifts and new business models.

We also face competition from customers to which we license or supply technology and suppliers from which we transfer technology. The inherent nature of networking requires interoperability. As such, we must cooperate and at the same time compete with many companies. Any inability to effectively manage these complicated relationships with customers, suppliers, and strategic alliance partners could have a material adverse effect on our business, operating results, and financial condition and accordingly affect our chances of success. the loss of one or more significant suppliers or a reduction in significant volume from such suppliers

**Intellectual Property Risks** 

We generally rely on patents, copyrights, trademarks, and trade secret laws to establish and maintain proprietary rights in our technology and products. Although we have been issued patents, there can be no assurance that any of these patents or other proprietary rights will not be challenged, invalidated, or circumvented or that our rights will, in fact, provide competitive advantages to us. Furthermore, many key aspects of networking technology are governed by industrywide standards, which are usable by all market entrants. In addition, there can be no assurance that patents will be issued from pending applications or that claims allowed on any patents will be sufficiently broad to protect our technology. In addition, the laws of some foreign countries may not protect our proprietary rights to the same extent as do the laws of the United States. The outcome of any actions taken in these foreign countries may be different than if such actions were determined under the laws of the United States. Although we are not dependent on any individual patents or group of patents for particular segments of the business for which we compete, if we are unable to protect our proprietary rights to the totality of the features (including aspects of products protected other than by patent rights) in a market, we may find ourselves at a competitive disadvantage to others who need not incur the substantial expense, time, and effort required to create innovative products that have enabled us to be successful.

MANAGEMENT'S DISCUSSION AND ANALYSIS

Third parties, including customers, have in the past and may in the future assert claims or initiate litigation related to exclusive patent, copyright, trademark, and other intellectual property rights to technologies and related standards that are relevant to us. These assertions have increased over time as a result of our growth and the general increase in the pace of patent claims assertions, particularly in the United States. Because of the existence of a large number of patents in the networking field, the secrecy of some pending patents, and the rapid rate of issuance of new patents, it is not economically practical or even possible to determine in advance whether a product or any of its components infringes or will infringe on the patent rights of others. The asserted claims and/or initiated litigation can include claims against us or our manufacturers, suppliers, or customers, alleging infringement of their proprietary rights with respect to our existing or future products or components of those products. Regardless of the merit of these claims, they can be time-consuming, result in costly litigation and diversion of technical and management personnel, or require us to develop a non-infringing technology or enter into license agreements. Where claims are made by customers, resistance even to unmeritorious claims could damage customer relationships. There can be no assurance that licenses will be available on acceptable terms and conditions, if at all, or that our indemnification by our suppliers will be adequate to cover our costs if a claim were brought directly against us or our customers. Furthermore, because of the potential for high court awards that are not necessarily predictable, it is not unusual to find even arguably unmeritorious claims settled for significant amounts. If any infringement or other intellectual property claim made against us by any third party is successful, if we are required to indemnify a customer with respect to a claim against the customer, or if we fail to develop non-infringing technology or license the proprietary rights on commercially reasonable terms and conditions, our business, operating results, and financial condition could be materially and adversely affected. Our exposure to risks associated with the use of intellectual property may be increased as a result of acquisitions, as we have a lower level of visibility into the development process with respect to such technology or the care taken to safeguard against infringement risks. Further, in the past, third parties have made infringement and similar claims after we have acquired technology that had not been asserted prior to our acquisition.

Many of our products are designed to include software or other intellectual property licensed from third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of these products. There can be no assurance that the necessary licenses would be available on acceptable terms, if at all. The inability to obtain certain licenses or other rights or to obtain such licenses or rights on favorable terms, or the need to engage in litigation regarding these matters, could have a material adverse effect on our business, operating results, and financial condition. Moreover, the inclusion in our products of software or other intellectual property licensed from third parties on a nonexclusive basis could limit our ability to protect our proprietary rights in our products.

**SCHEDULE "D"**

**Pro forma consolidated financial information**

Unaudited Pro Forma Condensed Consolidated Financial Statements of

**NuRAN Wireless Inc.**

As at December 22, 2025<br> For the Period Ended December 22, 2025

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Financial Position

As at December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

---

| | | | |
|:---|:---|:---|:---|
|  | **Nuran Wireless Inc. <br> (As at <br> December 22, 2025)** | **Advance Factoring Inc. (As at December 22, 2025)** | **Total** |
| ***ASSETS*** | **$** | **$** |  |
| **Current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  |  | **5860061** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables |  |  | **3798016** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scientific research and experimental development tax credits receivable |  |  | **49200** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued revenues |  |  | **2724647** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  | **6389739** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  |  | **59348** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits and deposits on purchase of goods |  |  | **1313447** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan receivable |  |  | **77347** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current assets** |  |  | **20271805** |
| **Non-current assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment |  |  | **3059201** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets |  |  | **7472426** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets |  |  | **389407** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current assets |  |  | **10921034** |
| **Total assets** |  |  | **31192839** |
| ***LIABILITIES*** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables |  |  | **11651232** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  |  | **1154191** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable |  |  | **7297100** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures |  |  | **2645502** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures and derivative liability |  |  | **2432637** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callable preferred shares |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities |  |  | **92580** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  | **25273242** |
| **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  |  | **323206** |
| **Total liabilities** |  |  | **25596448** |
| ***Shareholders' surplus*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital |  |  | **86606375** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants |  |  | **6465936** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus |  |  | **7559538** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value of conversion option |  |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange in translation of foreign operations |  |  | **(801802)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit |  |  | **(94233656)** |
| **Total shareholders' surplus** |  |  | **5596391** |
| **Total liabilities and shareholders' surplus** |  |  | **31192839** |

---

***See accompanying notes to the unaudited pro forma condensed consolidated financial statements.***

 

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss

For the year ended December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Advance Factoring Inc. for the period ended December 22, 2025** | **Notes** | **Pro Forma Adjustments** | **Total** |
|  | $ | $— |  |  |
| **Revenue** |  |  |  | 4168154 |
| **Cost of sales** |  |  |  | 2855279 |
| **Gross profit** |  |  |  | 1312875 |
| **Selling expenses** |  | 2b) | 19123 | 691772 |
| **Administrative expenses** |  |  |  | 5794206 |
| **Financial expenses** |  |  |  | 8672013 |
| **Research and development costs** |  |  |  | 1065449 |
|  |  |  | 19123 | 16223440 |
| **Loss before other elements** |  |  | (19123) | (14910565) |
| **Other elements** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Gain / (loss) on debt settlement** |  | 2a) | (9152783) | (6874318) |
|  |  | 2b) | 1816687 |  |
| &nbsp;&nbsp;&nbsp;**Impairment of inventory**) |  |  |  | (1339) |
| &nbsp;&nbsp;&nbsp;Impairment of receivable) |  |  |  | (44169) |
| &nbsp;&nbsp;&nbsp;**Write-off of assets**) |  |  |  | (44245) |
| &nbsp;&nbsp;&nbsp;**Write-off of account receivables**) |  |  |  | (47056) |
| &nbsp;&nbsp;&nbsp;**Write-off of inventory**) |  |  |  | (495907) |
| &nbsp;&nbsp;&nbsp;**Write-off of account payables** |  |  |  | 567079 |
| &nbsp;&nbsp;&nbsp;**Write-off of deferred revenue** |  |  |  | 820695 |
| &nbsp;&nbsp;&nbsp;**Loss on modification of contract** |  |  |  | (299659) |
|  |  |  | (7336096) | (6418918) |
| **Loss before income taxes**) |  |  | (7355219) | (21329482) |
| **Income tax expense** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Income tax** |  |  |  | 106566 |
| &nbsp;&nbsp;&nbsp;**Deferred** |  |  |  |  |
| **Net loss for the year** |  |  | (7355219) | (21436048) |
| **Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:** |  |  |  |  |
| **Foreign exchange difference on translation** |  |  |  | 346509 |
| **Comprehensive loss for the year** |  |  | (7355219) | (21089539) |
| **Net loss per share** |  |  |  | (36.30) |
| **Weighted average number of outstanding common shares** |  |  |  | 590522 |

