Mr. Nick Karos reports

UNIVERSAL IBOGAINE ANNOUNCES GRANTING OF MANAGEMENT CEASE TRADE ORDER

Universal Ibogaine Inc.'s application for a temporary management cease trade order (MCTO) has been granted by the Alberta Securities Commission (ASC), as principal regulator.

Universal Ibogaine previously advised (see prior news releases issued on Nov. 20 and Dec. 1, 2023) that it had made an application to the ASC to approve the MCTO in connection with the company's delay in filing its audited consolidated financial statements for the financial year ended July 31, 2023, the related management's discussion and analysis, and the chief executive officer and chief financial officer certificates for this period (collectively, the required filings) before the filing deadline of Nov. 28, 2023.

As noted in the prior news release of Dec. 1, Universal Ibogaine is currently working with its new auditor firm and expects to be in a position to complete the required filings by Jan. 18, 2024.

As previously announced, pursuant to the MCTO, the company's chief executive officer and chief financial officer may not trade securities of the company until such time as the company files the required filings and the ASC revokes the MCTO. The MCTO does not affect the ability of shareholders of the company to trade their securities.

The company is providing this updated status report in accordance with National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults (NP 12-203). Until such time as the company files the required filings and the MCTO has been revoked, the company intends to the follow the provisions of the alternative information guidelines set out in NP 12-203, including the issuance of biweekly default status reports in the form of news releases.

Pursuant to the provisions of the alternative information guidelines specified in NP 12-203, the company confirms that, as of the date of this news release, and except as noted above: (a) there have been no material changes to the information contained in the prior default announcement that would reasonably be expected to be material to an investor; (b) there have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203; (c) there has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the default announcement; and (d) there is no other material information concerning the affairs of the company that has not been generally disclosed.

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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