File: Attachment Mustang Energy Corp. Receives Exploration Permits for 914W Uranium Project.pdf

Mustang Energy Corp. Receives Exploration Permit for 914W Uranium Project

VANCOUVER, British Columbia, July 3, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the "Company" or "Mustang") is pleased to announce it has received exploration permits from the Saskatchewan Government, allowing for ground-based exploration activities at the 914W Uranium Project (the "Project") south of the Athabasca Basin, Saskatchewan.

The permit includes Crown Land Work Authorization, Aquatic Habitat Protection Permit, Forest Product Permit and 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 ongoing concerns and ensure sustainable project implementation. Consultation and environmental stewardship remains a priority, with specific measures to minimize disturbance and support reclamation efforts.

Mustang purchased an interest in the Project pursuant to an option agreement (the "Option Agreement") with Skyharbour Resources Ltd. whereby Mustang may acquire a 75% interest in the Project by satisfying certain conditions. Please refer to the Company's news release dated November 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 km 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 favorable geology with local graphite bearing assemblages. Immediately to the north of the 914W property is the Scurry Rainbow Zone E1 and the Don Lake Trenches2, where up to 1,288 ppm U was encountered in drill hole ML-11, and surface prospecting revealed up to 0.64% U3O8 in a trench at Don Lake Zone E2. 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.

Figure 1: Location Map for the 914W Uranium Project, Northern Saskatchewan.3

References

1. SMDI# 1961, Drill hole ML-1 or Scurry Rainbow E Zone, retrieved 2. SMDI# 1983, Don Lake Radioactive Zones C, D, and E, retrieved 3. Saskatchewan GeoAtlas, retrieved

Qualifying Statement The scien fic and technical informa on in this release has been reviewed and approved by Lynde Guillaume, P.Geo., Technical Advisor for Mustang Energy, a registered member of the Professional Engineers and Geoscien sts of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by Na onal Instrument 43-101.

About Mustang Energy Corp.:

Mustang Energy Corp. is a Canadian mineral explora on company focused on the discovery and development of high-poten al uranium and cri cal mineral assets. The company holds a por olio of 147,153 hectares of strategically located proper es in Saskatchewan's Athabasca Basin--one of the world's premier uranium districts. Mustang is advancing early-stage explora on through modern techniques and a disciplined, data-driven approach. The Company is commi ed to building long-term value through responsible explora on and a focus on high-impact targets in underexplored areas.

For further informa on, please contact:

Mustang Energy Corp.

A en on: Nicholas Luksha, CEO and Director Phone: (604) 838-0184

Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain statements and informa on that may cons tute forward-looking informa on within the meaning of applicable Canadian securi es laws. Forward-looking statements relate to future events or future performance and reflect the expecta ons or beliefs of management of the Company regarding future events. Generally, forward-looking statements and informa on can be iden fied by the use of forward-looking terminology such as "intends", "believes" or "an cipates", or varia ons of such words and phrases or statements that certain ac ons, events or results "may", "could", "should", "would" or "occur". This informa on and these statements, referred to herein as "forward- looking statements", are not historical facts, are made as of the date of this news release and include without limita on, statements regarding discussions of future plans, es mates and forecasts and statements as to management's expecta ons and inten ons with respect to, among other things, the future poten al of the Project and the comple on of future work on the Project. In making the forward- looking statements in this news release, the Company has applied several material assump ons, including without limita on the assump on that the Company will be able to con nue exploring its proper es given various environmental and economic factors outside of its control and that the Company will con nue to maintain the Op on Agreement in good standing. Although management of the Company has a empted to iden fy important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking informa on, there may be other factors that cause results not to be as an cipated, es mated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those an cipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking informa on. Readers are cau oned that reliance on such informa on may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking informa on or financial out-look that are incorporated by reference herein, except in accordance with applicable securi es laws.