Mustang Energy Corp. (CSE: MEC) (OTC:MECPF) (FRA:92T) is pleased to announce it has received assay results from all 11 diamond drill holes on the Surprise Creek Uranium-Copper, located in a prospective region known for its mineral potential northwest of the Athabasca Basin. The Company entered into an option agreement with Thunderbird Resources Ltd. 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.

Surprise Creek Uranium-Copper Project

The Project is located 25 km north-west of the Beaverlodge Uranium District, which hosts the historical uranium mines of Gunnar and Eldorado (Ace-Fay-Verna) and is located northwest of the Athabasca Basin (see figure 1).

Mustang holds an option to acquire an 80% interest in the Project from Thunderbird Resources under an agreement announced on June 4 and June 16, 2025. The program is fully permitted, with drilling approvals granted by the Saskatchewan Government.

Figure 1: Surprise Creek Uranium-Copper Project Overview and Location ^{1, 3, 4, 5, 6}

Surprise Creek and Bob Lake Drill Program

The 2025 Surprise Creek Drill Program focused on testing the continuity of polymetallic high-grade uranium-copper veins exposed on surface. Historically, the area has produced encouraging results highlighted by historic drill hole VT20 revealing 2.1m @ 4.37% U₃O₈ at 57m ^{1, 3}. The Surprise Creek drill program aimed to further refine historically drilled target areas where previous uranium and copper mineralization has been observed, or recent summer 2025 prospecting and mapping with geophysical anomalies have identified mineralization and alteration. A total of nine diamond drill holes, comprising 1123m, were completed during the 2025 fall program in the Surprise Creek area. An additional two drill holes totaling 135m were drilled at the Bob Lake area, bringing the combined drilling total for the Surprise Creek and Bob Lake areas to 1,258m. The core samples collected from drill holes within the Surprise Creek and Bob lake areas were sent to SRC geoanalytical for geochemical analysis. Both locations warrant additional follow-up with ground drill targeting to test anomalies at deeper subsurface depths.

Mustang’s CEO, Nicholas Luksha is encouraged by the drilling, saying, “These initial drill results represent a very encouraging start for the project, with high-grade copper mineralization intersected at shallow depths. Intervals such as 2.69% copper over nearly 5 metres, including significantly higher-grade zones, validate our geological model and confirm the presence of a robust mineralized system. With mineralization starting close to surface and supported by strong surface expressions, we see potential to expand both along strike and at depth. We are excited to advance the project with additional drilling as we work to better define the scale and continuity of this high-grade copper system.”

Key Highlights

Surprise Creek

• 9 drill holes totalling 1123m comprising 333 samples including QA/QC with the highest grading up to 535 ppm U308
• High grade Uranium on surface traced discontinuously over a strike length of approximately 500 meters²

Figure 2: Surprise Creek uranium intercept highlights

Bob Lake

• 2 drill holes totalling 138m comprising 68 samples including QA/QC
• Drill hole BOB25-002 intersected 4.9 metres of copper mineralization beginning at 6.8 metres depth, grading 2.69% Cu, including 0.5 metres assaying up to 15.9% Cu. A separate 0.7 metre interval downhole at 22.5 metres returned grades of up to 3.91% Cu.
• Drill hole BOB25-001 intersected 2.4 meters of copper mineralization at 6.2 meters depth, grading 1.09% Cu, including 0.5 meters grading up to 3.57% Cu
• Both drill holes are located within an easily accessible area with shallow mineralization
• 3 metre wide by 9 metre strike length mineralized quartz vein on surface

Figure 3: Bob Lake Copper intercept highlights

Drill Highlights

Table 1

Future Steps

Follow-up drilling and ground prospecting is warranted at the Bob Lake and Surprise Creek areas based on the encouraging surface mineralization and the highlighted drill results listed above. Several geophysical anomalies have been identified across Surprise Creek that require additional ground prospecting follow-up to refine targets and prioritize future drilling. Future drilling will focus on evaluating high-grade surface expressions at deeper depths to determine their subsurface continuity and potential scale.

The Project is a multi-commodity project with prospective drill targets beyond the immediate areas of focus, including the Maimann Lake area and Surprise Creek NW area where surface sampling produced up to 63.4% Cu and 7.93% U3O8 (see the Company’s news release dated April 17, 2026 for prospecting assay results).

Table 2 Drill Hole Collar Locations

*Datum for all drill hole coordinates are NAD83/UTM ZN12

Figure 4: Surprise Creek drillhole traces

Figure 5: Bob Lake drillhole traces

References

¹ ASX:THB announcement dated 6^th July 2022 titled “Surprise Creek data review highlights high-grade targets”
² ASX:THB announcement dated 22 December 2022 titled “High-grade Uranium rock chip results at Surprise Creek”
³ Saskatchewan Mineral Assessment Database Drill hole VT20, SMAD# 74N10-0368, Retrieved from http://mineral-assessment.saskatchewan.ca/Pages/BasePages/Main.aspx

Qualifying Statement

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

QAQC

Geochemical Sampling Procedure

All drill core samples were transported by helicopter to the logging facility in Uranium City where they were logged, photographed, sampled and bagged on site. Samples were then shipped by air to Fort McMurray, Alberta by McMurray aviation then transported by truck to SRC Geoanalytical in Saskatoon, Saskatchewan. Blanks, certified reference material (CRM), and duplicates were inserted into the sample stream at regular intervals of 1:25 or better in accordance with Axiom Groups quality assurance/quality control protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable. Drill core samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation and processing. SRC Geoanalytical Laboratories is an ISO/IEC 17025:2017 and Standards Council of Canada certified analytical laboratory.

Surprise Creek

Drill core samples from the Surprise Creek area were prepared using the ICP-MS 4-acid total digestion multi-element exploration package. A process where the samples are weighed, dried, and crushed into a fine powder before acid dissolution. All samples marked as radioactive upon arrival to the lab were requested to be analyzed using the U3O8 assay (reported in wt.%) if the samples hit overage llimits.

Bob Lake

Drill core samples from the Bob Lake area were tested using fire assay, ICP-OES and ICP-MS multi-element analysis. The samples were tested using the ICP3 partial digestion exploration package specifically designed for gold/base metal analysis along with the AU1-OES low grade gold fire assay exploration package.

About Mustang Energy Corp.:

Mustang Energy is a Canadian mineral exploration company focused on the discovery and development of high-potential uranium and critical mineral assets. The company holds a portfolio of 147,153 hectares of strategically located properties in Saskatchewan’s Athabasca Basin—one of the world’s premier uranium districts. Mustang is advancing early-stage exploration through modern techniques and a disciplined, data-driven approach. The Company is committed to building long-term value through responsible exploration and a focus on high-impact targets in underexplored areas.

For further information, please contact:

Mustang Energy Corp.

Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184