Intrepid Metals Corp - Corral Copper

An advanced stage, 100% controlled copper project in Arizona
Over 50,000m of historical drilling has been completed within the district, with near surface mineralization of copper, silver, zinc and gold
Located in a historical mining camp
Phase 1 (2024) drilling validated the potential of Corral
Following the 2024 program, two majors (Rio Tinto and Ivanhoe Electric) acquired mineral rights immediately adjacent
Robust land package of over 9,600 acres (15 square miles) of mineral rights including over 1,800 acres of Patented mining claims and surface rights
3km trend of shallow mineralization and remains open in all directions
Source of mineralization yet to be discovered
Phase 2 (2025) drill program currently underway

The Corral Copper Project is located in Cochise County, Arizona, 15 miles east of the famous mining town of Tombstone and 22 miles north of the historical Bisbee mining camp which has produced more than 8 billion pounds of copper with grades of up to 23%. Production from the Bisbee mining camp is not necessarily indicative of the mineral potential at the Corral Copper Project.
Corral Copper consists of 9,600 acres (15 square miles) of mineral rights including over 1,800 acres of Patented mining claims and surface rights.

The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons with grades up to 9.2% copper ore. Between 1950 and 2008, various companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. Intrepid has been able to secure data from various sources which provides a solid foundation in creating geological interpretations and identifying new target areas.
Over 50,000m of historical drilling has been completed within the district, with several significant near surface drill intercepts. Intrepid considers these historical drill results relevant, as the Company is using this data as a guide to plan current and future exploration programs.

All 2024 results

Intrepid completed an initial 5,000 meter Phase 1 diamond drill program within a 3.5 kilometer trend of near surface, locally high-grade copper-gold-silver-zinc mineralizaiton. A total of 25 diamond drill holes were completed within the private lands including 2960m at the Ringo Zone, 736m at the Earp Zone and 1110m at the Holliday Zone.

Drill results confirmed the 3.5-kilometer long trend of near surface carbonate replacement ("CRD") and related supergene enrichment oxide copper-gold-silver-zinc mineralization in the Holliday, Earp and Ringo zones. Highlights include:

112.95 meters (“m”) of 1.50% Copper (“Cu”), 0.53 grams per ton (“gpt”) Gold (“Au”) and 8.22 gpt Silver ("Ag") (1.66% Copper Equivalent (“CuEq”)¹) from 68.40 to 181.35m in Hole CC24_023 including,
- 63.40m of 2.57% Cu, 0.91 gpt Au and 14.14 gpt Ag (2.83% CuEq¹)
- 13.40m of 6.72% Cu, 1.49 gpt Au and 46.93 gpt Ag (6.90% CuEq¹) and
- 1.40m of 20.20% Cu, 8.51 gpt Au and 250.00 gpt Ag (23.85% CuEq¹).
193.15m of 0.68% Cu and 0.33 gpt Au (0.83% CuEq¹ from 27.00 to 220.15m in Hole CC24_011 including,
- 105.20m of 1.17% Cu and 0.55 gpt Au (1.42% CuEq¹)
- 48.85m of 2.24% Cu and 0.97 gpt Au (2.58% CuEq¹) and
- 3.90m of 6.80% Cu and 1.02 gpt Au (6.54% CuEq¹).
198.00m of 0.56% Cu, 0.12 gpt Au and 4.35 gpt Ag (0.68% CuEq¹) from 10.00 to 208.00m in Hole CC24_016 including,
- 72.20m of 1.28% Cu, 0.08 gpt Au and 3.16 gpt Ag (1.26% CuEq¹) and
- 1.60m of 5.30% Cu, 1.95 gpt Au and 11.20 gpt Ag (5.72% CuEq¹).
124.00m of 0.52% Cu and 0.35 gpt Au (0.73% CuEq¹) from 10.00 to 134.00m in Hole CC24_001 including,
- 100.35m of 0.57% Cu and 0.41 gpt Au (0.81% CuEq¹) and
- 4.00m of 2.70% Cu and 0.89 gpt Au (3.06% CuEq¹).
159.65m of 0.57% Cu and 0.22 gpt Au (0.64% CuEq¹) from 28.35 to 188.00m in Hole CC24_012 including,
- 40.45m of 0.97% Cu and 0.40 gpt Au (1.11% CuEq¹) and
- 3.85m of 3.34% Cu and 1.54 gpt Au (3.86% CuEq¹).

