Mustang Energy Corp. Completes Airborne MobileMT Survey at their Yellowstone Project, Saskatchewan and Provides Corporate Update

Mustang Energy Corp. Completes Airborne MobileMT Survey

at their Yellowstone Project, Saskatchewan and Provides

Corporate Update

VANCOUVER, British Columbia, February 25, 2025 (GLOBE NEWSWIRE) -- Mustang Energy

Corp. (CSE: MEC, OTC: MECPF, FRA:92T) (the “ Company” or “Mustang”) is pleased to

announce the completion of a helicopter-borne Mobile MagnetoTellurics (“MobileMT”) survey on

the Company’s Yellowstone Project, located in the Western Athabasca Basin, Saskatchewan.

The MobileMT survey was completed by Expert Geophysics based out of Aurora, Ontario. A total

of 373 line-kms was surveyed at a 400-metre line spacing to collect magnetic and VLF data. The

survey was conducted over the Northeastern portion of the Yellowstone Project’s claim package

with a focus on areas that have not previously been surveyed with deep penetrating

electromagnetic (EM) survey methods. This MobileMT survey aims to detect conductors at depths

exceeding 1000 meters, providing a more detailed resolution of these deeper structures which

could potentially host uranium.

The Expert Geophysics team overcame challenging weather conditions, and successfully

adapted to ensure a high- quality survey while prioritizing safety and data integrity. To optimize

efficiency, the survey area was strategically adjusted to focus on high- priority zones. This

proactive approach allowed for the collection of valuable data, which will be analyzed by Expert

Geophysics. Results are expected within eight weeks of survey completion and will guide the next

phase of exploration.

“We greatly appreciate the Expert Geophysics team for navigating through rough weather and

look forward to receiving the results to advance exploration efforts on our Yellowstone project ,”

said Nick Luksha, CEO of Mustang.

About the MobileMT System

MobileMT is the latest innovation in airborne electromagnetics and one of the most advanced

generation of airborne AFMAG technologies. The MobileMT technology utilizes naturally

occurring electromagnetic (EM) fields in the frequency range of 25 – 20,000 Hz. Thunderstorms

release energy, some of which is converted into EM fields that propagate through the ionosphere-

Earth interspace. The EM fields and currents induced by these EM f ields in the subsurface are

used in MobileMT to identify variations in subsurface electrical resistivity.

The MobileMT technology is the product of extensive experience in developing equipment and

signal/data processing algorithms for natural EM fields measurement. MobileMT combines the

latest advances in electronics, airborne system design, and sophisticated signal processing

techniques. The advanced noise processing technique of both electronic and signal processing

levels ensures high data quality even for low natural EM fields.

The MobileMT survey system can effectively identify deep seated structures that may be

associated with feeder fault systems to uranium mineralization, and is capable of detecting both

the basement-hosted electromagnetic conductors and sandstone- hosted zones of anomalous

resistivity commonly associated with Athabasca Basin uranium deposits.

MobileMT is capable of resolving resistivity contrasts to depths exceeding 1000 metres, and

notably, previous MobileMT surveys have successfully identified basement conductors and

alteration zones in the sandstone formations of prominent uranium deposits across the Athabasca

Basin.

About the Yellowstone Project

The 100% owned Yellowstone Project is situated approximately 16 kilometres from the past

producing Cluff Lake Mine in the Western Athabasca Basin. The project consists of seven

adjoining claims totaling 21,820 hectares. The property surrounds the exterior of the Carswell

Impact Structure and is adjacent to Fission Uranium’s West Cluff Project. The Carswell Impact

Structure is thought to be related to a meteorite impact measuring ~18 km in diameter, which

exposed basement rock that underlies the Athabasca Basin sandstone formations and hosts high

grade uranium mineralization including the Cluff Lake Uranium Mine. The Yellowstone Project is

transected by multiple conductors which are yet untested.

Qualifying Statement

The scientific and technical information in this release has been reviewed and approved by Lynde

Guillaume, P .Geo., Technical Advisor for Mustang, a registered member of the Professional

Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined

by National Instrument 43-101.

Adjacent Property Disclaimer:

This news release includes references with respect to uranium deposits which are located near

the Yellowstone Project, including the Cluff Lake Uranium Mine and Fission Uranium’s West Cluff

Lake Project The Company advises that, notwithstanding their proximity of location, discoveries

of minerals on nearby properties and any promising results thereof are not necessarily indicative

of the mineralization of, or located on the Yellowstone Project, or the Company’s ability to

commercially exploit the Projects, or to locate any commercially exploitable deposits therefrom.

The Company cautions investors on relying on this information as the Company has not confirmed

the accuracy or reliability of the information.

Corporate Advisor Agreement

The Company is pleased to announce that it has entered into an amendment agreement

(the “Agreement”), dated February 24, 2025, to the corporate advisor agreement dated

September 23, 2024 with Jason Sundar (the “Advisor”), whereby the parties have agreed to

extend the term of the engagement by 12 months until September 23, 2026. In addition to securing

a longer-term engagement, the Advisor has agreed to provide an expanded scope of services to

the Company that includes advising and assisting with potential partnerships abroad, conducting

market analysis to provide insights into industry trends, monitoring the Company’s competitive

position, and advising on corporate governance matters. As consideration for the extended term

and additional services, the Company has agreed to pay a cash fee of $150,000 to the Advisor,

payable on or before March 1, 2025, and issue an aggregate of 600,000 common shares (each,

a “Share”) in the capital of the Company as follows: (i) 300,000 Shares on March 5, 2025; (ii)

100,000 on March 23, 2025; (iii) 100,000 Shares on April 23, 2025; and (iv) 100,000 Shares on

May 23, 2025. The issuance of the Shares remains subject to the approval of the Canadian

Securities Exchange and the Shares will be subject to a four month hold period.

About Mustang Energy Corp.:

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 77,318 hectares in around the Athabasca Basin. 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 3,442 hectares to the north and the Spur

Project to the south covering 17,929 hectares. Mustang has also established its 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).

For further information, please contact:

Mustang Energy Corp.

Attention: Nicholas Luksha, CEO and Director

Phone: (604) 838-0184

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.

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

future potential of the minerals claims held by the Company, including the Yellowstone Project; the issuance

of the Shares being approved by the Canadian Securities Exchange; the timing for the completion of the

analysis of the MobileMT survey results; and the potential capabilities of the MobileMT technology. 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 continue

exploring its properties given various environmental and economic factors outside of its control and that

the results of the MobileMT survey will provide the anticipated insights. 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.