Allied Energy Corporation Completes Definitive Agreement for Three-Phase Acquisition of Puma Gold Property in California

Company Secures Exclusive Path to Earn a 100% Interest Through a Phased Exploration, Resource Definition and Development Program

DALLAS, July 29, 2026 (GLOBE NEWSWIRE) — Allied Energy Corporation (OTC: AGYP) (“Allied” or the “Company”) today announced that it has executed a definitive Three-Phase Earned Interest Option to Purchase Agreement with Puma Gold LLC (“Puma Gold”), establishing a structured pathway for Allied to acquire a 100% interest in the Puma Gold Property located in San Bernardino County, California.

The definitive agreement replaces the parties’ previously announced Memorandum of Understanding and provides Allied with the sole and exclusive option to acquire the property through the successful completion of three development phases. The Puma Gold Property consists of approximately 150 filed and registered mineral claims and is supported by historical technical information, including an NI 43-101 technical report dated March 10, 2025, and updated October 15, 2025.

“This agreement represents an important milestone for Allied as we advance from preliminary evaluation into a clearly defined acquisition and development framework,” said George Montieth, Chief Executive Officer and Director of Allied Energy Corporation. “Management pursued the Puma Gold opportunity because of the property’s historical exploration work, existing technical information, extensive mineral claim position and potential to support a disciplined, phased evaluation program. The structure allows Allied to validate historical results before committing capital to larger-scale resource definition, pilot testing and feasibility work.”

Three-Phase Acquisition Structure

Under the definitive agreement, Allied may progressively earn its interest in the Puma Gold Property through the following three phases:

Phase 1 — Historical Drill Validation: 40% Earned Interest

Phase 1 is designed to independently evaluate and validate the property’s historical exploration information. Allied’s commitments include:

• US$100,000 cash payment;
• US$100,000 in Allied common shares;
• US$50,000 work commitment; and
• An initial work program that may include staking additional ground, where required, duplicating approximately 8–12 of the 40 historical drill holes, validating historical grades and completing work recommended under the existing NI 43-101 technical report.

Upon completion of the applicable Phase 1 obligations, Allied will earn a 40% interest in the property.

Phase 1 is expected to commence following the agreement’s Effective Date and continue for approximately six to eight months, unless extended by mutual written agreement.

Phase 2 — Resource Definition and Pilot Testing: Additional 35% Earned Interest

Subject to Allied’s review of the Phase 1 results and its written election to proceed, Phase 2 is intended to advance the project toward resource definition and pilot-scale evaluation. Allied’s commitments include:

• US$200,000 cash payment;
• US$200,000 in Allied common shares;
• Approximately US$2 million in work expenditures; and
• Development of an estimated 4–6 million-cubic-yard NI 43-101-compliant resource, permitting activities and extraction testing.

Completion of Phase 2 would increase Allied’s cumulative earned interest in the property to 75%. Phase 2 is expected to continue for approximately 18 months following Allied’s election to proceed.

Phase 3 — Feasibility and Production Readiness: Final 25% Earned Interest

Phase 3 is designed to advance the Puma Gold Property toward feasibility, reserve confirmation and potential commercial production. Allied’s commitments include:

• US$1 million cash payment;
• Issuance of 1.5 million Allied common shares;
• Approximately US$2 million in additional work expenditures; and
• Completion of feasibility studies, reclamation studies, bulk sampling, permitting activities and reserve confirmation.

Upon successful completion of Phase 3, Allied would earn the remaining 25% interest, bringing its total ownership interest in the Puma Gold Property to 100%.

Puma Gold will retain a 2.5% Net Smelter Return royalty upon exercise of the option and commencement of commercial production.

Initial Work Program

Allied intends to begin Phase 1 by coordinating with its geological and technical consultants to establish the detailed scope, schedule and budget for the historical validation program. The initial program is expected to focus on reviewing and validating historical geological and drilling information, evaluating historical grades, identifying priority confirmation targets and determining whether additional claim staking is warranted.

The Company expects the Phase 1 results to provide important technical information for evaluating whether advancement into the larger Phase 2 resource-definition and pilot-testing program is justified.

During the option period, Allied has the exclusive right to conduct exploration, drilling, sampling, surveying, mapping, engineering, permitting, environmental, reclamation and related work on the property, subject to applicable laws and required permits.

California Gold Project Overview

Located in San Bernardino County, California, the Puma Gold Property provides Allied with exposure to a large mineral claim package supported by historical exploration and technical work. The acquisition structure is intended to allow the Company to advance the project through a sequence of technical validation, resource definition, pilot testing, feasibility analysis and potential production development.

Management believes the phased structure provides a disciplined framework through which Allied can evaluate the project at defined technical milestones while retaining the ability to determine whether progression into each subsequent phase is supported by the results achieved.

“The Puma Gold Property provides Allied with an opportunity to pursue a substantial California gold project through a milestone-driven acquisition structure,” Montieth continued. “Rather than committing the full acquisition and development capital at the outset, the agreement allows the Company to advance methodically, validate historical information and make informed decisions as additional technical data is generated.”

The Company intends to provide shareholders with additional information regarding the Puma Gold Property’s historical geology, exploration work, drilling results, metallurgical studies, process economics and resource-related information in a series of future corporate updates.

About Allied Energy Corporation

Allied Energy Corporation (OTC: AGYP) is an energy and natural-resource development company focused on identifying, acquiring and advancing projects with the potential to create long-term value for shareholders. The Company evaluates opportunities through disciplined technical review, phased capital deployment and strategic development programs.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include statements regarding the commencement, timing, scope, cost and results of exploration activities; validation of historical information; future drilling; resource definition; permitting; pilot testing; feasibility studies; reserve confirmation; potential commercial production; the Company’s ability to satisfy the requirements of any acquisition phase; and the Company’s ability to earn an interest in or acquire the Puma Gold Property.

Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that may cause actual results to differ materially. Completion of each phase is subject to applicable payments, share issuances, work commitments, technical results, permitting, financing, regulatory requirements and the Company’s election to proceed. There can be no assurance that historical information will be independently verified, that mineral resources or reserves will be established, that the Company will advance beyond Phase 1, or that the property will achieve commercial production. Readers should not place undue reliance on forward-looking statements. Allied undertakes no obligation to update such statements except as required by applicable law.

Contact:

Allied Energy Corporation
Phone: 972-632-2393
Email: info@alliedengycorp.com 
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