Intrepid Metals Raises Over C$6 Million Through Strong Warrant Exercise Participation

On April 7 2026 Intrepid Metals announced that all 9,499,999 warrants from its January 8 2024 private placement were exercised at C$0.45 per share, generating approximately C$4.27 million. An additional 4,631,791 warrants from other financings were also exercised in Q1‑Q2 2026 at the same price, adding roughly C$2.14 million. Total warrant‑exercise proceeds year‑to‑date exceed C$6 million, with 5,135,645 warrants still outstanding (expiry April 24 2026, strike C$0.45) representing potential further proceeds of about C$2.3 million if fully exercised. The cash inflow strengthens the treasury and provides flexibility to advance the Arizona exploration program, particularly the fully owned Corral Copper Project.

The warrant exercise represents a material positive development because: - It delivers >C$6 million of new cash (≈10‑12% of the current market cap) without issuing new equity at a discount. - The proceeds are earmarked for ongoing exploration and development at Corral Copper, where Intrepid now holds 100 % of the core assets after completing the Cave Creek acquisition in March 2026 (except the pending MAN Property). - The exercise follows a series of strategic financings (Teck Resources’ 9.9 % stake Dec 2025, increased to ~14.7 % via the Feb‑Mar 2026 private placement) and leadership changes that have already validated the project. - While not a “game‑changer” on the scale of a new major partner or discovery, the financing materially reduces near‑term funding risk and enables the company to execute its 30‑month committed work program (IP surveys, mapping, drilling, permitting) without needing additional dilutive capital in the immediate term.

Intrepid Metals Corp. is a TSX‑V listed explorer focused on copper‑gold‑silver assets in southeastern Arizona. Its flagship property, the Corral Copper Project, comprises the historic Ringo Zone plus newly defined Clanton, Earp, Holliday and Tombstone South zones. Through a series of option exercises and acquisitions (including the full purchase of Cave Creek Copper Inc. completed March 5 2026), Intrepid now owns 100 % of the core Corral holdings, with only the MAN Property pending acquisition later in 2026. Historical drilling has returned exceptional grades—e.g., a 0.55 m interval grading 27.5 % Cu, 10.15 g/t Au and 192 g/t Ag (36.5 % CuEq)—and the project shows indications of a shallow bulk‑tonnage porphyry system with carbonate‑replacement and skarn overprints.