Mustang Resources Ltd: Shareholder Letter - Retraction of Peer Comparison

Sydney, Australia - On 31 August 2018 Mustang Resources Ltd. (ASX:MUS) (OTCMKTS:MTTGF) ("Mustang", the "Company") issued a shareholder letter entitled "Mustang to be renamed "New Energy Minerals Ltd to reflect its focus on the world-class Caula Vanadium-Graphite Project".

Following discussions with the ASX, Mustang hereby retracts the peer comparison information contained in the shareholder letter.

Retracted Statements;

On pages 2 and 3 of the shareholder letter, information was provided in the form of peer comparisons with other African graphite companies. The peer comparisons compared the JORC Measured Resources, Flake sizes and Grades of different African focused graphite companies, based on published results from peer companies noted in the shareholder letter.

The peer comparison in respect of Resources only compared the Resource in the Measured Resource category (highest degree of geological confidence) and did not include Inferred Resources nor Indicated Resources, nor did it demonstrate if any of the Indicated or Measured Resources have been converted to a Reserve.

Accordingly, African Graphite Companies Peer Comparison - Table 1 on page 2 and the reference to it are retracted.

African Graphite Peer Comparison - Figure 1 on page 3 and the reference to it are retracted.

Accordingly, investors should not rely on the retracted information as a basis for an investment decision in relation to Mustang's shares.

About Mustang Resources Ltd:

Mustang Resources Ltd. (ASX:MUS) (FRA:GGY) is an ASX listed company focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd. (ASX:SYR) Balama Project. In July 2018 Mustang announced a maiden vanadium JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.

The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of graphite and vanadium, both key components used in battery production, the company currently has a scoping study underway, which is due for completion in Q3 2018.

Visit the Mustang website at http://www.mustangresources.com.au for more information.

Source:

Mustang Resources Ltd.

Contact:

Managing Director: Mustang Resources Ltd. Bernard Olivier E: bernard@mustangresources.com.au M: +61-4-08948-182 T: +27-66-4702-979 Media & Investor Relations: Jane Morgan Management Jane Morgan E: jm@janemorganmanagement.com.au T: +61-405-555-618