INTREPID METALS

INTREPID METALS CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Expressed in Canadian Dollars)

(Unaudited)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The accompanying unaudited condensed interim condensed consolidated interim financial statements of Intrepid Metals Corp. (the "Company") have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these condensed interim condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

INTREPID METALS CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(Unaudited)

(Expressed in Canadian dollars)

	AS AT SEPTEMBER 30, 2025	AS AT DECEMBER 31, 2024
ASSETS
Current assets
Cash	$ 1,623,461	$ 1,515,878
GST receivable	52,120	27,057
Stock options exercise receivable (note 10)	-	-
Prepaid expenses (notes 4 and 9)	208,051	298,219
Investment (note 5)	1	1
	1,883,633	1,841,155
Exploration and evaluation assets (note 6)	4,045,955	2,812,254
	$ 5,929,588	$ 4,653,409
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities (notes 7 and 9)	$ 1,428,763	$ 389,624
Promissory notes payable (note 8)	50,000	50,000
	1,478,763	439,624
Equity
Share capital (note 10)	30,819,538	25,193,456
Obligation to issue shares (notes 6 and 8)	-	-
Equity reserves	4,280,876	3,601,702
Accumulated other comprehensive income	825	825
Deficit	(30,650,414)	(24,582,198)
	4,450,825	4,213,785
	$ 5,929,588	$ 4,653,409

Nature of operations and going concern (note 1)

Subsequent events (note 13)

Approved on November 27, 2025 on behalf of the Board of Directors:

"Mark Lotz" Director
"Richard Lock" Director

Mark Lotz
Richard Lock

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

INTREPID METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS
(Unaudited)
(Expressed in Canadian dollars)

| | THREE MONTH PERIODS
ENDED SEPTEMBER 30, | | NINE MONTH PERIODS
ENDED SEPTEMBER 30, | |
| --- | --- | --- | --- | --- |
| | 2025 | 2024 | 2025 | 2024 |
| EXPENSES (note 13) | | | | |
| Exploration and evaluation (note 6) | $ 1,981,427 | $ 441,101 | $ 3,818,253 | $ 3,270,102 |
| General and administration (notes 9 and 11) | 549,964 | 318,866 | 1,344,268 | 987,984 |
| Marketing and investor relations | 108,530 | 28,434 | 363,181 | 269,421 |
| Share-based payments (note 9 and 10) | 227,044 | 165,964 | 607,251 | 511,980 |
| | (2,866,965) | (954,365) | (6,132,953) | (5,039,487) |
| OTHER ITEMS | | | | |
| Interest expense (note 8) | - | - | - | (1,321) |
| Interest income | 18,818 | 31,021 | 65,772 | 146,949 |
| Foreign exchange gain (loss) | (2,129) | 1,886 | (1,035) | 7,583 |
| | 16,689 | 32,907 | 64,737 | 153,211 |
| LOSS FOR THE PERIOD | (2,850,276) | (921,458) | (6,068,216) | (4,886,276) |
| Basic and diluted loss per common share | $ (0.05) | $ (0.02) | $ (0.11) | $ (0.11) |
| Weighted average number of common shares outstanding | 61,890,344 | 45,368,434 | 56,671,686 | 44,020,604 |

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

INTREPID METALS CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(Unaudited)
(Expressed in Canadian dollars)

	NINE MONTH PERIOD ENDED SEPTEMBER 30, 2025	NINE MONTH PERIOD ENDED SEPTEMBER 30, 2024
OPERATING ACTIVITIES
Loss for the period	$ (6,068,216)	$ (4,886,276)
Items not affecting cash:
Share-based payments	607,251	511,980
Interest expense	-	(1,067)
Net change in non-cash working capital items:
GST receivable	(6,313)	(7,696)
Stock options exercise receivable	(18,750)	-
Prepaid expenses	90,168	(93,047)
Accounts payable and accrued liabilities	1,039,139	(21,557)
Cash used in operating activities	(4,356,721)	(4,497,663)
INVESTING ACTIVITIES
Acquisition of exploration and evaluation assets	(558,339)	(195,149)
Cash used in investing activities	(558,339)	(195,149)
FINANCING ACTIVITIES
Repayment of promissory note	-	(53,894)
Private placements	4,999,999	6,590,000
Share issuance costs	(209,341)	(147,223)
Exercise of warrants	159,611	148,625
Exercise of options	72,375	-
Cash provided by financing activities	5,022,644	6,537,508
Net change in cash	107,583	1,844,696
Effect of foreign exchange on cash	-	4,454
Cash, beginning	1,515,878	295,243
Cash, ending	$ 1,623,461	$ 2,142,073
Cash received for Interest	$ 65,772	$ 146,949
Supplementary cash flow information
Shares and warrants issued for exploration and evaluation assets	$ 675,362	$ 312,998

INTREPID METALS CORP.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
(Unaudited)
(Expressed in Canadian dollars)

	NUMBER OF COMMON SHARES	SHARE CAPITAL	OBLIGATION TO ISSUE SHARES	OTHER EQUITY RESERVES	DEFICIT	ACCUMULATED OTHER COMPREHENSIVE INCOME	TOTAL
Balance, December 31, 2023	26,431,561	$ 17,579,981	$ 95,000	$ 2,833,096	$ (18,701,751)	$ 825	$ 1,807,151
Private placement (note 10)	17,188,235	5,844,000	(8,500)	756,000	-	-	6,591,500
Private placement – refund of oversubscription	-	-	(1,500)	-	-	-	(1,500)
Fractional rounding due to share consolidation	(24)	-	-	-	-	-	-
Share issuance costs – cash (note 10)	-	(35,693)	-	-	-	-	(35,693)
Share issuance costs – finders’ fees (note 10)	-	(111,530)	-	-	-	-	(111,530)
Share issuance costs – finders’ warrants (note 10)	-	(131,845)	-	131,845	-	-	-
Exercise of restricted share units (note 10)	500,000	120,000	-	(120,000)	-	-	-
Exercise of special warrants (note 10)	2,223,529	756,000	-	(756,000)	-	-	-
Exercise of warrants (note 10)	288,750	188,545	-	(39,920)	-	-	148,625
Exploration and evaluation asset acquisitions (notes 6 and 10)	799,996	423,998	-	-	-	-	423,998
Settlement of promissory note (notes 6,8 and 10)	125,000	85,000	(85,000)	-	-	-	-
Share-based payments (note 10)	-	-	-	511,980	-	-	511,980
Net loss from continuing operations	-	-	-	-	(4,886,276)	-	(4,886,276)
Balance, September 30, 2024	47,557,047	$ 24,718,456	$ -	$ 3,317,001	$ (23,588,027)	$ 825	$ 4,448,255
Exploration and evaluation asset acquisitions (notes 6 and 10)	1,250,000	475,000	-	-	-	-	475,000
Share-based payments (note 10)	-	-	-	284,701	-	-	284,701
Net loss from continuing operations	-	-	-	-	(994,171)	-	(994,171)
Balance, December 31, 2024	48,807,047	$ 25,193,456	$ -	$ 3,601,702	$ (24,582,198)	$ 825	$ 4,213,785
Private placement (note 10)	10,204,080	4,999,999	-	-	-	-	4,999,999
Share issuance costs – finders’ fees (note 10)	-	(209,341)	-	-	-	-	(209,341)
Warrants exercised (note 10)	354,690	159,610	-	-	-	-	159,610
Options exercised (note 10)	407,500	72,375	-	-	-	-	72,375
Exploration and evaluation asset acquisitions (notes 6 and 10)	1,202,446	603,439	-	71,923	-	-	675,362
Share-based payments (note 10)	-	-	-	607,251	-	-	607,251
Net loss from continuing operations	-	-	-	-	(6,068,216)	-	(6,068,216)
Balance, September 30, 2025	60,975,763	$ 30,819,538	$ -	$ 4,280,876	$ (30,650,414)	$ 825	$ 4,450,825

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

NATURE OF OPERATIONS AND GOING CONCERN

Intrepid Metals Corp. (the "Company" or "Intrepid") common shares trade on the TSX Venture Exchange ("TSX-V" or the "Exchange") under the symbol "INTR", trade on the OTCQB under the symbol "IMTCF" and was incorporated on June 26, 1978 and exists under the Business Corporations Act (British Columbia). Following a change of business transaction on April 21, 2022, the Company is a mineral exploration company, whereby it's engaged in the acquisition, exploration, and development of mineral properties. The Company has acquired rights to mineral properties in south-eastern Arizona, USA. On April 11, 2022, the Company changed its name from Voleo Trading Systems Inc. to Intrepid Metals Corp.

