Minaean SP Construction Corp. In Discussion With Government Of Peru For Construction Of A 324 Bed Multi Disciplinary Hospital

Vancouver, BC, Canada - June17th, 2022 - Minaean SP Construction Corp. (TSX Venture Exchange: MSP; Berlin and Frankfurt Stock Exchanges: NJA) ("Minaean SP" or the "Company") is pleased to announce that it has revived discussions with the Health Ministry of the Government of Peru for the construction and nonclinical operation of a multi-disciplinary 324 bed hospital in Chiclayo city.

Pursuant to an Expression of Interest submitted by Minaean SP per the request of the Provincial Government of Lambayeque Province and accepted on 17th December 2019, a parcel of land in Chiclayo was allocated for construction of a 300 bed hospital. However, the draft Memorandum of Understanding (MOU) submitted to the Federal Government stalled due to changes in government as well as the repercussions faced by the Health Ministry due to the pandemic.

The project was revived in March 2021 and the government has now agreed to proceed with the MOU In this regard, the MOU has been signed by Minaean SP and is awaiting signature by the Health Ministry upon which a consortium of companies will be formed for structuring its execution. The contract for construction of a 324 Bed multi-disciplinary hospital will be executed on a Public - Private Partnership backed by a revenue guarantee. A feasibility study has been carried out by the Government of Peru and a budget of US$ 200 million has been indicated for construction and equipment. The feasibility study will have to be updated to factor in the current market and supply chain conditions. Minaean SP will be approaching the Government of Canada for leading the Government to Government negotiations on this project.

About the Company

Minaean SP Construction Corp. is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries in addition to a range of conventional applications. The company is an affiliate of well known construction conglomerate "Shapoorji Pallonji Group" (SP) from India. SP is known for its expertise in construction of hospitals with 45 such projects completed with a total bed capacity exceeding 19000 beds.

The shares of Minaean SP Construction Corp. (parent company) are publicly traded on the TSX Venture Exchange under the symbol "MSP" and on the Berlin and Frankfurt Stock Exchanges under the symbol "NJA". For more information, please visit www.minaean.com.

On behalf of the Board of Directors

MINAEAN SP CONSTRUCTION CORP.

"Mervyn Pinto"

Mervyn Pinto
President & Director

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSXV Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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