Mr. Matthew Lennox-King reports

INTREPID METALS LAUNCHES PHASE 1 EXPLORATION PROGRAM; CONTINUED STRONG WARRANT EXERCISE PARTICIPATION

Intrepid Metals Corp. has commenced a comprehensive geochemical campaign and detailed geological mapping as part of its phase 1 2026 exploration program at the company's Corral copper property in Cochise county, Arizona, as previously outlined in its April 21, 2026, news release. The current campaign will focus on refining the geological framework to better prioritize areas for a substantial drill program later this year The drill program is expected to comprise a combination of deeper holes targeting porphyry mineralization and shallower drilling designed to delineate additional zones of CRD mineralization identified in previous exploration campaigns.

The company also reports that over 98 per cent of the holders of the warrants issued in connection with the company's January, 2024, non-brokered private placements elected to exercise their warrants. In addition to the 9,499,999 warrants exercised for proceeds of approximately $4.27-million, as announced on April 7, 2026, an additional 9,577,647 warrants that were set to expire on April 24, 2026, have been exercised for additional proceeds of approximately $4.31-million. An additional 359,749 warrants issued in other financings have also been exercised so far in 2026. Since December, 2025, the company has raised gross proceeds of over $19.1-million from financings and warrant exercises. This strengthened treasury provides Intrepid with the financial flexibility to advance its planned exploration and development activities at the company's Corral copper project in Arizona's copper belt.

"We're excited to be back in the field at Corral with a clear plan to generate high-quality drill targets," said Matt Lennox-King, Intrepid chairman and interim chief executive officer. "This mapping and geochemical campaign is focused on refining our geological model and prioritizing targets as we advance toward a significant drill program later this year. We are also very encouraged by the level of warrant participation, which reflects strong shareholder support and has strengthened our treasury. With the April warrant expiry now complete and the vast majority exercised, we've cleared a meaningful overhang and are well positioned, both technically and financially, to execute on our plans through the rest of 2026."

Marketing engagement

The company also announces that is has engaged Triomphe Holdings Ltd., doing business as Capital Analytica, an arm's-length service provider, to provide certain marketing and social media services to the company, in accordance with the policies of the TSX Venture Exchange and applicable securities laws. Based in Nanaimo, B.C., Capital Analytica specializes in marketing, social media and public awareness within the mining and metals sector. Under a consulting services agreement dated April 28, 2026, Capital Analytica will provide social media services, capital markets consultation and social engagement reporting for an initial six-month term for a fee of $150,000, payable in two tranches (the first upon TSX-V approval and second within three months) with an option to renew the agreement for an additional six months at a rate of $75,000 unless terminated earlier in accordance with the terms of the agreement. The fees will be paid from the company's cash on hand.

The company has also granted Capital Analytica 175,000 stock options exercisable at a price of 74 cents for a period of five years from the date of grant. The stock options vest at a rate of 25 per cent on the three, six, nine and 12 months from the date of grant. Other than the grant of stock options, Capital Analytica has no direct or indirect interest in the company or its securities and has no current intention or right to acquire any such interest during the engagement. The agreement, including the grant of stock options, remains subject to the approval of TSX-V.

Technical information

All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, PGeo. Mr. MacNeil is a technical adviser to the company and is a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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. 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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