BARLOW METAL DELIVERS ROBUST PEA RESULTS ON IRON HILLS PROJECT

• After-tax IRR 17.3%
• After-tax NPV C$1.0B at 8% discount rate
• Initial Capital Expenditure ("CAPEX") of C$771.7M
• 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 ("Iron Ore") mined
• Production of Direct Reduction grade Pellet Feed ("DRPF") iron ore concentrate

MONTREAL, Sept. 9, 2025 /CNW/ - Barlow Metal Inc. (the "Company" or "Barlow") is pleased to announce the results of the Preliminary Economic Assessment (the "PEA") for its wholly-owned Iron Hills project ("Iron Hills"), located on Abitibiwinni First Nation ancestral land, 130km NNW of the town of Amos in the Abitibi area, Quebec, Canada. The PEA follows NI 43-101 standards for mineral disclosure and CIM Best Practices Guidelines, and was prepared 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.

The PEA evaluated the construction of mining and processing facilities to produce DRPF iron ore concentrate from the Iron Hills project. The PEA outlines a phased development plan supporting a 31-year open-pit mining operation with robust 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 can be shipped either to the Great Lakes steelmaking region of Canada and the USA, or through export ports in Saguenay, Montreal and Quebec City.

Chairman Guy Dufresne commented:

"The Iron Hills PEA marks a critical milestone for Barlow and an important step towards the realisation of the project. The Iron Hills deposit is world class in multiple regards:

1. Volume of iron ore: Iron Hills is located in the middle of a three (3) iron ore property package exceeding 13,000 hectares in area over 34 km in strike length;
2. Quality of iron ore: Test work produced a 68.2% Fe concentrate with low level of impurities;
3. Highly capable foundational team: The newly assembled initial team has many years of pertinent experience and can attract the additional talent required; and
4. PEA demonstrating robust financial results supported by favourable deposit attributes: magnetite ore processing requires smaller infrastructures compared to hematite ore (North Shore and Brazilian deposits) and is advantageous at the pelletizing stage (downstream clients) combined with its very low strip ratio makes Iron Hills attractive to potential investors and strategic partners.

We intend to move forward to unlock production enabling goals in the near future."

PEA Economic Summary and Key Assumptions

KEY ASSUMPTION SUMMARY	UNIT
Minable Resource Estimate - Measured	M dmt	351.8
Minable Resource Estimate – Indicated	M dmt	112.0
Minable Resource Estimate – Inferred	M dmt	62.1
Production life of mine	Years	31
Average annual concentrate production – Years 1 to 11	M dmt	2.2
Average annual concentrate production – Years 12 to 31	M dmt	4.3
Average Fetot^1 grade to concentrator plant	%	21.08
Average Femag^2 grade to concentrator plant	%	15.21
Average Femag metallurgical recovery	%	90
Average concentrate grade sold	% Fe	DRPF iron ore concentrate above 67%
Average stripping ratio	Waste:Iron Ore	0.14
MACROECONOMIC AND MARKET ASSUMPTIONS		C$	US$
Concentrate gross realized price is based on: (i) 5-year trailing P62 index (US$123.66) and (ii) an additional premium for DRPF iron ore concentrate above 67% (US$30.34)	$/dmt	215.6	154.0
Average shipping cost – Years 1 to 9	$/dmt	38.5	27.5
Average shipping cost – Years 10 to 31	$/dmt	22.5	16.1
Average foreign exchange rate	C$:US$	1.40
CAPITAL COSTS		C$	US$
Initial CAPEX	M	771.7	551.2
Expansion CAPEX – Years 10-11	M	917.7	655.5
OPERATING COST PER TONNE OF CONCENTRATE SOLD		C$	US$
Total cash cost	$/dmt	72.8	52.0
Total All-In Sustaining Costs ("AISC")	$/dmt	143.1	102.2

ECONOMIC RESULTS	BASE PRICE SCENARIO		MARKET PRICE
			(3-year Trailing: CY2022-2024)
	C$	US$	C$	US$
Iron Hills iron ore concentrate gross realized price is based on: (i) 5-year trailing P62 index (US$123.66) and (ii) an additional premium for DRPF iron ore concentrate above 67% (US$30.34)	215.6	154.0	203.3	145.2
PRE-TAX	C$	US$
NPV in M at 8% discount rate	1,885	1,346
IRR	21.5 %
Payback period (years)	4.9
AFTER-TAX	C$	US$
NPV in M at 8% discount rate	1,042	744
IRR	17.3 %
Payback period (years)	5.3

_________________________

¹ Fetot: Soluble iron.

² Femag: Magnetic iron.

The total capital cost estimate of the Iron Hills project includes the Initial Capital cost estimate, the Expansion Capital cost estimate and Sustaining Capital cost estimate. See table below.

