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Building the Next Multi-Ounce Story in Ontario

Disseminated on behalf of
iMetal Resources Inc.

BUILDING THE NEXT MULTI-OUNCE STORY IN ONTARIO

IMETAL RESOURCES INC – TSXV: IMR | OTC: IMRFF

This communication is not an offer to buy or sell securities nor is it to be construed as personal investment advice. Nothing contained in this communication should be relied upon as a promise or representation as to future performance.

IMETAL-RESOURCES-BADGE-1

In the middle of a historic commodities supercycle, where AI-driven energy demand, deglobalization, and critical mineral shortages are reshaping global markets, junior explorers in Canada’s Abitibi Greenstone Belt are back on the radar of majors and sharp investors alike.

iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) is not just another speculative junior. This is a tight-float, discovery-stage explorer drilling in the shadow of billion-dollar neighbors, sitting on ground that has already yielded high-grade gold hits and boasts multi-commodity upside in graphite and antimony. With only ~25M shares outstanding and management holding 70%, every meter drilled in 2025 could move the needle.

The flagship Gowganda West discovery, located a stone’s throw from the 2.3Moz Juby Deposit (just acquired by McFarlane Lake from Aris Mining), is shaping up as one of the most asymmetric exploration setups in the belt. Add in Ghost Mountain’s proximity to Agnico’s Holt and Holloway Mine, Carheil’s graphite kicker, and a newly proposed antimony acquisition in Bosnia — and you have a portfolio that screams leverage to discovery, leverage to consolidation, and leverage to critical mineral demand.

    • Right rock, right address in a jurisdiction majors trust.
    • Tight cap structure that magnifies discovery results.
    • Clear consolidation tailwinds as Agnico, Newmont, and McFarlane Lake carve up the Abitibi.

The market has yet to price in the 2025 drill program, the critical minerals optionality, or the consolidation thesis. That’s where the opportunity lies.

COMPANY OVERVIEW

iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) is a Canadian junior exploration company focused on advancing its portfolio of resource properties in the prolific Abitibi Greenstone Belt in Ontario and Quebec – a region renowned for its significant gold, silver, copper, and zinc endowments.

With three key projects – Gowganda West, Ghost Mountain, and Carheil – iMetal is strategically positioned in a mining-friendly jurisdiction with excellent infrastructure and proximity to major mining operations.

The company’s flagship Gowganda West project shows significant potential due to its recent gold discovery (48.5 m @ 0.85 g/t Au, IMGW‑23‑04) adjacent to the multi-million ounce Juby Deposit.

Given the company’s tight share structure, experienced management, and the ongoing consolidation trend in the mining sector, iMetal presents a compelling investment opportunity for those seeking exposure to a high-potential junior gold explorer.

KEY INVESTMENT HIGHLIGHTS

Strategic Location in the Abitibi Greenstone Belt

World-Class Mining Region: The Abitibi Greenstone Belt is one of the world’s most prolific gold-producing regions, with over 200 million ounces of gold, 400 million ounces of silver, 15 billion tons of copper, and 35 billion tons of zinc in historical production and reserves. The belt hosts 21 gold deposits exceeding 3 million ounces and over 100 producing mines.

Proximity to Majors: iMetal’s properties are strategically located near operations owned by industry leaders such as Agnico Eagle, Newmont, Osisko, IAMGOLD, and Hecla Mining.

Specifically:

    • Gowganda West: Contiguous to the Juby Deposit (770,000 oz indicated at 1.1 g/t Au and 1.5 million oz inferred at 0.98 g/t Au) and near Agnico Eagle/Orefinders Resources. The Juby deposit’s mineralized structures trend onto iMetal’s property, enhancing its exploration potential. On July 7th, 2025 McFarlane Lake Mining Ltd. (CSE: MLM) announced they were purchasing the Juby deposit from Aris Mining Corp. (TSX: ARIS).

    • Ghost Mountain: Located 5 km west of Agnico Eagle’s Holt and Holloway Mine and part of a $75 million joint venture with Newmont. The property straddles the Porcupine-Destor Fault, which hosts 70 million ounces of gold.

