The TSX Venture Exchange has consented to the reduction in the exercise price of the following warrants.

Private placement

Number of warrants:  12.5 million

Expiry date of warrants:  Dec. 31, 2026 (amended from the original expiry date July 12, 2026)

Forced exercise provision:  If the closing price for the company's shares is 62.5 cents or greater for a period of 10 consecutive trading days, then the warrantholders will have 30 days to exercise their warrants; otherwise, the warrants will expire on the 31st day.

Original exercise price of warrants:  $1.50 per common share (postconsolidation)

New exercise price of warrants:  50 cents per common share (new)

These warrants were originally issued pursuant to a private placement of 25 million common shares (preconsolidation) and 12.5 million share purchase warrants (preconsolidation), which was accepted for filing by the exchange effective July 18, 2023.

Following the consolidation of the common shares of the company on the basis of one postconsolidation common share for five preconsolidation common shares, effective June 6, 2024, each of these 12.5 million common share purchase warrants entitled the holder to purchase 0.2 of one postconsolidation common share at an adjusted exercise price of $1.50 per postconsolidation common share. Pursuant to this warrant price amendment, the exercise price has been reduced to the new exercise price of 50 cents per postconsolidation common share.

For more information, please refer to the company's news release dated July 14, 2026.