Mustang Energy Corp. Advances Strategic Option Agreements with Thunderbird Resources Ltd.

VANCOUVER, British Columbia, June 16, 2025 (GLOBE NEWSWIRE) -- 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 agreements 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, the 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 Agreement, 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