Ms. Jennifer Sinopoli reports

AMERICAN TUNGSTEN CORP. APPLAUDS U.S. PRESIDENTIAL EXECUTIVE ORDER TO ENSURE NATIONAL SECURITY THROUGH THE ASSESSMENT OF AND SECURING OF DOMESTIC CRITICAL MINERALS SUPPLY CHAINS

In partnership with Galaxy Asset Management, CI Global Asset Management's CI Galaxy Solana ETF has closed its initial offering of units and begins trading today on the Toronto Stock Exchange under the tickers SOLX.B and SOLX.U.

CI Galaxy Solana is also launching with a management fee of 0 per cent, as CI GAM is fully waiving the management fee of 0.35 per cent until July 16, 2025.

CI Galaxy Solana invests directly in solana tokens (SOL), one of the world's largest digital currencies by market capitalization and the cryptocurrency that powers the solana blockchain network. The ETF is available in two series: U.S.-dollar-denominated unhedged units and Canadian-dollar-denominated unhedged units. The ETF is managed by CI GAM and subadvised by Galaxy Asset Management.

"The fee waiver demonstrates our commitment to providing investors with convenient exposure to emerging digital asset classes and the remarkable growth potential of decentralized finance," said Jennifer Sinopoli, executive vice-president and head of distribution for CI GAM. "Solana has become one of the core blockchain networks driving innovation and change, making SOLX a timely addition to our lineup of cryptocurrency investment solutions."

The solana network is known for its speed, efficiency and ease of use, and today supports a wide and growing variety of applications, such as payments processing, lending, non-fungible tokens, smart contracts, Web3 platforms, decentralized finance models and decentralized physical infrastructure projects.

CI Galaxy Solana leverages the deep expertise of Galaxy, one of the world's largest investment managers of digital assets and blockchain exposures. Galaxy executes all SOL trading on behalf of the exchange-traded fund and facilitates staking arrangements, which can earn additional rewards for the ETF.

"We're excited to partner with CI to bring the CI Galaxy Solana ETF to investors and offer easy access to one of the fastest-growing and most innovative blockchain ecosystems," said Steve Kurz, global head of asset management at Galaxy. "As one of the largest validators on the Solana network, Galaxy brings deep expertise to support the launch of SOLX and offer valuable industry insights. Introducing Solana's combination of speed, scalability and staking potential through an ETF wrapper provides investors with direct exposure and opportunities for additional yield through staking rewards within the evolving landscape of digital assets."

The ETF intends to stake a portion of its SOL holdings in order to earn rewards of additional SOL tokens. Staking is part of a process that validates transactions and helps to secure the solana network. CI GAM, as manager of the ETF, is entitled to up to 35 per cent of the net rewards from staking, while no less than 65 per cent will accrue to the ETF.

"As an ETF, SOLX provides a convenient and transparent way to invest in SOL and SOL staking," said Ms. Sinopoli. "Investors benefit from liquidity, real-time pricing, eligibility for registered plans, and the professional management provided by CI GAM, one of Canada's largest investment firms, and Galaxy, a global leader in managing digital assets. The ETF's subcustodians also store SOL holdings in off-line cold storage, providing an additional layer of security."

The investment objective of CI Galaxy Solana is to provide unitholders with exposure to SOL through an institutional-quality fund platform. The ETF will invest directly in SOL, with its SOL holdings priced based on the Bloomberg Galaxy Solana Index, which is designed to measure the performance of a single SOL traded in U.S. dollars. The Bloomberg Galaxy Solana Index is owned and administered by Bloomberg Index Services Ltd.

CI GAM is a leader in digital assets in the Canadian investment fund industry and was the first company in the world to offer both an ethereum ETF and mutual fund. CI GAM partners with Galaxy to provide one of the industry's most comprehensive lineups of digital asset solutions:

• CI Galaxy Bitcoin ETF and CI Bitcoin Fund;
• CI Galaxy Ethereum ETF and CI Ethereum Fund;
• CI Galaxy Multi-Crypto ETF;
• CI Galaxy Blockchain Index ETF.

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