Mr. Nick Karos reports

UNIVERSAL IBOGAINE PROVIDES UPDATE ON PRIOR APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Universal Ibogaine Inc. has provided an update and revision to its prior news release which was issued on Nov. 20, 2023.

At that time, UI had advised that it 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, 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 herein) 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.

There is no guarantee or assurance that the MCTO application will be approved, and if granted, the MCTO will be in effect until the required filings are completed.

The company was 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. 28, 2023 (the filing deadline, which had been inadvertently noted previously as 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. UI is not subject to any insolvency proceedings and there is no material information that has not been disclosed. UI expects to be in a position to complete the required filings by Jan. 18, 2024. UI is finalizing timing with its new auditor firm, and will be working with it throughout December and early January to complete the audit of the financial statements as required.

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 who 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.

This news release has been approved by the chief executive officer of the company.

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.

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