---

*See accompanying notes to the unaudited pro forma condensed consolidated financial statements.*

**NuRAN Wireless Inc.**

Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements<br> (Expressed in Canadian Dollars, except shares, unless otherwise noted)

**1.** **Basis of presentation:** 

The accompanying unaudited pro forma condensed consolidated financial statements (the "Pro Forma Financial Statements") of NuRAN Wireless, Inc. ("NuRAN" or "the Company"), and Advance Factoring, Inc ("AFI" or the "Factor") have been prepared in connection with a restructuring transaction within the meaning of National Instrument 51-102 – Continuous Disclosure Obligations involving the acquisition of Advance Factoring Inc., a factoring company; private placement financing and other debt settlements (together the "Restructuring Transaction"). The restructuring transaction was effective on December 22, 2025.

On December 22, 2025, the Company entered into a Share Purchase agreement resulting in the acquisition of AFI. In relation to the acquisition of AFI, the Company concluded that NuRAN is both the legal and accounting acquirer under *International Financial Reporting Standards ("IFRS") 3 Business Combinations*. Although former AFI shareholders collectively obtained approximately 56% of the voting rights post-transaction, these shareholders do not have control over NuRAN, as they lack the ability to direct the relevant activities or govern key operating and financing decisions.

Further the Company determined that AFI did not meet the definition of a business under *IFRS 3 Business Combinations*, as it did not include substantive processes or an organized workforce. As a result, the transaction was accounted for as an asset acquisition rather than a business combination.

The Pro Forma Financial Statements are based on the historical consolidated financial statements of NuRAN and the historical financial statements of AFI. The pro forma adjustments are limited to the restructuring of NuRAN and the acquisition of AFI, other debt settlements, and a private placement financing.

The Pro Forma Financial Statements have been prepared in accordance with Canadian securities legislation and based on the principles of IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The Pro Forma Financial Statements are presented in Canadian Dollars ("CAD"), the presentation currency of NuRAN.

The unaudited Pro Forma Condensed Consolidated Statement of Financial Position gives effect to the acquisition of AFI, concurrent debt settlements, and the private placement financing as if it had occurred on December 22, 2025, as described in Note 2.

The unaudited Pro Forma Condensed Consolidated Statements of Loss and Comprehensive Loss for the period ended December 22, 2025, give effect to the acquisition of AFI, concurrent debt settlements, and the private placement financing as if it had occurred on January 1, 2025. The Company noted for the period December 22, 2025, through December 31, 2025, there were no other material adjustments required in preparing the unaudited Pro Forma Condensed Consolidated Statements of Loss and Comprehensive Loss for the period ended December 22, 2025.

These Pro forma Financial Statements have been prepared from information derived from and should be read in conjunction with the following financial statements.

i) the audited consolidated financial statements of NuRAN Wireless Inc. for the year ended December 31, 2025.

ii) the audited financial statements of Advance Factoring Inc. for the period ended December 22, 2025.

The unaudited pro forma December 22, 2025, financial information of NuRAN was derived by adjusting the Company's December 31, 2025, financial statements and reversing the journal entries relating to the Restructuring Transaction completed on December 22, 2025. No adjustment was required to the financial information of AFI.

The assumptions and estimates underlying the adjustments to the Pro Forma Financial Statements are described in the accompanying notes.

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss

For the year ended December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

The adjustments to the Pro Forma Financial Statements are estimates and have been made solely for the purpose of presenting the Pro Forma Financial Statements, which are necessary to comply with applicable securities and reporting requirements. The pro forma financial information may not reflect the financial condition or operating results of the consolidated Company or may not be useful in predicting the future condition and operating results of the Company. The pro forma statements do not necessarily reflect what the consolidated Company's financial condition or results of operations would have been had the Restructuring Transaction, occurred on the dates indicated. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. It is management's opinion that the unaudited Pro Forma condensed consolidated financial statements contain all adjustments necessary for the fair presentation of the acquisition of AFI, other debt settlements, and the private placement financing in all material aspects.

**2.** **Pro forma assumptions and financial statement adjustments:** 

The pro forma adjustments to the Pro Forma Financial Statements have been prepared based on the following assumptions.

(a) Acquisition of Advance Factoring Inc. (the Restructuring Transaction):

On December 22, 2025, NuRAN Wireless Inc. entered into a Share Purchase Agreement (SPA) to acquire 100% of the issued and outstanding shares of Advance Factoring Inc. from its shareholders in exchange for NuRAN units. AFI Shares means collectively the AFI Class A Common Shares, AFI Class B Common Shares and AFI Preferred Shares. NuRAN units will consist of i) one (1) NuRAN Common Share, and (ii) one half of one (1/2) NuRAN warrant.

The purchase price defined in the SPA amounts to $20,802,303. NuRAN issued 7,198,026 units to the AFI shareholders. i.e. 7,198,026 common shares and 3,599,013 warrants. The deemed issue price was determined by the Company at $2.89 per unit. At the date of the acquisition, the Company determined that AFI did not constitute a business as defined under *IFRS 3, Business Combinations*, and the acquisition was accounted for as an asset acquisition.

*IFRS 2 Share Based Payment* was applied to measure the fair value of the consideration for the asset acquisition. The quoted share price used to value the units was $2.78, which represents a level 1 input. The warrants were valued using the Black-Scholes-Merton Model. The following inputs were used in estimating the fair value of the warrants:

---

| | |
|:---|:---|
| Quantity of warrants | 3599013 |
| Expected life | 5 years |
| Underlying stock price | $2.78 |
| Exercise price | $4.34 |
| Volatility | 98% |
| Risk-free interest rate | 2.98% |

---

The NuRAN units were issued with legends in accordance with applicable Securities Laws and the policies of the Canadian Securities Exchange (CSE), resulting in a trading restriction requiring the units to be held for a period of 4 months and a day. To reflect this temporary trading restriction, a discount for lack of marketability (DLOM) of 21.58% was applied using the Finnerty model over the applicable hold period. The Finnerty model considers assumptions of expected volatility of 182%, share price of $2.78, and term of 0.33 years. As a result, the fair value of the common shares and warrants after applying the DLOM was $2.1798 and $1.4929, respectively.

NuRAN issued units with a fair value of $21,063,698 as consideration for the acquisition of AFI. The fair value of common share and warrants were $15,690,476 and $5,373,222, respectively. The fair value of the net identifiable net assets was determined to be $Nil, as the underlying financial assets and financial liabilities did not meet the recognition criteria under *IFRS 9 Financial Instruments* at the acquisition date. The resulting difference of $21,063,698 was considered as an adjustment to accumulated deficit on the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position.

**NuRAN Wireless Inc.**

Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss

For the year ended December 22, 2025

(Expressed in Canadian Dollars, except shares, unless otherwise noted)

As the Company acquired AFI's net assets, the loans payable outstanding to AFI are now discharged and therefore the liability is extinguished per the definition of *IFRS 9 Financial Instruments*. The liability extinguished pursuant to the transaction is $11,910,915 which is considered as an adjustment to accumulated deficit in the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position. The net impact to the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position is as below.

