Mr. Ken Brophy reports

INTREPID METALS ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

Further to its news release dated Dec. 19, 2023, Intrepid Metals Corp. is providing the effective date for the consolidation of its issued and outstanding common shares on the basis of one new share for every two currently outstanding shares. The consolidation will become effective at the opening of the market on Jan. 4, 2024. The consolidation remains subject to TSX Venture Exchange approval, which is expected to be received before Jan. 4, 2024. The company's symbol shall remain as INTR. The consolidation is being conducted in connection with the company's previously announced $3-million non-brokered private placement with Leocor Gold Inc.

Currently, a total of 52,863,122 shares are issued and outstanding. Accordingly, upon the consolidation becoming effective and subject to adjustments for rounding, a total of 26,431,561 shares will be issued and outstanding. There is no maximum number of authorized shares. No fractional postconsolidated shares will be issued as a result of the consolidation. Shareholders who would otherwise be entitled to receive a fraction of a postconsolidated share will be rounded down to the nearest whole number of postconsolidated shares and no cash consideration will be paid in respect of fractional shares.

The exercise price and number of shares, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.

TSX Trust Company will mail letters of transmittal to the shareholders providing instructions on exchanging preconsolidation share certificates for postconsolidation share certificates. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to TSX Trust in accordance with the instructions in the letter of transmittal.

About Intrepid Metals Corp.

Intrepid Metals is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, lead and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, United States. The company has acquired or has agreements to acquire several drill-ready projects, including the Corral copper project (a district-scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South project (within the historical Tombstone mining district with geological similarities to the Taylor deposit, which was purchased for $1.3-billion in 2018), both of which are located in Cochise county, Arizona, and the Mesa Well project (located in the Laramide copper porphyry belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF.

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