An anonymous director reports

PSYENCE GROUP INC. ENTERS INTO AMENDING AGREEMENT TO EXTEND AMALGAMATION TIMELINE WITH GOLDCOAST RESOURCE CORP.

Psyence Group Inc. has entered into an amending agreement dated Feb. 24, 2026, with GoldCoast Resource Corp. and Psyence Therapeutics Corp., a wholly owned subsidiary of Psyence (Psyence Subco), to amend the definitive amalgamation agreement dated Nov. 21, 2025, as previously announced by the company on Nov. 24, 2025.

The amending agreement provides for certain amendments to the amalgamation agreement in connection with the proposed three-cornered amalgamation under the Business Corporations Act (Ontario), including: (i) an extension of the long-stop date for the holding of required shareholder meetings from Jan. 30, 2026, to April 30, 2026; (ii) an extension of the outside date for completion of the amalgamation from March 31, 2026, to May 31, 2026; (iii) a corresponding extension of the termination date under the amalgamation agreement from March 31, 2026, to May 31, 2026; and (iv) a reduction of the minimum cash condition applicable to Psyence at closing from $400,000 to $250,000.

The amending agreement was entered into to provide the parties with additional time to satisfy the remaining conditions precedent to closing, including receipt of required shareholder and regulatory approvals.

Except as expressly amended by the amending agreement, all other terms and conditions of the amalgamation agreement remain unchanged and in full force and effect.

The proposed transaction continues to constitute a "Change of Business" under Policy 8 -- Fundamental Changes and Changes of Business of the Canadian Securities Exchange (the CSE). Trading in the company's common shares will remain halted pending satisfaction of CSE requirements and completion of the amalgamation. There can be no assurance that the transaction will be completed as proposed or at all.

About GoldCoast Resource Corp.

GoldCoast Resource is a private Ontario company founded by a team of experienced mining professionals focused on environmentally responsible near-shore mineral exploration using marine dredge-mining technology.

About Psyence Group Inc.

Psyence Group is a life science biotechnology company focused on the development of nature-derived psychedelic products for mental health and wellness applications.

Psyence is currently advancing a proposed reverse takeover transaction with GoldCoast Resource Corp., a private mineral exploration company focused on offshore gold exploration in Ghana. Upon completion of the transaction, the resulting issuer is expected to pursue the business of GoldCoast, subject to receipt of all required regulatory and shareholder approvals.

Psyence's current operations are focused on research and development initiatives involving nature-derived psilocybin products. There can be no assurance that the proposed transaction will be completed as contemplated or at all.

We seek Safe Harbor.