Cypher Provides Fourth Default Status Update

VANCOUVER, BC / ACCESS Newswire / June 12, 2025 / Cypher Metaverse Inc. (CSE:CODE) ("Cypher" or the "Company") provides its fourth bi-weekly Default Status Report under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), pursuant to which Cypher issued its original default announcement indicating that the filing of its annual audited financial statements, annual management's discussion and analysis, and related certifications for the year ended December 31, 2024 (the "Required Filings"), would be delayed beyond the filing deadline of April 30, 2025. Cypher reports that since its news releases dated May 1, 2025, May 15, 2025 and May 29, 2025, there have been no material changes to the information contained therein that have not been disclosed, nor any failure by Cypher to fulfill its intentions as stated therein, other than as set forth below.

As a result of circumstances reasonably linked to the Company's delay in filing the Required Filings, in addition to the default to which this Default Status Report relates, the Company did not meet the deadline for filing its interim unaudited financial statements, interim management's discussion and analysis, and related certifications for the three-month period ended March 31, 2025 (collectively, the "Interim Filings"). As a result of the Company's delay in preparing the Required Filings, the Interim Filings could not be properly completed in accordance with Canadian securities law and regulation. Under the securities laws of the provinces in which Cypher is a reporting issuer, the Interim Filings were to be filed by May 30, 2025.

The Company's Board of Directors and management confirm that the audit is ongoing and that they are working expeditiously with the new auditor to meet the Company's obligations related to the filing of the Required Filings and the Interim Filings. The Company will file the Interim Filings within five business days of filing of the Required Filings.

Until the Required Filings and the Interim Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly Default Status Reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement. In the event that the Company does not file the Required Filings and the Interim Filings in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company.