Irving Resources Updates Progress on its Extensive Epithermal Gold-Silver Holdings, Noto Peninsula, Honshu, Japan

Rhea-AI Summary

Irving Resources (OTCQX:IRVRF) updated exploration progress on its Noto Peninsula epithermal gold-silver holdings in Honshu, Japan. The Company holds 99 prospecting licenses (337.37 sq km) in a joint venture with Newmont (60%) and Sumitomo (12.5%), with Irving at 27.5%.

Fieldwork from June 2024 to October 2025 returned 106 rock chips and 528 soils initially; additional programs collected 81 rock chips and 150 soils at the Shika blocks (19 blocks granted in early 2025). Best soil values include 54.7 ppb Au at Mii and historical BLEG highs of 50.8 ppb Au. Shika analytical results are pending. Work used strict QA/QC and ALS laboratory analyses.

Positive

• 99 prospecting licenses totaling 337.37 sq km
• JV ownership: Newmont 60%, Sumitomo 12.5%, Irving 27.5%
• 19 Shika blocks granted by METI in early 2025
• Soil sample peak of 54.7 ppb Au in Mii area

Negative

• Analytical results for Shika rock and soil samples are still pending
• Early field programs were delayed by COVID restrictions and the Jan 1, 2024 Noto earthquake

Key Figures

Noto licenses 99 prospecting licenses Noto Peninsula gold-silver holdings

License area 337.37 sq km Total area covered by Noto prospecting licenses

JV interests Newmont 60%, Irving 27.5%, Sumitomo 12.5% Initial interests in Noto Project joint venture

Rock chip samples 106 samples Total surface rock chip samples collected at Noto to date

Soil samples 528 samples Total surface soil samples collected at Noto to date

Shika samples 81 rock chip, 150 soil Samples from Southwest Noto – Shika Prospecting Right

Best Mii soil Au 54.7 ppb Au Highest gold concentration in Mii area soil sample

Mii As level 1935 ppm As Arsenic concentration in best Mii soil sample

Market Reality Check

$0.1885 Last Close

Volume Volume 8,785 is only 0.16x the 20-day average of 54,327, showing limited pre-news trading interest. low

Technical Pre-news price at 0.16308, trading below the 200-day MA of 0.18 and well under the 52-week high of 0.274.

Peers on Argus

Gold peers showed mixed moves, from -10.92% (YGTFF) and -5.21% (AUMMF) to gains of 3.91% (PMCOF), suggesting today’s modest uptick in IRVRF is more stock-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Oct 31	Drill results Omu	Positive	+7.9%	Broad shallow gold-silver mineralization reported at Omui and Omu Sinter targets.
Sep 10	Drill results Yamagano	Positive	+32.7%	Multiple mineralized gold veins encountered in deep East Yamagano drill holes.
Aug 25	Board appointment	Positive	-9.9%	Former Canadian Ambassador to Japan appointed to strengthen Japan-focused strategy.
Aug 21	AGM results	Neutral	+1.9%	AGM confirmed incumbent directors and auditor with no major strategic changes announced.

Pattern Detected

Shares have tended to react strongly to positive drill results, while corporate and governance news have shown smaller or even opposite price reactions.

Recent Company History

Over recent months, Irving’s news flow has focused on exploration success and corporate positioning in Japan. On Aug 21, 2025, the AGM confirmed incumbent directors and auditors with a modest positive price reaction. A new director with deep Japan diplomatic ties was added on Aug 25, 2025, but shares fell. Later, strong drill results at East Yamagano on Sep 10, 2025 and broad mineralization reported at Omu on Oct 31, 2025 both saw solid gains. Today’s Noto Peninsula update adds another exploration-focused milestone to this sequence.

Market Pulse Summary

The stock surged +10.4% in the session following this news. A strong positive reaction aligns with Irving’s history of sizable moves on exploration updates, as seen after prior drill results with gains up to 32.67%. However, pre-news trading showed low liquidity with volume at only 0.16x its 20-day average, which can amplify volatility. Investors watching this type of move would typically consider how quickly follow-up work, assays, and drilling plans at Noto are communicated, as well as broader gold-sector sentiment.

