Mustang Energy Corp. completes sampling program at the Surprise Creek project in Saskatchewan and provides update on the acquisition of the Ford Lake project

VANCOUVER, British Columbia, August 22, 2025 / IRW-Press / Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FWB: 92T) (the "Company" or "Mustang") is pleased to announce the completion of the first phase of its field exploration activities at the Surprise Creek uranium-copper project (the "Project"), located in a prospective region northwest of the Athabasca Basin known for its mineral potential. The Company entered into an option agreement (the "Option Agreement") with Thunderbird Resources Ltd. ("Thunderbird") to acquire an undivided 80% interest in the Project. Further details of the Option Agreement can be found in the Company's news releases dated June 4, 2025 and June 16, 2025, which are filed under the Company's SEDAR+ profile.

The field program at Surprise Creek included surface prospecting and detailed rock sampling to further refine target areas and define mineralization and alteration. Surface samples were collected from nine locations of interest where uranium and copper mineralization had previously been observed or geophysical anomalies had been identified. Structural data were collected in the Surprise Creek Fault area to better understand the controls on mineralization. The results of this exploration phase will inform drill targeting on the project.

Surprise Creek uranium-copper project

The Surprise Creek project is located 25 km northwest of the Beaverlodge uranium district, which hosts the historic Gunnar and Eldorado (Ace-Fay-Verna) uranium mines, and is located northwest of the Athabasca Basin (see Figure 1).

Figure 1: Overview and location of the Surprise Creek uranium-copper project1, 3, 4, 5, 6

A high-resolution airborne magnetic, radiometric, and VLF-EM survey conducted by Thunderbird in September 2024 identified several new uranium targets (see THB's ASX announcement of December 19, 2024, entitled "Exploration to commence at Rockvale Antimony-Gold Project").

A strong radiometric uranium anomaly was identified at the previously defined Surprise Creek Fault drill target, where historical drilling returned results of up to 2.1 m of 4.37% U3O8 over 57 m1.5 and Thunderbird surface sampling returned results of up to 7.98% U3O82. The area of ​​near-surface uranium mineralization extends discontinuously over a strike length of up to 500 m2.

In addition, the project contains historic copper prospects, including Bob Lake, Ellis Bay, and Waterloo South. Historic drill results include 9.1 m of 2.07% Cu and 27.3 g/t Ag from surface at Bob Lake3 and 6.6 m of 1.31% Cu from 11 m at Ellis Bay3. Rock chip sampling from historic copper showings collected by Thunderbird in 2022 and 2023 returned results of 61.7% Cu, 27.6% Cu, and 9% Cu.2, 3

An application for a work permit for exploration work, including drilling in the Surprise Creek Fault prospect, was recently approved by the Saskatchewan government.

Source reference

THB's ASX announcement dated 6 July 2022 entitled "Surprise Creek data review highlights high-grade targets"

2 ASX announcement from THB dated 22 December 2022 entitled "High-grade uranium rock chip results at Surprise Creek"

3 THB's ASX announcement dated 13 February 2023 entitled "Exciting Copper Targets at Surprise Creek"

4 ASX announcement from THB dated 13 October 2022 entitled "Exceptional Uranium and Copper Rock chip results"

5 Saskatchewan Mineral Assessment Database Drill hole VT20, SMAD# 74N10-0368, accessed at http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx

6 Saskatchewan Mineral Assessment Database, SMAD# 74N11-0063, accessed at http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx

Precautionary note

The Company cautions that, despite their proximity and location, the discovery of minerals at or near historic mines such as Gunnar and Eldorado, and encouraging results from these mines, do not necessarily indicate mineralization at the Project or the Company's ability to commercially develop the Project or find commercially viable deposits there. The Company cautions investors not to rely on this information, as the Company has not confirmed the accuracy or reliability of the information.

Update on the Ford Lake project

On August 12, 2025, pursuant to the Purchase Agreement dated February 12, 2024, amended on August 8, 2025, the Company issued 1,500,000 common shares of the Company (the "Consideration Shares") to Stallion Uranium Corp. ("Stallion") to accelerate the payment of the Purchase Price (the "Agreement"). The issuance of the Consideration Shares represented the final installment of the total Purchase Price payable by the Company to Stallion for the acquisition of the Ford Lake Project.

The Consideration Shares are subject to a statutory holding period which expires four months and one day after the date of issue.

Granting of stock options

Mustang announces that it has granted a total of 5,500,000 incentive stock options (each, a "Stock Option") to purchase up to 5,500,000 shares of the Company's common stock (each, a "Share") to its directors, officers, and consultants under its Omnibus Equity Incentive Plan (the "Grant"). The Stock Options, expiring on August 20, 2028, are exercisable at a price of $0.10 per Share for a period of three years from the date of grant. The Stock Options vest immediately. Mustang has also granted 100,000 stock options to purchase up to 100,000 Shares to one Consultant, which Stock Options are exercisable at a price of $0.12 per Share for a period of three years ending August 22, 2028, and vest immediately.

All options and the shares underlying these options are subject to a holding period of four months and one day from the date of issue.

Qualifying statement

The scientific and technical information in this news release has been reviewed and approved by Troy Marfleet, P.Geo., Technical Advisor to Mustang Energy and 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 prospective uranium and critical mineral projects. The company owns a portfolio of strategically located properties covering 147,153 hectares in the Athabasca Basin of Saskatchewan—one of the world's leading uranium districts. Mustang advances early-stage exploration using modern techniques and a disciplined, data-driven approach. The company is committed to creating long-term value through responsible exploration and focusing on high-priority targets in underexplored areas.

For further information please contact:

Mustang Energy Corp.

Attn: Nicholas Luksha, CEO and Director

Phone: (604) 838-0184

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

This press release contains certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking statements address future events or future performance and reflect the expectations or beliefs of the Company's management regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends," "believes," or "anticipates," or variations of such words and phrases, or by statements that certain actions, events, or results "may," "should," "would," or "occur." This information and statements, referred to herein as "forward-looking statements," are not historical facts, are made as of the date of this press release, and include, without limitation, statements regarding discussions of future plans, estimates and projections, as well as statements regarding management's expectations and intentions, including with respect to the future potential of the mineral claims held by the Company, that results from the current phase of exploration on the Project will assist in the identification of drill targets on the Project, and the conduct of future work on the Project. In preparing the forward-looking statements in this press release, the Company has made several material assumptions, including, but not limited to, the assumption that the Company will be able to continue exploring its properties in the face of various environmental and economic factors beyond the Company's control, and that the Company will be able to obtain the intended results from exploration of the Project. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, There may be other factors that cause results not to be as anticipated, estimated, 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 anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statements, forward-looking information, or financial outlook incorporated by reference herein, except in accordance with applicable securities laws.

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