Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. ANNOUNCES RESULTS OF TDEM SURVEY OVER THE 914W PROPERTY

Mustang Energy Corp., in connection with Skyharbour Resources Ltd., has released the results of a high-resolution HTDEM survey at the 914W uranium project, totalling 136 line kilometres. The project has road access and is in a prospective region known for its mineral potential south of the Athabasca basin. The 914W TDEM survey successfully defined a well-developed conductive zone within the project. The geometry and strength of the anomaly are consistent with graphitic basement rocks or fault-bound alteration zones, both favourable for unconformity-type uranium mineralization.

The Xcite helicopter-borne time domain electromagnetic (TDEM) survey was flown by Axiom Exploration Group Ltd. over the project, covering approximately 136 line km. The survey simultaneously collected electromagnetic, magnetic and radiometric data to map conductive, magnetic and radiometric variations related to prospective uranium-bearing structures. The survey was flown in addition to Mustang's nearby Spur project TDEM survey.

Early time channels (0.014 to 0.045 ms) show strong, high-amplitude EM responses along the east-central portion of the 914W block, indicating shallow conductive zones near surface. This conductor persists through mid-to-late time channels (0.12 to 0.56 ms) and may represent graphitic horizons or fault-controlled alteration zones, a key uranium pathfinder feature in the Athabasca basin margin setting. The intensity and continuity of the anomaly diminish slightly with later decay times, consistent with a discrete subsurface conductor rather than surficial noise.

The inversion modelling from 50 m to 350 m depth shows consistent conductive features. From 50 to 150 m the depth slices show a strong, laterally continuous conductive zone trending east-northeast across the east-central portion of the property. The 250 to 350 m depth slices show the conductivity anomaly persists at depth.

2025 914W soil sampling results

A one-week prospecting and soil sampling program was carried out on claim the project in May of 2025. In total, 25 rock samples and 142 soil samples were collected. The soil sampling focused on the northwest corner of the project immediately south of the Scurry Rainbow E zone 1 and the Don Lake trenches 2 where no outcrop exposure is present. Rock sampling was limited by the scarcity of exposed outcrop across the property.

Although the program did not identify any new significant discoveries, particularly in the southern portion of the project, the northern soil grid returned anomalous uranium values. In this program, five soil samples from the southern portion of the grid exceeded four parts per million U, which would be considered slightly elevated.

Prospecting efforts did not confirm elevated uranium values in the southwestern part of the grid, likely due to limited outcrop exposure. However, anomalous uranium values were identified in the northeastern portion of the soil grid, including a granitic gneiss sample that returned 42.3 ppm U.

Sampling methods

Samples were submitted to SRC Laboratories in Saskatoon, Sask., for analysis. Both rock and soil samples were tested using ICP-MS with four-acid digestion, ICP total four-acid digestion and U3O8 (triuranium octoxide) assays by ICP reported in weight per cent.

Horizon A soil samples were collected by removing surface vegetation with a trowel and sampling the uppermost layer of topsoil. Rock samples were taken from exposed basement boulders or granitic outcrops that returned elevated counts per second (cps) readings.

About the 914W uranium project

The project consists of two claims claim covering 2,440 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 and basement-hosted uranium mineralization. The project is situated over favourable geology, with local graphite-bearing assemblages. Immediately to the north of the project is the Scurry Rainbow E zone 1, where 1,288 ppm U was encountered in drill hole ML-1 and the Don Lake trenches 2, where surface prospecting revealed up to 0.64 per cent U3O8 in a trench at Don Lake zone E 2. While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the project remains underexplored.

Mustang purchased an interest in the project pursuant to an option agreement with Skyharbour Resources, 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.

The company advises that, notwithstanding the proximity of location, discoveries of minerals on or near the Scurry Rainbow E zone, 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 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-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.

We seek Safe Harbor.