Mr. Matthew Lennox-King reports

INTREPID METALS IDENTIFIES NEW PORPHYRY TARGET AT CORRAL COPPER

Intrepid Metals Corp. has identified the Curly porphyry target, a newly defined exploration target within its district-scale Corral copper project in Cochise county, Arizona. Identified through the company's continuing integrated exploration program, the Curly target has emerged as a compelling target for a potential porphyry copper-gold system and represents an important advancement in Intrepid's evolving geological model at Corral. The Curly target will be further evaluated as part of the company's upcoming induced polarization (IP) survey in August, ahead of the planned September drill program, which includes approximately 5,000 metres dedicated to testing high-priority porphyry targets.

The Curly target was identified through the integration of geological mapping, detailed drill core review, targeted field investigations and portable X-ray fluorescence (pXRF) analysis. Together, these data sets have identified multiple geological features characteristic of porphyry systems and suggest the Curly target may lie proximal to a magmatic-hydrothermal centre responsible for the extensive carbonate replacement (CRD) copper-gold-silver mineralization encountered elsewhere across the project.

"As our understanding of Corral continues to evolve, the Curly target has emerged as one of the most compelling porphyry targets identified on the project to date," said Matt Lennox-King, chairman and interim chief executive officer of Intrepid Metals. "Our technical work continues to reinforce the interpretation that the extensive CRD mineralization across Corral is related to a larger porphyry system at depth. The identification of porphyry-style alteration, veining and geochemical vectors at the Curly target represents another important milestone as we prepare to commence our first dedicated porphyry drill program later this year."

Defining the Curly porphyry target

As part of its technical review, the company undertook a targeted "clast-seeking" program designed to better understand both the distribution and character of intrusive fragments encountered within the drill core. The objective of this work was to identify evidence of nearby porphyry mineralization and provide vectors toward the interpreted source intrusion responsible for the widespread CRD mineralization across the project.

The review identified numerous rounded to sub-rounded clasts of altered intrusive rocks within drill core, including fragments interpreted to be turquoise granite. Many of these clasts exhibit strong potassic alteration with localized quartz-sericite-pyrite (QSP) overprinting and contain porphyry-style quartz B veins hosting chalcopyrite and molybdenite. Importantly, the mineralized veins terminate at the margins of the clasts, indicating the alteration and mineralization pre-date their incorporation into the surrounding breccia and suggesting they were derived from an already mineralized intrusive source.

Field mapping completed at the Curly target identified porphyry-proximal alteration styles consistent with those observed within the mineralized clasts, including stockwork veining, QSP alteration and altered intrusive rocks. The presence of turquoise granite in both outcrop and drill core further strengthens the geological relationship and supports the interpretation that the McLaury zone may represent, or lie proximal to, the source of the porphyry-style clasts identified elsewhere on the project.

pXRF analysis identifies additional vectors

The company also completed an innovative pXRF program focused on analyzing hydrothermal fracture-fill material rather than the surrounding host rock. By selectively sampling fracture coatings and vein material, the program minimizes dilution from wall-rock geochemistry and enhances the ability to detect geochemical leakage associated with concealed mineralized systems.

Preliminary results demonstrate well-defined geochemical clusters, including copper, manganese and sulphur enrichment, together with copper/zinc and zinc/manganese ratios, providing encouraging vectors commonly associated with porphyry systems. The geochemical results support the Curly target and other priority target areas identified through geological mapping and drill core interpretation.

Next steps

Results from the continuing geological review and pXRF program will be integrated with the company's planned IP survey, scheduled to commence in early August. The combined data sets will be used to refine priority drill hole locations ahead of Intrepid's planned September drill program, which includes approximately 5,000 metres of drilling dedicated to testing high-priority porphyry targets at Corral.

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 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 property, an advanced exploration-stage, district-scale system with extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well properties. 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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