Intrepid Metals Extends Expiry Date of Warrants by 90 Days

Rhea-AI Summary

Intrepid Metals (OTCQB: IMTCF) intends to extend the expiry of 19,046,764 share purchase warrants exercisable at $0.45 by 90 days, subject to TSX Venture Exchange acceptance.

The extension proposes new expiry dates of April 5, 2026 for 9,499,999 warrants (originally Jan 5, 2024) and April 24, 2026 for 9,546,765 warrants (originally Jan 24, 2025). All other warrant terms remain unchanged.

Of the warrants, 9,146,567 are held by related parties, triggering MI 61-101 related party provisions; management says exemptions for valuation and minority approval apply because warrant fair value is under 25% of market cap. The company notes a shortened disclosure timing due to expedited business reasons.

Positive

• Total warrants extended: 19,046,764
• Exercise price remains fixed at $0.45
• New staggered expiries in April 2026

Negative

• 9,146,567 warrants held by related parties (potential governance concern)
• Company did not file MI 61-101 material change report >21 days before extension

News Market Reaction

+3.51%

1 alert

+3.51% News Effect

On the day this news was published, IMTCF gained 3.51%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Total warrants: 19,046,764 warrants Exercise price: $0.45 per share Warrants Jan 5, 2024: 9,499,999 warrants +5 more

8 metrics

Total warrants 19,046,764 warrants Share purchase warrants subject to expiry extension

Exercise price $0.45 per share Exercise price for all extended warrants

Warrants Jan 5, 2024 9,499,999 warrants Issued Jan 5, 2024; proposed expiry April 5, 2026

Warrants Jan 24, 2025 9,546,765 warrants Originally issued Jan 24, 2025; proposed expiry April 24, 2026

Extension period 90 days Exercise period extended by 90 days

Related-party warrants 9,146,567 warrants Held by related parties under MI 61-101 definition

Fair value threshold 25% of market capitalization Threshold for MI 61-101 valuation and minority approval exemptions

Material change report timing 21 days Standard MI 61-101 period before closing, not met here

Market Reality Check

Price: $0.4600 Vol: Volume 80,200 is 1.78x th...

high vol

$0.4600 Last Close

Volume Volume 80,200 is 1.78x the 20-day average of 45,122 ahead of this warrant news. high

Technical Price at 0.29945 trades slightly below the 200-day MA of 0.31 and 35.96% below the 52-week high.

Peers on Argus

Peers in Other Industrial Metals & Mining showed mixed moves, from -2.04% (EMGDF...

Peers in Other Industrial Metals & Mining showed mixed moves, from -2.04% (EMGDF) to +15% (PJXRF), while IMTCF was up 1.11%, suggesting company-specific factors rather than a clear sector trend.

Historical Context

5 past events · Latest: Nov 18 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 18	Drill results update	Positive	+8.1%	Strong Ringo Zone drill intercepts supporting potential porphyry center.
Oct 22	Drill results update	Positive	-1.0%	Two Ringo drill holes with notable copper-equivalent intervals reported.
Oct 03	Management change	Positive	-1.2%	Appointment of VP Corporate Development and grant of stock options.
Oct 02	New zone discovery	Positive	-6.5%	Announcement of new Clanton Zone with high CuEq intercepts at Corral.
Sep 23	Drill results update	Positive	-9.5%	Consistent drill results underscoring district-scale porphyry potential.

Pattern Detected

Recent drilling and corporate updates were generally positive in tone, yet 4 of the last 5 news events saw negative next-day price reactions, hinting at a pattern of selling into good news.

Recent Company History

Over the past few months, Intrepid reported a series of encouraging drill results at Corral Copper, including long intervals of copper-equivalent mineralization across the Ringo and newly defined Clanton zones, and completed 21 holes totaling over 5,700m. A corporate development hire and option grants were also announced on Oct 3, 2025. Despite this, shares often traded lower the day after news, indicating that positive technical progress has not consistently translated into short-term price strength. The current warrant-extension news follows this backdrop.

Market Pulse Summary

This announcement outlines a 90-day extension to the expiry of 19,046,764 share purchase warrants ex...

Analysis

This announcement outlines a 90-day extension to the expiry of 19,046,764 share purchase warrants exercisable at $0.45, with no change to other terms and subject to TSX-V acceptance. About 9,146,567 warrants are held by related parties, making this a related party transaction under MI 61-101 but within the 25% market capitalization exemption. Investors may track future warrant exercises, related-party participation, and how this interacts with ongoing exploration milestones at Corral Copper.

