Northstar Signs Letter of Intent for Long-Term Lease for Planned Facility in Hamilton, Ontario

Rhea-AI Summary

Northstar Clean Technologies (TSXV: ROOF) has signed a non-binding letter of intent with Great Lakes Port Management for a long-term lease in Hamilton, Ontario. The lease, spanning 15 years with three 5-year extension options, includes a suitable operating building and a 4-acre site for the planned Empower Hamilton Facility. The facility aims to divert 40,000 to 80,000 tonnes of asphalt shingle waste annually from southern Ontario's landfills. The location was chosen for its strong partnership with HOPA, proximity to major industry partners, and access to significant feedstock supply from Hamilton's population of 785,000 and the Greater Toronto Area's 7+ million residents.

Positive

• Secured 15-year lease agreement with three 5-year extension options
• Strategic location with access to ports and rail infrastructure
• Large potential market with access to over 7 million people in GTA
• Capacity to process 40,000-80,000 tonnes of shingle waste annually

Negative

• Letter of intent is non-binding
• Permitting and government grant applications won't start until early 2025
• No finalized feedstock and off-take agreements yet

VANCOUVER, BC and CALGARY, AB, Dec. 2, 2024 /PRNewswire/ - Northstar Clean Technologies Inc. (TSXV: ROOF) (OTCQB: ROOOF) ("Northstar" or the "Company") is pleased to announce that it has signed a non-binding letter of intent (the "LOI") with Great Lakes Port Management Inc. ("GLPM"), a subsidiary of the Hamilton-Oshawa Port Authority ("HOPA"), for a long-term lease for an industrial zoned property located in Hamilton, Ontario (the "Property") as the site for the Company's planned facility in southwestern Ontario (the "Empower Hamilton Facility").

The LOI is for an initial term of 15 years, with three extension options of five years each. Commercial terms are based on GLPM providing a suitable operating building for Northstar in addition to a 4-acre site.

Mr. Aidan Mills, President & CEO and Director of Northstar, stated, "We are excited to make our first public announcement regarding our expansion into Ontario. The future site of the Empower Hamilton Facility, with our long-term landlord, HOPA, is an ideal location for our first commercial facility in Ontario and we look forward to making a meaningful difference to southern Ontario's landfills by diverting between 40,000 to 80,000 tonnes of asphalt shingle waste every year. It has been a true pleasure collaborating with HOPA to secure this site, and we look forward to establishing a long-term partnership that brings mutual benefits for many years to come."

"HOPA is proud to be enabling this circular economy innovation in Southern Ontario's housing and construction sector," said Ian Hamilton, President & CEO, HOPA Ports. "This new facility will be located on repurposed industrial lands, supported by HOPA's extensive multimodal transportation assets."

Mr. Mills added, "While our primary focus remains on completing construction at the Empower Calgary Facility, we are happy to have completed our business development initiatives in southern Ontario. Having a location secured allows us to now commence permitting and government grant applications in early 2025, and to enter into advanced negotiations for feedstock and off-take agreements for the future Empower Hamilton Facility."

The Company selected the HOPA site in Hamilton, ON for the following reasons:

• Strong partner (HOPA) with a significant development track record of supporting innovative investment opportunities
• Close proximity to major industry partners
• Favourable industrial land option with easy access to the ports and rail through Hamilton Container Terminals ("HCT")
• Significant feedstock supply from Hamilton (est. pop. 785,000^([1])) and greater than 7 million in the Greater Toronto Area ("GTA")^([2]), which is Canada's largest metropolitan area by population and the 7^th largest metropolitan area in North America ⁽³⁾

Investor Webinar
The Company will host a virtual investor webcast to discuss its third quarter 2024 results and to provide a business update to the investment community later today, Monday, December 2, 2024 at 14:00 PDT / 17:00 EDT. Details are provided below.

