Vancouver, British Columbia - Newsfile Corp. - April 29, 2025 - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce that drilling has commenced at the Corral Copper Property ("Corral" or the "Property"), located in Cochise County, part of the prolific Turquoise District of southeastern Arizona. The 2025 drill program is Intrepid's second drill program on the Property and includes diamond drilling at the Ringo, Earp and Holliday Zones. Drilling will be conducted by Godbe Drilling LLC ("Godbe"). "We are excited to announce the commencement of drilling at our Corral Copper Property, with the objective of further delineating and expanding the impressive 3.5 by 1.5 kilometer copper-gold-silver-zinc mineralized footprint identified during our 2024 program," stated Ken Engquist, CEO of Intrepid. "This Phase 2 drill campaign builds on the strong results of our earlier work and is a significant step forward in advancing this highly promising discovery." The initial 5,000m diamond drill program has started at the Ringo Zone ("Ringo"), which delivered high-grade intercepts in 2024, including: - 112.95 meters ("m") of 1.50% Copper ("Cu"), 0.53 grams per ton ("gpt") Gold ("Au") and 8.22 gpt Silver ("Ag") (1.66% Copper Equivalent ("CuEq")¹) from 68.40 to 181.35m in Hole CC24_023 including,

• 63.40m of 2.57% Cu, 0.91 gpt Au and 14.14 gpt Ag (2.83% CuEq¹)
• 1.40m of 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq¹).

- 193.15m of 0.68% Cu and 0.33 gpt Au (0.83% CuEq¹ from 27.00 to 220.15m in Hole CC24_011 including,

• 48.85m of 2.24% Cu and 0.97 gpt Au (2.58% CuEq¹) and
• 3.90m of 6.80% Cu and 1.02 gpt Au (6.54% CuEq¹).

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. A total of six drill holes are initially planned at Ringo, after which the drill rig will be mobilized to the Holliday and Earp Zones. Results from the initial 2025 drilling at Ringo, combined with data from the 2024 program, will be used to refine the geological model and optimize subsequent 2025 drilling at Ringo. Upside Exploration Potential The Corral Copper Project contains mineralization consistent with Carbonate Replacement Copper-gold-silver deposits ("CRD"), skarn copper-gold and porphyry copper-gold deposits. The Ringo, Holliday and Earp zones at Corral contain broad zones of disseminated and vein style mineralization that are locally high-grade (see above). Intrepid is focused on verifying existing mineralization to establish geological controls on mineralization in known zones, expanding known zones along strike, down dip and down-plunge and testing the Property's porphyry copper potential. Corral is geologically analogous to the prolific Bisbee Camp (located ~100km southeast) where high-grade copper-gold CRD (e.g., Copper Queen; 53Mt @ 6% Copper²) are spatially associated with Jurassic porphyry copper-gold porphyry deposits (Lavender Pit; 223 Mt @ 0.63% Copper past production³). Although there is porphyry style alteration and mineralization at Corral, a systematic porphyry exploration campaign for the district has not been previously completed. All scientific and technical information in this news release has been prepared by, or approved by Daniel MacNeil, P.Geo. Mr. MacNeil is a Technical Advisor to the Company and is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. MacNeil has verified the drilling data disclosed in this news release, including the assay and test data underlying the information or opinions contained in this news release. Mr. MacNeil verified the data disclosed (or underlying the information disclosed) in this news release by reviewing imported and sorted assay data; checking the performance of blank samples and certified reference materials; reviewing the variance in field duplicate results; and reviewing grade calculation formulas. Mr. MacNeil detected no significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to in this news release. Tombstone Update The Company also announces that it has entered into an agreement to amend the option agreement dated April 20, 2021 with New Empire Exploration LLC (the "Vendor") to acquire a 100% interest in the Tombstone South Property ("Tombstone") located in Arizona. The amendment provides for an extension to complete the required US$1,500,000 work commitment that is due May 2025 to May 2026, and the US$1,500,000 work commitment that is due May 2026 to May 2027, in exchange for the issuance of an additional 300,000 common shares of Intrepid, and payment of an additional US$25,000,...