Mr. Cameron Tymstra reports

TARGA PROVIDES CORPORATE AND PROJECT UPDATES; BOARD APPROVES EXPANSION OF EL ZANJON DRILL PROGRAM

Targa Exploration Corp. today provided an update on recent corporate milestones and project updates from Targa's continuing drill program at the El Zanjon gold-silver project in Santa Cruz, Argentina, and Opinaca gold discovery in Quebec.

Highlights

• Management team and board strengthened by recent additions in 2026;
• Drill production significantly improved at El Zanjon gold-silver project with new rig and crew;
• El Zanjon drill program expanded from 2,250 metres to 3,250 metres;
• Visible gold seen in first hole (EZD0001):
  • Initial assays expected mid to late June.
• Three holes now complete with drilling on hole EZD0004 under way;
• Planning under way for next phase of work at Opinaca gold discovery in Quebec;
• Investor meetings and presentations taking place in Quebec City this week.

"Our year got off to a strong start with the announcement of our Opinaca gold discovery in January," commented Targa chief executive officer Cameron Tymstra. "Over the last several months we have bolstered our team with the addition of a new CFO, corporate secretary and VP of exploration, all of whom are well respected in their fields, speak Spanish and bring many years of industry experience to the table. Bryce Roxburgh, with his five decades of deposit discovery success, is a new pillar of technical expertise on our board since joining as a director in March and is already a key contributor to our exploration strategy.

"Since mobilizing a new, larger drill rig after hole EZD0001 to El Zanjon, drill production has improved significantly. We have now completed three drill holes and are progressing well on EZD0004. The early observation of visible gold in the first hole was an encouraging sign of El Zanjon's potential to host epithermal gold-silver systems. Samples from the first two drill holes have been delivered to the lab and initial assays are anticipated by late June. The board, confident in the early observations from these first holes, has approved a 1,000 m increase to the drill program to allow our team to add at least four additional drill holes in these target areas.

"Targa is on the road in Quebec City this week meeting and presenting to investors at THE Mining Investment Event and in the planning stages for the next phase of work at Opinaca. With drilling now progressing at pace in Argentina and samples at the lab, investors can expect a steady flow of exploration related news over the summer months both from El Zanjon and Opinaca."

Management team and board

Since the start of the year there have been three significant additions to Targa's management team. Alex Adams, a chartered professional accountant (CPA, CGA), joined the team as the new CFO (see Jan. 21, 2026, press release). Mr. Adams has over 14 years of experience in the mineral exploration industry and was recently CFO of Rugby Resources Ltd. Susy Horna was appointed the new corporate secretary in May (see April 30, 2026, press release) and recently held similar roles with Gatos Silver Inc. and First Majestic Silver Corp. Both Mr. Adams and Ms. Horna are native Spanish speakers with considerable experience working for Canadian exploration companies with South American operations.

Ryan Weston rounded out the additions to the management team last week when he joined Targa as the new vice-president of exploration (see May 25, 2026, press release). With 25 years of international experience, including in Latin America, he played key roles in the successful sale of Carlisle Goldfields to Alamos Gold in 2016, and of Noront Resources to Wyloo in 2022. Mr. Weston will be driving the company's exploration strategy, with guidance from the board's newest director Bryce Roxburgh, as Targa advances its gold discovery portfolio. Mr. Roxburgh, who was a leader behind the teams at Extorre, Exeter Resource Corp. and Rugby Resources, all of which were successfully sold to the likes of Yamana, Goldcorp and Andina Copper, respectively, joined Targa's board of directors in March (see March 3, 2026, press release). Mr. Roxburgh has an extensive record of successful mineral deposit discovery throughout Latin America, including in the Santa Cruz province of Argentina where Targa operates.

El Zanjon drill program

The first three drill holes have now been completed at El Zanjon. Drilling is currently progressing on the fourth hole, which was at a depth of 164 m as of the morning of June 1, 2026. The more powerful drill rig, additional tooling and new supervisor, which were all mobilized to site after challenges drilling through the overburden in the first hole, have made dramatic improvements in drill production.

Based on the exciting initial observations of visible gold from hole EZD0001 (see press release dated May 19, 2026), Targa will now expand and extend the drill program from 2,250m to 3,250m - an initial 44-per-cent increase.

Holes EZD0003 and EZD0004 are on a new drill fence, located approximately one kilometre east of the first drill fence containing holes EZD0001 and EZD0002. This new drill fence is designed to test a different structure trending east-west, as interpreted from magnetic data, and the coincidence of elevated gold and silver values seen in the ionic leach soil sampling (see press release dated March 2, 2026, for additional details).

After hole EZD0004, the drill rig will move back to the first drill fence to drill a scissor hole with opposite azimuth to EZD0001 and EZD0002 to better understand the orientation of the mineralized structures and rock units encountered in those first two holes. The rig will then move roughly 1.5 km southeast along strike of the same interpreted structure where additional anomalies in the geochemistry are observed.

Samples from holes EZD0001, including from the intervals containing visible gold and electrum, and EZD0002 have been delivered to the Alex Stewart International prep lab in Puerto San Julian. After preparation, sample pulps will be sent for Au-Ag fire assay in Perito Moreno. Initial Au-Ag assay results are currently anticipated before the end of June. As this is the first time the company has worked with this lab in Argentina and this is the first batch of samples sent, the company urges caution in relying on the turn-around time estimates provided by the lab.

Opinaca project

Mr. Weston, Targa's new VP of exploration, has been brought up to speed on the Opinaca gold discovery, with a top interval of 13.88 grams per tonne Au over 3.65 metres (see Jan. 21, 2026, press release), and is working with Kenorland Minerals to plan the next phase of work at the project for 2026. Kenorland Minerals will continue to act as project operator at Opinaca, and Targa expects to be able to provide final details of the 2026 Opinaca exploration program, including budget, drill plan and schedule, in the coming weeks as those items are finalized.

Marketing and investor outreach

Targa chief executive officer Cameron Tymstra will be in Quebec City this week participating in THE Mining Investment Event, Canada's only Tier 1 Global Mining Investment Conference, taking place June 2 to June 4, 2026. Management will be taking one-on-one investor meetings throughout the three-day conference. Event details can be found here or investors can contact Mr. Tymstra directly (cameron@targaexploration.com). The company will also be presenting to investors at the Mi3 Communications investor dinner in Quebec City on June 2, 2026, providing an update and answering questions on the company's active drill program at El Zanjon.

Stock option correction

The company press release issued on May 25, 2026, included an incorrect exercise price for the 100,000 incentive options issued to Targa's new corporate secretary. The correct exercise price of those options is 77 cents.

Technical disclosure

The technical information contained in this news release has been reviewed and approved by Ryan Weston, PGeo, vice-president of exploration for Targa Exploration, who is the qualified person for the El Zanjon project as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Targa Exploration Corp.

Targa Exploration is a Canadian exploration company engaged in the acquisition, exploration and development of gold mineral properties with headquarters in Vancouver, B.C. The company's focus is on early stage projects in premier mining jurisdictions with strong potential for making Tier 1 grass roots precious metals discoveries. Targa recently announced the discovery of widespread gold mineralization at its Opinaca gold project in Quebec. The company is also actively drilling in Santa Cruz, Argentina, on its highly prospective El Zanjon gold-silver project.

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