Mr. Nicholas Luksha reports

MUSTANG ENERGY CORP. ANNOUNCE RESULTS FROM SAMPLING PROGRAM AT SURPRISE CREEK PROJECT, SASKATCHEWAN

Mustang Energy Corp. has completed geochemical analysis of rock samples taken at the Surprise Creek uranium-copper project, located in a prospective region known for its mineral potential northwest of the Athabasca basin. The company entered into an option agreement with Thunderbird Resources Ltd. to acquire an undivided 80-per-cent interest in the project. Please refer to the company's news release dated June 4, 2025, and June 16, 2025, as filed under the company's SEDAR+ profile, for further details regarding the option agreement.

The field program at Surprise Creek included surface prospecting activities and detailed rock sampling, aimed at further refining target areas and outlining mineralization and alteration. Surface samples were collected from nine locations of interest where previous uranium and copper mineralization has been observed or geophysical anomalies have been identified. The results outline the mineralization potential of uranium at the Surprise Creek area and copper mineralization at the Bob Lake and Maimann Lake areas. Both locations warrant additional follow-up with ground prospecting and drill targeting to test anomalies at deeper subsurface depths.

Surprise Creek uranium-copper project

The Surprise Creek project is located 25 kilometres northwest of the Beaverlodge uranium district, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca basin.

Mustang holds an option to acquire an 80-per-cent interest in the project from Thunderbird Resources under an agreement announced on June 4 and June 16, 2025. The program is fully permitted, with exploration approvals granted by the Saskatchewan government.

Cautionary statement

The company advises that, notwithstanding their proximity and location, discoveries of minerals on or near historic mines such as Gunnar and Eldorado, 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.

2025 Surprise Creek prospecting targets

A strong uranium radiometric anomaly has been identified at the previously defined Surprise Creek Fault drill target, where historical drilling returned results of up to 2.1 metres of 4.37 per cent U3O8 (triuranium octoxide) from 57 metres. During the summer prospecting program, 37 grab samples were collected by Axiom in the Surprise Creek area, which hosts polymetallic-vein-type uranium-copper mineralization and returned encouraging assay results of up to 9.39 per cent and 7.93 per cent U3O8 with up to 3.11 per cent copper (Table 1). Uranium surface mineralization has been traced discontinuously over a strike length of approximately 500 metres, highlighting the potential scale of the system. In addition to uranium mineralization, the program confirmed the presence of several historic copper targets, significantly enhancing the project's multicommodity value proposition.

2025 Bob Lake and Maimann Lake prospecting targets

Surface sampling carried out at the historic Bob Lake and Maimann Lake areas returned encouraging copper assays. Exploration at Bob Lake, which included a total of 16 grab samples, returned significant values of up to 11.8 per cent and 5.27 per cent copper with gold values reaching 1.2 grams per tonne and 0.9 gram per tonne gold (Table 2). An additional 12 grab samples were taken from the Maimann Lake showings and yielded very high-grade surface samples reaching 63.4 per cent and 43.38 per cent copper (Table 2). These results confirm the presence of high-grade copper within the project area and demonstrate a diverse mineral footprint that complements the company's primary uranium targets.

Nick Luksha, chief executive officer of Mustang Energy, commented: "We're strategically positioning the company by advancing the Surprise Creek project, which offers dual potential within the critical minerals space. The encouraging surface results we've generated to date will play a key role in shaping the design of our future drill programs, allowing us to target areas with the highest potential more effectively. As we move forward, we're excited to build on this momentum with additional surface prospecting as we continue to unlock the broader potential of the project."

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.

Quality assurance/quality control

Field procedures

Rock samples from the prospecting program were described, photographed and assigned unique IDs in the field. Sample locations and observations were recorded using hand-held GPS (Global Positioning System) units. All rock samples were bagged, sealed and stored at the Uranium City base before shipment to SRC Geoanalytical Laboratories in Saskatoon at the end of the program.

Lab analysis for Surprise Creek

Rock samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., for preparation and processing. Samples were tested using ICP-MS and ICP-OES multielement analysis using total and partial digestion. Samples were tested using the ICPMS4AT multielement exploration package. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in weight per cent). Given the polymetallic nature of the Surprise Creek area, the samples were tested using ICP-OES multielement analysis ICP3 partial digestion and ICP4 total digestion for base metal analysis. SRC Geoanalytical Laboratories is an analytical laboratory certified under ISO/IEC 17025:2005 and the Standards Council of Canada. Blanks and standard reference materials were inserted into the sample stream at regular intervals in accordance with Axiom Group's QA/QC protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable and repeatable.

Lab analysis for Bob Lake and Maimann Lake

Rock samples collected for analysis at Bob Lake and Maimann Lake were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., for preparation and processing. Samples were tested using fire assay, ICP-MS and ICP-OES multielement analysis using total and partial digestion. Samples were tested using the ICPMS4AT multielement exploration package. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in weight per cent). Copper samples were tested using ICP-OES multielement analysis ICP3 and ICP4 partial and total digestion exploration packages. Select gold samples were tested using AU1 low-grade fire assay exploration package, excluding samples SRC385442, SRC445374 and SRC445375 mentioned in this report. SRC Geoanalytical Laboratories is an analytical laboratory certified under ISO/IEC 17025:2005 and the Standards Council of Canada. Blanks and standard reference materials were inserted into the sample stream at regular intervals in accordance with Axiom Group's QA/QC protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable and repeatable.

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.