Mr. Gabriel Fahel reports

CYBIN ANNOUNCES UP TO US$64 MILLION OFFERING OF UNITS

Cybin Inc. has arranged a firm commitment underwritten offering of 66,666,667 units of the company to one of the company's largest existing institutional shareholders and new institutional investors at a price of 45 U.S. cents per unit for gross proceeds of approximately $30-million (U.S.). Approximately $30-million (U.S.) will be financed in full upon the closing of the offering, and up to an additional $34-million (U.S.) may be financed upon full exercise of the warrants (as defined below).

Each unit will be composed of one common share in the capital of the company and one common share purchase warrant. Each warrant will be exercisable to acquire one common share at a price of 51 U.S. cents per common share for a period beginning on the date that six months after issuance until the date that is 60 months after the date of initial exercisability, subject to acceleration in certain circumstances.

A.G.P./Alliance Global Partners is acting as the sole book-running manager for the offering.

The offering is expected to close on or about Nov. 15, 2023, or such other date as A.G.P./Alliance Global Partners and the company may agree, and completion of the offering will be subject to market and other customary conditions, including approval of the Neo Exchange Inc., now operating as Cboe Canada.

The company intends to use the net proceeds from the offering for the progression of the company's CYB003 and deuterated DMT (N,N-dimethyltryptamine) programs, and for general corporate and working capital purposes.

The units are being offered pursuant to a prospectus supplement to the company's short form base shelf prospectus dated Aug. 17, 2023, that will be filed with the Ontario Securities Commission. The prospectus supplement will also be filed with the United States Securities and Exchange Commission (SEC), as part of a registration statement on Form F-10, as amended, which became effective by the SEC on Aug. 17, 2023, in accordance with the multijurisdictional disclosure system established between Canada and the United States. Prior to forming an investment decision, prospective investors should read the base shelf prospectus and the documents incorporated by reference therein, including any marketing materials, which are available on the company's SEDAR+ profile and the company's EDGAR profile. Copies of the prospectus supplement and base shelf prospectus may be obtained by contacting A.G.P./Alliance Global Partners, at 590 Madison Ave., 28th floor, New York, N.Y., 10022, by telephone at 212-624-2060, or by e-mail at prospectus@allianceg.com.

Suspension of the company's sales under the Lincoln Park Capital Fund agreement

In the context of arranging for offering, on Nov. 9, 2023, the company provided notice to Lincoln Park Capital Fund (LPC) of the company's intention to suspend purchases under its purchase agreement effective immediately. The purchase agreement was entered on May 30, 2023, allowing the company to issue common 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 sale of common shares under the purchase agreement was qualified under a prospectus supplement dated Aug. 23, 2023, to the base shelf prospectus. The company sold a total of $465,273 (U.S.) under the purchase agreement prior to the suspension of sales. No further common shares will be sold to LPC pursuant to the August supplement or the base shelf prospectus, unless such documents are amended to qualify further sales under the purchase agreement or sales under the purchase agreement are otherwise qualified, and all necessary regulatory approvals are obtained.

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.