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• The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons with grades up to 9.2% copper ore. Between 1950 and 2008, various companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. Intrepid has been able to secure data from various sources which provides a solid foundation in creating geological interpretations and identifying new target areas.
• Anglo American began exploring the district in 2016, conducted mapping and airborne geophysics which identified numerous new target areas through the district. Intrepid has acquired Anglo American's data package and in exchange, Anglo American has retained an interest over a portion of the project area in the form of a right of first refusal over transfers if certain conditions are met.

• Over 50,000m of historical drilling has been completed within the district, with significant near surface intercepts, including 126.2m (30.4m to 156.6m) of 1.24% copper in Drill Hole 20_01. This drill result is historical in nature. Intrepid has not undertaken any independent investigation ofthe sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Intrepid considers these historical drill results relevant, as the Company will use this data as a guide to plan future exploration programs. Intrepid also considers the data to be reliable for these purposes; however, the Company’s future exploration work will include verification of the data through drilling.

Copper (“Cu”) highlights, as well as the corresponding silver (“Ag”), gold (“Au”) and zinc (“Zn”) grades, from historic drilling on the Corral Copper Project included:

• 126.2m at 1.24% Cu and 3.45 grams per tonne (“g/t”) Ag (30.4m to 156.6m), including 5m at 3.6% Cu in Hole 20_01
• 104.9m at 1.31% Cu, 4.89 g/t Ag and 0.43 g/t Au (60.8m to 165.7m), including 7.6m at 3.74% Cu in Hole 20_21
• 71.4m at 0.75% Cu and 26.43 g/t Ag (66.9m to 138.3m), including 6m at 3.5% Cu in Hole NCTR_11
• 44.0m at 1.35% Cu, 30.38 g/t Ag, 0.21 g/t Au and 0.28% Zn (35.0m to 79.0m), including 7.6m at 3.9% Cu and another 41.0m at 0.32% Cu and 9.18 g/t Ag (106.4m to 147.4m) in Hole BR_06_81
• 51.7m at 1.01% Cu, 7.98 g/t Ag and 0.39 g/t Au (63.8m to 115.5m) in Hole 20_37
• 62.4m at 0.74% Cu and 3.85 g/t Ag (25.8m to 88.2m) in Hole 20_36
• 63.9m at 0.62% Cu, 8.50 g/t Ag, 0.42 g/t Au and 0.25% Zn (79.0m to 142.9m) in Hole BR_06_100
• 41.0m at 0.73% Cu and 3.01 g/t Ag (21.3m to 62.3m) and another 30.4m at 0.70% Cu, 5.03  (“g/t”) Ag and 0.35 g/t Au (79.0m to 109.4m) in Hole 20_03
• 41.1m at 0.86 % Cu and 17.70 g/t Ag (25.8m to 66.9m) in Hole CG_08
• 25.9m at 1.10% Cu, 6.68 g/t Ag, 0.39 g/t Au and 0.20% Zn (101.8m to 127.7m) in Hole NCTR_07
• 62.3m at 0.36% Cu (0.0m to 62.3m) in Hole 20_08
• 36.5m at 0.37% Cu, 11.9 g/t Ag and 0.44 g/t Au (68.4m to 104.9m) in Hole 20_09
• 27.4m at 0.91% Cu, 5.72 g/t Ag and 0.47 g/t Au (85.1m to 112.5m) in Hole 20_13
• 39.5m at 0.30% Cu and 3.35 g/t Ag (112.5m to 152.0m) in Hole 20_34
• 36.5m at 0.54% Cu and 0.26 g/t Au (6.1m to 42.6m) in Hole 20_41
• 35.0m at 0.52% Cu (67.8m to 102.8m) in Hole NCTR_08
• 30.4m at 0.45% Cu, 7.28 g/t Ag and 0.32 g/t Au (7.6m to 38.0m) and another 42.6m at 0.68% Cu, 14.18 g/t Ag, 0.26 g/t Au and 0.21 Zn (54.7m to 97.3m) in Hole BR_06_73

Note: The drill results are historical in nature. Intrepid has not undertaken any independent investigation of the sampling nor has it independently analyzed the results of the historical exploration work in order to verify the results. Intrepid considers these historical drill results relevant, as the Company will use this data as a guide to plan future exploration programs. Intrepid also considers the data to be reliable for these purposes; however, the Company’s future exploration work will include verification of the data through further drilling.