SCHEDULE 13G 0001304857 XXXXXXXX LIVE Class A Common Shares 01/23/2026 0001702123 Cardiol Therapeutics Inc. 14161Y200 602-2265 Upper Middle Road East Oakville A6 L6H 0G5 Rule 13d-1(c) MMCAP International Inc. SPC E9 0.00 17451746.00 0.00 17451746.00 17451746.00 N 14.9 OO segregated portfolio company MM Asset Management Inc. A6 0.00 17451746.00 0.00 17451746.00 17451746.00 N 14.9 CO Cardiol Therapeutics Inc. 602-2265 Upper Middle Road East, Oakville, Ontario, Canada L6H 0G5 This Schedule 13G is filed by the following (the "Reporting Persons"): (1) MMCAP International Inc. SPC (the "Fund"); and (2) MM Asset Management Inc. (the "Adviser"). The Fund is a private investment vehicle. The Fund directly beneficially owns the Class A Common Shares reported in this Statement. The Adviser is the investment manager of the Fund. The Adviser may be deemed to beneficially own the Class A Common Shares directly beneficially owned by the Fund. Each Reporting Person disclaims beneficial ownership with respect to any Class A Common Shares other than the Class A Common Shares directly beneficially owned by such Reporting Person. The principal business office of the Fund is c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P.O. Box 1348, Grand Cayman, KY1-1108, Cayman Islands. The principal business office of the Adviser is 161 Bay Street, TD Canada Trust Tower Suite 2240, Toronto, ON M5J 2S1 Canada. For citizenship or place of organization see Item 4 of the cover page of each Reporting Person. Y See Item 9 on the cover page for each Reporting Person, and Item 2, which information is given as of the close of business on the Event Date of January 23, 2026, and which includes 11,740,207 Class A Common Shares and an additional 5,711,539 Class A Common Shares underlying warrants that can be exercised within 60 days. See Item 11 on the cover page for each Reporting Person. The percentages of beneficial ownership contained herein are based on: (x) 111,680,087 Class A Common Shares outstanding as of January 23, 2026 after giving effect to the closing of an offering on such date, as reported to the Reporting Persons by Issuer's legal counsel; and (y) the Class A Common Shares underlying the warrants described in Item 4(a) above. See Item 5 on the cover page for each Reporting Person. See Item 6 on the cover page for each Reporting Person. See Item 7 on the cover page for each Reporting Person. See Item 8 on the cover page for each Reporting Person. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Exhibit 99.1 - Joint Filing Agreement MMCAP International Inc. SPC /s/ Ulla Vestergaard 01/30/2026 MM Asset Management Inc. /s/ Hillel Meltz 01/30/2026