Mr. Ken Brophy reports

INTREPID CLOSES FINAL TRANCHE OF $6.6 MILLION PRIVATE PLACEMENT

Intrepid Metals Corp. has closed the second and final tranche of its previously announced non-brokered private placement offering for a total of $6.6-million in gross proceeds from both tranches. On Jan. 5, 2024, the company closed a first tranche of the offering for $3.23-million in proceeds (the first tranche). On Jan. 24, 2024, the company closed the second tranche for an additional $3.37-million in gross proceeds.

"In response to the overwhelming interest in Intrepid, we increased the offering, which not only validates the exceptional quality of our project portfolio but also reflects a high level of confidence in our team," said Mark Morabito, chair of Intrepid.

"We were very pleased to receive such a strong show of support for this offering, where demand exceeded what we raised," stated Ken Brophy, chief executive officer of Intrepid. "With the successful completion of our financing, we are now shifting our focus towards creating shareholder value from the upcoming drill programs in Arizona. Being able to provide shareholders with constant updates from our drill programs will separate us from so many other junior explorers on the market. We're in one of the most prolific mining jurisdictions, with the right infrastructure in place. With our initial drill programs fully funded, we're looking forward to updating our investors with our progress over the coming months."

The second tranche of the offering consisted of 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.

The warrants are subject to an acceleration right that allows the company to give notice of an earlier expiry date if the company's closing share price on the TSX Venture Exchange is equal to or greater than 68 cents for a period of 10 consecutive trading days.

In connection with the offering, the company paid finders' fees of $109,330.54 in cash and 321,560 in finder warrants. Each finder warrant is non-transferable but otherwise has the same terms as the warrants (including the acceleration right). All securities issued in the second tranche of the offering are subject to a statutory hold period that expires on May 25, 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.

To demonstrate continued support of the company, certain directors, officers and insiders of the company and their affiliates participated in the offering and acquired 343,038 units for proceeds of $116,632.92. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The related party transaction is exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the gross securities to be issued under the offering nor the consideration to be paid by the insiders will exceed 25 per cent of the company's market capitalization. The company did not file a material change report related to this financing more than 21 days before the expected closing of the offering as required by MI 61-101 since the details of the participation by the related parties of the company were not settled until shortly prior to the closing of the offering and the company wished to close on an expedited basis for sound business reasons. The units that will be acquired by the related parties have been acquired pursuant to an exemption from the prospectus requirement in sections 2.3 or 2.24 of National Instrument 45-106.

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) and 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, though mineralization at the Taylor deposit is not necessarily indicative of the mineral potential at the Tombstone South project) -- 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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