NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT REGULATIONS OF THAT JURISDICATION.

FOR IMMEDIATE RELEASE

5 February 2024

Mustang Energy PLC

("Mustang" or the "Company")

Rule 2.9 Announcement - Supplement

In accordance with Rule 2.9 of the City Code on Takeovers and Mergers, and further to the announcement made on 19 January 2024, Mustang Energy PLC (LSE: MUST) confirms that, in addition to the 12,161,966 ordinary shares of 0.1p each (the "Ordinary Shares"), there are 636, 986 warrants to subscribe for ordinary shares of 0.1 pence each, exercisable at 30 pence per share until 15 November 2024.

The Company also confirms that, as at the date of this announcement, it has £200,000 10% Unsecured Convertible Loan Notes in issue, which have a maturity date of 31 May 2024 and are convertible into Mustang ordinary shares of 0.1 pence per share at a conversion price of 6 pence per share.

The Ordinary Shares are admitted to trading on the Main Market of the London Stock Exchange. The Company has no Ordinary Shares held in Treasury.

The International Securities Identification Number for the Ordinary Shares is GB00BJ9MHH56.

For further information please contact:

Mustang Energy PLC                                                                                    Tel: + 61 416 220 007

Dean Gallegos, Managing Director

Guild Financial Advisory Limited                                                         Tel: +44 (0) 7973 839767

Rule 3 Advisor

Ross Andrews / Tomas Klaassen