Vancouver, British Columbia--(Newsfile Corp. - October 20, 2026) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to report positive gold results from rock sampling at the Mattie Gold Target ("Mattie") at its Corral Copper Project ("Corral" or the "Project") in Cochise County, Arizona. Located approximately 3.25 kilometres ("km") south of the Ringo Zone, Mattie adds a further gold exploration opportunity at Corral, supported by surface sampling, historical exploration and widespread alteration. The Company also reports that the drill has moved to Ringo following completion of four holes totalling 1,725.17 metres ("m") at the Holliday Zone.

Highlights:

• Strong gold results from Mattie rock sampling: The Company's 148-sample rock chip geochemical program returned results including 21.0 grams per tonne ("g/t") gold and 195 g/t silver, supporting further evaluation of the target.
• An additional gold exploration opportunity at Corral: Located approximately 3.25 km south of Ringo, Mattie hosts gold associated with hematite, an iron-oxide mineral, in a geological setting interpreted to differ from the copper-gold targets elsewhere at Corral.
• Gold results across a broad footprint: Gold-bearing rock samples occur across an area measuring approximately 1,550 m northwest-southeast by 1,100 m southwest-northeast within the Central, South and West areas. Continuity of mineralization between sampled locations has not been established.
• Mapping identifies further exploration potential: Reconnaissance fieldwork identified hematite alteration over more than two kilometres and defined four areas for further evaluation based on geology and alteration. These include the North area, which lies beyond the rock sampling footprint and was not sampled during this program.
• Soil results to support further targeting: The complete soil sampling results from Mattie remain pending and will be assessed alongside the rock sampling results to help prioritize follow-up exploration.
• Drilling advances to Ringo: Four holes totalling 1,725.17 m have been completed at the Holliday Zone, and the drill has moved to the Ringo Zone.

"Much of our work at Corral has focused on copper-gold mineralization, and Mattie represents a different style of gold target that has seen little modern exploration," said Matt Lennox-King, Interim CEO and Chair of Intrepid. "The combination of robust gold rock sampling results and widespread alteration reinforce the value of exploring beyond our established drill areas as we evaluate Corral's broader potential. We look forward to receiving the results from our soil program to help prioritize the next stage of exploration at Mattie."

Surface Exploration Supports Further Evaluation of Mattie

Intrepid began its surface exploration program at Mattie in July 2026, following up on historical gold occurrences and evidence of widespread alteration. The Company collected 148 rock chip samples to evaluate exposed mineralization, investigate historical workings and assess areas highlighted by previous sampling (see Figures 1 and 2 below). Approximately 800 soil samples were also collected to assess the broader area and help identify additional targets for follow-up. The complete soil results remain pending.

Gold at Mattie is associated with hematite alteration along fractures and faults, principally in limestone and other sedimentary rocks. This setting is interpreted to represent a different style of mineralization from the carbonate replacement and porphyry copper-gold targets being evaluated elsewhere at Corral.

Much of the prospective ground is poorly exposed or covered by shallow gravel. The rock sampling results, together with geological observations and historical exploration records, will help focus further work on the controls and potential extent of gold mineralization.

Mapping Identifies Four Areas for Further Evaluation

Geological mapping and observations of surface alteration have identified four areas of interest within the Mattie Target: Central, South, West and North (see Figure 1 below). Rock sampling has evaluated the Central, South and West areas across a footprint of approximately 1,550 m northwest-southeast by 1,100 m southwest-northeast. The North area represents an additional area for follow-up beyond this footprint, based on its mapped geology and alteration, and was not sampled during this program.

• Mattie Central: Historical workings and trenches expose a gold-bearing fault zone over approximately 90 m. Alteration and additional workings suggest possible extensions beyond these exposures, as well as parallel structures nearby.
• Mattie South: Hematite alteration has been traced over approximately 650 m to the edge of gravel cover. Historical trenches expose gold-bearing, fractured and altered limestone. The relationship between the Central and South areas remains to be established.
• Mattie West: Fractured quartzite with hematite and local quartz veinlets overlies limestone, providing a setting for further assessment of mineralization along fractures and the contact between the rock units.
• Mattie North: Silica-altered rocks and historical placer workings warrant further investigation. Hematite-altered bedrock exposed in shallow pits suggests that alteration may continue beneath cover between the Central and North areas.

