Mustang Energy Corp.

Mustang Energy Corp. commences field program at the 914W uranium project

 Issuer / Publisher: MCS Market Communication Service GmbH /
Keyword(s): Expansion/Drilling results
Mustang Energy Corp. commences field program at the 914W uranium project

24.05.2025 / 10:29 CET/CEST
The issuer/publisher is responsible for the content of this announcement.

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Mustang Energy Corp. (ISIN: CA62821U1003 / WKN: A40EWK), the company
or Mustang, announces the start of its 2025 field exploration program on the
Project 914W (the Project), which is in a promising
region south of the world-famous Athabasca Basin, known for its
mineral potential is known. The Company has, according to a
Option Agreement (the Option Agreement) with Skyharbour Resources Ltd.
acquired a stake in the project, after which the company
acquire a 75 percent stake in the project under certain conditions
Further details of the option agreement can be found in the
Company press release dated November 13, 2024, which is available under the
SEDAR+ profile of the company.

The field program on the project includes prospecting work on the
surface, including detailed rock and soil sampling, which
aim to identify mineralization and alteration zones in the target areas
The sampling program will be carried out over a period of nine
days. The results of this exploration phase are to be
serve as a basis for further exploration activities, including
geophysical surveys or drilling in future phases.
Program is a further step in Mustang's strategy to develop projects
through systematic exploration work.

"We are excited to launch our first field program of the summer on 914W
start," said Nick Luksha, CEO of Mustang Energy Corp. "The project area
has promising geological features, and our upcoming
Work was designed to deliver meaningful results that can be used as
will serve as the basis for the next exploration phases."

About the 914W Uranium Project

The 914W project is located approximately 48 km southwest of Cameco’s operations
Key Lake and offers convenient logistics and good access via the
Highway 914. The project is strategically located within the Western Wollaston
Domain positioned for unconformity-bound and pegmatite-hosted
uranium mineralization is known.

The project hosts favorable geology with local graphitic
Parageneses. Immediately north of the project are the Scurry
Rainbow Zone E1 and the Don Lake Trenches2, where the ML-11 drill hole has reached up to
1,288 ppm U and the prospecting work on the surface from a
Trenches in the Don Lake Zone E2 returned up to 0.64% U3O8.

The company points out that despite the proximity of the site, the
Discovery of minerals in or near the Scurry Rainbow Zone E, the
Don Lake Trenches and Cameco’s Key Lake operation, and
promising results do not necessarily indicate mineralization of the
project or the company’s ability to complete the project
to develop commercially or to develop commercially viable deposits there
Company warns investors not to rely on this information
because the company cannot guarantee the accuracy or reliability of the
has not confirmed the information.

While previous exploration work included several geophysical and
geological surveys carried out over parts of the concession area
most of the project is still unexplored. Mustang sees
a potential for the further development of uranium and
Rare earth element (REE) exploration on this property.

Figure 1: Site plan of the 914W uranium project, Northern Saskatchewan.3

Source reference

1. SMDI# 1961, drill hole ML-1 or Scurry Rainbow E Zone, retrieved at:
https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1961

2. SMDI# 1983, Don Lake Radioactive Zones C, D and E, retrieved from:
https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1983

3. Saskatchewan GeoAtlas,
https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas

Qualifying statement

The scientific and technical information in this
Press release was prepared by Lynde Guillaume, P.Geo., Technical Advisor of
Mustang Energy and registered member of the Professional Engineers and
Geoscientists of Saskatchewan, reviewed and approved. Ms. Guillaume is
a qualified person as defined in National Instrument 43-101.

About Mustang Energy Corp.:

Mustang Energy Corp. (ISIN: CA62821U1003 / WKN: A40EWK) is a
Resource exploration company focused on acquiring and
the development of promising deposits of uranium and critical
minerals. The company is actively exploring its
Concession areas in the north of the Canadian province of Saskatchewan and
has 92,211 hectares in and around the Athabasca Basin.
Mustang's Ford Lake project covers 7,743 hectares in the
productive eastern Athabasca Basin, while the Cigar Lake projects
East and Roughrider South cover 3,442 hectares. In addition, there is the
Project Spur (17,929 hectares) in the southeastern region. Mustang has
Project Yellowstone (21,820 hectares) also has a profile in the Cluff Lake region
in the Athabasca Basin and expanded its presence in the south-central
Athabasca Basin was further expanded through the Dutton Project (7,633 hectares).





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