Mr. Cameron MacDonald reports

WESTAIM ANNOUNCES CLOSING OF MINORITY STAKE INVESTMENT IN INSIGNIA FINANCIAL LTD, AUSTRALIA'S LEADING DIVERSIFIED WEALTH MANAGEMENT GROUP

The Westaim Corp. has successfully closed its minority stake investment of $35.0-million (Australian) ($25.0-million (U.S.)) in Insignia Financial Ltd. Insignia is a world-class Australian wealth management group with over $342-billion (Australian) in funds under management and advice as of Dec. 31, 2025. Westaim invested in the acquisition of Insignia alongside, amongst others, CC Capital Partners LLC and One Investment Management (together, Daintree Bidco Pty. Ltd.).

Under the Insignia transaction, the company acquired limited partnership interests of Daintree Group Partners in exchange for the investment. The partnership acquired an indirect interest in all of the shares of Bidco, and Bidco acquired all of the ordinary share capital of Insignia for $4.80 (Australian) in cash per share, representing an enterprise value of approximately $3.9-billion (Australian) ($2.5-billion (U.S.)), by way of a scheme of arrangement and pursuant to a scheme implementation deed.

Cameron MacDonald, Westaim's chief executive officer, stated: "We are pleased to make this strategic investment into Insignia. This investment represents a compelling opportunity for the company, generating stand-alone return on capital and strengthening our ongoing relationship with a key investment partner."

The Insignia transaction was approved by the Foreign Investment Review Board, the Australian Prudential Regulation Authority, the court and Insignia's shareholders. As of April 29, 2026, Insignia's shares will be formally delisted from the Australian Securities Exchange.

Annual shareholders meeting and investor day

The company also announces that while it will proceed with its annual and special shareholders meeting (the ASM) on May 19, 2026 in New York, N.Y., it has rescheduled the investor day originally planned for that same date to Sept. 17, 2026, due to scheduling conflicts with certain key management personnel and a view that the company will be able to provide more substantive updates on business progress in the September time frame. The ASM is anticipated to be administrative in nature, focusing on approving annual matters, including the approval of the company's amended and restated long-term equity incentive plan, as required by the TSX Venture Exchange on an annual basis. There will be no management presentations at the ASM.

"We look forward to engaging with our shareholders later this year at our investor Day and to providing a robust update on our long-term strategy and performance," said Mr. MacDonald.

The investor day, in September, will include presentations from members of the executive leadership team, followed by a question-and-answer session. Additional details, including the specific location, and webcast information, will be announced in the coming months.

About The Westaim Corp.

Westaim is an integrated insurance and alternative asset management company with two primary operating businesses: Ceres Life and Arena.

Ceres Life is a cloud-native, highly scalable, de novo annuity insurance company. Inspired by the belief that technology can reinvent the way insurance providers meet the needs of investors, Ceres Life is building a nimble, highly efficient, and risk-conscious insurance company that provides simple-to-understand and easily accessible annuity products to create better outcomes for policyholders. Ceres Life is led by Deanna Mulligan, former chief executive officer and chair of Guardian Life Insurance.

Founded in 2015, Arena is a global institutional asset manager with deep expertise in credit and asset-oriented investments, including the full spectrum of corporate, real estate and structured finance opportunities. With a team of over 180 employees in offices around the world, Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions.

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