<SEC-DOCUMENT>0001654954-25-000596.txt : 20250121
<SEC-HEADER>0001654954-25-000596.hdr.sgml : 20250121
<ACCEPTANCE-DATETIME>20250121160007
ACCESSION NUMBER:		0001654954-25-000596
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250121
FILED AS OF DATE:		20250121
DATE AS OF CHANGE:		20250121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quantum Biopharma Ltd.
		CENTRAL INDEX KEY:			0001771885
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39152
		FILM NUMBER:		25542456

	BUSINESS ADDRESS:	
		STREET 1:		FIRST CANADIAN PLACE
		STREET 2:		100 KING STREET WEST, SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5X 1A4
		BUSINESS PHONE:		(416) 854-8884

	MAIL ADDRESS:	
		STREET 1:		FIRST CANADIAN PLACE
		STREET 2:		100 KING STREET WEST, SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5X 1A4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FSD Pharma Inc.
		DATE OF NAME CHANGE:	20190327
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>fsd_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title>fsd_6k.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>UNITED STATES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SECURITIES AND EXCHANGE COMMISSION</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>Washington, D.C. 20549</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><font style="font-size:18pt">Form 6-K</font></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>PURSUANT TO RULE 13a-16 OR 15d-16</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">For the month of: <strong><u>January 2025</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Commission File Number: <strong><u>001-39152</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:60%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><font style="font-size:18pt">QUANTUM BIOPHARMA LTD. </font></strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Translation of registrant's name into English)</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>55 University Ave., Suite 1003</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><u>Toronto, Ontario M5J 2H7, Canada</u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">(Address of principal executive office)</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Form 20-F &#9746;&nbsp;&nbsp; &nbsp; Form 40-F &#9744;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>INCORPORATION BY REFERENCE</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This Report on Form 6-K and Exhibit 99.1 attached hereto is incorporated by reference into the Registrant&#8217;s Registration Statement on Form F-3 (SEC File No. 333-276264), including any prospectuses forming a part of such Registration Statement and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="font-size:1px;width:100%"> <tr > <td style="BORDER-BOTTOM: 2px solid;"></td></tr> <tr > <td style="BORDER-BOTTOM: 5px solid;"></td></tr></table> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>EXPLANATORY NOTE</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">In its Form 7 &#8211; Monthly Progress Report filed with the Canadian Securities Exchange on January 7, 2025, Quantum Biopharma Ltd. (the &#8220;Company&#8221;) reported that it had raised an aggregate of $1,000,000 in a non-brokered private placement offering of its convertible debenture units (&#8220;Convertible Debenture Units&#8221;) at a price of $1,000 per Convertible Debenture Unit (the &#8220;Offering&#8221;), which Offering closed in December 2024. Each Convertible Debenture Unit consists of (i) one Convertible Debenture Unit having a face value of $1,000 each (a &#8220;Debenture&#8221;), and (ii) 80 Class B common share purchase warrants (each, a &#8220;Warrant&#8221;) exercisable for 80 Class B subordinate voting shares (&#8220;Class B Stock&#8221;) of the Company. The Debentures mature on the date that is 36 months from the date of issuance and bear interest at a rate of 1.25% per unit, beginning on the date of issuance and payable in cash on the last day of the calendar quarter.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">The principal sum of the Debentures, or any portion thereof, and any accrued but unpaid interest, may be converted into shares of the Company&#8217;s Class B Stock at a conversion price of $6.25 per share. Each Warrant shall entitle the holder to acquire one additional share (each, a &#8220;Warrant Share&#8221;) at a price of $7.00 per Warrant Share, for a period of five (5) years from the date of issuance. The Company will use the proceeds from the Offering for the ongoing development of its business model and for general working capital purposes. The Offering was not registered under the Securities Act of 1933, as amended, and no Convertible Debenture Units were offered or sold in the United States or to, or for, the account or benefit of any U.S. persons.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">A copy of the Form 7 &#8211; Monthly Progress Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">2</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>SIGNATURES</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Quantum BioPharma Ltd.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">(Registrant)</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="width:50%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:3%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:35%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:12%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Date: January 21, 2025</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">By:</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">/s/ Donal Carroll</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Donal Carroll, Chief Financial Officer</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">3</td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>EXHIBIT INDEX</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;width:8%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Exhibit </strong>&nbsp;</p></td> <td style="width:2%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Description </strong></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><a href="fsd_ex991.htm">Exhibit 99.1</a></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><a href="fsd_ex991.htm">Form 7 &#8211; Monthly Progress Report dated January 7, 2025</a></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;text-align:center;">4</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p><body>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fsd_ex991.htm
