Mr. Alex Klenman of Leocor reports

LEOCOR MINING INC. PROPOSES PRO RATA DISTRIBUTION OF INTREPID METALS CORP. SHARES TO SHAREHOLDERS

Leocor Mining Inc. (formerly Leocor Gold Inc.) has proposed a distribution of up to all of its 17,647,058 common shares of Intrepid Metals Corp., representing approximately 15.09 per cent of the issued and outstanding Intrepid shares as of the date hereof, to shareholders of the company on a pro rata basis. The final number of Intrepid shares to be distributed will be determined by the company's board of directors, having regard to, among other things, the objective of achieving a tax-efficient outcome for the company and its shareholders.

Alex Klenman, chief executive officer of Leocor, stated: "Consistent with our commitment to creating and delivering value for our shareholders, we are pleased to provide our shareholders with the opportunity to participate directly in the continued advancement of Intrepid through the proposed pro rata distribution of up to all of the Intrepid shares owned by the company while maintaining our strategic focus on advancing our gold-copper exploration portfolio in Atlantic Canada, including our contiguous land package in the Baie Verte mining district. We believe this structure provides an efficient and shareholder-aligned means of unlocking value from our investment in Intrepid while ensuring fair and equal treatment for all shareholders."

The company intends to effect the distribution by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which the company's outstanding common shares will be reorganized such that each existing common share will be exchanged for: (i) one new common share of Leocor, having the same attributes as the existing common shares; and (ii) a pro rata entitlement to the Intrepid shares to be distributed. Completion of the arrangement will require approval by not less than 66-2/3rds per cent of the votes cast by Leocor shareholders at an annual general and special meeting of shareholders, as well as approval of the Supreme Court of British Columbia. The arrangement is also subject to acceptance by the Canadian Securities Exchange, including the listing of the new Leocor shares in substitution for the existing common shares and the delisting of the existing common shares, subject only to customary conditions. The company currently anticipates that the meeting will be held in June, 2026, with the record date for voting and the meeting date to be announced in due course. Subject to receipt of all required shareholder, court and regulatory approvals, the distribution is expected to be completed as soon as practicable following the meeting. Shareholders of record as at the effective time of the arrangement will be entitled to receive their pro rata portion of the Intrepid shares pursuant to the distribution.

While the capital reorganization and related distribution under the arrangement are intended to permit all or a portion of the distribution to be treated as a return of capital, the final determination of such treatment cannot be made until closer to the closing date, when, among other things, the fair market value of the Intrepid shares will be known. Shareholders are strongly encouraged to consult their own tax advisers regarding the tax consequences of the distribution having regard to their particular circumstance.

The distribution will be made to Leocor shareholders on a pro rata basis. The number of Intrepid shares to be distributed per Leocor share will be determined based on the number of Leocor shares outstanding as at the closing date and will be calculated and announced at that time. No fractional Intrepid shares will be issued under the distribution. Where the application of the exchange ratio would otherwise result in a fractional Intrepid share, the number of Intrepid shares to be distributed to the applicable shareholder will be rounded down to the nearest whole number, and any such fractional entitlement will be retained by Leocor. No cash or other consideration will be paid in lieu of fractional shares, except as may be required in connection with the exercise of dissent rights.

Pursuant to the arrangement, each outstanding Leocor warrant will, in accordance with its terms and without any further action by Leocor or the holder thereof, entitle the holder to receive, upon due exercise, one new Leocor share, except that the exercise price of such warrant will be reduced by the deemed value of that number of Intrepid shares that is equal to the exchange ratio. Each outstanding Leocor option will, without any further act or formality on the part of Leocor or the holder, be deemed exchanged for a new option of Leocor exercisable for new Leocor shares on substantially the same terms and conditions as the option so exchanged. The exercise price of each such new option will be adjusted to reflect the deemed value of the Intrepid shares corresponding to the exchange ratio, subject to such further adjustment as may be required to ensure that the aggregate in-the-money amount of the new option immediately following the exchange does not exceed the in-the-money amount of the corresponding Leocor option immediately prior to the exchange.

Based on the most recent closing price of the Intrepid shares on the TSX Venture Exchange, the distribution would represent up to approximately $12,529,411 of value being distributed to Leocor shareholders. Additional details regarding the distribution will be provided in the management information circular to be prepared in connection with the meeting.

About Leocor Mining Inc.

Leocor is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada.

Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte mining district. Leocor's Baie Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous approximately 2,000-hectare exploration corridor.

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