Intrepid Metals Closes Strategic 9.9% Investment

Core Viewpoint - Intrepid Metals Corp. has successfully completed a private placement with Teck Resources Limited, raising $3,960,000 through the issuance of 8,800,000 common shares at a price of $0.45 per share, resulting in a 9.9% strategic equity interest for Teck in the company [1]. Group 1: Financial and Investment Details - The gross proceeds from the offering will fund a 24-month exploration and development program at the Corral Copper Project, which includes various geological and drilling activities [2]. - Teck has entered into an Investor Rights Agreement with Intrepid, granting it rights to maintain or increase its ownership interest in the company, nominate representatives to a technical committee, and receive certain information regarding the Corral Copper Project [3]. Group 2: Project and Exploration Insights - The Corral Copper Property is located in Cochise County, Arizona, near historical mining areas, and is considered an advanced exploration and development opportunity [6]. - Historical mining in the district dates back to the late 1800s, with over 50,000 meters of historical drilling data available for exploration targeting, despite the core being destroyed [7]. - The company aims to combine modern exploration techniques with historical data to advance the Corral Copper Property towards development studies [8]. Group 3: Company Overview - Intrepid Metals Corp. focuses on exploring high-grade essential metals such as copper, silver, and zinc in established mining jurisdictions in southeastern Arizona [9]. - The company has several drill-ready projects, including the Corral Copper Project and the Tombstone South Project, which have significant historical drill results [9].