Mr. Christopher Moreau reports

GREY MATTERS ANNOUNCES PRIVATE PLACEMENT

Grey Matters Health Inc. has arranged a non-brokered private placement for gross proceeds of $1-million of units at an issue price of 40 cents per unit.

Each unit will consist of one Class A common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at an exercise price of 60 cents per warrant share for a period of 24 months from the issuance date.

The warrants are subject to an acceleration of their expiry date in the event the volume-weighted average trading price of the common shares exceeds 80 cents for 10 consecutive trading days. The company may, within 10 business days of the occurrence of such event, deliver a notice to the holders of the warrants accelerating the expiry date of the warrants to a date that is not less than 30 days following the date of such notice and the issuance of a press release by the company announcing the acceleration notice. Any unexercised warrants shall automatically expire at the end of the accelerated exercise period.

The offering is expected to close in tranches on or before May 21, 2026.

The company may pay cash finders' fees and finder warrants to eligible finders, up to 8 per cent of the proceeds raised and units issued for investors introduced to the company by the eligible finders.

The company will use the proceeds of the offering to advance its Alzheimer's disease program toward the opening of its first U.S. brain-specific neuroimaging clinic, for general and administrative expenses, and for working capital purposes.

The securities issued and issuable, described in this news release, will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities legislation.

About Grey Matters Health Inc.

Grey Matters is a Canadian health care company focused on the provision of brain-specific PET (positron emission tomography) scanning services through a planned network of new neuroimaging clinics in the United States for the early-stage detection of Alzheimer's disease (and other forms of dementia) as well as epilepsy, neuro-oncology and movement disorders (including Parkinson's disease). Grey Matters has a program for Repirinast, a repurposed drug for CKD (chronic kidney disease), and is also the parent company of Algernon NeuroScience, a wholly owned subsidiary that has been advancing a psychedelic program investigating a proprietary form of DMT (N,N-dimethyltryptamine) for stroke and traumatic brain injury recovery. The company's chronic cough drug, ifenprodil, which works by stopping cough in the brain, was sold for $2-million (U.S.) cash and a 20-per-cent equity position in Seyltx, a private U.S.-based drug development company that continues to advance research on the drug.

We seek Safe Harbor.