Mustang Energy Corp. Advances Strategic Option Agreements with Thunderbird Resources Ltd.
Mustang Energy Corp. Advances Strategic Option Agreements with Thunderbird Resources Ltd.
Vancouver, British Columbia, June 16, 202 5, Mustang Energy Corp. ( CSE:MEC, OTC:MECPF, FRA:92T ) (“ Mustang” or
the “Company”) is excited to announce that it has completed the initial payments and share issuances pursuant to the two
strategic option agreement s with Thunderbird Resources Ltd. (ASX: THB) (“Thunderbird”). By completing the initial
consideration, the Company has solidified its commitment to the strategic partnership with Thunderbird, setting the stage
for continued progress toward unlocking the potential of the Cluff Lake Project and the Surprise Creek Project (as defined
herein).
As announced by the Company in its news release dated June 4, 2025, t he Company entered into an option agreement
(the “Cluff Lake Agreement”) with Thunderbird, dated June 3, 2025, to acquire an undivided 80% interest (the “Cluff Lake
Option”) in certain mineral tenements held by Thunderbird in and around Cluff Lake (the “ Cluff Lake Project ”).
Concurrently with the Cluff Lake Agreement, the Company entered into a second option agreement (the “Surprise Creek
Agreement”, and together with the Cluff Lake Agreem ent, the “Agreements”) with Thunderbird, dated June 3, 2025, to
acquire an undivided 80% interest (the “Surprise Creek Option”, and together with the Cluff Lake Option, the “Option”) in
certain mineral tenements held by Thunderbird in and around Surprise Creek, Pring Lake, and Ellis Bay/Bob Lake (the
“Surprise Creek Project”). Refer to the Company’s news release dated June 4, 2025 for more information about the Cluff
Lake Project and the Surprise Creek Project.
Cluff Lake Option
As initial consideration for the Cluff Lake Option, the Company completed a cash payment of $20,000 and issued 425,531
common shares in the capital of the Company (each, a “Share”) to Thunderbird on June 16, 2025 (the “Closing Date”).
The cash payment, Share issuance and exploration expenditure schedules for the remaining consideration for the Cluff
Lake Option is as follows:
Interest Earned Date Cash
Payments
Exploration
Expenditures
Value of Shares
Issued
For the Company to earn a
60% interest in the Cluff
Lake Project (“Stage 1 CL
Interest”)
On or before June 3, 2027 $50,000 $1,000,000 N/A
For the Company to earn an
additional 20% interest in
the Cluff Lake Project
(“Stage 2 CL Interest”)
On or before the second
anniversary of the Company
earning the Stage 1 CL Interest
$50,000 $2,000,000 $100,000(1)
TOTAL REMAINING: $100,000 $3,000,000 $100,000
(1) In the Company’s news release dated June 4, 2025, it indicated that the Share value for the issuances under the Stage
2 CL Interest will be based on a deemed price of $0.235 per Share. The Company clarifies that the Share value for the
Stage 2 CL 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.
Upon the Company earning the Stage 2 CL Interest, Thunderbird will retain a 2% Net Smelter Return royalty on the Cluff
Lake Project in respect of any minerals, mineral products, ore or concentrates produced from the tenements comprising
the Cluff Lake Project.
Surprise Creek Option
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.
The cash payment, Share issuance and exploration expenditure schedules for the remaining consideration for the Surprise
Creek Option is as follows:
Interest Earned Date Cash
Payments
Exploration
Expenditures
Value of Shares
Issued
For the Company to earn a
51% interest in the Surprise
Creek Project (“Stage 1 SC
Interest”)
On or before June 3, 2027 $50,000 $1,000,000 N/A
For the Company to earn an
additional 29% interest in
the Surprise Creek Project
(“Stage 2 SC Interest”)
On or before the second
anniversary of the Company
earning the Stage 1 SC Interest
$50,000 $2,000,000 $100,000(1)
TOTAL: $100,000 $3,000,000 $100,000
(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.
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.
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.
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 92,211
hectares in around the Atha basca 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).
On behalf of the board of directors,
“Nicholas Luksha”
Nicholas Luksha
CEO and Director
For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184
Forward-Looking Statements Disclaimer
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 requir ed 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 re sults 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.
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.