<DESCRIPTION>FORM 7 - MONTHLY PROGRESS REPORT
<TEXT>
<html><head><title>fsd_ex991.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 99.1</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 7</strong><strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong><u>MONTHLY PROGRESS REPORT</u></strong><strong><u></u></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Name of Listed Issuer: Quantum BioPharma Ltd. (the "Issuer", or "Quantum")</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Trading Symbol: <u>QNTM</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><u>Number of Outstanding Listed Securities: 2,299,748</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Date: <u>January 7, 2025 (for the month of December 31, 2024)</u></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. This report is not intended to replace the Issuer's obligation to separately report material information forthwith upon the information becoming known to management or to post the forms required by Exchange Policies. If material information became known and was reported during the preceding month to which this report relates, this report should refer to the material information, the news release date and the posting date on the Exchange website.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This report is intended to keep investors and the market informed of the Issuer's ongoing business and management activities that occurred during the preceding month. Do not discuss goals or future plans unless they have crystallized to the point that they are "material information" as defined in the Policies. The discussion in this report must be factual, balanced and non-promotional.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>General Instructions</strong><strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td id="del_tdc21b50ca-38e5-4a0c-9909-57f2d1f4d40c~9696fa" style="width:4%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">(a)</p></td> <td id="del_tdc644811b-cd79-4d70-a57a-5cd0063fa703~f09123" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Prepare this Monthly Progress Report using the format set out below. The sequence of questions must not be altered, nor should questions be omitted or left unanswered. The answers to the items must be in narrative form. State when the answer to any item is negative or not applicable to the Issuer. The title to each item must precede the answer.</p></td></tr> <tr style="height:15px"> <td id="del_td6c9f9911-72f7-4323-8f32-32aa0bd7b026~7251ab"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td id="del_td09660bc1-1622-4d5a-af11-0ec926e97454~ba5370"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_tdc3fe89ff-3905-4a99-b799-09d4fef55ee0~eefecc" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">(b)</p></td> <td id="del_tdcd2e0ae7-da03-4bd0-b411-b73a89538d56~3db2f0" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The term "Issuer" includes the Issuer and any of its subsidiaries.</p></td></tr> <tr style="height:15px"> <td id="del_td10f159a8-4455-442b-8e31-396683da1d12~4c3402"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td id="del_td0dcbf843-139d-4ec8-b3a0-9fb3a37962af~39f9cf"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_td39e2d406-19d6-4ab6-8322-071a32b9d36a~2c4433" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">(c)</p></td> <td id="del_tdd3e731b7-4ae5-4b53-abdb-69521a1fb5f3~bd8c27" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Terms used and not defined in this form are defined or interpreted in Policy 1 - Interpretation and General Provisions.</p></td></tr></table>&nbsp; <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Report on Business</strong><strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td id="del_tdc4f3b4d4-3a87-4148-b2b7-d3928a155207~309b78" style="width:4%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>1. </strong></p></td> <td id="del_td4a2bd291-2b89-4dd1-895c-2355df66fde4~d2482e" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Provide a general overview and discussion of the development of the Issuer's business and operations over the previous month. Where the Issuer was inactive disclose this fact.</strong></p></td></tr> <tr style="height:15px"> <td id="del_tdbcc4f009-c5fa-476b-bc50-1dbd5fad10c0~b14a92"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td id="del_td9d345362-53dc-4231-8659-4a27745a9e37~027ba5"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_td04cbf6dc-ba6a-4527-9965-2ff4bac182f6~7f4d70"></td> <td id="del_td83f787dc-5111-4dca-af50-4692df7c7679~c125b2" style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the month of December 2024, the Issuer actively continued with its general and corporate operations.</p></td></tr></table>&nbsp; <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td id="del_td6f3f10f9-bd8a-42bc-812e-304ccbe6b481~0b54c9" class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td id="del_td86fc3720-60de-4d4a-af6f-1a427d0903a4~d0e7ef" style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td id="del_td998f3a2c-e351-4dfd-a872-40966c35823e~e59ce3"><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td id="del_td7be5ea3d-e59a-4dae-ae00-57168dd1a707~02fd7c">&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td id="del_td2db7e947-4808-4b1f-9e15-c0c2d1deea93~a189eb" style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_td660b7932-9ecf-45bd-a987-aea35243aac9" style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>A.