Dr. Paul Clarke reports

CANCAMBRIA ENERGY PROVIDES UPDATED CONTINGENT RESOURCE EVALUATION FOR FLAGSHIP DEEP GAS PROJECT, ATTRIBUTABLE TO STRONG EUROPEAN NATURAL GAS PRICES, DRIVING AN INCREASED NPV10 OF US$2.04 BILLION

Cancambria Energy Corp. has made a significant increase in the value of the company's independent contingent resource evaluation for its deep gas project, located on the company's 100-per-cent WI (working interest), BA-IX mining plot and Kiskunhalas concession area (KCA), in southern Hungary. The updated independent resource evaluation report, dated July 1, 2026, and effective as of June 30, 2026, was prepared by Chapman Hydrogen and Petroleum Engineering Ltd. (CHPE), an independent qualified reserves evaluator, in accordance with the Canadian Oil and Gas Evaluation (COGE) Handbook, and incorporates a higher long-term European natural gas price of $12.00/MMBtu (million British thermal units) (TTF1) and first gas production commencing in mid-2027.

Based on the updated pricing assumptions, the estimated net present value discounted at 10 per cent (NPV10) of the company's base-case, risked 2C development pending contingent resource (2C development pending) increased by 16 per cent, from $1,762-million to $2.04-billion.

2C development pending best estimate contingent resource of:

• 2C contingent resources "development pending" subclass of 571.9 Bcf (billion cubic feet) and 59.6 MMbbl (net risked recoverable) is unchanged.
• NPV10 increases by $278-million (U.S.) to $2.04-billion (U.S.) for 2C development pending subclass, risked case.
• The field development model has first production mid-2027 and full field development increasing in 2028 (to six wells per year) with an inventory of 112 wells.

The combined best estimate 2C contingent resources (all classes) for the combined area under ownership net to the company of 1.1 trillion cubic feet of natural gas and 116.6 million barrels of condensate.

The revised valuation reflects a stronger long-term outlook for European natural gas prices amid heightened macro-geopolitical uncertainty, tightening supply-side fundamentals and increasing concerns over European energy security. Recent tensions involving Iran and broader instability across the Middle East have further reinforced the strategic importance of secure, domestically sourced natural gas supplies within Europe. In response to these evolving market conditions, CHPE adopted a $12.00 (U.S.)/MMBtu gas price assumption, compared with the previous $10.00 (U.S.)/MMBtu base-case assumption, resulting in a meaningful increase in the estimated value of the Kiskunhalas project.

European natural gas day-ahead spot prices are currently $18.50 (U.S.)/MMBtu, while the six-month trailing average exceeds $15.00 (U.S.)/MMBtu, as does the trailing five-year average. CHPE's price assumption remains approximately 40 per cent below current spot prices, highlighting the conservative nature of the updated evaluation. The resource assessment continues to utilize a Brent crude oil price assumption of $65.00 (U.S.) per barrel.

Dr. Paul Clarke, president and chief executive officer, stated: "The updated independent resource evaluation demonstrates the significant leverage our Kiskunhalas project has to long-term European natural gas prices. The increase in the Kiskunhalas project's NPV10 highlights the value created by a stronger pricing environment while continuing to reflect conservative long-term commodity price assumptions. As one of the largest undeveloped onshore gas projects in Central Europe, we believe the Kiskunhalas project is well positioned to benefit from Europe's growing focus on secure domestic energy supplies. We remain disciplined in advancing our Kiskunhalas project while focused on unlocking its substantial value for our stakeholders, with multiple near-term growth catalysts on the horizon."

The updated resources evaluation can be downloaded from SEDAR+.

About Cancambria Energy Corp.

Cancambria Energy is a Canadian-based exploration and production company specializing in tight gas development. With a globally experienced leadership team, Cancambria focuses on high-quality, derisked projects with direct access to profitable markets. Leveraging the industry's most advanced technologies the company aims to commercialize their flagship asset, the 100-per-cent-owned Kiskunhalas project in southern Hungary, a significant gas-condensate resource in the heart of Europe.

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