• Designed to assess the impact of CardiolRx on preventing episodes of recurrent pericarditis, the first patient has been randomized by Northwestern University in Chicago.

• Based on a successful end-of-Phase II meeting with the US FDA and subject to MAVERIC outcomes, Cardiol believes the results from MAVERIC will support a New Drug Application.

• Data from Cardiol’s Phase II MAvERIC-Pilot study presented at the American Heart Association Scientific Sessions 2024 showed that pericarditis patients treated with CardiolRx experienced marked and rapid reductions in pericarditis pain and inflammation, and a substantial reduction in the number of pericarditis recurrences per year.

• Recurrent pericarditis is a debilitating heart condition that results in chest pain, shortness of breath and fatigue, physical limitations, reduced quality of life, and hospitalizations.

• CardiolRx, which has been granted US FDA Orphan Drug Designation for this indication, is a small molecule oral drug targeting inflammasome pathway activation that is central to the development and progression of pericarditis.

Toronto, Ontario–(Newsfile Corp. – April 16, 2025) – Cardiol Therapeutics Inc. ( NASDAQ: CRDL) (TSX: CRDL) (‘Cardiol‘ or the ‘Company‘), a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, announced today that Northwestern University has enrolled the first patient in the pivotal Phase III MAVERIC trial (‘MAVERIC’) evaluating Cardiol’s lead drug candidate CardiolRx for the prevention of recurrent pericarditis. This multi-center, randomized, double-blind, placebo-controlled trial is designed to definitively assess the impact of CardiolRx on preventing recurrent pericarditis in patients at high risk for disease relapse and to support regulatory approval.

MAVERIC is currently being initiated at pre-eminent cardiovascular clinical research sites throughout the United States under an Investigational New Drug application authorized by the United States Food and Drug Administration (‘US FDA’). The MAVERIC Program and Phase III leadership comprises an independent committee of international thought leaders in pericardial disease and clinical trial design: Allan Klein, MD, CM from Cleveland Clinic (MAVERIC Program Chair); Massimo Imazio, MD, FESC from University of Udine, Italy (MAVERIC Program Co-Chair); Paul Cremer, MD from Northwestern University (MAVERIC Trial Principal Investigator); Allen Luis, MBBS, PhD from Mayo Clinic Rochester (MAvERIC-Pilot Principal Investigator); Antonio Abbate, MD, PhD from University of Virginia; and, Stephen Nicholls, MBBS, PhD from Monash University, Melbourne, Australia.

‘Recurrent pericarditis remains a challenging condition to manage and can significantly impact patients’ quality of life. There is a pressing need for new treatment options earlier in the care pathway, before resorting to second- and third-line therapies such as corticosteroids or IL-1 blockers,’ commented Paul C. Cremer, MD, MAVERIC Trial Principal Investigator. ‘In collaboration with research centers across the United States, Canada, and Europe, we look forward to completing this important study of a new oral therapy with the potential to improve the treatment paradigm for this underserved patient population.’

‘Initiation of the MAVERIC Phase III trial is an important milestone in our Company’s efforts to provide a more accessible, non-immunosuppressive therapeutic option for thousands of pericarditis patients. We congratulate Dr. Cremer and his colleagues at Northwestern for recruiting MAVERIC’s first patient and we are grateful for the interest shown by our collaborators from other leading pericardial disease centers who will be participating in the study,’ said David Elsley, President and CEO of Cardiol Therapeutics. ‘Based on the strength and consistency of the data from our Phase II MAvERIC-Pilot study, we believe that CardiolRx can make a meaningful difference in the lives of pericarditis patients.’

MAVERIC is a Phase III, multi-center, randomized, double-blind, placebo-controlled trial designed to enroll 110 patients with recurrent pericarditis at approximately 20 clinical sites across the United States, Canada, and Europe. Patients who have been treated with an interleukin-1 (‘IL-1’) blocker for at least 12 months and are scheduled to have this treatment discontinued, will be randomly assigned to receive either CardiolRx or placebo following cessation of the IL-1 blocker. Discontinuation of IL-1 blocker therapy is associated with a high risk for recurrence and has been reported to occur within 12 weeks in up to 75% of patients. The primary clinical objective of the trial will be to assess the impact of CardiolRx versus placebo on freedom from a new episode of recurrent pericarditis at 24 weeks. Other clinical endpoints include time to a new episode of pericarditis recurrence, and changes in patient-reported pericarditis chest pain score and changes to the inflammatory marker C-reactive protein.

