Mr. Michael Liik reports

CYMAT ANNOUNCES MAJOR ALUSION ORDER FOR NEOM PROJECT

Cymat Technologies Ltd. has received its first order to provide Alusion stabilized aluminum foam panels for installation in the Kingdom of Saudi Arabia's Neom project, currently the largest construction project in the world.

Neom is a massive commercial, residential, recreational and cultural land development project underwritten by a $500-billion (U.S.) investment from the Public Investment Fund of the Kingdom of Saudi Arabia.

Cymat's Alusion panels will form an important design element for the water park located in the Sindalah district of the Neom development. Sindalah will be the first region of Neom to be completed and will act as the gateway for visitors to the entire Neom development. This Alusion order has a contract value of $725,000 and is expected to be produced and shipped before March 31, 2024.

"While this contract is the culmination of several years of work and significant delays, we are excited to finally see our material so prominently utilized in this prestigious international development," said Michael Liik, Cymat's chief executive officer and chairman. He added: "Cymat has issued Alusion quotations for three additional installations in this megadevelopment with a contract value exceeding $20-million. As well, we anticipate the incorporation of our foam panels into many additional projects in this development in the years to come."

About Cymat Technologies Ltd.

Cymat Technologies has the global rights, through patents and established know-how, to manufacture and sell stabilized aluminum foam (SAF), a unique, ultralight, cellular metallic material.

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