Mustang Energy Corp. Announces Non-Brokered Flow-Through Private Placement

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES 
OR FOR DISSEMINATION IN THE UNITED STATES

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VANCOUVER, British Columbia, Dec. 19, 2025 (GLOBE NEWSWIRE) — Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) (“Mustang” or the “Company”) is pleased to announce a non-brokered private placement for aggregate gross proceeds of C$180,000 from the sale of 2,000,000 critical flow-through units of the Company (each, an “FT Unit”) at a price of C$0.09 per FT Unit (the “Offering”).

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Each FT Unit will consist of one common share of the Company issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) (each, an “FT Share”) and one half of one transferable common share purchase warrant (each, an “FT Warrant”), with each whole FT Warrant entitling the holder to purchase one common share of the Company (each, a “Warrant Share”) (on a non-flow-through basis) at a price of $0.15 per Warrant Share for a period of two years following the closing of the Offering (the “Closing”).

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The Company intends to use the proceeds of the Offering to incur resource exploration expenses which will constitute “Canadian exploration expenses” as defined in subsection 66.1(6) of the Tax Act and “flow through critical mineral mining expenditures” as defined in subsection 127(9) of the Tax Act, which will be renounced with an effective date no later than December 31, 2025 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of the FT Units.

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Red Cloud Securities Inc. will be acting as a finder in connection with the Offering and finder’s fees will be payable in accordance with applicable securities laws and the policies of the Canadian Securities Exchange (the “CSE”).

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The Closing is subject to receipt of all necessary regulatory approvals including the CSE. The securities issued under the Offering will be subject to a hold period ending on the date that is four months plus one day following the date of issue in accordance with applicable securities laws. The Company anticipates closing the Offering by December 31, 2025.

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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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 the Athabasca Basin of Saskatchewan, Canada. Mustang’s flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 2,901 hectares in the Wollaston Domain. Mustang has also established its footprint in the Cluff Lake region of the Athabasca Basin with the acquisition of the Yellowstone Project and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project.