Mustang Energy Corp. Raises Up to $1,200,000 in Private Placement

Mustang Energy Corp. (CSE: MEC, OTC: MECPF, FRA: 92T) ("Mustang" or the "Company") is pleased to announce a non-brokered private placement consisting of up to 6,000,000 units of the Company (each, a "Unit"), at a price of $0.20 per Unit, for gross proceeds of up to $1,200,000 (the "LIFE Offering"). Each Unit will consist of one (1) common share in the capital of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable into one (1) Common Share (each, a "Warrant Share", and collectively with the Common Shares and Warrants, the "Securities") at a price of $0.27 per Warrant Share for a period of eight (8) months following the date of issuance.

The LIFE Offering is subject to certain conditions, including the receipt of all necessary regulatory and other approvals, including the Company’s completion of its filing obligations under the policies of the Canadian Securities Exchange ("CSE"). The closing of the LIFE Offering is anticipated to occur on or about February 21, 2025, or such later date as the Company may determine.

The Company may pay finder’s fees under the LIFE Offering as permitted by CSE policy and applicable securities laws. None of the securities sold in connection with the LIFE Offering will be registered under the United States Securities Act of 1933, as amended, and none of these securities may be offered or sold in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The proceeds from the LIFE Offering will be used for general corporate and administrative expenses, investor relations and communications, and general working capital, which may include exploration expenditures. The Company’s latest venture is a result of an option agreement with Skyharbour Resources Ltd. ("Skyharbour") under which Mustang can acquire a 75% interest in Skyharbour’s 914W Uranium Project located in the Athabasca Basin, Saskatchewan. The project covers approximately 1,260 hectares and is situated approximately 48 km southwest of Cameco’s Key Lake Operation.

The Athabasca Basin is known for its significant unconformity-related uranium mineralization. Historical geological mapping of the 914W Project and the surrounding area has shown that it is predominantly underlain by prospective Wollaston Supergroup pelitic and psammitic to arkosic gneisses of the Western Wollaston Domain. Mustang’s private placement is subject to regulatory approvals and the securities will be subject to a four-month hold period. This financing is a significant step forward for the Company as it continues to explore potential uranium deposits in the Athabasca Basin.

In conclusion, Mustang Energy Corp.’s private placement of up to $1,200,000 is a strategic move to fund its exploration activities in the Athabasca Basin and strengthen its financial position. By securing additional capital, Mustang can advance its uranium projects, maintain a strong financial position, and ultimately drive growth and success in the uranium exploration sector.