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Highlights
• Exploration permits valid until April 30, 2028
• Activities include trail construction, geophysical surveys, and drilling
• 914W Project spans 1,260 hectares near Cameco’s Key Lake Operation
• Mustang can earn a 75% interest under Skyharbour option agreement
• Favorable geology includes graphite-bearing assemblages and proximity to known uranium zones

Mustang Energy Corp. (CSE: MEC) has received a comprehensive set of exploration permits from the Saskatchewan Government for its 914W Uranium Project, allowing the company to begin ground-based work. The permits include Crown Land Work Authorization, Aquatic Habitat Protection, Forest Product, and Temporary Work Camp authorizations, and are valid until April 30, 2028.

The approvals allow Mustang to conduct exploration work that includes trail construction, line cutting, ground geophysical surveys, and diamond drilling. The 914W Project lies south of the Athabasca Basin in Saskatchewan, an area recognized as one of the world's leading regions for high-grade uranium deposits.

As part of the permit conditions, Mustang has committed to ongoing engagement with local communities and stakeholders. The company stated that it remains focused on consultation, environmental responsibility, and post-activity reclamation. These considerations align with provincial requirements and Mustang’s corporate commitment to sustainable exploration.

The 914W Uranium Project covers a total of 1,260 hectares and is located approximately 48 kilometers southwest of Cameco's Key Lake Operation. The property lies within the Western Wollaston Domain, a geologic zone well known for hosting unconformity and basement-type uranium mineralization. According to Mustang, the project’s geological setting includes graphite-bearing assemblages—considered favorable indicators for uranium mineralization.

Historical exploration around the area adds to its potential. Notably, the Scurry Rainbow Zone and Don Lake Trenches, which lie just north of the property, have returned promising results, including drill hole ML-11 with up to 1,288 ppm uranium and surface values of up to 0.64 percent U₃O₈. While Mustang emphasizes that these nearby findings are not indicative of mineralization on its own property, they provide important geological context.

Mustang’s interest in the 914W Project stems from an option agreement with Skyharbour Resources Ltd., which allows Mustang to earn up to a 75 percent ownership stake by meeting specific conditions. Details of that agreement were outlined in the company’s November 13, 2024, press release.

The project is accessible via Highway 914 and benefits from relatively favorable logistics. Mustang sees notable upside for both uranium and rare earth element exploration as the project advances.

Lynde Guillaume, P.Geo., Mustang’s Technical Advisor and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical content of the release.

According to Mustang, the 914W Project fits into its broader strategy to explore and develop high-potential uranium and critical mineral assets. The company holds a land portfolio totaling 147,153 hectares in Saskatchewan’s Athabasca Basin, and it continues to apply modern exploration techniques to unlock value in underexplored zones.