New Risk • Jul 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$9.75m market cap, or US$6.86m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (CA$100k sold). Announcement • Jul 01
Global Power Solutions Corp. announced that it has received CAD 1.045 million in funding On June 30, 2026, the Global Power Solutions Corp closed the oversubscribed non-brokered private placement of 5,225,000 units at a subscription price of CAD 0.20 for total gross proceeds of CAD 1,045,000. In connection with the private placement, the company paid aggregate cash finders' fees of CAD 91,000 and issued 455,000 non-transferable finder warrants, on the same terms as the warrants, to eligible finders in accordance with applicable securities laws and the policies of the TSX Venture Exchange. A certain director and officer of the company participated in the private placement in the amount of CAD 20,000. All securities issued are subject to a four-month-and-one-day hold period expiring on October. 31, 2026. Announcement • Apr 27
Global Power Solutions Corp Signs Non-Binding LOI To Evaluate Modular Hydrogen-Powered Energy Project Global Power Solutions Corp. announced that it has entered into a non-binding Letter of Intent with 2782404 AB LTD to evaluate the potential development of a modular hydrogen-powered energy project. The LOI establishes a framework under which the parties will explore the feasibility of deploying modular hydrogen-based power generation systems to supply electricity to operations associated with 2782404. The proposed project is intended to assess whether decentralized hydrogen-powered generation may provide a reliable and scalable power solution for certain industrial, commercial, remote, or grid-constrained applications. Under the terms of the LOI, the parties will undertake a technical, commercial, and regulatory feasibility review to evaluate the potential development of one or more modular facilities with a potential aggregate capacity of up to approximately 100 megawatts. The project, if advanced following feasibility review and definitive agreements, could be developed in phased stages, potentially beginning with an initial deployment to evaluate system integration and operational performance, followed by potential capacity expansion aligned with demand requirements. As contemplated in the LOI, Global may establish project-level special purpose entities for the development, ownership, financing, and operation of any project facilities. 2782404 is expected to provide site access information, operational requirements, and anticipated power demand profiles to support the feasibility assessment, while Global is expected to lead the technical evaluation and project development planning. The parties anticipate that the feasibility process will include engineering studies, site suitability assessments, preliminary financial modeling, and evaluation of hydrogen production, storage, and power generation configurations. If the project proceeds beyond feasibility, the parties may negotiate a long-term power purchase agreement under which electricity generated by the project could potentially be supplied to 2782404 under a defined commercial framework. There can be no assurance that the feasibility work will result in the execution of definitive agreements or that the project will proceed. The LOI is non-binding, except for customary provisions including confidentiality. New Risk • Apr 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$7.78m market cap, or US$5.69m). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (CA$327k sold). Announcement • Apr 22
Global Power Solutions Corp. announced that it expects to receive CAD 1 million in funding Global Power Solutions Corp. announced a non-brokered private placement of up to 4,000,000 units of the Company at a price per unit of CAD 0.25 for gross proceeds of CAD 1,000,000 on April 21, 2026. Each Unit is comprised of one common share and one common share purchase warrant. Each Warrant shall entitle the holder to purchase one common share of the Company at a price of CAD 0.32 at any time on or before the date which is 24 months from the date of closing of the private placement. The private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four-month hold period. New Risk • Apr 15
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$327k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.84m market cap, or US$4.25m). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (CA$327k sold). Announcement • Apr 01
Global Power Solutions Corp Launches Decentralized Power Development Initiative Across North America Global Power Solutions Corp. announced the launch of its Decentralized Power Development Initiative, focused on identifying and evaluating potential deployment opportunities for modular hydrogen-powered energy infrastructure across North America. If successfully developed, these opportunities could collectively represent up to approximately 1,000 megawatts of potential distributed power capacity over time. The Initiative represents a strategic progression following the Company’s previously announced definitive joint development and licence agreement, under which Global secured the framework to jointly develop and commercialize modular hydrogen-based power systems utilizing licensed technologies in combination with commercially available, off-the-shelf components. Through this Initiative, the Company intends to work with potential partners, site hosts and energy stakeholders to assess locations where modular power systems could be deployed to address growing demand for reliable energy infrastructure. Interested parties may submit site and