The Company's registered and records office is #2400 – 1055 West Georgia Street, Vancouver, British Columbia, V6E 3P3.

Going concern

At September 30, 2025, the Company had not yet determined whether its properties contain mineral reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets and related deferred exploration costs is dependent upon the discovery of economically recoverable mineral reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete the development, and upon future profitable production from the exploration and evaluation assets or proceeds from the disposition of the exploration and evaluation assets.

These condensed consolidated interim financial statements have been prepared with the going concern assumption, which assumes that the Company will continue in operation for the foreseeable future and, accordingly will be able to realize its assets and discharge its liabilities in the normal course of operations. At September 30, 2025, the Company had an accumulated deficit of $30,650,414 and expected to incur further losses, and required additional equity financing to continue developing its business and to meet its obligations. While the Company has been successful at raising equity financing in the past, there is no guarantee that it will continue to do so in the future, which results in a material uncertainty that casts significant doubt on the Company's ability to continue as a going concern.

The Company's ability to continue its operations and to realize its assets at their carrying values is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs. These condensed consolidated interim financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying condensed consolidated interim financial statements. These adjustments could be material.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

2. BASIS OF PRESENTATION

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Boards (“IASB”), in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting and interpretations issued by the International Reporting Interpretation Committee (“IFRIC”). The condensed consolidated interim financial statements do not include all the information required for full annual financial statements.

Basis of presentation

These condensed consolidated interim financial statements are presented in Canadian dollars unless otherwise indicated, the functional currency of the Company. These condensed consolidated interim financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting except for cash flow information.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on November 27, 2025.

Basis of consolidation

These condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiary Intrepid Metals (USA) Corp. All intercompany transactions and balances have been eliminated on consolidation.

| Subsidiary Name | Incorporation Jurisdiction | Percentage ownership
September 30, 2025 | December 31, 2024 |
| --- | --- | --- | --- |
| Intrepid Metals (USA) Corp. | Arizona, USA | 100% | 100% |

Critical accounting estimates and judgments

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, shareholders’ equity, and the disclosure of contingent assets and liabilities as at the date of the financial statements, and expenses for the years reported.

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, which could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

(a) The recoverability of receivables and prepayments that are included in the consolidated statements of financial position.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

2. BASIS OF PRESENTATION (continued)

Critical accounting estimates and judgments (continued)

(b) The fair value of stock options, warrants and compensation options, which requires the estimation of stock price volatility, the expected forfeiture rate and the expected term of the underlying instruments.

(c) The fair value of restricted share units which requires the estimation of the number of awards likely to vest on grant and at each reporting date up to the vesting date.

(d) The fair value of the investment for which a quoted market price in an active market is not available.

(e) The recoverability of deferred tax assets based on the assessment of the Company's ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions.

(f) The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay its ongoing operating expenditures and to meet its liabilities for the ensuing year involves significant judgment based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances.

(g) The classification and allocation of expenses as exploration and evaluation expenditures or operating expenses.

(h) The determination of impairment indicators involves significant judgment and estimation. Management assesses the carrying value of mining properties for indicators of impairment at each reporting date. Key indicators considered include, but are not limited to, significant declines in commodity prices, adverse changes in market conditions, significant underperformance relative to historical or projected future operating results, and changes in technology or reserve estimates. Management considers both internal and external sources of information in assessing impairment indicators. Internal sources may include changes in production plans, exploration results, and cash flow forecasts. External sources may include industry reports, market trends, and analyst projections. While management exercises judgment in assessing impairment indicators, actual impairment charges may vary based on future market conditions and operational performance.

(i) The classification of an option to acquire a mining subsidiary company involves significant judgment and estimation. Management assesses whether the option should be classified as a financial asset or as part of the business combination. Management considers the terms and conditions of the option agreement and any other contractual provisions. Additionally, management evaluates the substance of the arrangement to determine whether it represents an investment in a financial asset or a business combination. If the option is classified as a financial asset, it is measured at fair value through profit or loss, with changes in fair value recognized in the income statement. If the option is considered part of a business combination, it is initially recognized at fair value and subsequently accounted for in accordance with the applicable accounting standards for business combinations. The determination of the classification of the option involves judgment and estimation and may impact the reported financial position and results of operations. Management reassesses the classification of the option at each reporting date and adjusts its accounting treatment as necessary based on changes in facts and circumstances.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION

Financial instruments

IFRS 9, Financial Instruments ("IFRS 9") provides three different measurement categories for non-derivative financial assets – subsequently measured at amortized cost, fair value through profit or loss ("FVTPL") or fair value through other comprehensive income – while all non-derivative financial liabilities are classified as subsequently measured at amortized cost. The category into which a financial asset is placed and the resultant accounting treatment is largely dependent on the nature of the business of the entity holding the financial asset. All financial instruments are initially recognized at fair value.

Financial Assets and Liabilities	Classification
Cash	FVTPL
Investment	FVTPL
Accounts payable	Amortized Cost
Promissory notes payable	Amortized Cost

Financial assets

The Company's financial assets at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. The Company's financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets held at FVTPL are included in the statement of comprehensive loss in the period in which they arise.

The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of loss and comprehensive loss. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss).

Financial liabilities

The Company measures all of its financial liabilities as subsequently measured at amortized cost. Financial liabilities are recognized initially at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost. Any difference between the amounts originally received, net of transaction costs, and the redemption value is recognized in profit and loss over the period to maturity using the effective interest method.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Financial instruments (continued)

Impairment of financial assets at amortized cost

The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company recognizes in the statements of loss and comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

Foreign and Presentation currency

These condensed consolidated interim financial statements are presented in Canadian dollars, which is the Company's and its subsidiary's functional currency. Transactions in foreign currencies during the years were converted at the then-average exchange rate for the period and year-end balance sheet amounts were converted at the exchange rate as at that date.

Share-based payments

Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The fair value of the options is determined using the Black-Scholes Option Pricing Model and recognized over the vesting period of the options granted as both share-based payments expense and other equity reserves. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. The other equity reserves account is subsequently reduced if the options are exercised and the amount initially recorded is then credited to share capital.

Valuation of equity units issued in private placements

The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Basic and diluted loss per share

Basic loss per share is computed by dividing the loss for the year by the weighted average number of common shares outstanding during the year. For diluted loss per share computations, assumptions are made regarding potential common shares outstanding during the year. The weighted average number of common shares is increased to include the number of additional common shares that would be outstanding if, at the beginning of the year, or at time of issuance, if later, all options and warrants are exercised. Proceeds from exercise are used to purchase the Company's common shares at their average market price during the year, thereby reducing the weighted average number of common shares outstanding. If these computations prove to be antidilutive, diluted loss per share is the same as basic loss per share.

Exploration and evaluation expenditures

Exploration and evaluation expenditures include the costs of acquiring licenses, and costs associated with exploration and evaluation activity. Costs related to the exploration and evaluation of exploration and evaluation assets are expensed as incurred. Costs to acquire exploration and evaluation assets are capitalized as incurred.

