An anonymous director reports

IFR SIGNS AMENDED LETTER OF INTENT WITH JAGUAR WITH OPTION TO EXTEND PROPOSED FARM-IN ARRANGEMENT OR OPTION TO PURCHASE ASSETS

International Frontier Resources Corp. (IFR) has entered into an agreement with Jaguar Exploracion SAPI de CV, a privately owned Mexican oil and gas company, to extend the letter of intent previously announced on May 9, 2023. In accordance with the amended letter of intent, Jaguar will have until Aug. 31, 2023, to exercise the following options:

(1) the option to extend the long stop date of the current proposed farm-in arrangement, first announced on Dec. 14, 2022, to Aug. 31, 2023; or

(2) the option to purchase IFR's shares of Tonalli Energia SAPI de CV currently held by Petro Frontera SAPI de CV, the company's wholly owned Mexican subsidiary. In consideration for the extension, Jaguar has agreed to make an additional payment of $87,500 (U.S.) to IFR.

Further updates and particulars of will be provided upon IFR and Jaguar entering into a definitive agreement with respect to the proposed farm-in arrangement should Jaguar exercise the option to extend or the purchase and sale agreement for the sale to Jaguar of IFR's shares of Tonalli should Jaguar exercise the option to purchase.

Trading halt

Trading in IFR's common shares on the TSX Venture Exchange is halted and will remain halted until the documentation required by the TSX-V in relation to the transactions described in this news release has been reviewed and accepted by the TSX-V.

About International Frontier Resources Corp.

International Frontier Resources 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. IFR also has projects in Canada and the United States, including the Northwest Territories, Alberta and Montana.

We seek Safe Harbor.