Mr. Ken Brophy reports

INTREPID METALS SIGNS DRILL CONTRACT AND MOBILIZES CREW FOR COMPREHENSIVE DRILLING AT CORRAL COPPER PROPERTY IN ARIZONA

Intrepid Metals Corp. has signed a drill contract with Godbe Drilling LLC on the Corral copper property in Cochise county, Arizona. The Godbe drill crew is currently on the property preparing for drilling to commence within the next two weeks. The property, which has historical mining shafts, contains 50,000 metres of historical drilling data, with shallow mineralization of copper, gold, silver and zinc.

"We are very pleased to have crews on site and preparing for our first drill program on our Corral copper property," said Ken Brophy, chief executive officer of Intrepid. "We spent 2022 to 2023 consolidating the three-kilometre trend of impressive copper and gold mineralization and the historical drilling data, and we're excited to finally start confirming those results. It's not often that a company has such confidence in a drill program, but our assurance is grounded in the historic drill data we have compiled. Being fully funded for our drill program secures our ability to provide our shareholders with the opportunity to develop our project and build substantial value. This is going to be a very busy first half of 2024 and I'm looking forward to updating our investors with our progress over the coming quarters."

Work on the property currently consists of clearing 23 drill pads and re-establishing access roads in preparation for drilling, which is scheduled to commence within the next two weeks. The initial 5,000 m diamond drill program is expected to consist of 23 drill holes: seven holes (roughly 1,200 m) at Courtland North, and five holes (roughly 900 m) at Courtland South, both of which fall within patented mining claims, and 11 holes (2,900 m) at Man, for which the surface rights will be acquired under the terms of the existing option agreement. The drill program is expected to verify the fragmented historical results from various previous drill campaigns and extend certain holes that ended in mineralization.

In addition, the company clarifies that in connection with its recently closed private placement offering, the company paid finder's fees of $111,429.70 in cash and 321,560 in finder's warrants. Each finder's warrant is non-transferable and exercisable for one common share at an exercise price of 45 for a period of two years.

About Corral copper

The Corral copper property is a district-scale advanced exploration and development opportunity in Cochise county, Arizona. Corral copper is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historical Bisbee mining camp, which has produced more than eight billion pounds of copper. Production from the Bisbee mining camp, or within the district as disclosed in the next paragraph, is not necessarily indicative of the mineral potential at Corral.

The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various companies explored parts of the district, but the effort was unco-ordinated, non-synergistic, and focused on discrete land positions and commodities due to the fragmented ownership. Intrepid has been able to secure data from various sources which provides a solid foundation in creating geological interpretations and identifying new target areas.

Intrepid is confident that by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral copper property can quickly become an advanced exploration-stage project and move toward development studies.

The leapfrog model image in the company's news release is derived from drill results that are historical in nature and based on assay information from Skyline Assayers & Laboratories. Intrepid has not yet undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Intrepid considers these historical drill results relevant, as the company will use these data as a guide to plan future exploration programs. Intrepid also considers the data to be reliable for these purposes, however, the company's future exploration work will include verification of the data through drilling.

Dr. Chris Osterman, PGeo, a consultant of the company, is a qualified person (QP) as defined by National Instrument 43-101. Dr. Osterman has reviewed and is responsible for the technical information disclosed in this news release, including the statements with respect to data verification.

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.

We seek Safe Harbor.