MAVERIC, formerly referred to as MAVERIC-2, follows positive results from Cardiol’s Phase II MAvERIC-Pilot study. Data from MAvERIC-Pilot were previously reported on November 18 at the American Heart Association Scientific Sessions 2024 and showed that patients experienced marked and rapid reductions in both pericarditis pain and inflammation that were maintained throughout the study. In addition, the results demonstrated a substantial reduction in pericarditis episodes per year. Treatment with CardiolRx was shown to be safe and well tolerated in a patient population who presented with a high degree of disease burden.

About Pericarditis

Pericarditis refers to inflammation of the pericardium (the membrane or sac that surrounds the heart), which frequently results from a viral infection. Patients may have multiple recurrences following that initial episode, and the primary goal of treatment is recurrence prevention. Symptoms include debilitating chest pain, shortness of breath and fatigue, resulting in physical limitations, reduced quality of life, emergency department visits, and hospitalizations. Significant accumulation of pericardial fluid and scarring can progress to life-threatening constriction of the heart. The only FDA-approved therapy for recurrent pericarditis, launched in 2021, is costly and is primarily used as a third-line intervention. On an annual basis, the number of patients in the United States experiencing at least one recurrence is estimated at 38,000. Approximately 60% of patients with more than one recurrence suffer for more than two years, and one third remain impacted at five years. Hospitalization due to recurrent pericarditis is typically associated with a 6-8-day stay and cost per stay is estimated to range between $20,000 and $30,000 in the United States.

About Cardiol Therapeutics

Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead small molecule drug candidate, CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis, and heart failure.

Cardiol has received Investigational New Drug Application authorization from the United States Food and Drug Administration (‘US FDA’) to conduct clinical studies to evaluate the efficacy and safety of CardiolRx in two diseases affecting the heart: recurrent pericarditis and acute myocarditis. The MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations, comprises the completed Phase II MAvERIC-Pilot study (NCT05494788) and the ongoing Phase III MAVERIC trial (NCT06708299). The ongoing ARCHER trial (NCT05180240) is a Phase II study in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. The US FDA has granted Orphan Drug Designation to CardiolRx for the treatment of pericarditis, which includes recurrent pericarditis.

Cardiol is also developing CRD-38, a novel subcutaneously administered drug formulation intended for use in heart failure – a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.

For more information about Cardiol Therapeutics, please visit cardiolrx.com.

Cautionary statement regarding forward-looking information:

This news release contains ‘forward-looking information’ within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events, or developments that Cardiol believes, expects, or anticipates will, may, could, or might occur in the future are ‘forward-looking information’. Forward looking information contained herein may include, but is not limited to statements regarding the Company’s focus on developing anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease, the molecular targets and mechanism of action of the Company’s product candidates, the Company’s intended clinical studies and trial activities, timelines associated with such activities, and potential success of such activities, including the Company’s plan to complete the Phase III study in recurrent pericarditis with CardiolRx, the Company’s plan to advance the development of CRD-38, a novel subcutaneous formulation of cannabidiol intended for use in heart failure, the newly published data providing additional important rationale for the development of CRD-38 as a new approach to the treatment of heart failure, and the JACBTS publication provides fascinating new data that suggest a key mode of action of CRD-38 to potentially treat heart failure is through its ability to sustain cardiomyocytes and preserve mitochondrial function. Forward-looking information contained herein reflects the current expectations or beliefs of Cardiol based on information currently available to it and is based on certain assumptions and is also subject to a variety of known and unknown risks and uncertainties and other factors that could cause the actual events or results to differ materially from any future results, performance or achievements expressed or implied by the forward looking information, and are not (and should not be considered to be) guarantees of future performance. These risks and uncertainties and other factors include the risks and uncertainties referred to in the Company’s Annual Information Form filed with the Canadian securities administrators and U.S. Securities and Exchange Commission on March 31, 2025 , available on SEDAR+ at sedarplus.ca and EDGAR at sec.gov, as well as the risks and uncertainties associated with product commercialization, regulatory approvals, clinical studies and uncertainties in predicting treatment outcomes. These assumptions, risks, uncertainties, and other factors should be considered carefully, and investors should not place undue reliance on the forward-looking information, and such information may not be appropriate for other purposes. Any forward-looking information speaks only as of the date of this press release and, except as may be required by applicable securities laws, Cardiol disclaims any intent or obligation to update or revise such forward-looking information, whether as a result of new information, future events, or results, or otherwise. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read the Company’s Annual Information Form filed on March 31, 2025.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248691

