Mr. Tony Kinnon reports

IFR CLOSES SECOND TRANCHE OF DEBT SETTLEMENT

Further to International Frontier Resources Corp.'s news release dated April 2, 2024, it has completed the closing of the second tranche of the previously announced shares for debt transaction, and settled outstanding indebtedness in the aggregate amount of $115,000 owing to certain officers and consultants of International Frontier through the issuance of 2.3 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 Nov. 5, 2024.

As certain insiders participated in the second 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.). As the second tranche of the debt settlement with certain officers of the corporation exceeded the prescribed limit of $10,000 per month in aggregate and in accordance with the policies of the TSX-V, disinterested shareholder approval was required to settle the amount exceeding such prescribed limit which was successfully obtained at the company's annual general meeting of shareholders held on June 26, 2024. At the meeting, a resolution was passed by a simple majority of the votes cast by disinterested shareholders represented in person or by proxy at the meeting. Following the closing of the second tranche, the corporation now has 38,085,397 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 SAPI de CV (Frontera) 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 and Montana.

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