Mr. Mark Morabito reports

INTREPID METALS EXTENDS EXPIRY DATE OF WARRANTS BY 90 DAYS

Intrepid Metals Corp. intends to extend the exercise period of a total of 19,046,764 share purchase warrants, all of which are exercisable at 45 cents per common share by 90 days. The warrants were issued pursuant to private placements that closed on Jan. 5, 2024, and Jan. 24, 2024, respectively. The company proposes to extend the expiry dates for: (i) 9,499,999 of the warrants, originally issued on Jan. 5, 2024, to April 5, 2026; and (ii) 9,546,765 of these warrants, originally issued on Jan. 24, 2025, to April 24, 2026. 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 9,146,567 warrants are held by parties who are 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.

About Intrepid Metals Corp.

Intrepid Metals is a Canadian company focused on exploring for high-grade essential metals such as copper, silver 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 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 (1), 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-V under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF.

(1) Details regarding the sale of the Taylor deposit can be found in South32 news release dated Oct. 8, 2018 (South32 completes acquisition of Arizona Mining).

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