Mr. Morgan Poliquin reports

MUSTANG COMPLETES IP GEOPHYSICAL SURVEYS AND ANNOUNCES Q4 DRILLING PLANS FOR THE CONFUSION HILLS PROJECT, NEVADA, USA

IP (induced polarization) geophysical work at both Mustang Minerals Ltd.'s Confusion Hills and Pilot projects in Nevada are now complete. The results help better define the drill targets at both projects. Further work is planned for Pilot prior to drilling; however, the company has sufficient information to plan a single-hole exploratory diamond drilling program at the Confusion Hills project. Preparatory work for this drill program has commenced. The company will provide an update when drilling operations begin.

J. Duane Poliquin, chairman of Mustang, commented: "We are excited to be back at work on our Nevada portfolio and look forward to starting our drilling program at Confusion Hills."

The company's U.S. exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high-sulphidation gold-silver-copper style mineralization. The Red Ring and Confusion Hills projects have preserved high-sulphidation-style alteration on surface with potential for associated gold mineralization, while the Pilot project is being explored for copper-gold mineralization beneath pyrophyllite-sericite alteration mapped at surface. Additional information on each property is provided below.

Pilot porphyry copper-gold prospect, Nevada

The Pilot project covers an area of hydrothermal alteration developed in folded sedimentary rocks that have been intruded by tonalite porphyry bodies exposed in drainages. In 2024, Almadex conducted extensive alteration and geologic mapping, along with rock and soil sampling, IP geophysics, and a drone-based magnetics survey. The alteration is dominated by pyrophyllite with white mica. A soil sampling program defined a broad zone of anomalous copper-molybdenum and gold coincident with high chargeability from an IP survey and a distinct magnetic high. A drill permit for the Pilot project has been approved.

Confusion Hills porphyry-epithermal gold-copper prospect, Nevada

The Confusion Hills high-sulphidation prospect covers a large alteration zone developed in volcanic rocks. On April 15, 2025, Almadex announced that to date 107 grab rock samples had been taken from outcrop, subcrop and float (grab samples are selected samples and may not represent true underlying mineralization). These preliminary results were very encouraging as six of these samples returned over 0.1 gram per tonne (g/t) gold with three returning more than 0.5 g/t gold (up to 7.1 g/t gold in a grab sample of subcrop and averaging 1.6 g/t gold for all six). These significant results are all associated with altered breccia in the central part of the project where mapping in 2024 and 2025 defined a high-sulphidation/porphyry lithocap over an area of 1.6 kilometres (km) by 0.5 km. The lithocap displays complex alteration with central zones of vuggy quartz with alunite and massive pyrophyllite zones. Soil sampling carried out in 2024 returned anomalous gold (Au), molybdenum (Mo) and copper (Cu), with an association of gold within the central zone of alteration and a molybdenum anomaly on one edge. An IP geophysical survey on the property identified a high-chargeability feature (interpreted to represent sulphide development) directly beneath the area of quartz alunite alteration and high gold in grab samples at surface. A drone-based magnetic survey was also conducted to aid with interpretation. A drill permit has been approved for the Confusion Hills prospect.

Red Ring porphyry-epithermal gold-copper prospect, Nevada

The Red Ring prospect covers an area of hydrothermal alteration developed in volcanic rocks adjacent to carbonate rocks. Alteration mapping in 2024 identified a large alteration zone interpreted to be a porphyry lithocap extending 2.8 km northwest-southeast by at least one km northeast-southwest. Mapping also defined a very strong surface pyrophyllite footprint of one km (northwest-southeast) by 0.5 km (northeast-southwest). Preliminary rock sampling returned high values of pathfinder trace elements typically associated with the lithocap alteration identified. Soil sampling conducted in 2024 also highlighted areas of anomalous trace elements indicative of a high-sulphidation environment above or near a porphyry system.

Qualified persons and technical details

Morgan J. Poliquin, PhD, PEng, the president and chief executive officer of Mustang, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical contents of this news release. Independent National Instrument 43-101 technical reports describing the work conducted on each property to date and written by Brian Brewer, MSc, CPG, a qualified person as defined by NI 43-101, have been filed on SEDAR.

The samples reported in this news release were taken from outcrop, subcrop and float. Grab samples are selected samples and may not represent true underlying mineralization. The analyses reported were carried out at ALS Chemex Laboratories, of Reno and North Vancouver, using industry standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (AAS). Samples that return values greater than 10 g/t gold using this technique are then reanalyzed by fire assay but with a gravimetric finish.

The IP lines were surveyed using Almadex's highly experienced team and equipment (GDD transmitter and Iris Elrec-6 receivers using a 100-metre (m) dipole in a pole-dipole array on eight levels). Pseudo sections were prepared and the data were inverted using RES2DINV software. The magnetics surveys were conducted by a third party contractor using a Geometrics MagArrow cesium magnetometer flown under an ArcSky X55 quadcopter. The MagArrow sensor takes 1000 readings per second and is flown at a maximum speed of eight m per second. The sensor is suspended on a three m lanyard to remove it from the electromagnetic noise of the UAV (unmanned aerial vehicle). Data are down sampled after collection to 10 Hertz (Hz). The MagArrow readings are diurnally corrected via a geometrics G-862RBS magnetometer, cycling at 10 Hz. Geophysical surveys are not definitive and the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.

About Mustang Minerals Ltd.

Mustang is an exploration company focused on copper and gold targets in Nevada.

We seek Safe Harbor.