Mustang Energy Corp. Enters Option Agreements with Thunderbird Resources Ltd.

Core Viewpoint - Mustang Energy Corp has entered into two strategic option agreements with Thunderbird Resources Ltd to acquire an undivided 80% interest in mineral tenements in the Athabasca Basin, marking a significant step in expanding its uranium land package [1][4]. Group 1: Agreements Overview - The first agreement, the Cluff Lake Agreement, allows Mustang to acquire an 80% interest in the Cluff Lake Project, which consists of five mineral claims located approximately 12 km northeast of the historical Cluff Lake uranium mine [2][5]. - The second agreement, the Surprise Creek Agreement, enables Mustang to acquire an 80% interest in the Surprise Creek Project, which spans multiple areas including Surprise Creek, Pring Lake, and Ellis Bay/Bob Lake [3][10]. Group 2: Project Details - The Cluff Lake Project is situated in a highly prospective area of the Athabasca Basin, with a MobileMT survey conducted in 2024 identifying several high-priority drill targets in the Moose Lake area [8][9]. - The Surprise Creek Project is located 25 km northwest of the Beaverlodge Uranium District, with historical drilling results showing significant uranium mineralization, including results of up to 2.1m at 4.37% U3O8 and surface sampling returning assays up to 7.98% U3O8 [11][12]. Group 3: Financial Commitments - For the Cluff Lake Project, Mustang will issue shares valued at CAD$200,000, make cash payments totaling CAD$120,000 over four years, and commit CAD$3,000,000 towards exploration [19][23]. - For the Surprise Creek Project, similar financial commitments are required, including share issuance valued at CAD$200,000, cash payments of CAD$120,000, and exploration expenditures of CAD$3,000,000 [22][24]. Group 4: Future Plans - Mustang's technical team is developing plans for field programs at both the Cluff Lake North and Surprise Creek Projects to refine drill targets and evaluate underexplored structural corridors with strong discovery potential [4][29].