Vancouver, British Columbia--(Newsfile Corp. - September 16, 2026) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce that drilling has commenced as part of the Company's planned 10,000-metre ("m") diamond drill program (the "Drill Program") and that an approximately 65 line-kilometre SWATH direct current induced polarization and magnetotelluric ("IP-MT") geophysical survey is also underway at its district-scale Corral Copper Project ("Corral" or the "Project") in Cochise County, Arizona.

The 2026 program includes the following:

• Approximately 5,000m focused on expanding and further evaluating the near-surface Carbonate Replacement Deposit ("CRD") style copper-gold-silver mineralization identified through previous drilling;
• Approximately 5,000m representing the first drilling at Corral specifically designed to test high-priority porphyry copper-gold targets and evaluate the potential source of the extensive CRD mineralization identified across the Project; and
• An approximately 65 line-kilometre IP-MT survey designed to further refine the Project's high-priority porphyry targets.

"With both drilling and the IP-MT survey underway, we now have two major field programs advancing in parallel at Corral," said Matt Lennox-King, Chairman and Interim Chief Executive Officer of Intrepid. "We are beginning the Drill Program with targets that build on the extensive near-surface CRD mineralization already identified through our previous drilling and property-wide surface exploration programs completed earlier in 2026. The IP-MT survey will provide an important three-dimensional view of the subsurface across our priority target areas and help us refine the location and orientation of our first dedicated porphyry drill holes. Together, these programs give us multiple opportunities to add scale and make new discoveries at Corral."

CRD Drilling

Drilling has commenced at the Holliday Zone, and the initial portion of the Drill Program will target extensions of known CRD-style copper-gold-silver mineralization at the Ringo, Clanton, Earp and Holliday zones (see Figure 1 below).

Previous drilling by Intrepid in 2024 and 2025 confirmed a broad, approximately 3.5-kilometre trend of near-surface CRD and related copper-gold-silver mineralization. The 2026 Program is designed to test extensions of this mineralization and further evaluate continuity between and beyond the areas drilled to date.

Selected results from Intrepid's previous drilling at Corral include:

• 112.95m of 1.50% copper ("Cu"), 0.53 grams per tonne ("g/t") gold ("Au") and 8.22 g/t silver ("Ag"), including 63.40m of 2.57% Cu, 0.91 g/t Au and 14.14 g/t Ag in Hole CC24_023*;
• 216.50m of 0.71% Cu, 0.28 g/t Au and 5.14 g/t Ag, including 49.10m of 1.84% Cu, 0.78 g/t Au and 11.41 g/t Ag in Hole CC25_029**.

IP-MT Survey

The IP-MT survey is being conducted by Quantec Geoscience Ltd. ("Quantec"), an international geophysical services company with extensive experience in deep-earth imaging for mineral exploration. Fieldwork is expected to take approximately two months to complete.

The survey will comprise 12 receiver ("Rx") lines spaced approximately 400m apart, with individual line lengths varying across the survey area, as illustrated in Figure 1 below. Rx lines are the survey lines along which receiver electrodes and sensors are positioned to measure electrical and electromagnetic responses from the subsurface.

Quantec's SWATH configuration will collect three complementary datasets:

• DC resistivity, which maps variations in the electrical resistivity of subsurface rocks and can assist in identifying geological contacts, alteration and structures;
• IP chargeability, which measures the ability of subsurface materials to temporarily store an electrical charge and can help identify concentrations of disseminated sulphide minerals; and
• MT resistivity, which uses naturally occurring electromagnetic signals to image resistivity at greater depths than the DCIP component of the survey.

Together, these datasets are expected to provide broad subsurface coverage across priority areas and help identify chargeability and resistivity anomalies that may represent sulphide-rich intrusive centres, alteration zones or geological structures associated with a potential porphyry system at depth.

First-Ever Porphyry Drill Program

The Company has started the Drill Program targeting extensions of the known CRD mineralization. This sequencing will allow additional time to complete and interpret the IP-MT survey now underway before drilling begins on the porphyry targets later in 2026.

The porphyry portion of the Drill Program is expected to include approximately 5,000m of drilling. This drilling will be the first to test high-priority porphyry copper-gold targets and evaluate the potential source of the extensive CRD mineralization identified through previous exploration.

Results from the IP-MT survey will be integrated with geological mapping, surface geochemistry, structural interpretation, drill core relogging and other recent fieldwork to further refine the Project's geological model and finalize the locations and orientations of the planned porphyry drill holes.

Porphyry drilling is currently expected to begin late October, although the sequencing of the Program may be adjusted as drilling progresses and additional geological and geophysical information becomes available.

Figure 1: Proposed Drilling and IP-MT Program at Corral Copper Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6187/314494_7c0aa127c4d9eb12_001full.jpg

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 qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

* Please refer to the Intrepid News Release dated July 9, 2024 and entitled "Intrepid Metals Drills 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq) at its Corral Copper Property in Arizona" for more details on these results, including details on data verification and exploration information.

** Please refer to the Intrepid News Release dated July 10, 2025 and entitled "Intrepid Metals Intersects 216.50m of 0.71% Cu and 0.28 gpt Au Starting 29m from Surface at Corral Copper in Arizona" for more details on these results, including details on data verification and exploration information.

About Intrepid Metals Corp.

Intrepid Metals Corp. is focused on exploring for high-grade essential metals, including copper, 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 TSX Venture Exchange 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 potential of the Project; the timeline, goals and expectations regarding planned exploration and drilling programs at the Company's mineral projects; the interpretation of exploration results; the potential for a porphyry copper-gold system; the mineral potential of the Corral district; and the exploration potential of the Corral Copper Property and the Company's other mineral projects.

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, 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, 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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