Mr. Steve Roebuck reports

HIGH TIDE RESOURCES REPORTS UP TO 68.2% FE CONCENTRATE WITH VERY LOW IMPURITIES FROM LABRADOR WEST IRON PROJECT

High Tide Resources Corp. has released very positive flotation test work results and provide an update on its detailed metallurgical test work being completed by Studiengesellschaft fur Eisenerzaufbereitung GmbH & Co. KG (SGA). The metallurgical work has progressed to the pilot-plant stage.

Michael Zurowski, executive vice-president of High Tide, commented: "This is our first detailed metallurgical test work focused on producing direct-reduction-quality iron ore. The excellent results reported here have established proof of concept that a DR-quality concentrate can be produced. Flotation testing of the three ore types produced concentrates with low silica and alumina contents. While high iron grades are essential for DR-quality pellets, equally important are very low levels of deleterious elements."

In October, 2025, more than 3.6 tonnes of coarse reject material from the 2022 drill program were sent to Germany for comprehensive metallurgical testing, including mineralogical characterization and processing tests. Approximately two additional tonnes of iron-mineralized material from the 2022 drill program, classified as waste in the block model, were separated from the same coarse reject material. Although this was the only drill core available for metallurgical testing, it encompasses the central portion of the current inferred mineral resource.

The metallurgical sample is considered representative of the current resource and comprises three mineralization types: (1) hematite type; (2) magnetite-carbonate type; and (3) goethite type.

The flotation test work results were excellent and iron recovery was also very positive. It is summarized in the following table.

The weighted average iron content for the ore types was 67.7 per cent while silica plus alumina averaged just 1.0 per cent. The flotation test work continues with varying reagents content, pH and timing to completion of results.

As originally planned, the pilot-plant program will utilize 2.5 tonnes of material from the three mineralization types at the Labrador West iron project. The material will undergo gravity concentration and flotation and is expected to produce a direct-reduction-quality concentrate.

The head sample of the pilot plant head grade is as follows.

In the flotation test work, the composite goethite (approximately 50 per cent goethite) mineralization has low loss on ignition (LOI), also a very positive result. Parts of the current resource with high goethite mineralization were left out of the resource estimate. This was due an assumption that the goethite material would not process well. However, the goethite concentrate material saw silica at just 2 per cent and alumina at 0.2 per cent, which is an excellent result indicative of direct-reduction-quality concentrates . As stated earlier, the pilot-plant work is expected to produce DR-quality concentrate that will then undergo pelletization work and both the concentrate and pellets will undergo basket tests in a directly reduced iron plant as well as hydrogen-based reduction test work.

About Studiengesellschaft fur Eisenerzaufbereitung (SGA)

All work was completed at Studiengesellschaft fur Eisenerzaufbereitung (SGA), located in Liebenburg, Germany. SGA is a metallurgical laboratory that specializes in test work on raw materials for the steel industry. It is a service centre for the process development of iron ore beneficiation, pelletizing, sintering as well as metallurgical testing of iron ore feedstock for blast furnace, direct reduction and steelmaking. Established in 1922, SGA is recognized worldwide for its facilities, expertise and know-how. SGA is a joint venture of the German Steel Industry. It has quality assurance/quality control procedures for its test work and is an umpire laboratory for the ISO (International Standards Organization).

About the Labrador West iron project

The Labrador West iron project is located near the mining communities of Labrador City and Wabush in western Labrador. The project benefits from established infrastructure, including road access, nearby power and proximity to rail. High Tide is advancing the project through systematic exploration, metallurgical testing, environmental baseline data collection and early-stage economic evaluation.

About High Tide Resources Corp.

High Tide is focused on and committed to the development of mineral projects critical to infrastructure development using industry best practices combined with a strong social licence from local communities. High Tide owns a 100-per-cent interest in the Labrador West iron project, which hosts a National Instrument 43-101 inferred iron resource of 655 million tonnes at 28.84 per cent iron and is located adjacent to IOCC's Carol Lake mine in Labrador City, Nfld. This resource is exposed at surface and was pit constrained for an open-pit mining scenario. The technical report was filed on SEDAR+ on April 6, 2023, and was written by Ryan Kressall, MSc, PGeo, Matthew Herrington, MSc, PGeo, Catherine Pelletier, PEng, and Jeffrey Cassoff, PEng.

The company also owns a 100-per-cent interest in the Lac Pegma copper-nickel-cobalt deposit located 50 kilometres southeast of Fermont, Que.

Qualified person

The technical information contained in this news release has been approved by Michael Zurowski, PEng, executive vice-president of High Tide, who is a qualified person as defined in NI 43-101, Standards of Disclosure for Mineral Projects.

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