<SEC-DOCUMENT>0001104659-25-069999.txt : 20250723
<SEC-HEADER>0001104659-25-069999.hdr.sgml : 20250723
<ACCEPTANCE-DATETIME>20250723160232
ACCESSION NUMBER:		0001104659-25-069999
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250723
DATE AS OF CHANGE:		20250723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESSA Pharma Inc.
		CENTRAL INDEX KEY:			0001633932
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37410
		FILM NUMBER:		251143090

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 720
		STREET 2:		999 WEST BROADWAY
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V5Z 1K5
		BUSINESS PHONE:		(778) 331-0962

	MAIL ADDRESS:	
		STREET 1:		SUITE 720
		STREET 2:		999 WEST BROADWAY
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V5Z 1K5
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
 <B>July 23, 2025</B></P>

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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ESSA Pharma Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>British Columbia, Canada</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of incorporation)</P></TD>
    <TD STYLE="width: 30%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>001-37410</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 35%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>98-1250703</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(IRS Employer Identification No.)</P></TD></TR>
<TR>
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    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt; text-align: center">&#160;</TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 720, 999 West Broadway,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vancouver,
        British Columbia, Canada </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P></TD>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>V5Z 1K5</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Zip Code)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
area code: <B>(778) 331-0962</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.01 Other Events. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 23, 2025, ESSA Pharma Inc. (the &#8220;<FONT STYLE="text-decoration: underline">Company</FONT>&#8221;)
issued a press release announcing that in connection with its previously announced business combination agreement with XenoTherapeutics,
Inc. (&#8220;<FONT STYLE="text-decoration: underline">Xeno</FONT>&#8221;), a non-profit biotechnology company, under which Xeno will acquire (the &#8220;<FONT STYLE="text-decoration: underline">Transaction</FONT>&#8221;)
all of the issued and outstanding common shares of the Company, the Company intends to apply to the Supreme Court of British Columbia
on August 5, 2025 for (i) an interim order authorizing the holding of a special meeting to consider and approve the Transaction and (ii)
for an order authorizing the Company to make an initial cash distribution to its shareholders prior to the closing of the Transaction.
A copy of the press release is attached hereto as Exhibit 99.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> Item 9.01 Financial Statements and Exhibits.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

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    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 85%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication, and any related oral statements,
contains certain information which, as presented, constitutes &#8220;forward-looking statements&#8221; within the meaning of the Private
Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian securities
laws (collectively, &#8220;<FONT STYLE="text-decoration: underline">forward-looking statements</FONT>&#8221;). Forward-looking statements include, but are not limited to, statements
that relate to future events and often address expected future business and financial performance, containing words such as &#8220;anticipate&#8221;,
 &#8220;believe&#8221;, &#8220;plan&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, and &#8220;intend&#8221;, statements that an
action or event &#8220;may&#8221;, &#8220;might&#8221;, &#8220;could&#8221;, &#8220;should&#8221;, or &#8220;will&#8221; be taken or occur,
or other similar expressions and include, but are not limited to, statements regarding the proposed timing and completion of the Transaction,
the amounts payable under the Transaction; the Company&#8217;s application to the Supreme Court of British Columbia for a reduction of
capital and cash distribution prior to the closing the Transaction; the timing and receipt of securityholder, regulatory and court approvals
of the Transaction; the satisfaction of the conditions to the completion of the Transaction and other statements that are not statements
of historical facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In this
communication, these forward-looking statements are based on </FONT>the Company<FONT STYLE="background-color: white">&#8217;s current
expectations, estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential
benefits thereof, its business and industry, management&#8217;s beliefs and certain assumptions made by the Company, all of which are
