MAZARIN INC. ANNOUNCES ITS SUBSIDIARY, ASBESTOS CORPORATION LIMITED, OBTAINS AMENDED AND RESTATED INITIAL ORDER UNDER THE CCAA

THETFORD MINES, QC, May 16, 2025 /CNW/ – Mazarin Inc. (“Mazarin” or the “Company“) announced today that its subsidiary, Asbestos Corporation Limited (“ACL“) MAZ, has obtained an Amended and Restated Initial Order (the “ARIO“) from the Superior Court of Québec (Commercial Division) (the “Court“) in ACL’s proceedings under the Companies’ Creditors Arrangement Act (the “CCAA“).

This ARIO provides, notably, for:

• An extension of the stay of proceedings against ACL until September 5, 2025, providing ACL with additional time to restructure its affairs.
• Approval of Interim Financing in the amount of US$20 million, which, if implemented will assist ACL in its ongoing restructuring efforts.

Raymond Chabot Inc. continues to serve as the Monitor of ACL in its proceedings, assisting ACL with its restructuring efforts and reporting to the Court.

A copy of the ARIO and additional information regarding ACL’s CCAA proceedings will be available on the Monitor’s website. Readers are encouraged to consult the full text of all documents for further, more detailed information. Further press releases will be issued as required by law and applicable securities regulations, or as otherwise deemed necessary by the Company or the Court. Documents related to the restructuring process, including the ARIO and the Monitor’s reports, will also be made available on the Monitor’s website at https://www.raymondchabot.com/en/companies/public-records/asbestos-corporation/.

Trading on ACL’s common shares on the TSX Venture Exchange (the “TSXV“) has been suspended. ACL anticipates ceasing to report as a public reporting issuer.

About Mazarin

Mazarin Inc. and Asbestos Corporation Limited are two natural resource companies whose focus is on the development of industrial minerals in order to provide value-added products that meet the criteria of customers worldwide with regard to performance and economic and ecological concerns. Mazarin’s shares trade on the NEX Board of TSX Venture Exchange under the stock symbol MAZ.H. Asbestos Corporation Limited’s shares trade on the NEX Board of TSX Venture Exchange under the stock symbol AB.H.

For Further Information

For further information about ACL and the CCAA proceedings, please contact the Monitor:

Raymond Chabot Inc.

Email: [email protected]

Forward-Looking Information and Statements

This press release contains forward-looking statements that address future events and conditions, subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements due to numerous factors, some of which may be beyond the Company’s control. These factors include general market and industry conditions, risks related to commissioning, continuous operations, commercialization of new technologies, and other risks disclosed in the Company’s filings with Canadian Securities Administrators.

Forward-looking statements are based on the expectations and opinions of the Company’s management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. As such, undue reliance should not be placed on forward-looking statements. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events, or otherwise, except as required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Mazarin Inc.