An anonymous director reports

CARDIOL THERAPEUTICS ANNOUNCES AT-THE-MARKET EQUITY OFFERING PROGRAM WITH JEFFERIES LLC

Cardiol Therapeutics Inc. has entered into a sales agreement with Jefferies LLC for an at-the-market offering program.

The ATM agreement will allow the company to offer and sell up to $75-million (U.S.) of common shares of the company under the ATM program. The offered shares may be offered and sold by the company to the public from time to time, through the sales agent. The offered shares sold under the ATM program, if any, will be sold by means of ordinary brokers' transactions on the Nasdaq Capital Market or any other trading markets for the common shares in the United States at the prevailing market prices at the time of the sale. No offered shares will be offered or sold through the Toronto Stock Exchange or otherwise in Canada.

The sale of the offered shares through the ATM program will be made pursuant to a prospectus supplement dated Nov. 3, 2026, to the company's Canadian final base shelf prospectus dated Sept. 15, 2026, filed in each of the provinces and territories of Canada, and the company's U.S. final base shelf prospectus dated Sept. 15, 2026, forming a part of the company's registration statement on Form F-10 (file No. 333-298852), as amended and effective upon filing on Sept. 16, 2026, filed in the United States with the U.S. Securities and Exchange Commission. As outlined in the supplement, the company intends to use the net proceeds of any such sales under the ATM program to support the development of CardiolRx for the treatment of recurrent pericarditis, including, subject to the phase 3 Maveric trial outcomes, supporting a new drug application, to support the clinical development of CRD-38, and for general and administrative expenses, working capital, and other expenses.

The timing and extent of the use of the ATM program will be at the discretion of the company, and the company has no obligation to sell any shares pursuant to the ATM program. Accordingly, total gross proceeds from offerings under the ATM program could be less than $75-million (U.S.). The ATM program will be effective until the earliest of: (i) the issuance and sale of all of the offered shares issuable pursuant to the ATM program; (ii) the date that the ATM program is terminated by Cardiol or the sales agent pursuant to the terms of the ATM agreement; and (iii) the expiry of the Canadian base prospectus.

The offering documents contain important, detailed information about the ATM program. The supplement, accompanying Canadian base prospectus and ATM agreement can be found on SEDAR+. The supplement, registration statement (including the U.S. base prospectus) and the ATM agreement can be found on EDGAR. Copies of the supplement and the accompanying base prospectuses may also be obtained from Jefferies LLC, 520 Madison Ave., New York, N.Y., 10022, attention: equity syndicate prospectus department, phone: 877-821-7388 or e-mail: prospectus_department@jefferies.com. Prospective investors should read the supplement and accompanying base prospectuses and the other documents the company has filed before making an investment decision.

The Toronto Stock Exchange has conditionally approved the ATM program, and Nasdaq has been notified of the ATM program.

About Cardiol Therapeutics Inc.

Cardiol is a late-stage life science company focused on advancing the development of anti-inflammatory and anti-fibrotic therapies for heart disease.

We seek Safe Harbor.