Intrepid Metals Corp. announced the ground-based large dipole induced polarization ("IP") geophysical survey completed by Zonge International Inc. in May 2022, has identified a new target area on its Tombstone South Property (the "Property" or "Tombstone South") located in Cochise County, Arizona. Based on the successful results of the recent IP survey, the Company has received a new drill permit that will allow the Company to drill test this new anomaly.

Intrepid also staked an additional 11 claims in the area as it continues to review all available data on the Property. The Tombstone South Property consists of a Carbonate Replacement Deposit ("CRD") or skarn Zinc- Silver-Lead ("Zn-Ag-Pb") targets, analogous to the South 32's Taylor Deposit located 60 kilometers ("km") to the Southwest. The Company plans to test its new target with a phase one drill program comprising of approximately 4,000 meters from four or five drill pads in early 2023.

Tombstone South Property: The Tombstone South Property is located approximately 5.6 km southwest of the town of Tombstone, Arizona, USA which occupies the center of the historic Tombstone Mining District. The main Tombstone District is well-known for high-grade silver/lead/zinc replacement bodies, fissures and veins that have yielded a historic production (1880's to 1930's) of over 30M ounces of silver. Two exploration targets exist at Tombstone South: 1) Structurally and stratigraphically controlled lead/zinc/silver CRD mineralization in Cretaceous Bisbee Group strata, analogous to the historically mined orebodies in the Tombstone District; and 2) Deeper polymetallic (silver/lead/zinc) type skarns at the Cretaceous - Paleozoic contact.

This stratigraphic horizon hosts the Taylor silver/lead/zinc deposit in southern Arizona, which was bought for USD 1.3 billion in 2018 by South 32.