Mustang Energy Corp.（以下简称“公司”或“Mustang”）欣然公布其与澳大利亚珀斯领先地球物理咨询公司Resource Potentials Ltd.（以下简称“Resource Potentials”）合作开展的地球物理再处理、再解释和目标定位工作的最新进展。此项工作体现了Mustang致力于通过经济高效、技术完善的数据集成，推进其阿萨巴斯卡盆地铀矿项目的勘探工作。

地球物理再解释方法：
在详细汇编历史数据后，ResPot对Mustang矿区的一系列高分辨率航空磁力、辐射、重力和电磁（“PMI”）数据集进行了再处理和解释。这些数据集来源于省级和联邦机构的公开文件调查，并与GIS软件中的数字高程模型、地质图、矿产记录、钻探和地球化学数据以及卫星图像集成。

磁测数据集用于推断阿萨巴斯卡盆地不整合面的深度和结构——这是高品位铀矿化的关键控制因素。电磁数据集（包括VTEM、MegaTEM、GeoTEM、ZTEM和VLF勘测）经过处理，以识别可能与石墨泥岩单元和粘土蚀变带相关的导电异常。

计算了放射性元素（钾、钍、铀）浓度的比值和乘积，以增强细微的放射性异常，尽管它们易受地表覆盖物衰减的影响。综合解释揭示了多个感兴趣的区域，这些区域同时存在基底型不整合面相关铀矿床特有的电磁-磁-低异常。

这项工作的一个关键组成部分是持续解读地球物理数据，以指导有针对性的矿产权益认定，同时审查内部和公共数据集，因为Mustang正在评估潜在的项目收购和合资机会。

除了对历史数据集进行重新处理、重新解读和目标定位外，还在对新获得的航空地球物理勘测数据进行持续解读。这些数据包括最近在黄石项目完成的MobileMT勘测和在Dutton项目完成的Xcite™ TDEM勘测。此外，还将对即将于5月在Spur项目进行的Xcite™ TDEM勘测进行进一步分析，并采集放射性数据。这些最新数据集预计将补充历史数据汇编工作，并增强Mustang在其投资组合中优先排序可钻探目标的能力。

目标定位：
迄今为止开展的工作已基于开源地球物理数据集，对Mustang的阿萨巴斯卡盆地铀矿投资组合进行了目标定位。根据这一重新解释，已确定了感兴趣的领域：

914W项目：
该项目位于阿萨巴斯卡盆地边缘以南约45公里处，包含一个电磁导体异常，该异常与低磁异常和微弱的放射性铀特征相吻合（图1）。此外，该项目与已知的铀矿和稀土矿点沿走向分布。该公司计划今年春季启动一项基于现场的勘探计划，以进一步评估这些优先目标。914W

项目矿权和矿点位于由3个相邻的航空电磁勘测数据组成的马赛克电磁衰减彩色图像上，其中暖色表示电导体，所有图像均覆盖灰度磁导数背景图像。一个感兴趣的电磁导体与低磁异常重合，被认为是优先目标区域。（图层检索自：萨斯喀彻温省政府矿业和石油地理地图集和加拿大自然资源部）

Spur项目：Spur项目
位于盆地以南约30公里处，与区域低磁异常和电磁导体趋势相交（图2）。放射性异常明显，但受地表覆盖物的影响。Mustang 已委托 Axiom Exploration 部署 Xcite™ TDEM 系统，并联合采集放射性数据，覆盖现代电磁勘探技术尚未覆盖的填充区域。与 914W 一样，该项目也根据区域赋存趋势，被认为具有稀土元素矿化潜力。Spur

项目矿权、矿点和部分解释线位于三元放射性图像（左图）上，其中 K 为红色，Th 为绿色，U 为蓝色；以及来自 3 个相邻航空电磁勘探的晚期电磁衰减时间图像（右图），其中暖色表示电导体，所有图像均覆盖灰阶磁导数背景图像。请注意，Spur 项目矿权的主要部分没有可用的电磁数据集。 （图层检索自：萨斯喀彻温省政府矿业与石油地理地图集和加拿大自然资源部）

福特湖：
由三个不相邻的矿权区块组成，位于盆地南部边缘附近，不整合面解释深度约为400米或更浅。福特湖具有一个未经测试的强电磁导体异常，与低磁化趋势一致。该异常在空间上与东北方向的一个已知铀矿床2以及一个微弱的铀-钍放射性趋势相关。建议进行后续测绘和采样（图3）。

Ford Lake 项目矿权及矿点位于一张马赛克 VTEM 电磁衰减彩色图像上，该图像由 3 个独立的航空电磁勘测获得，其中暖色表示电导体，所有图像均覆盖灰度磁导数背景图像。目标电磁导体与低磁异常重合，位于已知 U 型矿点的解释褶皱轴上。（图层检索自：萨斯喀彻温省政府矿业与石油 GeoAtlas 和加拿大自然资源部）

