Intrepid Metals Extends Tombstone South Option Agreement

About this update from Intrepid Metals Corp.

Vancouver, British Columbia--(Newsfile Corp. - May 6, 2026) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces that it has entered into an agreement to amend 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 South" or the "Project") located in Arizona. The amendment provides for an extension to complete the required US$1,500,000 work commitment that is due May 2026 to May 2027, in exchange for the issuance of an additional 200,000 common shares of Intrepid, and payment of an additional US$50,000, in each case to the Vendor and which has now been completed. The additional US$1,500,000 work commitment that is due May 2027 remains unchanged. The amendment is subject to the approval of the TSX Venture Exchange. "Tombstone South represents a highly prospective and underexplored opportunity within a proven CRD (Carbonate Replacement Deposit) district," said Matt Lennox-King, Intrepid Chairman and Interim CEO. "Previous geophysical surveys defined a compelling chargeability anomaly near the contact of the Bisbee strata and the limestone units that host the zinc-lead-silver Taylor sulphide deposit owned by South32 Limited, located approximately 75 kilometres to the southwest. With the Company having raised over C$19.1 million in gross proceeds since December 2025, we are well-positioned and look forward to advancing the Project." Tombstone South consists of a Carbonate Replacement Deposit ("CRD") or skarn Zinc-Silver-Lead targets, analogous to the South 32's Taylor Deposit located 60 kilometers ("km") to the Southwest. The Company plans to test its new target with a phase one drill program comprising of approximately 4000 meters from four or five drill pads. Tombstone South Property Tombstone South is located approximately 5.6 km southwest of the town of Tombstone, Arizona, USA which occupies the center of the historic Tombstone Mining District. The main Tombstone District is well-known for high-grade silver/lead/zinc replacement bodies, fissures and veins that have yielded a historic production (1880's to 1930's) of over 30M ounces of silver1. Two exploration targets exist at Tombstone South: 1) Structurally and stratigraphically controlled lead/zinc/silver CRD mineralization in Cretaceous Bisbee Group strata, ana...

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