Mr. Alex Klenman reports

LEOCOR MINING INC. PROVIDES UPDATE ON PROPOSED PLAN OF ARRANGEMENT

Leocor Mining Inc. has provided an update, further to the news release dated April 9, 2026, regarding its proposed plan of arrangement involving the pro rata distribution of common shares of Intrepid Metals Corp.

Meeting details

The company's annual general and special meeting of shareholders has been scheduled for June 3, 2026, at which shareholders will be asked to approve, among other things, the arrangement and customary annual general meeting matters.

The record date for determining shareholders entitled to receive notice of and vote at the meeting is April 17, 2026. Only shareholders of record as of the record date will be entitled to vote at the meeting.

The company's management information circular and related meeting materials will contain full details of the arrangement, the distribution and voting procedures, and will be mailed to shareholders in due course.

Intrepid share distribution

Leocor shareholders of record at the effective time of the arrangement will be entitled to receive their pro rata portion of Intrepid shares pursuant to the distribution. This entitlement is separate from, and not determined by, the record date established for the meeting.

Accordingly, only shareholders of record as of the closing date will receive Intrepid shares under the distribution, and trading in Leocor shares prior to the closing date may affect a shareholder's entitlement to receive such shares.

As previously disclosed, the number of Intrepid shares to be distributed per Leocor share will be determined based on the number of Leocor shares outstanding as of the closing date and will be announced at that time.

The company will provide further updates regarding the arrangement, including the anticipated timing of closing, as such information becomes available.

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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