CORPORATE PRESENTATION Exploring and Developing COPPER NICKEL PGM Resources in Southeast Manitoba April 2017

Forward Looking Statement This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include the Company's plans for its mineral projects in Manitoba, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and costs estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of nickel and other metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the most recently filed Company's Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available for public disclosure at www.sedar.com. 2

Mustang Investment Highlights Positive NI 43-101 PEA completed on Mayville - Makwa Cu-Ni-PGM Project Two open pit resources near infrastructure in southeast Manitoba. Western Areas Ltd Australia’s 3rd largest nickel producer owns ~18% of Mustang Exploration upside in prospective geology Mustang positioned for increased market interest in nickel, copper and platinum group metals . 2017 discovery of significant chromite at Mayville Property Above: Makwa-Mayville Project is located 2 hours by road from Winnipeg. 3

Share Structure, Management & Directors “MUM” 1 Year Price Movement Symbol: “MUM” – TSXV 256.5 million shares outstanding 52 week High: $0.025 Low: $0.005 Management and Directors Robin Dunbar M.B.A. – President, CEO and Director Rodger Roden C.A. – CFO Carey Galeschuk P.Geo Q.P. David Black – VP Investor Relations Ted Munden – Director Tom Meredith – Director www.bigcharts.com Western Areas Ltd. owns ~18% of Mustang 4

Nickel – Copper – Palladium - Improving Prices Improving prices for major commodities evident over last 12 month period. 5

Nickel Uses 6

Nickel – Underlying Nickel Demand Strong Nickel demand growth forecast is stable, ahead of global GDP growth forecasts Indonesian ore ban restricts growth in Chinese “pig nickel” and Japanese ferronickel Potential for multiyear period of deficits 7

Geological Potential - Bird River Greenstone Belt Bird River Area is ongoing subject of Canadian Federal Government Targeted GeoScience Initiative 4 Bird River Greenstone belt hosts magmatic Ni-Cu-PGM and Cr-PGM similar to the “Ring of Fire” ** Permissive geology for further discoveries Mayville and Makwa deposits both have further potential at depth Significant deposits of chromite identified historically ** as identified by Geological Survey of Canada as part of Targeted Geoscience Initiative 4 14

Project Overview Mining of two near surface open pit deposits over 14 year project life Makwa Nickel deposit to be mined first Owner operated conventional truck and shovel operation Recovery by standard flotation concentration of sulphide material Deposits 43 km apart by road Metal concentrates to be trucked to Winnipeg and on to smelter Mayville Winnipeg Makwa 8

PEA Financial Highlights -20% Nickel Base Case +20% Nickel Nickel US$ (lb) $6.80 $8.50 $ 10.20 Copper US$ ( lb) $3.40 $3,40 Palladium US$ (oz) $800 C$/US$ Exchange Rate $0.90 Operating Cashflow ($mm) $441 C$637 C$833 Pre-tax NPV at 7.5% ($mm) (C$ 14.7) C$ 109 C$232 Pre-tax IRR 6% 17% 28% After Tax NPV at 7.5% ($mm) (C$ 16.9) C$97 C$194 After Tax IRR 16% 25% Note: The PEA is preliminary in nature, it includes inferred mineral resources considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the preliminary assessment will be realized. 9

Mayville Makwa Resource RPA Inc. Nov 2013 Class and Deposit Tonnes (Mt) Ni (%) Cu Pt (g/t) Pd Au Co Indicated Makwa 7.2 0.61 0.13 0.10 0.36 N/A 0.01 Mayville 26.6 0.18 0.44 0.05 0.14 Total Indicated 33.8 0.27 0.37 0.06 0.19 Inferred 0.7 0.08 0.02 5.2 0.48 0.15 0.04 Total Inferred 5.8 0.43 CIM definitions were followed for classification of resources Resources reported at NSR factors cut-off factors of C15/tonne Mayville and $20.64 Makwa Metal prices used in resources were $3.40 copper and $8.50 nickel Resources that are not reserves do not have demonstrated economic viability Project resources: 201 million lbs. nickel; 275 million lbs., copper – Indicated 24 million lbs. nickel; 55 million lbs., copper - Inferred 10

Mayville Site Layout (per PEA April 2014) (Makwa Mayville Project) 12

Opportunities for Project Enhancement PEA Recommendations Opportunities for Project Enhancement Review of trade offs including mine size – production rates etc. Resource definition at both deposits ( including former producing Dumbarton Mine ) Improvement of metallurgical recoveries Defining high grade depth extensions to deposits 13

Mayville Cu-Ni-PGM Deposit Magmatic copper nickel deposit is outcropping at surface Mustang is first company to drill at depth Mineralization is open at depth Mayville - Selected Drill Hole Highlights (source: Mustang Minerals ) Hole # From (meters) Interval Copper (%) Nickel TPM g/t 06-1 6.1 41.2* 0.83 0.28 - 06-39 146.3 45.5* 0.70 0.19 06--55 208.3 126.3* 0.41 12-57ex 335.0 25.0 1.04 0.45 0.44 15

Makwa - Selected Drill Hole Intersection (source: Mustang Minerals ) Makwa Nickel Deposit Open pit partially mined in 1974-1976 Resource contains higher grade sulphide core zone at > 1% nickel Favourable horizon sporadically tested underneath resource and along strike. Exploration potential at depth Makwa - Selected Drill Hole Intersection (source: Mustang Minerals ) Hole # From (meters) Interval Nickel (%) Copper TPM g/t MM-04 50.9 18.3 1.01 0.18 0.85 MM-13 153.0 10.7 0.98 0.09 1.37 MM-17 180.5 16.8 1.20 0.14 1.51 Above: Intersections from Mustang Makwa drilling. ( indicated width ) 16

Mayville Exploration Strong Intersections at Depth Keel target area Strong borehole EM target Above: Looking North at Mayville longsection showing location of 12-57 (25m @ 1.05% copper & 0.45% nickel) and 05-16 (75m @ 0.75% copper and 0.24% nickel) Strike length of Mayville Deposit is over 1 kilometer. 17

Excellent jurisdiction and infrastructure for mine development Summary Makwa-Mayville Project positioned to move forward in period of stronger base metal fundamentals Low capital requirements for project compared to most base metal developments globally Excellent jurisdiction and infrastructure for mine development Near term exploration targets add project upside 19

Mustang Minerals Contacts David Black – Investor Relations info@mustangminerals.com Tel: 416-955-4773 Robin Dunbar – President rd@mustangminerals.com Carey Galeschuk, Vice President Exploration is the Qualified Person for NI-43-101