Ms. Michelle Seltenrich reports

RAKOVINA THERAPEUTICS ANNOUNCES DEBENTUREHOLDER APPROVAL OF DEBENTURE EXTENSION, EXPIRY OF WARRANT INCENTIVE PROGRAM

Further to the news release dated June 30, 2025, and in accordance with the terms of a debenture indenture between Rakovina Therapeutics Inc. and Odyssey Trust Company as the debenture trustee dated May 29, 2023, governing the 12.0 per cent convertible debentures of the company in the aggregate principal amount of $1,454,000, holders representing at least 66-2/3rds per cent of the outstanding principal of the convertible debentures have consented to the extension of the maturity date of the convertible debentures from Nov. 29, 2025, to Jan. 28, 2026. The extension was approved by way of a written consent dated Nov. 28, 2025, in accordance with the terms of the indenture. At this time, the company has not proceeded with the amendments referenced in the June 30, 2025, news release.

Amendment of convertible debentures

The company proposes to execute a supplemental indenture with the debenture trustee amending the terms of the indenture to reflect the extension. All other terms will remain the same, and the convertible debentures will continue to bear interest at a rate of 12.0 per cent during the extension. The extension remains subject to the approval of the TSX Venture Exchange.

Related-party disclosure

Certain directors of the company, as a group, beneficially own, control or direct, directly or indirectly, approximately $100,000 principal amount of the convertible debentures, representing approximately 6.9 per cent of the outstanding principal amount of the convertible debentures. Participation by such persons in the extension constituted a related-party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) and exchange Policy 5.9 (Protection of Minority Security Holders in Special Transactions). The company relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) thereof, as neither the fair market value of the convertible debentures held by related parties, nor the consideration payable in respect thereof exceeded 25 per cent of the company's market capitalization.

Warrant incentive program

Further to the company's new release dated July 24, 2025, the company also announces that its early exercise warrant incentive program expired on Sept. 2, 2025, and no warrants were exercised.

About Rakovina Therapeutics Inc.

Rakovina Therapeutics is a biopharmaceutical research company focused on the development of innovative cancer treatments. Its work is based on unique technologies for targeting the DNA-damage response powered by artificial intelligence using the proprietary Deep-Docking and Enki platforms. By using AI, it can review and optimize drug candidates at a much greater pace than ever before.

The company has established a pipeline of distinctive DNA-damage response inhibitors with the goal of advancing one or more drug candidates into human clinical trials in collaboration with pharmaceutical partners.

We seek Safe Harbor.