---

| | |
|:---|:---|
| **Consideration** | **Pro Forma** |
| Fair value of 7,198,026 common shares issued ($2.1798) | $15690476 |
| Fair value of 3,599,013 warrants issued ($1.4929) | $5373222 |
| **Total consideration** | $**21063698** |
| **Identifiable assets and liabilities acquired:** |  |
| Current assets |  |
| &nbsp;&nbsp;&nbsp;Finance receivable | $— |
| &nbsp;&nbsp;&nbsp;Interest receivable | $— |
| Current liabilities |  |
| &nbsp;&nbsp;&nbsp;Callable Preferred shares | $— |
| **Total identifiable net assets acquired** | $**—** |
| **Consideration paid in excess of net assets acquired** | $**21063698** |
| Liability extinguished pursuant to the transaction | $(11910915) |
| **Net impact on accumulated deficit** | $**9152783** |

---

The unaudited Pro Forma Statement of Loss and Comprehensive Loss are adjusted to reflect the impacts of consideration paid in excess of net assets acquired and liability extinguished pursuant to the transaction. The following table summarizes the net impact of the acquisition on the unaudited Pro Forma Statement of Loss and Comprehensive Loss.

---

| | |
|:---|:---|
|  | **Pro Forma Adjustment** |
| For the period ended December 22, 2025 | $9152783 |

---

(b) Additional debt settlements:

Concurrent with the acquisition of AFI, the Company paid $301,290 in cash and issued 3,449,957 Units to settle payables and debts with other parties based on deemed price of $2.89 per Unit. Each Unit consists of one common share and half common share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share at an exercise price of $4.335 per share until December 22, 2030. The fair value of the Units upon settlement is $2.63 per unit, based on the fair value of the common shares and the warrant as $2.18 per common share and $0.58 per warrant, respectively, in addition to a discount for lack of marketability. The fair value of the warrants was estimated using the Black-Scholes model based on a term of 5 years, exercise price of $4.335 per share, risk-free rate of 2.56%, and expected volatility of 98%. The total fair value of the common shares and warrants issued are $7,511,314 and $645,144, respectively.

The carrying amount of the net debts upon settlement is $10,255,312, which includes the factoring receivable amount of $1,802,923 which is netted against the debts. The Company recognized $1,816,687 in gains on settlement of debt and $19,123 in financial expenses, in the Unaudited Pro Forma Condensed Consolidated Statement of Loss and Comprehensive Loss.

**NuRAN Wireless Inc.**

Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements<br> (Expressed in Canadian Dollars, except shares, unless otherwise noted)

(c) Private placement financing

The Company completed a private placement, whereby subscribers purchased Units in the aggregate amount of $5,815,116, for a total of 2,012,149 Units. The Company incurred finder's fees of $2,609 relating to the private placement. The net proceeds received of $5,812,507 were allocated to share capital and warrants based on their relative fair values of $2.18 per common share and $0.58 per warrant, respectively. The total fair value of the common shares and warrants issued are $5,352,585 and $459,922, respectively These subscriptions provide immediate working capital to support the Company's operations.

(d) Elimination of AFI balances

As the AFI net assets, do not meet the definition of the financial assets and financial liabilities as per *IFRS 9 Financial Instruments,* the balances of Trade and other receivables, Callable preferred shares and share capital of $7,619,162, $7,267,527 and $100, respectively, is eliminated and the resulting difference is recorded to the accumulated deficit of $351,535 in the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position.

**3. Share capital**

The following details the share capital of the Resulting issuer:

---

| | | |
|:---|:---|:---|
|  | **Number of** | **Number of** |
|  | **common shares** | **common shares** |
| NuRAN's share outstanding as of December 22, 2025 |  | 409436 |
| Acquisition of AFI |  | 7198026 |
| Shares issued against other debt settlements |  | 3449957 |
| Shares issued on private placements |  | 2,012,149 |
|  |  | **13,069,568** |

---

4. Payments not related to the transaction

Cash payments totaling $1,194,663 were made against trade and other payables during the period from December 22 to December 31, 2025, which were unrelated to the restructuring transaction. These payments were not reflected in the Unaudited Pro Forma Condensed Consolidated Statement of Financial Position. As a result, the pro forma cash balance and trade and other payables do not reconcile to the corresponding balances reported in NuRAN Wireless Inc.'s consolidated audited financial statements for the year ended December 31, 2025.

**SCHEDULE "E"**

**Factor's audited annual financial statements**

**for the period ended December 22, 2025 and December 31, 2024**

---

| |
|:---|
| **Advance Factoring Inc.** |
| **Financial Statements** |
| **For the period ended December 22, 2025 and December 31, 2024** |
| **(In Canadian Dollars)** |

---

![](img020_v7.jpg)

**INDEPENDENT AUDITOR'S REPORT**

To the Shareholders of **Advance Factoring Inc., Opinion**

We have audited the financial statements of **Advance Factoring Inc.** (the Company) which comprise the statement of financial position as at December 31, 2025, and the statements of changes in earnings, comprehensive income and cash flows for the years then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 22, 2025, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).

**Emphasis of Matters**

Without qualifying our opinion, we draw attention to Note 3 in the financial statements which indicates the existence of a material uncertainty that may cast significant doubt on the ability of **Advance Factoring Inc.** to continue as a going concern.

**Basis for Opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Financial Statements* section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high-level assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism through the audit. We also:

![](img020_v7.jpg)

**INDEPENDENT AUDITOR'S REPORT (cont'd)**

● Identify and assess the risks of
 material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to these
 risks, and obtain audit evidence that is
 sufficient and appropriate to provide a basis
 for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
 as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

● Obtain an
 understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Company's internal control.

● Evaluate the appropriateness of accounting policies used
 and the reasonableness of accounting estimates and related
 disclosures made by management.

● Conclude on the appropriateness of management's use of the
 going concern basis of accounting and, based
 on the audit evidence obtained, whether a material
 uncertainty exists related to events or conditions that may cast
 significant doubt on the Company's ability
 to continue as a going
 concern. If we conclude that a material
 uncertainty exists, we are required to draw attention
 in our independent auditor's report to the related
 disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
 obtained up to the date of our auditor's report.
 However, future events or conditions may cause the Company to cease to continue as a going concern.

