High Tide Resources Commences Drilling at the Labrador West Iron Project with Two Rigs

Executive Summary

• High Tide Resources has commenced its 2026 drilling program at the Labrador West Iron Project in Newfoundland and Labrador, deploying two active drills to advance resource expansion.
• The initial phase targets the north and northeast corridors to support future resource modelling, with the first two holes completed, extended beyond planned depth, and showing broad intervals of magnetite and hematite mineralization.
• Complementary technical workstreams, including metallurgical optimization for Direct Reduction (DR) quality products, environmental data collection, and engineering/economic analysis, are advancing in parallel to support the project's long-term development strategy.

Key Details

• Drilling has commenced at the Labrador West Iron Project near Labrador City, NL, with two drills actively turning as part of the 2026 field program.
• Initial phase focuses on resource expansion toward the north and northeast, targeting continued iron-ore mineralization to refine geological continuity.
• First two drill holes completed: R-02 (26LB0067) and R-05 (26LB0068).
• Both initial holes were extended beyond their planned depth.
• Visual inspection of drill core confirms broad intervals of magnetite and hematite iron oxide mineralization, consistent with the project's established mineralized trends.
• Samples from the first hole have been logged, split, and shipped for assay; results will guide ongoing targeting and program adjustments.
• Core logging and sampling are ongoing, with additional laboratory shipments scheduled as drilling advances.
• Metallurgical optimization is underway to refine concentrate quality and processing parameters, targeting production of Direct Reduction (DR) quality concentrate and DR quality iron ore pellets.
• Environmental data collection is progressing to support future regulatory submissions.
• Engineering and economic analysis is advancing, set to integrate new drilling results as they become available.
• The project hosts a NI 43-101 Inferred iron resource of 655 Mt @ 28.84% Fe, exposed at surface and pit-constrained for an open-pit mining scenario.
• The Technical Report was filed on SEDAR on April 6, 2023.

Notable Quotes

• Steve Roebuck, President & CEO: "Launching this year's drilling program marks another important milestone for the Labrador West Iron Project. With two drills active on site, we are advancing our technical understanding at an accelerated pace. Drill core from the first holes is already demonstrating the strength of the system and the viability of resource growth, and we look forward to integrating new geological and analytical data as the program progresses. Each step we take continues to build value and move the Project toward its long‑term development potential."