Mr. Tony Kinnon reports

INTERNATIONAL FRONTIER RESOURCES CORPORATION AND KINJAL CORPORATION PROVIDE TRANSACTION UPDATE ON DEBT FACILITY, PROPOSED MEXICAN ASSET TRANSACTIONS AND NEW BOARD ADDITIONS

International Frontier Resources Corp. and Kinjal Corp. are providing an update to the comprehensive news release dated May 4, 2026, in respect of the proposed reverse takeover (RTO) of International Frontier by Kinjal, the proposed brokered private placement of subscription receipts of Kinjal for aggregate gross proceeds of up to $37-million and the proposed Mexican asset transactions described therein.

Completion of the RTO transaction is subject to a number of conditions as set forth in the definitive agreement and summarized below, including, without limitation, all required Mexican regulatory approvals, including from the Secretary of Energy of Mexico (SENER), TSX Venture Exchange acceptance; shareholder approvals; completion of the concurrent financing, and execution and closing of definitive agreements in respect of the proposed Mexican asset transactions. Where applicable, the RTO transaction cannot close until the required shareholder approvals have been obtained.

Binding terms on an up to $30-million (U.S.) debt facility with Summit Ridge Capital Partners

Kinjal continues to advance documentation in respect of the previously announced $30-million (U.S.) debt facility and has now entered into a binding term sheet with Summit Ridge Capital Partners, a well-recognized Latin American focused lender based in Chile, to finance the acquisition of the working interest and operatorship of the Mision asset as part of its acquisition of Servicios Multiples de Burgos S.A. de C.V. (SMB). The debt facility is subject to the execution of a final definitive credit agreement to be entered into between Kinjal and Summit Ridge.

Update on Mision field and Tonalli transactions; planned third party resource report postclose

Kinjal continues to advance definitive transaction documentation in respect of the proposed Mexican asset transactions, including the proposed acquisition of an interest in Tonalli Energia S.A.P.I. de C.V. and the proposed acquisition of SMB, which holds the Mision field. Kinjal and the relevant counterparties have made significant progress on the definitive share purchase agreements and related transaction documentation for Tonalli and SMB with continuing sessions being held in Mexico and Argentina to finalize drafting of the definitive agreements. Completion of each transaction remains subject to execution of definitive agreements, satisfaction or waiver of applicable closing conditions, required regulatory approvals, and other customary closing matters.

In connection with the proposed Tonalli transaction, the parties expect that all indebtedness currently outstanding in respect of Tonalli will be eliminated at closing as part of the transaction structure.

Following the completion of the proposed Mexican asset transactions and RTO transaction, Kinjal plans to commence a companywide third party resource report on its portfolio of assets, which includes the Mision field, the high-impact Kinkan discovery on the CS.06 block, the A10.CS block and the Tecolutla block in Tonalli. Kinjal plans to prepare a consolidated reserve report across all of these assets and has engaged internationally recognized reserve auditors to complete the work.

Board and governance update

Kinjal and International Frontier are pleased to announce the addition of two board members with Dr. Ignacio Quesada joining the board of directors of International Frontier, effective June 1, 2026, and Guadalupe Catarina Rodriguez joining the board of Kinjal on completion of the RTO.

Dr. Quesada rejoins the board of directors of International Frontier, bringing his extensive energy sector expertise and a deep understanding of Mexico's regulatory landscape. Dr. Quesada has over 20 years of experience leading operational and financial performance improvement programs, including restructuring initiatives for energy services companies. He is expected to serve as an independent director, and will assist International Frontier and Kinjal in maintaining appropriate governance and board composition as the parties continue to advance the RTO transaction. Dr. Quesada is a former partner at McKinsey & Company, where he led the Mexico transformation practice until 2025. He was managing director at Alvarez & Marsal from 2013 to 2019. From 2008 to 2013, Dr. Quesada served as Chief of Staff to the Minister at Mexico's Treasury Ministry and the Ministry of Social Development, and served as the chief financial officer and a board council member of Petroleos Mexicanos (Pemex), where he oversaw budget management, treasury, capital markets and investor relations. He holds a PhD in chemical engineering and operations research from Carnegie Mellon University, and a BSc in chemical engineering from the Universidad Nacional Autonoma de Mexico.

Ms. Rodriguez is a global investment executive, strategist and governance advisor operating at the intersection of private capital, geopolitics and institutional leadership. She currently serves as chief strategy officer of Talipot Holdings, a global single-family office with investments across venture capital, private equity, infrastructure, technology, media, energy transition and strategic cross-border opportunities. Ms. Rodriguez specializes in long-term capital allocation, governance architecture and geopolitical risk analysis, with a particular focus on how shifts in global power, technology, regulation, security and economic policy shape institutional resilience and investment strategy. She is founder and chairman of the Good Governance Institute, an independent platform focused on governance, leadership, institutional trust and the evolving role of private capital in global society. Her work and writing examine the intersection of finance, democracy, technological transformation and geopolitical stability. Ms. Rodriguez is an active participant in leading global forums and policy dialogues, including the Milken Institute, international family office summits, institutional investor conferences, the Aspen Institute and cross-sector convenings, focused on finance, security, innovation and economic transformation.

