Mr. Nicholas Luksha reports

MUSTANG ENERGY PROVIDES UPDATE ON ANNUAL GENERAL AND SPECIAL MEETING MATERIALS

Mustang Energy Corp.'s notice of meeting, information circular, financial statement request form and proxy form for the company's coming annual general and special meeting to be held on Nov. 14, 2025, at Suite 2501, 550 Burrard St., Vancouver, B.C., Canada, at 10 a.m. PST, have been mailed and are posted and accessible on the company's SEDAR+ profile and on the company's website. Shareholders can request a copy of the AGM materials by e-mail at teresa79@gmail.com or by calling 604-428-7050.

At the meeting, the shareholders will be asked to approve the following resolutions at the meeting:

• The setting of the number of directors of Mustang at three;
• The election of Nicholas Luksha, Teresa Rzepczyk and Constantine Carmichel as directors of Mustang;
• The appointment of Davidson & Company LLP, chartered professional accountants, as the auditor of Mustang for the fiscal year ending Dec. 31, 2025, and to authorize the directors of Mustang to fix the remuneration to be paid to the auditor for the fiscal year ending Dec. 31, 2025;
• The approval of a plan of arrangement under the provisions of Division 5 of Part 9 of the Business Corporations Act (British Columbia) involving, among others, Mustang and its wholly owned subsidiary, Allied Strategic Resource Corp., in accordance with the terms of the arrangement agreement dated Oct. 9, 2025, between Mustang and Allied (as it may be amended, supplemented or otherwise modified from time to time);
• The adoption by Allied of an omnibus equity incentive plan; and
• The approval of a special resolution authorizing the company to consolidate the issued and outstanding common shares of the company on the basis of up to 30 preconsolidation Mustang shares for one postconsolidation common share.

Shareholders may access the meeting materials at the aforementioned websites and can contact Odyssey Trust Company at proxy@odysseytrust.com to obtain their voting control numbers.

There are four ways to vote your proxy:

• To vote your proxy on-line, please visit the Odyssey Trust website, and click on vote; you will require the control number printed with your address to the right on your proxy form; if you vote by Internet, do not mail the proxy;
• By e-mail to proxy@odysseytrust.com;
• By mail or personal delivery to Odyssey Trust Company, attention: proxy department, Suite 702, 67 Yonge St., Toronto, Ont., M5E 1J8;
• By fax to Odyssey to the attention of the proxy department at 1-800-517-4553 (toll-free within Canada and the United States) or 416-263-9524 (international).

If you are a registered holder of common shares of Mustang, you will need to complete, sign, date and return the form of proxy by no later than 10 a.m. Vancouver time on Nov. 12, 2025, to ensure that your Mustang shares are voted at the meeting in accordance with your instructions, whether or not you are able to attend in person. If you hold your Mustang shares through a broker or other intermediary, you should follow the instructions provided by it to vote your Mustang shares.

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.