subject to change. </FONT>Forward-looking statements are subject to various known and unknown risks and uncertainties, many of which are
beyond the ability of the Company to control or predict, and which may cause the Company&#8217;s actual results, performance or achievements
to be materially different from those expressed or implied thereby, including the consummation of the Transaction and the anticipated
benefits thereof. Such statements reflect the Company&#8217;s current views with respect to future events, are subject to risks and uncertainties
and are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of
such statements, are inherently subject to significant medical, scientific, business, economic, competitive, regulatory, political and
social uncertainties and contingencies. In making forward-looking statements, the Company may make various material assumptions, including
but not limited to (i) <FONT STYLE="background-color: white">the completion of the Transaction on anticipated terms and timing, including
obtaining required securityholder, regulatory and court approvals, and the satisfaction of other conditions to the completion of the Transaction</FONT>;
(ii) <FONT STYLE="background-color: white">potential litigation relating to the Transaction that could be instituted by or against </FONT>the
Company, Xeno, XOMA Royalty Corporation <FONT STYLE="background-color: white">or their respective directors or officers, including the
effects of any outcomes related thereto; (iii) the risk that disruptions from the Transaction will harm </FONT>the Company<FONT STYLE="background-color: white">&#8217;s
business, including current plans and operations; (iv) the ability of </FONT>the Company <FONT STYLE="background-color: white">to retain
and hire key personnel; (v) potential adverse reactions or changes to business relationships resulting from the announcement or completion
of the Transaction; (vi) continued availability of capital and financing and rating agency actions; (vii) legislative, regulatory and
economic developments affecting </FONT>the Company<FONT STYLE="background-color: white">&#8217;s business; (viii) </FONT>the accuracy
of the Company&#8217;s financial projections; <FONT STYLE="background-color: white">(ix) </FONT>general business, market and economic
conditions<FONT STYLE="background-color: white">; (x) certain restrictions during the pendency of the Transaction that may impact </FONT>the
Company<FONT STYLE="background-color: white">&#8217;s ability to pursue certain business opportunities or strategic transactions; (xi)
unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities</FONT>,
<FONT STYLE="background-color: white">as well as </FONT>the Company<FONT STYLE="background-color: white">&#8217;s response to any of the
aforementioned factors; (xii) significant transaction costs associated with the Transaction; (xiii) the possibility that the Transaction
may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiv) competitive responses
to the Transaction; (xv) the risks and uncertainties pertaining to </FONT>the Company<FONT STYLE="background-color: white">&#8217;s business,
including those set forth in </FONT>the Company&#8217;s Annual Report on Form 10-K dated December 17, 2024, under the heading &#8220;Risk
Factors&#8221;, a copy of which is available on the Company&#8217;s profile on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca,
and as otherwise disclosed from time to time on the Company&#8217;s EDGAR and SEDAR+ profiles<FONT STYLE="background-color: white">; and
(xvi) the risks and uncertainties that will be described in the </FONT>proxy statement and management information circular for the Company&#8217;s
securityholders filed with the U.S. Securities and Exchange Commission (the &#8220;<FONT STYLE="text-decoration: underline">SEC</FONT>,&#8221; and such statement, the &#8220;<FONT STYLE="background-color: white"><FONT STYLE="text-decoration: underline">Proxy
Statement</FONT>&#8221;) available from the sources indicated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">These risks,
as well as other risks associated with the Transaction, will be more fully discussed in the Proxy Statement. While the list of factors
presented here is, and the list of factors to be presented in the Proxy Statement will be, considered representative, no such list should
be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles
to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in
the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability
to third parties and similar risks, any of which could have a material impact on </FONT>the Company<FONT STYLE="background-color: white">&#8217;s
financial condition, results of operations, credit rating or liquidity. </FONT>Forward-looking statements are made based on management&#8217;s
beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable United
States and Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the proposed Transaction between
the Company, Xeno and XOMA Royalty, the Company will file with the SEC the Proxy Statement, the definitive version of which will be sent
or provided to the Company securityholders. The Company may also file other documents with the SEC regarding the proposed Transaction.
