Mr. Zeeshan Saeed reports

QUANTUM BIOPHARMA ANNOUNCES INTENTION TO DECLARE SPECIAL DIVIDEND OF CONTINGENT VALUE RIGHTS (CVRS) LINKED TO FUTURE LITIGATION SETTLEMENT PROCEEDS

Quantum Biopharma Ltd. intends to declare a special dividend consisting of contingent value rights (CVRs) to be issued on a 1:1 basis to holders of the company's Class B subordinate voting shares.

Each CVR will entitle the holder to receive a pro rata portion of a minimum of 10 per cent and a maximum of 50 per cent of the net proceeds, ultimately recovered by the company, if any, in connection with its legal action against CIBC World Markets, RBC Dominion Securities and others, which seeks damages in excess of $700-million (U.S.) related to alleged stock price manipulation and spoofing. The board will approve the exact payout percentage at a later date.

The record date for the proposed special dividend has not yet been set, and the company will provide further updates in due course.

The CVRs:

• Will not be listed on any exchange or marketplace;
• Will be non-transferable and non-assignable;
• Will not carry interest or voting rights;
• Will be redeemable only for cash, and only in the event that the company receives net proceeds from a resolution of the litigation (whether by settlement or final judgment).

"Shareholders are our biggest asset. This proposed special dividend underscores our commitment to ensuring our shareholders benefit directly from the outcome of this significant litigation," said Zeeshan Saeed, chief executive officer of Quantum Biopharma. "We are aligning interests by creating a legally enforceable right that rewards holders if and when value is recovered."

The issuance of the CVRs remains subject to necessary approvals, regulatory requirements, and finalization of tax, legal and operational matters. There can be no assurance that any litigation proceeds will be received or that the CVRs will result in any payment to holders.

About Quantum Biopharma Ltd.

Quantum Biopharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotechnology solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol-misuse disorders, with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc., Quantum Biopharma is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented, new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum Biopharma invented Unbuzzd and spun out its OTC (over-the-counter) version to a company, Unbuzzd Wellness (formerly Celly Nutrition), led by industry veterans. Quantum Biopharma retains ownership of 20.11 per cent (as of March 31, 2025) of Unbuzzd Wellness. The agreement with Unbuzzd Wellness also includes royalty payments of 7 per cent of sales from Unbuzzd until payments to Quantum Biopharma total $250-million. Once $250-million is reached, the royalty drops to 3 per cent in perpetuity. Quantum Biopharma retains 100 per cent of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses. Quantum Biopharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property.

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