Mr. Cameron MacDonald reports

WESTAIM ANNOUNCES AMENDMENT TO ITS PREVIOUSLY ANNOUNCED NORMAL COURSE ISSUER BID

The Westaim Corp. has entered into an automatic share purchase plan (ASPP) with Stifel Nicolaus Canada Inc. in order to facilitate repurchases of its common shares under its previously announced normal course issuer bid (NCIB). On Sept. 26, 2022, the company announced that it had received approval from the TSX Venture Exchange to make a normal course issuer bid, pursuant to which, during the 12-month period commencing Oct. 1, 2022, and ending Sept. 30, 2023, Westaim may purchase for cancellation up to 11,005,494 shares in total, representing approximately 10 per cent of Westaim's then public float of shares. As at the date hereof, the company has repurchased 2,394,600 shares under the NCIB.

Under the ASPP, Stifel, on behalf of Westaim, may repurchase shares under the NCIB at times when the company would ordinarily not be permitted to do so, due to blackout periods where the company is in possession of material undisclosed information. Purchases will be made by Stifel, on behalf of Westaim, based on the parameters prescribed by the TSX-V, applicable securities laws and the terms of the ASPP.

The ASPP has been approved by the exchange and will be in place until Sept. 30, 2023 (the balance of the term of the NCIB).

The board of directors of the company believes that the recent market prices of the shares do not properly reflect the underlying value of such shares. As a result, depending upon future price movements and other factors, the board believes that the purchase of the shares would be a desirable use of corporate funds, in the best interests of the company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold shares by increasing their equity interest in the company when such repurchased shares are cancelled.

About The Westaim Corp.

Westaim is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. The company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim's strategy is to pursue investment opportunities with a focus toward the financial services industry and grow shareholder value over the long term. Westaim's investments include significant interests in Skyward Specialty, Arena Investors and Arena FINCOs. Skyward Specialty, the HIIG Partnership, Arena FINCOs and Arena Investors are defined in the notes to Westaim's audited consolidated financial statements for its fiscal year ended Dec. 31, 2022, and related management's discussion and analysis.

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