Toronto, Ontario--(Newsfile Corp. - October 20, 2026) - QuantumCore Ltd. (CSE: QNCR) (OTCQB: QNCRF) (FSE: K1Y) ("QuantumCore" or the "Company") is pleased to announce that it intends to effect a normal course issuer bid (the "NCIB") through the facilities of the Canadian Securities Exchange (the "CSE").

Pursuant to the NCIB, the Company may purchase up to 1,585,729 common shares of the Company (the "Common Shares"), representing approximately 5% of the Company's 31,714,581 issued and outstanding Common Shares and approximately 10% of the public float. The NCIB will remain in effect until October 16, 2027, unless completed or terminated earlier by the Company.

All Common Shares purchased under the NCIB will be purchased on the open market through the facilities of the CSE in accordance with the policies of the CSE and applicable Canadian securities laws. The price that QuantumCore will pay for any Common Shares purchased under the NCIB will be the market price at the time of acquisition.

The exact timing and amount of any purchases made pursuant to the NCIB will depend on market conditions and other factors. The Company is not obligated to acquire any Common Shares and may suspend or discontinue purchases under the NCIB at any time. Any Common Shares purchased by the Company under the NCIB will be cancelled upon purchase.

Based on recent customer discussions, the Company believes that its Common Shares are undervalued at current market prices and that the NCIB would be a prudent use of funds and provide the Company with additional flexibility to manage its capital.

The Company has appointed Leede Financial Inc. as its broker to conduct purchases under the NCIB on its behalf.

About QuantumCore Ltd.

QuantumCore is a Canadian quantum infrastructure company developing critical hardware technologies positioned between quantum control systems and quantum processing units. The Company's technology portfolio includes superconducting quantum amplifiers, cryogenic PCM/Superconducting multiplexing microchips, magnetless circulators and advanced single-photon detectors. QuantumCore is focused on addressing the signal amplification, heat generation, wiring complexity, component miniaturization and photon-detection challenges associated with scaling quantum computing systems toward commercially viable, fault-tolerant architectures.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws, including, but not limited to, statements regarding the normal course issuer bid, the potential purchase and cancellation of Common Shares under the normal course issuer bid, the timing and amount of any such purchases and the Company's strategies, expectations, planned operations or future actions. Often, but not always, forward-looking information can be identified by the use of words such as "believes", "expects", "intends", "plans", "may", "could", "should", "will" and similar expressions, including negative variations.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the forward-looking information, including those factors discussed under "Risk Factors" in the Listing Statement of the Company dated March 31, 2026, which is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca. Forward-looking information is based on a number of assumptions, including that the Company will have access to sufficient capital and resources and that market conditions will permit the Company to purchase Common Shares under the NCIB on terms considered advisable by the Company. These factors and assumptions should be considered carefully and readers should not place undue reliance on the forward-looking information. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information contained herein is made as of the date hereof and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that this forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.

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