Key Terms

share purchase warrants, private placements, related party transaction, Multilateral Instrument 61-101, +3 more

7 terms

share purchase warrants financial

"extend the exercise period of a total of 19,046,764 share purchase warrants"

A share purchase warrant is a tradable certificate that gives its holder the right to buy a company's stock at a set price within a specified time window. Think of it like a coupon that lets you purchase shares later at a fixed rate; for investors it offers leveraged upside if the stock rises, but can also dilute existing owners when exercised and affects the company’s future share count and value.

private placements financial

"The Warrants were issued pursuant to private placements that closed on January 5, 2024"

Private placements are sales of a company’s securities—such as shares or bonds—directly to a small group of selected investors rather than to the general public. Think of it like a private sale to a few buyers who negotiate terms, and it matters to investors because it changes a company’s cash position, can dilute existing ownership, alter control or voting power, and may affect share liquidity and market value when those securities eventually reach public markets.

related party transaction regulatory

"the amendment of Warrants constitutes a "related party transaction" as contemplated by"

A related party transaction is any deal or transfer of value between a company and people or entities with close ties to it — such as executives, major owners, family members, or affiliated businesses. Investors watch these transactions because they can favor insiders over outside shareholders, skirt fair market pricing, or hide risks; like selling your car to a relative at a friendly price, they require clear disclosure and scrutiny to judge impact on value.

Multilateral Instrument 61-101 regulatory

"Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions"

Multilateral Instrument 61-101 is a securities regulation that sets rules for certain corporate deals—like mergers, asset sales, or related-party transactions—to protect minority shareholders by requiring extra disclosure, independent valuation and, in many cases, formal shareholder approval. Think of it as an impartial referee and checklist that forces companies to show the full playbook and get a vote or an independent price opinion, so investors can judge whether a proposed deal is fair and avoid being overridden by insiders.

TSX Venture Exchange regulatory

"The Warrant extension is subject to acceptance by the TSX Venture Exchange"

A junior stock exchange in Canada where smaller, early-stage companies list shares to raise capital and gain public visibility. Think of it as a farmers’ market for young businesses: it offers investors a chance to buy into fast-growing but higher-risk ventures, with looser listing rules and typically lower liquidity than major exchanges. It matters because performance and financing on this exchange can signal growth prospects or risk for investors.

material change report regulatory

"The Company did not file a material change report related to this transaction"

A material change report is a public notice that a company must file and share whenever new information or an event is significant enough to likely influence an investor’s decision. Think of it like an urgent update board that tells shareholders about big shifts—such as major deals, leadership changes, sudden losses, or legal issues—so investors can reassess risk and value with the same facts everyone else has.

market capitalization financial

"fair market value of the Warrants does not exceed 25% of the market capitalization"

Market capitalization is the total market value of a company’s outstanding shares, calculated by multiplying the current share price by the number of shares issued. It gives a quick snapshot of a company’s size and how investors value it, influencing perceived risk, index membership, and roughly how much it might cost to buy the whole company — like using a sticker price to compare the relative size and price of different houses.

AI-generated analysis. Not financial advice.

Vancouver, British Columbia--(Newsfile Corp. - December 10, 2025) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") announces that the Company intends to extend the exercise period of a total of 19,046,764 share purchase warrants, all of which are exercisable at $0.45 per common share (collectively, the "Warrants") by 90 days. The Warrants were issued pursuant to private placements that closed on January 5, 2024 and January 24, 2024, respectively. The Company proposes to extend the expiry dates for (i) 9,499,999 of the Warrants, originally issued on January 5, 2024, to April 5, 2026 and (ii) 9,546,765 of these Warrants, originally issued on January 24, 2025, to April 24, 2026. All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange ("TSX-V").

A total of 9,146,567 Warrants are held by parties who are "related parties" of the Company. Therefore, the amendment of Warrants constitutes a "related party transaction" as contemplated by Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"), and TSX-V Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants does not exceed 25% of the market capitalization of the Company. The Company did not file a material change report related to this transaction more than 21 days before the expected closing of the Warrant Extension as required by MI 61-101 since the decision to extend the warrants was made on an expedited basis for sound business reasons.

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 drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 2018¹, 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-V under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit www.intrepidmetals.com.

¹ 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).

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
info@intrepidmetals.com

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 proposal to extend the terms of the Warrants, TSX Venture Exchange approval of the proposal to extend the Warrants and the exploration and development potential of the Company's mineral properties.

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/277625

FAQ

What warrants did Intrepid Metals (IMTCF) extend on December 10, 2025?

The company proposed a 90-day extension for 19,046,764 warrants exercisable at $0.45 with new expiries in April 2026, subject to TSX-V acceptance.

How many Intrepid Metals warrants are held by related parties and why does it matter for IMTCF?

9,146,567 warrants are held by related parties, triggering MI 61-101 related party rules and governance disclosures for IMTCF.

What are the new expiry dates for the extended Intrepid Metals (IMTCF) warrants?

9,499,999 warrants to expire on April 5, 2026 and 9,546,765 warrants to expire on April 24, 2026.

Will the exercise price or other warrant terms change after the IMTCF extension?

No; the exercise price stays at $0.45 and all other warrant terms remain unchanged according to the announcement.

Did Intrepid Metals file a MI 61-101 material change report before the warrant extension?

No; the company said it did not file a material change report more than 21 days before the expected closing due to expedited business reasons.