Mustang Energy Corp. Recaps Milestones and Strategic Progress in 2025

Executive Summary

• Mustang Energy Corp. recapped its 2025 corporate, exploration and financing achievements, highlighting the initiation of its first diamond drilling campaign at Surprise Creek and the acquisition of multiple uranium‑focused properties.
• The company raised approximately $3.58 million in gross proceeds through a series of non‑brokered private placements during 2025 to fund ongoing exploration and working capital needs.
• On February 4 2026, Mustang entered into consulting agreements with three independent parties, issuing 4,000,000 restricted share units (RSUs) that vested immediately and are redeemable for common shares.

Key Details

• Exploration Milestones
• Initiated maiden diamond drilling program at the Surprise Creek Uranium‑Copper Project targeting priority geophysical/structural targets along the Surprise Creek Fault and Bob Lake Copper showing.
• Completed field prospecting, mapping, sampling and target verification on newly acquired Cluff Lake area properties in Saskatchewan.
• Secured exploration permits for the 914W Uranium Project, authorizing expanded ground work and future drilling.

• Conducted regional geological mapping, geophysical surveys and sampling across the broader project portfolio to refine drill targeting.

• Strategic Property Acquisitions & Staking (2025)

• Acquired Surprise Creek Uranium‑Copper Project and Cluff Lake area properties, expanding presence in the western Athabasca Basin.
• Staked Onyx Uranium Project and Bridal Veil Copper‑Silver Project in Newfoundland & Labrador.
• Completed acquisitions of Nucleus Property and Yellowstone Property, adding further prospective uranium assets.

• In partnership with Skyharbour Resources Ltd., staked an additional claim at the 914W Uranium Project to increase its footprint.

• Financing Summary

• Raised ≈ $3.58 million gross proceeds via multiple non‑brokered private placements throughout 2025.

• Proceeds allocated to exploration expenditures, project advancement and general working capital.

• Consulting Agreements (effective Feb 4 2026)

• Entered into three separate consulting agreements with arm’s‑length parties for corporate advisory services (market research, M&A strategy, business development).

• Issued a total of 4,000,000 RSUs to the consultants; each RSU is immediately vested and redeemable for one common share.

• Outlook for 2026

• Plans to advance high‑priority properties with expanded drilling programs, additional geophysical work, geological modeling and continued target generation across the portfolio.

Notable Quotes

• “Our 2025 achievements—particularly the commencement of diamond drilling at Surprise Creek and the strategic expansion of our uranium asset base—position Mustang Energy for accelerated growth as we move into 2026.” – Nicholas Luksha, CEO and Director, Mustang Energy Corp.