Teck Resources Limited has purchased 8,800,000 common shares of Intrepid Metals Corp. at $0.45 per share, generating $3.96 million in gross proceeds and giving Teck a 9.9% pro‑forma ownership stake in the junior copper explorer.
The infusion of capital will fund a 24‑month exploration and development program at Intrepid’s Corral Copper Project in Cochise County, Arizona. The program will include induced‑polarization surveys, geological mapping, metallurgical work, and drilling aimed at expanding known mineralized zones and identifying new targets.
Teck’s investment aligns with its broader strategy to increase copper exposure as demand for the metal rises with the transition to electric vehicles and renewable energy. By backing a high‑potential project in a mining‑friendly jurisdiction, Teck gains early access to a potential resource while supporting a partner that can deliver technical expertise through a joint technical committee.
Intrepid has already reported multiple high‑grade copper‑gold‑silver intercepts at Corral, including the Ringo, Earp, Holliday, and Clanton zones. The new funding will accelerate drilling and metallurgical testing, improving the project's resource estimate and bringing it closer to a development‑ready stage.
In addition to the equity stake, Teck has secured rights to participate in future financings to maintain its pro‑rata interest (up to 15%), to nominate representatives to the technical committee overseeing Corral, and a right of first refusal on the project. These provisions give Teck significant influence over the project’s direction and future capital structure.
Intrepid’s CEO noted, “Teck’s technical engagement and capital commitment reinforce our confidence that Corral will deliver long‑term value. The partnership positions us to systematically advance the project and build shareholder value.”
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