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Friday, 03/27/2020 10:11:42 AM

Friday, March 27, 2020 10:11:42 AM

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MICROMEM TECHNOLOGIES INC.
MANAGEMENT’S DISCUSSION AND ANALYSIS
FOR THE THREE MONTHS ENDED JANUARY 31, 2020
PREPARED AS OF MARCH 26, 2020


3. PROJECT UPDATES:
Since the resignation of Mr. Van Fleet in August 2018, the Company has worked diligently to
establish an improved dialogue with its active strategic partners. Its management has engaged
with Chevron and Repsol as well as with its engineering and design subcontractors. It has forged
a new business relationship with Romgaz, based in Romania and has engaged with additional
engineering manufacturing and marketing resources to provide it with specialized expertise. The
Company’s CEO and CFO, under the guidance of its active board members, have assumed these
responsibilities.
Update of Product Development Activity at January 31, 2020
The current status of our active development projects is as reported below:

(a) Chevron:
We have maintained a dialogue with Chevron personnel throughout the quarter and had an
in person meeting in their Houston offices in mid-February. Our most recent
communication was via phone call on March 20th. Chevron continues to test samples from
the trials conducted in 2019. They are pursuing certain enhanced oil recovery projects
outside of North America. Despite the downturn in the energy sector in 2020, we continue
to anticipate positive developments with respect to commercialization of the ARTRA
technology with Chevron as they have advised on their intent to commercialize. Give the
current environment, the timing for such commercialization may be delayed.

(b) Romgaz:
We continue our regular weekly dialogue with Romgaz. They are moving ahead with the
issuance of a series of purchase orders as described in our MD&A report issued on
February 24, 2020 which related to our fiscal year end at October 31, 2019.

(c) Repsol S.A.:
There has been no change in the status of our dealings with Repsol from our MD&A report
filed on February 24, 2020 relating to the fiscal year ending October 31, 2019. We intend to
proceed with this project in 2020.

(d) Other:
In January – February 2020, we engaged in discussions with two large companies, each
engaged in the oil well tracer services business. Each have expressed interest in the ARTRA
13
technology and in the work that we have completed with Chevron and are pursuing with
Romgaz.

(e) We continue our discussions with Entanglement Technologies Inc. (“Entanglement”) with
respect to their participation in our go forward activity with Chevron, Romgaz and other
potential opportunities. Entanglement has developed the ARTRA technology to date
working with Micromem.
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