Mr. Nicholas Luksha reports

MUSTANG ENERGY AND ALLIED STRATEGIC RESOURCE ANNOUNCE CLOSING OF PLAN OF ARRANGEMENT AND CSE CONDITIONAL APPROVAL FOR THE ALLIED SHARES

Further to Mustang Energy Corp.'s news releases of Oct. 9, 2025, Nov. 27, 2025, and March 20, 2026, the previously announced plan of arrangement involving the spinoff of Allied Strategic Resource Corp. from Mustang, closed today. In addition, Allied has received conditional approval from the Canadian Securities Exchange for the listing of its common shares on the CSE, subject to satisfying customary requirements of the CSE, including receipt of all required documentation.

The arrangement

The arrangement was approved by the shareholders of Mustang's common shares at an annual general and special meeting held on Nov. 14, 2025, and by the Supreme Court of British Columbia in its final order dated Nov. 24, 2025.

The arrangement included a transfer all Mustang's ownership and 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, Saskatchewan, Canada, to Allied in consideration of 6.4 million Allied shares at a deemed price of five cents per Allied share. In addition, the company completed a capital reorganization which included the renaming and redesignation of Mustang's common shares and the creation of a new class of common shares of Mustang. The shareholders at the close of business on March 26, 2026, received one new Mustang share and approximately 0.066336253 of an Allied share in exchange for each existing Mustang share that was held by such shareholder.

Following the closing of the arrangement, Allied is now a separate unlisted reporting issuer in each of British Columbia, Alberta and Ontario. Allied now holds all rights, title, and interests in and to the SpinCo properties.

For additional details regarding the arrangement, see Mustang's management information circular as filed on Mustang's profile on SEDAR+ on Oct. 24, 2025, and Mustang's news releases dated Oct. 9, 2025, Nov. 27, 2025, and March 20, 2026.

CSE listing for Allied shares

Allied has received conditional approval from the CSE for the listing of the Allied shares on the CSE, subject to customary requirements of the CSE, including receipt of all required documentation. Upon listing on the CSE, it is expected that the Allied shares will trade under the ticker symbol ASR. Allied will provide an additional update once it receives final approval from the CSE for the listing of the Allied shares. The update will include the anticipated commencement date for trading of the Allied shares on the CSE.

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.

About Allied Strategic Resource Corp.

Allied is a mineral exploration and development issuer. Its material property is a uranium project that comprises three mineral claims totalling approximately 7,430.70 hectares located in north-central Saskatchewan at the southern edge of the Athabasca basin. It plans to continue to advance the Ford Lake property and seek other mining assets including the Roughrider South and Cigar East properties located in the Athabasca basin, Saskatchewan.

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