Intrepid raises $6 million from the exercise of warrants

Intrepid Metals Corp. [INTR-TSXV, IMTCF-OTCQB] said it has raised over $6 million via strong warrant exercise participation. The company said all holders of warrants issued in connection its January, 2024 non-brokered private placement have elected to exercise their warrants. It said a total of 9.5 million warrants were issued as part of the financing, with each warrant exercisable to purchase one additional common share at an exercise price of 45 cents. All warrants have been exercised, generating proceeds of $4.27 million.

In addition to the warrants issued in the first tranche 2024 financing that have been exercised, an additional 4.6 million warrants issued in other financings have been exercised so far in 2026, providing further proceeds of approximately $2.14 million.  The company said an additional 5.13 warrants remain outstanding and are set to expire on April 24, 2026, at an exercise price of 45 cents per share, representing potential additional proceeds of $2.31 million.

Since December, 2025, the company said it has raised gross proceeds of over $16.7 million from financings and warrant exercises.

Intrepid shares eased 1.5% or $0.01 to 67 cents in early morning trading, Tuesday. The shares trade in a 52-week range of 84 cents and 31 cents.

Intrepid Metals is focused on exploring for high-grade essential metals, including copper, silver, and zinc in established mining jurisdictions in southeastern Arizona, U.S.A. The company’s portfolio is anchored by the Corral Copper project, an advanced exploration-stage, district-scale system with extensive drilling and significant shallow results, complemented by the Tombstone South and Mesa Well projects.

“We are very pleased to see such strong participation from our warrant holders,’’ said Intrepid interim CEO Matt Lennox-King. “With over $6 million received from warrant exercises year-to-date, alongside Teck Resources Ltd.’s participation in two recent financings, the company has significantly strengthened its treasury,’’ he said. “This positions us well to continue advancing our exploration strategy in Arizona and building long-term value for all shareholders.’’

In a press release on March 30, 2026, Intrepid announced details of a leadership transition after a period of what it described as “significant advancement and strategic validation.’’  It said Mark J. Morabito, founder of the company and its Chairman and CEO, would step down from his roles. The company said he would be succeeded by Matt Lennox-King, who agreed to join the board of directors and assume the role of interim CEO and Chairman. The company also announced the appointment of Dan Barnholden to its board of directors.

Barnholder is currently CEO of Luca Mining Corp. [LUCA-TSXV, LUCMF-OTCQX] and has over 20 years of experience in investment banking and capital markets. Morabito will continue to support the company as a strategic advisor to the board and management team.

Teck Resources Ltd. recently became a 14.7% equity stakeholder in Intrepid, reflecting its strategic interest in the company and its Corral project, the company said.