Kinjal and International Frontier are excited to welcome Dr. Quesada back to the board of directors and Ms. Guadalupe to the board as it becomes Kinjal Gas, the largest independent onshore gas producer in Mexico. International Frontier also announces that Steve Hanson has resigned from the board of directors of International Frontier, effective June 1, 2026. International Frontier thanks Mr. Hanson for his service and contributions to International Frontier.

In addition, International Frontier and Kinjal continue to finalize the proposed board of directors and management team of the resulting issuer upon completion of the RTO transaction. The proposed board of the resulting issuer is expected to include Dr. Quesada and Lupe Rodriguez, together with the individuals previously disclosed in International Frontier's May 4, 2026, news release. Further details regarding the proposed board and management team of the resulting issuer will be provided in the filing statement that is currently being prepared in connection with the RTO transaction and in subsequent disclosure, as required.

Kinjal and concurrent financing

Kinjal has been formed to focus on the development of natural gas assets in Mexico. Kinjal is in the process of acquiring interests in four fields, anchored by a gas complex in the northern Burgos basin and additional assets that have development and exploration upside with fully financed anticipated growth from 30 million cubic feet per day (mmcf/d) to 90 mmcf/d (5,000 to 14,000 barrels of oil equivalent per day (boe/d)).

As previously announced and in connection with the RTO transaction, Kinjal intends to complete the concurrent financing of subscription receipts of Kinjal at a price of 80 cents per subscription receipt. The concurrent financing is being led by Research Capital Corp. as the lead agent and sole bookrunner, on behalf of a syndicate of agents, including Canaccord Genuity Corp. and ATB Cormark Capital Markets. For further details on the concurrent financing, please refer to the comprehensive news release dated May 4, 2026.

Pro forma production and EBITDA (earnings before interest, taxes, depreciation and amortization)

As previously disclosed, an attached table presents selected pro forma production estimates, valuation metrics and reserves in respect of the assets that are the subject of the proposed Mexican asset transactions, assuming completion of both the RTO transaction and the proposed Mexican asset transactions. The estimates in the table now include forecasted EBITDA from the assets of the proposed Mexican asset transactions. The pro forma production estimates included in this news release are modelled forward-looking estimates based on internal engineering and economic analysis, and are not reserves or resource data, and are based on assumed timing for the closing of the transaction and forward-looking estimates for market pricing of natural gas and oil. The valuation metrics shown illustrate the implied value of International Frontier and Kinjal relative to current and forecast production.

Actual results may differ materially from the estimates and projections set out above, and no assurance can be given that the forecast pro forma production estimates or valuation metrics will be achieved.

Investment highlights

Mision field -- cash-flowing core assets with low-risk development upside:

• Largest privately operated natural gas field on land in Mexico, currently producing approximately 65 mmcf/d gross with condensate volumes;
• Mature, long-life, non-associated gas asset with decades of production history and established regional infrastructure;
• Clear near-term development upside, with potential to restore production toward approximately 120 mmcf/d gross through drilling and field optimization with facilities in place to manage up to approximately 140 mmcf/d.

CS.06/A10.CS assets -- Kinkan southern Mexico gas development provides significant development and exploration upside:

• Farm-in across two Tabasco blocks with staged earn-in up to an 80-per-cent working interest;
• Kinkan discovery tested at over five mmcf/d from a single zone but has multi zone potential;
• Management estimate 2C contingent resource of approximately 200 billion cubic feet (bcf) (approximately 33 million barrels of oil equivalent (mmboe) net to Kinjal) adjacent to pipeline where natural gas is premium priced up to $8 per thousand cubic feet (mcf) to local end-users. The company expects to complete a tie in to the pipeline which once completed would allow the sale of gas significantly above the currently modelled local market price of approximately $5 per mcf;
• Peak production expected at approximately 40 mmcf/d gross or approximately 32 mmcf/d net at 80-per-cent working interest.

Further information and other disclosures

Kinjal and International Frontier intend to provide additional information in subsequent news releases and/or the information circular to be prepared in relation to the meetings for the shareholder approval of RTO transaction.

Completion of the transaction is subject to a number of conditions, including, but not limited to, TSX Venture Exchange acceptance and, if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of International Frontier should be considered highly speculative.

The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Trading halt

In accordance with the policies of the TSX-V, trading in the shares of International Frontier will remain halted pending receipt and review of acceptable documentation regarding the RTO transaction.

About Kinjal Corp.

Kinjal is a private oil and gas company incorporated under the laws of Ontario and focused on Mexican upstream oil and gas opportunities. Kinjal intends to pursue the proposed Mexican asset transactions described above.

About International Frontier Resources Corp.

International Frontier is a Canadian publicly traded oil and gas company focused on the acquisition and development of energy assets. Through its Mexican subsidiary, Petro Frontera S.A.P.I. de C.V., International Frontier has been advancing petroleum and natural gas assets in Mexico.

International Frontier's shares are listed on the TSX-V under the symbol IFR.

We seek Safe Harbor.