Vancouver, British Columbia--(Newsfile Corp. - October 15, 2026) - iMetal Resources Inc. (TSXV: IMR) (OTCQB: IMRFF) (FSE: A7VA) ("iMetal" or the "Company") is pleased to provide an update on its flagship Gowganda West gold project ("Gowganda West" or the "Project"), located in the Shining Tree Camp of Ontario's southern Abitibi Greenstone Belt. Under the direction of newly appointed Vice President, Exploration, Morgan Verge, the Company's technical team has commenced a comprehensive review of the Project's drill database. Results from the 2025 drill program at Gowganda West (see News Release dated February 26, 2026) are being integrated with historical drilling data and available geophysical datasets to update and refine the three-dimensional geological model. This integrated approach will improve the interpretation of geological structures and mineralized trends, helping to guide Phase 4 drill targeting ahead of a planned fourth-quarter 2026 program.

iMetal recently hosted a site visit for Mark Trevisiol, P.Eng., Chief Executive Officer of McFarlane Lake Mining Limited ("McFarlane"), the Company's largest shareholder, together with members of McFarlane's technical team. The visit included a review of key drill holes from iMetal's historical and 2025 drill programs to compare geology, alteration and mineralization with the Juby and 826 Zones on McFarlane's contiguous Juby Gold Project. The Juby Gold Project hosts an Indicated Mineral Resource of 1.07 million ounces of gold grading 0.96 g/t (34.68 Mt) and an Inferred Mineral Resource of 5.09 million ounces of gold grading 0.87 g/t (183.05 Mt). Source: NI 43-101 Technical Report and MRE Update for the Juby Gold Project by T. McCracken, P. McIntyre and J. Steyn dated October 2, 2026 for McFarlane Lake Mining Limited.

Upon completion of the modelling, iMetal intends to commence Phase 4 drilling at Zone 1 West, following up on key intersections including 48.5 metres grading 0.85 g/t gold in hole IMGW-23-04, 278.35 metres grading 0.424 g/t gold in hole IMGW-25-06, and 65.75 metres grading 0.419 g/t gold in hole IMGW-25-01.

The iMetal team also examined McFarlane drill core at its logging facility in Gowganda and observed similarities in rock types, alteration and mineralization, which were subsequently confirmed with McFarlane technical personnel.

Exploration activity across the Shining Tree Camp has continued to accelerate through 2026. On October 2, 2026, McFarlane filed its updated National Instrument 43-101 ("NI 43-101") technical report for the Juby Gold Project, reporting a 61% increase in Inferred Mineral Resources over its previous technical report (effective September 29, 2025), overall gold recoveries of 92%, and a new drilling permit that extends its drill program to August 2029. The update also defined a pit-constrained Inferred Mineral Resource of 1.82 Mt at 1.29 g/t gold in the 826 Zone. Elsewhere in the camp, PTX Metals Inc. completed a six-hole, 1,209-metre Phase 1 drill program at the Ronda target on its Shining Tree Gold Project in September 2026, with assays pending. iMetal cautions that mineralization on adjacent or nearby properties is not necessarily indicative of mineralization on the Gowganda West property.

"The Shining Tree Camp is quickly becoming one of the most active gold districts in Ontario," said Saf Dhillon, President and CEO of iMetal. "McFarlane's updated resource at Juby, now more than one million ounces in the Indicated and five million ounces in the Inferred categories, together with the emergence of the higher-grade 826 Zone, demonstrates the scale of the gold system in this part of the southern Abitibi. With McFarlane as our largest shareholder and Morgan Verge and her team integrating our 2025 drilling with the historical data, we are well positioned to design a Phase 4 program at Zone 1 West that tests for the same style of broad, bulk-tonnage mineralization. We look forward to getting back to drilling in the fourth quarter."

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Morgan Verge, P.Eng., Vice President, Exploration, of iMetal and a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Ms. Verge is not independent of the Company.

About iMetal Resources Inc.

iMetal is a Canadian junior exploration company focused on gold and critical mineral resource properties in Ontario and Quebec. Its flagship property, Gowganda West, is an exploration-stage gold project located near McFarlane Lake Mining Limited's Juby Gold Project in the Shining Tree Camp area of the southern Abitibi Greenstone Belt, about 100 km south-southeast of the Timmins Gold Camp. Drilling in the Project's Zone 1 West, announced in February 2026, returned 278.35 m at 0.424 g/t gold in hole IMGW-25-06, including 62.45 m at 0.61 g/t gold and 16.65 m at 1.24 g/t gold, complementing the 2023 discovery hole of 48.5 m at 0.85 g/t gold. Major gold producers operating in the broader region include Agnico Eagle Mines Limited, IAMGOLD Corporation at its Côté Gold mine, and Discovery Silver Corp. at the Porcupine Complex in Timmins. The Company also holds the Carheil project, an exploration-stage project with multi-metal potential and previous graphite results, located about 170 km north of Rouyn-Noranda in the Northern Abitibi Greenstone Belt. In August 2026, McFarlane Lake Mining Limited (CSE: MLM), 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.

ON BEHALF OF THE BOARD OF DIRECTORS,

Saf Dhillon
President and CEO

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. 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.

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