Mr. Alex Klenman reports

LEOCOR GOLD CONVERTS SPECIAL WARRANTS IN INTREPID METALS

Leocor Gold Inc. has converted 2,223,529 prefinanced special warrants of Intrepid Metals Corp. The special warrants were previously acquired by the company on Jan. 5, 2024, in connection with a strategic investment in Intrepid. No additional consideration was payable by the company in connection with conversion of the special warrants.

Following conversion of the special warrants, the company has received 2,223,529 units of Intrepid. Each unit consists of one common share of Intrepid and one common share purchase warrant entitling the company to acquire one additional common share at a price of 40 cents until Jan. 5, 2026.

Prior to conversion of the special warrants, the company held 6.6 million common shares, representing approximately 14.55 per cent of the issued and outstanding common shares of Intrepid, 6.6 million warrants and 2,223,529 special warrants. As a result of the conversion of the special warrants, the company now holds 8,823,529 common shares representing approximately 18.55 per cent of the issued and outstanding common shares of Intrepid. The company holds an additional 8,823,529 warrants that if exercised will result in the issuance of an equivalent number of common shares of Intrepid.

If all of the warrants held by the company are exercised it would result in the company holding 17,647,058 common shares of Intrepid equal to approximately 32.59 per cent of the then issued and outstanding common shares of the company. However, the warrants held by the company are subject to an exercise limitation such that the company may not exercise if it would result in them having beneficial ownership over common shares in excess of 19.9 per cent.

The company has converted the special warrants of Intrepid for investment purposes. Depending on market conditions and other factors, the company may from time to time acquire or dispose of securities of Intrepid or continue to hold its current position.

A copy of the early warning report required to be filed with the applicable securities commission in connection with the investment will be available on SEDAR+and can be obtained by contacting the company.

About Leocor Gold Inc.

Leocor Gold is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada. Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte mining district. Leocor's Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000-hectare exploration corridor. The company also controls three district-scale land packages in north-central Newfoundland, known as Robert's Arm, Hodge's Hill and Leamington (collectively Western exploits), representing over 144,000 hectares (1,440 square kilometres) of prospective exploration.

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