Phase 1 program underway following March 2 EIA approval; Additional high-priority targets identified across the broader ~230,000-hectare property

TORONTO , May 12, 2026 /CNW/ - Jaguar Uranium Corp. (NYSE American: JAGU) ("Jaguar" or the "Company") is pleased to announce that it has commenced field activity on the Guanaco Concessions block ("Guanaco") on its flagship Laguna Salada Uranium-Vanadium Project ("Laguna Salada" or the "Project") in Chubut Province, Argentina. The work program, which follows the Company's March 2, 2026 announcement of Environmental Impact Assessment ("EIA") approval from the Province of Chubut, is designed to lay the groundwork for a potential future Mineral Resource Estimate ("MRE") on the Guanaco concessions in the near term.¹

In conjunction with the field mobilization, Jaguar has engaged Atticus Geoscience Consulting Ltd. ("Atticus") and its strategic partner Caracle Creek SpA ("Caracle Creek") as the Company's lead independent technical consultants for the Phase 1 program at Guanaco. Atticus and Caracle Creek bring deep South American operating experience and an extensive track record of preparing mineral resource estimates and technical reports compliant with both U.S. Securities and Exchange Commission ("SEC") Subpart 1300 of Regulation S-K ("S-K 1300") and Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") disclosure standards across uranium and other commodities.

Highlights

• Field activity has commenced on the Guanaco concessions, the first work to advance under the recently received EIA permit from the Government of Chubut.
• Atticus Geoscience and Caracle Creek engaged to direct the Phase 1 program and the technical workstreams that underpin a potential future Mineral Resource Estimate.
• The Guanaco concessions represent only ~13% of the broader Laguna Salada property (approximately 230,000 hectares in total), leaving substantial exploration upside across the remaining ~87% of the land package.
• Additional high-priority target areas have been identified across the broader Laguna Salada property by Jaguar's exploration team, with potential to host further uranium-vanadium mineralization at meaningful grades and tonnages.²
• Initial field results are expected in the coming months, with subsequent technical milestones to follow as the program advances.

Building on a Strong Foundation at Guanaco

The Guanaco concessions have been the subject of meaningful prior exploration work, including historical surface sampling, mapping, and trenching that defined widespread, near-surface uranium mineralization characteristic of the Laguna Salada district. This existing information from over 2,100 trenches includes geochemistry, metallurgy and geotechnical data that provides Jaguar and its consulting team with a technical starting point that is expected to accelerate the path to a potential future MRE.³

The Phase 1 program is designed to verify, expand, and modernize this historical work. Activities now mobilizing or planned in the near term include:

• Ground radiometrics and follow-up of potential untested targets
  
  
• Design of an infill trenching/drilling program on the Guanaco concessions
  
  
• Review of historic sampling (trenching and bulk samples)

"Receiving the EIA ahead of schedule was a critical milestone, and we are wasting no time putting that approval to work in the field," said Steven Gold, President and Chief Executive Officer of Jaguar Uranium . "Guanaco has had significant prior work done on it, and we believe the foundation supports continued advancement of exploration activities at Guanaco as we evaluate the potential for a future Mineral Resource Estimate."

Significant Upside Potential Across the Balance of Laguna Salada

Laguna Salada is one of the largest potential uranium land packages in Argentina, comprising approximately 230,000 hectares in Chubut Province. While the Phase 1 program is focused initially on the Guanaco -- where the EIA is in hand and historical work is most advanced -- Jaguar's exploration team has been conducting a parallel review of the broader property and has identified several additional zones that the Company considers prospective for near-surface uranium-vanadium mineralization, including settings that share key geological characteristics with Guanaco.

Subject to permitting, work planning, and prioritization, these areas are expected to be the focus of follow-up programs designed to extend the Company's resource potential well beyond Guanaco and to test the thesis that Laguna Salada may host a district-scale, bulk-tonnage uranium opportunity.

Jaguar currently expects to have sufficient funds to execute its Phase 1 program following the Company's US$25 million initial public offering completed earlier this year.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Owen D. W. MillerPh.D,FAusIMM(CP), AIG, a "Qualified Person" as defined under S‑K 1300 and NI 43-101.

The Company cautions that the historical exploration data referenced herein has not been fully verified and may not be reliable. A Qualified Person has not performed sufficient work to independently validate such historical information, and additional exploration will be required before it can be relied upon to support the estimation of any mineral resources. References to exploration potential, including statements regarding grades, tonnages, or development timelines, are conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will result in the delineation of a mineral resource.

About Jaguar Uranium Corp.

Jaguar Uranium Corp. is a South America-focused uranium exploration company advancing a portfolio of prospective brownfield projects across Argentina and Colombia. In Argentina, Jaguar is advancing the Laguna Salada Project in Chubut Province and the historic Huemul uranium mine in Mendoza Province. Anchored by a former producing mine, a historic uranium district and exploration projects supported by historical drilling, the Company is focused on advancing and expanding uranium opportunities across the region. The Company's Berlin Project in Caldas Province, Colombia is a district-scale, sedimentary-hosted polymetallic system historically reported to host uranium alongside rare earth elements, vanadium, nickel, phosphate, molybdenum, rhenium and zinc. Jaguar completed a $25 million initial public offering on NYSE American in February 2026 and is led by an experienced team with backgrounds in exploration, permitting, project development and mining finance in South America.

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities laws (collectively, "forward-looking statements"). Forward-looking statements include, but are not limited to, statements regarding the Company's planned exploration activities at the Guanaco concession and the broader Laguna Salada property; the engagement and scope of work of Atticus Geoscience and Caracle Creek; the timing, scope, and outcomes of the Phase 1 program; the potential to support the preparation of a future Mineral Resource Estimate at Guanaco; the prospectivity of additional target areas identified across Laguna Salada; the timing of expected field results; and the Company's funding position and ability to execute its planned work programs.

Forward-looking statements are based on assumptions and estimates considered reasonable by management at the time they were made, including, but not limited to, the timely receipt of required permits and approvals; the availability of personnel, contractors, equipment, and supplies; the accuracy and reliability of historical exploration data; the continuation of supportive commodity prices and capital market conditions; and the absence of material adverse changes in political, regulatory, or operating conditions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied, including, without limitation, risks related to mineral exploration and development, including the risk that exploration results will not support the delineation of a mineral resource; uncertainties related to geological continuity, grade, and tonnage; risks that historical exploration data may be incomplete, inaccurate, or not reproducible; the risk that a Mineral Resource Estimate will not be prepared, or if prepared, will not meet expectations; risks related to permitting, environmental regulation, and regulatory approvals; political and economic risks associated with operating in Argentina; commodity price volatility; currency fluctuations; risks related to the availability and cost of financing, labour, equipment, and supplies; and the other risk factors disclosed in the Company's filings with the SEC and Canadian securities regulators.

Mineral exploration is a high-risk endeavour. Mineral resources, if defined under S-K 1300 or NI 43-101, are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the Phase 1 program will result in the definition of a mineral resource at Guanaco or elsewhere on the Laguna Salada property, or that any such resource, if defined, will be economically viable.

Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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SOURCE Jaguar Uranium