Ann: Shareholder Update-MUS.AX, page-2

Very good. Everything is on track.

SHAREHOLDER UPDATE

Mustang Resources Limited (ASX: MUS) (‘Mustang’ or the ‘Company’) notes the suspension of trading in the Company’s securities yesterday on the Australian Securities Exchange.

Due to a change in audit firms, as reported on 18 August 2016, the time taken to complete the statutory accounts for the year ended 30 June 2016 has been slightly longer than anticipated.

Mustang expects the accounts to be finalised and lodged within 24 hours with trading in the Company’s securities to resume shortly thereafter.

Montepuez update

Mustang is pleased to confirm that progress at the Montepuez Ruby Project in Mozambique is well on track and the bulk sampling plant is expected to start production very shortly.

Mining of the secondary (alluvial/colluvial) ruby deposit on license 4143L is ongoing and the stockpile of gravels continues to build with wet-commissioning of the plant underway.

We look forward to updating shareholders on the significant progress at the Montepuez Ruby Project in the near future.

For and on behalf of the Board

Christiaan Jordaan
Managing Director