Mr. Peter Shippen reports

BRITANNIA MINING SOLUTIONS ACCELERATES LAB BUILD-OUT PLAN WITH STRATEGIC ACQUISITION OF PARAGON GEOCHEMICAL LABORATORIES INC.

Britannia Life Sciences Inc.'s subsidiary, Britannia Mining Solutions Inc. (BMS) has acquired a 100-per-cent interest in Paragon Geochemical Laboratories Inc. Paragon operates an industry-leading, fully accredited geochemical laboratory located in Sparks, Nev., providing mineral assays and a broad range of geochemical analyses to a diverse client base.

Britannia is financing the transaction, in part, through a new debt facility provided by a Canadian private lender.

With a scalable, purpose-built facility strategically located in one of the top mining jurisdictions in the world, Paragon provides better-than-industry-standard assay turnaround times while ensuring that customer quality assurance/quality control requirements are met. Paragon serves a broad client base ranging from junior exploration companies to global producers. Paragon has a dedicated team of employees who have helped grow the business from start-up to regional player in three short years.

The acquisition of Paragon adds immediate revenue and cash flow to BMS and strengthens Britannia on a consolidated basis. With Paragon's demonstrated record of profitability and additional operating efficiencies, the acquisition is expected to meaningfully contribute to BMS's EBITDA (earnings before interest, taxes, depreciation and amortization) target of $3-million (U.S.) ($4-million) for the fiscal year ended March 31, 2024.

Shaun Compton, managing director of BMS, commented: "Our team has been very impressed with Paragon's operations, and its people, from the very beginning. The opportunity for significant near-term growth within Paragon's existing operations, combined with robust synergies with our global platform, represent a compelling strategic complement to our growth objectives."

Britannia plans to establish remote sample preparation facilities to expand its geographic reach beyond Paragon's regional base. By acquiring Paragon and introducing new environmentally friendly technologies, BMS is positioning itself at the forefront of the assay industry's evolution by offering safer and more environmentally friendly solutions, such as the PhotonAssay technology developed by Chrysos Corp. BMS intends to introduce a PhotonAssay unit at Paragon's Sparks facility in 2024, as part of its regional hub-and-spoke business model.

"We are excited to welcome Paragon into the Britannia family," said Peter Shippen, chief executive officer of Britannia Life Sciences. "Their expertise in geochemical analysis and optimal location provide BMS with a strong foundation on which we can build our regional-hub model, supported by the some of the leading miners and explorers in the world, utilizing our talented team, and soon, PhotonAssay technology, changing the landscape for mining analysis, ESG and data analytics for new and existing clients."

Advisers

Valitas Capital Partners acted as financial adviser, and Bennett Jones LLP and Dorsey & Whitney LLP acted as legal counsel, to Britannia.

About Britannia Life Sciences Inc.

Britannia Life Sciences is a global platform offering an integrated suite of services to assist companies along their product development journey. Britannia's services, including product formulations, safety assessments, analytical and microbiological testing, global compliance, and consumer evaluations, are offered to companies ranging from multinationals to start-ups particularly in the cosmetics, food and wellness industries. Britannia has garnered significant expertise in the development and regulatory approval of topical and edible cannabis products, including preparation and support for novel food authorizations.

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