Mustang Energy Corp. Initiates Exploration at Cluff Lake North Uranium Project

Cluff Lake North Project Overview GNW

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VANCOUVER, British Columbia, June 26, 2025 (GLOBE NEWSWIRE) — Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce the commencement of its field exploration activities at the Cluff Lake North Project (the “Project”), located in a prospective region known for its mineral potential in the world-renowned Athabasca Basin. The Company recently entered into an option agreement (the “Option Agreement”) with Thunderbird Resources Ltd. (“Thunderbird”) to acquire an undivided 80% interest in the Project. Please refer to the Company’s news release dated June 4, 2025, and June 16, 2025, as filed under the Company’s SEDAR+ profile, for further details regarding the Option Agreement.

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The field program at the Project will involve surface prospecting activities, including detailed rock sampling, aimed at further refining target areas and outlining mineralization and alteration. The sampling program will be carried out over ten days. Results from this phase of exploration are expected to inform further exploration efforts, including drill targeting.

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“We are pleased to initiate exploration at our Cluff Lake North project. The project lies in a structurally complex and underexplored area with favorable geology for uranium discovery. We aim to generate high-quality data to guide future drilling and position Cluff Lake North as a key asset in our exploration pipeline,” said Nick Luksha CEO of Mustang Energy Corp.

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About Cluff Lake North Uranium Project

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The Cluff Lake North Uranium Project comprises a group of five mineral claims located in a prospective area around 12 km north-east of the historical Cluff Lake uranium mine on the western flank of Canada’s world-class Athabasca Basin.

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Figure 1: Cluff Lake North Project Overview^{1, 2}

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Thunderbird completed a MobileMT survey in 2024 which delineated several basement conductors in the Moose Lake area of the project, which are potential pathways for uranium mineralising fluids (see ASX: THB announcement dated 17th October 2024 titled “Multiple Uranium targets identified by detailed EM surveys at Cluff Lake Project”).

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In the Moose Lake area, three high-priority drill target areas were defined by the MobileMT survey, one of which is coincident with a previously defined gravity/EM target. These targets are located within an interpreted structural corridor which extends north-northeast from the Cluff Lake Uranium deposits. The targets (ML-01, -02, -03) in this area are both basement-hosted, similar to the Cluff Lake deposits, and unconformity-related. See Figure 1.

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Qualifying Statement

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The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, P.Geo., Technical Advisor for Mustang Energy, a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101.