Mr. Saf Dhillon reports

IMETAL RESOURCES DISCOVERS NEW PARALLEL GRAPHITE ZONES AT CARHEIL PROJECT IN QUEBEC

iMetal Resources Inc. has received assay results from drilling at the company's Carheil project, which lies in the Northern Abitibi greenstone belt in Quebec. Each of the three holes (totalling 1,053 metres) hit multiple horizons of graphitic sediments, as highlighted herein.

Hole CA-23-01:

• 3.90 m at 7.08 per cent graphitic carbon, from 151.1 metres, including 11.5 per cent Cg over 1.9 m (Zone A);
• 8.45 m at 2.53 per cent Cg, from 237.6 m, including 7.05 per cent Cg over 1.5 m (Zone C).

Hole CA-23-02:

• 4.65 m at 5.11 per cent Cg, from 138.8 m, including 12.9 per cent Cg over 1.2 m (Zone A);
• 10.55 m at 2.89 per cent Cg, from 196.5 m (Zone B);
• 5.30 m at 4.25 per cent Cg, from 242.9 m, including 7.90 per cent Cg over 1.2 m (Zone C).

Hole CA-23-03:

• 4.90 m at 1.93 per cent Cg, from 156.1 m (Zone A);
• 4.70 m at 2.76 per cent Cg, from 263.3 m, including 4.70 per cent Cg over 2.1 m (Zone C).

Saf Dhillon, president and chief executive officer, stated: "We are extremely pleased with these graphite results in this follow-up campaign. Our team predicted previous drilling may have missed the second graphitic horizon and that interpretation has borne out in these results. Quebec is one of the most mining friendly jurisdictions in the world, and we are eagerly planning more work at Carheil to follow these results and expand our understanding of this highly prospective property."

Drilling encountered a graphite-bearing sedimentary unit sandwiched between volcanic units. This sedimentary unit contained several multimetre, graphite-rich horizons -- one on the hangingwall contact (Zone A) and one on the footwall contact (Zone C) -- and, at times, an interior horizon (Zone B). Zone A corresponds with graphite results from the 2016 drilling program on the property, while Zone B and Zone C have not been previously assayed. Graphite horizons have thus far been delineated over 50 m to 100 m of strike and 50 m to 100 m of down-dip extent and remain open in all directions. The next phase of drilling should aim to expand the strike extent and follow the horizons closer to surface.

Carheil is an exploration-stage project with multimetal potential and previous graphite results. The project is about 170 kilometres north of Rouyn-Noranda in the Northern Abitibi greenstone belt. The project is under 20 kilometres distance to the west from the past-producing Selbaie copper-zinc-silver-gold mine (1.1 billion pounds Cu, 2.4 billion pounds Zn, 71 million ounces Ag and one million ounces Au produced from 1981 to 2004), under 20 km distance to the north from Hecla's Casa Berardi mine (127,500 ounces Au and 28,200 ounces Ag produced in 2022), and under 40 km to the southeast from Agnico Eagle's Detour Lake mine (713,000 ounces Au produced in 2021). Directly bordering the property to the north is Midland Exploration/Probe Metals' La Peltrie project, which recently intersected 345.5 m of copper-molybdenum-gold-silver mineralization grading 0.21 copper equivalent. iMetal cautions investors the presence of mineralization at Selbaie, Casa Berardi and Detour Lake is not necessarily indicative of similar mineralization on the Carheil property.

Quality assurance/quality control procedures included the systematic insertion of certified blanks and two different graphite certified reference materials at regular intervals (one quality assurance/quality control procedures sample for every 20 core samples) into the sampling stream. All samples were submitted to ALS Geochemistry in Rouyn-Noranda for assay preparation and subsequently shipped to ALS Vancouver for analysis. Geochemistry analyses consisted of graphitic carbon by IR spectroscopy (C-IR18), which uses a hydrogen chloride leach to remove carbonates and roasting to remove organic carbon, in order to only identify carbon in graphitic form in the samples. Select samples were checked for gold by fire assay and atomic absorption spectrometry (Au-AA26), with overlimit values subsequently analyzed using the gravimetric finish (Au-GRA22) technique.

The scientific and technical information contained in this news release has been reviewed and approved by Scott Zelligan, PGeo (Ontario), vice-president of exploration, a qualified person as defined in National Instrument 43-101.

About iMetal Resources Inc.

iMetal is a Canadian-based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. One of its flagship properties, Gowganda West, is an exploration-stage gold project that borders the Juby deposit and is located within the Shining Tree Camp area in the southern part of the Abitibi greenstone gold belt, about 100 kilometres south-southeast of the Timmins gold camp. The 665-hectare Kerrs gold deposit comprises a series of gold-bearing, pyritized quartz vein replacement breccias with a 2011 historical resource, 90 kilometres east-northeast of Timmins. The 220-hectare Ghost Mountain property, 42 kilometres northeast of Kirkland Lake, lies five kilometres west of Agnico Eagle's Holt and Holloway mine.

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