Mr. Anthony Buffalano of Southpoint reports

SOUTHPOINT HOLDINGS IN FENNEC PHARMACEUTICALS INC.

On Dec. 24, 2025, Southpoint Capital Advisors LP, acting on behalf of certain Southpoint funds for which it serves as investment manager, pursuant to securities laws, disposed of beneficial ownership of one million common shares of Fennec Pharmaceuticals Inc., representing approximately 2.93 per cent of the outstanding common shares (calculated on a fully diluted basis).

The common shares were sold at a price of $7.50 (U.S.) per common share.

Southpoint now exercises control or direction over an aggregate of 2.7 million common shares, representing approximately 8 per cent of the outstanding common shares (calculated on a fully diluted basis).

Southpoint has disposed of the common shares for investment purposes. Depending on market and other conditions, Southpoint may change its beneficial ownership of, or control or direction over, common shares through market transactions, private agreements, treasury issuances, exercise of warrants or otherwise.