Intrepid Metals Extends Tombstone South Option Agreement
NEWS RELEASE
Intrepid Metals Extends Tombstone South Option Agreement
May 6th, 2026 (TSXV:INTR) (OTCQB:IMTCF)
VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR) (OTCQB:IMTCF)
(“Intrepid” or the “Company”) announces that it has entered into an agreement to amend the option
agreement dated April 20, 2021 with New Empire Exploration LLC (the " Vendor") to acquire a 100%
interest in the Tombstone South Property (" Tombstone South" or the “ Project”) located in Arizona.
The amendment provides for an extension to complete the required US$1,500,000 work commitment
that is due May 202 6 to May 202 7, in exchange for the issuance of an additional 200,000 common
shares of Intrepid, and payment of an additional US$50,000, in each case to the Vendor and which has
now been completed . The additional US$1,500,000 work commitment that is due May 202 7 remains
unchanged. The amendment is subject to the approval of the TSX Venture Exchange.
“Tombstone South represents a highly prospective and underexplored opportunity within a proven CRD
(Carbonate Replacement Deposit) district,” said Matt Lennox -King, Intrepid Chairman and Interim
CEO. “Previous geophysical surveys defined a compelling chargeability anomaly near the contact of the
Bisbee strata and the limestone units that host the zinc -lead-silver Taylor sulphide deposit owned by
South32 Limited, located approximately 75 kilometres to the southwest. With the Company having
raised over C$19.1 million in gross proceeds since December 2025, we are well -positioned and look
forward to advancing the Project.”
Tombstone South consists of a Carbonate Replacement Deposit (" CRD") or skarn Zinc -Silver-Lead
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 4000
meters from four or five drill pads.
Tombstone South Property
Tombstone South 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 bodi es, fissures and veins that have yielded a
historic production (1880's to 1930's) of over 30M ounces of silver1.
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 deposits 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 US$1.3B in 2018 by South 322.
For additional information on the Tombstone South Property, please refer to the National Instrument 43-
101 Technical Report dated effective May 10, 2021 entitled "Technical Report on the Tombstone South
Property, Cochise County, Arizona, USA" filed on SEDAR at www.sedar.com.
All scientific and technical information in this news release has been prepared by, or approved by Daniel
MacNeil, P.Geo. 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.
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Management cautions that production from, or discoveries on, adjacent properties, such as Taylor, may
not necessarily be indicative to the presence of mineralization at Tombstone South.
About Intrepid Metals Corp.
Intrepid Metals Corp. is focused on exploring for high -grade essential metals, including copper, silver,
and zinc, in established mining jurisdictions in southeastern Arizona, USA. The Company’s portfolio is
anchored by the Corral Copper Project, an advanc ed exploration -stage, district -scale system with
extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well
projects. Intrepid is led by an experienced technical and management team with a strong track record
of advancing and permitting projects across North America. The Company trades on the TSX Venture
Exchange under the symbol “INTR” and on the OTCQB Venture Market under the symbol “IMTCF”. For
more information, visit www.intrepidmetals.com.
INTREPID METALS CORP.
On behalf of the Company
“Matthew Lennox-King”
Chairman & Interim-CEO
For further information regarding this news release, please contact:
Matthew Lennox-King, Chairman & Interim CEO
Evelyn Cox, VP Corporate Development
604-681-8030
Notes
1 Keating, L.T. Technical Report on the Tombstone South Property, Cochise County, Arizona, USA.
An NI43 -101 Technical Report prepared for Intrepid Metals, 2400 -1055 West Georgia Street,
Vancouver, British Columbia V6E 3P3, May 10, 2021, filed on SEDAR at www.sedar.com.
2 https://www.south32.net/docs/default-source/exchange-releases/south32-to-acquire-arizona-mining-
in-agreed-all-cash-offer.pdf?sfvrsn=d6597986_4
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws.
Such forward-looking statements relate to: the potential of the property ; the timeline, goals and expectations regarding planned exploration
and drilling programs at Tombstone South; the focus and expected results of the exploration and drilling programs; the Company’s financial
position; and the exploration potential of Tombstone South, the Corral Copper Property and the Company’s other mineral projects.
In certain cases, forward -looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that cert ain actions, events or
results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based
on certain factors and assumptions regarding, among other things, the Company can raise additional financing to continue operations; the
results of exploration activities , commodity prices, the timing and amount of future exploration and development expenditures, the TSXV
approves the Tombstone amending agreement, the availability of labour and materials, receipt of and compliance with necessary regulatory
approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title
disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual resu lts,
performance or achievements of the Company to be materially different from any future results, performance or achievements ex pressed or
implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including
risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices,
risk related to unanticipated geological or structural formations and characteristics , risks related to the TSXV not approving the Tombstone
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amending agreement, risks related to current global financial conditions, risks related to current global financial conditions and the impact of
any future global pandemic on the Company’s business, reliance on key personnel, operational risks inherent in the conduct of exploration and
development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be
obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests,
environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian
securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from
those described in forward -looking information, there may be other factors that cause actions, events or results n ot to be as anticipated,
estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information
is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation
to publicly update or revise any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.