Mr. Jon Ward reports

CORCEL OUTLINES PHASE 2 DRILL PROGRAM AT THE YUMA KING CRITICAL MINERALS PROJECT, ARIZONA

Corcel Exploration Inc. has outlined the plans for its upcoming phase 2 drill program at its Yuma King project in west-central Arizona. Yuma King is considered prospective for high-grade copper-silver-gold and tungsten mineralization.

Highlights:

• Planned phase 2 drill program: Over 3,500 metres of drilling is planned to build on previously reported results from the recently completed phase 1 program (see news release dated Aug. 12, 2026).
• Drilling untested exploration targets: Drill holes are designed to systematically evaluate three high-priority exploration targets beyond the Yuma King mine target area that have not previously been drilled.
• U.S. critical mineral focus: Drilling is designed to test for skarn-related copper-silver-gold mineralization and associated tungsten mineralization.

"We are excited to commence our phase 2 drill program at the Yuma King project in Arizona," commented Jon Ward, chief executive officer of Corcel Exploration. "Building on the strong results from our recently completed phase 1 program at the historic Yuma King mine, we are now expanding our exploration efforts to evaluate multiple high-priority, largely untested targets beyond the immediate mine area. Our objective is to evaluate the extent of copper-gold skarn mineralization at the YK North target, YK West and Three Musketeers zones. We are also planning additional geophysical surveys around the historic Yuma King mine to help vector toward a potential underlying porphyry source. With multiple exploration targets and significant areas yet to be drill tested, we believe this next phase of exploration represents an important opportunity to demonstrate the district-scale potential at Yuma King."

Significant drill program

The planned phase 2 reverse circulation (RC) drill program will build on previously reported results from the recently completed phase 1 program, which focused primarily on the historic Yuma King mine area (including 56.65 meters of 1.07 per cent copper (Cu), 0.79 gram per tonne (g/t) gold (Au) and 7.1 g/t silver (Ag) in drill hole YK26-001; see news release dated June 1, 2026).

Phase 2 drilling will focus on the YK North, YK West and Three Musketeers targets considered prospective for skarn-related copper-silver-gold and locally tungsten mineralization.

Details include:

• YK North Cu-Au-Ag target: The YK North target, 1.0 kilometres (km) northwest of the Yuma King mine, consists of a broad approximately 500-metre (m) zone of high-conductivity that the company interprets as potentially analogous to the mineralized zone at the Yuma King mine. The YK North target area is also associated with local gold-copper soil geochemical anomalies. Drilling at the YK North target will evaluate the potential for a distinct zone of Yuma King-style copper-gold-silver mineralization.
• YK West Cu-Au-Ag target: The YK West target area, 1.2 km southwest of the Yuma King mine, consists of locally outcropping magnetite-rich skarn associated with gold-in-soil anomalies, elevated copper values in rock-chip samples and a broad high-chargeability anomaly. Drilling at the YK West target will evaluate the potential for an additional zone of Yuma King-style copper-gold-silver mineralization.
• Three Musketeers Cu-Au-W target: The Three Musketeers target, 1.8 km west of the Yuma King mine, consists of coincident high-resistivity and magnetic-low geophysical anomalies that the company interprets as potentially reflecting the upper levels of a porphyry-skarn-related system (see the company's news release dated June 28, 2025). The coincident geophysical signatures are associated with strong gold-copper soil anomalies with individual samples returning up to 1.47 g/t Au and 10,750 parts per million (ppm) Cu, and rock chip samples returning up to 17.15 g/t Au and 11.6 per cent Cu (see news release dated May 13, 2025). The target area also contains numerous tungsten showings with rock samples up to 19.15 per cent WO3 coincident with tungsten soil anomalies. Drilling at Three Musketeers will evaluate the skarn-related copper-gold-tungsten potential across an area of 350 by 150 metres.

Corcel engages Market One Media Group

Corcel has entered into a media services agreement with Market One Media (Suite 320, 440 West Hastings St., Vancouver, B.C., V6B 1L1; telephone: 1-604-428-2125; e-mail: info@marketone.ca). Market One provides editorial, video and digital media services. The promotional activities will be carried out through editorial, video, digital and social media channels, including media platforms such as BNN Bloomberg. The 12-month engagement commenced on Oct. 21, 2026, and is expected to conclude in September, 2027. Market One has been engaged to provide paid promotional and media services, including editorial and video content. The company will pay Market One $95,000 plus applicable GST for these services. Market One has not been engaged to provide market-making services. Compensation is not based on share price or trading volume, and Market One will not receive any securities or options as compensation. Market One is arm's length to the company and, to the company's knowledge, neither Market One nor its principals held any direct or indirect interest in the company's securities at the time of the agreement

Technical disclosure

Roy Greig, PhD, PGeo, a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and an adviser to the company, has reviewed and approved the scientific and technical disclosure in this news release.

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 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.