Update Concerning Investee Company Staminier Ltd. Private Placement, Debt Conversion, and Resignation of Officer - Seite 3

Suni Iron Project

The company is please to announce that the previously announced on 17^th October 2023 purchase of the Suni Iron project has been completed.

Resignation of CFO

The Company announces that Miles Nagamatsu has resigned from his position as Chief Financial Officer (CFO). We extend our sincere gratitude to Mr. Nagamatsu for his dedicated service to the Company over a number of years and are pleased that he will remain associated with the Company as a consultant.

During the interim period, Pete Wanner, a Director and the Chairman of the Audit Committee, will fulfill the responsibilities of CFO. Mr. Wanner brings over 25 years of expertise to this role, ensuring robust oversight of our financial reporting, audit processes, internal controls, and regulatory compliance.

The search for a new permanent CFO is underway, and we are committed to a smooth transition to sustain the integrity of our financial operations.

Vilhjalmur Thor Vilhjalmsson CEO and Chairman of the Company commented "Our strategic moves, including the private placement and the restructuring of our debt, mark a pivotal step towards fortifying GreenBank's financial foundation. Staminier's return of The Substantia Group to its original stewardship allows us to realign with our core investment strategies, ensuring long-term growth and shareholder value. We acknowledge Miles Nagamatsu's significant contributions as CFO and wish him all the best in new endeavors."

About GreenBank

GreenBank is a business-transformation firm, which aims to nurture early stage and growth companies to their full potential. Through modern approaches to the provisions of consultancy services, GreenBank takes a stake in companies it hopes to nurture and gives the opportunity to the founders and executives of those companies to benefit from the years of collective experience of the GreenBank management team.

The team is based in London, Reykjavík and Toronto and works diligently across borders with the aim of ensuring that businesses in the GreenBank portfolio reach their core objectives. The businesses the Company typically works with are start-ups or early-stage and include mining and mineral exploration companies. From this emergent state, Greenbank aims to quickly implement strong business practices by, where possible and required, deploying operations, communications, data strategy and financial expertise.