Company: MDCXW
Filing Date: 2025-03-07
Form Type: 253G1
Source: 0001062993-25-004966
Chunk: 233

Company: Medicus Pharma Ltd.
Filing Date: 2025-03-07
Form: 253G1
Chunk 233
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566 | ) |
| Balance at December 31, 2023 |     |                    - |   |     |                - |   |     |          - |   |

<div align='center'>F-37</div>

During the years ended December 31, 2023 and 2022, the conversion option values were calculated using the Black-Scholes model with the following inputs:

|                         | December 31, 2023 | December 31,2022 |
| Grant date share price  |             $2.30 |            $2.30 |
| Exercise price          |             $2.64 |            $2.64 |
| Expected dividend yield |              $nil |             $nil |
| Risk-free interest rate |     4.01% - 4.83% |            4.07% |
| Expected option life    | 0.25 - 0.75 years |           1 year |
| Expected volatility     |    68.63 - 95.43% |           101.6% |

Finance expense, net consists of the following for the years ended December 31, 2023 and 2022:

|                                                             |     |     2023 |   |     | Years ended December 31, 
                     2022 |   |
|:------------------------------------------------------------|:----|---------:|:--|:----|-------------------------:|:--|
|                                                             |     |        $ |   |     |                        $ |   |
| Accretion                                                   |     |  739,096 |   |     |                  526,825 |   |
| Transaction fees allocated to embedded derivative liability |     |        - |   |     |                    3,182 |   |
| Fair value adjustment                                       |     | (670,103 | ) |     |                  201,413 |   |
| Gain on modification                                        |     |        - |   |     |                 (592,901 | ) |
| Dividend expense (Note 8)                                   |     |  431,586 |   |     |                  575,447 |   |
| Finance expense, net                                        |     |  500,579 |   |     |                  713,966 |   |

7. Preferred share liability

[a] Authorized

The Company had authorized for issuance a combined total of 9,196,069 of Series A and Series A-1 preferred shares with no par value.