Mr. Tony Kinnon reports

IFR ANNOUNCES DELAY IN FILING OF ANNUAL FILINGS AND APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

As a result of delays in the completion of its audit, International Frontier Resources Corp. will be unable to meet the filing deadline of May 1, 2023, for filing of the following continuous disclosure documents:

• The company's annual audited financial statements for the year ended Dec. 31, 2022, as required by Section 4.2 of National Instrument 51-102 (Continuous Disclosure Obligations);
• The company's management's discussion and analysis for the year ended Dec. 31, 2022, as required by Section 5.1(2) of NI 51-102;
• The certification of the annual filings for the year ended Dec. 31, 2022;
• The company's statement of reserves data and other oil and gas information, report on reserves data by independent qualified reserves evaluator, and report of management and directors on oil and gas disclosure for the year ended Dec. 31, 2022, as required by Section 2.1 of National Instrument 51-101 (Standards of Disclosure for Oil and Gas Activities).

The delay is a result of a delay in the start of the audit due to management's determination that additional information and analysis were necessary to complete the annual filings. The additional information and analysis related to certain transactions that were undertaken in the year.

In response to the annual filings delay, the company has applied to the Alberta Securities Commission for a management cease trade order under National Policy 12-203 (Management Cease Trade Orders) that will prohibit the management of the company from trading in the securities of the company until such time as the annual filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the MCTO, or it may impose an issuer cease trade order if the annual filings are not filed in a timely fashion.

The company continues to work to complete the company's annual financial statements, and expects to file the annual filings by May 19, 2023, and will issue a news release once the annual filings have been filed. International Frontier has made all efforts and allocated all available resources to the preparation, completion and filing of the annual filings. The company's auditor has also made significant efforts to complete its audit of the annual financial statements. Until the company files the annual filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the company to issue biweekly default status reports, in the form of news releases, for so long as the annual filings have not been filed.

Until the company has filed the annual filings, members of the company's management and other insiders are subject to an insider trading blackout policy as per its internal insider trading policy that is consistent with the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions). The company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on April 27, 2023, of the company's amended and restated interim financial reports for the period ended Sept. 30, 2022. There are no insolvency proceedings involving the company.

About International Frontier Resources Corp.

International Frontier is a Canadian publicly traded Company with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera SAPI de CV, and strategic joint ventures, it is advancing the development of petroleum and natural gas assets in Mexico. International Frontier also has projects in Canada and the United States, including the Northwest Territories, Alberta and Montana.

International Frontier's shares are listed on the TSX Venture Exchange, trading under the symbol IFR.

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