Corcel Exploration Commences Drill Program at Yuma King Project

• Corcel Exploration announced on March 25, 2026, the commencement of its Phase 1 diamond drill program at the Yuma King Project in Arizona.
• The program targets approximately 1,500 metres of drilling across 6 to 8 sites, focusing on the historic Yuma King Mine area and adjacent West targets.
• A 10 line-km 2D pole-dipole induced polarization (IP) survey has been completed, with data currently being processed to refine drill targeting.
• Primary objectives include confirming historic mineralization, expanding known copper-gold skarn zones along strike and down-dip, testing new geophysical targets, and evaluating deeper porphyry potential.
• The program is fully permitted, with site preparation and drill pad construction already complete.
• This release directly follows the February 24, 2026 announcement regarding BLM permit approval and the planned 1,500m campaign, confirming execution on schedule.

• The news is fully expected and represents routine operational execution rather than a fundamental shift in the company's valuation or risk profile.
• The market has already priced in the December 2025 $2.1M financing and the February 2026 permitting milestone. The stock has traded in a tight $0.18-$0.21 range since late February, indicating no immediate catalyst-driven repricing.
• No new assay data, resource estimates, or strategic partnerships were disclosed. The value proposition remains entirely contingent on future drill results.
• From a risk-averse perspective, this announcement does not mitigate the company's near-term capital constraints or the unverified nature of the historical data guiding the drill targets.

• Corcel Exploration is a junior exploration company focused on advancing its 100% controlled Yuma King Project in La Paz County, Arizona.
• The flagship asset targets a copper-gold-silver skarn system with underlying porphyry potential. Historical production (1940-1963) yielded ~461,686 lbs Cu at 2.65% and 261 oz Au at 0.94 g/t.
• Historical drilling (2006-2011) reported intercepts such as 45.4m @ 0.78% Cu, 0.53 g/t Au, and 6.3 g/t Ag. However, the Qualified Person explicitly notes these historical datasets have not been independently verified due to missing original records.
• The company also holds the Willow Copper Property in BC, which has been deprioritized for exploration.