Mustang Energy Provides Update on Annual General and Special Meeting Materials

VANCOUVER, British Columbia, October 24, 2025 -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) announces that the notice of meeting, information circular, financial statement request form and proxy form (the “Meeting Materials”) for the Company’s upcoming annual general and special meeting (the “Meeting”) to be held on November 14, 2025 at Suite 2501 – 550 Burrard Street, Vancouver, BC, Canada at 10:00 am PST have been mailed and are posted and accessible on the Company’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at https://www.mustangenergy.ca/about. Shareholders can request a copy of the AGM Materials by email at [email protected] or by calling 604.428.7050.

At the Meeting, the shareholders will be asked to approve the following resolutions at the Meeting:

1. the setting of the number of directors of Mustang at three (3);

2. the election of Nicholas Luksha, Teresa Rzepczyk and Constantine Carmichel as directors of Mustang;

3. the appointment of Davidson & Company LLP, Chartered Professional Accountants, as the auditors of Mustang for the fiscal year ending December 31, 2025 and to authorize the directors of Mustang to fix the remuneration to be paid to the auditors for the fiscal year ending December 31, 2025;

4. the approval of a plan of arrangement (the “Arrangement”) under the provisions of Division 5 of Part 9 of the Business Corporations Act (British Columbia) (the “BCBCA”), involving, among others, Mustang and its wholly-owned subsidiary, Allied Strategic Resource Corp. (“Allied”), in accordance with the terms of the arrangement agreement dated October 9, 2025 between Mustang and Allied (as it may be amended, supplemented or otherwise modified from time to time);

5. the adoption by Allied of an omnibus equity incentive plan; and

6. the approval of a special resolution authorizing the Company to consolidate the issued and outstanding common shares of the Company on the basis of up to thirty (30) pre-consolidation Mustang Shares for one

(1) post-consolidation common share.

Shareholders may access the meeting materials at the aforementioned websites and can contact Odyssey Trust Company at [email protected] to obtain their voting control numbers.

There are four ways to vote your proxy:

• To Vote Your Proxy Online please visit:

https://login.odysseytrust.com/pxlogin and click on VOTE. You will require the CONTROL NUMBER printed with your address to the right on your proxy form. If you vote by Internet, do not mail the proxy.

• By Email to [email protected].
• By mail or personal delivery to Odyssey Trust Company, Attn: Proxy Department, Suite 702, 67 Yonge St., Toronto, ON M5E 1J8.
• By fax to Odyssey, to the attention of the Proxy Department at 1-800-517-4553 (toll free within Canada and the U.S.) or 416-263-9524 (international).

If you are a registered holder of common shares of Mustang (the “Mustang Shares”), you will need to complete, sign, date and return the form of proxy by no later than 10:00 A.M. (Vancouver �me) on November 12, 2025, to ensure that your Mustang Shares are voted at the Mee�ng in accordance with your instruc�ons, whether or not you are able to atend in person. If you hold your Mustang Shares through a broker or other intermediary, you should follow the instruc�ons provided by them to vote your Mustang Shares.

About Mustang Energy Corp.:

Mustang Energy is a Canadian mineral explora�on company focused on the discovery and development of highpoten�al uranium and cri�cal mineral assets. The Company holds a por�olio of 147,153 hectares of strategically located proper�es in Saskatchewan's Athabasca Basin—one of the world’s premier uranium districts. Mustang is advancing early-stage explora�on through modern techniques and a disciplined, data-driven approach. The Company is commited to building long-term value through responsible explora�on and a focus on high-impact targets in underexplored areas.

For further informa�on, please contact:

Mustang Energy Corp.

Aten�on: 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.