    • Carheil: Positioned 20 km west of BHP Billiton’s past-producing Selbaie zinc mine, 20 km north of Hecla’s Casa Berardi mine, and 40 km southeast of Agnico Eagle’s Detour Lake mine. A nearby discovery by Midland Exploration (345.5 m of 0.21% CuEq) further underscores the region’s prospectivity.

Implication: The proximity to these major operations increases the likelihood of exploration success and makes iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) properties attractive for potential joint ventures, partnerships, or acquisitions as majors seek to consolidate their holdings in the region.

FLAGSHIP GOWGANDA WEST: A HIGH-POTENTIAL GOLD DISCOVERY

Recent Discovery: In 2022–2023, iMetal completed ~4,600 meters of drilling at Gowganda West, resulting in a significant discovery hole (IMGW-23-04) with 48.5 m at 0.85 g/t Au, including 20 m at 1.56 g/t Au and 8 m at 2.97 g/t Au. This discovery is located just 500 meters from The Juby Deposit, suggesting a potential extension of the same mineralized system.

Geological Significance: The discovery lies within a 7 km by 5 km package of Timiskaming metasediments, a geological setting known to host significant gold mineralization. Anomalous gold was encountered in all drill holes, indicating that the entire package is prospective.

Exploration Upside: The company’s technical team estimates that an additional 2,000 meters of drilling (4–6 holes) could delineate 300,000–400,000 ounces of gold in Zone 1 alone, with potential for a 1 million-ounce resource across the property. High-grade grab samples (up to 27.2 g/t and 67.9 g/t Au in Zones 1 and 3) further highlight the property’s potential.

2025 Plans: iMetal plans to drill an additional 2,500 meters in 2025 to further define and expand the resource, positioning Gowganda West as a cornerstone asset.

The combination of a new discovery, proximity to a major deposit, and a large prospective land package positions Gowganda West as a high-priority exploration target with significant resource potential.

ADDITIONAL PORTFOLIO ASSETS ENHANCE VALUE

Ghost Mountain: This 131.6-hectare property is strategically located near Agnico Eagle’s Holt and Holloway Mine and benefits from a joint venture with Newmont. Its position along the gold-rich Porcupine-Destor Fault and ongoing target generation (results pending in Q2 2024) make it a high-potential asset for future discoveries.

Carheil: In addition to its gold potential, Carheil has emerged as a promising graphite project, with two new graphite zones discovered in 2022. Graphite is a critical mineral for battery production, adding diversification to iMetal’s portfolio. The property’s proximity to major mines and recent discoveries (e.g., Midland Exploration’s find) enhances its exploration potential.

Entered into a non-binding letter of intent on an antimony focused project, dated effective July 15th, 2025, with an arms-length third-party (the “Vendor”), pursuant to which it proposes to explore a potential transaction involving the acquisition of a mining concession covering 0.97 square kilometers in the Fojnica municipality of Bosnia and Herzegovina (the “Project”).

The Cemernica Mine hosts an historical estimate of 305,000 tonnes at 4.05% Sb, 6% Zn, and 112 g/t Ag. The historic estimate was disclosed in: “Chemical and Geochemical Characteristics of the Cemernica Antimonite Deposit in the Mid-Bosnian Schost Mountains” by I.Jurkovic, M. Ramovic and F. Zec dated 1999; in Rudarsko-Geološko-Naftni Zbornik. 11, 1-16. [http://hrcak.srce.hr/file/20593].

The diversified portfolio reduces risk while increasing the likelihood of multiple discoveries, making iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) an attractive target for investors seeking exposure to both precious metals and critical minerals.

TIGHT STRUCTURE & STRONG INSIDER OWNERSHIP

Share Structure: iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) has approximately 25 million shares issued and outstanding, with ~70% held by management, directors, and long-term investors. This tight structure minimizes dilution risk and aligns management’s interests with shareholders.

The concentrated ownership and low share count provide significant leverage to positive exploration results, potentially driving substantial share price appreciation if drilling continues to yield positive outcomes.

