Intrepid Metals Corporation (Inter-TSXV, IMTCF-OTCQB) has raised over $6 million through aggressive participation in the escrow exercise. All holders of warrants issued in connection with the January 2024 non-brokered private placement have elected to exercise their warrants, the company said. A total of 9.5 million warrants were issued as part of the financing, with each warrant exercisable to purchase an additional common share at an exercise price of 45 cents, it said. All warrants were exercised, resulting in proceeds of $4.27 million.
In addition to the warrants issued in the first tranche of the 2024 financing being exercised, an additional 4.6 million warrants issued in other financings have been exercised so far in 2026, providing additional proceeds of approximately $2.14 million. The company said an additional 5.13 warrants remain outstanding and are scheduled 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 total proceeds of more than $16.7 million from financings and guarantees.
Intrepid shares fell 1.5%, or $0.01, to 67 cents in early morning trading Tuesday. Shares are trading in a 52-week range of 84 cents and 31 cents.
Intrepid Metals focuses on exploring high-quality base metals, including copper, silver and zinc in established mining areas in southeastern Arizona, USA. The company’s portfolio is anchored by the Corral Copper Project, an advanced, region-wide exploration stage system with large-scale 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 security holders. With over $6 million in security exercises received year to date, along with Teck Resources Ltd.’s participation in two recent financings, the company has significantly strengthened its treasury,” said Matt Lennox King, Interim CEO of Intrepid. “This positions us well to further advance our exploration strategy in Arizona and build long-term value for all shareholders.”
In a press release dated March 30, 2026, Intrepid announced details of the leadership transition after a period it described as “significant progress and strategic validation.” It said Mark J. Morabito, the company’s founder, chairman and chief executive officer, will step down from his positions. He will be succeeded by Matt Lennox King, who has agreed to join the board and assume the role of interim CEO and chairman, the company said. The company also announced the appointment of Dan Barnholden to its Board of Directors.
Barnholder is currently the CEO of the company Lucca Mining Company (Luca-TSXV, lokmf-OTCQX) He 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 of Directors and management team.
Teck Resources Ltd., the company said. It recently became a 14.7% shareholder in Intrepid, reflecting its strategic interest in the company and its Corral project.