&nbsp;</strong></p></td> <td id="del_tdba2dfc49-f0c0-46e0-9337-fda64cbdd463~2998a8"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><u>Quantum announces Non-brokered Private placement of convertible debenture</u></strong><strong> <u>units for gross proceeds of up to $5 Million </u></strong></p></td></tr> <tr style="height:15px"> <td id="del_td5a25bfba-0ba3-4f61-8d34-d8381d038acd~885523"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_td89363b3d-b114-4d6e-b9e1-893b624ce84e~ef40cd"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_tda41395eb-b512-4856-8046-26a69c568d34~8955fa"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_td65a7c05b-2715-48bc-8ae7-ec8228585bea~def334"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_td4d9e0810-ded9-4d2f-8fc9-6fa4e7eb3c4d~44cfc8"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_tddbe20c63-dfcf-4d44-b1c9-a4e79a9d8704~02bb07"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 5, 2024, the Issuer announced that it intended to complete a non-brokered private placement offering of (the &#8220;<strong>Offering</strong>&#8221;) of up to 5,000 convertible debenture units of the Issuer (the &#8220;<strong>Debenture Units</strong>&#8221;) at a price of $1,000 per Debenture Unit (the &#8220;<strong>Issue Price</strong>&#8221;). Each Debenture Unit consists of (i) one secured convertible debenture having a face value of $1,000.00 (each a &#8220;<strong>Debenture</strong>&#8221;); and (ii) 80 class B common share purchase warrants (each a &#8220;<strong>Warrant</strong>&#8221;) exercisable for 80 Class B subordinate voting shares in the capital of the Issuer (each, a &#8220;<strong>Share</strong>&#8221;). The Debentures mature on the date that is 36 months from the date of issuance (the "<strong>Maturity Date</strong>") and bear interest at a rate of 1.25% per month, beginning on the date of issuance and payable in cash on the last day of each calendar quarter.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The principal sum of the Debentures, or any portion thereof, and any accrued but unpaid interest, may be converted into Shares at a conversion price of $6.25 per Share. Each Warrant shall entitle the holder to acquire one additional Share (each, a "<strong>Warrant Share</strong>") at a price of $7.00 per Warrant Share, for a period of five (5) years from the date of issuance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Issuer is to use the proceeds from the Offering for the ongoing development of the Issuer&#8217;s business model and for general working capital purposes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Issuer expected the Offering to be completed in tranches, with the first tranche closing the week of December 9, 2024.</p></td></tr> <tr style="height:15px"> <td id="del_tdc144b12c-79ec-4b01-b84c-e8ecfa5817f4"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_tdce06e16f-777c-4b62-9e38-a45d6ce09e87"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_td9adbfccb-c8a5-4321-828d-08d55760eb18"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_td5f12e0eb-d792-4d8e-8fe4-9de79ca79a34"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>B.</strong></p></td> <td id="del_td95beeb6c-83c8-4196-9816-3ee8504de1d9"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><u>Quantum Biopharma announces that the Safety Review Committee recommends</u> <u>commencing dosing of second cohort in the Phase 1 Multiple Ascending Dose</u> <u>Clinical Trial for Lucid-21-302 (Lucid-MS)</u></strong></p></td></tr> <tr style="height:15px"> <td id="del_td14fdc23f-65c5-4b83-96a9-1bfd7b544585"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_td5e2cbe9b-5ca6-4b66-a78e-4a44cad2fcb8"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td id="del_tdf7e4fba5-c88b-472e-9d23-6312485bc256"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 10, 2024, the Issuer announced through its subsidiary, HUGE Biopharma Australia that the safety review committee recommends commencing dosing of the second cohort in its trial entitled &#8220;A Phase 1, Randomized, Double-Blind, Placebo-Controlled, Multiple Ascending Dose Study to Evaluate the Safety and Pharmacokinetics of Lucid-21- 302 in Healthy Adult Participants.&#8221; The safety review committee made this recommendation after reviewing safety and pharmacokinetic data from participants in the first cohort.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>C.</strong></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong><u>Quantum Biopharma Announces closing of First Tranche of the Offering </u></strong></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 13, 2024, the Issuer announced it had closed its initial tranche (&#8220;<strong>First Tranche</strong>&#8221;) of the Offering announced on December 5, 2024 (the &#8220;<strong>December 5 NR</strong>&#8221;) and issued 500 Debenture Units for $500,000. The Issuer will use the proceeds from the First Tranche for the ongoing development of the Issuer&#8217;s business model and for general working capital purposes.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All securities issued in the First Tranche are subject to a statutory hold period of four months and one day from the date of issuance.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Issuer&#8217;s obligations under the Debentures (as defined in the December 5 NR) are no longer collaterally secured by general security from the Issuer.