Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. RECEIVES EXPLORATION PERMIT FOR 914W URANIUM PROJECT

Mustang Energy Corp. has received exploration permits from the Saskatchewan government, allowing for ground-based exploration activities at the 914W uranium project, south of the Athabasca basin in Saskatchewan.

The permit includes Crown land work authorization, an aquatic habitat protection permit, a forest product permit and a temporary work camp permit. This authorizes Mustang to carry out mineral exploration activities such as trail construction, line cutting, ground geophysical surveys and diamond drilling. The approved permits are valid until April 30, 2028.

As part of the permit conditions, Mustang will continue to engage with local communities to address any continuing concerns and ensure sustainable project implementation. Consultation and environmental stewardship remain a priority, with specific measures to minimize disturbance and support reclamation efforts.

Mustang purchased an interest in the project pursuant to an option agreement with Skyharbour Resources Ltd., whereby Mustang may acquire a 75-per-cent interest in the project by satisfying certain conditions. Please refer to the company's news release dated Nov. 13, 2024, as filed under the company's SEDAR+ profile, for further details regarding the option agreement.

About the 914W uranium project

The project consists of one claim covering 1,260 hectares. It is situated approximately 48 kilometres southwest of Cameco's Key Lake operation, offering favourable logistics and access via Highway 914. The project is positioned within the western Wollaston domain, known for unconformity/basement-hosted uranium mineralization. The project hosts favourable geology with local graphite bearing assemblages. Immediately to the north of the 914W property is the Scurry Rainbow zone E and the Don Lake trenches, where up to 1,288 parts per million (ppm) uranium (U) were encountered in drill hole ML-11 and surface prospecting revealed up to 0.64 per cent U3O8 in a trench at Don Lake zone E. While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the project remains underexplored. Mustang sees notable potential for advancing uranium and rare earth element (REE) exploration on this property.

The company advises that, notwithstanding the proximity of location, discoveries of minerals on or near the Scurry Rainbow zone E, Don Lake trenches and Cameco's Key Lake operation, 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 Lynde Guillaume, PGeo, technical adviser for Mustang Energy, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume 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-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.

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