Mr. Nick Karos reports

UNIVERSAL IBOGAINE ADVISES OF APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Universal Ibogaine Inc. has made an application to the Alberta Securities Commission (as principal regulator) and the British Columbia Securities Commission to approve a temporary management case trade order (MCTO) under National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults (NP 12-203), which, if granted, will prohibit trading securities of the company by the chief executive officer and chief financial officer of the company until such time as the required filings (defined below) and all continuous disclosure requirements have been filed by the company, and the MCTO has been lifted. During the period in which the MCTO is in effect, the general public will continue to be able to trade in the company's listed common shares. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted.

The company will be unable to file its audited consolidated financial statements for the financial year ended July 31, 2023, and the related management's discussion and analysis, and chief executive officer and chief financial officer certificates for this period before the filing deadline of Nov. 29, 2023.

The delay in the required annual filings is the result of the company's requirement to engage a replacement for Deloitte LLP as auditor. The company expects to be in a position to complete the required filings by mid-January, 2024. The MCTO, if granted, will be in effect until the required filings are completed.

Until the company completes the required annual filings, the company will comply with the alternative information guidelines set out in NP 12-203 for issuers which have failed to comply with a specified continuous disclosure requirement within the timelines prescribed by applicable Canadian securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the required filings have not been filed.

About Universal Ibogaine Inc.

Universal Ibogaine is a life sciences company with a mission to transform addiction treatment using medicalized ibogaine through a planned Canadian clinical trial focused on opioid use disorder, and ultimately to utilize that treatment protocol globally through planned future licensing agreements.

The company is concurrently developing a state-of-the-art holistic addiction treatment protocol at its Kelburn Recovery Centre (located near Winnipeg, Man.), which, when paired with the planned ibogaine detox protocol, is intended to revolutionize the way addiction is treated, and drastically improve the lives of individuals and families affected by addiction.

We seek Safe Harbor.