Intrepid Metals closes $6.5-million private placement

Executive Summary

• Intrepid Metals Corp. closed a non-brokered private placement for gross proceeds of C$6.5 million, primarily driven by a significant additional investment from strategic partner Teck Resources Ltd.
• Teck Resources acquired an additional 6,842,881 common shares for approximately C$4.1 million, increasing its total beneficial ownership to 15,642,881 shares (approx. 14.7% on a non-diluted basis).
• The company amended its investor rights agreement with Teck, extending program timelines by six months, increasing Teck's maximum ownership participation from 15% to 19.9%, and increasing committed funds for the Corral project exploration program.

Key Details

• Transaction Structure: Non-brokered private placement closed on Feb. 24, 2026.
• Gross Proceeds: C$6.5 million total.
• Share Issuance: 10,833,333 common shares issued at a price of C$0.60 per share.
• Teck Resources Investment:
  • Acquired 6,842,881 common shares.
  • Gross proceeds from Teck: Approximately C$4.1 million.
  • No finders' fees were paid.
• Ownership Impact: Teck beneficially owns 15,642,881 shares, representing approximately 14.7% of issued and outstanding shares on a non-diluted basis.
• Use of Proceeds:
  • Completion of an initial 30-month exploration and development program at the Corral copper project.
  • Annual property option and rental payments to maintain properties in good standing.
• Committed Program Scope:
  • 50-line-kilometre induced polarization survey.
  • Geological mapping and geochemical sampling.
  • Metallurgical and permitting work.
  • Follow-up drilling to expand known zones and test new targets.
  • Additional mapping, geophysics, geochemical sampling, and drilling anticipated in the second half of 2026.
• Investor Rights Agreement Amendment (with Teck Resources):
  • Increased amount of committed funds applicable to the committed program.
  • Extended timelines for the committed program and Teck's right of first refusal on the Corral project by six months.
  • Increased Teck's participation rights and maximum ownership from 15% to 19.9%.
  • Added no-more-favourable protection for participation rights.
• Regulatory/Restrictions: Shares subject to a statutory hold period in Canada expiring four months and one day from closing.

Notable Quotes

• "Teck's increased investment in Intrepid, alongside the participation of a new institutional and strategic investor, represents a strong endorsement of the quality, scale and emerging potential of the Corral copper project," said Mark Morabito, chairman and chief executive officer of Intrepid. "The successful closing of this financing strengthens our shareholder base and reflects growing confidence in our systematic, district-scale approach. With this funding now in place, we have a clear runway to execute a comprehensive, multiyear exploration and development program at Corral while maintaining strong alignment with a leading global mining company."