Mr. Jon Ward reports

CORCEL EXPLORATION REPORTS POSITIVE RESULTS FROM AN INDUCED POLARIZATION SURVEY AT YUMA KING, ARIZONA

Corcel Exploration Inc. has released the results of its initial induced polarization geophysical survey that consisted of 10 line kilometres using a 2-D pole-dipole electrode array over the Yuma King West and Yuma King mine targets at the Yuma King project in Arizona.

Key insights from the IP survey:

• Yuma King mine: new YK North skarn target:
  • Resistivity inversion defines new YK North skarn target largely hidden by cover rocks.
  • This is a conductive zone that resembles a similar zone hosting Yuma King mine mineralization, located on the opposite side of the porphyry intrusion. The Yuma King mine mineralization is not strongly chargeable so it is best imaged by resistivity or its inverse, conductivity.
  • Geological mapping shows prospective stratigraphy continues in this area, and mineralization potential is supported by a gold-copper soil anomaly that is the mirror image of a similar anomaly southeast of Yuma King mine.
• Three Musketeers: Near-surface resistive zones correlate with magnetite destructive alteration and potential skarn-hosting stratigraphy identified by the drone magnetic survey (see news release dated June 28, 2025). These are associated with very strong gold and copper in soils (up to 1.47 grams per tonne gold and 10,750 parts per million copper) and rocks (up to 17.15 g/t Au and 11.6 per cent Cu; see news release dated May 13, 2025). This alteration and geophysical response may indicate the upper levels of a porphyry and/or skarn system.
• YK West: Large IP chargeability anomalies approach the surface in the southern half of these lines and plunge northward to depth. These anomalies have high conductivity and are interpreted as a deep-seated source, which could represent enrichment in sulphide minerals related to a porphyry system, or underlying McCoy Mountains formation rocks, which contain graphite/graphene of potential economic significance (see news release dated Oct. 27, 2025). Outcropping magnetite-rich skarn, along with Au-in-soil and strong Cu-in-rocks results, overlies this anomaly in the YK West area.

"Corcel continues to advance the Yuma King project through a systematic integration of surface exploration, geophysics and drilling across what we believe is a large-scale copper-gold system," commented chief executive officer Jon Ward. "The results from this recently completed IP survey highlight compelling chargeability and resistivity anomalies extending beyond the immediate Yuma King mine area, reinforcing the broader district-scale potential of the project. We are actively incorporating these results into current drill targeting, and they will be used to define and prioritize targets for our phase 2 drill program."

Qualified person as defined under National Instrument 43-101

Roy Greig, PhD, PGeo, a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects), adviser to Corcel, 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 currently 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 metal properties throughout North America. The company has entered a long-term lease agreement to acquire the Yuma King Cu-Au 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.

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