9 January, 2023

Mustang Energy PLC

("MUST" or the "Company")

Change of Auditor & Notice of AGM

The Company announces the resignation of BDO LLP as auditor and the appointment, with immediate effect, of PKF Littlejohn LLP as auditor for the financial year ending 31 December 2022.

PKF Littlejohn re-appointment for the subsequent financial year will be subject to approval by shareholders at the 2022 Annual General Meeting of the Company.

The delayed 2022 Annual General Meeting ("AGM") of Mustang Energy plc (the "Company") will be held at 10:00 a.m. on 1 February 2023 at the offices of Keystone Law, 48 Chancery Lane, London WC2A 1JF.

The following documents are being posted to shareholders today:

-     Letter from the Chairman and Notice of AGM;

-     Annual Report and Financial Statements for the year ended 31 December 2021; and

-     Form of Proxy.

Copies of the above documents are available on the Company's website at the following link:

http://mustangplc.com/documents/AGM%20Notice%202022-FINAL.pdf

For further instructions on voting by proxy, please refer to the Form of Proxy and Notes 4 to 7 in the Notice of AGM. Proxies must be received no later than 10:30 a.m. on 30 January 2023.

Shareholders are encouraged to check the Company's website for any further updates regarding the AGM.

ENQUIRIES

For further information, please visit www.mustangplc.com, follow us on Twitter @Mustang_Plc, or contact: