Mr. Matthew Lennox-King reports

INTREPID METALS EXPANDS CORRAL COPPER EXPLORATION PROGRAM FOLLOWING ENCOURAGING EARLY PHASE 1 RESULTS

Intrepid Metals Corp. has completed the initial geological mapping and geochemical components of its continuing 2026 phase 1 exploration program at the Corral copper property in Cochise county, Arizona, as outlined in its April 21, 2026, news release. Based on encouraging early-stage field observations and the identification of additional prospective target areas, the company has expanded the scope of the program to include additional rock sampling and a new soil sampling grid over parts of the property.

"One of the key objectives of the phase 1 program was to systematically evaluate the broader district-scale potential at Corral, and the early results are already highlighting additional areas of interest," said Matt Lennox-King, chairman and interim chief executive officer of Intrepid. "The decision to expand the program reflects the strength of the geological observations and alteration patterns identified by our field teams. The identification of gold mineralization at the Mattie prospect represents a separate and distinct third style of mineralization at Corral Copper, underscoring the project's metal endowment and enhancing its broader exploration potential. We believe Corral continues to demonstrate the characteristics of a large-scale mineralized system with multiple target opportunities."

A total of 1,352 rock samples were collected over 3.5 weeks and include a range of sample methods across the north-central part of the property to enhance the resolution of Intrepid's continuing geochemical-focused carbonate replacement deposit (CRD) and porphyry copper deposit (PCD) targeting initiative, which will ultimately be combined with lithological and alteration-based targeting to expand known copper-gold-silver mineralization and identify new mineralization at Corral.

The objective of the expanded work program is to follow up on newly identified lithological, structural and alteration defined trends identified in the initial mapping campaign and to further refine targets ahead of the company's planned phase 2 drill program later in 2026. The drill program is expected to be a combination of deeper holes targeting PCD mineralization and shallower drilling designed to delineate additional zones of CRD mineralization identified in previous exploration campaigns. All samples have been submitted to ALS Global's laboratory, Precision Petrographics and Agat Laboratory in Calgary for analysis.

The newly added soil sampling program will focus on the Mattie prospect, a target added through Intrepid's district consolidation strategy at Corral. Historical exploration on the Mattie prospect included trenching, geological mapping, geochemical sampling and geophysical surveys, primarily targeting low-sulphidation gold mineralization. The area has seen limited systematic modern exploration and represents an additional opportunity to evaluate the broader mineral potential of the Corral district.

Tombstone agreement update

Intrepid also announces that it has completed the conditions set out in its previously announced 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 has received the approval of the TSX Venture Exchange. The additional 200,000 common shares that have been issued are subject to a statutory hold period that expires on Sept. 26, 2026.

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 property, an advanced-exploration-stage, district-scale system with extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well properties. 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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