Skyharbour Resources Ltd. (TSX-V: SYH ) (OTCQX: SYHBF ) (Frankfurt: SC1P ) (‘Skyharbour’ or the ‘Company’), is pleased to announce that it has entered into an option agreement (‘Agreement’) with Mustang Energy Corp. (the ‘Optionee’ or ‘Mustang’), whereby the Optionee may acquire a 75% interest in the Company’s 914W Uranium Project (the ‘Property’). The Property consists of a total of one mineral claim covering approximately 1,260 hectares located in the Athabasca Basin, Northern Saskatchewan.

Terms of the Agreement:

Pursuant to the Agreement, Mustang may acquire a 75% interest in the Property by (i) issuing common shares in the capital of the Optionee (‘Shares’) having an aggregate value of CAD $480,000; (ii) making aggregate cash payments of CAD $275,000; and (iii) incurring an aggregate of CAD $800,000 in exploration expenditures on the Property over a three-year period, as follows:

(1) Deemed pricing of Shares is based on the five (5) day volume weighted average price on the Canadian Securities Exchange for the 5 days prior to the time of the issuance (the ‘Deemed Price’).

Skyharbour will retain an NSR royalty of two percent (2%) whereby Mustang shall have the right at any time to purchase one-half (1/2) of the NSR royalty from Skyharbour in consideration of the payment to Skyharbour of CAD $1,000,000, thereby leaving Skyharbour with a one percent (1%) NSR royalty.

914W Property Summary:

The 914W Project consists of one claim covering 1,260 hectares approximately 48 km southwest of Cameco’s Key Lake Operation. Highway 914 runs through the western edge of the project, providing excellent access for exploration. Historical geological mapping of the property and the surrounding area has shown that the project is predominantly underlain by prospective Wollaston Supergroup pelitic and psammitic to arkosic gneisses of the Western Wollaston Domain, which host significant unconformity-related uranium mineralization further to the north in the Athabasca Basin as well as pegmatite-hosted uranium mineralization elsewhere in the Wollaston Domain.

914W Property Map:

https://skyharbourltd.com/_resources/projects/914W-image2.jpg

Despite the project’s proximity to Highway 914 and prospective geology, the project has seen limited modern exploration work. The earliest work on the 914W property included airborne EM and magnetic surveys and ground geological reconnaissance in 1968-1970, lake water and sediment sampling in 1976, ground VLF-EM, magnetic, and radiometric surveys, geological mapping, trenching, as well as sampling on the project and surrounding areas. Immediately to the north of the 914W property, prospecting led to the discovery of the Scurry Rainbow Zone E (SMDI1961) and the Don Lake Trenches (SMDI 1983), where up to 1,288 ppm U was encountered in drill hole ML-1 (SMDI1961) in a pyroxene-rich unit, and surface prospecting revealed up to 0.64% U ₃ O ₈ in a trench at Don Lake Zone E (SMDI 1983). More recently, the project has seen airborne geophysical coverage by helicopter-borne VTEM (southern half) in 2005 and Tempest TDEM (northern half) in 2007, with prospecting, geological mapping, rock/sediment sampling and lake sediment sampling occurring on the project and surrounding areas in 2005-2007. The project remains underexplored and prospective for unconformity-related and pegmatite-hosted uranium and REE’s.

ICP Securities Inc. Engaged for Automated Market Making Services:

The Company further announces the engagement of ICP Securities Inc. (‘ICP’) to provide automated market making services, including use of its proprietary algorithm, ICP Premium, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation. ICP will be paid a monthly fee of C$7,500, plus applicable taxes. The agreement between the Company and ICP was signed with a start date of November 11, 2024, and is for four (4) months (the ‘Initial Term’) and shall be automatically renewed for subsequent one (1) month terms (each month called an ‘Additional Term’) unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There is no performance factors contained in the agreement and no stock options or other compensation in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future and ICP is an arm’s length party to the Company. ICP’s market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities.

About ICP Securities Inc.:

ICP Securities Inc. is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.

