Agreement Entered For the Mesa Well Copper Property

VANCOUVER - Intrepid Metals Corp. has entered into a definitive agreement with Bronco Creek Exploration (BCE), a wholly-owned subsidiary of EMX Royalty Corp, to acquire a 100% interest in the Mesa Well Copper Property located in south-central Arizona's copper porphyry belt (the "Acquisition"). The Mesa Well Property will add to Intrepid's portfolio in Arizona, which also includes the drill ready Tombstone South silver/lead/zinc project.

"We are excited to be adding another drill ready exploration project to the mix," says Ken Brophy, Intrepid CEO. "The Mesa Well project is within the Laramide Porphyry Belt, home to major copper operators such as BHP and Freeport. The property contains favorable reactive host rocks and previous drilling identified porphyry-style alteration and copper-molybdenum mineralization. We know the Bronco Creek Exploration team are strong project generators and are excited about the potential of a new porphyry discovery."

The Property is located approximately 100 kilometers ("km") northeast of the city of Tucson, Arizona, and is road accessible year-round. The Property covers approximately 2,440 acres of state lands, which are easy to permit. The Property is situated within the heart of the Laramide Copper ("Cu") Porphyry Belt between BHP's San Manual-Kalamazoo Deposit (50km to the west), Freeport McMoRan's Safford Deposit (55km to the east) and Asarco's Ray Deposit (85km to the northwest). The mines (present and past producing) and deposits referenced in the Laramide Copper Porphyry Belt provide geologic context for the Mesa Wells Property, however, is not necessarily indicative that the Property will host similar grades or tonnages of mineralization.

The Mesa Well Property is interpreted to contain a structurally dismembered, extended Laramide age Cu-Molybdenum ("Mo") porphyry center that may have been rotated approximately 90 degrees from its original position. The roots of the system are exposed in the footwall of the Eagle Pass Fault, which suggest there is potential for a Cu-Mo rich portion of the system concealed beneath the upper plate of the Eagle Pass Fault. Alteration and mineralization observed at surface is consistent with this target concept.

Previous drilling by Vale in 2009 on the Mesa Well Property, intersected alteration and mineralization that increased in intensity toward the northwest. Intrepid plans to increase confidence in targeting, by completing additional mapping and geophysical surveys on the property prior to year-end, followed by a drill program early in 2023.