Dr. Morgan Poliquin reports

MUSTANG CONFIRMS AND EXPANDS LARGE IP GEOPHYSICAL ANOMALY AT THE PILOT CU-AU PROJECT, PROVIDES UPDATE ON GENERAL EXPLORATION ACTIVITIES IN NEVADA, USA

Following TSX Venture Exchange approval of Mustang Minerals Ltd.'s option to acquire a 60-per-cent interest in three copper and gold exploration properties in Nevada (see Mustang Minerals' news release of May 1 and Oct. 3, 2025), exploration and logistical activities began on the projects in late 2025. A 2026 work program began with the surveying of induced polarization (IP) geophysical lines at the Pilot project. Details are provided below.

Highlights:

• Geophysical fieldwork has been carried out on the Pilot project in Nevada;
• The survey has identified a large, 1.25-kilometre-by-up-to-2.2-kilometre chargeability-high feature that remains open;
• The anomaly is associated with and surrounds a magnetic high and a broad zone of elevated gold-copper-bismuth-molybdenum in soils;
• Further soil sampling has recently been completed and additional IP geophysical survey lines are planned.

J. Duane Poliquin, chairman of Mustang, commented: "Exploration geophysical surveys at the Pilot project highlight the scale of this large hydrothermal alteration system prospective for copper-gold mineralization. We are excited for the next steps and to be now actively exploring our new Nevada copper and gold project portfolio."

The company's U.S. exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high-sulphidation gold-silver-copper style mineralization. The Red Ring and Confusion Hills projects have preserved high-sulphidation-style alteration on surface with potential for associated gold mineralization, while the Pilot project is being explored for copper-gold mineralization beneath pyrophyllite-sericite alteration mapped at surface. In late 2025, Mustang extended previous IP geophysical lines surveyed by Almadex at the Pilot and Red Ring projects. In addition, logistical preparations were undertaken at Confusion Hills for a potential 2026 drill program.

Recent work completed on the Pilot project included additional surface geophysical induced polarization surveying. The first line in this survey identified a broad IP chargeability anomaly associated with low resistivity (high conductivity). Five east-west lines and three north-south lines have now been completed on the project. The chargeability anomaly remains open but, at present, has been traced over 1.25 kilometres along strike and is up to 2.2 kilometres wide. The IP anomaly is proximal to the high-magnetic-response feature identified in a previous drone-based magnetics survey conducted on the property. Alteration mapping in this area and previous soil sampling have confirmed a broad copper-gold-molybdenum soil anomaly and the presence of widespread pyrophyllite, an alteration mineral often associated with the upper parts of porphyry copper deposits. The company has recently completed additional soil sampling and further IP survey lines are planned to explore the limits of this large anomaly in order to best design a potential first-pass drill program.

Additional information on each property is provided below.

Pilot porphyry copper-gold prospect, Nevada

The Pilot project covers an area of hydrothermal alteration developed in folded sedimentary rocks that have been intruded by tonalite porphyry bodies exposed in drainages. In 2024, Almadex conducted extensive alteration and geologic mapping, along with rock and soil sampling, IP geophysics and a drone-based magnetics survey. The alteration is dominated by pyrophyllite with white mica. A soil sampling program defined a broad zone of anomalous copper-molybdenum and gold coincident with high chargeability from an IP survey and a distinct magnetic high. A drill permit for the Pilot project has been approved.

Confusion Hills porphyry-epithermal gold-copper prospect, Nevada

The Confusion Hills high-sulphidation prospect covers a large alteration zone developed in volcanic rocks. On April 15, 2025, Almadex announced that, to date, 107 grab rock samples had been taken from outcrop, subcrop and float (grab samples are selected samples and may not represent true underlying mineralization). These preliminary results were very encouraging as six of these samples returned over 0.1 gram per tonne gold, with three returning more than 0.5 gram per tonne gold (up to 7.1 grams per tonne gold in a grab sample of subcrop and averaging 1.6 grams per tonne gold for all six). These significant results are all associated with altered breccia in the central part of the project, where mapping in 2024 and 2025 defined a high-sulphidation/porphyry lithocap over an area of 1.6 kilometres by 0.5 kilometre. The lithocap displays complex alteration with central zones of vuggy quartz with alunite and massive pyrophyllite zones. Soil sampling carried out in 2024 returned anomalous gold, molybdenum and copper with an association of gold within the central zone of alteration and a molybdenum anomaly on one edge. An IP geophysical survey on the property identified a high-chargeability feature (interpreted to represent sulphide development) directly beneath the area of quartz alunite alteration and high gold in grab samples at surface. A drone-based magnetic survey was also conducted to aid with interpretation. A drill permit has been approved for the Confusion Hills prospect.

Red Ring porphyry-epithermal gold-copper prospect, Nevada

The Red Ring prospect covers an area of hydrothermal alteration developed in volcanic rocks adjacent to carbonate rocks. Alteration mapping in 2024 identified a large alteration zone interpreted to be a porphyry lithocap extending 2.8 kilometres northwest-southeast by at least one kilometre northeast-southwest. Mapping also defined a very strong surface pyrophyllite footprint of one kilometre (northwest-southeast) by 0.5 kilometre (northeast-southwest). Preliminary rock sampling returned high values of pathfinder trace elements typically associated with the lithocap alteration identified. Soil sampling conducted in 2024 also highlighted areas of anomalous trace elements indicative of a high-sulphidation environment above or near a porphyry system.

Qualified persons and technical details

Dr. Morgan J Poliquin, PhD, PEng, the president and chief executive officer of Mustang and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. Independent NI 43-101 technical reports describing the work conducted on each property to date and written by Brian Brewer, MSc, CPG, a qualified person as defined by NI 43-101, have been filed on SEDAR+.

The samples reported in this news release were taken from outcrop, subcrop and float. Grab samples are selected samples and may not represent true underlying mineralization. The analyses reported were carried out at ALS Chemex's laboratories in Reno and North Vancouver using industry-standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 grams per tonne gold using this technique are then reanalyzed by fire assay but with a gravimetric finish.

The IP lines were surveyed using Almadex's highly experienced team and equipment (GDD transmitter and Iris Elrec-6 receivers using a 100-metre dipole in a pole-dipole array on eight levels). Pseudo-sections were prepared, and the data were inverted using RES2DINV software. The magnetics surveys were conducted by a third party contractor using a Geometrics MagArrow cesium magnetometer flown under an ArcSky X55 quadcopter. The MagArrow sensor takes 1,000 readings per second and is flown at a maximum speed of eight metres per second. The sensor is suspended on a three-metre lanyard to remove it from the electromagnetic noise of the UAV (unmanned aerial vehicle). Data are down sampled after collection to 10 hertz. The MagArrow readings are diurnally corrected through a geometrics G-862RBS magnetometer, cycling at 10 hertz. Geophysical surveys are not definitive, and the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.

About Mustang Minerals Ltd.

Mustang Minerals is an exploration company focused on copper and gold targets in Nevada, United States. The company also holds a 100-per-cent interest in the El Cobre copper-gold porphyry project (subject to net smelter return royalty interests) in Mexico.

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