Mr. Joshua Bartch reports

MYDECINE INNOVATIONS GROUP PROVIDES UPDATE ON ANNUAL FINANCIAL STATEMENTS

Mydecine Innovations Group Inc. is providing this update on the status of a management cease trade order granted on May 1, 2025 (the MCTO), by the British Columbia Securities Commission under National Policy 12-203 -- Management Cease Trade Order. On May 1, 2025, the company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2024, beyond the period prescribed under applicable Canadian securities laws.

The company reports that the audit is progressing and will provide a further update on the timing of its annual filings on or about June 12, 2025. The company is also progressing on completion of its interim financial statements and accompanying management's discussion and analysis for the first quarter ended March 31, 2025, and will provide a further update on or about June 12, 2025. Further updates on timing will be provided by the company as necessary.

During the MCTO, the general investing public will continue to be able to trade in the company's listed common shares. However, the company's chief executive office and chief financial officer will not be able to trade in the company's common shares.

Other than as disclosed in this news release, there are no material changes to the information contained in the default announcement. The company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue biweekly default status reports for so long as it remains in default of the annual filings requirement.

About Mydecine Innovations Group Inc.

Mydecine Innovations Group is a biotechnology company developing the next generation of innovative medications and therapies to address mental health disorders such as nicotine addiction and posttraumatic stress disorder (PTSD). The core strategy blends advanced technology with an elaborate infrastructure for drug discovery and development. Mydecine's dedicated multinational team constantly develops new paths for breakthrough treatment solutions in areas with considerable unmet needs. By collaborating with some of the world's leading specialists, the company aspires to responsibly speed up the development of breakthrough medications to provide patients with safer and more effective treatment solutions. At the same time, Mydecine's approach focuses on the next generation of psychedelic medicine by creating innovative compounds with unmatched therapeutic potential through its clinical trial efforts with world-class scientific and regulatory expertise.

We seek Safe Harbor.