Mr. Holger Arians reports

BANXA ANNOUNCES AUDIT UPDATE

Banxa Holdings Inc. has provided an update on the fiscal year 2023 audit. Banxa's audit partner, PKF Antares ("PKF"), has continued to make good progress in the final review stage with its Senior Partners. The revised anticipated timeline for the FY23 audit completion is December 8, 2023.

The timeline has been revised due to the additional substantiation needed by PKF on Banxa's agency revenue recognition policy. Banxa has engaged a reputable third party accounting firm to provide an independent opinion on the agency revenue recognition policy. The independent opinion on Banxa's agency revenue recognition policy is expected to be finalized this week. If this independent review does not support Banxa's agency revenue recognition policy or PKF is not satisfied with the independent review, then the audit sign-off may be delayed further. However, Banxa's Board and Management anticipate the independent review to be in support of Banxa's agency revenue recognition policy - which has been reviewed and signed off across multiple prior audits - and at this time do not anticipate further delays to arise in the audit's completion.

The agency revenue recognition policy has no impact on Banxa's gross profit, net income, or cash position. Banxa has a healthy sales pipeline and is in a stronger financial position after raising CAD$5.5M.

Annual General Meeting (AGM) Live Broadcast

Banxa's AGM will be held at 2pm PST, Thursday, November 30, 2023. Shareholders and investors are encouraged to register here for the live broadcast: https://tinyurl.com/BanxaAGM

CONTACTS Investors:

Zafer Qureshi

investors@banxa.com ON BEHALF OF THE BOARD OF DIRECTORS

Per: "Holger Arians"

We seek Safe Harbor.