Micromem Technologies Inc. (MMTIF)

[seek the light]

What's new in this Update:

1] They [Chevron] are pursuing certain enhanced oil recovery projects
outside of North America.

2] Chevron continues to test samples from
the trials conducted in 2019. They are pursuing certain enhanced oil recovery projects
outside of North America.

3] 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.

4] 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

5] 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 technology and in the work that we have completed with Chevron and are pursuing with
Romgaz.

MY Opinnion....Positive report; so buy shares while they are depressed in price and selling at a fraction of the next 12 months cash flow per share.