Intrepid Metals Amends Property Agreements

Rhea-AI Summary

Intrepid Metals (OTCQB: IMTCF) has amended two key property agreements in Arizona. The first amendment with Cave Creek Copper extends payment deadlines to November 30, 2025, for the Corral Copper Project acquisition, increasing the payment to $435,487.50 and including the issuance of 38,725 shares and 220,000 warrants at $0.42 per share.

The second amendment with Bronco Creek Exploration modifies the Mesa Well Copper Property agreement, restructuring the US$2 million work commitment deadline to August 2027, removing yearly minimum expenditures. This includes additional payments of US$25,000 and 50,000 shares upon approval, with similar payments due in August 2026. Both amendments require TSX Venture Exchange approval.

Positive

• Increased flexibility in work commitment timeline for Mesa Well property, removing yearly minimum expenditures
• Extended payment deadline for Corral Copper acquisition to November 2025
• Strategic consolidation of copper properties in Arizona's mining district

Negative

• Increased total payment obligation for Corral Copper by $20,737.50
• Additional share dilution through new equity issuances for both properties
• Additional cash payment requirements for Mesa Well property totaling US$50,000

Vancouver, British Columbia--(Newsfile Corp. - August 29, 2025) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces that it has entered into an agreement (the "CC Amendment") to amend the Share Purchase Option Agreement dated February 14, 2023, as amended March 17, 2025, with Cave Creek Copper Inc ("Cave Creek") and the shareholders of Cave Creek (the "Cave Creek Shareholders") to acquire a 100% of the shares of Cave Creek which holds a portion of the Corral Copper Project ("Corral Copper") located in Cochise County, Arizona. The CC Amendment provides for an extension to make certain cash payments to November 30, 2025. Subject to the approval of the TSX Venture Exchange ("TSXV"), in return for the extension the cash payment amount shall be increased by $20,737.50 to $435,487.50, 38,725 common shares ("Common Shares") shall be issued and 220,000 warrants shall be issued in each case to Cave Creek Shareholders. Each warrant shall be exercisable for a Common Share for a period of one year at an exercise price of $0.42 per Common Share.

The Company also announces that it has entered into an agreement (the "Mesa Amendment") to amend the Option to Purchase Agreement dated August 24, 2022, as amended August 16, 2024 (the "Option Agreement") with Bronco Creek Exploration, Inc to acquire a 100% interest in the Mesa Well Copper Property ("Mesa Well") located in south-central Arizona's copper porphyry belt. The Mesa Amendment restructures the work commitment such that the full US$2 million work commitment must be completed by the fifth anniversary in August 2027. This removes the requirement for yearly expenditure minimums. Subject to the approval of the TSXV, in return for the amendment, the Company shall make an additional cash payment of US$25,000 and issue 50,000 Common Shares upon TSXV approval. In addition, on the fourth anniversary in August 2026, the Company shall make an additional US$25,000 cash payment and issue an additional 50,000 Common Shares.

The CC Amendment and Mesa Amendment are subject to the approval of the TSXV.

About Intrepid Metals Corp.

Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects, including the Corral Copper Project (a district scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 2018¹, though mineralization at the Taylor Deposit is not necessarily indicative of the mineral potential at the Tombstone South Project) both of which are located in Cochise County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing, and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit www.intrepidmetals.com.

INTREPID METALS CORP.
On behalf of the Company
"Ken Engquist"
CEO

For further information regarding this news release, please contact:

Ken Engquist, CEO
604-681-8030
info@intrepidmetals.com

Notes

¹ Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 (South32 completes acquisition of Arizona Mining).

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: the potential of the property; the interpretation of drills results; potential of Corral as an emerging copper asset in a highly prospective district; the potential to host copper-gold porphyry copper mineralization; the details of the amending agreements, the receipt of TSXV approval for the amending agreements, the exploration potential of the Corral Copper Property and the Company's other mineral projects; and potential future production.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the Company can raise additional financing to continue operations; the results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices, risk related to unanticipated geological or structural formations and characteristics risks related to current global financial conditions, risks related to current global financial conditions and the impact of any future global pandemic on the Company's business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/264484

FAQ

What changes were made to Intrepid Metals' (IMTCF) Corral Copper agreement?

The agreement extends payment deadlines to November 30, 2025, increases the payment to $435,487.50, and includes 38,725 shares and 220,000 warrants at $0.42 per share.

How much is Intrepid Metals' (IMTCF) work commitment for the Mesa Well property?

The total work commitment is US$2 million, which must be completed by August 2027, with yearly minimum expenditures removed.

What additional payments are required for the Mesa Well property amendment?

The amendment requires two US$25,000 cash payments and two issuances of 50,000 shares - one set upon TSXV approval and another in August 2026.

What is the exercise price and term for the warrants issued in the Corral Copper amendment?

The 220,000 warrants have an exercise price of $0.42 per common share and are exercisable for a one-year period.

Where are Intrepid Metals' (IMTCF) copper properties located?

The Corral Copper Project is located in Cochise County, Arizona, while the Mesa Well Copper Property is in south-central Arizona's copper porphyry belt.