Sixth Wave Innovations Inc. and Magnus Mineral Resources (PVT) Ltd. announced the signing of a MOU which provides for ongoing test work using SIXW's patented IXOS® molecular imprinted polymer for extraction and purification of gold and silver at the Penhalonga Gold Project Mine. A comprehensive test program will be designed to include the feasibility studies already conducted at the Penhalonga Gold Property. The goal of the test work is validation of IXOS®-Au superior performance attributes in direct comparison to activated carbon as evidenced by Sixth Wave's multiple successful laboratory and field tests with varying ore types.

Attributes include: Operational: Higher gold capture; Lower to no attrition or lost Au from attrition; Better kinetics; High capacity and purity result in a smaller plant; Less complicated circuit with fewer parts. Environmental: Simple low-temperature elution; No thermal regeneration; Lower water usage; Recyclable elution chemicals; Lower CO2 emissions; No toxic airborne emissions. Upon agreement by both parties that test work has produced satisfactory and positive results, Sixth Wave and Magnus will enter into a definitive agreement under which Magnus will build an IXOS®-Au adsorption, desorption, and recovery (ADR) plant.

The overall mining plan has a production target of 20tph of ore. Not including the pretreatment plant, the mill and IXOS-in-pulp ARD plant's current USD 60 Million budget. A cooperative project management plan is being developed.

In turn, Sixth Wave will name Magnus as the exclusive distributor for IXOS®-Au in Africa and the countries that comprise the Gulf Cooperation Council (GCC). The proposed scope of work is as follows: Phase 1: Magnus will provide SIXW a minimum of 10kg of ore samples representing the three dominant ore bodies at the mine site for evaluation at SIXW's laboratory in Salt Lake City, Utah. SIXW will perform a series of extraction and adsorption tests on the samples to determine gold recovery and match data with historic gold recovery from the mine site.

SIXW will perform adsorption tests using IXOS®-Au and activated carbon to ensure superior performance of IXOS®-Au resin. SIXW will document test results that focus on process and performance metrics, revenue (CAPEX/OPEX) enhancement, and environmental (ESG) benefits of utilizing IXOS®-Au along with a proposed pathway to implementation. Phase 2: Conduct a site visit at the mine to evaluate existing infrastructure and provide necessary data for the implementation proposal.

Implementation will require Magnus to raise additional capital. SIXW will provide subject matter expertise and engineering support to Magnus as needed at standard billing rates.