From time-to-time, the Company may acquire or dispose of a mineral property interest pursuant to the terms of an option agreement. As such options are exercisable entirely at the discretion of the optionee, the amounts payable or receivable are not recorded at the time of the agreement. Option payments are recorded as property costs when the payments are made.

Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists.

Examples of such facts and circumstances are as follows:

the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed;
substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned;
exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities; and
sufficient data exist to indicate that, although development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment.

Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Provision for closure and reclamation

The Company recognizes liabilities for statutory, contractual or other legal obligations related to the retirement of its exploration and evaluation assets and its tangible long-lived assets when such obligations are incurred, if a reasonable estimate of fair value can be made. These obligations are measured initially at fair value and the resulting costs are capitalized to the carrying value of the related asset. In subsequent periods, the liability is adjusted for any changes in the amount or timing and for the discounting of the underlying future cash flows. The capitalized asset retirement cost is amortized to operations over the life of the asset. Management has determined that there was no provision required for closure and reclamations as at September 30, 2025 and December 31, 2024.

Income taxes

Income tax expense is comprised of current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive income.

Current taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current period and any adjustment to income taxes payable in respect of previous periods. Current taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the reporting period end date.

Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss.

Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting period the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are presented separately except where there is a right to offset within a fiscal jurisdiction.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

PREPAID EXPENSES

	SEPTEMBER 30, 2025	DECEMBER 31, 2024
Insurance	$ 8,362	$ 21,449
Regulatory	16,594	8,162
Management services security deposit	85,000	145,000
Mining services	1,706	1,706
Bonding	79,063	58,565
Professional services	7,011	34,400
Other	10,316	28,937
	$ 208,051	$ 298,219

As at September 30, 2025, management service security deposit includes $85,000 (2024: $85,000) paid to a related party (note 9).

INVESTMENT

The Company holds 2,000,000 common shares of K2 Resources Inc. ("K2") with a fair value of $1. As at September 30, 2025, the carrying value of the investment continues to be assessed at $1 ($1 – December 31, 2024) based on the current market conditions and liquidity risk.

INTREPID METALS CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Expressed in Canadian dollars)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES

Details of exploration and evaluation assets are as follows:

	Tombstone South	Mesa Wells	Corral Copper	Total
Acquisition costs, December 31, 2023	$ 83,820	$ 92,312	$ 1,541,975	$ 1,718,107
Acquisition cash payment	136,707	33,697	24,745	195,149
Common shares issued	156,000	43,000	699,998	898,998
Acquisition costs, December 31, 2024	376,527	169,009	2,266,718	2,812,254
Acquisition cash payment	173,623	69,284	315,431	558,339
Common shares issued	220,500	42,000	340,940	603,440
Warrants issued	-	-	71,923	71,923
Acquisition costs, September 30, 2025	$ 770,650	$ 280,294	$ 2,995,011	$ 4,045,955

The Company incurred the following exploration and evaluation expenditures during the nine month period ended September 30, 2025:

	Tombstone South	Mesa Wells	Corral Copper	Total
Accommodation	$ -	$ -	$ 13,068	$ 13,068
Airfare	-	-	8,570	8,570
Data and mapping	-	-	78,703	78,703
Drilling	-	-	2,808,845	2,808,845
Geologist fees	1,655	-	354,736	356,391
Geological sampling	-	-	290,470	290,470
Lease and rental	125,855	5,073	31,670	162,598
Licenses, permits and reports	42,198	-	40,638	82,836
Meals	-	-	4,580	4,580
Other travel	-	-	4,535	4,535
Vehicle	-	-	7,657	7,657
	$ 169,708	$ 5,073	$ 3,643,472	$ 3,818,253

The Company incurred the following exploration and evaluation expenditures during the nine month period ended September 30, 2024:

	Tombstone South	Mesa Wells	Corral Copper	Total
Accommodation	$ 569	$ -	$ 7,132	$ 7,702
Airfare	-	-	2,676	2,676
Data and mapping	-	-	141,258	141,258
Drilling	-	-	2,363,547	2,363,547
Geologist fees	3,846	-	283,968	283,968
Geological sampling	-	-	139,043	142,889
Lease and rental	34,302	71,489	179,722	285,513
Licenses, permits and reports	8,237	-	27,511	35,749
Meals	-	-	2,925	2,925
Other travel	341	-	77	418
Vehicle	206	-	3,251	3,457
	$ 47,502	$ 71,489	$ 3,151,111	$ 3,270,102

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

Tombstone South Property (Cochise County, Arizona, USA)

On April 20, 2021, as amended February 28, 2022 and April 1, 2024, the Company entered into an option agreement for the Tombstone South Property (the "Tombstone Option Agreement") that had an effective closing date of April 29, 2022. Pursuant to the terms of the Tombstone Option Agreement, the vendor has granted the Company the option to acquire a 100% direct interest in the Tombstone South Property through the direct acquisition of the Tombstone South Property by making the following cash and share payments, and incurring the following minimum work commitments (all dollar amounts are United States dollars):

Year	Cash Consideration	Share Consideration	Minimum Work Commitment
April 29, 2022
(Closing date)	US$10,000 (paid)	40,000 (issued)	-
1st Anniversary	US$30,000 (paid)	50,000 (issued)	-
2nd Anniversary	US$100,000 (paid)	200,000 (issued)	-
3rd Anniversary	US$125,000 (paid)	450,000 (issued)	-
4th Anniversary	US$100,000	150,000	US$1,500,000
5th Anniversary	US$500,000	-	US$1,500,000
TOTAL	US$865,000	890,000	US$3,000,000

The Company also granted the vendor a 1.5% Net Smelter Royalty ("NSR") over the Tombstone South Property. One third of the NSR may be repurchased by the Company for US$500,000. The Company has a right of first refusal on the sale of the NSR by the vendor.

During the year ended December 31, 2024, the Company and the vendor for the Tombstone South Property entered into an amending agreement to remove the required US$500,000 work commitment that was due May 2024. The total work commitment for the option agreement after the amendment is US$3,000,000. The effects of the amendment are reflected in the table above.

The Tombstone Option Agreement was further amended on April 28, 2025, delaying the minimum exploration commitment of US$1,500,000 due on 3rd anniversary to the 4th Anniversary and the minimum exploration commitment of US$1,500,000 due on 4th Anniversary to the 5th Anniversary. The cash consideration of US$100,000 due on the 3rd anniversary was increased to US$125,000 and the shares consideration due on the 3rd anniversary was also increased to 450,000. The effects of the amendment are reflected in the table above.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

Mesa Well Property (Laramide Prophyry Belt, Arizona, USA)

On August 24, 2022, the Company entered into an option to purchase agreement with Bronco Creek Exploration, Inc. ("Bronco"), a subsidiary of EMX Royalty Corp. for the option to acquire a 100% direct interest in the Mesa Well Project ("Mesa Property") through the direct acquisition of the Mesa Property by making the following cash and Company share payments, and incurring the following minimum work commitments (all dollar amounts are United States dollars):

Year	Cash Consideration	Share Consideration	Minimum Work Commitment
August 24, 2022	US$20,000 (paid)	50,000 (issued)	-
1st Anniversary	US$25,000 (paid)	50,000 (issued)	-
2nd Anniversary	US$25,000 (paid)	100,000 (issued)	-
3rd Anniversary	US$50,000 (paid)	100,000 (issued)	-
4th Anniversary	US$80,000	100,000	-
5th Anniversary	US$200,000	50,000	US$2,000,000
TOTAL	US$400,000	450,000	US$2,000,000

The Company granted Bronco a 2% NSR over the Mesa Property.

