Britannia Life Sciences Inc. Reports Second Quarter Financial Results

Toronto, Ontario--(Newsfile Corp. - November 29, 2022) - Britannia Life Sciences Inc. (CSE: BLAB) (FSE: L020) ("Britannia" or the "Company") is pleased to provide its unaudited financial results for the three- and six-month periods ended September 30, 2022. These filings and additional information regarding Britannia are available for review on SEDAR at www.sedar.com. All amounts are Canadian dollars unless otherwise stated.

Q2 2023 Highlights:

• Q2 revenue for the three- and six-month periods ended September 30, 2022 was $1.59m and $3.10m.

• During the six-month period ended September 30, 2022, the Company generated gross profit of $2.3m and net cash flows from operating activities of $900k.

• The Company reports Adjusted EBITDA of $819k and $1.45m for the three- and six-month periods ended September 30, 2022.

• On August 11, 2022, the Company announced that its partially owned subsidiary, Britannia Mining Solutions Inc. ("BMS"), had entered into Asset Purchase Agreements ("APAs") with Chrysos Corporation Limited ("Chrysos") pursuant to which Chrysos will deliver to BMS an additional ten PhotonAssay™ units, bringing the total number of PhotonAssay™ units to be installed and operated by BMS to twelve. The Company also announced that its first PhotonAssay^TM unit is expected to be deployed in Montreal, Quebec, where it will serve as the Company's first regional hub, in the September quarter of 2023.

About Britannia Life Sciences Inc.

Britannia Life Sciences Inc. is a global platform offering an integrated suite of services to assist companies along their product development journey. Britannia's services, including product formulations, safety assessments, analytical and microbiological testing, global compliance and consumer evaluations are offered to companies ranging from multinationals to startups particularly in the cosmetics, food and wellness industries. Britannia has garnered significant expertise in the development and regulatory approval of topical and edible cannabis products, including preparation and support for novel food authorizations.

Britannia's head office is located at 120 Adelaide Street West, Suite 2400, Toronto, Ontario, M5H 1T1.

For further information contact:
Britannia Life Sciences Inc.
Email: investors@britannia.life

Forward-Looking Information

This press release may contain certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation regarding Britannia and its business. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates", or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", or intends", or variations of such words and phrases or stating that certain actions, events or results "may", or "could", "would", "might", or "will", be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Except as required by law, Britannia assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change. The reader is cautioned not to place undue reliance on forward-looking statements.

For a detailed description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's filings statement available on SEDAR under the Company's profile at www.sedar.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145964