Intrepid Metals closes C$6.5 million private placement with Teck

Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) announced the closing of a C$6.5 million non-brokered private placement on February 24, 2026. The offering involved the issuance of 10,833,333 common shares at C$0.60 per share.

Teck Resources Limited participated in the offering, acquiring 6,842,881 shares for approximately C$4.1 million in gross proceeds. Following this transaction, Teck beneficially owns 15,642,881 shares of Intrepid, representing 14.7% of the company's issued and outstanding shares on a non-diluted basis.

The financing proceeds will fund a 30-month exploration and development program at Intrepid's Corral Copper Project, along with annual property option and rental payments. The program includes a 50 line-kilometre induced polarization survey, geological mapping, geochemical sampling, metallurgical work, permitting activities, and follow-up drilling.

Intrepid and Teck amended their investor rights agreement from December 2025. The amendment increases committed funds for the exploration program, extends timelines by six months, raises Teck's maximum ownership participation from 15% to 19.9%, and provides additional participation rights protection.

"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 shares issued under the offering are subject to a four-month and one-day statutory hold period under Canadian securities laws. No finders' fees were paid in connection with the offering, which received unanimous approval from Intrepid's Board of Directors.

Intrepid Metals focuses on exploring for copper, silver, and zinc in southeastern Arizona. The company's portfolio includes the Corral Copper Project, Tombstone South, and Mesa Well projects.

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