About Mustang Energy Corp.:

Mustang Energy is an exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company operates several exploration projects in Saskatchewan’s Athabasca Basin, including the Ford Lake Project (7,743 hectares), Cigar Lake East and Roughrider South (combined 3,443 hectares), as well as recent acquisitions like the Yellowstone Project (21,820 hectares) and the Dutton Project (9,667 hectares). Mustang Energy remains committed to responsible exploration, with a focus on environmentally and socially sustainable operations, while contributing positively to local communities.

Qualified Person:

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by David Billard, P.Geo., a Consulting Geologist for Skyharbour as well as a Qualified Person.

About Skyharbour Resources Ltd.:

Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with interest in twenty-nine projects, ten of which are drill-ready, covering over 580,000 hectares (over 1.4 million acres) of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project, which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced-stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U ₃ O ₈ over 5.9 metres, including 20.8% U ₃ O ₈ over 1.5 metres at a vertical depth of 265 metres. Adjacent to the Moore Project is the Russell Lake Uranium Project, in which Skyharbour is an operator with joint-venture partner Rio Tinto. The project hosts several high-grade uranium drill intercepts over a large property area with robust exploration upside potential. The Company is actively advancing these projects through exploration and drill programs.

Skyharbour also has joint ventures with industry leader Orano Canada Inc., Azincourt Energy, and Thunderbird Resources (previously Valor) at the Preston, East Preston, and Hook Lake Projects respectively. The Company also has several active earn-in option partners, including CSE-listed Basin Uranium Corp. at the Mann Lake Uranium Project; CSE-listed Medaro Mining Corp. at the Yurchison Project; TSX-V listed North Shore Uranium at the Falcon Project; UraEx Resources at the South Dufferin and Bolt Projects; Hatchet Uranium at the Highway Project; Mustang Energy at the 914W Project; and TSX-V listed Terra Clean Energy (previously Tisdale) at the South Falcon East Project which hosts the Fraser Lakes Zone B uranium and thorium deposit. In aggregate, Skyharbour has now signed earn-in option agreements with partners that total over $41 million in partner-funded exploration expenditures, over $30 million worth of shares being issued, and over $22 million in cash payments coming into Skyharbour, assuming that these partner companies complete their entire earn-ins at the respective projects.

Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.

Skyharbour’s Uranium Project Map in the Athabasca Basin:

https://www.skyharbourltd.com/_resources/images/SKY_SaskProject_Locator_2024-02-14_V2.jpg

To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com .

Skyharbour Resources Ltd.

‘Jordan Trimble’

Jordan Trimble
President and CEO

For further information contact myself or:
Nicholas Coltura
Investor Relations Manager
‎Skyharbour Resources Ltd.
‎Telephone: 604-558-5847
‎Toll Free: 800-567-8181
‎Facsimile: 604-687-3119
‎Email: info@skyharbourltd.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Forward-Looking Information

This news release contains ‘forward‐looking information or statements’ within the meaning of applicable securities laws, which may include, without limitation, completing ongoing and planned work on its projects including drilling and the expected timing of such work programs, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of uranium, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, failure to obtain or maintain all necessary government permits, approvals and authorizations, failure to obtain or maintain community acceptance (including First Nations), decrease in the price of uranium and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

PRISM MarketView a leading provider of market insights and company news, proudly announces that Cardiol Therapeutics Inc. ( NASDAQ: CRDL, TSX: CRDL ) has been added to the PRISM Emerging Biotech Index, which spotlights companies leading innovation and creating market impact within the biotech sector. Cardiol’s focus on anti-inflammatory and anti-fibrotic therapies for heart disease, including its lead candidate CardiolRx, positions it as a pioneer in addressing major unmet needs in cardiac care.

