Barlow Files NI 43-101 Technical Report for Iron Hills Project PEA and Announces Appointment of Josianne Beaudry to Board of Directors

MONTREAL, Oct. 28, 2025 /CNW/ - Barlow Metal Inc. (the "Corporation" or "Barlow") is pleased to announce the filing of its National Instrument 43-101 Technical Report entitled "Technical Report – Preliminary Economic Assessment – Iron Hills Project – Western Abitibi, Québec, Canada" dated October 24, 2025 (with an effective date of September 9, 2025) (the "Technical Report"), and the appointment of Josianne Beaudry to the Board of Directors.

Filing of the Technical Report

The Technical Report supports the results of the Preliminary Economic Assessment (the "PEA") for Barlow's wholly-owned Iron Hills project located in Western Abitibi, Quebec, Canada (the "Iron Hills Project"), announced in Barlow's news release dated September 9, 2025. There are no material differences in the Technical Report from those results disclosed in the Corporation's news release dated September 9, 2025.

The Technical Report commissioned by Barlow in collaboration with independent engineering and geological firms DRA Americas Inc., Evomine Consulting Inc., SGS Canada Inc., Geological Services, GS2 Consultants Inc. and Geodoz conseil Inc., is available under the Corporation's profile on SEDAR+ at www.sedarplus.ca and on the Corporation's website at barlowmetal.ca.

PEA Highlights (as previously disclosed):

• After-tax IRR 17.3%
• After-tax NPV C$1.0B at 8% discount rate
• Initial Capital Expenditure ("CAPEX") of C$771.7M[1]
• After-tax Payback period of 5.3 years
• After-tax Cumulative Undiscounted Cash Flow of C$6.0B
• 31 years life of mine ("LOM") via open-pit mining
• Strip ratio of 0.14 tonne of waste per tonne of mineralization mined
• Production of Direct Reduction grade Pellet Feed ("DRPF") iron ore concentrate

The Technical Report favorably evaluated the construction of mining and processing facilities to produce DRPF iron ore concentrate from the Iron Hills Project. The Technical Report outlines a phased development plan supporting a 31-year open-pit mining operation with economic returns. The proposed Pit d'Aragon is expected to deliver an average annual DRPF iron ore concentrate production of approximately 2.2 million dmt from years 1 to 11, increasing to 4.3 million dmt from years 12 to 31, at grades exceeding 67% Fe. With direct railway connections, production may be shipped either to the Great Lakes steelmaking region of Canada and USA, or through export ports in Saguenay, Montreal and Quebec City.

The PEA is preliminary in nature and includes mineral resources. Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. There is no certainty that the resources development, production, and economic forecasts on which the PEA is based will be realized.

Qualified Person

The Technical Report was prepared by the following "Qualified Persons" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Project:

• Nigel Fung, P.Eng. – DRA Americas Inc.
• Masoud Gorjian, P. Eng. – DRA Americas Inc.
• Stephen Coates, P.Eng. – Evomine Consulting Inc.
• Alexandre Burelle, P. Eng. – Evomine Consulting Inc.
• Maxime Dupéré, P.Geo. – SGS Canada Inc. Geological Services
• Kaden Pearce, P.Eng. – GS2 Consultants
• Maude Lévesque Michaud, P.Eng. – Geodoz conseil Inc.

Each of these Qualified Persons has reviewed and approved the disclosure of the scientific and technical information contained in this news release that is relevant to their area of responsibility.

Board Appointment

The Corporation is also pleased to announce that Josianne Beaudry has joined the Board of Directors effective October 1, 2025. Ms. Beaudry, partner at Lavery, de Billy, has over twenty (20) years of experience in securities law and mining law. She currently serves as a Director of the Quebec Mineral Exploration Association and Director of Niobay Metals Inc. and was previously a member of the Local Advisory Committee of the TSX Venture Exchange (Montreal).

Ms. Beaudry brings valuable expertise in key areas of strategic planning and corporate governance, which will strengthen the Corporation's leadership as it advances the Iron Hills Project and other growth initiatives. She replaces Jérôme Gendron who resigned from his Director position on September 30, 2025.

Chairman Guy Dufresne commented:

"We are very pleased to both advance our Iron Hills Project with the formal filing of the PEA Technical Report and to welcome Josianne to the Board of Directors. These milestones reflect our continued progress and commitment to building long-term value for our shareholders."

"On behalf of the Board and the Barlow team, I would like to sincerely thank Jérôme for his many years of commitment, insight, and contributions to the Corporation both as a shareholder and Director. We wish him all the best in his well-earned retirement endeavors."

About Barlow Metal Inc.

Barlow Metal Inc., a private company founded in 1987, has three (3) 100%-owned iron properties namely Iron Hills, Adam River and Orvilliers, located 130km NNW of the town of Amos in the Abitibi region and 75 km WSW of the town of Matagami in Northern Quebec, Canada. From 2002 to 2021, the Corporation spent in excess of C$11M of private funds in exploration, metallurgical test work and development mainly on the Iron Hills project.

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain information and statements that may constitute "forward-looking information" under applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "aims", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Corporation 's ability to predict or control. All statements, other than statements of historical facts, included in this news release that address future events, developments or performance that Barlow expects to occur are forward-looking statements.

These forward-looking statements may include among other things, Management's expectations regarding: (i) the Iron Hills Project, its purpose, , including evaluating the potential to produce a DR grade product, expected project timeline, economics, capital expenditure, budget and financing, production and financial metrics, technical parameters, flowsheet, permitting and approvals, available and planned infrastructure, expected environmental footprint, efficiencies and economic and other benefits and related engagement with stakeholders and strategic partners; (ii) the shift in steel industry production methods towards reducing emissions and green steel production methods, including expected rising demand far higher-grade iron ore products and related market deficit and higher premiums, and the Corporation's participation therein, contribution thereto and positioning in connection therewith; (iii) greenhouse gas and CO2 emissions reduction initiatives, objectives, targets and expectations; and (iv) the Corporation's growth and opportunities generally. Statements relating to "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated. Actual resources may be greater or less than the estimates provided herein.

Although Barlow believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties and other factors, most of which are beyond the control of the Corporation, which may cause the Corporation's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed in forward-looking statements include, without limitation: (i) the results of the PEA; (ii) changes in the assumptions used to prepare the PEA; (iii) Iron Hills Project delays; (iv) timing and uncertainty of industry shift to green steel and Electric Arc Furnaces; (v) continued availability of capital and financing and general economic, market or business conditions; (vi) general economic, competitive, political and social uncertainties, including changes in laws, regulations and policies affecting the mining industry; (vii) future prices of iron ore; (viii) future transportation costs; (x) delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; and (xi) environmental risks and liabilities. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.

All of Barlow's forward-looking information contained in this news release is given as of the date hereof or such other date or dates specified in the forward-looking statements and is based upon the opinions and estimates of Barlow's Management and information available to Management as at the date hereof. Barlow disclaims any intention or obligation to update or revise any of the forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Barlow cautions that the foregoing list of risks and uncertainties is not exhaustive. Readers should carefully consider the above factors as well as the uncertainties they represent and the risks they entail.

[1] Before capitalized operating costs of C$60.4M.

SOURCE Barlow Metal Inc.

For further information, please contact: Simon Britt, President and CEO Barlow Metal Inc., barlowmetal.ca, Tel: [phone], Email: [email protected]