Highlights from the drill program to date, as well as all technical information, can be found below.

¹ Composite intervals are calculated using length weighted averages based on a combination of lithological breaks and copper, gold, silver and zinc assay values. All intervals reported are core lengths, and true thicknesses are yet to be determined. Mineral resource modeling is required before true thicknesses can be estimated. Analyzed Grade corresponds composite weighted (“composites”) averages of laboratory. Metal Equivalent corresponds to undiluted metal equivalent of reported composites and Diluted Metal Equivalent takes into account dilution factors of 85% for Copper, and 80% for gold, silver and zinc for reported composites. Metal prices used for the CuEq and AuEQ calculations are in USD based on Ag $22.00/oz, Au $1900/oz, Cu $3.80/lb, Zn $1.15/lb The following equation was used to calculate copper equivalence: CuEq = Copper (%) (85% rec.) + (Gold (g/t) x 0.71)(80% rec.) + (Silver (g/t) x 0.0077)(80% rec.) + (Zinc (%) x 0.28)(80% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (g/t)(80% rec.) + (Copper (%) x 1.4085)(85% rec.) + (Silver (g/t) x 0.0108)(80% rec.) + (Zinc (%) x 0.4188)(80% rec.). Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.

All 2024 results

Phase 2 Drill Program

The 5,000 meter, Phase 2 drill program commenced at the end of April 2025 and will include diamond drilling at the Ringo, Earp and Holliday Zones. To date, four drill holes have been completed at the Ringo Zone and assay results have been received from one of the four drill holes. Highlights from Hole CC25_026:

- 142.30 meters ("m") of 0.51% Copper ("Cu"), 0.17 grams per ton ("gpt") Gold ("Au") and 4.01 gpt Silver ("Ag") (0.69% Copper Equivalent ("CuEq")¹) including,

84.90m of 0.79% Cu, 0.26 gpt Au and 6.18 gpt Ag (1.06% CuEq¹) and
17.65m of 2.72% Cu, 0.58 gpt Au and 18.16 gpt Ag (3.30% CuEq¹) and
5.45m of 4.91% Cu, 1.25 gpt Au and 31.74 gpt Ag (6.09% CuEq¹) and
3.70m of 6.43% Cu, 1.78 gpt Au and 40.62 gpt Ag (8.07%CuEq¹) and
0.55m of 27.50% Cu, 10.15 gpt Au and 192 gpt Ag (36.54 CuEq¹).

Refer to Intrepid Metals News Release dated May 27, 2025 for complete details.

Upside Exploration Potential

The Corral Copper Project contains mineralization consistent with Carbonate Replacement Copper-gold-silver deposits ("CRD"), skarn copper-gold and porphyry copper-gold deposits. The Ringo, Holliday and Earp zones at Corral contain broad zones of disseminated and vein style mineralization that are locally high-grade. Intrepid is focused on verifying existing mineralization to establish geological controls on mineralization in known zones, expanding known zones along strike, down dip and down-plunge and testing the Property's porphyry copper potential. Corral is geologically analogous to the prolific Bisbee Camp (located ~100km southeast) where high-grade copper-gold CRD (e.g., Copper Queen; 53Mt @ 6% Copper²) are spatially associated with Jurassic porphyry copper-gold porphyry deposits (Lavender Pit; 223 Mt @ 0.63% Copper past production³). Although there is porphyry style alteration and mineralization at Corral, a systematic porphyry exploration campaign for the district has not been previously completed.

Technical Information

All scientific and technical information on this webpage has been prepared by, or approved by Daniel MacNeil, PGeo. Mr. MacNeil is a Technical Advisor to the Company and is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Mr. MacNeil has verified the drilling data disclosed on this webpage, including the assay and test data underlying the information or opinions contained on this webpage. Mr. MacNeil verified the data disclosed (or underlying the information disclosed) by reviewing imported and sorted assay data; checking the performance of blank samples and certified reference materials; reviewing the variance in field duplicate results; and reviewing grade calculation formulas. Mr. MacNeil detected no significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to on this webpage.

