New Risk • May 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$6.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$6.2m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.82m market cap, or US$3.54m). Annonce • May 02
Mustang Energy Corp. Announces Results from Drilling Program At Surprise Creek Project Mustang Energy Corp. has received assay results from all 11 diamond drill holes on the Surprise Creek Uranium-Copper (“Surprise Creek” or the “Project”), 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. 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. 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. 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. 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. 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 meters. 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. Drill Highlights: Hole number From To Length (m) Cu % Au ppm BOB25-001 6.2 8.6 2.4 1.09 including 6.2 6.7 0.5 3.57 including 8 8.6 0.6 1.13 BOB25-002 6.8 11.5 4.7 2.69 including 6.8 7.5 0.7 3.44 including 7.5 8.3 0.8 1.95 including 8.3 8.8 0.5 15.9 1.97 BOB25-002 19 23.2 4.2 0.85 including 22.5 23.2 0.7 3.91 . 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. 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. 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 (QA/QC) 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 limits. 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. Annonce • Apr 18
Mustang Energy Corp. Announces Results from Sampling Program At Surprise Creek Project Mustang Energy Corp. entered into an option agreement with Thunderbird Resources Ltd. to acquire an undivided 80% interest in the Surprise Creek Uranium-Copper Project, located in a prospective region northwest of the Athabasca Basin. The field program at Surprise Creek included surface prospecting activities and detailed rock sampling, aimed at further refining target areas and outlining mineralization and alteration. Surface samples were collected from nine locations of interest where previous uranium and copper mineralization has been observed, or geophysical anomalies have been identified. The results outline the mineralization potential of uranium at the Surprise Creek area, and copper mineralization at the Bob Lake and Maimann Lake areas. Both locations warrant additional follow-up with ground prospecting and drill targeting to test anomalies at deeper subsurface depths. The Surprise Creek 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. 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 exploration approvals granted by the Saskatchewan Government. The Company advises that, notwithstanding their proximity and location, discoveries of minerals on or near historic mines such as Gunnar and Eldorado, and any promising results thereof, are not necessarily indicative of the mineralization of, or located on the Project, or the Company’s ability to commercially exploit the Project, 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. A strong uranium radiometric anomaly has been identified at the previously defined Surprise Creek Fault drill target, where historical drilling returned results of up to 2.1m of 4.37% U3O8 from 57m. During the summer prospecting program, 37 grab samples were collected by Axiom in the Surprise Creek area which hosts polymetallic vein type uranium-copper mineralization and returned encouraging assay results of up to 9.39% and 7.93% U3O8 with up to 3.11% Cu values. Uranium surface mineralization has been traced discontinuously over a strike length of approximately 500 meters, highlighting the potential scale of the system. In addition to uranium mineralization, the program confirmed the presence of several historic copper targets, significantly enhancing the project's multi-commodity value proposition. Surface sampling carried out at the historic Bob Lake and Maimann Lake areas returned encouraging copper assays. Exploration at Bob Lake, which included a total of 16 grab samples returned significant values of up to 11.8% and 5.27% Cu with gold values reaching 1.2 g/t and 0.9g/t Au. An additional 12 grab samples were taken from the Maimann Lake showings and yielded very high-grade surface samples reaching 63.4% and 43.38% Cu. These results confirm the presence of high-grade copper within the project area and demonstrate a diverse mineral footprint that complements the company’s primary uranium targets. Rock samples from the prospecting program were described, photographed, and assigned unique IDs in the field. Sample locations and observations were recorded using handheld GPS units. All rock samples were bagged, sealed and stored at the Uranium City base before shipment to SRC Geoanalytical Laboratories in Saskatoon at the end of the program. Rock Samples collected for analysis at Surprise Creek were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation and processing. Samples were tested using ICP-MS and ICP-OES multi-element analysis using total and partial digestion. Samples were tested using the ICPMS4AT multi-element exploration package. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in wt.%). Given the polymetallic nature of the Surprise Creek area the samples were tested using ICP-OES multi-element analysis ICP3 partial digestion and ICP4 total digestion for base metal analysis. SRC Geoanalytical Laboratories is an ISO/IEC 17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks and standard reference materials were inserted into the sample stream at regular intervals in accordance with Axiom Group’s quality assurance/quality control (QA/QC) protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable. Rock Samples collected for analysis at Bob Lake and Maimann Lake were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan for preparation and processing. Samples were tested using fire assay, ICP-MS and ICP-OES multi-element analysis using total and partial digestion. Samples were tested using the ICPMS4AT multi-element exploration package. All samples marked as radioactive upon arrival to the lab were also analyzed using the U3O8 assay (reported in wt.%). Copper samples were tested using ICP-OES multi-element analysis ICP3 and ICP4 partial and total digestion exploration packages. Select gold samples were tested using AU1 low-grade fire assay exploration package excluding samples SRC385442, SRC445374, and SRC445375 mentioned in this report. SRC Geoanalytical Laboratories is an ISO/IEC 17025:2005 and Standards Council of Canada certified analytical laboratory. Blanks and standard reference materials were inserted into the sample stream at regular intervals in accordance with Axiom Group’s quality assurance/quality control (QA/QC) protocols. All samples passed internal QA/QC protocols and the results presented in this release are deemed complete, reliable, and repeatable. Annonce • Jan 01