Topic: Northstar Clean Technologies Third Quarter Financial Results Webcast
Date: Monday, December 2, 2024
Time: 14:00 PDT / 17:00 EDT
Registration: https://us06web.zoom.us/webinar/register/9317315268247/WN_htnUetiTQGeulGFcjrV9mg

Approximately two hours after the Q&A session has ended, an archived version of the webcast will be available via the webcast URL above.

About the Hamilton-Oshawa Port Authority
As an integrated port network, the Hamilton-Oshawa Port Authority (HOPA) Ports offers innovative port and marine assets in Hamilton, Niagara and Oshawa, Ontario, Canada. We're developing multimodal spaces to support industries and facilitate trade. By investing in infrastructure and prioritizing sustainability, we're building prosperous working waterfronts in Ontario communities.

For more information on HOPA, please visit https://www.hopaports.ca/.

_______________________________

1 According to the 2021 Census. Based on the Hamilton census metropolitan area, which includes Burlington and Grimsby, Ontario. Source: https://www.hamilton.ca/city-council/data-maps/hamilton-census-data-maps

2 According to the 2023 Census. The Greater Toronto Area includes the City of Toronto and the surrounding regional municipalities of Peel, York, Durham and Halton. The Toronto Census Metropolitan area recorded a population of 6.2 million in the 2021 census. Source: Statistics Canada and municipal data.

About Northstar
Northstar Clean Technologies Inc. is a Canadian clean technology company focused on the sustainable recovery and reprocessing of asphalt shingles. Northstar has developed a proprietary design process for taking discarded asphalt shingles, otherwise destined for already over-crowded landfills, and extracting the liquid asphalt for use in new hot mix asphalt, shingle manufacturing and asphalt flat roof systems, and aggregate and fiber for use in construction products and other industrial applications. Focused on the circular economy, Northstar plans to reprocess used or defective asphalt shingle waste back into its three primary components for reuse/resale at its first commercial scale up facility in Calgary, Alberta. As an emerging innovator in sustainable processing, Northstar's mission is to be the leader in the recovery and reprocessing of asphalt shingles in North America, extracting the recovered components from asphalt shingles that would otherwise be sent to landfill.

For further information about Northstar, please visit www.northstarcleantech.com.

On Behalf of the Board of Directors,
Aidan Mills
President & CEO, Director

Cautionary Statement on Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which forward‐looking information reflects the Company's current expectations regarding future events. Forward-looking statements are often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking statements in this press release include statements concerning: (i) the anticipated execution of a definitive lease agreement with HOPA; (ii) the anticipated development and building of the Empower Hamilton Facility and, in connection therewith, its estimated capability of diverting 40,000  to 80,000 tonnes of asphalt shingles per year away from Hamilton area landfills; and (iii) Northstar's ability to become a leader in the recovery and reprocessing of asphalt shingles in North America. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including: risks related to factors beyond the control of the Company; inability of the Company to execute on its business plans; the Company may require additional financing which may not be obtainable or on favourable terms; economic uncertainty; and the risks and uncertainties which are more fully described under the heading "Risk Factors" in the Company's annual and quarterly management's discussion and analysis and other filings with the Canadian securities regulatory authorities under the Company's profile on SEDAR+. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company does not undertake any obligation to update such forward‐looking information whether because of new information, future events or otherwise, except as expressly required by applicable law.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended and such changes could be material. The Company does not intend, and do not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.

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SOURCE Northstar Clean Technologies Inc.

FAQ

What is the lease term for Northstar's (ROOOF) new Hamilton facility?

The lease term is 15 years with three extension options of 5 years each, totaling a potential 30-year term.

How much asphalt shingle waste will Northstar's (ROOOF) Hamilton facility process annually?

The Empower Hamilton Facility is expected to divert between 40,000 to 80,000 tonnes of asphalt shingle waste annually.

When will Northstar (ROOOF) begin permitting for the Hamilton facility?

Northstar plans to commence permitting and government grant applications in early 2025.

Where will Northstar's (ROOOF) new facility be located?

The facility will be located on a 4-acre industrial zoned property in Hamilton, Ontario, managed by the Hamilton-Oshawa Port Authority.