Mustang completes phase 1 Surprise Creek exploration

Executive Summary

• Mustang Energy Corp. completed its first phase of field exploration (surface prospecting and rock sampling) at the Surprise Creek uranium-copper project in Saskatchewan, with results expected to inform future drill targeting.
• The company provided an update on the acquisition of the Ford Lake project from Stallion Uranium Corp., confirming the issuance of 1.5 million common shares as the final installment of the purchase price.
• The company granted 5.6 million stock options in total to directors, officers, and consultants under its equity incentive plan.

Key Details

• Surprise Creek Exploration Results:
  • Completed surface prospecting and detailed rock sampling at nine locations of interest.
  • Collected structural data from the Surprise Creek fault area to understand mineralization controls.
  • Uranium Mineralization: A strong uranium radiometric anomaly identified at the Surprise Creek fault drill target.
    • Historical drilling returned up to 2.1 metres of 4.37% triuranium octoxide from 57 m.
    • Surface sampling by Thunderbird returned assays up to 7.98% U3O8.
    • Surface mineralization extends discontinuously over a strike length of up to 500 metres.
  • Copper Mineralization: Historical copper prospects include Bob Lake, Ellis Bay, and Waterloo South.
    • Historical drilling at Bob Lake: 9.1 m of 2.07% Cu and 27.3 g/t Ag from surface.
    • Historical drilling at Ellis Bay: 6.6 m of 1.31% Cu from 11 m.
    • Rock chip sampling by Thunderbird (2022-2023) returned assays up to 61.7% Cu, 27.6% Cu, and 9% Cu.
  • Regulatory: A work permit application for exploration, including drilling at the Surprise Creek fault prospect, has been approved by the Saskatchewan government.
• Ford Lake Project Acquisition Update:
  • On Aug. 12, 2025, Mustang issued 1.5 million common shares to Stallion Uranium Corp.
  • This issuance represents the payment of the final instalment of the aggregate purchase price for the Ford Lake project pursuant to the purchase and sale agreement dated Feb. 12, 2024 (as amended Aug. 8, 2025).
  • The shares are subject to a statutory hold period expiring four months and one day from the date of issuance.
• Stock Option Grants:
  • Granted 5.5 million incentive stock options to directors, officers, and consultants.
    • Exercisable at $0.10 per share.
    • Vested immediately.
    • Expiring on Aug. 20, 2028 (3-year term).
  • Granted 100,000 stock options to a consultant.
    • Exercisable at $0.12 per share.
    • Vested immediately.
    • Expiring on Aug. 22, 2028 (3-year term).
  • All options and underlying shares are subject to a hold period of four months and one day from the date of issuance.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.