Key Terms

epithermal medical

"update on its epithermal gold-silver holdings on the Noto Peninsula"

Epithermal describes a type of mineral deposit formed when hot fluids near the Earth’s surface deposit metals such as gold and silver into cracks and porous rock, often creating concentrated ‘veins’ or pockets. For investors, epithermal deposits matter because they can host high-grade, easily accessible ore that may lower extraction costs and shorten the time from discovery to production, affecting project value and exploration risk.

pyroclastic technical

"dominated by volcanic andesite and pyroclastic rocks"

Pyroclastic describes hot fragments of rock, ash and gas blasted out during an explosive volcanic eruption; think of it as a fast-moving, searing cloud of debris formed when a volcano violently breaks apart. For investors, pyroclastic activity matters because it can abruptly disrupt mining operations, transportation, power and tourism, damage infrastructure and create large cleanup and insurance costs — similar to how a sudden, destructive storm can halt business and supply chains.

intrusion related technical

"prospective for other styles of gold mineralization including intrusion related type"

Intrusion related describes events or findings tied to unauthorized entry into a system, network, facility, or data repository—think of it as a broken lock or a window left open that lets someone in without permission. For investors, these incidents can signal potential financial costs, operational disruption, regulatory fines, or damage to reputation that may affect a company’s revenue, stock value, and disclosure obligations. Clear identification helps assess risk and potential liabilities.

hydrothermally altered technical

"Hydrothermally altered rocks were mapped at Najimi"

Hydrothermally altered describes rock that has been changed by hot, mineral-rich fluids moving through it, which can dissolve, deposit or replace minerals and change the rock’s colour and texture. For investors, this matters because such alteration often marks zones where valuable metals concentrated, like a stain in a loaf that points to a hidden filling; identifying it helps guide exploration, estimate potential resources and assess project value and extraction challenges.

stockwork vein technical

"showing significant silicification and stockwork vein zones"

A stockwork vein is a dense network of many small, intersecting mineral-filled cracks within a rock, like a sponge threaded with thin veins instead of a single big pocket of ore. For investors, it matters because this pattern can mean a large, continuous mineral resource but often requires different mining and processing methods, affecting extraction costs, recoverable metal, project timelines and the economic value of a mining asset.

multi element analyses technical

"for gold and multi element analyses"

A laboratory method that measures the amounts of many chemical elements in a single sample at the same time, like checking all the ingredients in a recipe with one test. For investors, these results reveal material composition, quality, regulatory compliance and potential value or risk—for example in mining, manufacturing or environmental testing—so they affect resource estimates, production decisions and liability exposure.

national instrument 43-101 regulatory

"pursuant to National Instrument 43-101 Standards of Disclosure"

National Instrument 43-101 is a set of rules and guidelines that govern how mineral exploration and mining companies must report information about their projects. It ensures that the details shared with investors are accurate, consistent, and reliable—similar to how a detailed, verified blueprint ensures a building’s safety. This helps investors make informed decisions based on trustworthy information about a company's mineral resources.

qualified person regulatory

"Quinton Hennigh (Ph.D., P.Geo.) is the qualified person"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

VANCOUVER, BC / ACCESS Newswire / December 11, 2025 / Irving Resources Inc. (CSE:IRV)(OTCQX:IRVRF)(FSE:1IR) ("Irving" or the "Company") is pleased to provide an update on its epithermal gold-silver holdings on the Noto Peninsula, Honshu, Japan (Figure 1). The Company's 99 Noto prospecting licenses (337.37 sq km) cover four discrete potential target areas displaying stream sediment gold, silver, arsenic, antimony, mercury and/or copper anomalism and, once granted, would make Irving the largest holder of prospecting licenses in the Noto area (please refer to the Company's news release dated March 12, 2021). The Noto Project is a joint venture between Newmont Overseas Exploration Limited ("Newmont"), a wholly-owned subsidiary of Newmont Corporation, Sumitomo Corporation ("Sumitomo") and Irving. The initial interests of the parties in the joint venture are Newmont, 60%, Sumitomo, 12.5%, and Irving, 27.5%.

