Mr. Matt Lennox-King reports

INTREPID METALS IDENTIFIES PROSPECTIVE PORPHYRY ALTERATION CORRIDOR AT CORRAL COPPER PROJECT IN ARIZONA

Intrepid Metals Corp. has released preliminary surface results from short-wave infrared (SWIR) spectral rock alteration analysis completed as part of the phase 1 exploration program at the company's district-scale Corral copper project in Cochise county, Arizona. SWIR spectral analysis helps identify and map alteration minerals at surface, providing clues to the location of potential porphyry and related carbonate replacement deposit (CRD) mineralization. Intrepid is using these results to better define and prioritize exploration targets at Corral.

Analytical laboratory results from the systematic rock sampling campaign identify an extensive northeast-trending alteration corridor extending from the recently announced Curly porphyry target toward the Ringo zone. Several independent porphyry-related spectral indicators occur within or adjacent to this corridor, including elevated white mica alteration, localized aluminum-hydroxyl (AlOH) wavelength vectors, in addition to identification of jarosite and epidote domains. Collectively, these results provide additional evidence of an extensive hydrothermal system and further strengthen Curly as a priority target for the company's upcoming induced polarization-magnetotelluric (IP-MT) survey and planned drill campaign.

Additional analytical results and interpretation from the phase 1 sampling program remain pending and will be released as they become available.

Highlights

• Standardized interpretation of the SWIR spectral data was completed;
• The interpretation of spectral analyses of rock samples defines an extensive alteration corridor extending from Curly toward Ringo;
• The strongest mapped white mica alteration (relative spectral contribution) occurs between Curly and north of Ringo, defining a priority corridor for continued porphyry targeting;
• Low AlOH wavelength responses, which can provide a vector toward higher-temperature hydrothermal alteration in porphyry systems (considered a vector toward copper), occur south of Ringo near areas of elevated copper identified by portable X-ray fluorescence (pXRF) analysis;
• Jarosite is concentrated principally along the corridor extending from Curly through Earp to Ringo and may reflect the weathering of sulphide-bearing alteration zones;
• Epidote identified immediately northwest of Curly may represent a porphyry distal alteration assemblage along the flank of a hydrothermal centre;
• The results are being integrated with geological mapping, geochemistry, pXRF data and the company's three-dimensional geological model to refine targets for follow-up geophysical IP-MT survey and approximately 10,000-metre drill program planned for later this year.

"The phase 1 spectral results add another important layer to our evolving geological model at Corral and further strengthen Curly as a priority porphyry target," said Matt Lennox-King, chairman and interim chief executive officer of Intrepid. "What is particularly encouraging is the emergence of a coherent alteration corridor supported by several independent mineral indicators. While these results do not identify a porphyry centre on their own, they provide valuable vectoring information that will help us focus the upcoming IP-MT survey and prioritize targets for drilling. With additional phase 1 results still to come, we expect our targeting model to continue to evolve ahead of the planned drill program."

Phase 1 spectral program

The preliminary interpretation is based on SWIR spectral data collected from surface samples during the company's May and June, 2026, field program. A total of 316 mineral interpretation results were generated from the raw spectral data. Because the sample population included a variety of rock types, including carbonate rocks, quartzite and intrusive rocks, the data were screened to focus on 165 samples representing feldspathic lithologies, predominantly intrusive rocks, where the selected spectral indicators are most applicable for this exercise.

SWIR spectroscopy identifies minerals based on their characteristic absorption features and can be used to map hydrothermal alteration mineralogy and variations in mineral chemistry. These patterns can help identify temperature and fluid gradients within mineralized systems and provide vectors toward prospective centres of hydrothermal activity.

The AlOH absorption wavelength data identify localized low-wavelength responses south of Ringo, near areas where pXRF sampling returned elevated copper values. Variations in the AlOH absorption feature of white mica can reflect changes in mineral chemistry associated with hydrothermal alteration and may provide a vectoring tool in porphyry exploration. These responses require interpretation alongside geology, geochemistry and geophysics and are not, by themselves, evidence of economic mineralization.

White mica is widespread throughout the sampled area, with particularly strong responses at Curly and additional concentrations in the Northwest target area and around Ringo. Independently mapped sericite intensity similarly highlights a corridor extending from Curly toward north of Ringo. This spatial relationship supports the interpretation of an extensive hydrothermal alteration system and identifies the corridor as a priority for further evaluation.

Jarosite was identified primarily along the corridor extending from Curly through Earp to Ringo. Jarosite commonly forms through the oxidation of iron-bearing sulphide minerals and may mark weathered portions of sulphide-bearing hydrothermal zones. Its distribution broadly overlaps the prospective alteration corridor, although further work is required to determine its relationship to the underlying geology and mineralization.

Epidote is most evident northwest of Curly. In porphyry systems, epidote can occur in more distal propylitic alteration assemblages and may help define the outer portions of a hydrothermal system. Intrepid is evaluating whether the epidote distribution represents the flank of a potential porphyry centre and whether faulting in the Curly area may have displaced or obscured corresponding alteration patterns.

Integration and next steps

The spectral results are being integrated with geological mapping, surface geochemistry, pXRF results, historical and recent drilling, and the company's evolving three-dimensional geological model. The company is also evaluating whether portions of the alteration system have been segmented or displaced into fault-bounded structural panels.

This work will support interpretation of the upcoming IP-MT survey and the selection of targets for the company's planned 2026 drill program.

Quality assurance and quality control

Approximately two-kilogram rock samples were collected by Intrepid staff and contractors in the field and sealed with numbered tickets in plastic sample bags. The bags were sealed with zap straps and shipped in batches to ALS Labs in Reno Nevada. Blank and standard samples were inserted into the sample string, in the field. Coarse rejects from the pulverizing process are separated by ALS Labs and sent for SWIR (short-wave infrared) analysis by Terraspec.

Spectral scanning of coarse reject material was completed by ALS using a handheld spectrometer operating in the visible and near-infrared (VNIR) and SWIR portions of the electromagnetic spectrum. As noted above, standardized interpretation of the spectral data was completed.

Note that white mica is a generalized term for white mica minerals including sericite, illite, muscovite, phengite and paragonite.

Technical information

All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, PGeo (the QP). 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.

We seek Safe Harbor.