Mr. Rishi Sharma reports

VELAN AWARDED IMPORTANT VALVE ORDER FOR PICKERING NUCLEAR GENERATION STATION REFURBISHMENT

Velan Inc. has been awarded a valve order exceeding $20-million from Ontario Power Generation (OPG) to supply emergency cooling injection (ECI) valves for three reactors being refurbished at the Pickering nuclear generation station, one of the world's largest nuclear facilities.

These critical valves, rated ASME III Class 1, represent the highest standard of safety and reliability in their category. Velan supplied the original valves over 45 years ago and has continuously supported Pickering through its construction and refurbishment program.

The first shipment is scheduled for January, 2027, with subsequent deliveries to be completed by Jan. 31, 2028.

"Velan is proud to continue our partnership with OPG, supporting Canadian nuclear innovation and advancing CANDU technology," said James Mannebach, chief executive officer. "This order reflects our commitment to safety, reliability and a sustainable energy future for Canada and beyond."

The project aligns with global efforts to expand clean energy capacity and reinforces Velan's legacy as a trusted supplier to the nuclear industry for over 75 years.

About Velan Inc.

Founded in Montreal in 1950, Velan is one of the world's leading manufacturers of industrial valves. The company is headquartered in Montreal, Canada, and operates manufacturing plants in nine countries. Velan is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

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