Mr. Patrick Sapphire reports

MANDALA CAPITAL INC. ANNOUNCES CHANGES TO DIRECTORS AND OFFICERS AND TRANSFER OF ESCROWED SHARES

Mandala Capital Inc. has made changes to the directors and officers of the company and has transferred escrowed shares pursuant to the company's escrow share transfer agreement dated Aug. 11, 2022.

Michael Williams and Harry Tian have been appointed as directors of the company. John-Mark Staude has been appointed as vice-president, corporate development, of the company. Jonson Sun has resigned from his position as a director of the company. The company would like to thank Mr. Sun for his services and wishes him all the best in his future endeavours.

Pursuant to the escrow agreement, former directors, officers and certain other shareholders of the company will transfer their escrowed shares to the new directors and officers of the company. An aggregate of 1.4 million common shares of the company within escrow will be transferred.

The transfers have been approved by the TSX Venture Exchange.

About Mandala Capital Inc.

The company is designated as a capital pool company under Policy 2.4 of the TSX-V. The company has not commenced commercial operations and has no assets other than cash. The company will use the funds raised from its initial public offering to identify and evaluate businesses or assets with a view to completing a qualifying transaction (as defined in the amended and restated prospectus dated Nov. 25, 2022). Any proposed qualifying transaction must be approved by the TSX-V and, in the case of a non-arm's-length qualifying transaction, must also receive majority approval of the minority shareholders. Until the completion of a qualifying transaction, the company will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.