Intrepid Metals raises C$6.5M with Teck increasing stake to 15%

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) announced a non-brokered private placement for gross proceeds of up to C$6.5 million through the sale of common shares at C$0.60 per share.

Teck Resources Limited agreed to subscribe for 6,842,881 shares for approximately C$4.1 million. Upon closing, Teck will hold approximately 15% of Intrepid's outstanding shares on a non-diluted basis, assuming the maximum offering amount is completed.

The offering builds on Teck's initial strategic investment announced in December 2025. Currently, Teck owns 8,800,000 shares, representing approximately 9.38% of outstanding shares. After the placement, Teck will own 15,642,881 shares, or approximately 14.95% of the company.

"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.

Proceeds will fund a 30-month exploration and development program at the Corral Copper Project in Arizona. The program includes a 50 line-kilometre induced polarization survey, geological mapping, geochemical sampling, metallurgical work, permitting activities, and follow-up drilling.

The companies will amend their investor rights agreement to increase committed funds, extend program timelines by six months, and raise Teck's maximum ownership participation from 15% to 19.9%.

The offering requires regulatory approvals, including conditional approval from the TSX Venture Exchange. Shares will be subject to a four-month hold period under Canadian securities laws.

Intrepid also announced that Matt Lennox-King resigned from its board of directors, effective immediately.

Haywood Securities Inc. serves as financial advisor and Farris LLP as legal counsel to the company.

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