● Evaluate
 the overall presentation, structure, and
 content of the financial statements, including the
 disclosures, and whether the financial statements
 represent the underlying transactions and events in a
 manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

---

| | |
|:---|:---|
| **Richmond Hill, Canada**<br> April 15, 2026 | **Chartered Professional Accountants Licensed Public Accountants** |

---

**Advance Factoring Inc.**

**Statement of Financial Position** 

**As at December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 22,**<br> **2025** | **December 31,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| $**6** | $63279 |
| &nbsp;&nbsp;&nbsp;Finance receivables (Note 5) | **7619162** | 7003238 |
| &nbsp;&nbsp;&nbsp;Marketable securities | **—** | 23137 |
| &nbsp;&nbsp;&nbsp;Interest receivable (Note 5) | **4291664** | 501784 |
| &nbsp;&nbsp;&nbsp;Less: allowance for doubtful accounts (Note 5) | **(4291664)** | (501784) |
| &nbsp;&nbsp;&nbsp;Loan receivable | **—** | 150000 |
|  | $**7619168** | $7239654 |
| &nbsp;&nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $**—** | $14907 |
| &nbsp;&nbsp;&nbsp;Income tax payable | **—** | 33683 |
| &nbsp;&nbsp;&nbsp;Due to related parties (Note 8) | **—** | 5024175 |
| &nbsp;&nbsp;&nbsp;Due to shareholders (Note 8) | **—** | 1642947 |
| &nbsp;&nbsp;&nbsp;Callable preferred shares (Note 6) | **7267527** |  |
|  | **7267527** | 6715712 |
| &nbsp;&nbsp;&nbsp;**Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 6) | **100** | 100 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **351541** | 523842 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **351641** | 523942 |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**7619168** | $7239654 |

---

**Incorporation and nature of business (Note 1)**

**Qualifying transaction (Note 9)**

---

| | |
|:---|:---|
| **Approved by the Board** | **Shimshon Posen** |
|  | &nbsp;&nbsp;&nbsp;**Director (signed)** |

---

*The accompanying notes are an integral part of these audited financial statements.*

**Advance Factoring Inc.**

**Statement of Profit or Loss** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 22,** <br> **2025**  | **December 31,**<br> **2024** |
| &nbsp;&nbsp;&nbsp;**Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;Factoring income | $— | $15784 |
| &nbsp;&nbsp;&nbsp;Interest income | **1970** | 163.213 |
| &nbsp;&nbsp;&nbsp;**Total Revenue** | $**1970** | $178997 |
| &nbsp;&nbsp;&nbsp;Professional fees | $**29049** | 7543 |
| &nbsp;&nbsp;&nbsp;Travel and entertainment | **907** |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **3749** |  |
| &nbsp;&nbsp;&nbsp;Loss on marketable securities | **126280** | 145351 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on foreign exchange | **3103** |  |
| &nbsp;&nbsp;&nbsp;Office expense | **10569** |  |
| &nbsp;&nbsp;&nbsp;Bank fees | **614** | 782 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **(174271)** | $(153.676) |
| &nbsp;&nbsp;&nbsp;**Net income (loss) before other items:** | **(172301)** | 25321 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes |  | (33.682) |
| &nbsp;&nbsp;&nbsp;**Net loss and comprehensive loss** | **(172301)** | $(8361) |
| &nbsp;&nbsp;&nbsp;**Net loss per share (basic and diluted)** | $**(0.00)** | $(0.00) |
| &nbsp;&nbsp;&nbsp;**Weighted average number of shares outstanding (basic and diluted)** | **100000000** | 100000000 |

---

*The accompanying notes are an integral part of these audited financial statements.*

 

**Advance Factoring Inc.** 

**Statement of Changes in Shareholders' Equity**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Shares** | **Share**<br>**Capital** | **Number of Preferred Shares** | **Preferred** <br> **shares**  | **Accumulated** <br> **Surplus**  | **Shareholders' Equity** |
| &nbsp;&nbsp;&nbsp;Balance, January 1, 2024 | 100000000 | $100 |  | $— | $532203 | $532303 |
| &nbsp;&nbsp;&nbsp;Net loss for the year |  |  |  |  | (8361) | (8361) |
| &nbsp;&nbsp;&nbsp;**Balance, December 31, 2024** | **100000000** | $**100** | **-** | $**-** | $**523.842** | $**523942** |
| &nbsp;&nbsp;&nbsp;Shares issued for debt settlement (Note 6) |  |  | 726752667 | 7267527 |  | 7267527 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  | (172301) | (172301) |
| &nbsp;&nbsp;&nbsp;**Balance, December 22, 2025** | **100000000** | $**100** | **726752667** | $**7267527** | $**(351541)** | **7619168** |

---

*The accompanying notes are an integral part of these audited financial statements.*

 

**Advance Factoring Inc.**

**Statement of Changes in Cash Flows** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 22,**<br>**2025** | **December 31,**<br>**2024** |
| &nbsp;&nbsp;&nbsp;**Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | $**(172301)** | $(8361) |
| &nbsp;&nbsp;&nbsp;**Adjustments for non-cash items:** |  |  |
| &nbsp;&nbsp;&nbsp;Fair value change on marketable securities | **23137** | 405386 |
| &nbsp;&nbsp;&nbsp;**Net changes in working capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan receivable | **150000** | (145000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance receivables and loans, gross | **(615924)** | (699897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(14907)** | 7752 |
| &nbsp;&nbsp;&nbsp;Income tax payable | **(33683)** | 33683 |
| &nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(663678)** | (406437) |
| &nbsp;&nbsp;&nbsp;**Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from related party loans | **4451287** | 1689034 |
| &nbsp;&nbsp;&nbsp;Repayment of related party loans | **(2207935)** | (1098781) |
| &nbsp;&nbsp;&nbsp;Proceeds from shareholder loans | **3015312** | 680391 |
| &nbsp;&nbsp;&nbsp;Repayment of shareholder loans | **(4658259)** | (975073) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **600405** | 469609 |
| &nbsp;&nbsp;&nbsp;**Net change in cash** | $**(63273)** | $63172 |
| &nbsp;&nbsp;&nbsp;**Cash, beginning of period** | **63279** | 107 |
| &nbsp;&nbsp;&nbsp;**Cash, ending of period** | $**6** | $63279 |

---

*The accompanying notes are an integral part of these audited financial statements.*

 ****

 **** 

**Advance Factoring Inc.**

**Notes to the Financial Statements** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**1.** **INCORPORATION** **AND NATURE OF BUSINESS** 

Advance Factoring Inc. ("AFI" or the "Company") was incorporated on September 9, 2022, under the Business Corporations Act (Ontario) (the "OBCA"). On June 20, 2023, the Company changed its name from 1000307537 Ontario Inc. to Advance Factoring Inc. The Company is engaged in providing asset-based financing, including factoring and receivables financing. The Company's registered address is 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9.

On April 15, 2026, the Board of Directors approved the audited financial statements for the period ended December 22, 2025 and December 31, 2024.

**2.** **BASIS OF PRESENTATION** 

**Statement of Compliance**

The financial statements have been prepared in accordance with IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and Interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

**Basis of Presentation**

These financial statements are presented in Canadian dollars ("CAD"), which is the Company's functional and presentation currency. The financial statements are prepared on a historical cost basis except for certain financial statements classified as fair value through profit or loss ("FVTPL"), which are stated at their fair value. The accounting policies have been applied consistently throughout the entire period presented in these financial statements. The company is preparing financial statements for the period January 1, 2025 to December 22, 2025 in relation to a qualifying transaction (see note 9), instead of the full fiscal year.

**3.** **GOING CONCERN OF OPERATIONS** 

The Company has incurred losses in the current period and prior periods. For the period ended December 22, 2025, the Company incurred a net loss of $171,301 (2024 - $8,361). Although the company has been successful in securing additional financing in the past, the current market conditions raise material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern.

These financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. Accordingly, no adjustments to the carrying values of the assets and liabilities have been made in these financial statements. Should the Company no longer be able to continue as a going concern, certain assets and liabilities may require restatement on a liquidation basis which may differ materially from the going concern basis. We additionally draw attention to note 9 and the qualifying transaction which outlines the sale of the company to the primary factoring customer, Nuran Wireless Inc.

**Advance Factoring Inc.**

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**4.** **MATERIAL ACCOUNTING POLICY** **INFORMATION** 

**Revenue recognition**

Revenue principally comprises of interest and other fees from the Company's asset-based financial services, including factoring, and is measured at the fair value of the consideration received. Interest charged on finance receivables is recognized as revenue using the effective interest rate method. Other revenue, such as Factoring income, setup fees, commitment fees and service fees, is recognized as revenue when earned.

