Mr. Steve Loutskou reports

NOVA MENTIS LIFE SCIENCES CORP. ANNOUNCES 2025 STRATEGY

Nova Mentis Life Science Corp. has provided its 2025 corporate strategy, coupled with a strategic update on the company's rebalanced approach to growth.

On Oct. 22, 2024, Nova announced that current board member Steve Loutskou was appointed president and chief executive officer, signalling a shift in company leadership. During his tenure as director, Mr. Loutskou has worked to realign Nova's strategic direction to position the company for growth in 2025, adapting to the evolving dynamics of the life sciences sector. This updated strategy is designed to keep pace with both Canadian economic conditions and the broader business landscape, ensuring the company remains relevant and positioned to drive shareholder value.

"I am honoured by the board's trust in me as CEO and energized to champion a forward-looking business model tailored for today's market," said Mr. Loutskou. "With 27 years of entrepreneurial experience across various industries, I am dedicated to implementing a clear, focused strategy to build Nova's future. We'll leverage existing initiatives while integrating new, innovative approaches to drive sustained growth and enhance value for our shareholders."

As part of its 2025 strategy, Nova has launched a rebranding initiative aimed at more accurately reflecting its growth goals and industry evolution. This rebrand is one of many steps designed to align Nova with the changing landscape of life sciences and emerging opportunities globally. By optimizing current resources, assets and infrastructure while incorporating fresh perspectives and new partnerships, Nova is dedicated to establishing a solid foundation for consistent, repeatable growth. The company shall provide an update on the rebranding initiative in the near future.

The company continues to examine and explore the progress of its existing initiatives, focusing on optimizing their impact and effectiveness. The company is dedicated to evaluating each initiative to ensure alignment with its overall strategy and mission. This continuing assessment will help the company identify opportunities for enhancement and ensure it is driving meaningful results. Most recently, the company announced the following. As part of its corporate update, the company is pleased to summarize its current value base:

• Canada's first psilocybin clinical trial for fragile X syndrome: The company is partnered with KGK Science to conduct the Phase IIA clinical trial, which will be carried out at the KGK facility in London, Ont., Canada. Updates on its progress are to come as the company receives updates from its partners.
• Ludwig Enterprises Inc. conveyance agreement: As previously announced on Aug. 27, 2024, Nova Mentis entered into an agreement that included the forgiveness of $245,712 (U.S.) in debt. Additionally, Ludwig Enterprises issued 750,000 restricted shares of its common stock, valued at $187,500 at the time of issuance. Under the terms of the agreement, for a period of 10 years, Ludwig will pay Nova a 2.5-per-cent royalty on all revenue generated from the commercialization of the property, up to the amount of $245,712 (U.S.), and 5 per cent on any revenue exceeding that amount.
• Orphan drug designation: The company received orphan drug designation from the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA) for its proprietary psilocybin drug for the treatment of fragile X syndrome (FXS), the leading genetic cause of symptoms related to autism spectrum disorder (ASD).

The company plans to conduct a comprehensive review of both past and present initiatives. Through this examination, management will assess the feasibility of each initiative and make timely decisions regarding its future. The company's focus on current value remains on the monetization of efforts and capital to date. The company is committed to allocating resources toward the most promising opportunities while considering the financial requirements and ability to achieve results within these initiatives. Maximizing shareholder confidence in the company's strategy and driving shareholder value is a primary consideration for management.

About Nova Mentis Life Science Corp.

Nova Mentis Life Science is a Canadian-based life sciences company listed on the Canadian Securities Exchange.

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