Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. PREPARES FOR A FOLLOW-UP DRILL PROGRAM ON SURPRISE CREEK PROJECT, SASKATCHEWAN

Mustang Energy Corp. plans to follow up the copper intercepts at Bob Lake on the Surprise Creek uranium-copper project, located in the prospective Beaverlodge domain, which is known for its mineral potential northwest of the Athabasca basin. 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.

Surprise Creek uranium-copper project

The project is located 25 kilometres northwest of the Beaverlodge uranium district, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca basin. The project is fully permitted, with exploration approvals granted by the Saskatchewan government.

Mustang has enlisted Axiom Exploration Group of Saskatoon, Sask., to plan and execute a 2,000-metre drill program on the project to follow up on the 2025 Bob Lake intercepts.

The drill program conducted on the project in late 2025 mainly focused on the Surprise Creek uranium targets, with nine out of 11 targets focused on the uranium targets. Only two drill holes were focused on the Bob Lake showing, which was a follow-up to the encouraging prospecting results from the summer of 2025. Surface mineralization assays from the summer 2025 prospecting program returned results up to 11 per cent copper and 0.9 per cent gold from a vein system in outcrop. The drill hole BOB25-002 at Bob Lake returned assay results up to 15.9 per cent Cu.

2025 Bob Lake drill program

Surface sampling carried out at the historic Bob Lake and Maimann Lake areas returned encouraging copper assays. Exploration at Bob Lake, which included a total of 16 grab samples, returned values of up to 11.8 per cent and 5.27 per cent Cu with gold values reaching 1.2 g/t and 0.9 g/t Au. An additional 12 grab samples were taken from the Maimann Lake showings and yielded high-grade surface samples reaching 63.4 per cent and 43.38 per cent Cu. These results were followed with drill hole testing of the Bob Lake surface vein. These results were promising, intercepting a vein system up to 4.9 m in width with 0.5 m grading up to 15.9 per cent in drill hole BOB25-002.

2026 Bob Lake and Maimann Lake drill program

The 2026 drill program will focus on extending the Bob Lake showing by testing the vein system at depth and along strike, as well as testing the subsurface potential of the Maimann Lake showing.

Nick Luksha, chief executive officer of Mustang Energy, commented: "With the market demand for critical minerals remaining strong through 2026, we're excited to return to Surprise Creek to further evaluate the extent of the Bob Lake copper showing and to finally test the Maimann Lake showing with drilling. The Beaverlodge domain remains one of the most highly prospective exploration districts for uranium, copper, gold and rare earth elements."

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, a non-independent 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.

Quality assurance/quality control

Field procedures

Rock samples from the prospecting program were described, photographed and assigned unique IDs in the field. Sample locations and observations were recorded using hand-held GPS units. All rock samples were bagged, sealed and stored at the Uranium City base before shipment to SRC Geoanalytical Laboratories in Saskatoon at the end of the program. Surficial grab samples are selective in nature and may not be representative of the underlying mineralization or the overall grade of the mineralized system.

Lab analysis for Bob Lake and Maimann Lake

Rock samples collected for analysis at Bob Lake and Maimann Lake were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., for preparation and processing. Samples were tested using fire assay, ICP-MS and ICP-OES multielement analysis using total and partial digestion. Samples were tested using the ICPMS4AT multielement exploration package. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in weight per cent). Copper samples were tested using ICP-OES multielement analysis ICP3 and ICP4 partial and total digestion exploration packages. Select gold samples were tested using AU1 low-grade fire assay exploration package excluding samples SRC385442, SRC445374 and SRC445375 mentioned in this report. SRC Geoanalytcial Laboratories is an ISO/IEC 17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks and standard reference materials were inserted into the sample stream at regular intervals in accordance with Axiom Group's quality assurance/quality control protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable and repeatable.

Geochemical sampling procedure

Drill core samples were transported by helicopter to the logging facility in Uranium City where they were logged, photographed, sampled and bagged on site. Drill core was NQ size, and samples were a split of the core diameter with a manual core splitter, with half the core sample going into the sample bag and half of the core sample returned to the core box to remain as a reference. All core is stored in Uranium City next to the Uranium City logging facility. Samples were then shipped by air to Fort McMurray, Alta., by McMurray aviation then transported by truck to SRC Geoanalytical in Saskatoon, Sask. Blanks, certified reference material and duplicates were inserted into the sample stream at regular intervals of 1 to 25 or better in accordance with Axiom Group's quality assurance/quality control protocols. Drill core samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., for preparation and processing. SRC Geoanalytical Laboratories is an ISO/IEC 17025:2017 and Standards Council of Canada certified analytical laboratory.

The qualified person has not independently verified the geochemical analytical data disclosed, and is reliant on the QA/QC of the independent laboratory.

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.