Mustang Energy Corp. announced that it has received CAD 0.18 million in funding On December 31, 2025, Mustang Energy Corp. closed the transaction. The company announced that it has received 2,000,000 critical flow-through units at an issue price of CAD 0.09 per unit for gross proceeds of CAD 180,000. Each FT unit will consist of one common share and one-half of one transferable common share purchase warrant, with each whole FT warrant entitling the holder to purchase one common share of the company (on a non-flow-through basis) at a price of CAD 0.15 per warrant share for a period of two years following the closing of the offering. The securities issued in the offering are subject to a hold period expiring on May 1, 2026. In connection with the offering, the company paid a finder's fee to Red Cloud Securities Inc. of CAD 12,600 in cash and 140,000 share purchase warrants. Each finder warrant is exercisable into one common share at a price of CAD 0.15 per finder warrant share until December 31, 2027, and is subject to a hold period until May 1, 2026. New Risk • Nov 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 20% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.8m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (94% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$8.40m market cap, or US$5.96m). Annonce • Nov 07
Mustang Energy Corp. Announces Results of TDEM Survey over the 914W Property Mustang Energy Corp. in connection with Skyharbour Resources Ltd. announced the results of a high resolution HTDEM survey at the 914W Uranium Project (the "Project"), totaling 136 line-kms. The Project has road access and is in a prospective region known for its mineral potential south of the Athabasca Basin. The 914W TDEM survey successfully defined a well-developed conductive zone within the Project. The geometry and strength of the anomaly are consistent with graphitic basement rocks or fault-bound alteration zones, both favorable for unconformity-type uranium mineralization. The Xcite™? helicopter-borne Time Domain Electromagnetic (TDEM) survey was flown by Axiom Exploration Group Ltd. over the Project, covering approximately 136 line-km. The survey simultaneously collected electromagnetic, magnetic, and radiometric data to map conductive, magnetic, and radiometric variations related to prospective uranium-bearing structures. The survey was flown in addition to Mustang's nearby Spur project TDEM survey. Early-time channels (0.014-0.045 m) show strong, high-amplitude EM responses along the east-central portion of the 914W block, indicating shallow conductive zones near surface. This conductor persists through mid-to-late time channels (0.12-0.56 m) and may represent graphitic horizons or fault-controlled alteration zones, a key uranium pathfinder feature in the Athabasca Basin margin setting. The intensity and continuity of the anomaly diminish slightly with later decay times, consistent with a discrete subsurface conductor rather than surficial noise. Airborne HTDEM survey over 914W project showing time channels 0.045 m with strong, high-amplitudes EM responses along the east- central portion of the 914W Block. The inversion modelling from 50 m to 350 m depth shows consistent conductive features. From 50 - 150 m the depth slices show a strong, laterally continuous conductive zone trending east-northeast across the east-central portion of The property. The 250 to 350 m depth slices show the conductivity anomaly persists at depth. A one-week prospecting and soil sampling program was carried out on claim the Project in May of 2025. In total, 25 rock samples and 142 soil samples were collected. The soil sampling focused on the northwest corner of the Project immediately south of the Scurry Rainbow E Zone1 and the Don Lake Trenches2 where no outcrop exposure is present. Rock sampling was limited by the scarcity of exposed outcrop across the property. Although the program did not identify any new significant discoveries, particularly in the southern portion of the Project, the northern soil grid returned anomalous uranium values. In this program, five soil samples from the southern portion of the grid exceeded 4 ppm U, which would be considered slightly elevated. Prospecting efforts did not confirm elevated uranium values in the southwestern part of the grid, likely due to limited outcrop exposure. However, anomalous uranium values were identified in the northeastern portion of the grid, including a granitic gneiss sample that returned 42.3 ppm U. Sampling Methods: Sampling Methods: Samples were submitted to SRC Laboratories in Saskatoon, SK, for analysis. Both rock and soil samples were tested using ICP-MS with four-acid digestion, ICP total four-acid digestion, and U3O8 assays by ICP reported in weight percent. Horizon A soil samples were collected by removing surface vegetation with a trowel and sampling the uppermost layer of topsoil. Rock samples were taken from exposed basement boulders or granitic outcrops that returned elevated counts per second (cps) readings. About the 9 14W Uranium Project: The Project consists of two claims claim claim claim. The Project consists of two claims claims claim claim for the Project, ICP-MS with a 4-acid digestion, ICP-MS, ICP total four- acid digestion, and U 3O8 assays by I CP reported in weight percent. Horizon: The Project consists of the Project consists of two claims claim claims. The Project consists of two claim claim claim claim. The Project is a total of two claims claim claim. 