**Finance** **receivables**

The Company finances its clients principally by providing asset-based loans, including factoring receivables. Finance receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and that the Company does not intend to sell immediately or in the near term. Finance receivables are initially measured at fair value plus incremental direct transaction costs and subsequently measured at amortized cost using the effective interest rate method. The Company's finance receivables are financial assets that are measured at amortized cost as the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest.

**Financial Instruments**

*Recognition*

The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments.

*Classification*

The Company classifies its financial assets and financial liabilities in the following measurement categories: i) those to be measured subsequently at fair value (either through other comprehensive income or through profit or loss, and ii) those to be measured at amortized cost. The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the cash flows.

Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at fair value through profit or loss (irrevocable election at the time of recognition). For assets and liabilities measured at fair value, gains and losses are either recorded in profit or loss or other comprehensive income.

The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified.

The Company has implemented the following classifications:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Cash
 is classified as assets at fair value and any period change in fair value is recorded
 in profit or loss.

**Advance Factoring Inc.**

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**4.** **MATERIAL ACCOUNTING POLICY** **INFORMATION - continued** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) Accounts
 payable and accrued liabilities are classified as other financial liabilities measured
 at amortized cost using the effective interest rate method.

*Measurement*

All financial instruments are required to be measured at fair value on initial recognition, plus, in case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at fair value through profit or loss are expensed in profit or loss.

Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments or principal and interest on the principal outstanding are generally measured at amortized cost at the end of the subsequent accounting periods. All other financial assets including equity investments are measured at their fair values at the end of subsequent accounting periods, with any changes taken through profit and loss or other comprehensive income (irrevocable election at the time of recognition).

Additional fair value measurement disclosure includes classification of financial instrument fair values in a fair value hierarchy comprising three levels reflecting the significance of the inputs used in making the measurements which are as follows:

Level 1: Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities:

Level 2: Valuations based on directly or indirectly observable inputs in active markets for similar assets or liabilities, other than Level 1 prices, such as quoted interest or currency exchange rates; and

Level 3: Valuations based on significant inputs that are not derived from observable market date, such as discounted cash flow methodologies based on internal cash flow forecast.

Cash is a level 1 financial instrument measured at fair value on the statement of financial position.

**Income Taxes**

Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered.

**Advance Factoring Inc.**

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**4.** **MATERIAL ACCOUNTING POLICY INFORMATION - continued** 

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.

**Estimates**

Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Corporation reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made.

The preparation of financial statements in conformity with IFRS accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates used in the financial statements.

**Share capital**

Proceeds from the issuance of common shares are classified as equity in the statement of financial position. Incremental costs directly attributable to the issuance of shares are recognized as a deduction, net of any tax effects.

**Basic and Diluted Loss per share**

Basic loss per share is computed by dividing the net loss applicable to common shares by the weighted average number of common shares outstanding for the relevant period. Diluted loss per share is computed by dividing the net loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding if potentially dilutive instruments were converted. The effects of anti-dilutive potential instruments are ignored in calculating diluted earnings per share.

**5.** **FINANCE RECEIVABLES** 

The Company's finance receivables and loans are generally either: (i) collateralized by a charge on substantially all the borrowers' assets; or (ii) leased assets or factored receivables which the Company owns; or (iii) guaranteed by a credit worthy party. Collateral securing the Company's finance receivables and loans is primarily comprised of receivables, inventory, and equipment, as well as other assets such as real estate and guarantees.

**Advance Factoring Inc.** 

**Notes to the Financial Statements**

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**5.** **FINANCE RECEIVABLES - continued** 

As at December 22, 2025 and December 31, 2024, management has reviewed the factoring receivables for any impairment. Upon their review, there was significant doubt that interest receivable on these factoring receivables would be collectible, resulting in an allowance for the entirety of the interest receivable. Note 7 includes disclosures relating to the credit risk exposure and analysis relating to the allowance for expected credit losses. Both the current and comparative provisions apply the IFRS 9 expected loss model.

**6.** **SHARE CAPITAL** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Authorized - Unlimited common shares**<br>&nbsp;&nbsp;&nbsp;**Issued** | <br>**#** | **$** |
| &nbsp;&nbsp;&nbsp;Balance, December 31, 2024 and December 22, 2025 (i) | 100000000 | 100 |
|  | **100000000** | **100** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 December 16, 2025 the Company completed a share split on the basis of 1,000,000:1 common
 share which resulted in the Company having 100,000,000 common shares issued and outstanding.
 The share split is reflected retrospectively in these financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Authorized** - Unlimited preferred shares <br> **Issued** | **#** | **$** |
| &nbsp;&nbsp;&nbsp;Balance, December 31, 2024 |  |  |
| &nbsp;&nbsp;&nbsp;Preferred shares issued for debt settlement (i) | 726752667 | 7267.527 |
| &nbsp;&nbsp;&nbsp;**Balance, December 22, 2025** | **726752667** | **7267527** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On
 December 19, 2025, the Company issued 726,752,667 preferred shares at a fair value of
 $0.01 per share for the settlement of debt with certain shareholders and related parties.
 These preferred shares are callable at the option of the holder. In accordance with IAS
 32, management assessed the terms of the instrument to contain features that result in
 liability classification in the financial statements. The callable preferred shares are
 treated as equity under corporate law even though they are treated as debt under IFRS.

**7.** **FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES** **Fair Value** 

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.

Fair value measurements of financial instruments are required to be classified using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The levels of the fair value hierarchy are defined as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs for assets or liabilities that are not based on observable market data.

The fair value of accounts payable and accrued liabilities approximates its carrying value due to the short-term maturity. Cash and cash equivalents are measured using level 1 hierarchy.

**Advance Factoring Inc.**

**Notes to the Financial Statements** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**7.** **FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES - continued** **Capital Management** 

The Company's capital consists of Shareholders' Equity. The Company's objective for managing capital is to maintain sufficient capital to identify, evaluate and complete an acquisition or other transaction.

The Company sets the amount of capital in relation to risk and manages the capital structure and adjusts it in light of changes to economic conditions and the risk characteristics of the underlying assets.

The Company's objectives when managing capital are: i. to maintain a flexible capital structure, which optimizes the cost of capital at an acceptable risk; and ii. to maintain investor, creditor and market confidence in order to sustain the future development of the business.

**Credit Risk**

Credit risk is the risk of loss due to the counterparty's inability to meet its obligations. The Company's exposure to credit risk is on its cash and cash equivalents. Risk associated with cash and cash equivalents is managed through the use of major banks which are high credit quality financial institutions as determined by rating agencies.

Factoring receivables consist of one customer. The Company has determined that the although the factoring receivables are collateralized, the interest receivable has credit risk and has taken the appropriate allowance for the period ended December 22, 2025 and December 31, 2024.

**Liquidity Risk**

Liquidity risk is the risk that the Company will encounter difficulties in meeting obligations when they become due. The Company ensures that there is sufficient capital in order to meet short-term operating requirements, after taking into account the Company's holdings of cash and cash equivalents. The Company's accounts payable and accrued liabilities are due within 90 days of December 22, 2025. See Note 1 related to going concern.

**8.** **RELATED PARTY TRANSACTIONS** 

For the period ended December 22, 2025, the following expenses were incurred with key management personnel of the Company. Key management personnel are persons responsible for planning, directing and controlling the activities of the entity, and include certain directors and officers.