	CAPITAL COST SUMMARY
COST AREA	INITIAL CAPITAL (C$ M)	EXPANSION CAPITAL (C$ M)	SUSTAINING CAPITAL (C$ M)	TOTAL (C$ M)
Mining	23.1	49.9	564.7	637.7
Electricity and Communications	5.3	-	17.2	22.5
Site Infrastructure	54.6	10.8	-	65.4
Process Plant	349.2	326.3	185.7	861.2
Offsite Infrastructure	-	208.0	-	208.0
Tailings, Mine Waste and Water Management	39.4	19.6	-	59.0
Indirect Costs	145.2	112.9	-	258.1
Contingency	154.9	190.2	-	345.1
Closure	-	-	100.0	100.0
Sub-total	771.7	917.7	867.6	2,557.0
Capitalized Operating Costs	60.4	-	-	60.4
Total	832.1	917.7	867.6	2,617.4

The operating costs include mining costs, processing costs, waste and water management costs, and general and administration costs. The average LOM operating cost is C$14.77 per tonne processed. See table below.

	OPERATING COSTS SUMMARY
Cost Area	Total (C$ M)	C$/tonne processed	C$/tonne concentrate
Mining	3,089.7	5.87	28.93
Processing	3,356.7	6.38	31.43
Waste and Water Management	352.4	0.67	3.30
General and Administrative	974.7	1.85	9.13
Total	7,773.5	14.77	72.79

Mine

The Iron Hills project is planned as a conventional open-pit mine developed in a phased production accelerating time to revenue with the expansion in years 10-11 financed from free cash flow.

Mining operations will utilize drills, haul trucks coupled with hydraulic shovels, with the crusher located at the exit west of Pit d'Aragon. The peak mining rate, following the expansion in years 10-11, is expected to be 28 Mtpa over the remaining 20 years. A total of 525.9 M dmt of mineralization will be mined at an average iron grade of 15.21% Femag (magnetic iron) with a total of 71.8 M dmt of combined waste rock and overburden, resulting in a very low strip ratio of 0.14 tonne of waste per tonne of Iron Ore mined. This translates into a remarkably low ratio of 4.9 tonnes moved per tonne of DRPF iron ore concentrate produced reducing mining costs over LOM and the construction phase CAPEX of the Iron Hills project.

Concentrator Plant

The proposed Iron Hills concentrator plant is based on the flowsheet developed using the Company's investment in metallurgical test work done over the past ten (10) years. The input from the technical advisors, engineering teams and selected manufacturers resulted in the design of the process flowsheet that will enable the production of a DRPF iron ore concentrate above 67% Fe and below 2.5% SiO₂ + Al₂O₃, with a Femag recovery of 90%, allowing an average production of 2.2M dmt per year from years 1 to 11 and 4.3M dmt per year for years 12 to 31.

The designed process flowsheet was inspired by the Iron Bridge Project process flowsheet, operated in joint venture between Fortescue Metals Group and Formosa Steel IB, that delivers high purity 67% magnetite concentrate in Western Australia. The innovative design delivers industry-leading energy efficient operation.

The flowsheet includes proven and modern technologies for processing magnetite iron ore, including a primary gyratory crusher, secondary standard cone crusher, high pressure grinding rolls ("HPGRs"), dry magnetic separation, secondary HPGRs, air classification, and a wet beneficiation circuit including low intensity magnetic separators, vertical regrind mills and a reverse flotation circuit that will enable the production of DRPF iron ore concentrate above 67% Fe and below 2.5% SiO₂ + Al₂O₃.

Infrastructure and Regional Advantages

The Iron Hills project is expected to benefit from an already built 120kV transmission line, formerly used by the Selbaie Mine (operations ceased in January 2004), access to water, existing gravel roads for forestry operations, in a proven regional mining labour market. The Abitibi region is known for being a strong mining supportive community and provides all services, supplies, infrastructures, and experienced mine operators for the development of a successful mining operation.

A railroad operated by CN connecting the town of Matagami (85km ENE) provides shipping opportunities to deliver the DRPF iron ore concentrate to the Great Lakes ironmaking region of Canada and USA or through export ports of Saguenay, Montreal and Quebec City.

Tailings Management

The Iron Hills Tailings Management Facility ("TMF") is conceived as a staged, non-impounded, semi-dry stacked system located approximately 200 m south of Pit d'Aragon on a sloping hillside. Designed to reduce environmental impact and material movement, the TMF leverages natural topography to support discharge and passive dewatering within a series of terraced drying cells.

