Mr. Matthew Davis reports

THREED CAPITAL INC. ACQUIRES SECURITIES OF BIRCHTREE INVESTMENTS LTD.

Through a series of transactions on March 11, 2024, ThreeD Capital Inc. acquired ownership and control of an aggregate of 750,000 common shares (the subject shares) of Birchtree Investments Ltd. The subject shares represented approximately 1.0 per cent of all issued and outstanding common shares of the company at the time of the acquisition. As a result of the acquisition, the percentage ownership held by ThreeD increased by 2.8 per cent from the last early warning report filed in which ThreeD reported a 12.9 per cent ownership of all issued and outstanding common shares of Birchtree.

Immediately prior to the acquisition, ThreeD owned and controlled an aggregate of 11.55 million common shares of Birchtree, representing approximately 14.7 per cent of all issued and outstanding common shares of the company on a non-dilutive and partially dilutive basis.

Immediately following the acquisition, ThreeD owned and controlled an aggregate of 12.3 million common shares of Birchtree, representing approximately 15.7 per cent of all issued and outstanding common shares of the company on a non-dilutive and partially dilutive basis.

The subject shares were acquired through the facilities of the Canadian Securities Exchange. The holdings of securities of the company by ThreeD are managed for investment purposes. ThreeD could increase or decrease its investments in the company at any time, or continue to maintain its current position, depending on market conditions or any other relevant factor.

The subject shares were acquired for proceeds of an average price of approximately 11.4 cents per subject share, or total aggregate proceeds of $85,720.

About ThreeD Capital Inc.

ThreeD is a publicly traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD's investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the company's ecosystem.