<div id="readability-page-1"><h3>December 01, 2025 9:00 AM EST | Source: Damon Inc.</h3>Follows recent announcement of Damon's $30 million Reg A+ offering to advance its personal mobility products and AI-enabled connected vehicle strategy at https://invest.damon.comVancouver, British Columbia--(Newsfile Corp. - December 1, 2025) - Damon Inc. (OTCID: DMNIF) (&#34;Damon&#34; or the &#34;Company&#34;), a designer and developer of electric motorcycles and other personal mobility products that seek to empower the personal mobility sector through innovation, today announced it has reached approximately 70% completion of its HyperSport Race (HSR) prototype, marking a key milestone in the Company's advancement of next-generation hardware built on Damon I/O, its AI-enabled connected vehicle platform.<div><img src="https://imageproxy.pbkrs.com/https://images.newsfilecorp.com/files/11994/276301_9c94d96d24f53b82_001.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="550" height="309" original-src="https://imageproxy.pbkrs.com/https://images.newsfilecorp.com/files/11994/276301_9c94d96d24f53b82_001.jpg"/>Completed Components 70%</div>To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/11994/276301_9c94d96d24f53b82_001full.jpgSince completing the Engineering Concept Validation phase in October, the program has transitioned into the physical build stage, with component manufacturing advancing across multiple systems, a prototype currently expected by the end of year, 2025.Key Production Highlights:<ul><li>Roadmap Execution: The Company has been executing its production roadmap with consistency and discipline. Manufacturing of major prototype components, including chassis castings, machined assemblies, suspension systems, and electronics, remains on track with internal delivery forecasts.</li><li>Component Status: Casting and machined components have now reached approximately 70% completion.</li><li>Supply Chain Alignment: Sourcing of short-lead-time commercial components (COTS), braking systems, wheels, and electrical subsystems continues to progress toward established milestones. Supplier forecasts remain aligned with expectations, reinforcing confidence in meeting planned assembly timelines.</li></ul>&#34;Maintaining timeline integrity remains a central objective at this stage of development, and our current production momentum positions the Company well for the transition into full prototype assembly,&#34; said Dominique Kwong, CEO of Damon. &#34;Close coordination between Damon's engineering and supply chain teams and our network of manufacturing partners continues to support schedule adherence. Each completed component not only advances the HSR program but also showcases the intelligence and safety refinements that may be enabled through our AI-enabled Damon I/O platform, which is also intended to be available for integration by OEM partners seeking to modernize their vehicles with connected, intelligent safety technology.This progress with the HSR represents a shift from the design and clay modeling phases previously reported to the realization of functional hardware. The HSR program serves as the flagship application for the Company's core technology asset, the AI-enabled Damon I/O platform, designed to scale beyond Damon's own vehicles and available for adoption by OEM partners to power the next generation of connected, intelligent two-wheel mobility.For more information about Damon's vision for a connected mobility future and to learn about the investment opportunity, please visit https://invest.damon.com/.About DamonDamon Inc. is a designer and developer of personal mobility products and technology solutions that integrate AI-enabled safety systems, smart electrification, and user-driven design to revolutionize sustainable transportation. Operating across four potential revenue verticals - Data Intelligence &amp; Services, Engineering Services, Personal Mobility Products, and Special Projects - Damon believes it is positioned to capture a significant share of the $200B global two-wheeler market by 20321. The company distinguishes itself through its integrated ecosystem approach, combining advanced data analytics and engineering expertise, while seeking to enter into strategic partnerships with OEMs and Tier 1 suppliers. Damon emphasizes accessible mobility solutions while leveraging its proprietary AI-enabled safety systems and intelligent energy management technology to deliver superior performance and operational efficiency in the urban and business mobility space. For more information, please visit damon.com.1 Source Fortune Business Insights (2025)Investor Relations Contact: James Carbonara 646.755.7412 James@haydenir.comIMPORTANT INFORMATION AND RISK DISCLOSUREThe Reg A+ offering will be made only by means of an offering statement. An offering statement on Form 1-A relating to these securities has been filed with the U.S. Securities and Exchange Commission (the &#34;SEC&#34;) and has become qualified. The securities offered by Damon are highly speculative. Investing in such securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. For additional information on Damon, the offering and any other related topics, please review the offering statement, including the final offering circular that forms a part of the offering statement (the &#34;Offering Statement&#34;), that can be found on the Company's EDGAR profile at www.sec.gov/edgar. Additional information concerning Risk Factors related to the offering, including those related to the business, government regulations, intellectual property and the offering in general, can be found in the section of the Offering Statement entitled &#34;Risk Factors.