Mustang completes phase 1 Surprise Creek exploration

Mr. Nicholas Luksha reports MUSTANG ENERGY CORP. COMPLETES SAMPLING PROGRAM AT SURPRISE CREEK PROJECT, SASKATCHEWAN AND PROVIDES UPDATE ON THE ACQUISITION OF THE FORD LAKE PROJECT Mustang Energy Corp. has completed its first phase of field exploration activities on the Surprise Creek uranium-copper project, located in a prospective region known for its mineral potential northwest of the Athabasca basin. The company entered into an option agreement with Thunderbird Resources Ltd. to acquire an undivided 80-per-cent interest in the project. Please refer to the company's news release dated June 4, 2025, and June 16, 2025, as filed under the company's SEDAR+ profile, for further details regarding the option agreement. The field program at Surprise Creek included surface prospecting activities and detailed rock sampling, aimed at further refining target areas and outlining mineralization and alteration. Surface samples were collected from nine locations of interest where previous uranium and copper mineralization has been observed or geophysical anomalies have been identified. Structural data were collected from the Surprise Creek fault area in an effort to better understand the mineralization controls. Results from this phase of exploration are expected to inform drill targeting on the project. Surprise Creek uranium-copper project The Surprise Creek project is located 25 kilometres northwest of the Beaverlodge uranium district, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca basin. A major high-resolution airborne magnetic, radiometric and very low frequency/electromagnetic survey completed by Thunderbird in September, 2024, identified multiple new uranium targets (see Australian Securities Exchange announcement dated Dec. 19, 2024, titled "Exploration to commence at Rockvale Antimony-Gold Project"). A strong uranium radiometric anomaly has been identified at the previously defined Surprise Creek fault drill target, where historical drilling returned results of up to 2.1 metres of 4.37 per cent triuranium octoxide from 57 m, and surface sampling by Thunderbird returned assays up to 7.98 per cent U3O8. The area of surface uranium mineralization extends discontinuously over a strike length of up to 500 metres. In addition, the project contains historical copper prospects including Bob Lake, Ellis Bay and Waterloo South. Historical drilling results include 9.1 m of 2.07 per cent copper and 27.3 grams per tonne silver from surface at Bob Lake, and 6.6 m of 1.31 per cent Cu from 11 m at Ellis Bay. Rock chip sampling of historical copper occurrences completed by Thunderbird in 2022 and 2023 returned assays up 61.7 per cent Cu, 27.6 per cent Cu and 9 per cent Cu. A work permit application for exploration, including drilling at the Surprise Creek fault prospect, has recently been approved by the Saskatchewan government. Cautionary statement The company advises that, notwithstanding proximity and location, discoveries of minerals on or near historic mines such as Gunnar and Eldorado and any promising results thereof are not necessarily indicative of the mineralization of, or located on, the project, or the company's ability to commercially exploit the project, or to locate any commercially exploitable deposits therefrom. The company cautions investors on relying on this information as the company has not confirmed the accuracy or reliability of the information. Update on the Ford Lake project On Aug. 12, 2025, the company issued 1.5 million common shares in the capital of the company to Stallion Uranium Corp. pursuant to the purchase and sale agreement dated Feb. 12, 2024, as amended on Aug. 8, 2025, to allow the company to accelerate the payment of the purchase price. The issuance of the consideration shares marked the payment of the final instalment of the aggregate purchase price to be paid by the company to Stallion for the purchase and sale of the Ford Lake project. The consideration shares remain subject to a statutory hold period expiring four months and one day from the date of issuance. Grant of stock options Mustang announces that it has granted an aggregate of 5.5 million incentive stock options to purchase up to 5.5 million common shares of the company to its directors, officers and consultants under its omnibus equity incentive plan. The stock options are exercisable for a period of three years from the date of grant, expiring on Aug. 20, 2028, at a price of 10 cents per share, and vested immediately. Mustang also granted 100,000 stock options to purchase up to 100,000 shares to a consultant, with such stock options exercisable for a period of three years expiring on Aug. 22, 2028, at a price of 12 cents per share, and vested immediately. All options and the shares underlying such options are subject to a hold period of four months and one day from the date of issuance. Qualifying statement The scientific and technical information in this news release has been reviewed and approved by Troy Marfleet, PGeo, technical adviser for Mustang Energy, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Mr. Marfleet is a qualified person as defined by National Instrument 43-101. About Mustang Energy Corp. Mustang Energy is a Canadian mineral exploration company focused on the discovery and development of high-potential uranium and critical mineral assets. The company holds a portfolio of 147,153 hectares of strategically located properties in Saskatchewan's Athabasca basin -- one of the world's premier uranium districts. Mustang is advancing early-stage exploration through modern techniques and a disciplined, data-driven approach. The company is committed to building long-term value through responsible exploration and a focus on high-impact targets in underexplored areas. We seek Safe Harbor.