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (‘Rua Gold’ or the ‘Company’) is pleased to provide an update on its gold-antimony exploration at the Auld Creek project in the Reefton Goldfield on the South Island of New Zealand, reporting improved gold grades from current drilling in diamond drillholes ACDDH026, ACDDH027, ACDDH028.

Highlights:

• Following up on the last high grade results from the Company, the next holes intersected broader zones of gold in hole ACDDH027 and narrow but strong gold-stibnite (antimony sulphide) mineralization in ACDDH028. 

• Assay results show: 

  • ACDDH026: 2.1m @ 1.25g/t Au from 175m depth 

  • ACDDH027: 9m @ 5.9g/t AuEq¹ (5.2g/t Au & 0.16% Sb) from 159m depth 

  • ACDDH028: 1.25m @ 48.3g/t AuEq¹ (13.3g/t Au & 8.1% Sb) from 210m depth 

• ACDD024,025 confirmed higher grade antimony mineralisation on the Fraternal shoot, the recent drilling ACDDH27,28 indicates an improvement in gold grade with depth. 

• The gold grades on the Fraternal shoot plunge to the south, current drilling is testing 80-100m below the current resource envelope, before pivoting to testing the northerly extensions of the Fraternal ore body. 

• Auld Creek has an inferred resource hosted by two ore shoots, Bonanza and Fraternal. This resource outcrops at surface and is continuous to 160m vertically and open at depth. 

• Surface soil geochemistry strongly endorses extensions to the Fraternal north prospect and Bonanza northeast prospect, confirming the system is traceable over a 2.5km length.

Robert Eckford, CEO of Rua Gold commented: ‘It is encouraging to see an improvement in gold grades with depth on the Fraternal lode, and the continuation of high-grade antimony accompanying the gold in narrow plunging shoots.

Drilling to date on Auld Creek antimony-gold prospect has increased confidence in the existing gold-antimony resource and highlighted higher-grade plunging shoots that remain open to the south. We are focused on expanding the Auld Creek resource both north and south, with intensified surface exploration showing early promise in identifying additional mineralization over its 2.5km length.’

Figure 1: Overview of the Reefton Goldfield.

To view an enhanced version of this graphic, please visit:
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Figure 2: Fraternal and Bonanza ore shoots at Auld Creek.

Note that AuEq amounts have been calculated using recent spot prices of gold and antimony and applying a ~30% discount. The gold equivalent formula is based on AuEq = Au g/t + 4.3 x Sb% using a Au price of US$2065/oz, Sb price of US$34,300 per tonne and 85% recovery.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10755/248701_e728e92b44814a54_013full.jpg

GLOBAL SUPPLY AND VALUE OF ANTIMONY

Antimony is a critical metalloid primarily sourced from the mineral, stibnite. It is highly valuable and increasing in demand due to its versatility and has essential applications across renewable energy, liquid battery metals, defence and technological sectors.

Due to its limited supply, predominantly controlled by China, Russia & Tajikistan, antimony is considered a strategic material essential for supply chain security, particularly during periods of geopolitical instability. This was heightened in August 2024, when China announced export controls on processed antimony products. In response to these controls, nations have accelerated their efforts to secure alternative sources of antimony to mitigate the risk of significant supply chain vulnerabilities.

The US, EU, UK, Japan, Canada and Australia all designate antimony as a critical mineral. On January 31, 2025, New Zealand also announced their Critical Mineral List which included antimony.

Reflecting heightened demand, the price of antimony has reached new highs, currently trading over US$50,000 per tonne, a significant increase from US$11,350 per tonne at the start of 2024. This market shift has intensified interest in the strategic antimony potential held by Rua Gold.

EXPLORATION POTENTIAL

Rua Gold commenced drilling at Auld Creek in December 2024. It has a targeted program to drill four mineralised shoots identified from historical surface exploration work interpreted by the Rua Gold team over the past 3 months.

