• 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.
• Anglo American began exploring in the district in 2016, conducted mapping and airborne geophysics which identified numerous new target areas through the district. Intrepid has acquired Anglo American's data package and in exchange, Anglo American has retained an interest over a portion of the project area in the form of a right of first refusal over transfers if certain conditions are met.

• Over 50,000m of historical drilling has been completed within the district, with several significant near surface drill intercepts, including 156.97m (0.00m to 156.97m) of 1.00% copper in Drill Hole 20_01 and 108.21m (57.91m to 166.12m) of 1.27% copper in Drill Hole 20_21. Additional drill results are identified below. This drill result is historical in nature. Intrepid has not undertaken any independent investigation ofthe sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Intrepid considers these historical drill results relevant, as the Company will use this data as a guide to plan future exploration programs. Intrepid also considers the data to be reliable for these purposes; however, the Company’s future exploration work will include verification of the data through drilling.

Copper (“Cu”) highlights, as well as the corresponding silver (“Ag”), gold (“Au”) and zinc (“Zn”) grades, from historic drilling on the Corral Copper Project included:

• 156.97m at 1.00% Cu, 4.74 grams per tonne ("g/t") Ag and 0.17 g/t Au (0.00m to 156.97m) in Hole 20_01
• 108.21m at 1.27% Cu, 5.22 g/t Ag and 0.46 g/t Au (57.91m to 166.12m) in Hole 20_21
• 126.49m at 0.30% Cu (25.91m to 152.40m) in Hole 20_34
• 164.59m at 0.52% Cu, 12.47 g/t Ag, 0.16 g/t Au and 0.15% Zn (0.00m to 164.59m) in Hole BR_06_81
• 83.82m at 0.72% Cu, 6.01 g/t Ag and 0.38 g/t Au (32.00m to 115.82m) in Hole 20_37
• 102.10m at 0.61% Cu, 24.20 g/t Ag and 0.11 g/t Au (36.58m to 138.68m) in Hole NCTR_11
• 77.72m at 0.54% Cu, 7.14 g/t Ag, 0.36 g/t Au and 0.20% Zn (60.96m to 138.68m) in Hole BR_06_100
• 53.03m at 1.63% Cu, 2.38 g/t Ag and 1.45 g/t Au (117.35m to 170.38m) in Hole 28_08
• 38.70m at 2.14 % Cu (98.76m to 137.46m) in Hole M_01
• 74.98m at 0.73% Cu (74.98m to 149.96m) in Hole M_35
• 85.04m at 0.61% Cu and 0.34 g/t Au (119.79m to 204.83m) in Hole 28_13
• 117.04m at 0.42% Cu, 1.40 g/t Ag and 0.25 g/t Au (79.25m to 196.29m) in Hole 28_15
• 158.49m at 0.49% Cu (64.01m to 222.50m) in Hole 28_20
• 126.49m at 0.41% Cu, 8.56 g/t Ag and 0.20 g/t Au (6.10m to 132.59m) in Hole BR_06_73
• 111.25m at 0.44% Cu, 6.09 g/t Ag and 0.12 g/t Au (0.00m to 111.25m) in Hole 20_36
• 77.72m at 0.51% Cu, 14.31 g/t Ag and 0.11 g/t Au (25.91m to 103.63m) in Hole CG_08
• 72.03m at 0.75% Cu, 14.47 g/t Ag and 0.34 g/t Au (57.91m to 129.94m) in Hole 28_01

Note:  Drill intercepts are reported from historical drilling.  Intrepid has not yet undertaken any independent investigation of the sampling nor has it independently verified the results of the historical exploration work. Intrepid considers these historical drill results relevant, as the Company will use this data as a guide to plan future drill programs. Composite drill intervals where reported were tabulated using a minimum 3-meter length, no cut-off, with a minimum grade of 0.2% copper. All intervals are core lengths, and true thicknesses are yet to be determined. Intrepid also considers the data to be reliable for these purposes; however, the Company's future exploration work will include verification of the data through drilling.