Mr. Steve Fray reports

ABAXX REFUTES MISINFORMATION BEING CIRCULATED AND ADDRESSES RECENT SHARE PRICE DECLINE

Abaxx Technologies Inc. today refutes misinformation being circulated and addresses the recent decline in the company's share price. All dollar figures are in Canadian dollars unless otherwise noted.

Since the company's last earnings call on May 19, 2026, the share price has declined sharply to yesterday's close of $35.84, a level last seen in March of this year. This share price decline occurred despite the company's positive accomplishments over this period, including listing on the Toronto Stock Exchange and closing a $69-million bought deal financing at a price of $54.25.

There have been a number of unfounded accusations leveled at the company during this period, which the company will address below. There have been no changes to the company's business strategy and Abaxx continues to make progress on the key business objectives discussed during the last earnings call.

Abaxx understands investors have concerns regarding the accusations leveled at the company in a recent report from Viceroy Research.

The largest insinuation in this report is Viceroy's attempt to reframe the company's building of initial liquidity on Abaxx Exchange through market-maker and liquidity provider incentive programs as somehow fraudulent.

To be perfectly clear, wash trading is illegal and, pursuant to Rule 508 in Abaxx Exchange's rulebook, is not permitted. Abaxx Exchange has a robust market surveillance program in place that actively monitors and reviews trading activity for signs of wash trading or other forms of possible market manipulation in alignment with regulatory requirements. Any suspected violations are subject to Abaxx Exchange's disciplinary proceedings, which can include reporting to regulators. Live trading data are published daily on Abaxx's website and is available through third party distributors, including LSEG and TradingView. Abaxx market data are also available to clients of CQG, Stellar Trading Systems, Trading Technologies and Trayport.

Market-making and liquidity provider programs are run by every exchange and are instrumental in how new futures markets are built. Abaxx management provided a comprehensive overview of the role of the incentive programs in how markets grow, and what investors should expect in terms of growth, volume and open interest (OI) during the company's Q4 (fourth quarter) 2025 earnings and business update call on April 2, 2026 -- a recording and transcript of which can be accessed on Abaxx's website. The costs associated with these programs can be viewed in the company's financial statements dated March 31, 2026, and May 15, 2026.

The report also criticizes the prevalence of calendar spread trading and lack of open interest, both of which are to be expected in a new market. As the trading activity of incentivized participants creates the initial liquidity needed for commercial hedgers to enter the market -- hedgers who are more apt to put on outright positions and hold open interest -- the company expects both volumes and OI to increase.

The Viceroy report incorrectly implies that Kilo Capital and Ivanhoe Capital are acting as undisclosed market-makers or liquidity providers on Abaxx Exchange. Ivanhoe Capital and Kilo Capital are not, and have not been, a part of any market-making or liquidity provider programs on Abaxx Exchange. The two firms participated in the company's digital title pilot program, which has been intentionally conducted outside of the Abaxx Exchange and Abaxx Clearing environments, as confirmed on Abaxx's August, 2025, midyear investor update call. For more details on the digital title pilot program, including a video of the pilot transaction, please visit Abaxx's website.

The report also tries to paint a picture of Abaxx being in financial difficulty, stating that Abaxx has a burn rate of approximately $25-million per quarter. This figure is materially inaccurate. The report overstates the company's net cash burn rate by over 50 per cent over the past two reported quarters. The true net cash burn rate is readily available in Abaxx's published financial statements. Following the company's recent raise of $69-million, the company is in a secure financial position to meet its business objectives. There were other accusations of failing to disclose material information, including an allegation that the company failed to disclose the exit of Cboe as a strategic partner. Cboe was an early investor in the company's subsidiary, Abaxx Singapore, investing $1-million (U.S.) in January, 2024. However, the strategic opportunity was primarily related to Cboe's global listings program, announced by Cboe in June of 2023 -- which intended to allow all issuers listed on Cboe's U.S. and Canada exchanges to also be made available for trading on Cboe's Netherlands-, Australia- and United Kingdom-based exchanges -- did not come to fruition, due to a strategic change in Cboe's business plans under new leadership. Cboe has since divested its Canadian and Australian assets.

Given Cboe's non-pursuit of its global listings program, during a recent ownership consolidation, Cboe used the liquidity event to sell its position in Abaxx Singapore back to Abaxx Technologies Corp., a subsidiary of Abaxx, which sale was disclosed in a material change report dated March 4, 2026, and is available on the company's SEDAR+ profile. As a result of the consolidation, Abaxx Technologies Corp., a subsidiary of Abaxx, now owns 95.41 per cent of Abaxx Singapore. In the same consolidation, an existing strategic investor used the event to increase its investment. The consolidation was net accretive to Abaxx shareholders and, as disclosed in Abaxx's recent regulatory filings, was not a factor in the company's decision to raise $69-million through its recent bought deal financing.

In an additional report, dated June 15, 2026, Viceroy alleges that the Abaxx Exchange is merely an "off-the-shelf" product with no proprietary technology. This characterization is incorrect. The architecture of a regulated exchange and clearinghouse encompasses far more than a matching engine; it encompasses a network of institutions connected via independent software vendors, data distributors, clearing members and settlement banks.

Abaxx has formally responded to the relevant regulatory authorities in both Canada and Singapore regarding Viceroy's allegations, and has offered full co-operation and access to all relevant records.

Abaxx investor update call scheduled for June 18, 2026

Abaxx is proud of its high level of engagement and transparency with shareholders. The company will host an investor update call tomorrow, Thursday, June 18, 2026, at 4:30 p.m. ET, to answer questions that it has been receiving on this matter. Questions may be submitted in advance to ir@abaxx.tech.

Registration is required to access the meeting. A recording of the session will be made available afterward on the Abaxx investor relations website.

Call details

Date:  Thursday, June 18, 2026

Time:  4:30 p.m. EDT

Location:  Zoom meeting

To register for the investor update call, please register on-line.

About Abaxx Technologies Inc.

Abaxx is building smarter markets: markets empowered by better tools, better benchmarks and better technology to drive market-based solutions to the biggest challenges society faces, including the energy transformation and the transition to an AI-augmented (artificial intelligence) economy.

In addition to developing and deploying financial technologies that make communication, trade and transactions easier and more secure, Abaxx is the majority shareholder of Abaxx Singapore, the owner of Abaxx Exchange and Abaxx Clearing, and the parent company of wholly owned subsidiaries Abaxx Spot and Adaptive Infrastructure.

Abaxx Exchange delivers the market infrastructure critical to the shift toward an electrified, low-carbon economy through centrally cleared, physically deliverable futures contracts in LNG (liquefied natural gas), carbon, battery materials and precious metals, meeting the commercial needs of today's commodity markets and establishing the next generation of global benchmarks.

Abaxx Spot modernizes physical gold trading through a physically backed gold pool in Singapore. As a co-located spot and futures market for gold, Abaxx Spot enables secure electronic transactions and efficient OTC (over-the-counter) transfers, and is designed to support physical delivery for Abaxx Exchange's physically deliverable gold futures contract, providing integrated infrastructure to deliver smarter gold markets.

Adaptive Infrastructure closes critical gaps in posttrade infrastructure by providing a unified custodial foundation across environmental markets and digital title assets. Incorporated in Barbados and regulated by the Financial Services Commission of Barbados, the company delivers institutional-grade custody, settlement and transfer agency services designed to reduce risk and improve reliability across asset classes.

Abaxx Labs is the company's centre for engaging with the developer community to create the next generation of technology that will build smarter markets through open-source software tools that promote the use of Abaxx's ID++ technologies.

We seek Safe Harbor.