Intrepid Metals Corp. announced that it has expanded its land holdings and commenced an initial exploration program consisting of mapping and sampling ahead of an induced polarization ("IP") geophysical survey at the Mesa Well Copper Property (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.

Intrepid acquired an additional seven Arizona state leases for a total of an additional 4035 acres. The Mesa Well Property now covers approximately 6500 acres. The initial exploration program is scheduled to take two weeks to complete, and the data collected from the program will support the design and orientation for the planned IP survey in First Quarter 2023.

A drill program will be planned for later in 2023, following a detailed evaluation of the compiled geological and geophysical datasets. 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 ("Cu") 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 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.