Mr. Cameron MacDonald reports

THE WESTAIM CORPORATION ANNOUNCES LEADERSHIP TRANSITION AT ARENA INVESTORS GROUP HOLDINGS, LLC

The Westaim Corp. has appointed Andrew Rabinowitz as chief executive officer of Arena Investors Group Holdings LLC and its subsidiaries with immediate effect, in addition to his current roles, including as president, at Arena. Westaim also announced the departure of Daniel Zwirn from Arena.

Mr. Rabinowitz joined Arena in December, 2025. He has more than 30 years of success in the asset management industry and joined Arena from alternative asset manager 26North, where he served as a senior partner overseeing the firm's enterprise solutions team and serving on the firm's management committee and as a board member of its insurance affiliates, amongst other responsibilities. Prior to that, Mr. Rabinowitz served as co-chief executive officer at K2 Integrity, a global risk and consulting advisory firm. Earlier in his career, Mr. Rabinowitz spent nearly 20 years in leadership roles at Marathon Asset Management, including president, where he helped grow the firm's assets under management from approximately $250-million to more than $24-billion. Mr. Rabinowitz is also the co-founder and co-president of R Baby Foundation, which he founded with his wife over 17 years ago and now works with over 1,200 hospitals around the world to improve medical care for over 13 million babies and children.

"It is an honour to assume this expanded leadership role within Westaim's asset management business at a pivotal inflection point in the company's history," said Mr. Rabinowitz. "I would like to thank the Westaim board for the trust they have placed in me and share my excitement with our team, investors and partners about the path ahead as we build on our existing businesses and expand into new and attractive markets."

"Andrew is a proven leader who has had a significant impact on the business since he joined the company. We are pleased to appoint him to this critical leadership position as we enter this exciting period of transformation," said Cameron MacDonald, chief executive officer of Westaim. "We are confident that with Andrew at the helm alongside our deep and talented team of investment professionals, our asset management business is well positioned to accelerate growth, deliver value for clients and execute on its long-term strategic vision as we seek to achieve the full potential of this platform."

About The Westaim Corp.

Westaim is an integrated insurance and alternative asset management company with two primary operating businesses: Ceres Life and Arena.

Ceres Life is a cloud-native, highly scalable, de novo annuity insurance company. Inspired by the belief that technology can reinvent the way insurance providers meet the needs of investors, Ceres Life is building a nimble, highly efficient and risk-conscious insurance company that provides simple-to-understand and easily accessible annuity products designed to create better outcomes for policyholders. Ceres Life is led by Deanna Mulligan, former chief executive officer and chair of Guardian Life Insurance.

Founded in 2015, Arena is a global institutional asset manager with deep expertise in credit and asset-oriented investments, including the full spectrum of corporate, real estate and structured finance opportunities. With a team of employees in offices around the world, Arena provides creative solutions for those seeking competitive capital and flexibility to engage in custom transactions.

Westaim's common shares are listed on the TSX Venture Exchange under the trading symbol WED.

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