On August 16, 2024 the Company entered into an agreement to amend the option to purchase agreement dated August 24, 2022 with Bronco to acquire a 100% interest in the Mesa Well Property. The amendment removed the required US$250,000 work commitment which was due August 24, 2024. The effects of the amendment are reflected in the table above.

The option agreement with Bronco was further amended on August 29, 2025, delaying the minimum exploration commitments of US$500,000 due on the 3rd anniversary and US$750,000 due on the 4th anniversary to the 5th Anniversary for a total minimum exploration commitment of US$2,000,000 due on the 5th Anniversary. The cash consideration of US$25,000 due on the 3rd anniversary was increased to US$50,000 and the shares consideration due on the 3rd anniversary was also increased to 100,000. The cash consideration of US$50,000 due on the 4th anniversary was increased to US$80,000 and the shares consideration due on the 4th anniversary was also increased to 100,000. The effects of the amendment are reflected in the table above.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

Corral Copper Property (Cochise County, Arizona, USA)

The Corral Copper Property is comprised of the Excelsior Property, the CCCI Properties, the Sara Claim Group, the Emmet Claim Property, and the MAN Property.

Excelsior Property (Cochise County, Arizona, USA)

On August 24, 2022, the Company entered into a purchase and sale agreement with Gunnison Copper Corp. ("GCC") to acquire a 100% direct interest in the Excelsior Property through the direct acquisition of the Excelsior Property by making the following cash and Company share payments (all dollar amounts are United States dollars):

Year	Cash Consideration	Share Consideration
August 24, 2022	US$30,000 (paid)	125,000 (issued)
12 months from closing date (August 2023)	-	125,000 (issued)
18 months from closing date (February 2024)	US$40,000 (paid)	125,000 (issued)
TOTAL	US$70,000	375,000

The US$40,000 payment was recorded as a promissory note payable (note 8). The share consideration portion of the promissory note agreement was calculated using the share price on the date the promissory note was entered into, which was $0.34 on August 24, 2022. $85,000 was recorded as an obligation to issue shares.

During the year ended December 31, 2024, the Company made a payment of US$40,000 ($53,894) and issued 125,000 common shares to GCC and completed the acquisition of the Excelsior Property (note 8).

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

Cave Creek Copper Inc. Properties (Cochise County, Arizona, USA)

On February 14, 2023, the Company entered into a definitive agreement (the "CCCI Agreement") with Cave Creek Copper Inc. ("CCCI") and its shareholders to acquire all of the issued and outstanding shares of CCCI. CCCI holds certain exploration properties located in the Courtland-Gleeson area of Cochise County, Arizona (the "CCCI Properties"). The terms of the CCCI Agreement give Intrepid the option to acquire all of the issued and outstanding shares of CCCI in return for certain cash and common shares and exploration expenditure commitments. The consideration is as follows and all dollar values are Canadian dollars:

Time Period	Cash Consideration	Share Consideration	Minimum Work Commitment
February 22, 2023	$50,000 (paid)	750,000 (issued)	-
6 months	$50,000 (paid)	-	-
1st Anniversary	$25,000 (paid)	500,000 (issued)	$100,000
2nd Anniversary	$25,000 (paid)	538,725 common shares (issued)
220,000 warrants (issued)	$150,000
November 30, 2025	$435,488	38,725 common shares (issued)
220,000 warrants (issued)	-
3rd Anniversary	$150,000	1,750,000	$150,000
TOTAL	$735,488	3,577,450 Common Shares
440,000 Warrants	$400,000

On March 17, 2025, the option agreement with CCCI was amended. The original cash consideration of $395,000 due on the 2nd anniversary was changed to $25,000 and additional payment of $414,750 due on August 31, 2025. An additional 38,725 common shares and 220,000 warrants due on the 2nd anniversary were also added. The effects of the amendment are reflected in the table above.

On August 29, 2025, the option agreement with CCCI was amended. The original cash consideration of $414,000 due on August 31, 2025 was changed to $435,488 due on November 30, 2025. Also, an additional 38,725 common shares and 220,000 warrants due within five days of approval of the TSXV was also added. The effects of the amendment are reflected in the table above

Sara Claim Group Properties (Cochise County, Arizona, USA)

On April 24, 2023 the Company entered into a Purchase and Sale Agreement (the "Bailey Agreement") for an additional 22 unpatented lode mining claims (the "Sara Claim Group") from Clive Bailey. To complete the acquisition the Company paid the vendor US$10,000 and issued 50,000 common shares for 100% of the Sara Claim Group property (note 10).

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

Emmet Claim Property (Cochise County, Arizona, USA)

On April 14, 2025 the Company entered into a Purchase and Sale Agreement (the "Emmet Agreement") for one additional unpatented lode mining claim (the "Emmet Claim") from Silver Nickel Mining Company. To complete the acquisition, the Company paid the vendor US$10,000 and issued 75,000 common shares for 100% of the Emmet Claim (note 10).

MAN Property (Cochise County, Arizona, USA)

On September 11, 2023, the Company entered into a definitive agreement (the "MAN agreement") with Mining and Mineral Opportunity Ltd. ("MMO") to acquire a 100% interest in the MAN Property (the "MAN Property"). The terms of the MAN Agreement give Intrepid the option (the "MAN Option") to acquire a 100% interest in the MAN Property in return for certain cash and common share payments to MMO. The consideration is as follows and all dollar values are United States dollars:

Time Period	Cash Consideration	Share Consideration
TSX-V Approval	$200,000 (paid)	1,750,000 (issued)
1st Anniversary	$100,000 (paid)	1,250,000 (issued)
2nd Anniversary	$1,000,000	1,250,000
3rd Anniversary	$960,000	1,750,000
TOTAL	$2,260,000	6,000,000

There is a 1.0% NSR granted under the terms of the MMO Agreement. 50% of the NSR may be repurchased for US$1,000,000 thereby reducing it to 0.5%. If the Company completes a Preliminary Economic Assessment on the Property, it will make a US$250,000 payment to MMO and the MAN Option will be deemed to be partially exercised and 51% of the earned interest will automatically vest in the Company.

In addition, if the Company issues shares at a price below US$0.24, then any unissued shares owing to MMO will be adjusted by a proportional amount that represents the additional dilution calculated using the number of shares that would have been issued at US$0.24 price and the number of shares actually issued in the applicable transaction. This adjustment shall not apply to issuances under equity compensation plans or for asset or company acquisitions. Instead of issuing additional shares as a result of this adjustment, at each milestone payment date the Company shall instead make an additional cash payment calculated using the amount of additional shares multiplied by the issue price of the shares that triggered the adjustment.

Viewsite Property (Cochise County, Arizona, USA)

On August 6, 2025, the Company entered into a Purchase and Sale Agreement (the "Viewsite Agreement") with private owners for patented mining claims immediately south/southwest of the Ringo Copper-Gold Zone at the Corral Copper Property in Cochise County, Arizona. The Company paid US$100,000 as a non-refundable deposit upon closing, and the remaining balance of US$375,000 is due on or before January 31, 2026. No common shares or other securities are issuable pursuant to the Viewsite Agreement.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	SEPTEMBER 30, 2025	DECEMBER 31, 2024
Trade payables (note 9)	$ 1,376,220	$ 316,208
Accrued liabilities	52,543	73,416
	$ 1,428,763	$ 389,624

PROMISSORY NOTES PAYABLE

During the fiscal year ended December 31, 2020, the Company entered into a promissory note agreement with Hybrid Financial Inc. for $50,000, which is non-interest bearing. Any unpaid principal was due October 8, 2022, the maturity date. Any payments made during the year shall be applied to the reduction of principal. As at September 30, 2025, the balance remains unpaid.