The US FDA has granted Orphan Drug Designation to CardiolRx for the treatment of pericarditis, which includes recurrent pericarditis. Cardiol’s MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath, and fatigue, and results in physical limitations, reduced quality of life, emergency department visits, and hospitalizations, comprises the Phase II MAvERIC-Pilot study (NCT05494788), the Phase II/III MAVERIC-2 trial, and the planned Phase III MAVERIC-3 trial. The MAVERIC-2 trial will evaluate the impact of CardiolRx in recurrent pericarditis patients following the cessation of interleukin-1 blocker therapy. MAVERIC-2 is expected to initiate in Q4 2024 at major pericardial disease centers across the United States and Europe, with results anticipated ahead of the company’s planned pivotal Phase III MAVERIC-3 trial.

Recurrent pericarditis affects approximately 38,000 patients in the United States annually who have experienced at least one recurrence. The global pericarditis market was valued at $2.44 billion in 2023 and is projected to grow at a CAGR of 5.24% during the forecast period of 2024-2032, reaching $3.87 billion by 2032.

In addition, Cardiol is advancing CRD-38, a proprietary subcutaneously administered therapy for heart failure. Cardiol’s broad IP portfolio and regulatory pathway focus, including FDA and European Medicines Agency orphan designations, bolster its strong market positioning. The company is debt-free and well-capitalized to achieve corporate milestones into 2026.

For more information on Cardiol Therapeutics and the PRISM Emerging Biotech Index , visit prismmarketview.com .

About Cardiol Therapeutics
Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) is a clinical-stage life sciences company focused on the research and clinical development of anti-inflammatory and anti-fibrotic therapies for the treatment of heart disease. The Company’s lead small molecule drug candidate, CardiolRx (cannabidiol) oral solution, is pharmaceutically manufactured and in clinical development for use in the treatment of heart disease. It is recognized that cannabidiol inhibits activation of the inflammasome pathway, an intracellular process known to play an important role in the development and progression of inflammation and fibrosis associated with myocarditis, pericarditis and heart failure.

Cardiol has received Investigational New Drug Application authorization from the U.S. Food and Drug Administration (FDA) to conduct clinical studies to evaluate the efficacy and safety of CardiolRx in two diseases affecting the heart: recurrent pericarditis and acute myocarditis. The MAVERIC Program in recurrent pericarditis, an inflammatory disease of the pericardium which is associated with symptoms including debilitating chest pain, shortness of breath and fatigue and results in physical limitations, reduced quality of life, emergency department visits and hospitalizations, comprises the Phase II MAvERIC-Pilot study (NCT05494788), the Phase II/III MAVERIC-2 trial, and the planned Phase III MAVERIC-3 trial. The ARCHER trial (NCT05180240) is a Phase II study in acute myocarditis, an important cause of acute and fulminant heart failure in young adults and a leading cause of sudden cardiac death in people less than 35 years of age. The FDA has granted Orphan Drug Designation to CardiolRx for the treatment of pericarditis, which includes recurrent pericarditis.

Cardiol is also developing CRD-38, a novel subcutaneously administered drug formulation intended for use in heart failure – a leading cause of death and hospitalization in the developed world, with associated healthcare costs in the United States exceeding $30 billion annually.

For more information about Cardiol Therapeutics, please visit cardiolrx.com .

About PRISM MarketView
Established in 2020, PRISM MarketView is dedicated to the monitoring and analysis of small-cap stocks in burgeoning sectors. We deliver up-to-the-minute financial market news, provide comprehensive investor tools and foster a dynamic investor community. Central to our offerings are proprietary indexes that observe emerging sectors, including biotech, clean energy, next-generation tech, medical devices and beyond. Visit us at prismmarketview.com and follow us on X.

PRISM MarketView does not provide investment advice.

Disclaimer: This communication was produced by PRISM MarketView (PMV). PMV is not a registered or licensed broker-dealer nor investment adviser. No information contained in this communication constitutes an offer to sell, a solicitation of an offer to buy or a recommendation of any security. PMV may be compensated by respective clients for publicizing information relating to its clients’ securities.
See prismmarketview.com/disclaimer/

Contact:
PRISM MarketView
info@prismmarketview.com
646-863-6341

First Helium Inc. (‘First Helium’ or the ‘Company’) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has completed its field survey activities and selected the surface location for its Leduc anomaly test well planned for drilling this winter. The survey will be used to prepare necessary regulatory applications for drilling approval. The well location has been selected based on a thorough evaluation of recently acquired proprietary 3D seismic data where the Company has identified a significant anomaly in the Leduc Formation which it believes to be prospective for oil. To date, the Company has drilled two successful Leduc oil wells at Worsley, including the 1-30 and 4-29 Leduc oil pool discoveries, respectively, which together have produced more than 113,000 barrels of light oil, generating in excess of $13 million in revenue and $8 million in cash flow.

