Intrepid Metals closes $6.7-million private placement

Mr. Mark Morabito reports INTREPID METALS ANNOUNCES CLOSING OF $6.7 MILLION PRIVATE PLACEMENT Intrepid Metals Corp. closed on Oct. 28, 2025, its previously announced non-brokered private placement for aggregate gross proceeds of $6.7-million. The offering resulted in the issuance of 19,142,858 units, with each unit consisting of one common share and one-half of one common share purchase warrant at a price of 35 cents per unit. Each full warrant shall entitle the holder thereof to acquire one additional common share at a price of 50 cents until Oct. 28, 2027. All securities issued in connection with the offering are subject to a hold period ending March 1, 2026. The net proceeds of the offering will be used for exploration expenditures, working capital, property payments and a bridge to completion of a strategic partnership transaction. Finders' fees of 6 per cent in cash and 6 per cent in non-transferable finder warrants (exercisable at a price of 35 cents for a period of 24 months from the closing date of the offering) were paid on a portion of the offering in accordance with the policies of the TSX Venture Exchange. A total of $235,409.94 was paid in cash finders' fees and 672,599 finder warrants were issued. To demonstrate continued support of the company, certain officers of the company and their affiliates participated in the offering and acquired an aggregate of 771,430 units for total gross proceeds of $270,000.50. Each subscription by a related party is considered a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The related party transactions are exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 in reliance upon the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the transaction, insofar as it involves the related parties, does not exceed 25 per cent of the company's market capitalization. The company did not file a material change report related to offering more than 21 days before the expected closing of the offering as required by MI 61-101 since the details of the participation by the related parties were not settled until shortly prior to the closing of the offering and the company wished to close on an expedited basis for sound business reasons. About Intrepid Metals Corp. Intrepid Metals 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, United States. 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) and the Tombstone South project (within the historical Tombstone mining district with geological similarities to the Taylor deposit, which was purchased for $1.3-billion in 2018, 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 under the symbol INTR and on the OTCQB Venture Market under the symbol IMTCF. We seek Safe Harbor.