Auld Creek is situated between two past producing mines, Globe Progress mine, and the Crushington Group of mines which collectively produced 933,000oz at 14.0g/t Au (Barry 1993). Auld Creek has three historic adits but no commercial production from the reefs.

Rua Gold has an inferred resource at Auld Creek indicating 700,000 tonnes at 3.1g/t Au and 1.1% Sb for 67,000oz of gold and 8,000 tonnes of antimony² (AuEq 110,000oz³). The resource is restricted to two of the four known shoots. Soil geochemistry indicates the potential for discovery of additional mineralised shoots over a strike length of 2.5km.

Four of the eight holes completed to date intersected 4-5m of strong visible stibnite (antimony sulfide) mineralization in the Fraternal-Bonanza structure.

Results from ACDDH024, ACDDH025 confirm the approximate average gold grades, but report higher antimony grades than the current resource estimate. Results from ACDDH027, ACDDH028 highlight above average gold grades with narrow but high-grade antimony in ACDDH028.

Ongoing drilling is targeting the southern plunging Fraternal gold-antimony shoot which remains open along strike and at depth.

Intensified surface exploration is showing very encouraging strong trends both north and north-west confirming additional targets on the Fraternal North and Bonanza north-west extensions.

Figure 3: Arsenic soil geochemistry over Auld Creek area.

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ABOUT Rua Gold

Rua Gold is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.

The Company’s Glamorgan Project solidifies Rua Gold’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, Wharekirauponga.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

TECHNICAL INFORMATION

Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects and Chief Operating Officer and a director of Rua Gold, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has participated in the geochemical sampling, and mapping programs to verify that they have been conducted in accordance with standard operating procedures. Mr. Henderson has verified the data disclosed by running checks on the location, analytical, and test data underlying the information in the technical disclosure herein.

QA/QC Drill Core

Rock samples were sent to SGS Laboratories, Westport for sample preparation. Samples were crushed and pulverized to 85% passing 75 µm. The pulverized rock-chips were split into two samples: a ~50 g sent for laboratory analysis, and the reject returned to RGL for pXRF analysis and storage. Pulverized rock-chip samples were analyzed for gold (Au) by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505); and for antimony (Sb) by Sodium Peroxide Fusion Analysis by ICP-MS at SGS Waihi.

QA/QC Soil Samples

Pre-planned soil sampling points on a 20 m x 100 m grid were loaded onto a handheld GPS for guidance. A spade was used to acquire a ~1.0 kg sample from the C horizon, which was put in a wet-strength paper sample bag with wire ties. Sample information was logged in a notebook in the field, including sample ID, depth, color, horizon, slope, sample description, sampler, basement, and comments. Each sample was photographed in the field alongside the GPS with coordinates visible and each sample site marked in the field with biodegradable flagging tape. Samples were taken back to Rua Gold’s Reefton facility for preparation. The sample information was entered on.csv files and uploaded to an SQL database.

Samples were dried in a customized incubator, set at 38°C, for a minimum of two days. Once the samples were fully dried, they were sieved to Rua Gold’s Reefton facility using a Olympus Vanta pXRF analyzer; and then on to ALS Brisbane, Australia, for low-level gold analysis using Au-TL43; trace level Au by aqua regia extraction with ICP-MS finish. Detection limit 1 ppb Au.

Field duplicates were collected every 20th sample and underwent the same sample collection and preparation process outlined above. Duplicates were checked and validated by Rua Gold’s Isogonal data validation system to ensure compliance.

This news release includes certain statements that may be deemed ‘forward-looking statements’. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-Looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Table 1: Location of Auld Creek drill holes from RUA 2024-2025 program

Table 2: Significant drilling intercepts at Auld Creek, full mineralized zone composites (1.5g/t Au cut-off)

1.Using recent spot prices of gold and antimony, and applying a ~30% discount, the gold equivalent formula is based on AuEq = Au g/t + 4.3 x Sb% using a Au price of US$2065/oz, Sb price of US$34,300 per tonne and 85% recovery.
2.Please see the Company’s technical report entitled, ‘Technical Report on Reefton Project, New Zealand’, dated October 30, 2024.
3.Based on gold equivalent formula of AuEq = Au g/t + 1.9 x Sb% using a Au price of US$2025/oz, Sb price of US$15,000 per tonne and 85% recovery.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248701