Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. COMMENCES DRILLING AT SURPRISE CREEK URANIUM-COPPER PROJECT, SASKATCHEWAN

Mustang Energy Corp. has commenced its inaugural diamond drilling program at the Surprise Creek uranium-copper project, located northwest of the Athabasca basin near Uranium City, Sask.

The helicopter-supported program will test priority targets identified along the Surprise Creek fault zone, an area hosting high-grade uranium surface samples and historic drill intercepts. Mustang has engaged Base Diamond Drilling Ltd. to complete up to 2,000 metres of drilling focused on following up historical intercepts, improving structural understanding of the mineralized zones and testing undrilled targets generated by recent geophysical surveys.

Nick Luksha, chief executive officer of Mustang Energy, commented: "Drilling has officially commenced, marking an exciting milestone for Mustang Energy. In just over a year, we've acquired more than 140,000 hectares, secured key permits, and established strong partnerships with respected industry leaders and first nations communities. Having traded over 100 million shares and raised more than $8-million, Mustang is well positioned for meaningful growth as we begin testing our high-priority targets."

About Surprise Creek uranium-copper project

The Surprise Creek project lies 25 kilometres northwest of the Beaverlodge uranium district, home to the historic Gunnar and Eldorado (Ace-Fay-Verna) uranium mines. Surface sampling by Thunderbird Resources Ltd. has returned assays of up to 7.98 per cent U3O8 (triuranium octoxide) while historical copper prospects such as Bob Lake and Ellis Bay include past drilling highlights of 9.1 metres at 2.07 per cent copper and 27.3 grams per tonne silver from surface and 6.6 metres at 1.31 per cent copper from 11 metres. Rock-chip sampling by Thunderbird returned grades as high as 61.7 per cent copper. Mustang holds an option to acquire an 80-per-cent interest in the project from Thunderbird pursuant to an option agreement dated June 3, 2025. Please refer to the company's news release dated June 4, 2025, for more information regarding the option agreement. The program is fully permitted, with exploration approvals granted 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.

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.

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