This document is not a substitute for the Proxy Statement or any other document which the Company may file with the SEC. INVESTORS AND
SECURITYHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC,
AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and securityholders may obtain free copies of the Proxy Statement
(when it is available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained
by the SEC at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>, on SEDAR+ at www.sedarplus.ca, the Company&#8217;s website at www.essapharma.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and certain of its directors and executive
officers may be deemed to be participants in the solicitation of proxies from the Company&#8217;s shareholders in connection with the
<FONT STYLE="background-color: white">proposed Transaction</FONT>. Additional information regarding the identity of the participants,
including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the proxy statement
and other materials to be filed with the SEC in connection with the <FONT STYLE="background-color: white">proposed Transaction</FONT>
(if and when they become available). Information relating to the foregoing can also be found in the Company&#8217;s proxy statement for
its 2025 annual meeting of shareholders, which was filed with the SEC on January 22, 2025 (the &#8220;<FONT STYLE="text-decoration: underline">Annual Meeting Proxy Statement</FONT>&#8221;)<FONT STYLE="background-color: white">.
</FONT>To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information
printed in the Annual Meeting Proxy Statement, such information has been or will be reflected on the Company&#8217;s Statements of Change
in Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><FONT STYLE="text-decoration: underline">ESSA PHARMA INC.</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Date: July&#160;23, 2025</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ David Wood</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name: David Wood</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#160;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ESSA Pharma Inc. Provides Update on its Application
to the Supreme Court of British <BR>
Columbia for Approval of an Interim Order and Cash Distribution to Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SOUTH SAN FRANCISCO, USA AND VANCOUVER, CANADA,
July&nbsp;23, 2025</B> - ESSA Pharma Inc. (&ldquo;<B>ESSA</B>,&rdquo; or the &ldquo;<B>Company</B>&rdquo;) (NASDAQ: EPIX) today
announced that, in connection with its previously announced business combination agreement with XenoTherapeutics,&nbsp;Inc. (&ldquo;<B>Xeno</B>&rdquo;),
a non-profit biotechnology company, under which Xeno will acquire (the &ldquo;<B>Transaction</B>&rdquo;) all of the issued and outstanding
common shares of ESSA (the &ldquo;<B>Common Shares</B>&rdquo;), the Company intends to apply to the Supreme Court of British Columbia
(the &ldquo;<B>Court</B>&rdquo;) on August&nbsp;5, 2025 for (i)&nbsp;an interim order authorizing the holding of a special meeting to
consider and approve the Transaction (the &ldquo;<B>Interim Order</B>&rdquo;) and (ii)&nbsp;for an order authorizing the Company to make
an initial cash distribution to its shareholders prior to the closing of the Transaction (the &ldquo;<B>Distribution Order</B>&rdquo;
and together with the Interim Order, the &ldquo;<B>Orders</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ESSA is applying for the Distribution Order in
order to expedite the distribution of cash to ESSA shareholders prior to the closing of the Transaction. In total, with the initial cash
distribution, if authorized, and the cash payable upon closing of the Transaction, each ESSA shareholder is currently estimated to receive
approximately US$1.91 per Common Share, exclusive of any contingent value rights payments shareholders are entitled to receive pursuant
to the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The hearing for the Orders will take place at
the courthouse of the Court at 800 Smithe Street, Vancouver, British Columbia at 9:45 a.m.&nbsp;(Pacific time) on August&nbsp;5, 2025,
or as soon thereafter as counsel may be heard, or at any other date and time and by any other method as the Court may direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any person that may be affected by any of the
Orders sought may appear or be represented to present evidence or arguments at the hearing of the application for the Orders. The <I>Supreme
Court Civil Rules&nbsp;</I>set out the prescribed forms for a Response to Petition (Form&nbsp;67) and Affidavit (Form&nbsp;109) to be
filed with the Court. Response materials should also be sent to ESSA&rsquo;s counsel by mail or courier c/o Blake, Cassels&nbsp;&amp;
Graydon LLP, 1133 Melville Street, Suite&nbsp;3500, The Stack, Vancouver, BC V6E 4E5 attention: Alexandra Luchenko, or by email to <U>alexandra.luchenko@blakes.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the <I>Rules&nbsp;of Court</I>,
