Mustang Confirms and Expands Large IP Geophysical Anomaly at the Pilot Cu-Au Project, Provides Update on General Exploration Activities in Nevada, USA

Executive Summary

• Mustang Minerals commenced a 2026 work program on its three Nevada copper‑gold properties, beginning with extensive induced‑polarization (IP) geophysical surveying at the Pilot Project.
• The IP survey identified a large, open‑ended chargeability anomaly (~1.25 km × up to 2.2 km) that coincides with a magnetic high and broad Au‑Cu‑Bi‑Mo soil anomalies, indicating a significant hydrothermal alteration system.
• Additional soil sampling has been completed on all three properties; further IP lines are planned to delineate the anomaly’s limits and inform design of a potential first‑pass drill program.

Key Details

• Geophysical Survey – Pilot Project
• Five east‑west and three north‑south IP lines surveyed; chargeability high traced over 1.25 km strike, up to 2.2 km wide.
• Anomaly associated with low resistivity (high conductivity) and a previously identified magnetic high from drone‑based magnetics.

• Presence of widespread pyrophyllite alteration, commonly linked to upper zones of porphyry copper systems.

• Soil Sampling – All Three Properties

• Pilot: Broad Cu‑Mo‑Au soil anomaly confirmed; samples show elevated trace metals consistent with IP chargeability high.
• Confusion Hills (high‑sulphidation prospect): 107 grab rock samples collected (April 15 2025); 6 samples >0.1 g/t Au, 3 samples >0.5 g/t Au (max 7.1 g/t Au), averaging 1.6 g/t Au for the six high‑grade hits.

• Red Ring: Soil and rock sampling in 2024 highlighted anomalous trace elements indicative of a large porphyry lithocap (~2.8 km × 1 km).

• Project Status & Permits

• Drill permits approved for both Pilot and Confusion Hills prospects; no drilling yet commenced.

• Logistical preparations underway at Confusion Hills for a potential 2026 drill program.

• Future Work Plan

• Additional IP lines to be surveyed on Pilot to fully delineate the chargeability anomaly.
• Further soil sampling scheduled across all three properties to refine target definition.

• Data will be used to design a first‑pass drilling campaign later in 2026.

• Qualified Persons

• Morgan J. Poliquin, PhD, PEng – President & CEO (qualified person under NI 43‑101) reviewed and approved technical content.
• Independent NI 43‑101 Technical Reports authored by Brian Brewer, MSc, CPG filed on SEDAR.

Notable Quotes

• “Exploration geophysical surveys at the Pilot Project highlight the scale of this large hydrothermal alteration system prospective for copper‑gold mineralisation. We are excited for the next steps and to be now actively exploring our new Nevada copper and gold project portfolio.” – J Duane Poliquin, Chairman, Mustang Minerals Ltd.