Mr. Ken Brophy reports

INTREPID METALS EXTENDS EXPIRY DATE OF WARRANTS

Intrepid Metals Corp. intends to extend the exercise period of a total of 3,838,125 share purchase warrants, all of which are exercisable at 70 cents per common share. The warrants were issued pursuant to a private placement which closed on April 21, 2022. The company proposes to extend the expiry dates for these warrants to Oct. 31, 2024. All other terms and conditions of the warrants remain unchanged. The warrant extension is subject to acceptance by the TSX Venture Exchange.

A total of 190,625 warrants are held by parties who are considered to be related parties of the company. Therefore, the amendment of warrants constitutes a related party transaction as contemplated by Multilateral Instrument 61-101 -- Protection of Minority Shareholders in Special Transactions, and TSX-V Policy 5.9 -- Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the warrants does not exceed 25 per cent of the market capitalization of the company. The company did not file a material change report related to this transaction more than 21 days before the expected closing of the warrant extension as required by MI 61-101 since the decision to extend the warrants was made on an expedited basis for sound business reasons.

In addition, the company has also granted a total of 1.47 million stock options to directors, officers and consultants of the company. The stock options have an exercise price of 64 cents and expire on Feb. 12, 2029.

About Intrepid Metals Corp.

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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