Mr. Nick Karos reports

UNIVERSAL IBOGAINE PROVIDES BI-WEEKLY DEFAULT STATUS REPORT AND UPDATE ON STATUS OF PRIVATE PLACEMENT

Universal Ibogaine Inc. has provided the following biweekly default status report update:

Further to the company's prior news release (Jan. 5, 2024), the company is providing this biweekly default status report in accordance with National Policy 12-203 Management Cease Trade Orders. On Nov. 20, 2023, Universal Ibogaine announced that it would delay the filing of its annual audited financial statements for the year ended July 31, 2023, its related management's discussion and analysis (MD&A), and the chief executive officer and chief financial officer certifications past the prescribed deadline of Nov. 28, 2023.

The company was granted a management cease trade order (MCTO) by the Alberta Securities Commission, its principal regulator, on Dec. 6, 2023, and Universal Ibogaine is required to file biweekly default status reports in the form of a news release during the period of the MCTO. Failure to file the required filings or the biweekly default status reports will result in the issuance of a general cease trade order.

The company intends to file the required filings, along with its unaudited interim financial statements and related MD&A for the Q1 interim period ended Oct. 31, 2023, upon the pending completion of the audit of the consolidated financial statements for the year ended July 31, 2023. The audit continues to progress as expected and is planned to be completed by Jan. 24, 2024.

At the request of the TSX Venture Exchange, Universal Ibogaine advises that its previously announced private placement of common share units (see news release of May 19, 2023) was eventually terminated. The company's current private placement (see news release of Dec. 20, 2023) of common shares at a price of one cent per share is proceeding, and subject to TSX-V approval, the company intends to close shortly on initial funds for subscriptions it has received totalling approximately $417,000.

Pursuant to the provisions of the alternative information guidelines specified in NP 12-203, the corporation reports that since its last news release of Jan. 5, 2024, except as otherwise noted herein:

• There have been no material changes to the information contained in the prior news releases/default status report that would reasonably be expected to be material to an investor.
• There have been no failures by the company to fulfill its stated intentions with respect to satisfying the provisions of the alternative information reporting guidelines under NP 12-203.
• 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.
• There is no other material information respecting the company's affairs that has not been generally disclosed.

Universal Ibogaine intends to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default, by issuing biweekly default status reports, each of which will be issued in the form of a news release. The company will also continue to disclose any other material information concerning its affairs and continuing business activities.

This news release has been approved by the CEO 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.

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

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