An anonymous director reports

PSYENCE GROUP INC. ANNOUNCES AMENDMENT TO AMALGAMATION AGREEMENT WITH GOLDCOAST RESOURCE CORP.

Psyence Group Inc. has entered into an amendment dated April 13, 2026, to the previously announced amalgamation agreement dated Nov. 21, 2025, as amended, among Psyence, Psyence Therapeutics Corp. (Psyence Subco) and GoldCoast Resource Corp., in connection with the proposed amalgamation transaction previously announced by the company.

Under the transaction, GoldCoast and Psyence Subco are expected to amalgamate under the Business Corporations Act (Ontario), with Psyence continuing as the resulting issuer.

Summary of amendment

The amendment provides for changes to the amalgamation agreement to account for the lapse of time, resulting in a revised formula for the proposed consolidation of the common shares of Psyence to be completed in connection with the transaction.

The final consolidation ratio cannot be determined at this time as it is dependent on variables that will be determined at or prior to closing of the transaction.

The revised formula is intended to reflect the relative equity values of Psyence and GoldCoast at closing, and the resulting consolidation ratio may vary depending on the foregoing inputs. The final consolidation ratio cannot be determined at this time as it is dependent on variables that will be determined at or prior to closing of the transaction.

Except as expressly amended by the amendment, the amalgamation agreement remains in full force and effect. Completion of the transaction remains subject to a number of conditions, including, without limitation, shareholder approvals and Canadian Securities Exchange approval, and satisfaction or waiver of other customary closing conditions. An annual and special meeting of the shareholders of the company has been called for Tuesday, May 19, 2026, at 9 a.m. Eastern Time, to, among other things, approve the transaction, the proposed consolidation of the Psyence shares and all other matters contemplated in the amalgamation agreement. There can be no assurance that the transaction will be completed as proposed or at all.

About GoldCoast Resource Corp.

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

About Psyence Group Inc.

Psyence 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, a private mineral exploration company focused on offshore gold exploration in Ghana. Upon completion of the transaction, Psyence is expected to continue as the resulting issuer and to carry on the business of GoldCoast, which will constitute a fundamental change of the company's business, subject to receipt of all required regulatory and shareholder approvals, including approval of the Canadian Securities Exchange.

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.