● The Company received $3,015,312 (December 31, 2024 - $680,391) in loans from the Company's Chief Executive Officer. The Company repaid $4,658,259 (December 31, 2024 - $801,035) in loans to the Company's Chief Executive Officer.

● The Company received $4,451,287 (December 31, 2024 - $1,689,034) in loans from related parties of the Company, The Company repaid $2,207,935 (December 31, 2024 - $1,098,781) in loans to related parties of the Company.

● The Company issued an aggregate of 7,267,527 preferred shares in settlement of existing related party and shareholder loans. The preferred shares were issued at a fair value of $0.01 per share.

**Advance Factoring Inc.**

**Notes to the Financial Statements** 

**For the period ended December 22, 2025 and December 31, 2024**

(in Canadian Dollars)

**8.** **RELATED** **PARTY TRANSACTIONS - continued** 

As of December 22, 2025, the Company has $nil (December 31, 2024 - $6,667,122) as payables to directors and officers of the Corporation in the ordinary course of business. Amounts due to related parties are without interest, unsecured and without stated terms of repayment

**9.** **QUALIFYING TRANSACTION** 

On December 22, 2025, the Company and Nuran Wireless Inc. ("Nuran") entered into a share purchase agreement for the purpose of completing the purchase of 100% interest in the Company (the "Transaction"). Nuran has agreed to purchase all the outstanding shares of the Company in exchange for units of Nuran, the Company will be a wholly owned subsidiary of Nuran.

**10.** **ACCOUNTING STANDARDS ISSUED BUT NOT YET APPLIED** 

In April 2024, the IASB issued the new standard IFRS Accounting Standards 18 - Presentation and Disclosure in Financial Statements that will replace IAS 1 - Presentation of Financial Statements. The new standard introduces newly defined subtotals on the income statement, requirements for aggregation and disaggregation of information, and disclosure of Management Performance Measures ("MPMs") in the financial statements. The new standard is effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted. The Company is assessing the impacts to the financial statements.

In May 2024, the IASB issued amendments to IFRS Accounting Standards 9 - Financial Instruments and IFRS Accounting Standards 7 - Financial Instruments: Disclosures. The amendments relate to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics of financial assets, including those with Environmental, Social, and Governance ("ESG")-linked features. The IASB also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income ("FVOCI") and added disclosure requirements for financial instruments with contingent features. The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted. The Company is assessing the impacts to the financial statements.

**SCHEDULE "F"**

**Factor's management discussion and analysis**

**for the period ended December 22, 2025 and December 31, 2024**

**Advance Factoring Inc.**

**Management Discussion and Analysis**

**For the period ended December 22, 2025 and December 31, 2024**

April 15, 2026

The following management discussion and analysis ("MD&A") of the results of the operations and financial position of Advance Factoring Inc. (the "Company" or "AFI") for the period ended December 22, 2025 and December 31, 2024, should be read in conjunction with the Company's audited financial statements for period ended December 22, 2025 and December 31, 2024. All figures contained in this MD&A are presented in Canadian dollars.

**Forward-Looking Statements**

Certain statements contained in this MD&A may constitute forward-looking statements. These statements relate to future events or the Company's future performance. All statements, other than statements of historical fact, may be forward-looking statements.

Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "propose", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this MD&A should not be unduly relied upon by investors as actual results may vary. These statements speak only as of the date of this MD&A and are expressly qualified, in their entirety, by this cautionary statement. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various risk factors.

**The Company**

Advance Factoring Inc. ("AFI" or the "Company") was incorporated on September 9, 2022, under the *Business Corporations Act* (Ontario) (the "OBCA"). On June 20, 2023, the Company changed its name from 1000307537 Ontario Inc. to Advance Factoring Inc. The Company is engaged in providing asset-based financing, including factoring and receivables financing. The Company's registered address is 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9.

On September 9, 2022, the Company issued 100 common shares at $0.01.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 2**

On December 16, 2025, the Company completed a share split on the basis of 1,000,000:1 common share which resulted in the Company having 100,000,000 common shares issued and outstanding.

December 19, 2025, the Company issued 726,752,667 preferred shares at a fair value of $100 per share for the settlement of debt with certain shareholders and related parties.

On April 15, 2026, the Board of Directors approved the audited financial statements for the period ended December 22, 2025, and December 31, 2024.

**Selected annual information** 

---

| | | |
|:---|:---|:---|
| | **December 22, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;Total Assets | $7619168 | $7239654 |
| &nbsp;&nbsp;Total Revenues | $1970 | $178997 |
| &nbsp;&nbsp;Total Expenses | ($174271) | ($153676) |
| &nbsp;&nbsp;Net Loss | ($172301) | ($8361) |
| &nbsp;&nbsp;Basic and diluted net loss per share | ($0.00) | ($0.00) |

---

For the period ended December 22, 2025, the Company held total assets of $7,619,168, total liabilities of $7,267,527, representing preferred shares recorded as a financial liability, and incurred a net and comprehensive loss of ($172,301). For the twelve-month period ended December 31, 2024, AFI held total assets of $7,239,654, liabilities of $6,715,712, and a net and comprehensive loss of ($8,361).

**Selected Quarterly information**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**December**<br> **22, 2025** | &nbsp;&nbsp;**September**<br> **30, 2025** | &nbsp;&nbsp;**June 30,**<br> **2025** | &nbsp;&nbsp;**March 31,**<br> **2025** | &nbsp;&nbsp;**December**<br> **31, 2024** | &nbsp;&nbsp;**September**<br> **30, 2024** | &nbsp;&nbsp;**June 30,**<br> **2024** | &nbsp;&nbsp;**March 31,**<br> **2024** |
| &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;$7619168 | &nbsp;&nbsp;$7761641 | &nbsp;&nbsp;$8996971 | &nbsp;&nbsp;$7961805 | &nbsp;&nbsp;$7239654 | &nbsp;&nbsp;$6280056 | &nbsp;&nbsp;$6524068 | &nbsp;&nbsp;$6371748 |
| &nbsp;&nbsp;Total Revenues | &nbsp;&nbsp;7 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;$1962 | &nbsp;&nbsp;$177497 | &nbsp;&nbsp;$1500 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| &nbsp;&nbsp;Total<br> Expenses | &nbsp;&nbsp;$161629 | &nbsp;&nbsp;$113415 | &nbsp;&nbsp;($100836) | &nbsp;&nbsp;$62 | &nbsp;&nbsp;$184632 | &nbsp;&nbsp;$62 | &nbsp;&nbsp;$2349 | &nbsp;&nbsp;$315 |
| &nbsp;&nbsp;Net Loss | &nbsp;&nbsp;($161622) | &nbsp;&nbsp;($113415) | &nbsp;&nbsp;$100836 | &nbsp;&nbsp;$1900 | &nbsp;&nbsp;($7135) | &nbsp;&nbsp;$1438 | &nbsp;&nbsp;($2349) | &nbsp;&nbsp;($315) |
| &nbsp;&nbsp;Basic and diluted net loss<br> per share | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;($0.00) | &nbsp;&nbsp;($0.00) |

---

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 3**

**Results of Operations**

*<u>Period ended December 22, 2025</u>*

The Company recorded a net loss of $161,622 (December 31, 2024 - $7,135) during the quarter ended December 22, 2025, the increase in net loss period over period is a result of the loss on sale of marketable securities as well as the year-over-year decrease in factoring and interest income.

