Mustang Mobilises Geophysical Crew in Nevada, USA

VANCOUVER, British Columbia, Aug. 18, 2026 (GLOBE NEWSWIRE) — Mustang Minerals Limited (“Mustang” or the “Company”) (TSX-V: MMX; OTCQB: MMXLF) is pleased to announce that IP geophysical work has commenced at its Confusion Hills project in Nevada. This work has been planned to help with final drill targeting for a first pass drill program. Once work is completed at Confusion Hills project, the crew will move to the Pilot project where similar work will be carried out, again to help finalise drill targets. Once all data has been gathered and processed, a final drill plan will be developed for first pass drilling on each project. The Company plans to conduct first pass drilling on both projects and expects to commence with the first project in the autumn of this year. Further updates will be provided when all exploration data has been compiled and plans are finalized.

J Duane Poliquin, Chairman of Mustang commented, “We are excited to be back at work on our Nevada portfolio and look forward to starting our drilling program later this year.”

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The Company’s USA exploration properties are located in central Nevada and are considered prospective for copper-gold porphyry and high sulphidation gold-silver-copper style mineralisation. The Red Ring and Confusion Hills Projects have preserved high sulphidation style alteration on surface with potential for associated gold mineralization, while the Pilot Project is being explored for copper-gold mineralisation beneath pyrophyllite-sericite alteration mapped at surface. Additional information on each property is provided below.

Pilot Porphyry Copper-Gold Prospect, Nevada The Pilot project covers an area of hydrothermal alteration developed in folded sedimentary rocks that have been intruded by tonalite porphyry bodies exposed in drainages. In 2024, Almadex conducted extensive alteration and geologic mapping along with rock and soil sampling, IP geophysics and a drone-based magnetics survey. The alteration is dominated by pyrophyllite with white mica. A soil sampling program defined a broad zone of anomalous copper-molybdenum and gold coincident with high chargeability from an IP survey and a distinct magnetic high. A drill permit for the Pilot project has been approved.

Confusion Hills Porphyry-Epithermal Gold-Copper Prospect, Nevada The Confusion Hills high sulphidation prospect covers a large alteration zone developed in volcanic rocks. On April 15, 2025 Almadex announced that to date 107 grab rock samples had been taken from outcrop, subcrop and float (grab samples are selected samples and may not represent true underlying mineralisation). These preliminary results were very encouraging as 6 of these samples returned over 0.1 g/t gold with 3 returning more than 0.5 g/t gold (up to 7.1 g/t gold in a grab sample of subcrop and averaging 1.6 g/t gold for all 6). These significant results are all associated with altered breccia in the central part of the project where mapping in 2024 and 2025 defined a high sulphidation/porphyry lithocap over an area of 1.6 km x 0.5 km.