Mustang Energy to begin drilling at Surprise Creek

Mr. Nicholas Luksha reports MUSTANG ENERGY CORP. MAKES FINAL PREPARATIONS FOR SURPRISE CREEK DRILLING PROJECT, SASKATCHEWAN Mustang Energy Corp. is making final preparations for the drilling activities planned on the Surprise Creek uranium-copper project. The drill program is expected to commence on Sept. 28, 2025. 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 drill program will be helicopter supported and be based out of Uranium City, Sask. Mustang Energy has engaged Base Diamond Drilling Ltd. as the contractor. Up to 2,000 metres are planned in the Surprise Creek fault area, which hosts high-grade uranium surface samples and where historical drilling returned results of up to 2.1 metres (m) of 4.37 per cent U3O8 from 57 m. The purpose of the program will be to follow up on historic drill intercepts, to better understand the mineralization-hosting structures and to test zones with no previous drilling. Nicholas Luksha, chief executive officer of Mustang Energy, commented: "We are proud to launch Mustang Energy's first-ever drilling campaign beginning at the Surprise Creek project. This is a defining milestone for the company as we execute on our strategy to discover and develop critical mineral assets. With high-grade uranium and copper mineralization confirmed by historic drilling and surface sampling, along with newly defined targets from recent geophysical surveys, Surprise Creek has all the hallmarks of a project capable of delivering meaningful value as we advance this inaugural program." About Surprise Creek uranium-copper project The Surprise Creek project is located 25 km northwest of the Beaverlodge uranium district, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna), and is located just northwest of the Athabasca basin. A major high-resolution airborne magnetic, radiometric and VLF-EM (very-low-frequency electromagnetic) survey completed by Thunderbird in September, 2024, identified multiple new uranium targets (see Thunderbird's news release 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 m of 4.37 per cent U3O8 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 m. In addition, the project contains historical copper prospects, including Bob Lake, Ellis Bay and Waterloo South. Historical drilling results include 9.1 m at 2.07 per cent copper (Cu) and 27.3 grams per tonne (g/t) silver (Ag) from surface at Bob Lake, and 6.6 m at 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 their 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. 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.