ESSA intends to file its Petition Record on July&nbsp;31, 2025, one full business day prior to the hearing. Response materials should
be received by ESSA&rsquo;s counsel at the above address on or before 1:00 p.m.&nbsp;(Vancouver time) on July&nbsp;31, 2025 to be included
in the Petition Record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About ESSA Pharma Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ESSA is a pharmaceutical company that was previously
focused on developing novel and proprietary therapies for the treatment of patients with prostate cancer. For more information, please
visit&nbsp;<U>www.essapharma.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This communication, and any related oral statements,
contains certain information which, as presented, constitutes &ldquo;forward-looking statements&rdquo; within the meaning of the Private
Securities Litigation Reform Act of 1995 and &ldquo;forward-looking information&rdquo; within the meaning of applicable Canadian securities
laws (collectively, &ldquo;forward-looking statements&rdquo;). Forward-looking statements include, but are not limited to, statements
that relate to future events and often address expected future business and financial performance, containing words such as &ldquo;anticipate&rdquo;,
 &ldquo;believe&rdquo;, &ldquo;plan&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, and &ldquo;intend&rdquo;, statements that an
action or event &ldquo;may&rdquo;, &ldquo;might&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, or &ldquo;will&rdquo; be taken or occur,
or other similar expressions and include, but are not limited to, statements regarding the proposed timing and completion of the Transaction,
the amounts payable under the Transaction; ESSA&rsquo;s application to the Supreme Court of British Columbia for a reduction of capital
and cash distribution prior to the closing the Transaction; the timing and receipt of securityholder, regulatory and court approvals of
the Transaction; the satisfaction of the conditions to the completion of the Transaction and other statements that are not statements
of historical facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">In
this communication, these forward-looking statements are based on </FONT>ESSA<FONT STYLE="background-color: white">&rsquo;s current expectations,
estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential benefits thereof,
its business and industry, management&rsquo;s beliefs and certain assumptions made by ESSA, all of which are subject to change. </FONT>Forward-looking
statements are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of ESSA to control or
predict, and which may cause ESSA&rsquo;s actual results, performance or achievements to be materially different from those expressed
or implied thereby, including the consummation of the Transaction and the anticipated benefits thereof. Such statements reflect ESSA&rsquo;s
current views with respect to future events, are subject to risks and uncertainties and are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by ESSA as of the date of such statements, are inherently subject to significant medical,
scientific, business, economic, competitive, regulatory, political and social uncertainties and contingencies. In making forward-looking
statements, ESSA may make various material assumptions, including but not limited to (i) <FONT STYLE="background-color: white">the completion
of the Transaction on anticipated terms and timing, including obtaining required securityholder, regulatory and court approvals, and the
satisfaction of other conditions to the completion of the Transaction</FONT>; (ii) <FONT STYLE="background-color: white">potential litigation
relating to the Transaction that could be instituted by or against </FONT>ESSA, Xeno, XOMA Royalty Corporation <FONT STYLE="background-color: white">or
their respective directors or officers, including the effects of any outcomes related thereto; (iii) the risk that disruptions from the
Transaction will harm </FONT>ESSA<FONT STYLE="background-color: white">&rsquo;s business, including current plans and operations; (iv)
the ability of </FONT>ESSA <FONT STYLE="background-color: white">to retain and hire key personnel; (v) potential adverse reactions or
changes to business relationships resulting from the announcement or completion of the Transaction; (vi) continued availability of capital
and financing and rating agency actions; (vii) legislative, regulatory and economic developments affecting </FONT>ESSA<FONT STYLE="background-color: white">&rsquo;s
business; (viii) </FONT>the accuracy of ESSA&rsquo;s financial projections; <FONT STYLE="background-color: white">(ix) </FONT>general
business, market and economic conditions<FONT STYLE="background-color: white">; (x) certain restrictions during the pendency of the Transaction
that may impact </FONT>ESSA<FONT STYLE="background-color: white">&rsquo;s ability to pursue certain business opportunities or strategic
