Mr. Gabriel Fahel reports

CYBIN ANNOUNCES RENEWED AT-THE-MARKET EQUITY PROGRAM OF UP TO US$35 MILLION

Cybin Inc. has renewed its previously established at-the-market equity program that allows Cybin to issue and sell up to $35-million (U.S.) of common shares in the capital of the company from treasury to the public, from time to time, through its agents (as defined below). All shares sold under the ATM program will be sold in transactions that are deemed to be at-the-market distributions as defined in National Instrument 44-102 (Shelf Distributions), directly through the NEO Exchange, now operating as Cboe Canada, the NYSE American LLC or any other marketplace (as defined in National Instrument 21-101 (Marketplace Operation)) upon which the shares are listed, quoted or otherwise traded, at the prevailing market price at the time of sale. Cybin intends to use the net proceeds from sales of shares under the ATM program, if any, for growth opportunities and working capital initiatives.

Distributions of shares under the ATM program, if any, will be made pursuant to the terms and conditions of an at-the-market equity distribution agreement dated Aug. 23, 2023, that the company entered into with Cantor Fitzgerald Canada Corp. and Cantor Fitzgerald & Co. The ATM program will be effective until the earlier of the issuance and sale of all of the shares issuable pursuant to the ATM program and Sept. 17, 2025, unless earlier terminated in accordance with the terms of the distribution agreement. The company is not obligated to make any sales of shares under the ATM program, and there can be no assurance as to when such sales will be completed, if ever. The volume and timing of distributions under the ATM program, if any, will be determined in Cybin's sole discretion and in accordance with the distribution agreement. As any shares distributed under the ATM program will be issued and sold at the prevailing market price at the time of the applicable sale, prices may vary among purchasers through the duration of the ATM program. The completion of sales of shares under the ATM program will be subject to customary closing conditions, including the listing of such shares on the NEO Exchange and the NYSE American, and any required approvals of each exchange.

The ATM program is being established, and the sale of the shares through the ATM program will be made pursuant to, and qualified by way of, a prospectus supplement dated Aug. 23, 2023, to the company's short form base shelf prospectus dated Aug. 17, 2023, filed with the securities commissions in each of the provinces and territories of Canada. The base prospectus allows Cybin to qualify offerings of common shares, warrants, subscription receipts, units or debt securities, or a combination thereof, up to an aggregate total of $160-million during the 25-month period that the base prospectus remains effective. The supplement was also filed with the U.S. Securities and Exchange Commission, as part of a registration statement on Form F-10, which became effective on Aug. 17, 2023, in accordance with the multijurisdictional disclosure system established between Canada and the United States.

The supplement and accompanying base prospectus contain important detailed information about the ATM program. The supplement and accompanying base prospectus can be found under the company's profile on SEDAR+ and with the Securities and Exchange Commission on EDGAR. Copies of the supplement and accompanying base prospectus may also be obtained from Cantor Fitzgerald Canada, attention: equity capital markets, 181 University Ave., Suite 1500, Toronto, Ont., M5H 3M7, e-mail: ecmcanada@cantor.com, or Cantor Fitzgerald & Co., attention: capital markets, 110 East 59th St., sixth floor, New York, N.Y., 10022, e-mail: prospectus@cantor.com. Prospective investors should read the supplement, accompanying base prospectus and the other documents the company has filed before making an investment decision.

Qualification of Lincoln Park Capital Fund LLC purchase agreement

The company is also pleased to announce the filing a prospectus supplement dated Aug. 23, 2023, to the base prospectus, which qualifies the sales of up to $30-million (U.S.) of the company's common shares pursuant to the previously announced common share purchase agreement LPC. The purchase agreement was entered on May 30, 2023, allowing the company to issue shares with a value of up to $30-million (U.S.) from treasury to LPC from time to time at the company's discretion for a period of up to 36 months.

The LPC supplement and accompanying base prospectus contain important detailed information about the purchase agreement. The purchase agreement, the LPC supplement and accompanying base prospectus can be found under the company's profile on SEDAR+ and with the SEC on EDGAR.

About Cybin Inc.

Cybin is a clinical-stage biopharmaceutical company on a mission to create safe and effective psychedelic-based therapeutics to address the large unmet need for new and innovative treatment options for people who suffer from mental health conditions.

Cybin's goal of revolutionizing mental health care is supported by a network of world-class partners and internationally recognized scientists aimed at progressing proprietary drug discovery platforms, innovative drug delivery systems, and novel formulation approaches and treatment regimens. The company is currently developing CYB003, a proprietary deuterated psilocybin analogue, for the treatment of major depressive disorder, and CYB004, a proprietary deuterated DMT molecule, for generalized anxiety disorder, and has a research pipeline of investigational psychedelic-based compounds.

Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland.

We seek Safe Harbor.