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

2. 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 2

3. Mustang Investment Highlights
Positive NI 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

4. Share Structure, Management & Directors
“MUM” 1 Year Price Movement
Symbol: “MUM” – TSXV
256.5 million shares outstanding
52 week High: $ 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
Western Areas Ltd. owns ~18% of Mustang 4

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

6. Nickel Uses 6

7. 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

8. 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

9. 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

10. 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

11. 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

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

13. 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

14. 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

15. Makwa - Selected Drill Hole Intersection (source: Mustang Minerals )
Makwa Nickel Deposit
Open pit partially mined in
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

16. Mayville Exploration Strong Intersections at Depth
Keel target area Strong borehole EM target
Above: Looking North at Mayville longsection showing location of % copper & 0.45% nickel) and % copper and 0.24% nickel) Strike length of Mayville Deposit is over 1 kilometer. 17

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

18. Mustang Minerals Contacts
David Black – Investor Relations
Tel:
Robin Dunbar – President
Carey Galeschuk, Vice President Exploration
is the Qualified Person for NI