06:18 AM EDT, 08/25/2025 (MT Newswires) -- Mustang Energy ( MECPF ) late on Friday said it has completed the first phase of field exploration activities on the Surprise Creek uranium-copper project in Saskatchewan and also agreed to acquire an 80% stake in the project.

The field program at Surprise Creek included surface prospecting activities and detailed rock sampling to further refine target areas and outline mineralization and alteration. Results from this phase of exploration are expected to inform drill targeting on the project.

The company entered into an option agreement with Thunderbird Resources to acquire an undivided 80% interest in Surprise Creek.

Separately, Mustang on Aug. 12 issued 1.5 million common shares to Stallion Uranium under a purchase and sale agreement to acquire the Ford Lake project to allow Mustang to accelerate the payment of the purchase price.

The share issuance marked the payment of the final installment of the purchase price.