Mr. Mark Morabito reports

INTREPID METALS ANNOUNCES STRATEGIC INVESTOR: TECK TO ACQUIRE A 9.9% EQUITY INTEREST TO FUND EXPLORATION ON THE CORRAL COPPER PROJECT IN ARIZONA AT $0.45 PER SHARE

Teck Resources Ltd. has agreed to acquire, on a non-brokered private placement basis, 8.8 million common shares in the capital of Intrepid Metals Corp. at a price of 45 cents per common share for gross proceeds to the company of $3.96-million, representing 9.9 per cent of the company's outstanding shares on a pro forma basis. The offering constitutes a binding commitment by Teck, subject to customary conditions precedent, including receipt of all required regulatory approvals. The issue price represents a premium of 13 per cent to the trailing 20-day volume-weighted average price of the company on the TSX Venture Exchange as of today's date.

"I look forward to welcoming Teck as a new shareholder and strategic partner of Intrepid," said Mark J. Morabito, chief executive officer of Intrepid. "Teck's decision to make a cornerstone investment in the company reflects the quality, scale potential and strategic relevance of our Corral copper project in Cochise county, Arizona. Corral has already delivered multiple broad, near-surface copper-gold-silver intercepts with locally high-grade intervals, and our ongoing work continues to refine and expand the Ringo, Earp, Holliday and Clanton zones while advancing our understanding of the broader mineral system and porphyry potential. With a committed, well-funded exploration program and the benefit of Teck's technical engagement through the technical committee, Intrepid will be positioned to systematically advance Corral and build long-term value for shareholders."

Proceeds from the offering will be used to complete an initial 24-month exploration and development program at Corral. The committed program is expected to include, among other work programs, a 50-line-kilometre induced polarization (IP) survey, geological mapping and geochemical sampling, metallurgical and permitting work, and follow-up drilling designed to expand known zones and test new targets identified by Intrepid's integrated, multiple-data-set targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in the second half of 2026.

Upon closing of the offering, the company and Teck will enter into an investor rights agreement. Pursuant to the investor rights agreement and subject to customary conditions and ownership thresholds, Teck will have, among other rights: (i) participation rights in future equity financings to enable Teck to maintain its pro rata interest in the company for up to three years and, if exercised, to increase its ownership interest to up to 15 per cent of the company; (ii) the right to nominate two representatives to a four-person technical committee to provide technical oversight and collaboration with respect to the Corral copper project, with Teck holding a tie-breaking vote; (iii) certain information rights relating to the Corral copper project; and (iv) a right of first refusal, for a period of 30 months, on any proposed transfer of the company's interest in the Corral copper project, subject to customary exclusions.

The offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the exchange. The offering will close upon receipt of exchange approval expected to be before the end of the year.

The common shares issued under the offering will be subject to a statutory hold period under applicable securities laws in Canada expiring four months and one day from closing.

Haywood Securities Inc. is acting as financial adviser and Farris LLP is acting as legal counsel to the company.

About the Corral copper property

The Corral copper property, located near historical mining areas, is an advanced exploration and development opportunity in Cochise county, Arizona. Corral is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historic 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 tonnes. Between 1950 and 2008, various companies explored parts of the district, but the effort was unco-ordinated and non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. There are over 50,000 metres of historical drilling at Corral, mainly centred on the Ringo, Earp and Holliday zones; and, although this core has been destroyed, Intrepid has a historical digital drill hole archive database which the company uses for the purposes of exploration targeting and drill hole planning. Intrepid, through continuing exploration drilling and surface geological mapping, sampling and prospecting, is increasing confidence in the validity of these data.

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.

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, 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), 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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