Mr. Nicolas Luksha reports

MUSTANG ENERGY CORP. RECAPS MILESTONES AND STRATEGIC PROGRESS IN 2025

Mustang Energy Corp. has provided a comprehensive recap of its key corporate, exploration and financing achievements throughout 2025, underscoring the company's continued advancement as a uranium and critical mineral exploration company in Canada.

Exploration advancement and field programs

Mustang executed an active and disciplined exploration program across several core project areas during 2025:

• Surprise Creek uranium-copper project (Saskatchewan): The company initiated its maiden diamond drilling campaign targeting priority geophysical and structural targets along the Surprise Creek fault and the Bob Lake copper showing. This marked a major operational milestone and represented the first drill testing of high-priority zones identified through earlier geophysical surveys and geological interpretation.
• Cluff Lake area properties (Saskatchewan): Following the acquisition of the Cluff Lake area properties, the company completed a field prospecting and reconnaissance program designed to evaluate priority target areas and refine the geological understanding of the project. The program included mapping, sampling and target verification work, establishing a foundation for future, more advanced exploration activities.
• Regional fieldwork: Ground-based exploration programs were conducted across Mustang's broader project portfolio, including geological mapping, prospecting, sampling and geophysical surveys. These programs refined drill targeting and enhanced the company's understanding of structural controls and alteration systems associated with uranium and critical mineral mineralization.
• 914W uranium project (Saskatchewan): Mustang secured key exploration permits from the government of Saskatchewan, authorizing expanded ground exploration and drilling activities. This permitting milestone positions the project for more advanced work programs moving forward.

Portfolio expansion and strategic property acquisitions

During 2025, Mustang strengthened and expanded its project portfolio through strategic acquisitions and staking initiatives:

• The company acquired the Surprise Creek uranium-copper project in Saskatchewan, securing a prospective asset within a structurally favourable corridor and advancing it to the drill stage during the year.
• Mustang also acquired the Cluff Lake area properties, increasing its presence in the western Athabasca basin near historically significant uranium-producing districts and enhancing its exposure to underexplored, high-potential ground.
• The company staked the Onyx uranium project and the Bridal Veil copper-silver project in Newfoundland and Labrador, broadening its exposure to prospective uranium and critical mineral terrains.
• The company completed the acquisitions of the Nucleus property and the Yellowstone property, further expanding its pipeline of prospective uranium exploration assets and reinforcing its strategy of consolidating ground in favourable geological settings.
• In collaboration with Skyharbour Resources Ltd., Mustang staked an additional claim at the 914W uranium project, increasing the project's footprint within a highly prospective uranium district.

These additions reflect Mustang's strategy of consolidating prospective ground in established uranium jurisdictions while building a diversified pipeline of discovery opportunities.

Strategic financing and capital raised

Throughout 2025, Mustang successfully completed multiple financing initiatives to support exploration and corporate development. The company raised aggregate gross proceeds of approximately $3.58-million through a series of non-brokered private placements completed during the year. Proceeds were directed toward exploration expenditures, project advancement and general working capital.

Investor engagement and market presence

Mustang continued to build market awareness through pro-active investor communications, media features and participation in industry forums. These initiatives supported increased visibility of the company's exploration strategy and long-term growth objectives.

Outlook for 2026

As Mustang enters 2026, the company plans to advance its high-priority properties and exploration targets through additional fieldwork, including expanded drilling programs. The company anticipates that work will focus on follow-up drilling at key target areas, further geophysical surveys, geological modelling and continued target generation across the portfolio.

Consulting agreements

The company is also pleased to announce that, on Feb. 4, 2026, it entered into separate consulting agreements with three arm's-length parties. Each consulting agreement will remain in effect until terminated by either party in accordance with its terms. Under the consulting agreements, the consultants will provide corporate advisory services, including market research, strategic advice regarding potential mergers and acquisitions, and assistance with general business development. As consideration for the consulting agreements, the company issued an aggregate of four million restricted share units (RSUs) of the company to the consultants, which vested immediately. Upon vesting, each RSU is redeemable for one common share in the capital of the company.

Qualifying statement

The scientific and technical information in this news release has been reviewed and approved by Troy Marfleet, PGeo, 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.

About Mustang Energy Corp.

Mustang Energy is a Canadian mineral exploration company focused on the discovery and development of high-impact uranium and critical mineral assets. With a strategic portfolio of properties in Saskatchewan's Athabasca basin and emerging projects in Newfoundland and Labrador, Mustang is positioned to capitalize on growing global demand for nuclear fuel and essential minerals critical to the energy transition.

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