Intrepid Metals Announces Strategic Investor: Teck to Acquire a 9.9% Equity Interest to Fund Exploration on the Corral Copper Project in Arizona at $0.45 Per Share
NEWS RELEASE
Intrepid Metals Announces Strategic Investor: Teck to Acquire a 9.9% Equity Interest to Fund
Exploration on the Corral Copper Project in Arizona at $0.45 Per Share
December 18 , 2025 – VANCOUVER, BRITISH COLUMBIA, Intrepid Metals Corp. (TSXV:INTR)
(OTCQB:IMTCF) (“Intrepid” or the “Company”) is pleased to announce that Teck Resources Limited
(“Teck”) has agreed to acquire, on a non-brokered private placement basis, 8,800,000 common shares in
the capital of the Company (the “Common Shares”) at a price of $0.45 per Common Share (the “ Issue
Price”) for gross proceeds to the Company of $3 ,960,000 (the “ Offering”), representing 9.9% of the
Company’s outstanding shares on a pro forma basis. The Offering constitutes a binding commitment by
Teck, subject to customary conditions precedent, including receipt of all required regulatory approvals.
The Issue Price represents a premium of 13% to the trailing 20-day volume weighted average price of the
Company on the TSX Venture Exchange (the “Exchange”) as of today’s date.
“I look forward to welcoming Teck as a new shareholder and strategic partner of Intrepid,” said Mark J.
Morabito, Chief Executive Officer of Intrepid. “Teck’s decision to make a cornerstone investment in the
Company reflects the quality, scale potential and strategic relevance of our Corral Copper Project in
Cochise County, Arizona. Corral has already delivered multiple broad, near -surface copper-gold-silver
intercepts with locally high -grade intervals, and our ongoing work continues to refine and expand the
Ringo, Earp, Holliday and Clanton zones while advancing our understanding of the broader mineral system
and porphyry potential . With a committed, well -funded exploration program and the benefit of Teck’s
technical engagement through the technical committee, Intrepid will be positioned to systematically
advance Corral and build long-term value for shareholders.”
Proceeds from the Offering will be used to complete an initial 24 ‑month exploration and development
program at Corral (the “Committed Program”). The Committed Program is expected to include, among
other work programs, a 50 line ‑kilometre induced polarization (“ IP”) 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 investor rights agreement (the
“Investor Rights Agreement ”). Pursuant to the Investor Rights Agreement, and subject to customary
conditions and ownership thresholds, Teck will have, among other rights: (i) participation rights in future
equity financings to enable Teck to maintain its pro‑rata interest in the Company for up to three years and,
if exercised, to increase its ownership interest to up to 15% of the Company; (ii) the right to nominate two
representatives to a four‑person technical committee to provide technical oversight and collaboration with
respect to the Corral Copper Project, with Teck holding a tie ‑breaking vote; (iii) certain information rights
relating to the Corral Copper Project; and (iv) a right of first refusal, for a period of 30 months, on any
proposed transfer of the Company’s interest in the Corral Copper Project, subject to customary exclusions.
The Offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary
approvals, including the conditi onal approval of the Exchange. The Offering will close upon receipt of
Exchange approval expected to be before the end of the year (the “Closing”).
The Common Shares issued under the Offering will be subject to a statutory hold period under applicable
securities laws in Canada expiring four months and one day from Closing.
Haywood Securities Inc. is acting as financial advisor and Farris LLP is acting as legal counsel to the
Company.
Page 2 of 3
About Corral Copper
The Corral Copper Property, located near historical mining areas, is an advanced exploration and
development opportunity in Cochise County, Arizona. Corral is located 15 miles east of the famous mining
town of Tombstone and 22 miles north of the historic Bisbee mining camp which has produced more than
8 billion pounds of copper1. Production from the Bisbee mining camp, or within the district as disclosed in
the next paragraph, is not necessarily indicative of the mineral potential at Corral.
The district has a mining history dating back to the late 1800s, with several small mines extracting copper
from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various
companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on
discrete land positions and commodities due to the fragmented ownership. There is over 50,000m of
historical drilling at Corral mainly centered on the Ringo, Earp and Holliday Zones and although this core
has been destroyed, Intrepid has a historical digital drill hole archive database which the Company uses
for the purposes of exploration targeting and drill hole planning. Intrepid, through ongoing exploration
drilling and surface geological mapping, sampling and prospecting is increasing confidence in the validity
of this data.
Intrepid is confident that by combining modern exploration techniques with historical data and with a clear
focus on responsible development, the Corral Copper Property can quickly become an advanced
exploration stage project and move towards development studies.
About Intrepid Metals Corp.
Intrepid Metals Corp. is a Canadian company focused on exploring for high -grade essential metals such
as copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in southeastern
Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects,
including the Corral Copper Project (a district scale advanced exploration and development opportunity
with significant shallow historical drill results), the Tombstone South Project (within the histori cal
Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B
in 20182, though mineralization at the Taylor Deposit is not necessarily indicative of the mineral potential
at the Tombstone South Project) both of which are located in Cochise County, Arizona and the Mesa Well
Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional
team with considerable experience with exploration, developing, and permitting new projects within North
America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol “INTR” and on the
OTCQB Venture Market under the symbol “IMTCF”. For more information, visit www.intrepidmetals.com.
INTREPID METALS CORP.
On behalf of the Company
“Mark Morabito”
Chairman & CEO
For further information regarding this news release, please contact:
Mark Morabito, Chairman & CEO
604-306-3835
Notes
1 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website,
on the City of Bisbee website ( www.bisbeeaz.gov/2174/Bisbee-History) and from Briggs, D.F., 2015, History of the Warren
(Bisbee) Mining District, Arizona Geological Survey Contributed Report CR-15-b, 8 p.
Page 3 of 3
2 Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 (South32
completes acquisition of Arizona Mining).
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this release constitute forward -looking information within the meaning of applicable Canadian securities laws.
Such forward-looking statements relate to: the potential of Corral; the closing of the Offering; the timing of the closing of the Offering; the potential of Corral
as an emerging copper asset in a highly prospective district; the potential for a porphyry discovery; the potential for previously unrecognized bulk-tonnage
porphyry copper-gold discoveries close by; the exploration potential of the Corral Copper Property and the Company’s other mineral projects; and potential
future production.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might",
"occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future
events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other
things, receipt of all necessary approvals for the Offering, including approval of the TSX Venture Exchange; the Company can raise additional financing to
continue operations; the results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the
availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and
assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers
these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual resu lts, performance or
achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks rela ting to the ability to access
infrastructure, risks relating to the failure to access fina ncing, risks relating to changes in commodity prices, risk related to unanticipated geological or
structural formations and characteristics risks related to current global financial conditions, risks related to current global financial conditions and the impact
of any future global pandemic on the Company’s business, reliance on key personnel, operational risks inherent in the conduct of exploration and
development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in
a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titl es and interests, environmental risks
and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described
in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly,
readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except
as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.