In connection with the purchase of the Excelsior Property (note 6), the Company entered into a promissory note agreement with GCC, where US$40,000 is payable on or before February 29, 2024, 125,000 shares are issuable on or before August 30, 2023 and an additional 125,000 shares are issuable on or before February 29, 2024 (note 6). The US$40,000 is non-interest bearing. The US$40,000 portion of the promissory note was present valued to the date the promissory note was entered into, using an effective interest rate of 15%.

On February 29, 2024, the promissory note with GCC of US$40,000 ($53,894) was repaid in full and shares have been issued.

For the nine month period ended September 30, 2025, $nil (2024 - $1,321) was recorded as interest expense.

	SEPTEMBER 30, 2025	DECEMBER 31, 2024
Current portion
Hybrid Financial Inc.	$ 50,000	$ 50,000

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

9. RELATED PARTY BALANCES AND TRANSACTIONS

Related parties and related party transactions impacting the condensed consolidated interim financial statements are summarized below and include transactions with the following individuals or entities:

Key management personnel

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors, and corporate officers, including the Company's Chief Executive Officer, President & Chief Operating Officer and Chief Financial Officer.

Remuneration attributed to key management personnel for the nine month periods ended September 30, 2025 and 2024 can be summarized as follows:

	SEPTEMBER 30, 2025	SEPTEMBER 30, 2024
Consulting	$ 683,624	$ 293,833
Professional fees	250,426	248,447
Salaries and benefits	44,495	42,034
Share-based payments	468,180	396,185
	$ 1,446,725	$ 980,499

Other related party transactions

Transactions entered into with related parties, other than key management personnel and not otherwise disclosed, for the nine month periods ended September 30, 2025 and 2024 include the following:

	SEPTEMBER 30, 2025	SEPTEMBER 30, 2024
Accession Management & Consulting Ltd.	$ 142,333	$ 142,167
1495896 BC Ltd.	395,458	29,167
King & Bay West Management Corp.	250,426	248,447
MJM Consulting Corp.	145,833	122,500
	$ 934,050	$ 542,280

Amounts paid to King & Bay West Management Corp. are included in professional fees expenses and amounts paid to Accession Management & Consulting Ltd., 1495896 BC Ltd., and MJM Consulting Corp. are included in consulting expenses.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

9. RELATED PARTY BALANCES AND TRANSACTIONS (continued)

Other related party transactions (continued)

Accession Management & Consulting Ltd. ("Accession"): Accession is an entity that is controlled by Kenneth Brophy, a director and the COO of the Company. Accession provides consulting and business development services to the Company. These services are provided to the Company on an as-needed basis and are billed based on a monthly amount to the Company. The amounts shown in the table above represent amounts paid and accrued to Accession for the recovery of overhead and third-party costs incurred by Accession on behalf of the Company.

1495896 BC Ltd.: 1495896 BC Ltd. is an entity that is controlled by Ken Engquist, a director and the former CEO of the Company. 1495896 BC Ltd. provides consulting and business development services to the Company. These services are provided to the Company on an as-needed basis and are billed based on a monthly amount to the Company. The amounts shown in the table above represent amounts paid and accrued to 1495896 BC Ltd. for the recovery of overhead and third-party costs incurred by 1495896 BC Ltd. on behalf of the Company.

King & Bay West Management Corp. ("King & Bay"): King & Bay is an entity that is controlled by the CEO of the Company and employs or retains officers and certain consultants of the Company. King & Bay provides administrative, regulatory, legal, finance, and corporate development services to the Company. These services are provided to the Company on an as-needed basis and are billed based on the cost or value of the services provided to the Company. The amounts shown in the table above represent amounts paid and accrued to King & Bay for the services of King & Bay personnel and for overhead and third-party costs incurred by King & Bay on behalf of the Company.

MJM Consulting Corp. ("MJM"): MJM is an entity that is controlled by the CEO of the Company. MJM provides consulting and business development services to the Company. These services are provided to the Company on an as-needed basis and are billed based on a monthly amount to the Company. The amounts shown in the table above represent amounts paid and accrued to MJM for the recovery of overhead and third-party costs incurred by MJM on behalf of the Company.

Related party balances

Prepaid expenses

As at September 30, 2025, prepaid expenses include the following paid to a related party:

King & Bay - $85,000 (December 31, 2024 - $85,000) with respect to a security deposit as part of a management services agreement with the Company (note 4).

Accounts payable and accrued liabilities

As at September 30, 2025, accounts payable and accrued liabilities include the following amounts due to related parties:

1495896 BC Ltd. - $6,780 (December 31, 2024 - $4,240) with respect to business development and expense reimbursements.
Accession - $13,650 (December 31, 2024 - $nil) with respect to COO consulting fees.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

9. RELATED PARTY BALANCES AND TRANSACTIONS (continued)

Related party balances (continued)

Ken Brophy, COO - $1,159 (December 31, 2024 - $4,267) with respect to business development expense reimbursements.
Ken Engquist, former CEO - $245,000 (December 31, 2024 - $nil) with respect to severance fees payable upon dismissal as CEO.
King & Bay - $28,732 (December 31, 2024 - $27,195) with respect to the services described above.
Mark Morabito, CEO and the Chair of the Company - $3,888 (December 31, 2024 - $1,443) with respect to business development expense reimbursements.

The amounts are unsecured, non-interest bearing and have no fixed terms of repayment (note 7).

Related party subscriptions

During the nine month period ended September 30, 2025, certain directors, officers and insiders of the Company and their affiliates participated in a Listed Issuer Financing Exemption Offering (note 10) and acquired 537,041 Units for proceeds of $263,150:

Kenneth Engquist – 100,000 units for a total of $49,000
Matthew Lennox-King – 102,041 units for a total of $50,000
Leonard Karr – 285,000 units for a total of $139,650
Richard Lock – 50,000 units for a total of $24,500

During the year ended December 31, 2024, certain directors, officers and insiders of the Company and their affiliates participated in a non-brokered private placement (note 10) and acquired 343,038 Units for proceeds of $116,933:

King & Bay West Management Corp. – 220,588 units for a total of $75,000
Accession Management & Consulting Ltd. – 102,450 units for a total of $34,833
Kenneth Engquist – 20,000 units for a total of $6,800

10. SHARE CAPITAL

Authorized

Unlimited number of common shares without par value.

Share consolidation

On January 4, 2024, the Company completed a consolidation of its common shares on the basis of one post-consolidation common share for every two pre-consolidation common shares (the "Consolidation"). The effect of the Consolidation has been reflected in these financial statements.

Common share issuances

2025

On March 10, 2025, the Company issued 499,996 common shares in connection with the option agreement of CCCI (note 6).

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

SHARE CAPITAL (continued)

Common share issuances (continued)

On March 28, 2025, the Company announced that the TSX-V has approved the agreement to amend (the "March 2025 CC Amendment") the share purchase agreement dated February 13, 2023 with CCCI and the shareholders of CCCI (the "CCCI Shareholders") to acquire a 100% of the shares of CCCI which holds a portion of the Corral Property. The March 2025 CC Amendment provides for an extension to make $395,000 in cash payments to August 31, 2025. In return for the extension, the cash payment amount shall be increased by $19,750, 38,725 Common Shares were issued and 220,000 warrants (the "CC Warrants") were issued in each case to CCCI Shareholders. Each CC Warrant shall be exercisable for a Common Share until March 28, 2026 at an exercise price of $0.51 per Common Share.