During the latter half of 2020, Irving conducted stream sediment ("BLEG") surveys over much of the Noto Peninsula, a region with geologic similarities to nearby Sado Island, host to the famous high-grade gold mine, Sado Kinzan (Mitsubishi Material Corporation). Gold was discovered at Sado Kinzan in 1601 and was mined continuously for 388 years, making it one of the longest lived gold mines on earth with recorded production of 2.51 million oz Au and 74 million oz Ag. Veins at Sado Kinzan are classed as epithermal, were productive over vertical distances of several hundred meters and display anomalously high copper values. Beyond Sado Kinzan type veins, Irving considers the Noto Peninsula prospective for other styles of gold mineralization including intrusion related type.

While Irving's early exploration work at Noto was impeded by restrictions during the Covid pandemic and, subsequently, due to the massive earthquake that struck the Noto Peninsula on January 1, 2024, the Company has gradually ramped up activity at Noto beginning in June 2024 implementing systematic rock and soil sampling programs. A total of 106 surface rock chip samples and 528 surface soil samples have been collected to date to follow up on the regional BLEG results. A conventional ridge and spur soil sampling technique was applied to priority target areas. Forty soil ridgelines were traversed and sampled on 100 m spacing (Figure 2). Areas that were targeted include: 1) Southwest Noto (Shika), 2) Central Noto (Wajima, Wajima South and Mii) and 3) Northeast Noto (Najimi).

Southwest Noto - Shika Prospecting Right

In early 2025, a total of 19 blocks (Southwest Noto - Shika Prospecting Right) were granted by the Ministry of Economy, Trade and Industry (METI), Chubu Bureau. Surface rock chip and soil sampling commenced in October 2025. A total of 81 rock chip and 150 soil samples were collected during the field program (Figure 3). Analytical results for all of these samples are pending.

The geology of Shika area is dominated by volcanic andesite and pyroclastic rocks. Interlayered siltstone and sandstone, dacite, rhyolite and granitic to dioritic intrusive rocks are also present in lesser amounts. Following some research, the field team discovered the locality of the historical Unoya gold mine. Although this mine is poorly documented in historical literature, Irving's geologic team's review of surface disturbances associated with the mine proved extensive. Quartz veins exhibiting pyrite disseminations within crustiform silica banding were sampled (Figure 4). A couple of old mining tunnels trending NE-SW were also mapped (Figure 5). Several randomly scattered quartz vein float samples were discovered approximately one kilometer south of the Unoya gold mine. Given the extensive scope of the Unoya historical mine, proximal occurrences of quartz vein float and appreciable clay + silica alteration observed throughout the area, Irving's geologic team believes the Shika area warrants more follow up to better evaluate the full extent of the Unoya vein system and its associated splays.

Central Noto - Wajima, Wajima South and Mii Prospecting Rights

Host rocks in this area are comprised mostly of basaltic andesite, andesite and minor interlayered siltstone, sandstone and conglomerate. The best individual soil sample was obtained in the western Mii area with a high concentration of gold of 54.7 ppb. Other elements in this sample are notably elevated including Ag (0.1 ppm), Hg (16.8 ppm), Sb (42.6 ppm) and As (1935 ppm). These results indicate future follow up field work is highly warranted in the Mii area.

In Wajima area, a maximum gold concentration of 4.7 ppb was returned from a soil sample. Trace elements are moderately elevated including Ag (0.1 ppm), Hg (0.2 ppm), Sb (0.9 ppm) and As (15.8 ppm). Given the elevated BLEG anomaly acquired from this area of 50.8 ppb Au, Irving's geologic team believes that post mineral cover rocks mask a buried hydrothermal system here and that follow up field work is warranted to try to find exposure of an underlying mineral system.

Northeast Noto - Najimi Prospecting Rights

The Najimi area is comprised of sedimentary rocks consisting of weakly consolidated siltstone, sandstone and minor conglomerate. The maximum Au concentration reported from a soil sample was 7.4 ppb. Trace elements including Ag, Hg, Sb and As had maximum soil concentrations of 0.4 ppm, 0.2 ppm, 1.3 ppm and 23.5 ppm, respectively. Hydrothermally altered rocks were mapped at Najimi, and from trace element geochemistry, there is supportive evidence indicating that mineralization may be buried beneath a veneer of post mineral sedimentary rock cover. Further work here is warranted.

