Mr. Matthew Lennox-King reports

INTREPID METALS EXTENDS TOMBSTONE SOUTH OPTION AGREEMENT

Intrepid Metals Corp. has entered into an agreement to amend the option agreement dated April 20, 2021, with New Empire Exploration LLC (the vendor) to acquire a 100-per-cent interest in the Tombstone South property located in Arizona. The amendment provides for an extension to complete the required $1.5-million (U.S.) work commitment that is due May, 2026, to May, 2027, in exchange for the issuance of an additional 200,000 common shares of Intrepid, and payment of an additional $50,000 (U.S.), in each case to the vendor and which has now been completed. The additional $1.5-million (U.S.) work commitment that is due May, 2027, remains unchanged. The amendment is subject to the approval of the TSX Venture Exchange.

"Tombstone South represents a highly prospective and underexplored opportunity within a proven CRD (carbonate replacement deposit) district," said Matt Lennox-King, Intrepid chairman and interim chief executive officer. "Previous geophysical surveys defined a compelling chargeability anomaly near the contact of the Bisbee strata and the limestone units that host the zinc-lead-silver Taylor sulphide deposit owned by South32 Ltd., located approximately 75 kilometres to the southwest. With the company having raised over $19.1-million in gross proceeds since December, 2025, we are well positioned and look forward to advancing the project."

Tombstone South consists of a carbonate replacement deposit (CRD) or skarn zinc-silver-lead targets, analogous to the South 32's Taylor deposit located 60 kilometres (km) to the southwest. The company plans to test its new target with a phase one drill program comprising of approximately 4,000 metres from four or five drill pads.

Tombstone South property

Tombstone South is located approximately 5.6 km southwest of the town of Tombstone, Arizona, United States, which occupies the centre of the historic Tombstone mining district. The main Tombstone district is well known for high-grade silver/lead/zinc replacement bodies, fissures and veins that have yielded a historic production (1880s to 1930s) of over 30 million ounces of silver.

Two exploration targets exist at Tombstone South: 1) structurally and stratigraphically controlled lead/zinc/silver CRD mineralization in Cretaceous Bisbee Group strata, analogous to the historically mined deposits in the Tombstone district; and 2) deeper polymetallic (silver/lead/zinc) type skarns at the Cretaceous-Paleozoic contact. This stratigraphic horizon hosts the Taylor silver/lead/zinc deposit in southern Arizona, which was bought for $1.3-billion (U.S.) in 2018 by South 322.

For additional information on the Tombstone South property, please refer to the National Instrument 43-101 technical report dated effective May 10, 2021, entitled "Technical Report on the Tombstone South Property, Cochise County, Arizona, USA," filed on SEDAR+.

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.

Management cautions that production from, or discoveries on, adjacent properties, such as Taylor, may not necessarily be indicative to the presence of mineralization at Tombstone South.

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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