Mr. Nicholas Luksha reports

MUSTANG ENERGY ADVANCES OPTION WITH SKYHARBOUR AT THE 914W URANIUM PROJECT AND ANNOUNCES OTHER CORPORATE UPDATES

Mustang Energy Corp. has completed the second tranche of milestone payments to Skyharbour Resources Ltd. under the option agreement between Mustang and Skyharbour dated Nov. 12, 2024, regarding the 914W uranium project. Pursuant to the option agreement, Mustang paid Skyharbour $20,000 in cash, issued 1,098,901 common shares in the capital of Mustang at a deemed price per share of 9.1 cents and completed $100,000 in exploration expenditures on the 914W uranium project to satisfy the second tranche of milestone payments. The shares are subject to a customary hold period expiring on the date that is four months and one day following the date of issuance. For more information regarding the option agreement and the next set of milestone payments, please refer to the company's news release dated Nov. 13, 2024, and Dec. 6, 2024, as filed under the company's profile on SEDAR+.

The company also announces that all resolutions presented at the company's annual general and special meeting held on Friday, Nov. 14, 2025, including the following: (i) the setting of the number of directors of Mustang at three; (ii) the election of Nicholas Luksha, Teresa Rzepczyk and Constantine Carmichel as directors of Mustang; (iii) 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; (iv) 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); (v) the adoption by Allied of an omnibus equity incentive plan; and (vi) 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 common shares of Mustang for one postconsolidation common share, were approved at the meeting.

The company further announces that, on Nov. 24, 2025, the British Columbia Supreme Court rendered a final order approving the arrangement. The closing of the arrangement remains subject to the satisfaction or waiver of customary closing conditions, as well as Allied obtaining approval from the Canadian Securities Exchange for listing its common 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.

We seek Safe Harbor.