MTL Mullen Group Ltd

(TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has acquired Pacific Northwest Investments Inc. including its subsidiary Pacific Northwest Moving (Yukon) Limited ("PNW"). A definitive share purchase agreement was signed, and the acquisition closed on December 1, 2024.

PNW was established over 50 years ago and has a long history of servicing customers in the Yukon Territory and the Province of Alberta. Operating from two owned terminals in Whitehorse, YT and Edmonton, AB ("Owned Facilities"), PNW offers multiple less-than-truckload ("LTL") solutions to its customer base including temperature controlled, dry van and deck as well as local "last mile" delivery services in both Whitehorse and Dawson City, YT. PNW also has a small moving and storage division. As part of the acquisition of PNW, Mullen Group acquired the Owned Facilities, further expanding our real estate network into Northern Alberta and the Yukon Territory.

"This acquisition is important to our organization from a strategic perspective as we continue to invest in regional LTL opportunities. Acquiring regional carriers with strong ties to the communities they serve is an important element of our business model. The founders and former owners of PNW have built a company that is respected by their customers and employees alike. I am delighted to add PNW to our organization and look forward to working with the PNW team," commented Mr. Murray K. Mullen, Chair and Senior Executive Officer.

PNW will operate within Mullen Group's LTL segment and is expected to generate revenues in excess of $25.0 million annually with returns consistent with other Business Units in this operating segment. The acquisition was funded from existing cash.

About Mullen Group Ltd.

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Services offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is listed on the Toronto Stock Exchange under the symbol "MTL". Additional information is available on our website at www.mullen-group.com or on the Corporation's issuer profile on SEDAR+ at www.sedarplus.ca.

Contact Information

Mr. Murray K. Mullen - Chair, Senior Executive Officer and PresidentMr. Richard J. Maloney - Senior Operating OfficerMr. Carson P. Urlacher - Senior Financial OfficerMs. Joanna K. Scott - Senior Corporate Officer

121A - 31 Southridge DriveOkotoks, Alberta, Canada T1S 2N3Telephone: 403-995-5200Fax: 403-995-5296

Disclaimer

Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based on information currently available to it and contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy and the oil and natural gas business. These forward-looking statements relate to future events and Mullen Group’s future performance. All forward-looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "propose", "predict", "potential", "continue", "aim", or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: (i) Mullen Group's expectation that PNW will generate revenues in excess of $25.0 million annually with returns consistent with other Business Units in the LTL segment. These forward-looking statements are based on certain assumptions and analyses made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) that PNW will be able to retain customers and carry on in the normal course post-acquisition. For further information on any strategic, financial, operational and other outlook on Mullen Group’s business please refer to Mullen Group’s Management’s Discussion and Analysis available for viewing on Mullen Group’s issuer profile on SEDAR+ at www.sedarplus.ca. Additional information on risks that could affect the operations or financial results of Mullen Group may be found under the heading "Principal Risks and Uncertainties" starting on page 50 of the 2023 Annual Financial Review as well as in reports on file with applicable securities regulatory authorities and may be accessed through Mullen Group’s issuer profile on the SEDAR+ website at www.sedarplus.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for forward-looking statements.