‘The completion of our recent financing will allow us to proceed with a number of operations this winter, which include testing the large 3D seismic anomaly targeting Leduc oil, and completing the previously drilled Blue Ridge horizontal well targeting helium-enriched natural gas. If successful, these operations will set the stage for immediate cash flow for the Company, coupled with the accelerated development of oil and helium enriched natural gas at Worsley, executed alone or with larger partners,’ said Ed Bereznicki, President & CEO of First Helium.

‘These operations represent a very important next step for the Company in de-risking the Leduc and Blue Ridge plays, respectively. Each has the potential to unlock significant, follow up development drilling on the Company’s 53,000-acre, 100% owned land base’, added Mr. Bereznicki.

Highlights of the Worsley Winter Program

This winter, the Company is planning to undertake a number of significant operations at Worsley, including:

Leduc Formation:

• The Company has also selected surface locations on three additional Leduc drill targets identified on proprietary 3D seismic, including one drilling location (‘7-30’) which was assigned ‘proved plus probable undeveloped’ oil reserves of 196,700 barrels ¹ by Sproule, its independent evaluator. Depending on timing, and capital availability, the Company may elect to pursue one or more of these additional Leduc drill targets.

Figure 1:

First Helium Worsley Proprietary 3D Seismic Leduc Interpretation

Blue Ridge Formation:

• Completion and testing of the previously drilled 5-27 horizontal Blue Ridge well is planned (see Figure 2) to establish a repeatable, high margin, helium-enriched natural gas play targeted to deliver significant volumes of helium gas production. The project’s potential scale and enhanced profitability will serve to attract partnership opportunities.

Figure 2:

West Helium Worsley Blue Ridge Development Scenario

Together, the vertical Leduc play, along with the Blue Ridge play combine to provide tremendous opportunity for scalability and future growth, all on existing (100 per-cent) Company held lands. Given the large potential opportunity of the Worsley project, the Company will continue to explore potential partnerships to accelerate the development of its rich asset base.

ABOUT First Helium

Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America.

First Helium holds over 53,000 acres along the highly prospective Worsley Trend in Northern Alberta which has been the core of its exploration and development drilling activities to date.

Building on its successful 15-25 helium discovery well at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development across its Worsley land base. Cash flow from its successful oil wells at Worsley has helped support First Helium’s ongoing exploration and development growth strategy. Further potential oil drilling locations have also been identified on the Company’s Worsley land base.

For more information about the Company, please visit www.firsthelium.com .

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznicki
President, CEO and Director

CONTACT INFORMATION

First Helium Inc.
Investor Relations
Email: ir@firsthelium.com
Phone: 1-833-HELIUM1 (1-833-435-4861)

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS

This press release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words ‘anticipate’, ‘plan’, ‘continue’, ‘expect’, ‘estimate’, ‘objective’, ‘may’, ‘will’, ‘project’, ‘should’, ‘predict’, ‘potential’ and similar expressions are intended to identify forward looking statements. In particular, this press release contains forward looking statements concerning the completion of future planned activities. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with the state of the equity financing markets and regulatory approval.

Management has provided the above summary of risks and assumptions related to forward looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company’s future operations. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.

