Chairman’s Year-End Update

TORONTO, ON / ACCESSWIRE / December 19, 2023 / GreenBank Capital (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank" or the "Company") is pleased to give its shareholders a year- end review and update on its operations during 2023.

Current Status

2023 has been very challenging for the markets overall, and GreenBank is no exception with a significant reduction in its market cap. Below is a graph comparing Greenbank's share performance to the CSE composite index, which indicates the extent to which our share price has more or less correlated with the market generally over the past 2 years. The CSE index is down 73.66% and GBC 93.22% over the 28-month period from September 2021 until 17^th December 2023. It is important to understand this when looking at the overall performance of Greenbank's shares.

Foto: Accesswire

Figure 1: comparison of the CSECOMP index and GBC share performance from September 2021 to 17 December 2023

Despite the poor share price performance, some of Greenbank's underlying assets have been making progress during this period. Beelivery has been one of the few, if not the only, company amongst its peers in the UK, to make a profit. Codikoat has made significant progress and raised further funds at almost twice the original valuation at which GreenBank invested. Flex Capital (Kiind) is expected to be ready to launch its debut product during 2024. Staminier is in a midst of a corporate restructuring, and we are expecting to see the result of that work in the coming year. Ubique Minerals, although having suffered significant setbacks in its ambitions in Namibia in relation to the acquisition of an operating mine, has kept a steady progress at its Daniels Harbour project and is working at progressing its Namibian investee company Resource Five Hundred. The Company expects steady news flow from Ubique during the next 12 months.

In late August I took over as CEO and Chairman from Terry Pullen following a revisiting of the overall company strategy. Since then, we have acquired the Suni Iron Project in Ontario, and we are actively working toward the funding of the next stages of that and considering how that will be structured within the group of GreenBank investments. The Company expects to look at various ways to monetise its investment in the project and we are currently in discussion with the management team and potential funders with a view to taking this exciting project forward.