Intrepid closes option to acquire Cave Creek Copper

Executive Summary

• Intrepid Metals Corp. has completed the acquisition of Cave Creek Copper Inc., making it a wholly owned subsidiary and granting Intrepid ownership of the Corral copper project in Arizona, excluding only the Man property.
• The acquisition was finalized through the completion of the final share and cash payments under a share purchase option agreement dated February 14, 2023.
• Intrepid retains the right to acquire the Man property via a separate option agreement, with the final cash and share payment expected to occur during the current calendar year.

Key Details

• Transaction Structure: Completion of the exercise of the option to acquire Cave Creek Copper Inc.
• Consideration: Final share and cash payments made to shareholders of Cave Creek over a three-year period.
• Assets Acquired: Cave Creek holds key patented mining claims, unpatented mining claims, and surface rights forming part of the Corral copper project.
• Remaining Assets: Intrepid owns all lands and mining claims encompassing the Corral copper project except for the Man property.
• Future Commitments: A final cash and share payment is required to complete the acquisition of the Man property, scheduled for the current calendar year.
• Adviser: FMI Capital Advisory Inc. acted as financial adviser to Cave Creek.
• Project Context: The Corral copper property is located in Cochise County, Arizona, near Tombstone and Bisbee. It includes the Excelsior property, CCCI properties, Sara claim group, Man property, and Viewsite claims.
• Historical Data: Over 50,000 metres of historical drilling exists at Corral, primarily centered on the Ringo, Earp, and Holliday zones. Intrepid utilizes a historical digital drill hole archive database for exploration targeting.
• Strategic Context: Teck Resources Ltd. recently became a 14.7% equity stakeholder in Intrepid.

Notable Quotes

• "With the completion of the acquisition of Cave Creek, the company owns all of the lands and mining claims encompassing the Corral copper project, except for the Man property."
• "Intrepid is confident that, by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral copper property can quickly become an advanced-exploration-stage project and move toward development studies."