Quality Assurance and Quality Control measures were strictly applied with interchanging OreasTM derived blanks and standards inserted at every 20th sample for soils and rocks. Soil sample duplicates were obtained at every 75th sample at Central and Northeast Noto.

Surface soil and rock chip sample analytical results for Central Noto (Wajima, Wajima South and Mii) and Northeast Noto (Najimi) have been returned from the laboratory. Sample results for Southwest Noto (Shika Prospecting Right) are currently being analyzed with results pending.

Rock chip sampling, surface soil sampling and geologic mapping were conducted by Company's Japanese subsidiary's staff from June 2024 to October 2025 intermittently. Rock and soil samples were submitted to ALS Global Perth and Brisbane respectively, for gold and multi element analyses. A strict regimen of blanks and duplicates were inserted.

Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical advisor and a director of Irving and has verified the data disclosed including sampling, through review of photographs of core prior to and after sawing and sampling, and analytical, through review of standard and blank analyses.

About Irving Resources Inc.:

Irving is a junior exploration company with a focus on gold in Japan. Irving resulted from completion of a plan of arrangement involving Irving, Gold Canyon Resources Inc. and First Mining Finance Corp. Additional information can be found on the Company's website: www.IRVresources.com.

Akiko Levinson,
President, CEO & Director

For further information, please contact:

Tel: (604) 682-3234 Toll free: 1 (888) 242-3234 Fax: (604) 971-0209
info@IRVresources.com

Some statements in this news release may contain forward-looking information within the meaning of Canadian securities legislation including, without limitation, statements as to planned exploration activities. Forward-looking statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource exploration industry, the funding of planned drilling and other exploration activities, as well as the performance of services by third parties.

THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE

Figure 1

Figure 2 Location map of the Noto project areas showing surface rock and soil sampling points.

Figure 3　Surface rock and soil sampling points at the Shika Prospecting Right. See Figure 2 for an overview map of rock samples collected in the Shika area.

Figure 4 Representative rock samples and old mining tunnel photos from the Shika Prospecting Right. Float sample NT-0665 collected at the Unoya historical mine waste dump site, a 10 cm wide gray/ white weakly banded quartz vein with drusy center accompanied by silica and fine-grained sulfides (A-1), float sample NT-0485 collected at the Unoya historical mine waste dump site, a 30 cm by 10 cm angular white quartz vein about 3-6 cm in thickness, open-spaced cavities, partially brecciated witch crustiform (colloform-cockade textures).

Figure 5 Sample locality of Fig.4, a northeast-southwest trending historical tunnel at the Unoya mine area (B-1, the scale in 1m) and its crawl-in image (B-2).

SOURCE: Irving Resources Inc.

View the original press release on ACCESS Newswire

FAQ

What area does Irving Resources' Noto Peninsula package cover and what is the ticker symbol?

Irving holds 99 prospecting licenses covering 337.37 sq km on the Noto Peninsula; ticker is IRVRF.

Who are the joint venture partners and what are their interests in the Noto Project (IRVRF)?

The Noto Project JV is Newmont 60%, Sumitomo 12.5% and Irving 27.5%.

What were the most significant soil geochemistry results reported by Irving (IRVRF) to December 11, 2025?

The highest reported soil value was 54.7 ppb Au in the Mii area; regional BLEG highs include 50.8 ppb Au.

What recent permitting milestone did Irving Resources (IRVRF) achieve at Shika in early 2025?

The Company reported that 19 prospecting blocks at Southwest Noto - Shika were granted by METI in early 2025.

Are Shika sample results available and where were analyses completed for Irving (IRVRF)?

Shika analytical results are pending; rock and soil samples were submitted to ALS Global (Perth and Brisbane) for analysis.

How was Irving's field program affected between 2020–2025 on the Noto Peninsula (IRVRF)?

Fieldwork was initially constrained by COVID restrictions and later slowed after the January 1, 2024 Noto earthquake, with ramp-up from June 2024 onward.