Mr. Matthew Lennox-King reports

INTREPID METALS COMMENCES 10,000-METRE DRILL PROGRAM AND 65 LINE-KM IP-MT SURVEY AT CORRAL COPPER PROJECT IN ARIZONA

Intrepid Metals Corp. has commenced drilling as part of the company's planned 10,000-metre (m) diamond drill program and an approximately 65-line-kilometre swath direct current induced polarization and magnetotelluric (IP-MT) geophysical survey is also under way at its district-scale Corral copper project in Cochise county, Arizona.

The 2026 program includes the following:

• Approximately 5,000 m focused on expanding and further evaluating the near-surface CRD- style (carbonate replacement deposit) copper-gold-silver mineralization identified through previous drilling;
• Approximately 5,000 m representing 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 across the project;
• An approximately 65-line-kilometre IP-MT survey designed to further refine the project's high-priority porphyry targets.

"With both drilling and the IP-MT survey under way, we now have two major field programs advancing in parallel at Corral," said Matt Lennox-King, chairman and interim chief executive officer of Intrepid. "We are beginning the drill program with targets that build on the extensive near-surface CRD mineralization already identified through our previous drilling and property-wide surface exploration programs completed earlier in 2026. The IP-MT survey will provide an important three-dimensional view of the subsurface across our priority target areas and help us refine the location and orientation of our first dedicated porphyry drill holes. Together, these programs give us multiple opportunities to add scale and make new discoveries at Corral."

CRD drilling

Drilling has commenced at the Holliday zone, and the initial portion of the drill program will target extensions of known CRD-style copper-gold-silver mineralization at the Ringo, Clanton, Earp and Holliday zones.

Previous drilling by Intrepid in 2024 and 2025 confirmed a broad, approximately 3.5-kilometre trend of near-surface CRD and related copper-gold-silver mineralization. The 2026 program is designed to test extensions of this mineralization and further evaluate continuity between and beyond the areas drilled to date.

Selected results from Intrepid's previous drilling at Corral include:

• 112.95 m of 1.50 per cent copper (Cu), 0.53 gram per tonne (g/t) gold (Au) and 8.22 g/t silver (Ag), including 63.40 m of 2.57 per cent Cu, 0.91 g/t Au and 14.14 g/t Ag in hole CC24_023*;
• 216.50 m of 0.71 per cent Cu, 0.28 g/t Au and 5.14 g/t Ag, including 49.10 m of 1.84 per cent Cu, 0.78 g/t Au and 11.41 g/t Ag in hole CC25_029**.

IP-MT survey

The IP-MT survey is being conducted by Quantec Geoscience Ltd., an international geophysical services company with extensive experience in deep-earth imaging for mineral exploration. Fieldwork is expected to take approximately two months to complete.

The survey will comprise 12 receiver (Rx) lines spaced approximately 400 m apart, with individual line lengths varying across the survey area. Rx lines are the survey lines along which receiver electrodes and sensors are positioned to measure electrical and electromagnetic responses from the subsurface.

Quantec's swath configuration will collect three complementary data sets:

• DC resistivity, which maps variations in the electrical resistivity of subsurface rocks and can assist in identifying geological contacts, alteration and structures;
• IP chargeability, which measures the ability of subsurface materials to temporarily store an electrical charge and can help identify concentrations of disseminated sulphide minerals;
• MT resistivity, which uses naturally occurring electromagnetic signals to image resistivity at greater depths than the direct current induced polarization (DCIP) component of the survey.

Together, these data sets are expected to provide broad subsurface coverage across priority areas and help identify chargeability and resistivity anomalies that may represent sulphide-rich intrusive centres, alteration zones or geological structures associated with a potential porphyry system at depth.

First-ever porphyry drill program

The company has started the drill program targeting extensions of the known CRD mineralization. This sequencing will allow additional time to complete and interpret the IP-MT survey now under way before drilling begins on the porphyry targets later in 2026.

The porphyry portion of the drill program is expected to include approximately 5,000 m of drilling. This drilling will be the first to test high-priority porphyry copper-gold targets and evaluate the potential source of the extensive CRD mineralization identified through previous exploration.

Results from the IP-MT survey will be integrated with geological mapping, surface geochemistry, structural interpretation, drill core relogging and other recent fieldwork to further refine the Project's geological model and finalize the locations and orientations of the planned porphyry drill holes.

Porphyry drilling is currently expected to begin late October, although the sequencing of the program may be adjusted as drilling progresses and additional geological and geophysical information becomes 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.

* Please refer to the Intrepid news release dated July 9, 2024, and entitled "Intrepid Metals Drills 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq) at its Corral Copper Property in Arizona," for more details on these results, including details on data verification and exploration information.

** Please refer to the Intrepid news release dated July 10, 2025, and entitled "Intrepid Metals Intersects 216.50m of 0.71% Cu and 0.28 gpt Au Starting 29m from Surface at Corral Copper in Arizona," for more details on these results, including details on data verification and exploration information.

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. 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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