Mr. Ken Brophy reports

INTREPID METALS AMENDS TOMBSTONE OPTION AGREEMENT

Intrepid Metals Corp. has entered into an agreement to amend the option agreement dated April 20, 2021, with New Empire Exploration LLC, to acquire a 100-per-cent interest in the Tombstone South property, located in Arizona. The amendment provides for an extension to complete the required $500,000 (U.S.) work commitment that was due in May, 2024, to May, 2025, in exchange for the issuance of an additional 100,000 common shares of Intrepid to the vendor.

"The Tombstone South property has tremendous potential and is a project we remain very excited about," said Ken Brophy, chief executive officer of Intrepid. "The results from the 2022 ground-based large-dipole induced polarization (IP) geophysical survey identified a new chargeability anomaly near the contact of the Bisbee strata, which is host to structurally and stratigraphically controlled silver/zinc CRD (carbonate replacement deposit) mineralization from the Tombstone mining district, and the limestone units that host the zinc-lead-silver Taylor sulphide deposit owned by South32 Ltd., located 75 kilometres (km) to the southwest. This amendment provides the company with additional time to plan and execute a drill program following the recent closing of its private placement in January, 2024, for gross proceeds of $6.6-million."

The Tombstone South property is located approximately 5.6 km southwest of the town of Tombstone, Ariz., which occupies the centre of the historic Tombstone mining district. The main Tombstone district is well known for high-grade silver/lead/zinc replacement bodies, fissures and veins that have yielded a historic production (1880s to 1930s) of over 30 million ounces of silver.

For additional information on the Tombstone South property, please refer to the National Instrument 43-101 technical report, dated effective May 10, 2021, entitled "Technical Report on the Tombstone South Property, Cochise County, Arizona, USA," filed on SEDAR+.

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.

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. 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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