transactions; (xi) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks
of war or hostilities</FONT>, <FONT STYLE="background-color: white">as well as </FONT>ESSA<FONT STYLE="background-color: white">&rsquo;s
response to any of the aforementioned factors; (xii) significant transaction costs associated with the Transaction; (xiii) the possibility
that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiv)
competitive responses to the Transaction; (xv) the risks and uncertainties pertaining to </FONT>ESSA<FONT STYLE="background-color: white">&rsquo;s
business, including those set forth in </FONT>ESSA&rsquo;s Annual Report on Form 10-K dated December 17, 2024, under the heading &ldquo;Risk
Factors&rdquo;, a copy of which is available on ESSA&rsquo;s profile on EDGAR at www.sec.gov and on SEDAR+ at www.sedarplus.ca, and as
otherwise disclosed from time to time on ESSA&rsquo;s EDGAR and SEDAR+ profiles<FONT STYLE="background-color: white">; and (xvi) the risks
and uncertainties that will be described in the </FONT>proxy statement and management information circular for the Company&rsquo;s securityholders
filed with the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>,&rdquo; and such statement, the &ldquo;<FONT STYLE="background-color: white"><B>Proxy
Statement</B>&rdquo;) available from the sources indicated above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These risks, as well as other risks associated with the Transaction,
will be more fully discussed in the Proxy Statement. While the list of factors presented here is, and the list of factors to be presented
in the Proxy Statement will be, considered representative, no such list should be considered a complete statement of all potential risks
and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences
of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things,
business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have
a material impact on ESSA<FONT STYLE="background-color: white">&rsquo;s financial condition, results of operations, credit rating or
liquidity. </FONT>Forward-looking statements are made based on management&rsquo;s beliefs, estimates and opinions on the date that statements
are made and ESSA undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances
should change, except as may be required by applicable United States and Canadian securities laws. Readers are cautioned against attributing
undue certainty to forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the proposed Transaction between
ESSA, Xeno and XOMA Royalty, ESSA will file with the SEC the Proxy Statement, the definitive version of which will be sent or provided
to ESSA securityholders. ESSA may also file other documents with the SEC regarding the proposed Transaction. This document is not a substitute
for the Proxy Statement or any other document which ESSA may file with the SEC. INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE
DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND
RELATED MATTERS. Investors and securityholders may obtain free copies of the Proxy Statement (when it is available) and other documents
that are filed or will be filed with the SEC by ESSA through the website maintained by the SEC at <U>www.sec.gov</U>, on SEDAR+ at www.sedarplus.ca,
ESSA&rsquo;s website at www.essapharma.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ESSA and certain of its directors and executive
officers may be deemed to be participants in the solicitation of proxies from ESSA&rsquo;s shareholders in connection with the <FONT STYLE="background-color: white">proposed
Transaction</FONT>. Additional information regarding the identity of the participants, including a description of their direct or indirect
interests, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in
connection with the <FONT STYLE="background-color: white">proposed Transaction</FONT> (if and when they become available). Information
relating to the foregoing can also be found in ESSA&rsquo;s proxy statement for its 2025 annual meeting of shareholders, which was filed
with the SEC on January&nbsp;22, 2025 (the &ldquo;Annual Meeting Proxy Statement&rdquo;)<FONT STYLE="background-color: white">. </FONT>To
the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information
printed in the Annual Meeting Proxy Statement, such information has been or will be reflected on ESSA&rsquo;s Statements of Change in
Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ESSA Contact Information:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>David Wood</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer, ESSA Pharma Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">T: 778-331-0962</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">E:&nbsp;<U>dwood@essapharma.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Nick Lamplough / Dan Moore</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ESSA-CS@collectedstrategies.com</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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