Intrepid Metals Announces Leadership Transition

Rhea-AI Summary

Intrepid Metals Corp. (OTCQB: IMTCF) has announced a significant leadership change, with Mark Morabito taking over as Chief Executive Officer, replacing Ken Engquist. Morabito, who will serve as both Chairman and CEO, brings over 20 years of public markets experience and a strong track record in capital raising and corporate development.

As founder of King & Bay West merchant bank, Morabito has successfully raised over $1 billion in financing and notably secured a $400 million off-take agreement with Hebei, China's largest steel producer. Former CEO Ken Engquist will transition to the company's Advisory Board, maintaining his involvement with Intrepid Metals.

Positive

• New CEO Mark Morabito brings extensive experience with over $1 billion in financing raised
• Proven track record in securing major deals, including $400 million off-take agreement
• Former CEO remains engaged through Advisory Board role, ensuring leadership continuity

Negative

• Unexpected CEO departure driven by personal considerations
• Potential disruption in company strategy due to leadership change

Vancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces that Mark Morabito will become the Chief Executive Officer of the Company, replacing Mr. Ken Engquist. Mr. Morabito will now be Chairman and Chief Executive Officer of the Company.

Mr. Morabito has more than 20 years of experience in the public markets with expertise in raising capital and corporate development. He is the founder of King & Bay West, a merchant bank and technical services company that specializes in identifying, funding, developing and managing high-potential opportunities. Mr. Morabito founded and has been the principal driving force behind a number of successful resource development companies. He has raised over $1 billion in financing, including leading the team that struck an off-take agreement with Hebei, China's largest steel producer, worth over $400 million. Mr. Morabito has a BA from Simon Fraser University and completed his J.D. at the University of Western Ontario.

The leadership transition from Mr. Ken Engquist to Mr. Mark Morabito is driven by personal considerations on Mr. Engquist's part. While stepping down as Chief Executive Officer, Mr. Engquist will remain engaged with Intrepid Metals Corp. as a member of its Advisory Board. The Company expresses its gratitude for his valuable contributions during his tenure and looks forward to his continued involvement and support in this new role.

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,
"Mark Morabito"
Chairman & CEO

For further information regarding this news release, please contact:

Mark Morabito, Chairman & 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; potential of Corral as an emerging copper asset in a highly prospective district; the potential to host copper-gold porphyry copper mineralization; 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/265447

FAQ

Who is the new CEO of Intrepid Metals (IMTCF)?

Mark Morabito has been appointed as the new CEO of Intrepid Metals, replacing Ken Engquist. Morabito will serve as both Chairman and Chief Executive Officer.

What is Mark Morabito's experience before joining Intrepid Metals as CEO?

Morabito has over 20 years of experience in public markets, founded King & Bay West merchant bank, and has raised over $1 billion in financing. He notably secured a $400 million off-take agreement with China's largest steel producer.

Why did Ken Engquist step down as CEO of Intrepid Metals?

Ken Engquist stepped down as CEO due to personal considerations. He will continue his involvement with the company as a member of its Advisory Board.

What are Mark Morabito's educational qualifications?

Mark Morabito holds a BA from Simon Fraser University and completed his J.D. at the University of Western Ontario.

What is King & Bay West, and how is it related to Intrepid Metals' new CEO?

King & Bay West is a merchant bank and technical services company founded by Mark Morabito that specializes in identifying, funding, developing and managing high-potential opportunities.