Mr. Ian McDonald reports

EARLY WARNING REPORT ISSUED PURSUANT TO NATIONAL INSTRUMENT 62-103 - ACQUISITION OF SECURITIES OF SPANISH MOUNTAIN GOLD LTD.

Ian McDonald (the acquiror) has acquired 661,765 units of Bright Minds Biosciences Inc. at a price of $1.36 per unit in a non-brokered private placement completed by the company for a total subscription price of $900,000.40. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of $1.70 per warrant share for a period of 60 months from the closing date of the private placement. Immediately prior to the private placement, the acquiror owned an aggregate of 212,980 common shares, representing approximately 5.6 per cent of the issued and outstanding common shares of the company on an undiluted basis.

Following completion of the private placement, the acquiror owns an aggregate of 874,745 common shares, representing approximately 19.6 per cent of the issued and outstanding common shares on an undiluted basis. The acquiror also owns (i) an aggregate of 661,765 warrants as part of the purchase of the units, entitling the acquiror to purchase 661,765 common shares, and (ii) 60,000 restricted share units (RSUs) to acquire 60,000 common shares (50 per cent of which vest on Dec. 2, 2024, and 50 per cent of which vest on Dec. 2, 2025). If the acquiror exercises all of his warrants and RSUs he would then own 1,596,510 common shares, representing approximately 30.79 per cent of the issued and outstanding common shares of the company on a partially diluted basis.

The private placement resulted in an approximately 14 per cent change in the acquiror's ownership over common shares of the company on an undiluted basis.

The acquiror acquired the units for investment purposes under an exemption provided under National Instrument 45-106 -- Prospectus Exemptions. The acquiror may, depending on market and other conditions, increase or decrease his ownership of the company's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

For further information, or to obtain a copy of the early warning report filed under applicable securities laws, please contact Ian McDonald at 647-407-2515.