Mustang Energy Corp. Receives Exploration Permit for 914W Uranium Project

VANCOUVER, British Columbia, July 03, 2025 (GLOBE NEWSWIRE) -- Mustang Energy Corp. (CSE: MEC, OTC:MECPF, FRA:92T) (the “Company” or “Mustang”) is pleased to announce it has received exploration permits from the Saskatchewan Government, allowing for ground-based exploration activities at the 914W Uranium Project (the “Project”) south of the Athabasca Basin, Saskatchewan.

The permit includes Crown Land Work Authorization, Aquatic Habitat Protection Permit, Forest Product Permit and Temporary Work Camp Permit. This authorizes Mustang to carry out mineral exploration activities such as trail construction, line-cutting, ground geophysical surveys, and diamond drilling. The approved permits are valid until April 30, 2028.

As part of the permit conditions, Mustang will continue to engage with local communities to address any ongoing concerns and ensure sustainable project implementation. Consultation and environmental stewardship remains a priority, with specific measures to minimize disturbance and support reclamation efforts.

Mustang purchased an interest in the Project pursuant to an option agreement (the “Option Agreement”) with Skyharbour Resources Ltd. whereby Mustang may acquire a 75% interest in the Project by satisfying certain conditions. Please refer to the Company’s news release dated November 13, 2024, as filed under the Company’s SEDAR+ profile, for further details regarding the Option Agreement.

About the 914W Uranium Project

The Project consists of one claim covering 1,260 hectares. It is situated approximately 48 km southwest of Cameco’s Key Lake Operation, offering favourable logistics and access via Highway 914. The Project is positioned within the Western Wollaston Domain, known for unconformity/basement hosted uranium mineralization. The Project hosts favorable geology with local graphite bearing assemblages. Immediately to the north of the 914W property is the Scurry Rainbow Zone E¹ and the Don Lake Trenches², where up to 1,288 ppm U was encountered in drill hole ML-1¹, and surface prospecting revealed up to 0.64% U₃O₈ in a trench at Don Lake Zone E². While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the Project remains underexplored. Mustang sees notable potential for advancing uranium and rare earth element (REE) exploration on this property.

The Company advises that, notwithstanding the proximity of location, discoveries of minerals on or near the Scurry Rainbow Zone E, Don Lake Trenches, and Cameco’s Key Lake Operation, 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.

Figure 1: Location Map for the 914W Uranium Project, Northern Saskatchewan.³

References

1. SMDI# 1961, Drill hole ML-1 or Scurry Rainbow E Zone, retrieved from:
https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1961

2. SMDI# 1983, Don Lake Radioactive Zones C, D, and E, retrieved from:
https://mineraldeposits.saskatchewan.ca/Home/Viewdetails/1983

3. Saskatchewan GeoAtlas, retrieved from:
https://gisappl.saskatchewan.ca/Html5Ext/index.html?viewer=GeoAtlas

Qualifying Statement

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

About Mustang Energy Corp.:

Mustang Energy Corp. 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

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 Project and the completion of future work on the Project. 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 Company will continue to maintain the Option Agreement in good standing. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/843ca56f-52ea-41e1-b29c-a2af33680296

Figure 1:

Location Map for the 914W Uranium Project, Northern Saskatchewan.

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