Methanol Hits 4-week Low

Oil prices remain in a tight range, with Brent crude below $70 a barrel as traders weigh signals of short-term market tightness and persistent uncertainty over U.S. trade talks with global partners. Brent crude is down 0.3% at $68.49 a barrel, while WTI falls 0.1% to $66.44 a barrel. Brent remains in strong backwardation, with short-term contracts priced higher than longer-term ones, reflecting concerns over supply tightness in the near term, says Soojin Kim, analyst at MUFG. However, price gains are capped by prospects of an oversupplied market when summer demand strength wanes and broader concerns over the global economic outlook. Traders now await the release of weekly U.S. crude and gasoline inventory data due later Wednesday for further insight into demand trends in the world's largest oil consumer. (giulia.petroni@wsj.com)

Vancouver, British Columbia--(Newsfile Corp. - July 16, 2025) - iMetal Resources Inc. (OTCQB: IMRFF) (FSE: A7VA) ("iMetal" or the "Company") has closed the first tranche of its previously announced non-brokered private placement (the "Offering") for gross proceeds of $1,525,330. In connection with closing of the first tranche of the Offering, the Company has issued 15,253,300 units (each, a "Unit") at a price of $0.10 per Unit.

Each Unit consists of one common share in the capital of the Company (each, a "Share") and one transferable share purchase warrant of the Company (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share of the Company at a price of $0.20 until July 15, 2027, provided that in the event the volume-weighted average closing price of the Shares on the TSX Venture Exchange exceeds $0.50 for at least ten consecutive trading days the Company will have the right to accelerate the expiry of the Warrants.

The Company intends to use the net proceeds of the Offering towards further exploration at the Company's properties and potential new acquisitions, as well as for general working capital. In connection with completion of the first tranche of the Offering, the Company has paid finders' fees of $74,153 and issued 741,531 non-transferable share purchase warrants (each, a "Finders' Warrant") to certain arms-length third-parties who assisted in introducing subscribers. Each Finders' Warrant is exercisable on the same terms as the Warrants. All securities issued in the first tranche of the Offering are subject to a statutory hold period until November 16, 2025, in accordance with applicable Canadian securities laws.

Certain directors, officers and their affiliates participated in the Offering in the amount of 1,500,000 Units. Participation in the Offering by insiders of the Company constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of securities to insiders of the Company is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the insiders of the Company does not exceed twenty-five percent of the Company's market capitalization.

The Company intends to complete a further tranche of the Offering for combined gross proceeds of up to $5,000,000. With the recent appreciation in the market price since the Offering was originally announced, the remaining portion of the Offering will be completed at a price of $0.105 per Unit. All other terms of the Offering will remain the same. If the Offering is completed for aggregate gross proceeds of $5,000,000, the Company will have issued 15,253,300 Units at a price of $0.10 per Unit and a further 33,092,096 Units at a price of $0.105 per Unit. Completion of a further tranche remains subject to receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange.

Incentive Grant

The Company also announces that it has granted 1,500,000 incentive stock options (the "Options") and 1,000,000 restricted share units (the "RSUs") to certain directors, officers and consultants. The Options vest immediately and are exercisable at a price of $0.14 until July 16, 2030. The RSUs vest and are settled in common shares of the Company on July 16, 2026, subject to adoption of a new omnibus incentive plan by shareholders of the Company at the annual general and special meeting of shareholders to be held on August 7, 2025.

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. The flagship property Gowganda West, is an exploration-stage gold project with a recent discovery hole of 48.5m at 0.85 g/t gold 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 km south-southeast of the Timmins Gold Camp. The 220-hectare Ghost Mountain property, 42 kilometres NE of Kirkland Lake, lies 5 kilometres W of Agnico Eagle's Holt and Holloway Mine. Carheil is an exploration stage project with multi-metal potential and previous graphite results. The project is about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon

President & CEO

iMetal Resources Inc.

saf@imetalresources.ca

Tel. (604-484-3031)

Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.

https://imetalresources.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "potential", and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of iMetal to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the use of proceeds with respect to the Offering and the Company's ability to gain approval from the TSX Venture Exchange for a further tranche of the Offering. These forward-looking statements are based on management's current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258999

Miners Rio Tinto and Antofagasta are among the FTSE 100's biggest gainers in morning European trade after their production updates. Rio Tinto trades 2% higher at 4437.5 pence a share after it reported the highest second-quarter output from its Australian iron-ore mines since 2018. However, it flagged that it expects round $300 million of gross costs from U.S. tariffs on its Canadian aluminum exports. Antofagasta's shares rise 2.5% at 1886 pence after the Copper miner stuck to its full-year guidance after costs fell and production rose at its Los Pelambres and Centinela mines in the second quarter.(adam.whittaker@wsj.com)

Gold prices edge higher as investors digest U.S. consumer price data and global trade negotiations. In early trading, futures rise 0.2% to $3,344.70 a troy ounce, recovering from a dip in the prior session. "Gold demonstrated resilience despite the dual headwinds of higher Treasury yields and a firmer dollar," says Daria Efanova, head of research at Sucden Financial. The latest U.S. inflation data signaled tariffs are starting to show in prices, potentially complicating the case for interest-rate cuts. Traders now await U.S. PPI data due later on Wednesday. Markets are monitoring talks between the U.S. and major trade partners, with the August 1 deadline looming. "The increased uncertainty about tariffs and the extension of the trade talks deadline suggest the FOMC will need a few more months of data before cutting the policy rate," analysts at ANZ Research said. (giulia.petroni@wsj.com)

Antofagasta's second-quarter production update should drive a 2% increase in full-year earnings before interest, taxes, depreciation and amortization expectations, RBC Capital Markets analysts write. This is due to higher realized prices and lower costs, they write. Antofagasta's molybdenum production was particularly strong but this is unlikely to be maintained over the full-year, they add. Shares trade up 2.3% at 1,881 pence.(adam.whittaker@wsj.com)