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Intrepid Metals Corp. (TSXV: INTR,OTC:IMTCF) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces a leadership transition following a period of significant advancement and strategic validation.
Mr. Mark J. Morabito, Founder of the Company and its Chairman and Chief Executive Officer, will step down from his roles. Mr. Morabito will be succeeded by Mr. Matt Lennox-King, who will join the Board of Directors and assume the role of Interim Chief Executive Officer and Chairman. The Company also announces the appointment of Mr. Dan Barnholden to its Board of Directors.
Mr. Morabito founded Intrepid and has led the Company since inception as Chairman, including serving as Chief Executive Officer since September 2025. Over this period, he directed the consolidation and advancement of the Company's district-scale land position in southeastern Arizona, anchored by the Corral Copper Project, and established a disciplined capital strategy under which all financings were completed on a non-brokered basis.
Most notably, under Mr. Morabito's leadership, the Company secured back-to-back strategic investments from Teck Resources Limited, one of the world's largest diversified mining companies and a major global copper producer. Teck initially acquired a strategic equity position in December 2025 and subsequently increased its ownership through participation in a February 2026 non-brokered financing at a higher price, resulting in an approximate 14.7% ownership position and expanded strategic rights. This sequence of investments represents a significant third-party validation of the Company's asset base and development strategy.
Mark Morabito commented: "Intrepid has reached an important inflection point. Over the past six years, we have built a district-scale copper platform in one of the most established jurisdictions in the United States and secured strategic investment from a global mining leader. With that foundation in place, I believe this is the appropriate time to transition leadership and position the Company for its next phase of development."
The Company thanks Mr. Morabito for his leadership and vision in founding and building Intrepid. Over the past six years, he has led the Company from inception through the assembly and advancement of a district-scale copper platform in Arizona and through successive strategic investments by a global mining major.
Mr. Lennox-King brings over 30 years of experience in mineral exploration, corporate development and capital markets, with a track record of advancing projects and leading publicly listed companies.
Mr. Barnholden is currently Chief Executive Officer of Luca Mining Corp. and has over 20 years of experience in investment banking and capital markets.
Mr. Morabito will continue to support the Company as a strategic advisor to the Board and management team.
The Company also announces the granting of an aggregate of 1 million incentive stock options at an exercise price of $0.49, exercisable for a period of 5 years and vesting quarterly over a 12 month period.
About Intrepid Metals Corp.
Intrepid Metals Corp. is focused on exploring for high-grade essential metals, including copper, silver, and zinc, in established mining jurisdictions in southeastern Arizona, USA. 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. Teck Resources Limited recently became a 14.7% equity stakeholder in Intrepid, reflecting its strategic interest in the Company and its Corral Project. Intrepid is led by an experienced technical and management team with a strong track record of advancing and permitting projects across North America. The Company trades on the TSX Venture Exchange 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
604-681-8030
invest@intrepidmetals.com
Notes
1 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website and on the City of Bisbee website (www.bisbeeaz.gov/2174/Bisbee-History).
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 the property; details about potential mineralization; the exploration potential of the Corral Copper Property and the Company's other mineral projects; the exercise of the option to acquire the MAN Property; 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, 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 results, 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 relating to the ability to access infrastructure, risks relating to the failure to access financing, 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 titles 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290310