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 7 </strong>- <strong>MONTHLY PROGRESS REPORT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">February 2023</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 2</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>D.</strong></p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Quantum Biopharma diversifies treasury with the purchase of USD $1,000,000 of</u> <u>Bitcoin (BTC)_ and Other Cryptocurrencies and to allow for future financings and</u> <u>other transactions in cryptocurrency</u></strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 20, 2024, the Issuer announced that after receiving approval from the Board of Directors, the Issuer had purchased USD $1,000,000 Bitcoin (BTC) and other cryptocurrencies as part of its strategic efforts. As well, going forward the Issuer will allow for future financing and other transactions to be carried out in cryptocurrency.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This move reflects the Issuer&#8217;s belief in the potential of Bitcoin (BTC) and other currencies to provide a return on investment for shareholders. The Issuer is now set up to receive financing in cryptocurrencies as well as executing other types of transactions in cryptocurrencies. The Issuer holds all its cryptocurrency with a fully compliant custodian. The Issuer emphasizes that all transactions are and will be fully compliant with all relevant financial and audit regulations, ensuring a secure and legal process.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Issuer will continue to monitor market conditions and may increase or decrease its holdings of Bitcoin (BTC) or other cryptocurrencies as it deems appropriate.</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>E.</strong></p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong><u>Quantum Biopharma Announces closing of Second Tranche of the Offering</u></strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 20, 2024, the Issuer announced the closing of its second tranche (&#8220;<strong>Second Tranche</strong>&#8221;) of the Offering announced in the December 5 NR and issued 500 Debenture Units for $500,000.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Issuer will use the proceeds from the Second Tranche for the ongoing development of the Company's business model and for general working capital purposes. All securities issued in the Second Tranche are subject to a statutory hold period of four months and one day from the date of issuance.</p></td></tr></table>&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>2. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Provide a general overview and discussion of the activities of management.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">See Item 1 above.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the month of December 2024, management continued to support and control the Issuer&#8217;s business activities, develop the Issuer&#8217;s business, and search for strategic business relationships.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>3. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe and provide details of any new products or services developed or offered. For resource companies, provide details of new drilling, exploration or production programs and acquisitions of any new properties and attach any mineral or oil and gas or other reports required under Ontario securities law.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>4. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe and provide details of any products or services that were discontinued. For resource companies, provide details of any drilling, exploration or production programs that have been amended or abandoned.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr></table>&nbsp; <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 7 </strong>- <strong>MONTHLY PROGRESS REPORT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">February 2023</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 3</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>5. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe any new business relationships entered into between the Issuer, the Issuer's affiliates or third parties including contracts to supply products or services, joint venture agreements and licensing agreements etc. State whether the relationship is with a Related Person of the Issuer and provide details of the relationship.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>6. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe the expiry or termination of any contracts or agreements between the Issuer, the Issuer's affiliates or third parties or cancellation of any financing arrangements that have been previously announced.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>7. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe any acquisitions by the Issuer or dispositions of the Issuer's assets that occurred during the preceding month. Provide details of the nature of the assets acquired or disposed of and provide details of the consideration paid or payable together with a schedule of payments if applicable, and of any valuation. State how the consideration was determined and whether the acquisition was from, or the disposition was to a Related Person of the Issuer and provide details of the relationship.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>8. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe the acquisition of new customers or loss of customers.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>9. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe any new developments or effects on intangible products such as brand names, circulation lists, copyrights, franchises, licenses, patents, software, subscription lists and trade-marks.