Mr. Nicholas Luksha reports
MUSTANG ENERGY CORP. SHARES 2024 YEAR-END RECAP AND MILESTONE ACHIEVEMENTS
Mustang Energy Corp. has shared a summary of its accomplishments since the commencement of trading in mid-2024. The company has made significant strides in its mission to develop high-potential uranium and critical mineral assets in the Athabasca basin, Saskatchewan, solidifying its position as a growing leader in the resource exploration sector.
Key highlights of 2024:
Land acquisitions: expanded landholdings to an impressive 77,318 hectares, strategically located in and around the Athabasca basin, a notable uranium district;
Capital raised: secured over $4.2-million in gross proceeds, providing a robust financial foundation for continuing and coming 2025 operations;
Exploration advancements: launched phase 1 work plan to identify and develop high-priority drill targets across Mustang's portfolio;
Strategic collaborations: partnered with industry leaders, including Red Cloud Securities Inc., Axiom Group, Dahrouge Geological Consulting Inc. and Skyharbour Resources Ltd.;
Key additions to the team:
Jordan Trimble, president and chief executive officer of Skyharbour Resources, joined as a strategic adviser, bringing invaluable industry expertise.
Lynde Guillaume joined the team, further strengthening Mustang's leadership with her significant experience and dynamic contributions.
Notable project developments
Mustang's properties are strategically positioned near known uranium assets, including:
Ford Lake: 12 kilometres from Cameco's Key Lake mill and 15 km southwest of the Millennium deposit;
Cigar Lake East and Roughrider South: 20 km east of the world-class Cigar Lake mine and 10 km south of the Roughrider deposit;
Yellowstone property: surrounding the Carswell impact structure, 16 km from the historic Cluff Lake mine;
Dutton project: located approximately 20 km from Cameco's Dufferin Lake and Centennial deposits.
2024 milestone recap:
Dec. 27: closed financing exceeding expectations, raising $3.5-million;
Dec. 20: expanded land portfolio with 17,929 hectares south of the Athabasca basin;
Dec. 6: achieved the first milestone of an option agreement with Skyharbour Resources, securing an option to acquire 75 per cent of the 914W uranium project;
Nov. 25: announced strategic financing of up to $3-million and engaged Red Cloud Securities for corporate advisory services;
Nov. 13: entered an option agreement to acquire Skyharbour's 914W uranium project and welcomed Mr. Trimble as strategic adviser;
Oct. 30: initiated an airborne MobileMT survey at the Yellowstone project, targeting conductors at depths exceeding up to 1,000 metres;
Sept. 27: acquired 90 per cent of Brown Lake, expanding Ford Lake holdings;
Sept. 16: welcomed Ms. Guillaume to the team, marking a pivotal moment in building Mustang's leadership strength;
June 7: relaunched trading on the Canadian Securities Exchange under the name Mustang Energy Corp.
Chief executive officer's statement
Nicholas Luksha, CEO of Mustang, expressed confidence in the company's trajectory: "Two thousand twenty-four has been a transformative year for Mustang. We have built a solid foundation with strategic land acquisitions, innovative exploration initiatives and strong financial backing. Our partnerships with leading industry players position us to unlock the potential of our assets. As we look ahead to 2025, we anticipate being in a great position to succeed and deliver results to our esteemed shareholders. We remain committed to advancing our projects with precision, purpose and a clear vision for growth."
Adjacent property disclaimer
This news release includes references with respect to known uranium occurrences at Cameco's Key Lake mine, the Millennium deposit, the Cigar Lake mine, Roughrider deposit, the area surrounding the Carswell impact structure, Cluff Lake mine, and Cameco's Dufferin Lake and Centennial deposits, which are located near the company's various properties. The company advises that, notwithstanding their proximity of location, discoveries of minerals on the adjacent properties and any promising results thereof are not necessarily indicative of the mineralization of, or located on, the company's properties or the company's ability to commercially exploit its properties 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.
Qualifying statement
The scientific and technical information in this release has been reviewed and approved by Lynde Guillaume, PGeo, technical adviser for Mustang, 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 is a resource exploration company dedicated to acquiring and developing uranium and critical mineral assets in the Athabasca basin, Saskatchewan. With 77,318 hectares of promising properties, Mustang aims to advance its flagship Ford Lake, Yellowstone, Cigar Lake East, Roughrider South, Dutton and Spur projects, while leveraging strategic partnerships to accelerate exploration.
The company's commitment to innovation, collaboration and sustainable development underscores its vision to become a leading player in the global energy transition.
We seek Safe Harbor.