Mr. Bill Mavridis reports

THERMOPYLAE CAPITAL INC. ANNOUNCES RESIGNATION OF PRESIDENT

Nicholas Aristotle Demos has resigned as president of Thermopylae Capital Inc., effective July 2, 2026.

The board of directors thanks Mr. Demos for his contributions to the corporation and wishes him well in his future endeavours. Mr. Demos will remain a significant shareholder of the corporation and, by virtue of his shareholdings, will continue to be an insider of the corporation.

The leadership of the corporation continues under Dr. Kenneth (Kyriakos) Matziorinis, chief executive officer, corporate secretary, and Veronique Laberge, chief financial officer, together with the corporation's board of directors, comprising Dr. Matziorinis, Ms. Laberge, Bill (Vasilios) Mavridis and Edward Ierfino.

As the corporation's current management and board composition satisfy the requirements of Policy 2.4, the position of president will not be filled at this time and will remain vacant until further notice.

The corporation's mandate remains unchanged. As a capital pool company, Thermopylae continues to focus on the identification and evaluation of businesses or assets with a view to completing a qualifying transaction under the TSX Venture Exchange's capital pool company program, with the objective of creating long-term value for its shareholders.

"On behalf of the board, I want to assure our shareholders that the corporation remains fully focused on its mandate," said Dr. Matziorinis, chief executive officer and director. "Our team continues to actively identify and evaluate opportunities for a qualifying transaction that we believe will deliver value to our shareholders."

About Thermopylae Capital Inc.

Thermopylae Capital is a capital pool company (CPC) within the meaning of TSX-V Policy 2.4. The corporation has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX-V's CPC policy, until the completion of its qualifying transaction, the corporation will not carry on business other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.

We seek Safe Harbor.