IPC Announces Completion of Annual Normal Course Issuer Bid and Updated Share Capital (September 30, 2025)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC has completed the current normal course issuer bid / share repurchase program (NCIB), purchasing for cancellation 7,465,356 IPC common shares between December 2024 and September 2025, representing approximately 6.2% of the total outstanding common shares at the commencement of the NCIB. IPC expects to renew its NCIB for a further twelve months from December 2025 to December 2026, subject to acceptance by the Toronto Stock Exchange (TSX). Under a renewed 2025/2026 NCIB, IPC would be entitled to purchase on the TSX and/or Nasdaq Stockholm, and cancel, up to approximately 6.5 million common shares, representing approximately 5.8% of the total outstanding common shares (or 10% of IPC’s “public float” under applicable TSX rules).

During the period of September 22 to 26, 2025, IPC repurchased a total of 141,764 IPC common shares (ISIN: CA46016U1084) under the NCIB.

IPC’s NCIB, announced on December 3, 2024, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the period of September 22 to 26, 2025, IPC repurchased a total of 99,063 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

A summary and detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of September 22 to 26, 2025 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

During the same period, IPC purchased a total of 42,701 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Securities Inc. on behalf of IPC.

All common shares repurchased by IPC under the NCIB will be cancelled. During September 2025, IPC cancelled 600,437 common shares repurchased under the NCIB and a further 50,000 common shares purchased under other exemptions in Canada. As at September 30, 2025, the total number of issued and outstanding IPC common shares is 112,180,065with voting rights, of which IPC held 24,538 common shares in treasury. Following the cancellation of the common shares held in treasury, the total number of issued and outstanding IPC common shares will be 112,155,527with voting rights.