Question: I have a list where for most users they will have read access to the list. The list has URL links to pages outside of SharePoint on our Company intranet. These pages on the intranet are available to everyone. My assumption is if a user has read only to a list that contains hyperlinks then they should be able to click on the hyperlink ? Am I correct ?

Answer: 
If a user has Read access to the List (and subsequent List items, if the items do not have inheritance broken), yes they would be able to click on the links to the sites within the List. It would be up to the target system to enforce any sort of authentication/authorization.
Yes, with 'Read' or 'View', your User can click on the Hyperlink. The page won't render it to be disabled based on the user's read/view permissions.