During the year ended December 31, 2024 and the period ended December 22, 2025, the Company received arrangement fee shares and recourse conversion units from NuRAN Wireless Inc. (the "Seller") pursuant to the Factoring Agreement. During the year ended December 31, 2024, the Seller issued 1,900,000 common shares as arrangement fees and 11,729,452 conversion units (comprising common shares and warrants) as recourse payments under the Factoring Agreement. The common shares received as arrangement fees were recorded at their fair value on the date of receipt of $209,000, being the number of shares multiplied by $0.11, the closing price of the Seller's shares on the date of receipt. The conversion units received as recourse payments were recorded at fair value on the date of receipt was $1,588,262.23, being the fair value of $1,518,206 the common shares (number of shares x closing price on date of receipt) plus the fair value of the warrants of $70,056.23 which is the Black Scholes value of the warrants on the date of issuance . During the period ended December 22, 2025, the Company received 16,500,000 conversion units as recourse payments. The conversion units received were recorded at fair value on the date of receipt of $1,053,160.43, being the fair value of $1,009,936.26 for the common shares component (number of shares x closing price on date of receipt) plus the fair value of the warrants component of $43,224.17 which is the Black Scholes value of the warrants on the date of issuance.

**Liquidity and Capital Resources**

As at December 22, 2025, the Company had cash of $6 (December 31, 2024 - $63,279), finance receivables of $7,619,162 (December 31, 2024 - $7,003,238), marketable securities of $nil (December 31, 2024 - $23,137), loan receivable of $nil (December 31, 2024 - $150,000) and had total liabilities of $7,267,527 (December 31, 2024 - $6,715,712), represented by 726,752,667 Preferred Shares recorded as a financial liability at a redemption amount of $0.01 per share, (December 31, 2024 - $6,715,712) and working capital of $351,641 (December 31, 2024 -$523,942).

Negative cash flows of $663,678 (December 31 ,2024 - $406,437) were recorded from operating activities during the period ended December 22, 2025.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 4**

**Outstanding Share Data**

As at December 22, 2025 and as of the date of this MD&A, the Company has 100,000,000 common shares is issued and outstanding and 726,752,667 of issued preferred shares.

**Preferred Shares**

The Preferred Shares have the following key terms: (i) 726,752,667 Preferred Shares were issued on December 19, 2025 at a fair value of $0.01 per share for aggregate consideration of $7,267,527; (ii) the Preferred Shares are redeemable and retractable at a redemption amount of $0.01 per share; (iii) the Preferred Shares are callable at the option of the holder; (iv) the Preferred Shares are recorded as a financial liability in the Company's financial statements, as they contain a holder-controlled redemption feature; (v) the Preferred Shares rank in priority to the common shares with respect to dividends and distributions on liquidation; (vi) the Preferred Shares carry non-cumulative dividends declared at the discretion of the board of directors; and (vii) upon an event of default in redemption, holders become entitled to vote at shareholder meetings.

**Off-Balance Sheet Arrangements**

The Company has not had any off-balance sheet arrangements from the date of its incorporation to the date of this MD&A.

**Related Party Transactions**

For the period ended December 22, 2025, the following expenses were incurred with key management personnel of the Company. Key management personnel are persons responsible for planning, directing and controlling the activities of the entity, and include certain directors and officers.

● The Company received $3,015,312 (December 31, 2024 - $680,391) in loans from entities beneficially owned or controlled by Shimshon Posen, Chief Executive Officer and director of the Company. The Company repaid $4,658,259 (December 31, 2024 - $801,035) in loans to entities beneficially owned or controlled by Shimshon Posen, Chief Executive Officer and director of the Company.

● The Company received $4,451,287 (December 31, 2024 - $1,689,034) in loans from entities beneficially owned or controlled by Shimshon Posen. The Company repaid $2,207,935 (December 31, 2024 - $1,098,781) in loans to entities beneficially owned or controlled by Shimshon Posen.

● The Company issued an aggregate of 726,752,667 preferred shares in settlement of existing related party and shareholder loans. The preferred shares were issued at a fair value of $0.01 per share. The preferred shares have been recorded as a financial liability in the amount of $7,267,527 (726,752,667 x $0.01 per share). The key terms of the Preferred Shares are described under "Preferred Shares" above.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 5**

As of December 22, 2025, the Company has $nil (December 31, 2024 - $6,667,122) as payables to directors and officers of the Corporation in the ordinary course of business. Amounts due to related parties are without interest, unsecured and without stated terms of repayment.

**Qualifying transaction**

On December 22, 2025, the Company and Nuran Wireless Inc. ("Nuran") entered into a share purchase agreement for the purpose of completing the purchase of 100% interest in the Company (the "Transaction"). Nuran has agreed to purchase all the outstanding shares of the Company in exchange for units of Nuran, the Company will be a wholly owned subsidiary of Nuran.

**Capital Management**

The Company's objective when managing capital is to maintain its ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders. The Company includes equity, comprised of share capital and accumulated deficit, in the definition of capital.

The Company's primary objective with respect to its capital management is to ensure that it has sufficient cash resources to fund the identification and evaluation of potential acquisitions. To secure the additional capital necessary to pursue these plans, the Company may attempt to raise additional funds through the issuance of equity or by securing strategic partners.

**Risks and Uncertainties**

The following describes certain risks, events and uncertainties that could affect the Company, and that each reader should carefully consider.

External financing may be required to fund the Company's activities primarily through the issuance of Shares. There can be no assurance that the Company will be able to obtain adequate financing. The securities of the Company should be considered a highly speculative investment.

The Company has not generated significant revenues and does not expect to generate significant revenues in the near future. In the event that the Company generates significant revenues in the future, the Company intends to retain its earnings in order to finance further growth. Furthermore, the Company has not paid any dividends in the past and does not expect to pay any dividends in the foreseeable future.

**Advance Factoring Inc.** <br> **Management Discussion and Analysis** <br> **Page 6**

**Risk Disclosures and Fair Values**

The Company's financial instruments, carried at amortized cost, consists of accrued liabilities which approximate fair value due to the relatively short-term maturity of the instrument. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from this financial instrument.

**Critical Accounting Estimates**

The Company's significant accounting policies are summarized in Note 2 of the audited financial statements for period ended December 22, 2025 and December 31, 2024.

## Exhibit 99.96

**Exhibit 99.96**

**NURAN WIRELESS INC.**

**COMPENSATION RECOVERY POLICY**

The following is the policy of Nuran Wireless Inc. (the "Company") regarding the recovery of incentive compensation erroneously awarded (the "Policy") to Covered Persons as a result of erroneous financial measures that are restated. This policy is intended to comply with Rule 5608 of the Nasdaq Marketplace Rules ("Rule 5608") and Securities and Exchange Commission ("SEC") Rule 10D-1. All capitalized terms used and not otherwise defined herein shall have the meaning set forth in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **The Policy** 

It is the policy of the Company that if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, the Company will recover reasonably promptly from each Covered Person all Erroneously Awarded Compensation the Covered Person received during the Applicable Recovery Period due to the error in calculating Financial Reporting Measures that resulted in the restatement.