project information to the Company for evaluation as part of its structured project review process. Global’s decentralized utility initiative is designed to support the potential deployment of reliable, scalable, and dispatchable power solutions to high-growth and energy-constrained sectors, including: Data centres and AI infrastructure; Remote and off-grid communities; Industrial and resource operations; and Mission-critical and defense-aligned applications. The Initiative is built on modular hydrogen-based systems that integrate on-site hydrogen production with power generation, leveraging licensed system architecture alongside proven, off-the-shelf technologies. These systems are intended to support a range of deployment sizes, from smaller pilot installations through larger multi-megawatt applications, depending on project requirements. The previously announced Definitive Agreement provides the foundation for this Initiative, establishing a structured pathway for: system development and engineering; pilot deployment and validation; performance optimization under real-world conditions; and phased commercialization and scaled rollout. By combining licensed intellectual property with commercially available components, Global intends to evaluate opportunities to deploy modular systems across multiple potential use cases and jurisdictions. Key Highlights of the Decentralized Power Initiative: Potential long-term development pipeline that could represent up to approximately 1,000 MW of distributed power capacity if successfully developed; Built on licensed system architecture combined with off-the-shelf, commercially available technologies; Designed to support modular deployment and scalability; Structured through project-level Special Purpose Entities (SPEs) for potential financing and operations; Long-term Power Purchase Agreements (PPAs) to underpin stable, recurring revenue may be pursued where appropriate to support project economics; and Phased development approach from pilot systems to larger commercial installations. Global intends to advance the Initiative through a structured development model, including: Site-level project review and partner engagement; Formation of project-level SPEs; Execution of definitive agreements and long-term PPAs where applicable; and Phased construction, commissioning, and operation. The Company is actively engaging with potential partners and will provide updates as material developments occur. Board Change • Mar 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Jarryd Pinto was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 10
Global Power Solutions Corp., Annual General Meeting, Apr 07, 2026 Global Power Solutions Corp., Annual General Meeting, Apr 07, 2026. Location: british columbia, vancouver Canada Announcement • Dec 15
Minaean SP Construction Corp. Announces CFO Changes, Effective December 12, 2025 Minaean SP Construction Corp. announces that Mervyn Pinto has resigned as Chief Financial Officer of the Company and Haneef Esmail, director of Minaean, has been appointed as CFO of the Company effective December 12, 2025. Mr. Pinto remains as Chief Executive Officer, President, Corporate Secretary of the Company and a director. The Company also announces that it will no longer be pursuing the NEOM City infrastructure projects opportunity in Saudi Arabia. Announcement • Oct 22
Deecell Inc. cancelled the acquisition of Minaean SP Construction Corp. (TSXV:MSP) in a reverse merger transaction. Deecell Inc. entered into a letter of intent to acquire Minaean SP Construction Corp. (TSXV:MSP) for CAD 3.9 million in a reverse merger transaction on July 15, 2025. The Transaction is expected to occur by way of an arrangement, three-cornered amalgamation, share exchange or other similar structure, having regard to relevant tax, securities and corporate law advice of the parties. In consideration for the acquisition of the InMotion Shares, Minaean will issue to the Vendors, on a pro-rata basis in accordance with their percentage ownership in InMotion, an aggregate of 65 million Minaean common shares. In connection with the Transaction, Minaean will conduct a 5:1 share consolidation of issued and outstanding Minaean Shares (the “Minaean Share Consolidation”), and any shares issued to InMotion shareholders under the Transaction will be on a post-consolidation basis. In addition, following the Minaean Share Consolidation but prior to closing the Transaction, Minaean will complete an equity financing having gross proceeds of no less than CAD 2 million and no more than CAD 3 million through the issuance of Minaean Shares (or units comprising Minaean Shares and warrants) to participating investors at a price of CAD 0.30 per offered Minaean security (the “Minaean Private Placement”). Minaean may pay finder’s fees or commissions in connection with the Minaean Private Placement. On closing of the Transaction, Resulting Issuer will be an issuer on the Exchange and upon closing of the Transaction InMotion will become a wholly- owned subsidiary of Minaean. The Resulting Issuer will be renamed “InMotion Energy Inc.” or a similar name mutually acceptable to Minaean and InMotion.
On closing of the Transaction, the Resulting Issuer is expected to appoint Andrew Moeck to the board of directors.
Under the LOI, Minaean and InMotion have agreed to work diligently to draft, negotiate and execute a definitive agreement respecting the Transaction, which will supersede the LOI. Closing of the Transaction will be subject to a number of conditions, including completion of the Minaean Share Consolidation, completion of the Minaean Private Placement and approval of the Exchange.
