Intrepid arranges $6.5-million private placement

Executive Summary

• Intrepid Metals Corp. has arranged a non-brokered private placement for gross proceeds of up to C$6.5 million at a price of C$0.60 per share.
• Strategic partner Teck Resources Ltd. is subscribing for approximately C$4.1 million worth of shares, increasing its ownership stake from ~9.38% to ~14.95% (up to 19.9% via participation rights).
• The funding supports a 30-month exploration and development program at the Corral copper project, including geophysics, drilling, and permitting work.

Key Details

• Financing Structure: Non-brokered private placement of common shares.
• Price: C$0.60 per share.
• Gross Proceeds: Up to C$6.5 million.
• Teck Resources Participation:
  • Subscribing for 6,842,881 shares.
  • Gross proceeds from Teck: ~C$4.1 million.
  • Post-closing ownership: ~14.95% of issued and outstanding shares (non-diluted basis).
  • Pre-closing ownership: ~9.38% of issued and outstanding shares.
• Use of Proceeds:
  • Complete 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.
• Work Program Details:
  • 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:
  • Increase committed funds for the program.
  • Extend timelines for the committed program and Teck's right of first refusal by six months.
  • Increase Teck's participation rights and maximum ownership from 15% to 19.9%.
  • No more favourable protection for participation rights.
• Closing Conditions: Subject to customary conditions, including receipt of all regulatory approvals and conditional approval of the TSX Venture Exchange.
• Share Restrictions: Shares subject to a statutory hold period in Canada expiring four months and one day from closing.
• Advisers: Haywood Securities Inc. (Financial Adviser), Farris LLP (Legal Counsel).
• Board Changes: Matt Lennox-King has resigned from the board of directors, effective immediately.

Notable Quotes

• "Teck's decision to increase its investment in Intrepid is 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. "This additional investment reflects growing confidence in our systematic, district-scale approach. The funding provides a clear runway to execute a comprehensive, multiyear exploration and development program while maintaining strong alignment with a leading global mining company."