IDEX Metals Confirms Tungsten Enrichment in All Six 2025 Kismet Drill Holes

IDEX Metals Corp. (IDEX) has completed its sodium peroxide fusion (SPF) tungsten re-assay program for the four remaining 2025 Phase I Kismet holes: KSMT25001, KSMT25003, KSMT25004, and KSMT25006. This follows the initial reporting of holes KSMT25002 and KSMT25005 on July 9, 2026. The company noted that no new drilling occurred; the results are re-analyses of retained 2025 core pulps.

The results indicate that tungsten is present in all six 2025 holes, suggesting it is a property-wide feature of the Kismet system rather than being confined to the two initial test holes.

Key intercepts from the re-assays include:

• KSMT25001: 28.0 m @ 0.20% WO₃ from 220.0 m, including 25.0 m @ 0.22% WO₃; a separate 2.0 m @ 1.25% WO₃ from 264.0 m containing the program's highest-grade sample of 1.0 m @ 2.13% WO₃ (16,900 ppm W).
• KSMT25004: Multiple zones from surface to 333.25 m, including 11.9 m @ 0.18% WO₃ from 1.37 m; 10.88 m @ 0.17% WO₃ from 32.61 m; and 29.61 m @ 0.09% WO₃ from 301.05 m.
• KSMT25002 (unchanged from July 9): 180.5 m @ 0.11% WO₃ from 52.0 m, including 17.05 m @ 0.22% and 11.29 m @ 0.32% WO₃.
• KSMT25005 (unchanged from July 9): 72.2 m @ 0.13% WO₃ from 182.6 m, including 3.33 m @ 0.71% and 1.21 m @ 1.55% WO₃; plus 47.69 m @ 0.12% WO₃ from 130.92 m and 6.31 m @ 0.36% WO₃ from 61.97 m.

A comparison between four-acid and SPF methods across 1,069 matched samples shows that four-acid analysis materially understated tungsten in the highest-grade samples. For example, KSMT25004 showed 6,420 ppm W via SPF compared to 722 ppm W via four-acid, while KSMT25001 showed 16,900 ppm W via SPF versus 8,230 ppm W via four-acid.

No new copper or molybdenum assays were introduced, and copper intervals remain unchanged from prior releases. Drill assays for 2026, which have now defined more than 800 m of strike, remain pending and are expected in the coming weeks.

IDEX Metals Corp. (IDEX) has released data that corroborates tungsten as a system-wide feature at the Kismet project, modestly enhancing the site's perceived polymetallic and critical-metals character. The update does not alter copper grades, add tonnes, create a new resource, or impact recoverable metal. It represents a re-processing of already-drilled core, consistent with the July 9 release and the August 11 catalysts list.

The tungsten narrative was initially pre-released on July 9 with two holes and is now complete with six. Because this completion was explicitly telegraphed, it is largely expected by the market. The primary catalyst that remains unpriced is the first 2026 drill assays for five holes, along with 2026 mapping and geochemistry, both due in the coming weeks.

IDEX is a pre-revenue, pre-resource explorer with zero revenue, a net loss of C$4.87M in H1 FY26, approximately C$2.5M in cash, and a reliance on equity financing. For such companies, the most significant valuation shifts are typically reserved for discovery, step-out rock, and resource progress. Re-assaying old pulps does not constitute that type of milestone.

The stock has since drifted back to $0.54. Against an equity that has already round-tripped, and where the tungsten angle is a secondary, lean-grade story, this release does not clear a high bar for significant price movement.

IDEX Metals Corp. (TSXV: IDEX; OTCQB: IDXMF) is a pre-revenue mineral explorer that completed a reverse takeover of Idaho Silver Corp. in May 2025. The company focuses on the 100%-owned Freeze copper-gold-molybdenum-tungsten porphyry prospect, located in Washington County, Idaho, within the emerging Idaho Copper Belt.

IDEX controls approximately 31,645 acres, including a 28,432-acre lease with the Idaho Department of Lands. The property is road-accessible and equipped with power and water. The company has received drill permits from the Idaho Department of Lands (IDL) and the U.S. Forest Service (USFS) for the Kismet, CM, North Breccia, and Frostfall targets, with permitting currently in progress for Targets A, B, and C.

Non-core assets, including the Amie, Silver Rock, and Demming projects, have been optioned to WestGold Metals under a 90% earn-in agreement. This deal includes a C$5 million exploration commitment over three years, with IDEX retaining a 10% carried interest and a 1.5% net smelter return (NSR).

According to a presentation dated September 16, 2026, IDEX has 77.53 million shares outstanding, 7.41 million options, 6.64 million restricted stock units (RSUs), and 11.76 million warrants, resulting in 103.35 million fully diluted shares. The company raised approximately C$18.5 million through placements in 2025 and 2026. Prior-period financial data indicates zero revenue, a net loss of C$4.87 million for the first half of fiscal year 2026, and approximately C$2.5 million in cash, with no debt and an equity-financed structure.

Management includes CEO Clayton Fisher, CFO Eric Tsung, and Vice President of Exploration David Hladky, a Qualified Person. The board of directors includes Anne Labelle, specializing in permitting and regulatory matters, and Simon Dyakowski, a Chartered Financial Analyst (CFA).