Mr. Alex Klenman reports

LEOCOR MINING INC. COMPLETES DISTRIBUTION OF INTREPID METALS CORP. SHARES TO SHAREHOLDERS

Leocor Mining Inc. (formerly Leocor Gold Inc.) has closed the previously announced distribution of all of its 17,647,058 common shares of Intrepid Metals Corp., representing approximately 14.3 per cent of the issued and outstanding Intrepid shares as of the date hereof to shareholders of record of the company as of June 9, 2026, on a pro rata basis.

Alex Klenman, chief executive officer of Leocor, stated: "The completion of the distribution represents a meaningful step in our ongoing efforts to maximize shareholder value. By distributing our Intrepid shares directly to our shareholders on a pro rata basis, we have enabled them to participate in Intrepid's future growth while allowing Leocor to remain focused on advancing our gold-copper exploration assets in Atlantic Canada, anchored by our land position in the Baie Verte mining district. We believe this approach represents a fair and equitable outcome for all shareholders while efficiently realizing the value of our strategic investment in Intrepid."

The company effected the distribution by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which the company's outstanding common shares were reorganized such that each existing common share was exchanged for: (i) one new common share of Leocor, having the same attributes as the existing common shares; and (ii) a pro rata entitlement to the Intrepid shares distributed. Shareholders of record as at the effective time of the arrangement were entitled to receive their pro rata portion of the Intrepid shares pursuant to the distribution. Each existing common share was exchanged for approximately 0.0706 of an Intrepid share based on the number of Leocor shares outstanding as at the closing date.

Where the application of the exchange ratio would otherwise have resulted in a fractional Intrepid share, the number of Intrepid shares distributed to the applicable shareholder was rounded down to the nearest whole number, and any such fractional entitlement was retained by Leocor. No cash or other consideration was paid in lieu of fractional shares.

Shareholders approved the completion of the arrangement by way of a special resolution at an annual general and special meeting of shareholders held on June 3, 2026. The company also received a final order of the Supreme Court of British Columbia on June 5, 2026, approving the arrangement. The new Leocor shares have replaced the Leocor shares for trading on the Canadian Securities Exchange under the same ticker of LECR.

Pursuant to the arrangement, each outstanding warrant to purchase Leocor shares will, in accordance with its terms and without any further action by Leocor or the holder thereof, entitle the holder to receive, upon due exercise, one new Leocor share, except that the exercise price of such Leocor warrant has been reduced by the deemed value of that number of Intrepid shares that is equal to the exchange ratio. Each outstanding option to acquire Leocor shares has, without any further act or formality on the part of Leocor or the holder, been deemed exchanged for a new option of Leocor exercisable for new Leocor shares on substantially the same terms and conditions as the Leocor option so exchanged. The exercise price of each such new option has been adjusted to reflect the deemed value of the Intrepid shares corresponding to the exchange ratio, subject to such further adjustment as may be required to ensure that the aggregate in-the-money amount of the new option immediately following the exchange does not exceed the in-the-money amount of the corresponding Leocor option immediately prior to the exchange.

Following completion of the arrangement, the new Cusip and ISIN numbers for the new Leocor shares are 52637P106 and CA52637P1062, respectively. The Intrepid shares distributed pursuant to the arrangement have the Cusip and ISIN 46123W203 and CA46123W2031, respectively.

Additional details regarding the distribution can be found in the management information circular of the company dated May 1, 2026, prepared in connection with the meeting and filed under the company's profile on SEDAR+.

About Leocor Mining Inc.

Leocor 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 Baie Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous approximately 2,000-hectare exploration corridor.

We seek Safe Harbor.