SOURCE: First Helium Inc.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/bf8b83dd-ca0e-42a0-94fc-99b981ae9347

https://www.globenewswire.com/NewsRoom/AttachmentNg/d4b00224-de76-498d-801f-d7c2b03ce12d

Mustang Energy Corp. (CSE:MEC, OTC:MECPF, FRA:92T) (‘ Mustang ‘ or the ‘ Company ‘) is excited to announce that it has entered into a strategic option agreement (the ‘ Agreement ‘) with Skyharbour Resources Ltd. (TSX-V: SYH) (‘ Skyharbour ‘) dated November 12, 2024 to acquire an undivided 75% interest (the ‘ Option ‘) in Skyharbour’s 914W Uranium Project (the ‘ 914W Project ‘), located in the Athabasca Basin of Northern Saskatchewan. The Option marks an important step for Mustang as it seeks to expand its presence in a promising uranium district. Additionally, Mustang is pleased to welcome Jordan Trimble, President and CEO of Skyharbour, as a Strategic Advisor to the Company, bringing valuable industry insights and expertise to Mustang’s growing portfolio.

‘Being granted the Option to acquire a majority interest in the 914W Uranium Project is an exciting milestone for Mustang as we look to expand our footprint in and around the Athabasca Basin, a promising uranium district,’ commented Nick Luksha, CEO of Mustang. ‘With Jordan Trimble joining as a Strategic Advisor, we are gaining invaluable expertise that will strengthen our exploration efforts and help us unlock the potential of the 914W Project. This partnership aligns with our commitment to building a robust portfolio of high-impact assets while supporting sustainable development practices in the region.’

‘The 914W Project’s accessible location, combined with promising geological indicators similar to those seen in the nearby uranium occurrences at Scurry Rainbow Zone E ¹ and the Don Lake Trenches ² , underscores the potential for discovery. With much of the 914W Project remaining underexplored, we see an opportunity to unlock further value through targeted exploration,’ said Lynde Guillaume, Technical Advisor for Mustang.

Jordan Trimble, President and CEO of Skyharbour stated ‘As Skyharbour becomes a shareholder and project partner alongside Mustang at the 914W Project under the Agreement, I am looking forward to working with the Mustang team to advance the asset over the coming years. We believe there is a strong discovery upside potential at the early-stage project, and we are optimistic that Mustang will be able to unlock value at the property.’

About the 914W Uranium Project

The 914W Project is situated approximately 48 km southwest of Cameco’s Key Lake Operation, offering excellent logistics and access via Highway 914. The 914W Project is strategically positioned within the Western Wollaston Domain, known for unconformity-related and pegmatite-hosted uranium (or ‘ U ‘) mineralization.

The project host favorable geology with local graphite bearing assemblages. Immediately to the north of the 914W Project is the Scurry Rainbow Zone E ¹ and the Don Lake Trenches ² , where up to 1,288 ppm U was encountered in drill hole ML-1 ¹ , and surface prospecting revealed up to 0.64% U ₃ O ₈ in a trench at Don Lake Zone E ² .

While historical exploration conducted several geophysical and geological surveys over portions of the property, most of the 914W Project remains underexplored. Mustang sees substantial potential for advancing uranium and rare earth element exploration on the 914W Project.

Figure 1: Mustang Energy Corp. Claim 914W Location Map ³ .
Bedrock Geology (Sask GeoAtlas): Mfn – felsic gneiss, Wcn – calc-silicate rock, marble, Wm – psammitic meta-arkosic gneiss, Wpsn – pelitic, psammopelitic gneiss, Wma – amphibolite (Archean), Wfn – felsic gneiss

Welcoming Jordan Trimble as Strategic Advisor

In conjunction with the Option, Mustang is thrilled to welcome Jordan Trimble, a respected leader in the uranium sector and the President and CEO of Skyharbour, as a Strategic Advisor to Mustang. Mr. Trimble brings years of industry experience, particularly in uranium exploration and development, which will be invaluable as Mustang expands its exploration activities in the Athabasca Basin. By background, Mr. Trimble is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, business development and capital raising. Previous to Skyharbour, he was the Corporate Development Manager for Bayfield Ventures Corp. (‘ Bayfield ‘), a gold company with projects in Ontario which was successfully acquired by New Gold Inc. in 2014. Bayfield made a high grade gold and silver discovery at its Burns Block property in the Rainy River district which is now a part of the producing Rainy River Mine. Skyharbour’s strategic partners include Denison Mines Corp., Rio Tinto Limited & Orano Canada Inc.