These geological observations and sampling results support further evaluation of Mattie. The extent and continuity of gold mineralization between sampled locations and beneath cover remain to be established.

Next Steps at Mattie

The Company is awaiting the complete soil sampling results, which will be integrated with rock sampling results, geological observations and available historical records to prioritize further work. Follow-up is expected to include detailed mapping and additional rock and channel sampling to better understand the controls on gold mineralization and refine potential drill targets.

Figure 1: Rock sample results (gold) and areas for further evaluation at Mattie Target

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Figure 2: Rock sample results (silver) and areas for further evaluation at Mattie Target

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Sampling and Historical Information

A total of 148 rock samples were analyzed by ALS USA Inc. in Reno, Nevada for copper (Cu-OG62), gold (Au-AA23; Au-GRAV21), silver (Ag-OG62), zinc (Zn-OG62) and lead (Pb-OG62). Certified laboratory check samples (standards and blanks) were inserted into the sample series at a frequency of 1 check sample for every 15 rock samples. ALS USA Inc. is independent of the Company. No issues with the results were detected and these data have been reviewed and approved by Intrepid's Qualified Person ("QP"). All rock samples are selective grab samples and are not necessarily representative of the average grade or the continuity of gold mineralization at Mattie. Historical exploration data was used to guide follow up geological mapping/prospecting and sampling at Mattie.

Technical Information

All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, P.Geo. Mr. MacNeil is a Technical Advisor to the Company and is a QP for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Mr. MacNeil has verified the data underlying the scientific and technical information disclosed in this news release. Mr. MacNeil detected no significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the data.

Oak Hill Financial Inc. - Investor Relations Advisory

The Company also announces that it has retained Oak Hill Financial Inc. ("Oak Hill"). Oak Hill will provide business and capital markets advisory services, including raising the Company's profile with the investment community, assisting in the development and dissemination of investor presentation materials, and delivering regular monthly progress reports.

The initial term of the agreement is six months. Following the initial term, the agreement will automatically extend on a month-to-month basis. Upon renewal, the monthly fee will remain the same. Either party may terminate the agreement after the initial term upon one (1) business days' written notice and then it will end at the conclusion of then monthly term. The Company will pay Oak Hill a monthly advisory fee of $12,000 plus pre-approved out-of-pocket expenses, payable from its cash on hand. There are no performance factors under the agreement with Oak Hill, and Oak Hill will not receive any common shares or other securities of the Company as compensation. Oak Hill has no present interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. Oak Hill is an arm's length party to the Company. The Company's engagement of Oak Hill is subject to the approval of the TSX Venture Exchange (the "TSXV").

About Oak Hill Financial

Oak Hill is a Toronto, Ontario-based Canadian marketing and distribution firm focused on CIRO retail brokerage networks, servicing both asset managers and public companies. Oak Hill's experienced team of former asset management wholesalers, research analysts and capital markets professionals specializes in building credibility for its clients across a network of over 10,000 Canadian CIRO investment advisors and over 300 North American funds.

About Intrepid Metals Corp.

Intrepid Metals Corp. is focused on exploring for high-grade essential metals, including copper, gold, silver, and zinc, in established mining jurisdictions in southeastern Arizona, USA. 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.

Teck Resources Limited became an equity stakeholder in Intrepid at the end of 2025. Intrepid is led by an experienced technical and management team with a strong track record of advancing and permitting projects across North America. The Company trades on the TSXV under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit www.intrepidmetals.com.

INTREPID METALS CORP.

On behalf of the Company
"Matthew Lennox-King"
Chairman & Interim-CEO

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to the exploration potential of the Mattie Zone and the Corral Copper Project; interpretations concerning the style, controls and possible extent of mineralization; potential extensions beneath cover and relationships between target areas; the ability of sampling, mapping and historical data review to identify and refine drill targets; pending soil sampling results and their anticipated use in prioritizing follow-up exploration; the scope, timing and objectives of potential follow-up exploration and drilling; and the Company's engagement of Oak Hill Financial Inc., including TSX Venture Exchange approval thereof.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, that the Company can raise additional financing to continue operations; the results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices, risk related to unanticipated geological or structural formations and characteristics, risks related to current global financial conditions and the impact of any future global pandemic on the Company's business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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