Psyence target GoldCoast closes tranche 2 of financing

• GoldCoast Resource Corp., the target of Psyence Group's proposed reverse takeover, closed the second tranche of a non-brokered private placement.
• The tranche consisted of 3,280,140 common shares priced at $0.85 per share, generating $2,778,119 USD in gross proceeds.
• Combined with the first brokered tranche closed on March 17, total financing raised to date is $8,603,883 USD.
• The completion of this financing satisfies a specific condition precedent outlined in the amalgamation agreement between Psyence and GoldCoast.
• Proceeds are allocated to GoldCoast's exploration programs and working capital.
• The amalgamation remains subject to shareholder approvals, CSE listing requirements, and regulatory consents, with extended deadlines set for April 30 (shareholder meetings) and May 31, 2026 (closing).

• The news is incremental and expected. The two-tranche financing structure was explicitly outlined in the March 17 release, making this a routine execution step rather than a new catalyst.
• The $0.85 placement price establishes a clear valuation anchor that is over seven times the last traded price of $0.12, indicating a substantial re-rating will occur upon trading resumption, but it also confirms heavy dilution for legacy shareholders.
• Satisfying the financing condition removes one execution hurdle, but does not guarantee CSE approval or shareholder consent. The core risk profile remains unchanged until regulatory and voting milestones are cleared.
• No new operational data, drill results, or NI 43-101 technical disclosures were provided. The capital raise simply extends the runway for early-stage offshore reconnaissance work.

• Psyence Group Inc. is a Canadian-listed shell company transitioning from its prior biotech/psychedelic focus into mineral exploration via a three-cornered amalgamation with GoldCoast Resource Corp.
• Flagship Project: Ghana Western Offshore Continental Shelf. GoldCoast holds ten contiguous offshore reconnaissance licenses covering approximately 10,000 square kilometers along Ghana's western coast.
• Project Stage: Early exploration. The licenses are for shallow-water marine placer gold. The initial term is 12 months, renewable per Ghanaian regulations.
• No NI 43-101 compliant resource estimate or historical drilling data has been disclosed. The project remains at the reconnaissance and permitting stage with unproven commercial viability.