Mr. Derek Sutherland reports

MCAN FINANCIAL GROUP RENEWS AT-THE-MARKET PROGRAM

MCAN Mortgage Corp. has renewed an at-the-market equity program (ATM program) that will continue to allow the company to issue up to $30-million of common shares from treasury to the public from time to time. The ATM Program is being established pursuant to a prospectus supplement (the "Prospectus Supplement") dated the date hereof and filed in each of the provinces and territories of Canada, to the Company's short form base shelf prospectus dated August 14, 2023 (the "Shelf Prospectus", and together with the Prospectus Supplement, the "Prospectus").

Sales of the Common Shares through the ATM Program will be made pursuant and subject to the terms of an equity distribution agreement dated the date hereof (the "Distribution Agreement") with Canaccord Genuity Corp. The volume and timing of distributions under the ATM Program, if any, will be determined at MCAN's sole discretion.

Sales of the Common Shares will be made through "at-the-market distributions" as defined in National Instrument 44-102 - Shelf Distributions. The Common Shares will be distributed under the ATM Program at the market prices prevailing at the time of sale, and therefore prices may vary as between purchasers and over time. The ATM Program will end on the earlier of (i) September 15, 2025, and (ii) the date of distribution of the Maximum Amount, unless terminated prior to such date in accordance with the terms of the Distribution Agreement. The Company plans to use the net proceeds, if any, from the ATM Program to grow the Company's mortgage lending and investing business. "The ATM Program has been a successful tool for MCAN over the last two years in raising incremental capital that has helped to grow our business" said Derek Sutherland, Interim Chief Executive Officer. "As we continue to grow our business, renewing and continuing with the ATM Program makes sense as an attractive alternative low-cost source of capital."

The Prospectus has been filed with the securities commissions in all provinces and territories of Canada. The Prospectus contains important detailed information about the securities being offered. Before you invest, you should read the Prospectus and the other documents the Company has filed for more complete information about the Company and the ATM Program. Copies of the Distribution Agreement and the Prospectus are available under the Company's profile at www.sedarplus.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. Further, this news release does not constitute an offer to sell or the solicitation of an offer to buy in the United States and the Common Shares referred to in this news release may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or pursuant to an applicable exemption from the registration requirements under the U.S. Securities Act of 1933 and applicable state securities laws.

About MCAN

MCAN Mortgage Corporation d/b/a MCAN Financial Group is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a Mortgage Investment Corporation ("MIC") under the Income Tax Act (Canada) .

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