CONSOLIDATION POTENTIAL IN THE MINING STRUCTURE

Industry Trends: The mining sector, particularly in the Abitibi Greenstone Belt, has seen increased consolidation as major producers seek to expand their resource bases and secure high-quality exploration assets. Recent examples include mergers and acquisitions involving Agnico Eagle, Newmont, and other majors active in the region.

Strategic Positioning: iMetal’s properties, particularly Gowganda West and Ghost Mountain, are located adjacent to or near major operations, making them prime candidates for partnerships, joint ventures, or outright acquisitions.

The proposed acquisition of the Cemernica Mine that is focused on the critical mineral antimony and is a historical resource.  The proximity to The Juby Deposit and Agnico Eagle’s assets increases the likelihood of interest from larger players seeking to consolidate their holdings.

As majors look to replenish reserves and secure strategic land packages, iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) assets could attract significant attention, potentially leading to value-unlocking transactions for shareholders.

EXPERIENCED MANAGEMENT TEAM

Leadership: Led by President & CEO Saf Dhillon, who brings over 20 years of experience in public company development, including key roles at U.S. Geothermal Inc., which grew from a $2 million startup to a successful & profitable renewable energy independent  power producer. Director R. Tim Henneberry, P.Geo, has over 40 years of exploration experience and has been involved in founding and managing several TSX and CSE-listed companies.

Technical Oversight: The technical information in iMetal’s disclosures has been reviewed by qualified persons under NI 43-101, ensuring rigorous exploration standards.

The experienced leadership team enhances the company’s ability to execute exploration programs effectively and navigate potential partnerships or acquisitions.

Robust QA/QC Protocols

iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) adheres to strict quality assurance and quality control (QA/QC) protocols, with core samples processed at an accredited facility (ALS Laboratories in Sudbury) and systematic insertion of duplicates, blanks, and certified reference materials. No anomalies were noted in QA/QC, lending credibility to the reported drilling results.

The company’s commitment to high standards ensures reliable data, increasing investor confidence in exploration outcomes.

THE PLAYBOOK SNAPSHOT

iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) offers a compelling investment opportunity due to its strategic positioning in the Abitibi Greenstone Belt, a world-class mining jurisdiction with significant gold and critical mineral potential.

The flagship Gowganda West project, with its recent gold discovery and proximity to The Juby Deposit, positions iMetal as a high-potential exploration play with the possibility of delineating a significant gold resource (potentially 1 million ounces).

The Ghost Mountain and Carheil projects further enhance the portfolio’s value, with exposure to both gold and graphite in a region attracting major mining companies. The company’s tight share structure, strong insider ownership, and experienced management team provide leverage to exploration success and potential corporate transactions.

As the mining sector continues to consolidate, iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) strategic land package makes it an attractive target for partnerships or acquisitions by majors like Agnico Eagle, Newmont, IAMGOLD, or McFarlane Lake Mining.Investors seeking exposure to a high-upside junior explorer with a diversified portfolio and strong growth potential should consider iMetal Resources as a speculative investment with significant catalysts in 2025, including planned drilling at Gowganda West and ongoing target generation at Ghost Mountain.

FINAL WORD: SPECULATIVE BUY

iMetal Resources (TSXV: IMR | OTC: IMRFF | FSE: A7VA) is a speculative buy for investors with a high risk tolerance seeking exposure to a junior gold and critical minerals explorer in a premier mining jurisdiction. The company’s strategic location, recent discoveries, and potential for consolidation make it an attractive opportunity for significant value appreciation, contingent on successful exploration outcomes and favorable market conditions.

Catalysts to Watch:

  • Results from the planned 2,500-meter drilling program at Gowganda West in 2025.
  • Target generation results from Ghost Mountain in Q2 2024.
  • Potential partnerships, joint ventures, or acquisitions driven by industry consolidation.
  • Graphite exploration updates from the Carheil project, given the growing demand for battery minerals.

To learn more about iMetal Resources please visit their corporate website

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