Mr. Peter Shippen reports

BRITANNIA LIFE SCIENCES INC. ANNOUNCES SECOND QUARTER RESULTS

Britannia Life Sciences Inc. has released its unaudited financial results for the three- and six-month periods ended Sept. 30, 2023. These filings and additional information regarding Britannia are available for review on SEDAR+. All amounts are Canadian dollars unless otherwise stated.

"We are pleased that the first six months of fiscal 2023 saw revenue growth of 29 per cent versus the year-ago period. Our adoption of technology and our seasoned team continue to drive exceptional client experiences and industry-leading margins," reported Peter Shippen, chief executive officer of Britannia Life Sciences.

Q2 2024 highlights:

• Revenue for the three and six months ended Sept. 30, 2023, was $2.1-million and $4.0-million, respectively (2022: $1.6-million and $3.1-million);
• During the three and six months ended Sept. 30, 2023, the company generated gross profit of $1.5-million and $3.0-million, respectively (2022: $1.2-million and $2.3-million);
• The company reports adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.28-million for the six months ended Sept. 30, 2023 (2022: $1.45-million). Cash flows from operating activities for the six months ended Sept. 30, 2023, were $1.2-million (2022: $900,000).

Significant corporate developments during fiscal Q2 2024 and subsequent to the end of the quarter:

• On July 14, 2023, 893,100 brokers' warrants, which were classified as liabilities, expired unexercised and on July 17, 2023, an additional 50,000 share options expired unexercised.
• On Nov. 6, the company provided an update on the commissioning of its first PhotonAssay unit in Hamilton, Ont. The project remains on track and is expected to be operational before the year-end.
• On Nov. 12, 2023, 13.32 million management options expired unexercised.
• On Nov. 22, 2023, the company acquired an additional 2 per cent of the outstanding issued share capital of Advanced Development & Safety Laboratories Ltd. (ADSL), its United Kingdom-based operating subsidiary, for cash consideration of $943,000 (545,000 pounds sterling), which included a portion for equity purchase and a distribution of proportional profits to date to the vendors. The acquisition increases the company's ownership interest in ADSL to 72 per cent.

"We continue to focus on evaluating and implementing new technology in our two lab verticals. Our goal is to leverage licensed and proprietary technology to help provide high-quality, data-driven insights for our clients," Mr. Shippen added.

About Britannia Life Sciences Inc.

Britannia is focused on introducing cutting-edge technologies into the traditional laboratory and regulatory platforms to power data-driven insights to improve the outcomes of its customers. Britannia provides services to the consumer products sector included 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 also provides geochemical testing and analysis to the natural resources industry through its subsidiary, Britannia Mining Solutions. Britannia's head office is located at 120 Adelaide St. W, Suite 2400, Toronto, Ont., M5H 1T1.

We seek Safe Harbor.