Intrepid Metals closes $6.5-million private placement

Mr. Mark Morabito reports INTREPID METALS ANNOUNCES CLOSING OF C$6.5 MILLION PRIVATE PLACEMENT Intrepid Metals Corp. closed on Feb. 24, 2026, its previously announced non-brokered private placement for gross proceeds of $6.5-million. Teck Resources Ltd. participated in the offering and has acquired 6,842,881 common shares of the company for gross proceeds of approximately $4.1-million. No finders' fees were paid in connection with the offering, and the offering was unanimously approved by the board of directors of Intrepid. The offering resulted in the issuance of 10,833,333 shares at a price of 60 cents per share. "Teck's increased investment in Intrepid, alongside the participation of a new institutional and strategic investor, represents a strong endorsement of the quality, scale and emerging potential of the Corral copper project," said Mark Morabito, chairman and chief executive officer of Intrepid. "The successful closing of this financing strengthens our shareholder base and reflects growing confidence in our systematic, district-scale approach. With this funding now in place, we have a clear runway to execute a comprehensive, multiyear exploration and development program at Corral while maintaining strong alignment with a leading global mining company." The increased investment builds on Teck's initial strategic position announced in December, 2025, and reflects continued technical and strategic engagement between Intrepid and Teck. Teck beneficially owns, directly or indirectly, or exercises control or direction over, 15,642,881 shares, representing approximately 14.7 per cent of the issued and outstanding shares on a non-diluted basis. Proceeds from the offering will be used to complete an initial 30-month exploration and development program at Corral (the committed program) as well as for annual property option and rental payments to keep the properties in good standing. The committed program is expected to include, among other work programs, a 50-line-kilometre induced polarization survey, geological mapping and geochemical sampling, metallurgical and permitting work, and follow-up drilling designed to expand known zones and test new targets identified by Intrepid's integrated, multidataset targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in the second half of 2026. Intrepid and Teck have concluded an amendment to the investor rights agreement entered into on Dec. 23, 2025. Pursuant to the amendment, the parties have agreed to: (i) increase the amount of committed funds applicable to the committed program; (ii) extend the timelines for the committed program and Teck's right of first refusal on the Corral project by six months; (iii) increase Teck's participation rights and maximum ownership from 15 per cent to 19.9 per cent; and (iv) provide no-more-favourable protection for the participation rights in the investor rights agreement. The shares issued under the offering will be subject to a statutory hold period under applicable securities laws in Canada expiring four months and one day from closing of the offering. About Intrepid Metals Corp. Intrepid Metals is focused on exploring for high-grade essential metals, including copper, silver and zinc, in established mining jurisdictions in southeastern Arizona, United States. The company's portfolio is anchored by the Corral copper project, an advanced exploration-stage, district-scale system with extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well projects. Teck Resources recently became a 14.7-per-cent equity stakeholder in Intrepid Metals, reflecting its strategic interest in the company and its Corral project. Intrepid is led by an experienced technical and management team with a strong record of advancing and permitting projects across North America. The company trades on the TSX Venture Exchange under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF. We seek Safe Harbor.