On March 28, 2025, the Company closed $5,000,000 in gross proceeds from a Listed Issuer Financing Exemption Offering (the "LIFE Offering"). The LIFE Offering, which was oversubscribed, resulted in the issuance of 10,204,080 units (the "2025 Units"), with each 2025 Unit consisting of one common share and one-half of one common share purchase warrant (each full common share purchase warrant, a "2025 Warrant") at a price of $0.49 per 2025 Unit. Each full 2025 Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.68 until March 28, 2027. In connection with the LIFE Offering, finder's fees of 6% in cash and 6% in finder warrants (the "2025 Finder Warrants") were paid on certain subscriptions introduced by finders. A total of $209,240.95 was paid in cash finder's fees and 424,573 2025 Finder Warrants were issued. The terms of the 2025 Finder Warrants are the same as the 2025 Warrants, except that unless permitted under securities legislation, the 2025 Finder Warrants and the securities underlying the 2025 Finder Warrants cannot be traded before July 29, 2025.

On May 6, 2025, the Company issued 75,000 common shares in connection with the Emmet Agreement (note 6).

On May 20, 2025, the Company issued 450,000 common shares in connection with the Tombstone Option Agreement (note 6).

On June 17, 2025, the Company issued 57,500 common shares upon 57,500 options with an exercise price of $0.15 being exercised for total proceeds of $8,625.

On June 26, 2025, the Company issued 237,500 common shares upon 237,500 options with an exercise price of $0.15 being exercised for total proceeds of $35,625.

On July 9, 2025, the Company issued 62,500 common shares upon 62,500 options with an exercise price of $0.15 being exercised for total proceeds of $9,375.

On July 10, 2025, the Company issued 50,000 common shares upon 50,000 options with an exercise price of $0.15 being exercised for total proceeds of $7,500.

On August 25, 2025, there was a share issuance of 50,000 common shares at $0.45 per share to Bronco pursuant to the terms of the Mesa Wells Option Agreement (note 6).

On September 10, 2025 there was an additional share issuance of 38,725 common shares at $0.39 per share to Cave Creek pursuant to the terms of the amendment to the Cave Creek Option Agreement (note 6).

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

10. SHARE CAPITAL (continued)

Common share issuances (continued)

On September 11, 2025 there was an additional share issuance of 50,000 common shares at $0.39 per share to Bronco pursuant to the terms of the amendment to the Mesa Wells Option Agreement (note 6).

2024

On January 5, 2024, the Company closed $3,230,000 in gross proceeds from a non-brokered private placement (the "First Offering"). The First Offering included $3,000,000 in proceeds from Leocor Cold Inc. (CSE:LECR) ("Leocor"). The First Offering consisted of:

The issuance of 7,276,470 units (the "2024 Units"), with each 2024 Unit consisting of one common share and one warrant (each a "2024 Series 1 Warrant") at a price of $0.34 per 2024 Unit for aggregate gross proceeds of $2,474,000. Each 2024 Series 1 Warrant entitles the holder thereof to acquire one additional common share at a price of $0.45 until January 5, 2026. The 2024 Series 1 Warrants are subject to an acceleration right that allows the Company to give notice of an earlier expiry date if the Company's closing share price on the TSX-V is equal to or greater than $0.68 for a period of 10 consecutive trading days (the "Acceleration Right").
The issuance of 2,223,529 pre-funded special warrants units (each a "Special Warrant") at a price of $0.34 per Special Warrant for aggregate gross proceeds of $756,000. Each Special Warrant shall entitle the holder thereof to acquire one 2024 Unit, for no additional consideration but subject to an exercise limitation such that Leocor may not exercise if it would result in them having beneficial ownership over common shares in excess of 19.9%, for a period of five years from the closing date of the First Offering.

On January 24, 2024, the Company closed $3,370,000 in gross proceeds (the "Second Offering"). The Second Offering consisted of:

The Second Offering consisted of 9,911,765 2024 Units, with each 2024 Unit consisting of one common share and one warrant (each a "2024 Series 2 Warrant") at a price of $0.34 per 2024 Unit. Each 2024 Series 2 Warrant entitles the holder thereof to acquire one additional common share at a price of $0.45 until two years from the closing date of the Second Offering (subject to the Acceleration right).
In connection with the Second Offering, the Company paid finder's fees of $111,530 and commission of $35,693) in cash and 321,560 in finder's warrants. Each finder's warrant is non-transferable but otherwise has the same terms as the warrants (including the Acceleration Right).

On January 9, 2024, the Company issued 500,000 common shares on the redemption of 500,000 Restricted Share Units at $0.24 per share.

On February 22, 2024, the Company issued 499,996 common shares at $0.54 per share to CCCI pursuant to option to purchase agreement with respect to the Cave Creek Property (note 6).

On March 7, 2024, the Company issued 125,000 common shares at $0.68 per share as well as a cash payment of US$40,000 to GCC pursuant to option to purchase agreement with respect to the Excelsior Property (notes 6 and 8).

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

SHARE CAPITAL (continued)

Common share issuances (continued)

On March 5, 2024, 48,750 broker warrants issued as part of a private placement of units completed on April 21, 2022 for gross proceeds of $3,070,500 (the “2022 Offering”) were exercised for $0.40 each, for gross proceeds of $19,500.

On March 15, 2024, 60,000 broker warrants issued as part of the 2022 Offering were exercised for $0.40 each, for gross proceeds of $24,000.

On April 2, 2024, 5,250 broker warrants issued as part of the 2022 Offering were exercised for $0.40 each, for gross proceeds of $2,100.

On April 4, 2024, 25,000 warrants issued as part of the 2022 Offering were exercised for $0.70 each, for gross proceeds of $17,500.

On April 8, 2024, 50,000 warrants issued as part of the 2022 Offering were exercised for $0.70 each, for gross proceeds of $35,000.

On April 18, 2024, 43,500 broker warrants issued as part of the 2022 Offering were exercised for $0.40 each, for gross proceeds of $17,400.

On April 29, 2024, 31,250 warrants issued as part of the 2022 Offering were exercised for $0.70 each, for gross proceeds of $21,875.

On May 3, 2024, there was a share issuance of 200,000 common shares at $0.78 per to the vendor pursuant to the terms of the Tombstone Option Agreement (note 6).

On May 29, 2024, 5,000 finders warrant issued as part of the Second Offering were exercised for $0.45 each, for gross proceeds of $2,250.

On June 7, 2024, 20,000 finders warrant issued as part of the Second Offering were exercised for $0.45 each, for gross proceeds of $9,000.

On August 26, 2024, there was a share issuance of 100,000 common shares at $0.43 per share to Bronco pursuant to the terms of the Mesa Wells Option Agreement (note 6).

On September 16, 2024, 2,223,529 Special Warrants issued as part of the First Offering were exercised for no consideration.

On December 11, 2024, there was a share issuance of 1,250,000 common shares at $0.38 per share to MMO pursuant to the terms of the MAN Agreement (note 6).

Stock options

The Company grants stock options to directors, officers, employees and consultants as compensation for services, pursuant to its Incentive Share Option Plan (the "Stock Option Plan"). The maximum price shall not be less than the closing price of the common shares on the last trading day preceding the date on which the grant of options is approved by the Board of Directors. Options have a maximum expiry period of ten years from the grant date. The number of options that may be issued under the Stock Option Plan is limited to no more than 10% of the Company's issued and outstanding shares immediately prior to the grant.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

10. SHARE CAPITAL (continued)

Stock options (continued)

Pursuant to the Stock Option Plan, options granted in respect of investor relations activities are subject to vesting restrictions, such that one-quarter of the options vest three months from the grant date and in each subsequent three-month period thereafter such that the entire option will have vested twelve months after the award date. Vesting restrictions may also be applied to certain other option grants, at the discretion of the directors.

On April 14, 2025, 1,850,000 stock options were granted with an exercise price of $0.39 and an expiration date of April 14, 2030, which vest evenly every 6 months over 24 months.

On June 17, 2025, the Company issued 57,500 common shares upon 57,500 options with an exercise price of $0.15 being exercised for total proceeds of $8,625.