Deecell Inc. cancelled the acquisition of Minaean SP Construction Corp. (TSXV:MSP) in a reverse merger transaction on October 21, 2025. New Risk • Jul 30
New minor risk - Financial position The company has negative equity. Total equity: -CA$464k This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (59% average weekly change). Negative equity (-CA$464k). Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$7.30m market cap, or US$5.30m). Minor Risks Large one-off items impacting financial results. Announcement • Jul 22
Deecell Inc. signed a letter of intent to acquire Minaean SP Construction Corp. (TSXV:MSP) in a reverse merger transaction. Deecell Inc. entered into a letter of intent to acquire Minaean SP Construction Corp. (TSXV:MSP) in a reverse merger transaction on July 15, 2025. The Transaction is expected to occur by way of an arrangement, three-cornered amalgamation, share exchange or other similar structure, having regard to relevant tax, securities and corporate law advice of the parties. In consideration for the acquisition of the InMotion Shares, Minaean will issue to the Vendors, on a pro-rata basis in accordance with their percentage ownership in InMotion, an aggregate of 65,000,000 Minaean common shares. On closing of the Transaction, Resulting Issuer will be an issuer on the Exchange. The Resulting Issuer will be renamed “InMotion Energy Inc.” or a similar name mutually acceptable to Minaean and InMotion. Under the LOI, Minaean and InMotion have agreed to work diligently to draft, negotiate and execute a definitive agreement respecting the Transaction, which will supersede the LOI. Closing of the Transaction will be subject to a number of conditions, including completion of the Minaean Share Consolidation, completion of the Minaean Private Placement and approval of the Exchange. New Risk • Jun 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 97% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Negative equity (-CA$1.1m). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.26m market cap, or US$3.11m). Announcement • Jun 10
Minaean SP Construction Corp. announced that it has received CAD 0.6 million in funding On June 9, 2025, Minaean SP Construction Corp. closed the transaction, Announcement • May 02
Minaean SP Construction Corp. announced that it expects to receive CAD 0.6 million in funding Minaean SP Construction Corp. announces a private placement of up to 60 million common shares at a price of CAD 0.1 per share for gross proceeds of CAD 600,000 on May 1, 2025. Buy Or Sell Opportunity • May 01
Now 37% undervalued The stock has been flat over the last 90 days, currently trading at CA$0.01. The fair value is estimated to be CA$0.016, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 114% over the last 3 years. Earnings per share has grown by 33%. Board Change • Apr 24
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Director Jarryd Pinto is the most experienced director on the board, commencing their role in 2025. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 03
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Director Jarryd Pinto is the most experienced director on the board, commencing their role in 2025. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 04
Bristol Management Limited acquired an additional 51.2% Stake in Minaean SP Construction Corp. (TSXV:MSP) from Shapoorji Pallonji International FZE and Fali Vajifdar. Bristol Management Limited acquired an additional 51.2% Stake in Minaean SP Construction Corp. (TSXV:MSP) from Shapoorji Pallonji International FZE and Fali Vajifdar on March 3, 2025.
Bristol Management Limited completed the acquisition of an additional 51.2% Stake in Minaean SP Construction Corp. (TSXV:MSP) from Shapoorji Pallonji International FZE and Fali Vajifdar on March 3, 2025. Announcement • Oct 22
Minaean SP Construction Corp., Annual General Meeting, Dec 19, 2024 Minaean SP Construction Corp., Annual General Meeting, Dec 19, 2024. Location: british columbia, vancouver Canada Board Change • Oct 09
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Subramania Kuppuswamy was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Subramania Kuppuswamy was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Independent Director Subramanya Kuppuswamy was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 23
Minaean SP Construction Corp., Annual General Meeting, Nov 30, 2023 Minaean SP Construction Corp., Annual General Meeting, Nov 30, 2023. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Subramanya Kuppuswamy was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 07
Minaean SP Construction Corp., Annual General Meeting, Jul 07, 2022 Minaean SP Construction Corp., Annual General Meeting, Jul 07, 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Subramanya Kuppuswamy was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 21
Minaean SP Construction Corp. Announces Submission of Expression of Interest for Construction of a Teaching Hospital in Gambia, Africa Minaean SP Construction Corp. announced that it has submitted an Expression of Interest for CONSTRUCTION OF A TEACHING HOSPITAL" in Gambia, Africa. The Project, involving design, finance and construction of a 200 bed tertiary hospital with teaching facilities, is being considered for construction in Banjul, the capital city of Gambia. The Expression of Interest (EOI) has been submitted as per the request made by the Ministry of Health, Government of Gambia, to the business development team of the Company. Through the EOI the Company has requested from the Ministry of Health details about the finalized specifications of the Project - the response to which is awaited. Upon receipt of the details, the Company will prepare a preliminary proposal and negotiate with the Ministry of Health for signing of a Memorandum of Understanding. Based on the current indication and estimation the budgeted construction cost is expected to be USD 80 million. The population in Gambia is rapidly expanding and urbanizing which requires strengthening of the healthcare system, which is largely dominated by the public sector to assure adequate levels of service are provided. The country's health system attracts a significant demand from neighboring countries, which adds additional stress on the healthcare system. The government of Gambia's strategy is to provide universal healthcare access to all citizens and health is a priority area as per the ambitious national development plan. At the Tertiary Level, it is reported that the government owns and operates 11 hospitals which include 2 teaching hospitals. The government's plans are to double this number to cater to the critical healthcare needs of its people and also offer to the neighbouring countries medical tourism which seems to be a growing industry. Announcement • Feb 13
Minaean SP Construction Corp., Annual General Meeting, Apr 15, 2021 Minaean SP Construction Corp., Annual General Meeting, Apr 15, 2021.