Mr. Tony Kinnon reports

IFR CLOSES FIRST TRANCHE OF DEBT SETTLEMENT

International Frontier Resources Corp., further to its news release dated April 2, 2024, has completed the closing of the first tranche of the previously announced share-for-debt transaction and settled outstanding indebtedness in the aggregate amount of $225,000 owing to certain officers and consultants of International Frontier through the issuance of 4.5 million common shares of the corporation at a price of five cents per share. The common shares issued pursuant to the debt settlement will be subject to a hold period that expires on Aug. 9, 2024.

The corporation intends to complete a final closing of the debt settlement and settle outstanding indebtedness in the amount of $115,000, following the receipt of the required disinterested shareholder approval. Such approval will be sought at the upcoming annual general and special shareholders meeting expected to be held on or before June 28, 2024.

As certain insiders participated in the first tranche, the debt settlement is a related party transaction for the purposes of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. International Frontier has determined that exemptions from the various requirements of the related party policies are available in connection with the debt settlement (Formal Valuation, Issuer Not Listed on Specified Markets; Minority Approval, Financial Hardship). Following the closing of the first tranche, the corporation now has 19,455,397 common shares issued and outstanding.

About International Frontier Resources Corp.

International Frontier Resources is a Canadian publicly traded corporation with a demonstrated record of advancing oil and gas projects. Through its Mexican subsidiary, Petro Frontera S.A.P.I. de C.V. (Frontera), 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 and Montana.

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

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