Mr. Matthew Lennox-King reports

INTREPID METALS SELECTS MAJOR DRILLING FOR 10,000-METRE DRILL PROGRAM, INCLUDING FIRST PORPHYRY TESTS AT CORRAL COPPER PROJECT IN ARIZONA

Intrepid Metals Corp. has selected Major Drilling Group International Inc. as the drilling contractor for the company's planned 10,000-metre (m) drill program at its district-scale Corral copper project in Cochise county, Arizona. Equity Exploration Consultants Ltd. has also been engaged to provide geological and operational support for the program, which is scheduled to commence in early September, 2026.

The planned program is expected to include approximately 20 drill holes, with approximately 5,000 metres dedicated to expanding and further evaluating the near-surface carbonate replacement deposit (CRD) style copper-gold-silver mineralization previously identified across the project. The remaining approximately 5,000 metres will represent the first drilling at Corral specifically designed to test high-priority porphyry copper-gold targets and evaluate the potential source of the extensive CRD mineralization identified through previous exploration. Major Drilling recently completed a site visit at Corral as part of final preparations for mobilization and the commencement of drilling.

Previous CRD focused drilling by Intrepid in 2024 and 2025 returned long near-surface intervals of high-grade copper (Cu) and gold (Au) mineralization.

Highlights from Intrepid drilling include:

• 112.95 metres (m) of 1.50 per cent Cu, 0.53 gram per ton (gpt) Au and 8.22 gpt silver (Ag) from 68.40 to 181.35 m in hole CC24_023 including:
  • 63.40 m of 2.57 per cent Cu, 0.91 gpt Au and 14.14 gpt Ag;
  • 1.40 m of 20.20 per cent Cu, 8.51 gpt Au and 250.00 gpt Ag.
• 193.15 m of 0.68 per cent Cu and 0.33 gpt Au from 27.00 to 220.15 m in hole CC24_011 including:
  • 105.20 m of 1.17 per cent Cu and 0.55 gpt Au;
  • 48.85 m of 2.24 per cent Cu and 0.97 gpt Au;
  • 3.90 m of 6.80 per cent Cu and 1.02 gpt Au.
• 216.50 m of 0.71 per cent Cu, 0.28 gpt Au and 5.14 gpt Ag from 29.00 to 245.50 m in hole CC25_029 including:
  • 49.10 m of 1.84 per cent Cu, 0.78 gpt Au and 11.41 gpt Ag.
• 198.00 m of 0.56 per cent Cu, 0.12 gpt Au and 4.35 gpt Ag from 10.00 to 208.00 m in hole CC24_016 including:
  • 72.20 m of 1.28 per cent Cu, 0.08 gpt Au and 3.16 gpt Ag;
  • 1.60 m of 5.30 per cent Cu, 1.95 gpt Au and 11.20 gpt Ag.
• 142.30 m of 0.51 per cent Cu, 0.17 gpt Au and 4.01 gpt Ag from 56.70 to 199.00 m in CC25_26 including:
  • 84.90 m of 0.79 per cent Cu, 0.26 gpt Au and 6.18 gpt Ag;
  • 17.65 m of 2.72 per cent Cu, 0.58 gpt Au and 18.16 gpt Ag;
  • 0.55 m of 27.50 per cent Cu, 10.15 gpt Au and 192 gpt Ag.

Major Drilling is the world's leading provider of specialized drilling services to the metals and mining industry, with operations spanning six continents, more than 6,000 employees and a fleet of more than 700 drill rigs. Established in 1980, Major Drilling has extensive experience executing technically demanding exploration programs and is recognized globally for its operational expertise, safety performance and ability to successfully complete challenging drilling projects.

Equity Exploration is a Vancouver-based geological consulting and project management firm specializing in advanced mineral exploration. Founded in 1987, the company provides technical, geological and logistical services across all stages of mineral exploration, and has contributed to more than 300 exploration projects involving over 1.4 million metres of drilling in North America and internationally. Equity Exploration will work alongside Intrepid's technical team throughout the Corral drill program, providing drill supervision, core logging, geological data collection and management, and logistical and operational support.

"Finalizing our drilling and technical support teams represents another important step toward launching our most ambitious exploration program at Corral to date," said Matt Lennox-King, chairman and interim chief executive officer of Intrepid. "Major Drilling and Equity Exploration bring extensive drilling, geological and project execution experience to the program. With the site visit now complete and final preparations under way, we remain on schedule to commence drilling in early September. With approximately half of the program focused on expanding the extensive CRD mineralization already identified and half dedicated to our first direct tests of high-priority porphyry targets, this program is designed to advance both components of the significant exploration opportunity at Corral."

Planned drill program

Drilling is expected to begin in early September with approximately 13 holes targeting extensions of the known CRD mineralization. These initial holes will focus on expanding known mineralized zones at Ringo, Clanton, Earp and Holliday.

Beginning with the CRD portion of the program will allow the company additional time to complete and interpret its schedulled IP-MT ground geophysical survey and incorporate the results with 3-D geological mapping, surface geochemistry, structural interpretation, drill core relogging and other recent fieldwork. The integrated data sets will be used to further refine the project's geological model and finalize the location and orientation of the planned porphyry drill holes.

Porphyry drilling is currently expected to begin in mid- to late October and will include approximately seven holes testing high-priority targets across the project. These holes will represent the first drilling at Corral specifically designed to evaluate the potential source of the extensive CRD copper-gold-silver mineralization identified through previous exploration.

The sequencing of the program may be adjusted as drilling progresses and additional geological, geochemical and geophysical results become available.

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.

Teck Resources Ltd. became an equity stakeholder in Intrepid at the end of 2025. 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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