Intrepid Metals Completes Tombstone Amendment

Rhea-AI Summary

Intrepid Metals (TSXV: INTR) (OTCQB: IMTCF) has amended its option agreement for the Tombstone South Property in Arizona. The amendment extends the deadlines for completing two US$1.5 million work commitments: from May 2025 to May 2026, and from May 2026 to May 2027. In exchange, Intrepid has issued 300,000 common shares and paid US$25,000 to New Empire Exploration LLC.

Additionally, the company has engaged Resource Stock Digest (RSD) for a 3-month promotional services program starting May 15, 2025, for US$10,000. The agreement with RSD, which is subject to TSX Venture Exchange approval, includes no performance factors or equity compensation.

Positive

• Extended timeline for US$3 million in work commitments provides more operational flexibility
• Relatively small cost (300,000 shares + US$25,000) for the extension

Negative

• Delay in completing required work commitments could indicate operational challenges
• Additional share issuance causes minor dilution to existing shareholders

Vancouver, British Columbia--(Newsfile Corp. - May 20, 2025) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces that it has closed its previously announced amendment to 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, in each case to the Vendor and which has now been completed.

In addition, the Company has entered into a services agreement (the "Agreement") with Resource Stock Digest ("RSD") pursuant to which, among other things, RSD has agreed to provide certain promotional services to the Corporation in accordance with Policy 3.4 - Investor Relations, Promotional and Market-Making Activities of the TSX Venture Exchange (the "Exchange").

RSD has been engaged for an initial 3-month advertising and marketing program, commencing on May 15, 2025, for a total fee of US$10,000 payable from cash on hand. Intrepid may terminate the Agreement on 30 days notice. RSD conducts interviews with the Company and produces its own content that is distributed to RSD's subscriber base.

There are no performance factors contained in the Agreement and RSD will not receive common shares or options as compensation. Further, RSD and the Company are arm's length and, at the time of the Agreement, neither RSD nor any of its principals have an interest, directly or indirectly, in the securities of the Company.

Resource Stock Digest is owned and operated by Gerardo Del Real and Nick Hodge and its contact details are as follows: Attention: Gerardo Del Real, 2051 Gattis School Rd, Ste. 540 PMB 176, Round Rock, TX 78664, USA; Email: editor@resourcestockdigest.com; Phone: (844) 334-4700. The Agreement is subject to the prior approval of the Exchange.

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 advancement of the Company's projects in Arizona; continued growth and the exploration potential of the Company's other mineral projects.

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 and complete an additional drill program; 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/252788

FAQ

What changes were made to Intrepid Metals' (IMTCF) Tombstone property agreement?

Intrepid Metals extended the deadlines for two US$1.5 million work commitments by one year each, to May 2026 and May 2027, in exchange for issuing 300,000 shares and paying US$25,000 to New Empire Exploration.

How much did IMTCF pay for the Tombstone agreement amendment?

Intrepid Metals paid US$25,000 and issued 300,000 common shares to New Empire Exploration LLC for the amendment.

What marketing agreement did Intrepid Metals (IMTCF) sign with Resource Stock Digest?

Intrepid signed a 3-month promotional services agreement with Resource Stock Digest starting May 15, 2025, for US$10,000, with no performance factors or equity compensation included.

What are the new work commitment deadlines for Intrepid Metals' Tombstone property?

The US$1.5 million work commitment deadline was extended from May 2025 to May 2026, and another US$1.5 million commitment from May 2026 to May 2027.