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

The ARIO notably includes:

• An extension of the stay of proceedings against ACL until September 5, 2025, allowing ACL more time to reorganize its affairs.
• Approval of Interim Financing of US$20 million, which, if implemented, will aid ACL in its ongoing restructuring efforts.

Raymond Chabot Inc. remains the Monitor for ACL in these proceedings, assisting with the restructuring and reporting to the Court.

The ARIO and further details on ACL’s CCAA proceedings can be found on the Monitor’s website. Readers are encouraged to review the complete documents for detailed information. Additional press releases will be issued as legally required, mandated by securities regulations, or deemed necessary by the Company or the Court. Documents pertaining to the restructuring, including the ARIO and the Monitor’s reports, will also be accessible on the Monitor’s website at .

Trading of ACL’s common shares on the TSX Venture Exchange (the “TSXV“) is currently suspended. ACL anticipates discontinuing its status as a public reporting issuer.

About Mazarin

Mazarin Inc. and Asbestos Corporation Limited are natural resource companies focused on developing industrial minerals to deliver value-added products that meet global customer criteria for performance, economics, and ecological considerations. Mazarin’s shares are traded on the NEX Board of the TSX Venture Exchange under the symbol MAZ.H. Asbestos Corporation Limited’s shares are traded on the NEX Board of the TSX Venture Exchange under the symbol AB.H.

For Further Information

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

Raymond Chabot Inc.
Email:

Forward-Looking Information and Statements

This press release contains forward-looking statements concerning future events and conditions, which are subject to risks and uncertainties. Actual results may differ significantly from those projected in these statements due to various factors, some beyond the Company’s control. These factors include general market and industry conditions, risks related to commissioning, continuous operations, commercializing new technologies, and other risks detailed in the Company’s filings with Canadian Securities Administrators.

Forward-looking statements reflect the expectations and opinions of the Company’s management as of this press release date. The assumptions used to prepare these statements, while considered reasonable at the time, may be inaccurate. Therefore, undue reliance should not be placed on these statements. The Company is not obligated to update this information, whether due to new information, future events, or other reasons, except as legally required.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the TSX Venture Exchange policies) is responsible for this release’s adequacy or accuracy.

SOURCE Mazarin Inc.

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