The TMF is designed for two development phases:

• Phase 1 (Years 1 to 11): 11 Mtpa average throughput with initial construction of the clarifying pond, starter berms, and surplus containment capacity
• Phase 2 (Years 12 to 31): 22 Mtpa average throughput with lower annual construction rates supported by early overbuilding and increased use of filtered tailings to balance lower waste supply from Pit d'Aragon.

Environment

The acquisition of baseline environmental knowledge on the Iron Hills property was performed by Génivar several years ago. To date, no major environmental issues have been identified in the work undertaken.

Additional environmental studies such as: hydrological studies, hydrogeological and geochemical analysis, soil quality analysis, surface water, groundwater and sediment quality, characterization of the natural environment, including water bodies, wetlands, species with special status and wildflife inventories for certain species are planned in the near future.

Barlow is committed to sustainable mining and will abide by the Towards Sustainable Mining ("TSM") initiative established in 2004 by the Canadian Mining Association. Adhering to the TSM Guidelines Principles, Barlow intends to exhibit leadership by:

• Engaging with communities and stakeholders;
• Driving world-leading environmental practices in terms of CO₂ reduction; and
• Committing to the safety and health of employees and surrounding communities.

DRPF Iron Ore Concentrate and Pricing

The Iron Hills project is expected to produce a Direct Reduction ("DR") grade quality iron ore concentrate. With an increased focus on reducing GHG emissions in the steelmaking processes, the steel industry is experiencing a structural shift in its production methods. This dynamic is expected to create additional demand for high purity iron ore concentrate, as the industry transitions towards using alternative technologies to produce liquid iron, such as the use of Direct Reduced Iron in Electric Arc Furnaces instead of Blast Furnaces and Basic Oxygen Furnaces.

As DR grade quality iron ore concentrate is a niche product in the iron ore industry, representing approximately 5% of the global seaborne iron ore production, pricing tends to be directly negotiated between producers and buyers without an available global pricing index. Due to its higher Fe content (above 67% Fe) and lower impurities, pricing for DR grade iron ore product, used as raw material input to make DR grade pellets, is expected to attract a significant premium over the traditional high-grade iron ore P65 index and correlates with the DR grade pellet indices.

The Company believes that the accelerating transition to reduce emissions in the steelmaking process will result in rising demand for DRPF products. As a result of this expected rising demand and product scarcity, the Company believes that its DRPF product will attract increasing premiums over time.

The PEA's base case economic assumption utilizes a blended gross realized price based on a 5-year trailing P62 index price of US$123.66/dmt and a US$30.34/dmt premium for DR quality iron ore concentrate above 67% Fe. The PEA's base case economic assumption compares to the assumed price of US$154.00/dmt (inclusive of a US$34.00/dmt premium for DR quality iron ore concentrate) used by Champion Iron in the Kami Pre-Feasibility study.

The realized FOB Mine price net of freight costs estimated for delivery to a conceptual off-taker (downstream client) in Canada or USA is US$126.51/dmt for years 1 to 9 (accounting for US$27.49/dmt freight cost) and US$137.93/dmt following rail construction for years 10 to 31 (accounting for US$16.07/dmt freight cost).

Stakeholder Engagement

The Iron Hills project is located on the ancestral territory of the Algonquin Anishinaabeg Nation. The community involved is the Abitibiwinni First Nation, residing primarily in the community of Pikogan in the Abitibi-Témiscamingue region. The Pikogan community is located three (3) kilometers from the town of Amos on the west bank of the Harricana River.

The Company has engaged with the Abitibiwinni First Nation and believes in building a relationship of trust and respect with the Abitibiwinni First Nation Council and land users by demonstrating transparency, implementing respectful traditional land use, continuous consultation, and proposing win-win ownership scenarios in the Iron Hills project development.

Project Timeline

The Company will continue to optimize the Iron Hills project, engage with the Abitibiwinni First Nation and other stakeholders, evaluate opportunities to upgrade its economics, advance permitting and consider strategic partnerships prior to considering a final investment decision.

PEA and Qualified Persons

Reference is made to the PEA that will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca and the Company's website at www.barlowmetal.ca within 45 days of the date of this news release. The following Qualified Persons participated in the preparation of the PEA:

• Daniel Gagnon, P.Eng. – DRA Americas Inc.
• Nigel Fung, 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, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this news release that is relevant to their area of responsibility and verified the data underlying such technical information.

Mineral Resources Estimate

The following table presents the mineral resource estimate for the Iron Hills project, estimated at a cut-off grade of 3.5% Femag (magnetic iron), inside an optimized open-pit shell based on a pricing of US$140.0/t of DRPF quality iron concentrate above 67% Fe. An exchange rate of 1.4 C$/US$ was used. The open-pit measured and indicated mineral resources for the Iron Hills project are estimated at 1,266.0 Mt with an average grade of 14.82% Femag, and the open-pit inferred mineral resources at 998.1 Mt with an average grade of 14.64% Femag. Mineral resources that are not mineral reserves have not demonstrated economic viability.