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>10. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Report on any employee hirings, terminations or lay-offs with details of anticipated length of lay-offs.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>11. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Report on any labor disputes and resolutions of those disputes if applicable.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not appliable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>12. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Describe and provide details of legal proceedings to which the Issuer became a party, including the name of the court or agency, the date instituted, the principal parties to the proceedings, the nature of the claim, the amount claimed, if any, if the proceedings are being contested, and the present status of the proceedings.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>13. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Provide details of any indebtedness incurred or repaid by the Issuer together with the terms of such indebtedness.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr></table>&nbsp; <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 7 </strong>- <strong>MONTHLY PROGRESS REPORT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">February 2023</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 4</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>14. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Provide details of any securities issued and options or warrants granted.</strong></p></td></tr></table>&nbsp; <table style="border-spacing:0;font-size:10pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td id="del_td74c800d4-1587-422b-9322-8f5dd65cd12f~c84159" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:15%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Security</strong><strong></strong></p></td> <td id="del_td9998ce83-565a-4f39-9588-e80c94200ec9~e28632" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:22%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Number Issued</strong></p></td> <td id="del_td081f05d1-6a2c-41fd-a188-7ec1c3f238c4~31243d" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:33%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Details of Issuance</strong></p></td> <td id="del_td95df89cd-628c-43dd-9c93-640ab11b5af3~1efa48" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:30%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Use of Proceeds</strong></p></td></tr> <tr style="height:15px"> <td id="del_tdac2edf3b-5344-4418-a6eb-b72377da3c6f~28a117" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Debenture Unit</strong></p></td> <td id="del_tdac79bd5c-4816-4809-85ef-646cb4f9b24a~983c58" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>1,000,000</strong><strong></strong></p></td> <td id="del_tdc8c6c678-8623-46da-ad3c-679acbcf761f~447759" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Each Debenture Unit will consist of (i) one secured convertible debenture having a face value of $1,000.00 (each a &#8220;Debenture&#8221;); and (ii) 80 class B common share purchase warrants (each a &#8220;Warrant&#8221;) exercisable for 80 Class B subordinate voting shares in the Company</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>(each, a &#8220;Share&#8221;)</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>The Debentures will mature on the date that is 36 months from the date of issuance (the "Maturity Date") and shall bear interest at a rate of 1.25% per month, beginning on the date of issuance and</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>payable in cash on the last day of each calendar quarter.</strong></p></td> <td id="del_tdab2675df-4411-4bac-9eb6-1e4fd086d2b5~30f229" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong>Ongoing development of the Company's business model and for general working capital purposes.</strong></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>15. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Provide details of any loans to or by Related Persons.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>16. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Provide details of any changes in directors, officers or committee members.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>17. </strong></p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Discuss any trends which are likely to impact the Issuer including trends in the Issuer's market(s) or political/regulatory trends.</strong></p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Not applicable.</p></td></tr></table>&nbsp; <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 7 </strong>- <strong>MONTHLY PROGRESS REPORT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">February 2023</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 5</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Certificate</strong><strong> </strong><strong>Of</strong><strong> </strong><strong>Compliance</strong><strong></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The undersigned hereby certifies that:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;text-align:left;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">1.</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The undersigned is a director and/or senior officer of the Issuer and has been duly authorized by a resolution of the board of directors of the Issuer to sign this Certificate of Compliance.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">2.</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of the date hereof there were/is no material information concerning the Issuer which has not been publicly disclosed.</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">3.