Mustang Energy Corp. Advances Strategic Option Agreements with Thunderbird Resources Ltd.

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Surprise Creek Option

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As initial consideration for the Surprise Creek Option, the Company completed a cash payment of $20,000 and issued 425,531 Shares to Thunderbird on the Closing Date.

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The cash payment, Share issuance and exploration expenditure schedules for the remaining consideration for the Surprise Creek Option is as follows:

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⁽¹⁾ In the Company’s news release dated June 4, 2025, it indicated that the Share value for the issuances under the Stage 2 SC Interest will be based on a deemed price of $0.235 per Share. The Company clarifies that the Share value
for the Stage 2 SC Interest will be determined by the market price at the time of issuance, as determined in accordance with the policies of the Canadian Securities Exchange.

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Upon the Company earning the Stage 2 SC Interest, Thunderbird will retain a 2% Net Smelter Return royalty on the Surprise Creek Project in respect of any minerals, mineral products, ore or concentrates produced from the tenements comprising the Surprise Creek Project.

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All Shares issued to Thunderbird on the Closing Date are subject to a statutory hold period expiring four months and one day from the Closing Date. The Share issuances for the Stage 2 CL Interest and Stage 2 SC Interest remain subject to the approval of the Canadian Securities Exchange.

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About Mustang Energy Corp.

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Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in Northern Saskatchewan, Canada and holds 92,211 hectares in around the Athabasca Basin. Mustang’s Ford Lake project covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 3,442 hectares, and the south-east region with the Spur Project (17,929 hectares). Mustang has also established a footprint in the Cluff Lake region of the Athabasca Basin with the Yellowstone Project (21,820 hectares) and further expanded its presence in the south-central region of the Athabasca Basin with the Dutton Project (7,633 hectares).

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On behalf of the board of directors,

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“Nicholas Luksha”

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Nicholas Luksha
CEO and Director

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For further information, please contact:

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Mustang Energy Corp.

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Attention: Nicholas Luksha, CEO and Director

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Phone: (604) 838-0184

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Forward-Looking Statements Disclaimer

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This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company 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 statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the exercise of the remaining Option by the Company, the expected benefits of the Cluff Lake Project and Surprise Creek Project, the success of the strategic partnership between the Company and Thunderbird, and the future potential of the minerals claims subject to the Agreements. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation the assumption that the Company will be able: to exercise the Cluff Lake Option and the Surprise Creek Option in full and, in connection therewith, receive all required approvals; to receive expected benefits and achieve anticipated integration post-transaction; and to continue exploring the Cluff Project and Surprise Creek Project and surrounding minerals claims optioned to the Company pursuant to the Agreements. 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 forward-looking 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 does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

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

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