	MINERAL RESOURCES ESTIMATE
	CATEGORY	TONNES	Femag	Fetot	DENSITY
		(Mt)	( %)	( %)	(t/m^3)
Iron Hills	Measured	828.0	14.94	20.96	3.19
	Indicated	438.0	14.58	19.95	3.16
	M+I	1,266.0	14.82	20.61	3.18
	Inferred	998.1	14.64	20.15	3.17

Notes on Mineral Resources

(1)	A formula for the density (2.645+(0.026*fetot)) was used to estimate the tonnage from block model volumes The mineral resource was estimated by Maxime Dupéré P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Dupéré conducted a site visit to the Barlow Iron Hills Property on April 15, 2021.
(2)	The classification of the Mineral Resource Estimate into measured, indicated and inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date of the Barlow Property Iron Hills Mineral Resource Estimate (MRE) is August 1, 2025.
(3)	All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
(4)	All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
(5)	Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated or Measured Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured Mineral Resources with continued exploration.
(6)	The Iron Hills mineral resource estimate is based on a validated drillhole database which includes data from 94 surface diamond drill holes completed between 1957 to 1961 (30) and from 2005 to 2012. The drilling totals 22,790 m. The resource database totals 2,881 assay intervals representing 14,563 m of data.
(7)	The mineral resource estimate is based on one three-dimensional ("3D") resource model representing banded iron formation (BIF).
(8)	Grades for Fe soluble (Fetot) and magnetic Fe (Femag) are estimated using 6 m composites assigned to that 3D resource model. To generate grade within the blocks, the inverse distance squared (ID^2) interpolation method was used.
(9)	A formula for the density (2.645+(0.026*Fetot)) was used to estimate the tonnage within the 3D resource block model.
(10)	It is envisioned that the Iron Hills Project deposit may be mined using open pit mining methods. Mineral resources are reported at a base case cut-off grade of 3.5% Femag (magnetic iron). The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes.
(11)	Pit optimization parameters are described as follows:
	•	Base on a price of US$140/dmt
	•	Concentrate grade above 67% Fe
	•	Exchange rate of 1.4 C$:US$
	•	Metallurgical recoveries of 90% Femag
	•	Mining costs of C$3.00/t
	•	Total mineralization-based costs of C$8.41/t
	•	Overall slope angle of 30° and 50° for overburden and fresh rock respectively.
(12)	Measured, indicated and inferred mineral resources have been defined mainly based on drill hole spacing.
(13)	Mineral resources have a stripping ratio of 0.7:1 (W:O).
(14)	The tonnages and grades outlined above are reported inside a block model with parent block size of 20 m x 10 m x 10 m.
(15)	All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
(16)	The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

About Barlow Metal Inc.

Barlow Metal Inc., a private company founded in 1987, has three (3) 100%-owned exploration properties namely Iron Hills, Adam River and Orvilliers, located 130km NNW of the town of Amos in the Abitibi region and 85 km ENE of the town of Matagami in Northern Quebec, Canada. From 2002 to 2021, the Company spent in excess of C$11M of private funds in exploration, metallurgical test work and development mainly on the Iron Hills project.

The Iron Hills PEA results, disclosed on September 9^th, 2025, evaluated the construction of mining and processing facilities to produce DRPF iron ore concentrate from the Iron Hills project. The PEA outlines a phased development plan supporting a 31-year open-pit mining operation with robust 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 can be shipped either to the Great Lakes steelmaking region of Canada and USA, or through export ports in Saguenay, Montreal and Quebec City.

The Company is currently preparing its Initial Public Offering ("IPO") and expects to list on the TSX Venture Exchange prior the end of 2025.

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 of accuracy of this news release.

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 Company's ability to predict or control.

Specific Forward-Looking Statements
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. Forward-looking statements 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 Company's participation therein, contribution thereto and positioning in connection therewith; (iii) greenhouse gas and CO2emissions reduction initiatives, objectives, targets and expectations; and (iv) the Company's growth and opportunities generally.

Deemed Forward-Looking Statements
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.

Risks
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 Company, which may cause the Company'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 Iron Hills preliminary economic assessment; (ii) changes in the assumptions used to prepare the Iron Hills preliminary economic assessment; (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; (vii) future prices of iron ore; (viii) future transportation costs; * delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; and (xi) the effects of catastrophes and public health crises, including the impact of COVID-19 on the global economy and the iron ore market. 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.

Additional Updates
All of Barlow's forward-looking information contained in this press 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.

SOURCE Barlow Metal Inc.

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