Mr. Mark Morabito reports

INTREPID METALS CLOSES STRATEGIC 9.9% INVESTMENT

Pursuant to Intrepid Metals Corp.'s news release on Dec. 18, 2025, Teck Resources Ltd. has acquired, on a non-brokered private placement basis, 8.8 million common shares in the capital of the company at a price of 45 cents per common share for gross proceeds to the company of $3.96-million, representing a 9.9-per-cent strategic equity interest in the company on an outstanding basis.

Proceeds from the offering will be used to complete an initial 24-month exploration and development program at Corral. The committed program is expected to include, among other work programs, a 50-line-kilometre induced polarization (IP) survey, geological mapping and geochemical sampling, metallurgical and permitting work, and follow-up drilling designed to expand known zones and test new targets identified by Intrepid's integrated, multidata set targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in H2 (second half) 2026.

The company and Teck have concurrently entered into an investor rights agreement. Pursuant to the investor rights agreement, and subject to customary conditions and ownership thresholds, Teck will have, among other rights: (i) participation rights in future equity financings to enable Teck to maintain its pro rata interest in the company for up to three years and, if exercised, to increase its ownership interest to up to 15 per cent of the company; (ii) the right to nominate two representatives to a four-person technical committee to provide technical oversight and collaboration with respect to the Corral copper project, with Teck holding a tie-breaking vote; (iii) certain information rights relating to the Corral copper project; and (iv) a right of first refusal, for a period of 30 months, on any proposed transfer of the company's interest in the Corral copper project, subject to customary exclusions.

The common shares issued under the offering are subject to a statutory hold period under applicable securities laws in Canada expiring four months and one day from today.

Haywood Securities Inc. is acting as financial adviser and Farris LLP is acting as legal counsel to the company.

The company acknowledges the significant contributions of Ken Engquist, whose early engagement and relationship-building efforts with Teck were instrumental in advancing discussions. During his tenure as chief executive officer, Mr. Engquist initiated and led the company's engagements with Teck, and helped cultivate the strategic and technical dialogue that laid the groundwork for Teck's 9.9-per-cent investment at this early stage of project development. Intrepid appreciates Mr. Engquist's continuing support of the Corral copper project as a technical adviser.

About the Corral copper property

The Corral copper property, located near historical mining areas, is an advanced exploration and development opportunity in Cochise county, Arizona. Corral is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historic Bisbee mining camp, which has produced more than eight billion pounds of copper (1). Production from the Bisbee mining camp, or within the district as disclosed in the next paragraph, is not necessarily indicative of the mineral potential at Corral.

The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various companies explored parts of the district, but the effort was unco-ordinated, non-synergistic, and focused on discrete land positions and commodities due to the fragmented ownership. There is over 50,000 metres of historical drilling at Corral mainly centred on the Ringo, Earp and Holliday zones, and although this core has been destroyed, Intrepid has a historical digital drill hole archive database, which the company uses for the purposes of exploration targeting and drill hole planning. Intrepid, through continuing exploration drilling, and surface geological mapping, sampling and prospecting, is increasing confidence in the validity of these data.

Intrepid is confident that by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral copper property can quickly become an advanced exploration stage project and move toward development studies.

About Intrepid Metals Corp.

Intrepid Metals is a Canadian company focused on exploring for high-grade essential metals such as copper, silver and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona. The company has acquired or has agreements to acquire several drill-ready projects, including the Corral copper project (a district-scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South project (within the historical Tombstone mining district with geological similarities to the Taylor deposit, which was purchased for $1.3-billion in 2018 (2), though mineralization at the Taylor deposit is not necessarily indicative of the mineral potential at the Tombstone South project), both of which are located in Cochise county, Arizona, and the Mesa Well project (located in the Laramide copper porphyry belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF.

(1) Information disclosed in this news release regarding the historic Bisbee camp can be found on the Copper Queen mine website, on the City of Bisbee website and from D.F. Briggs, 2015, History of the Warren (Bisbee) Mining District, Arizona Geological Survey Contributed Report CR-15-b, eight pages.

(2) Details regarding the sale of the Taylor deposit can be found in South32 news release dated Oct. 8, 2018 (South32 completes acquisition of Arizona Mining).

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