Intrepid Metals Announces Closing of $6.7 Million Private Placement

Executive Summary

• Intrepid Metals Corp. closed a non‑brokered private placement on October 28, 2025, raising $6.7 million in gross proceeds.
• The offering issued 19,142,858 units at $0.35 per unit, each unit comprising one common share and half of a common share purchase warrant (full warrant exercisable at $0.50 until 28 Oct 2027).
• Net proceeds will be allocated to exploration expenditures, working capital, property payments, and as a bridge to complete a strategic partnership transaction.

Key Details

• Units issued: 19,142,858 (1 common share + ½ warrant per unit)
• Price per unit: $0.35 → gross proceeds $6.7 M
• Warrant terms: Full warrant allows purchase of one additional common share at $0.50; exercisable until 28 Oct 2027.
• Hold period: All securities subject to a hold period ending 1 Mar 2026.
• Finder’s fees: $235,409.94 paid in cash (6%) plus 672,599 finder warrants (6%); warrants exercisable at $0.35 for 24 months from closing.
• Related‑party participation: Officers and affiliates purchased 771,430 units for $270,000.50; transaction exempt under MI 61‑101 as it is ≤25 % of market cap.
• Use of proceeds: Exploration expenditures, working capital, property payments, and bridge financing for a strategic partnership transaction.
• Closing date: 28 Oct 2025 (closing announced on 29 Oct 2025).

Notable Quotes

• “The successful closing of this private placement provides us with the necessary capital to advance our exploration programs and move forward with our strategic partnership,” – Mark Morabito, Chairman & CEO.