Mr. Matthew Lennox-King reports

INTREPID METALS ANNOUNCES INTEGRATED 2026 EXPLORATION PROGRAM TARGETING PORPHYRY AND CRD MINERALIZATION AT CORRAL COPPER

Intrepid Metals Corp. has released details of phase 1 of the 2026 exploration program at the company's Corral copper property in Cochise county, Arizona. The program will be carried out with input from Teck Resources Ltd. and will consist of refining porphyry copper-gold targets, as well as advancing high-grade copper-gold-silver carbonate replacement deposit mineralization ahead of drill testing later this year.

The program is set to commence next week and includes detailed geological mapping, expanded electromagnetic geophysical surveying totalling approximately 65 line kilometres of induced polarization and magnetotellurics, designed specifically to resolve subsurface geological features attributable to porphyry and CRD style mineralization. In addition, a passive seismic geophysical survey will be conducted to help constrain depth to bedrock in covered portions of the property. The program will also incorporate a comprehensive geochemical campaign, including grid rock sampling, including more than 450 rock samples. This work will support a substantial phase 2 diamond drilling program in third quarter/fourth quarter 2026, expected to comprise a combination of deeper holes targeting porphyry mineralization and shallower drilling designed to delineate additional zones of CRD mineralization identified in previous exploration campaigns.

"This year's exploration program represents a significant step forward in advancing Corral," said Matt Lennox-King, Intrepid chairman and interim chief executive officer. "Phase 1 is designed to systematically refine our targeting through detailed geophysics and geochemistry, setting the stage for a robust phase 2 drilling program later this year. Our goal is to better target the porphyry system believed to underlie Corral while continuing to expand the shallow, high-grade CRD mineralization identified in previous drill campaigns."

Exploration activities will begin with geological mapping and geochemical sampling, with geophysical surveys to follow. Results from these exploration initiatives will be integrated with prior exploration data from 2024 and 2025 to refine drill targeting and prioritize targets for phase 2 drilling. The IP and MT surveys are expected to enhance the company's understanding of the distribution of disseminated sulphide, alteration zonation, fault/damage zone geometries and lithological contacts in the subsurface, while the passive seismic survey will be used primarily to help constrain the depth to bedrock in covered areas. Collectively, these data sets will be used to evaluate and prioritize porphyry targets between approximately 300 to 1,000 metres below surface, where there is limited historical drilling.

About Corral copper

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 Corral 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. Intrepid has been able to secure data from various sources, which provide a solid foundation in creating geological interpretations and identifying new target areas.

The Corral copper property is composed of 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 CCCI properties, Excelsior property, Sara claim group and Viewsite claims through purchase and sale or option agreements. 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's 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.

Technical information

All scientific and technical information in this news release has been prepared by, or approved by, Daniel MacNeil, PGeo. Mr. MacNeil is a technical adviser to the company and is a qualified person for the purposes of National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Intrepid Metals Corp.

Intrepid 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. 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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