On June 26, 2025, the Company issued 237,500 common shares upon 237,500 options with an exercise price of $0.15 being exercised for total proceeds of $35,625. Included in these proceeds are $18,750 stock options exercise receivable from Mark Morabito, a related party.

On August 11, 2025, the Company granted 200,000 stock options to consultants of the Company at an exercise price of $0.51 per share. The options vest over a 24 month period and have a five year term expiring on August 11, 2030.

On March 19, 2025, 100,000 stock options which were issued to a past director, were cancelled due to not being re-elected.

On February 12, 2024, 1,470,000 stock options were granted with an exercise price of $0.64 and an expiration date of February 12, 2029, which vest evenly every 6 months over 24 months.

On September 11, 2024, 325,000 stock options were granted with an exercise price of $0.42 and an expiration date of September 11, 2029, which vest evenly every 6 months over 24 months.

On October 9, 2024, 400,000 stock options were granted with an exercise price of $0.38 and an expiration date of October 9, 2029, which vest quarterly over 12 months.

On December 19, 2024, 200,000 stock options were granted with an exercise price of $0.36 and an expiration date of December 19, 2029, which vest quarterly over 12 months.

During the year ended December 31, 2024, 125,000 options have been forfeited.

INTREPID METALS CORP.

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(Expressed in Canadian dollars)

10. SHARE CAPITAL (continued)

Stock options (continued)

The following table summarizes stock option activity for the nine month period ended September 30, 2025 and the year ended December 31, 2024:

	Number of stock options	Weighted average exercise price
Outstanding, December 31, 2023	1,903,000	$0.38
Issued	2,395,000	$0.54
Forfeited	(125,000)	$0.32
Outstanding, December 31, 2024	4,173,000	$0.48
Issued	2,050,000	$0.40
Exercised	(407,500)	$0.15
Forfeited	(100,000)	$0.64
Outstanding, September 30, 2025	5,715,500	$0.47

As at September 30, 2025, the following stock options were outstanding and exercisable:

Outstanding	Exercisable	Exercise Price	Remaining life (years)	Expiry date
100,000	100,000	$0.40	0.09	November 3, 2025
50,000	50,000	$0.64	0.30	January 18, 2026
687,500	687,500	$0.50	0.45	March 12, 2026
37,500	37,500	$0.50	1.60	May 5, 2027
308,000	308,000	$0.40	1.60	May 5, 2027
112,500	112,500	$0.32	2.11	November 10, 2027
75,000	56,250	$0.50	3.11	November 8, 2028
1,370,000	1,027,500	$0.64	3.37	February 12, 2029
325,000	162,500	$0.42	3.95	September 11, 2029
400,000	300,000	$0.38	4.03	October 9, 2029
200,000	150,000	$0.36	4.22	December 19, 2029
1,850,000	-	$0.39	4.54	April 14, 2030
200,000	-	$0.51	4.87	August 11, 2030
5,715,500	2,991,750

The Company recognizes share-based payment expense for all stock options granted using the fair value-based method of accounting. The fair value of stock options is determined by the Black-Scholes Option Pricing Model with assumptions for risk-free interest rates, dividend yields, volatility factors of the expected market price of the Company's common shares, forfeiture rate, and expected life of the options.

During the nine month period ended September 30, 2025, the Company recognized share-based payment expense with respect to stock options issued during 2022 of $nil (2024 - $10,703), stock options issued during 2023 of $4,643 (2024 - $22,575), stock options issued during 2024 of $319,678 (2024 - $475,743) and stock options issued during 2025 of $282,928 (2024 - $nil).

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

10. SHARE CAPITAL (continued)

Stock options (continued)

The Company uses the Black-Scholes Option Pricing Model to calculate the fair value of stock options granted. The model requires management to make estimates, which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. The following weighted average assumptions were used to estimate the weighted average grant date fair values during the nine month periods ended September 30, 2025 and 2024:

	SEPTEMBER 30, 2025	SEPTEMBER 30, 2024
Risk-free interest rate	2.67%	2.75% - 3.69%
Expected life (years)	5	5
Annualized volatility	105%	115% - 117%
Dividend yield	-%	-%

Warrants

On March 28, 2025, the Company issued 5,102,038 2025 Warrants as part of the LIFE Offering. Each 2025 Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.68 until March 28, 2027. In connection with the LIFE Offering, 424,573 finder warrants (the "2025 Finder Warrants") were issued to certain brokers. The terms of the 2025 Finder Warrants are the same as the 2025 Warrants, except that unless permitted under securities legislation, the 2025 Finder Warrants and the securities underlying the 2025 Finder Warrants cannot be traded before July 29, 2025. Based on residual value method, $nil value was allocated to the warrants.

On February 20, 2025, 42,378 warrants issued in 2020 with an exercise price of $2.40, have expired.

On July 15, 2025, 354,690 warrants issued as part of the Second Offering were exercised for $0.45 each, for gross proceeds of $159,611.

On August 29, 2025, the Cave Creek Option Agreement was further amended to issue 220,000 additional warrants ("Second Extension Warrants"). Each Second Extension Warrant shall be exercisable for a Common Share until September 10, 2026 at an exercise price of $0.42 per Common Share. The fair value of the Second Extension Warrants was recorded as $29,978 in other equity reserves.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

SHARE CAPITAL (continued)

Warrants (continued)

During the year ended December 31, 2024, 7,276,470 Series 1 Warrants were issued with an exercise price of $0.45 and expiry of January 5, 2026, as part of the First Offering. Based on residual value method, $nil value was allocated to the warrants.

During the year ended December 31, 2024, 2,223,529 warrants were issued, after the exercise of 2,223,529 Special warrants issued on the First Offering, with an exercise price of $0.45 and expiry of January 5, 2026, as part of the First Offering. Based on residual value method, $nil value was allocated to the warrants.

During the year ended December 31, 2024, 9,911,765 2024 Series 2 Warrants were issued with an exercise price of $0.45 and expiry of January 24, 2026, as part of the Second Offering. Based on residual value method, $nil value was allocated to the warrants.

During the year ended December 31, 2024, 321,560 broker warrants were issued with an exercise price of $0.45 and expiry of January 24, 2026, as part of the Second Offering. The fair value of the warrants was recorded as $131,845 in other equity reserves.

During the year ended December 31, 2024, the expiry date of 3,995,625 warrants issued in April 2022 were extended from April 2024 to October 2024. As a result, an additional $94,592 for 378,125 compensation warrants granted in 2022 in share-based payment expense was recorded. The Company used the Black-Scholes Option Pricing Model to calculate the fair value of warrant extension, with the risk-free interest rate of 4.29%, expected life of 0.55 years at the time of extension, annualized volatility of 140% and divided yield of nil%.

The following table summarizes warrant activity for the nine month period ended September 30, 2025 and for the year ended December 31, 2024:

	Number of warrants	Weighted average exercise price
Outstanding, December 31, 2023	4,038,003	$0.72
Issued	21,956,853	$0.45
Exercised	(2,512,279)	$0.46
Expired	(3,731,875)	$0.70
Outstanding, December 31, 2024	19,750,702	$0.44
Issued	5,966,611	$0.66
Exercised	(354,690)	$0.45
Expired	(42,378)	$2.40
Outstanding, September 30, 2025	25,320,245	$0.49

As at September 30, 2025 the following warrants were outstanding:

Outstanding	Exercise Price	Remaining life (years)	Expiry date
9,499,999	$0.45	0.27	January 5, 2026
9,853,635	$0.45	0.32	January 24, 2026
5,526,611	$0.68	1.49	March 28, 2027
220,000	$0.51	0.49	March 28, 2026
220,000	$0.42	0.95	September 10, 2026
25,320,245

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

SHARE CAPITAL (continued)

Restricted share units

The Company grants restricted share units ("RSUs") to directors, officers, employees and consultants as compensation for services, pursuant to its RSU Plan (the "RSU Plan"). One restricted share unit has the same value as a common share of the Company. The number of RSUs awarded and underlying vesting conditions are determined by the Board of Directors in its discretion. At the election of the Board of Directors, upon each vesting date, participants receive (a) the issuance of common shares from treasury equal to the number of RSUs vesting, or (b) a cash payment equal to the number of vested RSUs multiplied by the fair market value of a common share, calculated as the closing price of the common shares on the TSX-V for the trading day immediately preceding such payment date; or (c) a combination of (a) and (b).

