Mr. Matthew Lennox-King reports

INTREPID METALS ADVANCES PORPHYRY TARGETING AT CORRAL AHEAD OF INTEGRATED GEOPHYSICAL SURVEY AND PLANNED Q3 DRILL PROGRAM

Intrepid Metals Corp. has provided an update on the advancement of its integrated exploration program focused on defining high-priority porphyry copper-gold targets at its Corral copper project in Cochise county, Arizona. Building on the company's successful identification of extensive carbonate replacement mineralization, Intrepid has continued to refine its understanding of the broader mineralizing system through an integrated exploration program undertaken with input from Teck Resources Ltd. The next phase of work includes an approximately 65-line-kilometre induced polarization survey, scheduled to commence in early August, ahead of the company's planned September drill program, where approximately 5,000 metres of the planned 10,000-metre campaign are expected to be dedicated to testing priority porphyry targets.

"Our understanding of Corral continues to evolve with every phase of exploration," said Matt Lennox-King, chairman and interim chief executive officer of Intrepid Metals. "While our previous drilling successfully demonstrated the scale and continuity of the CRD system, our 2026 work, undertaken in collaboration with Teck, has been focused on identifying the potential porphyry source that we believe drives that mineralization. While CRD mineralization can be economically significant on its own, a related porphyry system has the potential to represent a much larger mineralized system. By integrating the results of our geological, geochemical and geophysical programs, we are building the most comprehensive geological model assembled on the project to date. This work will directly guide our first dedicated porphyry drill tests later this year."

Building the porphyry model

Initial drilling at Corral demonstrated the presence of extensive CRD copper-gold-silver mineralization across multiple zones. CRDs commonly form when metal-rich fluids originating from a nearby porphyry intrusion migrate into favourable limestone host rocks, where they precipitate high-grade mineralization.

The company's exploration model is based on geological similarities between Corral and Arizona's historic Bisbee mining district, where extensive CRD mineralization is spatially associated with a significant porphyry copper system. Intrepid's 2026 exploration program has been designed to systematically evaluate whether a similar relationship exists at Corral through an integrated program of geological mapping, surface geochemistry, structural interpretation, drill core relogging and geophysical surveys.

Regional analogue -- Bisbee mining district

The Corral copper project was acquired by Intrepid in 2023 based on its potential to host both near-surface, high-grade CRD copper-gold-silver mineralization and a related porphyry copper-gold system. This exploration model is supported by geological similarities to Arizona's historic Bisbee mining district, located approximately 100 kilometres southeast of Corral, where high-grade CRD mineralization at the Copper Queen mine (approximately 53 million tonnes grading 6 per cent copper) occurs in association with the Lavender pit porphyry deposit (223 Mt grading 0.63 per cent copper).

Like Bisbee, Corral hosts widespread CRD mineralization spatially associated with Jurassic felsic intrusions emplaced into favourable Paleozoic carbonate rocks. While there is no assurance that Corral hosts mineralization similar in size or grade, these geological similarities support the company's belief that the project has the potential to host both styles of mineralization.

Technical review refines porphyry targeting

As part of the company's integrated exploration program, Intrepid completed a comprehensive review and relogging of drill core, together with targeted field investigations aimed at refining its understanding of the project's porphyry potential. This work included characterization of alteration styles, veining, intrusive lithologies and mineralization, supported by portable X-ray fluorescence analyses and evaluation of porphyry vectoring indicators across the project.

The review has strengthened the company's geological model through the identification of multiple porphyry-style features, including intrusive-related alteration, quartz-sericite-pyrite alteration, stockwork veining, molybdenum-bearing mineralization and porphyry-style vein textures. These observations, combined with geological mapping, surface sampling and structural interpretation, have helped refine priority target areas that will be further evaluated through the coming IP survey and planned porphyry drill program.

Coming IP survey

The next phase of the exploration program will include an approximately 65-line-kilometre IP survey, scheduled to commence in early August. The survey is designed to identify chargeability and resistivity anomalies that may represent sulphide-rich intrusive centres at depth and will provide an important data set for refining the location and orientation of planned drill holes.

Planned drill program

Following completion and interpretation of the IP survey, Intrepid expects to commence its September drill program, with approximately half of the planned 10,000-metre drill campaign dedicated to testing porphyry targets. The remaining drilling will continue to evaluate and expand the extensive CRD mineralization previously identified across the project.

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 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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