Mr. Saf Dhillon reports

IMETAL RESOURCES FILES GOWGANDA WEST TECHNICAL REPORT

iMetal Resources Inc. has filed a technical report, dated effective Oct. 15, 2026, for its flagship Gowganda West gold project. The report is written by R. Tim Henneberry, PGeo, a director of iMetal, and includes all work conducted at Gowganda West since its acquisition in 2016.

The key conclusions of the report are as follows:

• Exploration since 2016 has progressively narrowed in focus to the southwestern portion of the property, where 2023 drilling resulted in the IMGW23-04 discovery intersection of 0.85 gram per tonne gold over 48.5 metres. Follow-up 2025 drilling returned 0.42 g/t gold over 278.35 metres in hole IMGW-25-06, including 0.61 g/t gold over 62.45 metres and 0.57 g/t gold over 80 metres. All intervals are core lengths; true widths are currently unknown.
• The 2023 and 2025 drilling has defined Zone 1 West, roughly 250 metres long and open in all directions, lying at the northwest end of a 2019 versatile time-domain electromagnetic (VTEM) exploration target more than four kilometres long for possible polymetallic vein gold mineralization. The Zone 1 West geophysics appears to trend into the McFarlane Lake Mining Ltd. 826 zone, which lies approximately 1,400 metres to the northwest.
• Zone 1 West and the 826 zone exhibit comparable grades, geology and style of mineralization.
• The 2019 VTEM survey also identified a parallel exploration target for possible polymetallic vein gold mineralization roughly 1,600 metres to the southwest of Zone 1 West that has yet to be tested.

The key recommendations of the report are as follows:

• An induced polarization (IP) survey from the McFarlane border southeast through Zone 1 West is recommended over a minimum strike length of 2.5 kilometres. Since Zone 1 West appears to line up with one of the 2019 VTEM anomalies, each IP line should be three kilometres in length to cover the full width of the Zone 1 West VTEM anomaly and also a parallel VTEM anomaly 1.6 kilometres to the southwest. Line spacing of 200 metres gives 13 lines, for a 39-line-kilometre survey. All in, the IP survey is estimated at $296,200.
• The continued success at Zone 1 West and its suspected northwestern strike extension warrant further drilling. A 5,000-metre drill program should allow for 12 to 15 holes. Based on the last three Gowganda West drill programs, the all-in costs are estimated at $370-per metre for a total cost estimate of $1.85-million. With contingencies, the combined program is estimated at $2.25-million.

"Filing this technical report is an important milestone for Gowganda West," said Saf Dhillon, president and chief executive officer of iMetal. "For the first time, 10 years of exploration on the property are brought together in one report, with a clear, costed plan for what comes next. Our 2023 and 2025 drilling has defined Zone 1 West over roughly 250 metres, open in all directions, and its grades, geology and style of mineralization are similar to those of McFarlane's 826 zone. The recommended IP survey is designed to trace that connection and test the parallel VTEM target to the southwest, while the 5,000-metre drill program follows up directly on Zone 1 West. McFarlane, our largest shareholder, continues to advance the adjoining Juby gold project."

Readers are encouraged to review the report, which is available under the profile for the company on SEDAR+ and on the corporate website for the company.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by R. Tim Henneberry, PGeo, a director of iMetal and a qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Henneberry is not independent of the company within the meaning of NI 43-101.

This news release refers to mineralization on properties adjacent to Gowganda West, including McFarlane Lake Mining's Juby gold project and 826 zone. The company has not verified this information, and mineralization on adjacent properties is not necessarily indicative of mineralization on the Gowganda West property.

Equity incentive grant

The company also announces that it has granted 1.95 million restricted share units (RSUs) and 2.5 million deferred share units (DSUs) to certain directors, officers and consultants under the company's existing incentive plan. The RSUs vest and settle in common shares in two equal parts, with one-half vesting after 12 months and the balance after 24 months. The DSUs vest after 12 months and settle in common shares upon the holder's departure from the company or a change of control.

About iMetal Resources Inc.

iMetal is a Canadian junior exploration company focused on gold and critical mineral properties in Ontario and Quebec. Its flagship property, Gowganda West, is an exploration-stage gold project located near McFarlane Lake Mining's Juby gold project in the Shining Tree Camp area of the southern Abitibi greenstone belt, about 100 kilometres south-southeast of the Timmins gold camp. Drilling in Gowganda West's Zone 1 West, announced in February, 2026, returned 278.35 metres at 0.42 g/t gold in hole IMGW-25-06, including 62.45 metres at 0.61 g/t gold and 16.65 metres at 1.24 g/t gold, complementing the 2023 discovery hole of 48.5 metres at 0.85 g/t gold. Major gold producers operating in the broader region include Agnico Eagle Mines Ltd., Iamgold Corp. (at its Cote gold mine) and Discovery Silver Corp. (at the Porcupine complex in Timmins). The company also holds the Carheil project, an exploration-stage project with multimetal potential and previous graphite results, located about 170 kilometres north of Rouyn-Noranda in the northern Abitibi greenstone belt. In August, 2026, McFarlane Lake Mining, iMetal's neighbour at Gowganda West and owner of the adjoining Juby gold project, completed a strategic investment in iMetal, becoming the company's largest shareholder.

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