Mr. Mark Morabito reports

INTREPID METALS ANNOUNCES LEADERSHIP TRANSITION FOLLOWING STRATEGIC VALIDATION AND POSITIONS COMPANY FOR NEXT PHASE OF GROWTH

Intrepid Metals Corp. has completed a leadership transition following a period of significant advancement and strategic validation.

Mark J. Morabito, founder of the company and its chairman and chief executive officer, will step down from his roles. Mr. Morabito will be succeeded by Matt Lennox-King, who will join the board of directors and assume the role of interim chief executive officer and chairman. The company also announces the appointment of Dan Barnholden to its board of directors.

Mr. Morabito founded Intrepid and has led the company since inception as chairman, including serving as chief executive officer since September, 2025. Over this period, he directed the consolidation and advancement of the company's district-scale land position in southeastern Arizona, anchored by the Corral copper project, and established a disciplined capital strategy under which all financings were completed on a non-brokered basis.

Most notably, under Mr. Morabito's leadership, the company secured back-to-back strategic investments from Teck Resources Ltd., one of the world's largest diversified mining companies and a major global copper producer. Teck initially acquired a strategic equity position in December, 2025, and subsequently increased its ownership through participation in a February, 2026, non-brokered financing at a higher price, resulting in an approximately 14.7-per-cent ownership position and expanded strategic rights. This sequence of investments represents a significant third party validation of the company's asset base and development strategy.

Mr. Morabito commented: "Intrepid has reached an important inflection point. Over the past six years, we have built a district-scale copper platform in one of the most established jurisdictions in the United States and secured strategic investment from a global mining leader. With that foundation in place, I believe this is the appropriate time to transition leadership and position the company for its next phase of development."

The company thanks Mr. Morabito for his leadership and vision in founding and building Intrepid. Over the past six years, he has led the company from inception through the assembly and advancement of a district-scale copper platform in Arizona and through successive strategic investments by a global mining major.

Mr. Lennox-King brings over 30 years of experience in mineral exploration, corporate development and capital markets, with a record of advancing projects and leading publicly listed companies.

Mr. Barnholden is currently chief executive officer of Luca Mining Corp. and has over 20 years of experience in investment banking and capital markets.

Mr. Morabito will continue to support the company as a strategic adviser to the board and management team.

The company also announces the granting of an aggregate of one million incentive stock options at an exercise price of 49 cents, exercisable for a period of five years and vesting quarterly over a 12-month period.

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 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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