Intrepid Metals Outlines New Copper-Gold Target at Corral Copper in Arizona

Intrepid Metals Corp. (INTR) has issued a target-generation and drill-planning update rather than a new assay release. The company has identified a newly prioritized CRD-style Cu-Au target named "Kate," located approximately 1.5 km south-southwest of the Ringo Zone. Drilling at this site is scheduled to begin in the coming weeks.

The release contains no new numerical intercepts, relying instead on historical data from a single hole, MH_03, drilled by Santa Fe Pacific. While a hole location table confirms the operator, the vintage and specific date of the hole are not disclosed. MH_03 was a vertical hole drilled at a -90° inclination with an azimuth of 0, a collar elevation of 1,489 m, and a total depth of 457.2 m.

Historical intercepts from MH_03 include: - 27.43 m @ 0.65% Cu, 0.98 g/t Au, 17.20 g/t Ag, 0.10% Zn from 429.77 m to 457.20 m (includes 13.11 m of internal dilution) - Incl. 7.62 m @ 1.71% Cu, 3.30 g/t Au, 44.55 g/t Ag from 429.77 m to 437.39 m - And 1.52 m @ 0.62% Cu, 5.72 g/t Au, 31.00 g/t Ag from 429.77 m to 431.29 m - And 1.52 m @ 3.20% Cu, 4.80 g/t Au, 73.00 g/t Ag from 434.34 m to 435.86 m - Incl. 9.14 m @ 0.53% Cu, 0.15 g/t Au, 11.67 g/t Ag from 448.06 m to 457.20 m - And 1.37 m @ 1.42% Cu, 0.27 g/t Au, 26.00 g/t Ag from 451.87 m to 453.24 m

These composites were constructed using a 0.10% CuEq cutoff, length-weighted, with a maximum of 15 m internal dilution allowed. All intervals represent downhole core lengths, and true thicknesses have yet to be determined.

Surface work supporting the Kate target has included mapping, rock sampling, and oxygen-isotope analysis. Rock samples have shown elevated gold and tellurium levels. Geologically, the area features bleached and marbleized Escabrosa limestone with silica replacement, as well as Mn-oxide and limonite fracture fill. Altered intrusive dikes are present at the surface, and historical mineralization is linked to faulted Martin and Abrigo carbonate formations.

Intrepid Metals Corp. (INTR) has identified a technically prospective footprint of copper-gold-silver rock at its Corral project that extends approximately 1.5 km south of the Ringo area. This discovery includes one historical drill hole returning unverified grades that bottomed in mineralization, representing a modest addition to the company’s exploration optionality. However, this finding does not alter the existing resource, scale, grade confidence, metallurgy, or mineability assumptions. No new assay metres, true widths, or verification data have been added; the company has simply expanded the area where it intends to conduct future exploration.

Intrepid remains a pre-resource explorer with a market capitalization of approximately C$99M. The company holds a 14.7% stake in Teck, which has decreased to approximately 12.6% following a warrant exercise, and maintains C$18.8M in cash against a fully diluted share count of roughly 146 million. At this valuation, individual drill holes with assay results can influence the stock price, a scenario the market has anticipated since drilling commenced on September 16, 2026.

The stock price has roughly doubled since late-2025 lows, rising from C$0.32 on November 17, 2025, to C$0.99 on May 13, 2026. This appreciation was driven by Teck cornerstone investments in December 2025 at $0.45 and February 2026 at $0.60, the resulting balance sheet strength, and the porphyry-source narrative associated with holes CC25_043/044 on November 18, 2025, and Curly on July 14, 2026. The current C$0.80 price reflects expectations for the ongoing 10,000-meter, approximately 20-hole programme, which includes roughly 13 CRD holes and the first seven dedicated porphyry holes starting in late October. This recent release does not address those expectations, sitting outside the current market anchor.

The Kate discovery, by contrast, consists of historical, unverified data from a single deep and diluted hole, providing weaker evidence than the previous release. This news is considered marginal in terms of equity impact, serving primarily as calendar-filling content from a company that has issued over 14 releases since June 2026, including updates on Curly, Mattie, the SWIR corridor, contractor selection, programme start, and a technical report. The incremental information content of identifying a new target with an old hole is small against a stock already priced for an active drilling campaign.

Intrepid Metals Corp. (TSXV: INTR, OTCQB: IMTCF), headquartered in Phoenix, Arizona, is a pre-revenue explorer with a market capitalization of approximately C$99M. The company’s shares recently traded at C$0.80, against a book value per share of C$0.23 as of Q1-2026. Financial records indicate C$0 in revenue for both FY2025 and Q1-2026.

The company’s flagship asset is the Corral Copper Project, a district-scale, advanced-exploration property spanning approximately 42 km² (10,346 acres) in Cochise County, Arizona. The project hosts CRD-style Cu-Au-Ag mineralization across the Ringo, Clanton, Earp, and Holliday zones, as well as the newly identified east zone and Kate target. Additional targets include porphyry prospects at Curly and McLaury, and the gold-focused Mattie prospect. Historical drilling totals approximately 50,000 m, supplemented by Intrepid’s 2024 programme of ~4,800 m and a 2025 programme of ~5,800 m. No NI 43-101 resource has been defined for the project.

In Cochise County, Intrepid holds an early-stage CRD/skarn Zn-Pb-Ag target at Tombstone South, located approximately 75 km from the Hermosa/Taylor district. The company maintains an option agreement with New Empire Exploration, which includes a US$1.5M work commitment extended to May 2027. The consideration for this extension includes 200,000 shares plus US$50,000. Approximately 4,000 m in 4-5 holes are planned for the winter of 2026/27. Additionally, the Mesa Well property represents an early-stage Laramide copper porphyry target on approximately 6,500 acres of state land, currently in the mapping and geophysics stage.

The company’s current drilling programme is underway, consisting of 10,000 m of diamond drilling across approximately 20 holes, supported by Major Drilling and Equity Exploration. This programme includes ~5,000 m for CRD expansion and ~5,000 m for the first dedicated porphyry tests. A 65 line-km IP-MT survey is also being conducted by Quantec.

As of March 31, 2026, Intrepid held C$18.8M in cash and C$18.9M in working capital. The company has raised more than C$19.1M gross since December 2025. Teck Resources holds approximately 14.7% of the company, diluted to ~12.6% after warrant exercises. Teck holds two of four technical committee seats, participation rights to 19.9%, and a 36-month right of first refusal on the Corral project. There are approximately 14.7M warrants outstanding and ~146.4M fully diluted shares.

Matt Lennox-King serves as Chairman and Interim CEO, with Ken Brophy as President and Evelyn Cox as VP of Corporate Development. Technical advisers include Daniel MacNeil (QP). Founder Mark Morabito departed as Chairman and CEO in March 2026.