Burcon Receives Co-Investment from Protein Industries Canada to Scale-Up and Commercialize Hempseed and Sunflower Seed Protein

Vancouver, British Columbia--(Newsfile Corp. - March 12, 2024) - Burcon NutraScience Corporation (TSX: BU) ("Burcon" or the "Company"), a global technology leader in the development of plant-based proteins for foods and beverages, is pleased to announce that it has received a co-investment from Protein Industries Canada ("PIC") for the scale-up and commercialization of hempseed and sunflower seed protein.

In collaboration with HPS Food & Ingredients and Puratos Canada, Burcon will lead the commercialization efforts for its new-to-the-world high purity hempseed and sunflower seed protein ingredients. The $6.9 million project includes a $3 million co-investment from PIC to support the commercial scale-up of these novel protein ingredients and the development into innovative consumer food and beverage applications.

"With support from PIC, we can accelerate our commercial plans," said Kip Underwood, Burcon's chief executive officer. "This non-dilutive government funding not only strengthens our balance sheet but also positions us to meet the growing customer demand for our hemp and sunflower proteins. We are thrilled to introduce these exceptional proteins to the market and look forward to working closely with HPS and Puratos on this innovative project."

There is a significant gap between the needs of consumers today and the performance of plant proteins on the market. As consumer preferences evolve, there is a pressing need for diverse protein alternatives that deliver superior product performance. Burcon’s first-of-its-kind high purity hempseed and sunflower seed proteins can help solve these formulation challenges opening access to a multi-billion-dollar addressable market opportunity.

"The development of new ingredients and food manufacturing is integral to growing and strengthening Canada's agrifood sector. Increasing ingredient manufacturing can help diversify our agriculture sector and increase our productivity, creating new economic growth for Canada," Protein Industries Canada CEO Bill Greuel said. "Together, Burcon, HPS and Puratos are developing a line of ingredients, food and beverage products that will do this, while also bringing new, diverse protein options to market."

About Burcon NutraScience Corporation

Burcon is a global technology leader in the development of plant-based proteins for foods and beverages. Our proteins exhibit superior functionality, taste and nutrition, making them ideal ingredients for food formulators. With over two decades of experience, Burcon has amassed an extensive patent portfolio covering its novel plant-based proteins derived from pea, canola, soy, hemp and sunflower seeds, among other plant sources. Burcon is committed to delivering next-generation, best-in-class protein solutions, positioning itself as a key player in the rapidly expanding plant-based market. Supporting the growing trend towards a plant-based diet, Burcon offers sustainable protein ingredients that we believe are better for you and better for the planet. For more information, visit www.burcon.ca.

Forward-Looking Information Cautionary Statement
The TSX has not reviewed and does not accept responsibility for the adequacy of the content of the information contained herein. This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements or forward-looking information involve risks, uncertainties and other factors that could cause actual results, performances, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements or forward-looking information can be identified by words such as "anticipate," "aim", "intend," "plan," "goal," "project," "estimate," "expect," "believe," "future," "likely," "may," "should," "could," "will" and similar references to future periods. All statements included in this release, other than statements of historical fact, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements or information. Important factors that could cause actual results to differ materially from Burcon's plans and expectations include the implementation of our business model and growth strategies; trends and competition in our industry our future business development, financial condition and results of operations and our ability to obtain financing cost-effectively; potential changes of government regulations; and other risks and factors detailed herein and from time to time in the filings made by Burcon with securities regulators and stock exchanges, including in the section entitled "Risk Factors" in Burcon's annual information form for the year ended March 31, 2023 and its other public filings with Canadian securities regulators on SEDAR+ at www.sedarplus.ca. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Any forward-looking statement or information speaks only as of the date on which it was made, and, except as may be required by applicable securities laws, Burcon disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Although Burcon believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, investors should not rely on such statements.

Industry and Investor Contact
Paul Lam
Director, Investor Relations and Communications
Burcon NutraScience Corporation
Tel (604) 733-0896, Toll-free (888) 408-7960
plam@burcon.ca www.burcon.ca

Media Contact:
Steve Campbell, APR
President
Campbell & Company Public Relations
Tel (604) 888-5267
TECH@CCOM-PR.COM

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