Leocor Mining Inc. Provides Update on Proposed Plan of Arrangement

• The most recent release (April 15, 2026) confirms a Plan of Arrangement to distribute common shares of Intrepid Metals Corp. pro rata to Leocor shareholders.
• A shareholder meeting is scheduled for June 3, 2026, to approve the arrangement.
• This follows a March 26, 2026 private placement closing ($4M CAD) and an April 2, 2026 warrant exercise that doubled Leocor's stake in Intrepid Metals to ~15.1%.
• The strategy shifts from holding Intrepid securities for investment purposes (as stated in April 2 release) to distributing them directly to shareholders via a corporate reorganization.
• Historical context includes a March 12, 2026 announcement of a VTEM survey at the Baie Verte Gold-Copper Project following a July 2025 discovery.

• The news is expected and follows the trajectory set by the March financing which explicitly stated proceeds would be used to exercise Intrepid convertible securities.
• The Plan of Arrangement provides clarity on how value will be returned to shareholders (distribution vs sale), but does not introduce new valuation metrics or asset discoveries.
• Insider participation in the March private placement (25% of units) signals management confidence, though dilution from 80 million new shares is a factor.
• The timeline (June meeting) introduces execution risk; if shareholder approval fails, the distribution strategy stalls.
• No new geological data or financial results were released in this specific update; it is purely corporate structuring.

• Leocor Mining Inc. is a junior mining company focused on exploration and asset monetization.
• Flagship Project: Baie Verte Gold-Copper Project in Newfoundland (2,002 ha).
• Recent Discovery: VMS-style mineralization at Copper Creek section (July 2025).
• Current Strategy: Dual focus on advancing Baie Verte exploration while monetizing the strategic investment in Intrepid Metals Corp. through a spin-out arrangement.