Dear Shareholders.

While the Company management team is working on delivering its 2023 plan

• Burnrate (BR) level
  • one of the major impact on the BR is the financing fees. Since the Company will be raising capital to deliver its 5Y plan, the quarterly expense are high. Management has taken measures to reduce those fees. The impact of those measures will take place in Q3
  • Regarding the payroll:
    • Q1 attrition has decreased the the level of payroll by 16.3%.
    • NuRAN operates in the telecom space but also develops products and services so you need experts to fulfil those roles as attracting talents is extremely complicated especially in Canada. Cutting staff would result in an important weakness position.
    • the 49 employees of NuRAN perform the following:
      • R&D
      • Production
      • Project management
      • Admin and finance
      • telecom service management
      • NOC management
      • Installation, maintenance and support
      • ESG management
    • The HR is our main and most important resource to deliver this business model. The number might grow in line with the rollout and number of countries in operation.
    • The CEO has postponed a significant portion of its salary since September 2022
• Deployment
  • The deployment resumption has started with 19 sites in DRC and Cameroon already demonstrating good results. 
  • The number will slightly increase when the EIB/DFI loan agreement is signed. 
• EIB/DFI loan agreement status
  • The delays are caused by the fact that EIB requests confirmations, clarifications and additional documentation like:
    • ESG 
    • Tax
    • licenses
    • Social Impact Agency clarification
    • Imposing and confirming new terms in Orange contracts
    • KYC
    • etc...
  • The DFIs require NuRAN to have a 100% bullet proof file. So it causes delays but insures creditors and SH of the integrity of our documentation counter verified and confirmed by all stakeholders (NuRAN, Government, MNOs, etc...)
  • The company reports that it has now delivered all the requested documentation, clarifications confirmations pending EIB review and approval.
• Financing
  • While working on closing EIB/DFI loan agreement, management is working on the following : 
    • Equity at NuRAN Africa Holding level
      • We have 3 groups on hold pending the report of DRC rollout resumption results.
      • During CEO Forum in Ivory Coast, we have received LOIs from Investment funds
      • The equity use of proceeds will:
        • Support the Debt to Equity Ratio covenents of the DFIs loan
        • Maintain and expand the build plan
        • Open new countries
        • Bring equity to ignite debt phase 2
    • Debt Phase 2
      • While the EIB/DFI2 is used for 1092 sites in Cameroon and DRC, the finance team is now working on the wave 2 rollout for approx 1500 additional sites.
      • The Company reports that it has entered into discussions with important groups and DFIs.
      • The dataroom package with the new countries included will be made available for initial DD this week. 
• Dealing with short term loan. 
  • We are negotiating new terms and maturity.
  • Looking forward to EIB loan agreement, we insure that the two agreements can work in parallel.
• Commercial
  • During CEO Forum, NuRAN has entered in to business discussions with two important groups in Africa that operate in 10 countries.
  • NuRAN pipeline is growing and progressing as the market demand increases
• OTCQB
  • The Company announced last week that it is now trading on OTCQB.
• Short-term debt management
  • Satellite partner 2.2M Convertible Debenture
    • Maturity July 2023
    • Conversion price 1.35$ 
    • Negotiating extention 
  • 1.5M USD loan
    • Maturity October 2023
    • Will be repaid in time
  • 2.975M CAD Convertible Debenture 
    • Maturity August 2023
    • Conversion price 0.42$
    • Negotiating extention

Management will schedule videos on financing, money flow in the organization, operations and commercial in the next few weeks. 

Regards