Cigar Lake East：
由两个不相邻的矿权区块组成，位于盆地东缘附近，解释的不整合深度约为 200 米或更浅。Cigar Lake East 具有多个平行的东北-西南走向低磁异常趋势，其中一些已进行过钻探测试并含有铀矿化，包括位于东北方向约 40 公里处的 Rabbit Lake 铀矿。Mustang 矿权内的低磁异常趋势与电磁导体异常重合，尚未通过钻探测试。

Cigar Lake East 项目矿权、历史钻孔颈和矿点，均覆盖在由两次独立航空电磁勘测获得的马赛克 VTEM 电磁衰减彩色图像上，其中暖色表示电导体，所有图像均覆盖在灰度磁导数背景图像上。感兴趣的电磁导体与历史上从未进行过钻探测试的低磁异常趋势相吻合，该趋势沿着 Rabbit Lake U 矿的走向，并与已知的矿化趋势相邻。（图层检索自：萨斯喀彻温省政府矿业与石油地理地图集和加拿大自然资源部）

Mustang Energy首席执行官兼董事Nicholas Luksha表示：“我们与ResPot的合作为我们推进Mustang的铀矿勘探战略提供了宝贵的见解。通过利用现有数据集和高端地球物理模型，我们正在优化钻探目标，同时优化勘探支出。这些解读构成了我们2025年油田计划的基础，并为我们正在进行的项目评估工作提供参考。”

本新闻稿中包含的所有地球物理数据均非最终确定数据，且结果仍处于早期解读阶段，无法保证一定能发现矿产。

关于Resource Potentials：
Resource Potentials Ltd.是一家咨询和承包公司，专门从事地球物理勘测设计、数据采集、处理、建模、反演、数据集成、解读和钻孔目标定位。 ResPot 成立于 2001 年，总部位于西澳大利亚珀斯，为客户提供符合其勘探、钻探和采矿作业需求和预算的专业知识和产品。ResPot 在处理、解释和建模势场（磁力和重力）以及其他地球物理勘测（例如辐射测量、电磁、激电、探地雷达和地震数据）方面经验丰富，适用于各种地质环境下的矿产，包括金、铁、贱金属、铀、稀土元素、锰、煤、钻石、石油和天然气、地下水等。

资格声明：
本新闻稿中的科学和技术信息已由 Mustang Energy 技术顾问、萨斯喀彻温省专业工程师和地球科学家协会注册会员 Lynde Guillaume（注册地质学家）审核并批准。Guillaume 女士是符合国家文书 43-101（矿产项目披露标准）定义的合格人员。

Mustang Energy Corp. (the “Company” or “Mustang”) is pleased to provide an update on its ongoing geophysical reprocessing, reinterpretation and targeting work in collaboration with leading geophysical consultants Resource Potentials Ltd. (“ResPot”) of Perth, Australia. This initiative reflects Mustang’s commitment to advancing exploration across its Athabasca Basin uranium projects through cost-effective, technically sound data integration.

Geophysical Reinterpretation Methodology
Following a detailed historical data compilation, ResPot has reprocessed and interpreted a suite of high-resolution airborne magnetic, radiometric, gravity, and electromagnetic (“EM”) datasets over Mustang’s properties. These datasets were sourced from open-file surveys by provincial and federal agencies and integrated with digital elevation models, geological maps, mineral occurrence records, drilling and geochemical data, and satellite imagery in GIS software.

Magnetic datasets were utilized to infer the depth and architecture of the Athabasca Basin unconformity—a critical control for high-grade uranium mineralization. EM datasets, including VTEM, MegaTEM, GeoTEM, ZTEM, and VLF surveys, were processed to identify conductive anomalies potentially related to graphitic pelite units and clay alteration zones.

Ratios and products of radioelement concentrations (K, Th, U) were computed to enhance subtle radiometric anomalies, despite their susceptibility to attenuation by surface cover. The integrated interpretation has revealed multiple areas of interest coincident EM-magnetic-low anomalies characteristic of basement-hosted unconformity-related uranium deposits.

A key component of this work has involved the continuous interpretation of geophysical data to guide targeted mineral claim staking, alongside the review of internal and public datasets, as Mustang evaluates potential project acquisitions and joint venture opportunities.

In addition to the reprocessing, reinterpretation, and targeting of historical datasets, ongoing interpretation is also underway on newly acquired airborne geophysical surveys. These include a MobileMT survey recently completed over the Yellowstone Project and an Xcite™ TDEM survey over the Dutton Project. Further analysis will also be conducted on the upcoming Xcite™ TDEM survey with radiometric data acquisition planned for the Spur Project in May. These contemporary datasets are expected to complement the historical compilation work and enhance Mustang’s ability to prioritize drill-ready targets across its portfolio.