&#34;FORWARD-LOOKING STATEMENTS This press release, including any materials referenced herein, contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, &#34;forward-looking statements&#34;) that reflect current expectations and projections of Damon Inc. (&#34;Damon&#34;) about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as &#34;may,&#34; or by such words as &#34;will,&#34; &#34;intend,&#34; &#34;believe,&#34; &#34;estimate,&#34; &#34;consider,&#34; &#34;expect,&#34; &#34;anticipate,&#34; and &#34;objective&#34; and similar expressions or variations of such words. Forward-looking statements in this press release include, but are not limited to, statements relating to the expected development timeline for completing the HSR prototype, and the anticipated benefits and applications of the HSR program and the Damon I/O platform. Forward-looking statements are, by their nature, not guarantees of Damon's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause Damon's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which Damon operates, and general market conditions. Many risks, uncertainties, and other factors could cause the actual results of Damon to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, our history of losses, our ability to implement our growth strategy, generate revenue and achieve profitability, our ability to obtain adequate financing as needed, our ability to continue as a going concern, our status as a foreign private issuer, impact of our prior delisting from Nasdaq, our ability to establish and sustain an active trading market on an over-the-counter market maintained by OTC Markets Group Inc., customer demand for or acceptance of our products and services, our ability to enter into strategic partnerships with OEMs and Tier 1 suppliers, the impact of competitive or alternative products, technologies, and pricing, emerging competition and rapidly advancing technology that may outpace our own, our ability to develop, manufacture or distribute products and services and secure strategic supply, manufacturing, licensing and distribution arrangements, our ability to protect our intellectual property, our ability to protect user data and user information, impact of any changes in existing or future regulatory and tax regimes applying to our business, our ability to successfully consummate strategic transactions and integrate companies or technologies we acquire, our ability to attract and retain management and employees with specialized knowledge and technical skills, our ability to develop and maintain effective internal controls, general economic conditions and events and the impact they may have on us and our customers, including but not limited to escalating tariff and non-tariff trade measures imposed by the United States and other countries, increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity threats, and conflicts such as those in Russia/Ukraine, Israel/Hamas and Iran, our success at managing the risks involved in the foregoing items, and other risk factors discussed in our periodic and current reports and registration statements filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission.Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. Damon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law. All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement. For further information: Investor Relations Contact: James Carbonara, 646.755.7412, James@haydenir.com<img src="https://imageproxy.pbkrs.com/https://api.newsfilecorp.com/newsinfo/276301/157/?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1" height="1" original-src="https://imageproxy.pbkrs.com/https://api.newsfilecorp.com/newsinfo/276301/157/"/></div>

Damon Inc. announced reaching 70% completion of its HyperSport Race prototype, marking a key milestone in advancing its AI-enabled platform. The company is executing its production roadmap with consistency, focusing on manufacturing major components and aligning supply chain efforts. This progress represents a shift from design to functional hardware, showcasing Damon's AI-enabled platform intended for OEM integration. Damon aims to capture a significant share of the global two-wheeler market by 2032 through strategic partnerships and innovative mobility solutions.

Damon Reaches 70% Completion of HyperSport Race Prototype, Advancing AI-Enabled Platform with Next-Generation Hardware