Mr. Mark Morabito reports

INTREPID ANNOUNCES C$6.5 MILLION NON-BROKERED PRIVATE PLACEMENT

Intrepid Metals Corp. has arranged a non-brokered private placement for gross proceeds of up to $6.5-million of common shares at a price of 60 cents per share. Teck Resources Ltd. has agreed to participate in the offering and subscribe for 6,842,881 shares for gross proceeds of approximately $4.1-million in accordance with the terms of a subscription agreement entered into by the company and Teck. Upon closing of the offering (and assuming the completion of the maximum offering amount under the offering), Teck will hold approximately 15 per cent of the issued and outstanding shares on a non-diluted basis. The offering is subject to customary conditions precedent, including receipt of all required regulatory approvals.

The increased investment builds on Teck's initial strategic position announced in December, 2025, and reflects continued technical and strategic engagement between Intrepid and Teck.

"Teck's decision to increase its investment in Intrepid is a strong endorsement of the quality, scale and emerging potential of the Corral copper project," said Mark Morabito, chairman and chief executive officer of Intrepid. "This additional investment reflects growing confidence in our systematic, district-scale approach. The funding provides a clear runway to execute a comprehensive, multiyear exploration and development program while maintaining strong alignment with a leading global mining company."

Proceeds from the offering will be used to complete an initial 30-month exploration and development program at Corral, as well as for annual property option and rental payments to keep the properties in good standing. The committed program is expected to include, among other work programs, a 50-line-kilometre induced polarization 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, multidata-set targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in second half 2026.

Upon closing of the offering, the company and Teck will enter into an amendment to the investor rights agreement entered into on Dec. 23, 2025. Pursuant to the amendment, the parties will agree to: (i) increase the amount of committed funds applicable to the committed program; (ii) extend the timelines for the committed program and Teck's right of first refusal on the Corral project by six months; (iii) increase Teck's participation rights and maximum ownership from 15 per cent to 19.9 per cent; and (iv) to provide no more favourable protection for the participation rights in the investor rights agreement.

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.

The 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 of the offering.

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

As of the date hereof, Teck beneficially owns, directly or indirectly, or exercises control or direction over, 8.8 million shares, representing approximately 9.38 per cent of the issued and outstanding shares on a non-diluted basis. Upon closing of the offering (and assuming the completion of the maximum offering amount under the offering), Teck will beneficially own, directly or indirectly, or exercise control or direction over, 15,642,881 shares, representing approximately 14.95 per cent of the issued and outstanding shares on a non-diluted basis.

Teck's purchase of the shares under the offering is being made for investment purposes. Teck may determine to increase or decrease its investment in the company depending on market conditions and any other relevant factors. This release is required to be issued under the early warning requirements of applicable securities laws. In satisfaction of the requirements of the National Instrument 62-104 (Take-Over Bids And Issuer Bids) and National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues), early warning reports respecting the acquisition of shares by Teck or its affiliates will be filed under the company's SEDAR+. A copy of Teck's early warning report to be filed in connection with the offering may also be obtained by contacting Dale Steeves at 236-987-7405.

Board update

The company also announces that Matt Lennox-King has resigned from the board of directors of Intrepid, effective immediately. The board would like to thank Mr. Lennox-King for his services and contributions to the company during his tenure and wish him continued success in future endeavours.

About 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 (1). 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. There is 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 is focused on exploring for high-grade essential metals, including copper, silver and zinc, in established mining jurisdictions in southeastern Arizona, United States. The company's portfolio is anchored by the Corral copper project, an advanced-exploration-stage, district-scale system with extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well projects. Teck Resources recently became a 9.9-per-cent equity stakeholder in Intrepid Metals, reflecting its strategic interest in the company and its Corral project. Intrepid is led by an experienced technical and management team with a strong record of advancing and permitting projects across North America. The company trades on the TSX Venture Exchange under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF.

Note

(1) Information disclosed in this news release regarding the historic Bisbee camp can be found on the Copper Queen mine website, on the City of Bisbee website and from D.F. Briggs, 2015, History of the Warren (Bisbee) Mining District, Arizona Geological Survey contributed report CR-15-b, eight pages.

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