Leocor Mining Inc. Announces Exercise of Intrepid Metals Corp. Warrants

Executive Summary

• Leocor Mining exercised 8,823,529 Intrepid Metals warrants acquired in a Jan 4 2024 private placement.
• The exercise doubled Leocor’s stake in Intrepid from ~8.2% to ~15.1%, resulting in ownership of 17,647,058 Intrepid common shares and no remaining warrants.
• Leocor indicates the holdings are for strategic investment purposes and may be bought or sold in the future depending on market conditions.

Key Details

• Warrant Exercise: 8,823,529 Intrepid Metals warrants were exercised by Leocor Mining.
• Pre‑exercise Position: 8,823,529 Intrepid common shares (≈8.17% of outstanding shares) and the same number of warrants.
• Post‑exercise Position: 17,647,058 Intrepid common shares (≈15.09% of outstanding shares); all warrants and convertible securities are now extinguished.
• Acquisition Background: Warrants were obtained as part of a strategic investment in a private placement of units and special warrants on January 4 2024.
• Strategic Intent: Leocor states the Intrepid stake is held for investment purposes, with potential future acquisition or disposition subject to market conditions.
• Regulatory Filing: An early‑warning report related to this investment will be filed on SEDAR+ and made available to the public.

Notable Quotes

(No direct quotes were provided in the release.)