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

Core Viewpoint - Mustang Energy Corp. is proceeding with a plan of arrangement to spin out its properties into a wholly-owned subsidiary, Allied Strategic Resource Corp., with the arrangement expected to be effective on March 27, 2026 [1][3]. Group 1: Arrangement Details - The arrangement involves transferring Mustang's rights to its Ford Lake property and other properties in exchange for 6,400,000 common shares in Allied at a deemed price of $0.05 per share [3]. - Shareholders will receive one New Mustang Share and a number of Allied Spinout Shares based on a distribution fraction calculated from the total number of Allied Spinout Shares divided by the number of Mustang shares outstanding [3]. - The arrangement has received approval from shareholders and the British Columbia Supreme Court [2]. Group 2: Company Focus and Properties - Following the arrangement, Allied will become a separate unlisted reporting issuer and will own the SpinCo Properties, with the Ford Lake Property being its material property [4]. - Mustang will focus on developing its Brown Lake, Dutton, Yellowstone, 914W, Spur, Thunderbird, and Konigsstuhl projects, with a strategic emphasis on the Yellowstone property [4][6]. Group 3: Management and Listing - The directors of Allied include Nicholas Luksha, Constantine Carmichel, and Teresa Rzepczyk, with Nicholas Luksha serving as CEO [5]. - Allied is in the process of applying for a listing on the Canadian Securities Exchange and has received conditional approval [5].