Intrepid Metals Commences 10,000-Metre Drill Program and 65 Line-km IP-MT Survey at Corral Copper Project in Arizona

Intrepid Metals Corp. (INTR) has commenced its planned 10,000-metre diamond drill program and a 65 line-kilometre SWATH IP-MT geophysical survey at the Corral Copper Project in Arizona. The drilling program is divided into two phases: approximately 5,000 metres to expand known near-surface Carbonate Replacement Deposit (CRD) mineralization and approximately 5,000 metres to test high-priority porphyry copper-gold targets.

Porphyry drilling is scheduled to begin in late October 2026, following the completion and interpretation of the IP-MT survey. The IP-MT survey, conducted by Quantec Geoscience, aims to provide 3D subsurface imaging to refine porphyry targets before drilling begins.

The company references previous drilling highlights, including: - Hole CC24_023 (112.95m of 1.50% Cu, 0.53 g/t Au, and 8.22 g/t Ag) - Hole CC25_029 (216.50m of 0.71% Cu, 0.28 g/t Au, and 5.14 g/t Ag)

This announcement follows the August 19, 2026 news regarding the selection of Major Drilling Group International Inc. as the contractor and the August 13, 2026 SWIR spectral analysis results.

Intrepid Metals Corp. (INTR) has commenced a drill program, marking a direct follow-up to plans previously announced in August 2026. This operational update confirms that management is executing on its stated exploration schedule, with field activities underway as planned. The initiative includes a 10,000-metre program and an IP-MT survey, with a focus on porphyry targets that aligns with the evolving geological model highlighted in recent months.

The release contains no new geological data, assay results, or unexpected financial developments. Because the market was already aware of the planned activities, the news is considered incremental and expected. While the commencement of drilling validates the company's execution capability, the actual discovery potential remains unproven until assay results are released. Consequently, the impact on the stock price is expected to be neutral to slightly positive in the short term, as the fundamental risk/reward profile does not change until drill results are published.

Intrepid Metals Corp. (INTR) is a pre-revenue exploration company focused on copper, gold, and silver in Cochise County, Arizona. Its flagship asset is the Corral Copper Project, a district-scale advanced exploration property covering approximately 42 km². The project features multiple styles of mineralization, including Carbonate Replacement Deposits (CRD) and emerging porphyry copper-gold targets. Historical district production includes ~49 million lbs Cu, ~5 million oz Ag, and ~68,000 oz Au. The company also holds the Tombstone South and Mesa Well properties. Management transition occurred in March 2026, with Matt Lennox-King appointed as Interim CEO and Chairman.