Mr. Alex Klenman reports

LEOCOR MINING UPDATES INVESTMENT IN INTREPID METALS

Leocor Mining Inc. is providing an update on its capital investment in Intrepid Metals.

In early 2024, the company announced the completion (see company news release dated Jan. 8, 2024) of a $3-million strategic investment in Intrepid for the purpose of advancing Intrepid's copper and gold projects in Arizona, specifically the Corral copper project.

On May 1, 2024, Intrepid announced initial drill results at Corral, located in Cochise county, Arizona. The results were impressive, with highlight near-surface intercepts of 105.20 metres of 1.17 per cent copper (1.42 per cent Cu equivalent) and 48.85 metres of 2.24 per cent copper (2.58 per cent CuEq). On May 14, 2025, Intrepid released additional results for a further five drill holes with a highlight intersection of 72.20 metres of 1.28 per cent copper within 198.00 metres of 0.68 per cent CuEq.

On July 9, 2024, further impressive drill results were released from Corral, including 112.95 metres of 1.50 per cent copper, 0.53 gram per tonne gold and 8.22 gpt silver (1.66 per cent CuEq) in Hole CC24_023, which included 63.40 m of 2.57 per cent Cu, 0.91 gram per tonne Au and 14.14 gpt Ag (2.83 per cent CuEq).

Leocor's initial investment resulted in the acquisition of 6.6 million units of Intrepid at 34 cents per unit and 2,223.529 special warrants at 45 cents. Leocor currently holds 8,823,529 shares of Intrepid with an approximate value of $4.2-million. In addition, the company holds an additional 8,823,529 warrants exercisable at 45 cents until Jan. 5, 2026. On a partially diluted basis Leocor's ownership stake in Intrepid is approximately 26 per cent.

"Corral is a world-class copper project, and we're very pleased with the results to date," said Leocor chief executive officer Alex Klenman. "Leocor would also like to congratulate Intrepid on yesterday's announcement of the closing of an oversubscribed $5-million financing. We look forward to the next round of drilling and are excited to watch the company's continued development under the leadership and direction of their strong management and technical teams," continued Mr. Klenman.

The technical information contained in this news release was reported in news releases issued by Intrepid Metals and was prepared and approved by Daniel MacNeil, PGeo. Mr. MacNeil is a technical adviser to Intrepid Metals and is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Leocor Mining Inc.

Leocor Mining, formerly Leocor Gold Inc., 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 district-scale land packages in north-central Newfoundland, known as Robert's Arm, Hodge's Hill and Leamington, representing over 144,000 hectares (1,440 square kilometres) of prospective exploration ground.

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