Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. ANNOUNCES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT

Mustang Energy Corp. has arranged a non-brokered private placement for aggregate gross proceeds of $180,000 from the sale of two million critical flow-through units of the company at a price of nine cents per FT unit.

Each FT unit will consist of one common share of the company issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one-half of one transferable common share purchase warrant, with each whole FT warrant entitling the holder to purchase one common share of the company (on a non-flow-through basis) at a price of 15 cents per warrant share for a period of two years following the closing of the offering.

The company intends to use the proceeds of the offering to incur resource exploration expenses, which will constitute Canadian exploration expenses as defined in Subsection 66.1(6) of the tax act and flow-through critical mineral mining expenditures as defined in Subsection 127(9) of the tax act, which will be renounced with an effective date no later than Dec. 31, 2025, to the purchasers of the FT units in an aggregate amount not less than the gross proceeds raised from the issue of the FT units.

Red Cloud Securities Inc. will be acting as a finder in connection with the offering, and finders' fees will be payable in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.

The closing is subject to receipt of all necessary regulatory approvals, including the Canadian Securities Exchange. The securities issued under the offering will be subject to a hold period ending on the date that is four months plus one day following the date of issue in accordance with applicable securities laws. The company anticipates closing the offering by Dec. 31, 2025.

About Mustang Energy Corp.

Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The company is actively exploring its properties in the Athabasca basin of Saskatchewan, Canada. Mustang's flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca basin, while its Cigar Lake East and Roughrider South projects span 2,901 hectares in the Wollaston domain. Mustang has also established its footprint in the Cluff Lake region of the Athabasca basin with the acquisition of the Yellowstone project and further expanded its presence in the south-central region of the Athabasca basin with the Dutton project.

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