Intrepid Metals Corp. has announced that it has arranged a non-brokered private placement for gross proceeds of up to C$6.5 million of common shares at a price of C$0.60 per share.
Teck Resources Limited has agreed to participate in the Offering and subscribe for 6,842,881 shares, for gross proceeds of approximately C$4.1 million, in accordance with the terms of a subscription agreement entered into by the company and Teck.
Upon closing of the offering (and assuming the completion of the maximum offering amount under the offering), Teck will hold approximately 15% of the issued and outstanding shares on a non-diluted basis.
The offering is subject to customary conditions precedent, including receipt of all required regulatory approvals.
The increased investment builds on Teck’s initial strategic position announced in December 2025 and reflects continued technical and strategic engagement between Intrepid and Teck.
“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, multi-year exploration and development program while maintaining strong alignment with a leading global mining company.”
Proceeds from the offering will be used to complete an initial 30-month exploration and development program at Corral, as well as for annual property option and rental payments to keep the properties in good standing.
The committed programme is expected to include, among other work programmes, a 50-line-kilometre induced polarisation survey, geological mapping and geochemical sampling, metallurgical and permitting work, and follow-up drilling designed to expand known zones and test new targets identified by Intrepid’s integrated, multi-dataset targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in H2 2026.
Upon closing of the Offering, the Company and Teck will enter into an amendment to the Investor Rights Agreement dated December 23, 2025.
Pursuant to the Amendment, the parties will agree to: (i) increase the amount of Committed Funds applicable to the committed programme; (ii) extend the timelines for the Committed Program and Teck’s right of first refusal on the Corral Project by six months; (iii) increase Teck’s participation rights and maximum ownership from 15% to 19.9%, and (iv) to provide no-more-favourable protection for the participation rights in the Investor Rights Agreement.
The offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the exchange. The offering will close upon receipt of Exchange approval.
The shares issued under the offering will be subject to a statutory hold period under applicable Canadian securities laws, expiring four months and one day from the closing of the Offering.
Haywood Securities Inc. is acting as the Company’s financial advisor, and Farris LLP is acting as the Company’s legal counsel.
As of the date hereof, Teck beneficially owns, directly or indirectly, or exercises control or direction over, 8,800,000 shares, representing approximately 9.38% of the issued and outstanding shares on a non-diluted basis.
Upon closing of the offering (and assuming the completion of the maximum offering amount under the offering), Teck will beneficially own, directly or indirectly, or exercise control or direction over, 15,642,881 shares, representing approximately 14.95% of the issued and outstanding Shares on a non-diluted basis.
Teck’s purchase of the shares under the offering is being made for investment purposes. Teck may decide to increase or decrease its investment in the company based on market conditions and other relevant factors.
This release is required to be issued under the early warning requirements of applicable securities laws.
Teck’s head office is located at Suite 3300, 550 Burrard Street, Vancouver, BC V6C 0B3. In satisfaction of the requirements of the National Instrument 62-104, Take-Over Bids And Issuer Bids and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, early warning reports respecting the acquisition of Shares by Teck or its affiliates will be filed under the company’s SEDAR+.
A copy of Teck’s early warning report to be filed in connection with the Offering may also be obtained by contacting Dale Steeves at 236-987-7405.