</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The undersigned hereby certifies to the Exchange that the Issuer is in compliance with the requirements of applicable securities legislation (as such term is defined in National Instrument 14-101) and all Exchange Requirements (as defined in CNSX Policy 1).</p></td></tr> <tr style="height:15px"> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">4.</p></td> <td style="vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">All of the information in this Form 7 Monthly Progress Report is true.</p></td></tr></table>&nbsp; <table style="border-spacing:0;font-size:10pt;text-align:left;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:50%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Dated <u>January 7, 2025.</u></p></td> <td style="width:3%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:35%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="width:12%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Donal Carroll</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Name of Director or Senior Officer</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><em>"Donal Carroll"</em><em></em></p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Signature</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">Chief Financial Officer</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">Official Capacity</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;width:100%" cellpadding="0"> <tr style="height:15px"> <td id="del_td96188ef3-9a91-4616-b93d-aa8c79b2bcc3~1ffcd3" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:35%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><strong><em>Issuer Details</em></strong><strong><em></em></strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Name of Issuer</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Quantum BioPharma Ltd.</p></td> <td id="del_td38d0d0d8-7fa9-443b-abf6-574ef0d907cb~986ce3" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:30%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">For Month End </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">December 31, 2024</p></td> <td id="del_tdb5f3c108-c449-41df-b75d-5261b5e179c1~5571c0" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;width:35%;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Date of Report YY/MM/DD</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">25/01/7</p></td></tr> <tr style="height:15px"> <td id="del_tded1d1c43-9410-46ec-8db6-6c45eeba81ba~128b40" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Issuer Address</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">55 University Avenue</p></td> <td id="del_td89cd2b31-61fd-4103-b48e-148a7c58851e~af5c83" style="BORDER-TOP: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 15px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">I</p></td> <td id="del_tde7336350-6dc8-47bc-97e6-e1ac3530c78d~5626e1" style="BORDER-TOP: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_tdaf0fbe5c-c279-4a6f-b553-d8423549a024~671e2a" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">City/Province/Postal Code</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Toronto, ON, M5J 2H7</p></td> <td id="del_tdde89862b-24c1-4ca3-af9a-4030a0b9a850~c84b0b" style="BORDER-TOP: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Issuer Fax No.</p></td> <td id="del_tdfee7fb1c-9924-4aa3-bb38-d683818eab47~5d0f02" style="BORDER-TOP: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Issuer Telephone No.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">(416) 854-8884</p></td></tr> <tr style="height:15px"> <td id="del_tdd4c57bf8-c8f8-4d07-acd9-c33204ede85f~8b7989" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Contact Name:</p></td> <td id="del_td2f2518ea-b62a-416e-96e7-b2903bc80ef8~8ac99f" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Contact Position</p></td> <td id="del_td84014e73-1e82-4963-9ddd-c5ce19a29089~f9286b" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Contact Telephone No.</p></td></tr> <tr style="height:15px"> <td id="del_tdc62b6c4c-b3d7-40cc-9d17-4724d5c8aab9~2c51da" style="BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Donal Carroll</p></td> <td id="del_td2f1f4d8a-210b-4ccc-8ff2-3f1e259644b2~9b2c72" style="BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Chief Financial Officer</p></td> <td id="del_td156d3179-d7a5-41f4-b491-02957769f493~86c88f" style="BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">(416) 854-8884</p></td></tr> <tr style="height:15px"> <td id="del_tde784e488-87dc-4ff3-ae9e-0ca16177b473~95aab5" style="BORDER-LEFT: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">&nbsp;</p></td> <td id="del_td28be211a-9e0b-4be7-8075-aaaad4c1c6f9~f3fbf4" style="BORDER-LEFT: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">&nbsp;</p></td> <td id="del_td44b33542-98eb-4711-aa7a-aa7efcd788d5~4a0a2c" style="BORDER-LEFT: #000000 1px solid;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td id="del_td59989924-0255-4e4c-a23f-a36379aebd67~81c10d" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Contact Email Address</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">dcarroll@quantumbiopharma.com</p></td> <td id="del_td2812885b-3b72-4606-9c23-db39ca50d0db~38ecc3" style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid;vertical-align:top;" colspan="2"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;">Web Site Address</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 15px; text-align:justify;"><u>http://www.quantumbiopharma.com/</u></p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>FORM 7 </strong>- <strong>MONTHLY PROGRESS REPORT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">February 2023</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">Page 6</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p><body>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
