Mr. Nicholas Luksha reports

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

Mustang Energy Corp. has received assay results from all 11 diamond drill holes on 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.

Surprise Creek uranium-copper project

The 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 drilling 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.

Surprise Creek and Bob Lake drill program

The 2025 Surprise Creek drill program focused on testing the continuity of polymetallic high-grade uranium-copper veins exposed on surface. Historically, the area has produced encouraging results highlighted by historic drill hole VT20 revealing 2.1 metres at 4.37 per cent U3O8 (triuranium octoxide) at 57 m. The Surprise Creek drill program aimed to further refine historically drilled target areas where previous uranium and copper mineralization has been observed or recent summer 2025 prospecting and mapping with geophysical anomalies have identified mineralization and alteration. A total of nine diamond drill holes, comprising 1,123 m, were completed during the 2025 fall program in the Surprise Creek area. An additional two drill holes totalling 135 m were drilled at the Bob Lake area, bringing the combined drilling total for the Surprise Creek and Bob Lake areas to 1,258 m. The core samples collected from drill holes within the Surprise Creek and Bob lake areas were sent to SRC Geoanalytical Laboratories for geochemical analysis. Both locations warrant additional follow-up with ground drill targeting to test anomalies at deeper subsurface depths.

Mustang's chief executive officer, Nicholas Luksha is encouraged by the drilling, saying: "These initial drill results represent a very encouraging start for the project, with high-grade copper mineralization intersected at shallow depths. Intervals such as 2.69 per cent copper over nearly five metres, including significantly higher-grade zones, validate our geological model and confirm the presence of a robust mineralized system. With mineralization starting close to surface and supported by strong surface expressions, we see potential to expand both along strike and at depth. We are excited to advance the project with additional drilling as we work to better define the scale and continuity of this high-grade copper system."

Key highlights:

• Surprise Creek:
  • Nine drill holes totalling 1,123 m comprising 333 samples, including quality assurance/quality control, with the highest grading up to 535 parts per million U308;
  • High-grade uranium on surface traced discontinuously over a strike length of approximately 500 m;
• Bob Lake:
• • Two drill holes totalling 138 m comprising 68 samples, including QA/QC;
  • Drill hole BOB25-002 intersected 4.9 metres of copper mineralization beginning at 6.8 metres depth, grading 2.69 per cent Cu, including 0.5 metre assaying up to 15.9 per cent Cu; a separate 0.7-metre interval downhole at 22.5 metres returned grades of up to 3.91 per cent Cu;
  • Drill hole BOB25-001 intersected 2.4 metres of copper mineralization at 6.2 metres depth, grading 1.09 per cent Cu, including 0.5 metre grading up to 3.57 per cent Cu;
  • Both drill holes are located within an easily accessible area with shallow mineralization;
  • Three-metre-wide-by-nine-metre strike length mineralized quartz vein on surface.

Future steps

Follow-up drilling and ground prospecting are warranted at the Bob Lake and Surprise Creek areas based on the encouraging surface mineralization and the highlighted drill results listed above. Several geophysical anomalies have been identified across Surprise Creek that require additional ground prospecting follow-up to refine targets and prioritize future drilling. Future drilling will focus on evaluating high-grade surface expressions at deeper depths to determine their subsurface continuity and potential scale.

The project is a multicommodity project with prospective drill targets beyond the immediate areas of focus, including the Maimann Lake area and Surprise Creek NW area, where surface sampling produced up to 63.4 per cent Cu and 7.93 per cent U3O8 (see the company's news release dated April 17, 2026, for prospecting assay results).

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

Geochemical sampling procedure

All drill core samples were transported by helicopter to the logging facility in Uranium City, where they were logged, photographed, sampled and bagged on site. Samples were then shipped by air to Fort McMurray, Alta., by McMurray Aviation and then transported by truck to SRC Geoanalytical Laboratories in Saskatoon, Sask. Blanks, certified reference material (CRM) and duplicates were inserted into the sample stream at regular intervals of 1:25 or better 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. Drill core samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Sask., for preparation and processing. SRC Geoanalytical Laboratories is an ISO/IEC 17025:2017 and Standards Council of Canada-certified analytical laboratory.

Surprise Creek

Drill core samples from the Surprise Creek area were prepared using the ICP-MS four-acid total digestion multielement exploration package: a process where the samples are weighed, dried and crushed into a fine powder before acid dissolution. All samples marked as radioactive upon arrival to the lab were requested to be analyzed using the U3O8 assay (reported in weight per cent) if the samples hit overlimits.

Bob Lake

Drill core samples from the Bob Lake area were tested using fire assay, ICP-OES and ICP-MS multielement analysis. The samples were tested using the ICP3 partial digestion exploration package specifically designed for gold/base metal analysis, along with the AU1-OES low-grade gold fire assay exploration package.

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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