Date: Jun 27, 2018

Mustang Resources Ltd (ASX:MUS) (OTCMKTS:MTTGF) is pleased to report further strong assay results from drilling at its Caula Graphite-Vanadium Project in Mozambique.

Key Points

– Further high-grade assays from the final holes drilled as part of the Scoping Study on the Caula Graphite and Vanadium project (Licence 6678L)

– Assays include intersections of up to 1.9% vanadium (V2O5) and 28.9% Total Graphitic Carbon (TGC)

– The results contain multiple high-grade intersections over extensive widths, including 215m at 14.72% TGC average and 0.51% V2O5 average (MODD018)

– The latest Vanadium results include:

o 32m @ 0.82% V2O5 including 14m @ 1.29% V2O5 (MODD018)

o 46m @ 0.39% V2O5 including 3m @ 0.67% V2O5 (MODD019)

o 79m @ 0.39% V2O5 including 6m @ 0.55% V2O5 (MODD022)

– The latest Graphite results include:

o 48m @ 17.68% TGC including 13m @ 21.5% TGC (MODD018)

o 45m @ 13.91% TGC including 7m @ 19.17% TGC (MODD019)

o 66m @ 15.41% TGC including 13m @ 17.79% TGC (MODD022)

– These results will now be incorporated into the Maiden Vanadium Resource and upgraded Graphite Resource which are scheduled for release in the coming quarter

The assays come from the final seven holes drilled as part of the Caula Scoping Study, which is scheduled for completion in the coming quarter.

The latest results contain exceptional assays of up to 1.9% vanadium (V2O5) and 28.9% Total Graphitic Carbon (TGC), as well as confirming the presence of elevated mineralisation around the anticlinal hinge.

The results also provide an important insight into the structure and controls of the vanadium-graphite mineralisation at Caula. Mustang is integrating these latest results with the existing data.

Mustang Managing Director Dr. Bernard Olivier said: “These latest assays provide more strong evidence that Caula hosts extensive high-grade graphite mineralisation as well as highly promising vanadium mineralisation.

“The results further highlight the potential for Caula to be a world-class, low-cost graphite and vanadium supplier to the fast-growing battery industry.”

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