The Westaim Corporation ('Westaim' or the 'Company') (TSXV: WED) announces today that, in response to the public health risks from COVID-19, it will hold its annual and special meeting of shareholders on May 19, 2020 at 9:00 a.m. (Eastern Time) (the 'Meeting' or 'Shareholders' Meeting') in a virtual only format, which will be conducted via live audiocast.

Shareholders of the Company will not be able to attend the Meeting in person.

This live audiocast has been arranged to conduct the formal portion of the Meeting. In late September of this year, the Company is planning to hold its 2020 investor day (the 'Investor Day') in person in Toronto, Ontario where management of Westaim, Houston International Insurance Group, Ltd. ('HIIG'), and Arena Group will be in attendance. The agenda will include presentations and question and answer sessions. Westaim will issue a press release sharing further details concerning the Investor Day once they have been finalized.

About Westaim

Westaim is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. The Company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim's strategy is to pursue investment opportunities with a focus towards the financial services industry and grow shareholder value over the long term. Westaim's investments include significant interests in HIIG and the Arena Group (as such term is defined in the notes to Westaim's audited consolidated financial statements for its fiscal year ended December 31, 2019 and related management's discussion and analysis (the 'Financial-Related Filings')). Westaim's common shares are listed on the TSX Venture Exchange under the trading symbol 'WED'.

Contact:

Tel: (416) 969-3333

Certain portions of this press release contain forward-looking statements. Such forward-looking statements include but are not limited to statements concerning the date and time of the Meeting, Investor Day and expected growth in the Arena Group and HIIG businesses. These statements are based on current expectations that are subject to risks, uncertainties and assumptions and Westaim can give no assurance that these expectations are correct and actual results could differ materially from those anticipated by forward-looking statements for various reasons generally beyond our control, including but not limited to: (i) changes related to the ongoing COVID-19 pandemic; (ii) changes in market conditions or general economic developments and (iii) other risk factors set forth in the Financial-Related Filings and Westaim's annual information form for its fiscal year ended December 31, 2019. Readers of this press release are cautioned not to place undue reliance on these 'forward-looking statements'. Except as otherwise required by applicable law, Westaim expressly disclaims any intention or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise.

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