Intrepid Metals Corp. Extends Tombstone South Option Agreement and Announces Additional Work Commitment

Extension of Option Agreement

On May 6, 2026, Intrepid Metals Corp. (TSXV: INTR, OTCQB: IMTCF) announced that it has amended the option agreement dated April 20, 2021 with New Empire Exploration LLC (“Vendor”) to acquire a 100 % interest in the Tombstone South Property located in Arizona. The amendment extends the deadline to complete the required US $1,500,000 work commitment from May 2026 to May 2027. In exchange, Intrepid will issue 200,000 additional common shares and pay US $50,000 to the Vendor, both of which have already been executed. The work commitment for May 2027 remains unchanged.

The amendment is subject to approval by the TSX Venture Exchange.

Strategic Rationale

Matt Lennox‑King, Intrepid’s Chairman and Interim CEO, stated that Tombstone South is a highly prospective and under‑explored opportunity within a proven Carbonate Replacement Deposit (CRD) district. Geophysical surveys have identified a compelling chargeability anomaly near the contact of the Bisbee strata and limestone units that host the zinc‑lead‑silver Taylor sulphide deposit owned by South32 Limited, approximately 75 km to the southwest.

Intrepid has raised over C$19.1 million in gross proceeds since December 2025, positioning the company to advance the project.

Project Profile

  • Type: Carbonate Replacement Deposit (CRD) / skarn
  • Target metals: Zinc‑Silver‑Lead
  • Comparable deposit: South32’s Taylor sulphide deposit

Market Context

Intrepid Metals Corp. trades on the TSX Venture Exchange and is listed on OTCQB. The company’s share price as of May 4, 2026 was C$0.775, with a 52‑week high of C$0.85 on April 21 and a 52‑week low of C$0.31 on November 16, 2025. The market capitalization is C$94,470,000. The price‑earnings ratio is ‑6.88, reflecting the company’s exploration‑stage status.

Extension of Tombstone Option to May 2027

The same day, a separate announcement from StockWatch confirmed that Intrepid Metals extended its Tombstone option to May 2027.

Leocor Mining and Intrepid Share Distribution

On May 4, 2026, Leocor Mining Inc. mailed its management information circular and proxy materials to shareholders in connection with a meeting scheduled for June 3, 2026. The meeting will consider a court‑approved plan of arrangement that would distribute up to all of its 17,647,058 Intrepid shares (approximately 15.09 % of Intrepid’s issued shares) to Leocor shareholders on a pro‑rata basis. Each Leocor share would be exchanged for one new Leocor share and a pro‑rata entitlement to the Intrepid shares to be distributed.

These developments highlight Intrepid Metals Corp.’s active pursuit of expansion through both direct property acquisitions and strategic shareholder arrangements.