This Policy will apply to all Incentive-Based Compensation received by a person (a) after the person begins service as an Executive Officer or otherwise is designated by the Committee as a Covered Person (b) who served as an Executive Officer, or otherwise was a Covered Person, during the performance period for that Incentive-Based Compensation, (c) while the Company has a class of securities listed on the Nasdaq Stock Market LLC ("Nasdaq") or any other national securities exchange or a national securities association, and (d) during the Applicable Recovery Period.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Defined Terms** 

When used in, or with regard to, this Policy, the following terms will have the meanings given to them in Rule 5608 (with all references to the issuer being to the Company):

Executive Officer Incentive-Based Compensation

Financial Reporting Measures Received

In addition, when used in, or with regard to, this Policy, the following terms will have the following meanings:

*"Applicable Recovery Period"* means, with respect to a Material Restatement, the three completed fiscal years immediately preceding the Restatement Date of that Material Restatement (including as a fiscal year any transition period between the last day of the Company's previous fiscal year end and the first day of its new fiscal year that comprises a period of between nine and twelve months due to the Company's changing its fiscal year within or immediately following the aforementioned three completed fiscal years). The Company's obligation to recover Erroneously Awarded Compensation will not be dependent on if or when the restated financial statements are filed.

*"Committee"* means the Compensation Committee of the Company's Board of Directors, or if there is no Compensation Committee, a majority of the independent members of the Board of Directors.

*"Covered Person"* means an executive officer of the Company and any other person designated by the Committee to be a Covered Person during a specified period.

*"Erroneously Awarded Compensation"* means, with respect to a Material Restatement, the amount of Incentive-Based Compensation Received by a Covered Person during the Applicable Recovery Period in excess of the amount that would have been received by that Covered Person if the Incentive-Based Compensation had been determined based on the restated amounts determined following the Material Restatement, computed without respect to any taxes paid (i.e. without consideration of any withholding or other taxes paid when the Incentive-Based Compensation was awarded or issued). If the Incentive-Based Compensation is based on stock price or total shareholder return and the Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an accounting restatement, it will be based on a reasonable estimate of the effect of the Material Restatement on the stock price or total shareholder return on which the Incentive-Based Compensation was received.

*"Material Restatement"* means an accounting restatement of previously issued financial statements of the Company due to the Company's material noncompliance with a financial requirement under the securities laws.

*"Restatement Date"* means, with respect to a Material Restatement, the earlier of (i) the date the Company's Board of Directors, a Committee of the Company's Board of Directors, or the officer or officers of the Company authorized to take such action if action by the Board of Directors is not required, concludes, or reasonably should have concluded, that the Company is required to prepare the Material Restatement, or (ii) the date a court, regulator or other legally authorized body, directs the Company to prepare the Material Restatement.

&nbsp;&nbsp;&nbsp;&nbsp;3. Exception
 to Policy

The Company may elect not to seek to recover Erroneously Awarded Compensation from a Covered Person if the Committee determines that recovery would be impractical and one or more of the following conditions is met: (i) the direct expense paid to a third party for assistance in enforcing this Policy would exceed the amount to be recovered, and the Company has made a reasonable attempt to recover the Erroneously Awarded Compensation, documented such reasonable attempt to recover, and provided that documentation to Nasdaq (ii) recovery would cause the Company to violate home country law where that law was adopted prior to November 28, 2022, and the Company obtains, and provides to Nasdaq, an opinion of home country counsel acceptable to Nasdaq that recovery would result in a violation of home country law, or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 40l(a)(l3) or 26 U.S.C. 411(a) and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;4. No
 Indemnification

The Company is prohibited from indemnifying any Covered Person or former Covered Person against the loss of Erroneously Awarded Compensation. No Covered Person will be entitled to indemnification from the Company or any of its subsidiaries for any costs of defending against a claim by the Company for Erroneously Received Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;5. Enforcement
 of Policy

The Committee will determine the steps the Company should take to recover Erroneously Awarded Compensation, provided that the Committee will not determine not to proceed against a Covered Person who received Erroneously Paid Compensation, unless it has received written advice from counsel to the effect that it is more likely than not that if the Company attempts to recover Erroneously Awarded Compensation, the effort will not result in a material net recovery by the Company (whether because of doubts regarding the Company's right to recover the Erroneously Awarded Compensation or because of doubts about the Covered Person's financial ability to return the Erroneously Awarded Compensation).

No Covered Person will be entitled to indemnification from the Company or any of its subsidiaries for any costs of defending against a claim by the Company for Erroneously Received Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;6. Rights
 against Covered Persons

Every employee of the Company or any of its subsidiaries who is, or becomes, a Covered Person, will be deemed by accepting Incentive-Based Compensation to agree that that Incentive-Based Compensation is received, and will be held by the Covered Person, subject to this Policy, and that this Policy may be enforced to recover Erroneously Awarded Compensation from the Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;7. Administration
 and Interpretation

The Committee will be responsible for all decisions regarding the application and interpretation of this Policy. However, in interpreting this Policy, the Committee will do so in a manner that is, to the fullest extent practicable, consistent with SEC Rule 10D-1 and Rule 5608 of the Nasdaq Marketplace Rules.

&nbsp;&nbsp;&nbsp;&nbsp;8. Maintaining
 Records

The Company will be responsible for maintaining documentation of the determination of the reasonable estimate as detailed under the definition of "Erroneously Awarded Compensation" and provide such documentation to Nasdaq.

The Company will also be responsible for filing all disclosures with respect to such recovery policy in accordance with the requirements of the Federal securities laws, including the disclosure required by the applicable SEC filings.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review

The Compensation Committee shall be responsible for administering this Policy. The Compensation Committee shall review this Policy periodically and recommend appropriate changes to the Board of Directors of the Company.

Approved by the Board of Directors on June 10, 2026

## Exhibit 99.97

**Exhibit 99.97**

![](img001_v9.jpg)

**To the United States Securities and Exchange Commission**

We hereby consent to the incorporation by reference to the Registration Statement on Form 40-F of NuRan Wireless Inc. (the "Company") of our report dated April 30, 2025, with respect to the consolidated statement of financial position of the Company as at December 31, 2024, and the consolidated statements of net loss and comprehensive loss, changes in shareholders' equity (deficiency) and cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.

---

| | |
|:---|:---|
|  | ![](img002_v9.jpg) |
| Toronto, Canada | Chartered Professional Accountants |
| June 18, 2026 | Licensed Public Accountants |

---

---

| | | | |
|:---|:---|:---|:---|
| 201 Bridgeland Avenue \| Toronto <br> Ontario \| M6A 1Y7 \| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; zeifmans.ca <br> T: 416.256.4000  | Zeifmans LLP is a member of Nexia International, a <br> worldwide network of independent accounting<br> and consulting firms.  | ![](img003_v9.jpg) |

---

## Exhibit 99.98

**Exhibit 99.98**

![](img001_v8.jpg)

**ND LLP CPAs**

120 East Beaver Creek Rd, Suite 200

Richmond Hill, ON

L4B 4V1

June 18, 2026

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form 40-F of Nuran Wireless Inc. of our report dated April 15, 2026, relating to the consolidated financial statements of Advance Factoring Inc., which appears in Exhibits 99.94 and 99.95 incorporated by reference in this Registration Statement on Form 40-F.

![](img002_v8.jpg)

ND LLP Chartered Professional Accountants

## Exhibit 99.99

**Exhibit 99.99**

![](img004_v9.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the use of our report dated May 31, 2026, on the consolidated financial statements of NuRAN Wireless Inc. and its subsidiaries (the Company) comprising the consolidated statements of financial position as of December 31, 2025, and 2024, and the related consolidated statements of net loss and comprehensive loss, changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2025 and related notes which is incorporated by reference in this Registration Statement on Form 40-F.

We also consent to the reference to our Firm under the caption "Experts" in the Registration Statement.

*/s/ SRCO Professional Corporation*

CHARTERED PROFESSIONAL ACCOUNTANTS

Authorized to practice public accounting by the

Chartered Professional Accountants of Ontario

Richmond Hill, Ontario, Canada

June 18, 2026