On the grant date of RSUs, the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The Company has a present obligation to settle in cash if the choice of settlement in shares has no commercial substance, or the Company has a past practice or a stated policy of setting in cash, or generally settles in cash whenever the counterparty asks for cash settlement. If no such obligation exists,

RSUs are accounted for as equity settled share-based payments and are valued using the share price on grant date. Upon settlement:

(a) If the Company elects to settle in cash, the cash payment is accounted for as the repurchase of an equity interest (i.e. as a deduction from equity), except as noted in (c) below.
(b) If the Company elects to settle by issuing shares, the value of RSUs initially recognized in reserves is reclassified to share capital, except as noted in (c) below.
(c) If the Company elects the settlement alternative with the higher fair value, as at the date of settlement, the Company recognizes an additional expense for the excess value given (i.e. the difference between the cash paid and the fair value of shares that would otherwise have been issued, or the difference between the fair value of the shares and the amount of cash that would otherwise have been paid, whichever is applicable).

During the nine month period ended September 30, 2025, the Company recognized share-based payments expense of $nil (2024 - $2,958) relating to the grant of RSUs.

The following table summarizes RSU activity for the nine month period ended September 30, 2025 and for the year ended December 31, 2024:

	Number of Restricted Share Units	Weighted average exercise price
Outstanding, December 31, 2023	500,000	$0.24
Issued	(500,000)	$0.24
Outstanding, December 31, 2024 and September 30, 2025	-	-

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

GENERAL AND ADMINISTRATION

	SEPTEMBER 30, 2025	SEPTEMBER 30, 2024
Consulting (note 9)	$ 798,205	$ 467,333
Professional fees (note 9)	292,449	238,684
Regulatory and compliance	78,022	51,134
Office and miscellaneous	50,174	43,201
Travel	64,010	113,063
Salaries and benefits (note 9)	30,103	44,931
Computer and software	31,305	29,638
	$ 1,344,268	$ 987,984

CAPITAL MANAGEMENT

The Company defines capital as all components of shareholders' equity. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business.

In the past, the Company has raised funds through the issuance of common shares. However, it is uncertain whether the Company will continue to be successful in raising funds through the issuance of common shares in the future. Management reviews its capital management approach on an ongoing basis and believes this approach, given the relative size of the Company, is reasonable.

There were no changes to the Company's approach to capital management during the nine month period ended September 30, 2025.

FINANCIAL INSTRUMENTS

The Company's financial instruments are subject to certain risks.

Credit risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, amounts receivable and deposits. The risk arises from the non-performance by counterparties of contractual financial obligations. To minimize credit risk, the Company places cash and deposits with high credit quality financial institutions and brokerage firms. The Company's amounts receivable consists mainly of input tax credits due from the Government of Canada. Credit risk is assessed as low.

The maximum exposure to credit risk is the carrying amount of the Company's financial instruments.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

12. FINANCIAL INSTRUMENTS (continued)

Liquidity risk

Liquidity risk is the risk that the Company may not have cash to meet financial liabilities as they come due. The Company's liquidity requirements are met through the cash generated from operations and capital raises. Management monitors and manages its liquidity risk through regular monitoring of its financial liabilities against the constraints of its available financial assets. Liquidity risk is assessed as high.

Market risk

Market risks consist of interest rate risk, foreign currency risk and other price risk. The Company is exposed to foreign currency risk and other price risk.

Interest rate risk

Interest rate risk is the risk that the value of a financial instrument might be affected by a change in the interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. As at September 30, 2025 the Company is not exposed to interest rate risk.

Foreign currency risk

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The results of the Company's operations are subject to currency transaction and translation risks. The Company holds cash in US Dollars. The Company's main risk is associated with fluctuations in the US Dollar. Assets and liabilities are translated based on the foreign currency translation policy described in Note 3. Financial assets and liabilities held in US Dollars include cash, exploration and evaluation assets and accounts payables and accruals. Foreign exchange risk is assessed as moderate.

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk.

The Company is exposed to price risk with respect to equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company's ability to raise capital to fund operations is subject to risks associated with equity prices.

INTREPID METALS CORP.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2025
(Expressed in Canadian dollars)

13. SUBSEQUENT EVENTS

On October 3, 2025, 1,750,000 stock options were granted with an exercise price of $0.445 and an expiration date of October 3, 2030, which vest evenly every 6 months over 24 months.

On October 28, 2025, the Company closed a non-brokered private placement (the "October 2025 Offering") for aggregate gross proceeds of $6,700,000. The October 2025 Offering resulted in the issuance of 19,142,858 units (the "October 2025 Units"), with each October 2025 Unit consisting of one common share and one-half of one common share purchase warrant (each full common share purchase warrant, an "October 2025 Warrant") at a price of $0.35 per October 2025 Unit. Each full October 2025 Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.50 until October 28, 2027. All securities issued in connection with the October 2025 Offering are subject to a hold period ending March 1, 2026. Finder's fees of 6% in cash and 6% in non-transferrable finder warrants exercisable at a price of $0.35 for a period of twenty-four (24) months from the closing date of the October 2025 Offering, were paid on a portion of the October 2025 Offering. A total of $235,410 was paid in cash finder's fees and 672,599 finder warrants were issued.

AI assistant

Intrepid Metals Corp. — Interim / Quarterly Report 2025

44089_rns_2025-11-27_0f0939d6-538c-41fb-bbef-c03c34805437.pdf

INTREPID METALS

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

INTREPID METALS CORP.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

2. BASIS OF PRESENTATION

Statement of compliance

Basis of presentation

Basis of consolidation

Critical accounting estimates and judgments

2. BASIS OF PRESENTATION (continued)

Critical accounting estimates and judgments (continued)

3. MATERIAL ACCOUNTING POLICY INFORMATION

Financial instruments

Financial assets

Financial liabilities

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Financial instruments (continued)

Foreign and Presentation currency

Share-based payments

Valuation of equity units issued in private placements

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Basic and diluted loss per share

Exploration and evaluation expenditures

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Provision for closure and reclamation

Income taxes

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

Tombstone South Property (Cochise County, Arizona, USA)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued)

9. RELATED PARTY BALANCES AND TRANSACTIONS

Key management personnel

Other related party transactions

9. RELATED PARTY BALANCES AND TRANSACTIONS (continued)

Other related party transactions (continued)

Related party balances

Prepaid expenses

Accounts payable and accrued liabilities

9. RELATED PARTY BALANCES AND TRANSACTIONS (continued)

Related party balances (continued)

Related party subscriptions

10. SHARE CAPITAL

Authorized

Share consolidation

Common share issuances

10. SHARE CAPITAL (continued)

Common share issuances (continued)

10. SHARE CAPITAL (continued)

Stock options (continued)

10. SHARE CAPITAL (continued)

Stock options (continued)

10. SHARE CAPITAL (continued)

Stock options (continued)

Warrants

12. FINANCIAL INSTRUMENTS (continued)

Liquidity risk

Market risk

Interest rate risk

Foreign currency risk

Other price risk

13. SUBSEQUENT EVENTS

More from Intrepid Metals Corp.

Intrepid Metals Corp. Interim / Quarterly Report 2025