Terms of the Agreement

Under the Agreement, Mustang can acquire a 75% interest in the 914W Uranium Project, which spans a total of 1,260 hectares, by satisfying the following conditions:

• Share Issuance: Mustang will issue common shares (each, a ‘ Share ‘) with a total value of CAD$480,000.
• Cash Payments: Mustang will make aggregate cash payments of CAD$275,000 over three years.
• Exploration Expenditures: Mustang will commit CAD$800,000 towards exploration on the 914W Project over the same three year period.

The cash payment, Share issuance and exploration expenditure schedules for the consideration noted above is as follows:

⁽¹⁾ Share values are based on the five-day volume-weighted average price on the Canadian Securities Exchange   (‘ CSE ‘)   prior to issuance.

Skyharbour will retain a 2% Net Smelter Return (‘ NSR ‘) royalty on the 914W Project, with Mustang holding an option to purchase back 1% for CAD$1,000,000, thereby reducing the NSR to 1%.

About Skyharbour Resources Ltd.

Skyharbour is a uranium exploration company with an extensive portfolio in the Athabasca Basin, including interests in numerous high-grade uranium projects and joint ventures with major industry partners such as Denison Mines Corp. and Rio Tinto Limited. Skyharbour’s projects span over 580,000 hectares and are positioned to benefit from strengthening uranium market fundamentals.

References:

1. SMDI# 1961, https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1961
2. SMDI# 1983, https://applications.saskatchewan.ca/Apps/ECON_Apps/dbsearch/MinDepositQuery/default.aspx?ID=1983

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 .

Adjacent Property Disclaimer

This news release also includes references with respect to the Scurry Rainbow Zone E and the Don Lake Trenches deposits (collectively, the ‘ Adjacent Properties ‘), which are located near the 914W Project in the Athabasca Basin. 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 914W Project or the Company’s ability to commercially exploit the 914W Project or to locate any commercially exploitable deposits therefrom.

All technical information contained in this press release with respect to Adjacent Properties, was provided by the sources noted in the references above without independent review and investigation by the Company, and the Company has relied on the information contained in the respective sources exclusively in providing the information about the Adjacent Properties and any deposits therefrom. The Company cautions investors on relying on this information as the Company has not confirmed the accuracy or reliability of the information.

About Mustang Energy Corp.

Mustang is a resource exploration company focused on acquiring and developing high-potential uranium and critical mineral assets. The Company is actively exploring its properties in the Athabasca Basin of Saskatchewan, Canada. Mustang’s flagship property, Ford Lake, covers 7,743 hectares in the prolific eastern Athabasca Basin, while its Cigar Lake East and Roughrider South projects span 2,901 hectares in the Wollaston Domain. Mustang has also established its footprint in the Cluff Lake region of the Athabasca Basin with the acquisition of the Yellowstone Project and further expanded its presence in the south central region of the Athabasca Basin with the Dutton Project.

On behalf of the board of directors,

‘ Nicholas Luksha ‘

Nicholas Luksha
CEO and Director

For further information, please contact:
Mustang Energy Corp.
Attention: Nicholas Luksha, CEO and Director
Phone: (604) 838-0184

Forward-Looking Statements Disclaimer

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as ‘intends’, ‘believes’ or ‘anticipates’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘should’, ‘would’ or ‘occur’. This information and these statements, referred to herein as ‘forward‐looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the exercise of the Option by the Company, the expected benefits of the various transactions contemplated herein and the future potential of the minerals claims acquired pursuant to the Agreement as contemplated herein. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation the assumption that the Company will be able: to exercise the Option and, in connection therewith, received all required third party approvals, to receive expected benefits and achieve anticipated integration post-transaction and continue exploring the various projects and surrounding minerals claims optioned to the Company pursuant to the transactions contemplated herein. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b11eb21a-9912-4232-b452-1448c920ff79