Intrepid Metals Corp. provided an exploration program update on its Mesa Well Copper Property (the "Property"). The update follows the October 4, 2022 news release where Intrepid expanded its land holdings within the project area and commenced its initial exploration on the Property.

The Property is favourably located within the Laramide Porphyry Belt of south-eastern Arizona between BHP's San Manuel-Kalamazoo Deposit and Freeport McMoRan's Safford Deposit. The phase one exploration program consisted of additional rock sampling to enhance Intrepid's understanding of the historical Copper ("Cu") prospects and workings, a detailed mapping program to determine location of the Eagle Pass Fault within the Property, and a reconnaissance mapping program on the tertiary volcanics and sedimentary rocks. In addition, both historical core and new rock samples were examined using a portable Sample Core IP Tester ("SCIP") manufactured by Instrumentation GDD Inc. to assess the rationality of the initially proposed large dipole-dipole induced polarization ("IP") geophysical survey The Mesa Well Property is located approximately 100 kilometers ("km") northeast of the city of Tucson, Arizona, USA and is road accessible year-round.

The Property is situated within the heart of the Laramide Copper Porphyry Belt with multiple deposits that contain over 5 million tons Cu. Mesa Well is located between BHP's San Manuel-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 covers approximately 6500 acres and is interpreted to contain a structurally dismembered, Laramide age Cu-Molybdenum ("Mo") porphyry deposit that may have been rotated approximately 90 degrees from its original upright position. The roots of the interpreted mineralized system are exposed in the footwall of the Eagle Pass Fault, which suggests 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 increases in intensity toward the northwest.