Dr. Morgan Poliquin reports

MUSTANG ANNOUNCES SALE OF EL COBRE COPPER-GOLD PORPHYRY PROJECT

Mustang Minerals Ltd. has entered into a share purchase agreement (SPA) dated June 23, 2026, with Minerales Criticos De Mexico SAPI de CV (the buyer) to sell all of the shares of Minera Alondra SA de CV, an indirectly wholly owned Mexican subsidiary of the company that owns the El Cobre copper-gold porphyry project in Mexico, for total cash consideration of $1.5-million (U.S.).

Both the company and the buyer are arm's-length parties, and no finders' fees or commissions are payable in connection with the transaction. The transaction is subject to regulatory approval, including that of the TSX Venture Exchange.

J. Duane Poliquin, chairman of Mustang, commented: "With the sale of El Cobre, we are now entirely focused on our Nevada, USA, copper and gold projects. The sale of El Cobre allows us to move forward with our 2026 exploration plans in the coming weeks."

The company's U.S. exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high-sulphidation-style gold-silver-copper 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. The company is currently working on its 2026 exploration program and will report on this when it is finalized.

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+.

About Mustang Minerals Ltd.

Mustang is an exploration company focused on copper and gold targets in Nevada, United States.

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