Mr. Mark Morabito reports

INTREPID METALS COMPLETES ACQUISITION OF CAVE CREEK PORTION OF CORRAL COPPER PROJECT IN ARIZONA

Intrepid Metals Corp. has completed the exercise of the option to acquire Cave Creek Copper Inc. Cave Creek is now a wholly owned subsidiary of the company. Cave Creek, through certain U.S. subsidiaries, holds key patented mining claims, unpatented mining claims and surface rights forming part of the Corral copper project.

The company entered into a share purchase option agreement dated Feb. 14, 2023, as amended, with Cave Creek and the shareholders of Cave Creek. The option agreement provided for a series of share and cash payment to the shareholders of Cave Creek over a three-year period. The company has now completed the final share and cash payment and has closed the acquisition of Cave Creek. With the completion of the acquisition of Cave Creek, the company owns all of the lands and mining claims encompassing the Corral copper project, except for the Man property. There is a final cash and share payment required to complete the acquisition of the Man property, which will occur during the current calendar year.

FMI Capital Advisory Inc. acted as financial adviser to Cave Creek in connection with this transaction.

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 tons. 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.

The Corral copper property comprises the Excelsior property, the CCCI properties, the Sara claim group, the Man property and the Viewsite claims. The company has completed the acquisition of the Excelsior property, the Sara claim group and the Viewsite claims through purchase and sale agreements. The company has the right to acquire the corporate group that holds the CCCI properties through an option agreement. The company has the right to acquire the Man property through an option agreement. See the "Commitments" section of the company's most recently filed management discussion and analysis for further details.

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 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 Ltd. recently became a 14.7-per-cent equity stakeholder in Intrepid, 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.

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