Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. PROVIDES UPDATE ON PROPOSED SPIN OUT OF FORD LAKE PROPERTY BY WAY OF PLAN OF ARRANGEMENT AND ANNOUNCES SHARE DISTRIBUTION RECORD DATE OF MARCH 26, 2026

Further to its news releases of Oct. 9, 2025, and Nov. 27, 2025, Mustang Energy Corp. is proceeding to complete its previously announced plan of arrangement to be effected under Part 9, Division 5, of the Business Corporations Act (British Columbia) (BCBCA) with its wholly owned subsidiary, Allied Strategic Resource Corp.

On Oct. 14, 2025, the company obtained an interim order from the British Columbia Supreme Court authorizing the company to call a shareholder meeting to, among other things, approve the arrangement. Shareholders of the company approved the arrangement at a meeting held on Nov. 14, 2025. On Nov. 24, 2025, the court rendered a final order approving the arrangement.

The company has determined March 26, 2026, to be the share distribution record date with respect to the arrangement. The arrangement is expected to be effective on March 27, 2026. Under the terms of the arrangement, the company will: (i) transfer all of its rights, title and interest in and to its Ford Lake property, Roughrider South and Cigar East properties (collectively, the SpinCo properties), located in the Athabasca basin in Saskatchewan, Canada, in exchange for 6.4 million common shares in the capital of Allied at a deemed price of five cents per Allied spinout share; and (ii) spinout all of the Allied spinout shares received in consideration for the SpinCo properties to Mustang's securityholders on a pro rata basis; and (iii) undertake a capital reorganization, which will include the renaming and redesignation of Mustang's common shares and the creation of a new class of common shares of Mustang. Shareholders of Mustang at the close of business on the record date will receive one new Mustang share and such number of Allied spinout shares equal to one multiplied by the distribution fraction, which is calculated by dividing the total number of Allied spinout shares by the number of common shares of Mustang issued and outstanding prior to the effective time of the arrangement, in exchange for each existing Mustang share that is held by such Mustang shareholder.

On the effective date of the arrangement, Allied will become a separate unlisted reporting issuer in each of British Columbia, Alberta and Ontario. Upon completion of the arrangement, Allied will own the SpinCo properties. The Ford Lake property will be Allied's material property for the purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects. The company will focus on the development of its Brown Lake, Dutton, Yellowstone, 914W, Spur, Thunderbird and Konigsstuhl projects, with a strategic emphasis on the Yellowstone property.

The directors of Allied are Nicholas Luksha, Constantine Carmichel and Teresa Rzepczyk. Allied's chief executive officer and president is Mr. Luksha and its chief financial officer and secretary is Teresa Cherry.

Allied is in the process of an application to list its securities on the Canadian Securities Exchange and has received conditional approval. The listing remains subject to Allied satisfying the remaining conditions for final approval.

About Mustang Energy Corp.

Mustang Energy is a Canadian mineral exploration company focused on the discovery and development of high-impact uranium and critical mineral assets. With a strategic portfolio of properties in Saskatchewan's Athabasca basin and emerging projects in Newfoundland and Labrador, Mustang is positioned to capitalize on growing global demand for nuclear fuel and essential minerals critical to the energy transition.

We seek Safe Harbor.