Mr. Galen McNamara reports

AERO ENERGY ANNOUNCES CLOSING OF CHARITY FLOW-THROUGH PRIVATE PLACEMENT

Further to the news releases dated March 2, 2026, and March 4, 2026, Aero Energy Ltd. has closed its previously announced non-brokered private placement of 1,694,916 charity flow-through units of the company at a price of 59 cents per CFT unit for gross proceeds of $1-million. Each CFT unit is composed of one flow-through common share of the company and one share purchase warrant of the company. Each warrant is exercisable to acquire one common share of the company at a price of 60 cents until March 27, 2028. Each CFT share will qualify as a flow-through share within the meaning of the Income Tax Act (Canada) and as an eligible flow-through share within the meaning of the Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan).

The previously announced non-brokered private placement of up to 26.25 million subscription receipts of the company at a price of 40 cents per subscription receipt for gross proceeds of up to $10.5-million is expected to close on or around March 31, 2026. The closing of the subscription receipt offering is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange. Please refer to the company's news releases dated March 2, 2026, and March 4, 2026, for additional information on the subscription receipt offering.

The company plans to use the gross proceeds of the CFT unit offering to incur: (i) eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as both terms are defined in the Income Tax Act (Canada); and (ii) eligible flow-through mining expenditures, as defined in the Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan), related to the company's projects in Saskatchewan, on or before Dec. 31, 2027. Such qualifying expenditures will be renounced in favour of the subscribers of the CFT units, effective Dec. 31, 2026.

About Aero Energy Ltd.

Aero Energy, following its successful merger with Kraken Energy Corp., has established a robust portfolio of uranium assets in North America. The company controls a district-scale land package in Saskatchewan's Athabasca basin, including its Strike and Murmac projects, which collectively host dozens of shallow drill-ready targets on the north rim of the Athabasca basin. These projects are guided by an award-winning technical team with a proven record, responsible for major discoveries such as Gryphon, Arrow and Triple-R. Additionally, Aero's portfolio includes Kraken's 100-per-cent-owned Apex uranium property, Nevada's largest past-producing uranium mine, and the Huber Hills property, spanning 1,044 hectares in Nevada and encompassing the historic Race Track open-pit mine. This strategic merger combines Aero's extensive Canadian exploration assets with Kraken's high-grade U.S. properties, positioning Aero to unlock significant high-grade, unconformity-style uranium mineralization and capitalize on the growing global demand for uranium.

We seek Safe Harbor.