Targeting:
The work conducted thus far, has resulted in targeting based off of the open source geophysical datasets over Mustang’s Athabasca Basin Uranium portfolio. Areas of interest have been identified based on this reinterpretation:

914W Project:
Positioned approximately 45 km south of the Athabasca Basin edge, this project hosts an EM conductor anomaly coinciding with a magnetic low and subtle radiometric uranium signature (Figure 1). Furthermore, the project lies along trend with known uranium and REE occurrences. The company plans to initiate a field-based prospecting program this spring to further assess these priority targets.

914W Project claim and mineral occurrences over a mosaic EM decay colour image from 3 adjacent airborne EM surveys where hot colours indicate electrical conductors, all overlying greyscale magnetic derivative background image. An EM conductor of interest is coincident with a magnetic-low anomaly and is considered to be a priority target area. (map layers retrieved from: Government of Saskatchewan Mining and Petroleum GeoAtlas and Natural Resources Canada)

Spur Project:
Located about 30 km south of the Basin, Spur is intersected by regional magnetic-low and EM conductor trends (Figure 2). Radiometric anomalies are evident, though muted by surface cover. Mustang has engaged Axiom Exploration to deploy the Xcite™ TDEM system with co-collection of radiometrics to in-fill areas not covered by modern day EM survey techniques. This project, like 914W, is also considered prospective for REE mineralization based on regional occurrence trends.

Spur project claims, mineral occurrences and select interpretation lines over a ternary radiometric image (left) where K is red, Th is green and U is blue, and late EM decay time images from 3 adjacent airborne EM surveys (right) where hot colours indicate electrical conductors, all overlying greyscale magnetic derivative background images. Note that this are no available EM datasets over the main part of the Spur claim. (map layers retrieved from: Government of Saskatchewan Mining and Petroleum GeoAtlas and Natural Resources Canada)

Ford Lake:
Comprised of 3 non-contiguous claim blocks and located within the Basin near the southern edge, with interpreted depths to the unconformity at ~400 meters or less. Ford Lake features a strong, untested EM conductor anomaly coincident with a magnetic-low trend. This anomaly is spatially associated with a known uranium occurrence to the northeast2 and a subtle U-Th radiometric trend. Follow-up mapping and sampling are recommended (Figure 3).

Ford Lake project claims and mineral occurrences over a mosaic VTEM EM decay colour image from 3 separate airborne EM surveys where hot colours indicate electrical conductors, all overlying greyscale magnetic derivative background image. An EM conductor of interest is coincident with a magnetic-low anomaly and located along an interpreted fold axis from a known U occurrence. (map layers retrieved from: Government of Saskatchewan Mining and Petroleum GeoAtlas and Natural Resources Canada)

Cigar Lake East:
Comprised of 2 non-contiguous claim blocks and located within the Basin near the eastern edge, with interpreted depths to the unconformity at ~200 meters or less. Cigar Lake East features multiple parallel NE-SW trending magnetic-low trends, some of which have been historically drill tested and host U mineralisation, including the Rabbit Lake Uranium Mine located approximately 40km to the NE. A magnetic-low anomaly trend within Mustang claims is coincident with EM conductor anomalies and remains untested by drilling.

Cigar Lake East project claims, historic drillhole collars and mineral occurrences over a mosaic VTEM EM decay colour image from 2 separate airborne EM surveys where hot colours indicate electrical conductors, all overlying a greyscale magnetic derivative background image. An EM conductor of interest is coincident with a magnetic-low anomaly trend that has not been historically drill tested, along trend from the Rabbit Lake U Mine and adjacent to known mineralised trends. (map layers retrieved from: Government of Saskatchewan Mining and Petroleum GeoAtlas and Natural Resources Canada)

“Our partnership with ResPot has yielded valuable insights that advance Mustang’s uranium exploration strategy,” said Nicholas Luksha, CEO and Director of Mustang Energy. “By leveraging existing datasets and high-end geophysical modelling, we are refining drill targets while optimizing exploration spend. These interpretations form the basis of our 2025 field program and inform our ongoing project evaluation efforts.”

All geophysical data contained in this news release is not definitive, and the results are still at an early stage of interpretation, with no guarantee of a mineral discovery.

About Resource Potentials:
Resource Potentials Ltd. is a consulting and contracting business specialising in geophysical survey design, acquisition, processing, modelling, inversion, data integration, interpretation and drill hole targeting. Based in Perth, Western Australia and established in 2001, ResPot provide their clients with expertise and products that fit their requirements and budgets for exploration, drilling and mining operations. ResPot is highly experienced in processing, interpreting and modelling potential field (magnetic and gravity) and other geophysical surveys such as radiometrics, EM, IP, GPR and seismic data in a variety of geological settings for commodities including; gold, iron, base metals, uranium, REE, manganese, coal, diamonds, oil and gas, groundwater, etc.

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, and a registered member of the Professional Engineers and Geoscientists of Saskatchewan. Ms. Guillaume is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.