Mr. Mike Marrandino reports

MUST CAPITAL ANNOUNCES SHARES FOR DEBT SETTLEMENT

Must Capital Inc. has agreed with certain creditors to, subject to the completion of a one-new-for-10-old consolidation of the company's common shares, settle an aggregate of $323,380.60 in liabilities through the issue of up to 2,155,868 postconsolidation common shares at a deemed price of 15 cents per postconsolidated share.

Approval for the consolidation, among other matters, will be sought at the company's annual and special meeting scheduled to be held on May 5, 2026. To the extent that insider participation in the debt settlement is a related party transaction within the meaning of MI 61-101, the company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(b) and (g) and 5.7(e), respectively, of Multilateral Instrument 61-101.

The consolidation and the debt settlement remain subject to the receipt of all necessary shareholder and TSX Venture Exchange approvals, as the case may be. All securities issued in connection with the debt settlement will be subject to a statutory hold period expiring four months and one day after the date of issuance.

We seek Safe Harbor.