NuRAN Provides Corporate Update

• DFI loan expected in Q3 2023.
• Outlook for 2024 and 2025 estimates over 2,500 towers, revenue over US$50 million and EBITDA US$25 million
• Negotiating non-dilutive financing options at the NuRAN Africa level
• Management salary reductions and other initiatives to preserve cash for tower deployment.

QUEBEC, QC / ACCESSWIRE / July 25, 2023 / 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 the following corporate update on operations:

DFI Status.

The Company is continuing to advance on signing and closing its previously announced definitive loan agreements with both developmental finance institutions ("DFIs") and is in the process of completing the due diligence review by the lenders of all suppliers. This process includes completion of the review of one of the key suppliers in the Democratic Republic of the Congo ("DRC") that recently completed a change of control transaction and final review of all authorizations and licenses required to operate DRC and Cameroon. Due to the holiday schedule in Europe during the month of August, the Company anticipates that the due diligence of the supplier, confirmation of licencing and final approval of the definitive loan agreement will occur in September.

2024 and 2025 Outlook.

Subject to closing the DFI loans, the Company is providing the following guidance for 2024 and 2025 based on internal forecasting:

• Expecting a minimum of 1,500 towers to be live in 2024 and 2,500 towers to be live by the end of 2025.
• Expected consolidated gross revenue of approximately US$20 million for 2024 and approximately US$50 million for 2025.
• The Company expects to achieve positive EBITDA¹ as early as Q2 2024.
• The Company expects to achieve EBITDA of US$6 million for 2024 and US$25 million for 2025.

¹Earnings before interest, taxes, depreciation, and amortization ("EBITDA") does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company's operating performance and therefore highlight trends in Company's core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.