Mr. Jon Ward reports

CORCEL EXPLORATION COMMENCES DRILL PROGRAM AT YUMA KING PROJECT

Corcel Exploration Inc. has commenced its initial drill program at the Yuma King project in Arizona, alongside the successful completion of an induced polarization (IP) geophysical survey over the Yuma King West and Yuma King mine targets. Interpretation of the IP data is currently under way.

"The initiation of drilling marks a significant and exciting step for Corcel as the company advances Yuma King systematically through surface exploration and geophysics into systematic drill testing of a large-scale copper-gold system," commented chief executive officer Jon Ward.

Drilling at Yuma King

Drilling is now under way at the project, following completion of site preparation and drill pad construction. The fully permitted phase 1 program is expected to comprise approximately 1,500 metres of diamond drilling across six to eight drill sites, targeting zones of known mineralization and stepout targets supported by integration of exploration data sets (see news release of Oct. 15, 2025).

Drilling is focused on the Yuma King mine area and surrounding targets, where historical work and recent programs indicate the presence of both copper-gold skarn mineralization and a broader porphyry system. The system remains open along strike, at depth and across multiple target corridors.

Program objectives

The 2026 drill campaign has been designed with a clear set of technical objectives:

• Confirm historical drilling and validate previously reported mineralized intervals;
• Expansion of known mineralized zones along strike and downdip;
• Testing of new targets generated from integrated geophysical and geochemical data sets;
• Evaluation of porphyry potential underlying known skarn mineralization.

The program represents a critical step in determining the scale and continuity of mineralization across the broader Yuma King system.

IP survey completed

Corcel has also successfully completed a 10-line-kilometre 2-D pole-dipole IP survey covering priority target areas at the Yuma King mine and Yuma King West.

The survey was designed to:

• Map chargeability anomalies associated with sulphide mineralization;
• Define structural controls and alteration patterns;
• Identify potential mineralized zones beneath shallow cover;
• Enhance targeting for both current and follow-up drilling.

Data processing is currently under way, with results expected to be integrated into continuing drill targeting.

Qualified person as defined under National Instrument 43-101

Roy Greig, PhD, PGeo, a qualified person (QP) as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and adviser to Corcel Exploration Inc., has reviewed and approved the technical content in this news release. The QP has not been able to verify the historical exploration data disclosed herein since the original materials and documentation are presently inaccessible. Nonetheless, these data are believed to be accurate and sufficient for purposes of guiding future exploration on the Yuma King project.

About Corcel Exploration Inc.

Corcel Exploration is a mineral resource company engaged in the acquisition and exploration of precious and base metals properties throughout North America. The company has entered a long-term lease agreement to acquire the Yuma King Cu-Au (copper-gold) project in Arizona, which spans a district-scale land position of 3,200 hectares comprising 515 unpatented federal mining claims in the Ellsworth mining district, including the past-producing Yuma King mine, which saw underground production of copper, lead, gold and silver between 1940 and 1963.

We seek Safe Harbor.