Mr. Mark Morabito reports

INTREPID METALS CLOSES ACQUISITION OF KEY PATENTED MINING CLAIMS AT CORRAL COPPER PROJECT IN ARIZONA

Intrepid Metals Corp. has closed its previously announced acquisition from private owners of highly sought-after patented mining claims (the Viewsite claims) immediately south/southwest of the Ringo copper-gold zone at the Corral copper property in Cochise county, Arizona. The Viewsite claims are contiguous with the previous Corral claims and cover several prospective targets that are geologically consistent with mineralization previously encountered at the Ringo zone, where drilling intersected 112.95 metres of 1.50 per cent copper and 216.50 metres of 0.71 per cent copper.

The Viewsite claims add 348 acres of patented mining claims and increases the company's land position to roughly 10,346 acres (4,187 hectares). They have excellent exploration potential, supported by geological, geophysical and historical data. The Viewsite claims share key characteristics with the adjoining Ringo zone, including intensely altered multiphase porphyry intrusions, porphyry-style alteration (quartz-sericite-pyrite), and skarn- and CRD-style (carbonate replacement deposit) mineralization. Geophysical surveys reveal magnetic and resistivity features consistent with subsurface mineralization, together representing several priority targets. Historical drilling intersected anomalous copper, gold and silver in several locations. The presence of reactive Paleozoic limestones, jasperoids and supportive trace element geochemistry further demonstrates the potential for CRD-style mineralization. Complex structural fabrics, including stacked thrust faults and abrupt geological transitions, enhance the likelihood of mineralization. Zones of high-grade mineralization are present, underscoring the need for additional mapping and drilling. Over all, the Viewsite claims are highly prospective for porphyry-, CRD- and skarn-type systems and warrant continued exploration.

The company previously entered into a purchase and sale agreement dated July 31, 2025. The terms of the agreement are as follows:

• Intrepid has paid the vendor a total of $475,000 (U.S.).
• No common shares or other securities were issued pursuant to the agreement.
• The vendor is arm's length to the company.
• No finders' fees were paid in connection with this transaction.

Note: For additional technical information on the drill results disclosed in this news release, including data verification and quality assurance/quality control procedures, please refer to the company's news releases dated July 10, 2025, and July 9, 2024, available on SEDAR+ and Intrepid's website.

Daniel MacNeil, PGeo, a consultant of the company, is a qualified person as defined by National Instrument 43-101. Mr. MacNeil has reviewed and approved the technical information disclosed in this news release.

Leadership transition

Intrepid also announces that Ken Brophy, Intrepid's president and chief operating officer, will be stepping down from his role to focus on other business ventures. Mr. Brophy has played a pivotal role since 2022 in developing and positioning the company for long-term success. During his tenure, Mr. Brophy was instrumental in the consolidation of Corral while streamlining operations, aligning teams, and establishing a more unified and scalable organization. His leadership, strategic insight and commitment to execution have left a lasting impact on the company. Mr. Brophy will continue to work with Intrepid as a member of its advisory board.

"We are grateful for Ken's many contributions over the last four years," said Mark Morabito, chief executive officer of Intrepid. "His leadership and dedication have been instrumental to the company's development, and his success in consolidating the Corral copper project in particular has been foundational. We thank him for his commitment and wish him continued success in all his future endeavours."

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. 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 and non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. There are 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 that 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.

The Corral copper property comprises the Excelsior property, the CCCI properties, the Sara claim group, the Man property and the Viewsite claims. The company has completed the acquisition of the Excelsior property, the Sara claim group and the Viewsite claims through purchase and sale agreements. The company has the right to acquire the corporate group that holds the CCCI properties through an option agreement. The company has the right to acquire the Man property through an option agreement. See the commitments section of the company's most recently filed management discussion and analysis for further details.

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 focused on exploring for high-grade essential metals, including copper, silver and zinc, in established mining jurisdictions in southeastern Arizona, United States. The company's portfolio is anchored by the Corral copper project, an advanced-exploration-stage, district-scale system with extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well projects. Teck Resources Ltd. recently became a 9.9-per-cent equity stakeholder in Intrepid Metals, reflecting its strategic interest in the company and its Corral project. Intrepid is led by an experienced technical and management team with a strong record of advancing and permitting projects across North America. The company trades on the TSX Venture Exchange under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF.

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