Mr. Ken Brophy reports

INTREPID INCREASES PRIVATE PLACEMENT FINANCING TO $6 MILLION

Due to significant demand, Intrepid Metals Corp. has increased the size of its previously announced non-brokered private placement offering to up to $6.6-million in gross proceeds. On Jan. 5, 2024, the company closed a first tranche of the offering for $3.23-million in proceeds. The company intends to close a second tranche for an additional up to $3.37-million in gross proceeds.

The second tranche of the offering will consist of up to 9,911,765 units, with each unit consisting of one postconsolidation common share and one common share purchase warrant at a price of 34 cents (postconsolidation) per unit. Each warrant entitles the holder thereof to acquire one additional common share at a price of 45 cents (postconsolidation) until two years from the closing date of the second tranche of the offering. Due to the rules and policies of the TSX Venture Exchange, the exercise price of the warrants has been increased from 40 cents and the warrants issued in the first tranche will also have the exercise price increased to 45 cents. The increase in the size of the offering is subject to TSX-V approval, and, subject to the receipt of such approval, Intrepid intends to close the second tranche of the offering in January, 2024.

The net proceeds of the second tranche of the offering will be used for exploration and development expenditures on the company's mineral properties, investor relations activities and general working capital.

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-V under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF.

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