However, some of the data disclosed is related to historical drilling results which have been identified as such. Intrepid Metals and Mr. MacNeil have not undertaken any independent investigation of the sampling nor have they independently analyzed the results of the historical exploration work in order to verify the results. Intrepid and Mr. MacNeil considers these historical drill results relevant as the Company is using this data as a guide to plan exploration programs. The Company's current and future exploration work includes verification of the historical data through drilling.

Quality Assurance and Quality Control

Drill core was first reviewed by a geologist, who identified and marked intervals for sampling. The marked sample intervals were then cut in half with a diamond saw; half of the core was left in the core box and the other half was removed, placed in plastic bags, sealed and labeled. Intervals and unique sample numbers are recorded on the drill logs and the samples are sequenced with standards and blanks inserted according to a predefined QA/QC procedure. The samples are maintained under security on site until they are shipped to the analytical lab.

All core samples were sent to ALS Geochemistry (ALS), a division of ALS Global, in Tucson, Arizona, for sample preparation, with pulps sent to the ALS Geochemistry laboratory in Reno, Nevada for analysis. ALS meets all requirements of International Standards ISO/IEC 17025:2017 and ISO 9001:2015 for analytical procedures and is independent of the Company. HQ size core was split and sampled over approximately two metre intervals. Samples were analyzed using: ALS’s Fire Assay Fusion method (Au-AA23) with an AA finish for gold and by gravimetric finish (Au-GRA21) for samples assaying greater than 10 ppm (g/t) gold; by a 36-element four acid digest ICP-AES analysis (ME-ICP61) with additional analysis for Ore Grade Cu (Cu-OG62), Ore Grade Zn (Zn-OG62) and Ore Grade Pb (Pb-OG62); and for silver assays above 100 ppm (g/t) by Fire Assay Fusion method with gravimetric finish (Ag-GRA21). ME-ICP61 results were reported in parts per million (ppm), Ore Grade (OG62) results were reported in percent (%). In addition to ALS quality assurance- quality control (QA/QC) protocols, Intrepid implements an internal QA/QC program that includes the insertion of sample blanks, duplicates, and standards, with QA QC control samples comprising approximately 10% of the sample stream.

¹ Composite intervals are calculated using length weighted averages based on a combination of lithological breaks and copper, gold, silver and zinc assay values. All intervals reported are core lengths, and true thicknesses are yet to be determined. Mineral resource modeling is required before true thicknesses can be estimated. Analyzed Grade corresponds composite weighted ("composites") averages of laboratory analyses. Metal Equivalent corresponds to undiluted metal equivalent of reported composites and Diluted Metal Equivalent takes into account estimated recovery of 85% for copper, and 80% for gold, silver and zinc for reported composites. Metal prices used for the CuEq and AuEQ calculations are in USD based on Ag $22.00/oz, Au $1900/oz, Cu $3.80/lb, Zn $1.15/lb The following equation was used to calculate copper equivalence: CuEq = Copper (%) (85% rec.) + (Gold (g/t) x 0.729150601917791)(80% rec.) + (Silver (g/t) x 0.00844279644325863)(80% rec.) + (Zinc (%) x 0.302631578947368)(80% rec.). The following equation was used to calculate gold equivalence: AuEq = Gold (gpt)(80% rec.) + (Copper (%) x 1.3714285702785)(85% rec.) + (Silver (gpt) x 0.0115789473684211)(80% rec.) + (Zinc (%) x 0.415037593636916)(80% rec.). Analyzed metal equivalent calculations are reported for illustrative purposes only. The metal chosen for reporting on an equivalent basis is the one that contributes the most dollar value after accounting for assumed recoveries.

²Briggs, D.F., 2015, History of the Warren (Bisbee) Mining District, Arizona Geological Survey Contributed Report CR15b,8 p.

³Lewis, K., 2022, Geology and Mineralization of the Undeveloped Cochise Supergene Porphyry Copper Deposit, Warren (Bisbee) Mining District, Cochise County, Arizona, The University of Arizona, MSc thesis, 104 pages.