Intrepid Metals Corp. (IMTCF) January 2026 Capital Markets Day Transcript

Morning, I'm Mark Morabito, founder, chairman, and chief executive officer of Intrepid Metals. We're exploring for high-grade base and precious metals in southern Arizona exclusively. So, I founded the company about five and a half years ago. I have a long history in Arizona. There is a producing copper mine there now called Gunnison, where I was chairman for 12 years. took it through permitting two and a half years start to finish both state and federal in the same county where our flagship project is now so when i left that company i had an agenda and that is to stay in the region that i knew well that i had a major permitting success and put together a portfolio of properties that could be developed but unlike last time for me rather than go through permitting but package them up for sale or to attract strategic partners as quickly as possible so fast-track potential a lot of private land BLM is very cooperative in the area because there's no one to oppose our work there's already an existing mine in the area we're looking for large-scale porphyry systems and we've got a very experienced team some of the team members there all All of them have experience, as you can see, in larger companies, names you recognize well. And we also have a strategic partner, Tech recently invested 9.9%. Capital structure, you can see, and the stock chart. Let's talk about this. We chose the more difficult path. We did not, even though we could have, put out a resource, a maiden resource. We did not seek bank coverage. we did not want to do a resource. What we wanted to do, because the setting, as I'll show you, is the permitting risk is non-existent and all of the ingredients are there to permit and develop quickly. We just wanted to drill and follow a program of putting out results that would attract a strategic partner early. That's good because it worked, but it was tough because we didn't have that third party validation that investors look for throughout the period prior to that. So we were an underreported story from that standpoint. But that's good in terms of the timing now because we're into a bull market. We've got a great project and we have a strategic partner. And because we were underreported, there's a lot of upside left in the story. So 90 million shares outstanding. The warrant number, it says 19 million at 45, that's not true. It's come off about 4 or 5 million, probably 5 now, since this was printed. Those warrants are all coming in and being taken down. So the market cap is still quite low relative to what we have. We're only now starting to promote the story since we got the tech investment on board, and be more aggressive in that regard. Our flagship project is the Corral Copper Project. We also have two others, Tombstone South and Mesa Well. I'm not going to talk about those. That's not what tech came in for. However, I would point out that both of those, now that we have a strategic partner for Corral, We tend We're going to Our exploration team is going to Mobilize over to those other two projects Corral has taken all of our bandwidth Up until now Because it had the highest potential Of delivering quick results And attracting A strategic investor Everybody knows Arizona is a tier one Mining jurisdiction We're in the best county in the state of Arizona As I told you before, my last project in that county, two and a half years permitted, start to finish, both federal and state. You have a very welcoming environment, and you have this very rare landscape where you have rail, power, interstates, fantastic secondary roads, unchallenging topography, and almost nobody there. So those that are there are starved for work. It's a high unemployment rate, so they welcome mining, and the Gunnison Project is proof of that. This is the landscape in the area. You can see Corral, Tombstone South. Tombstone South is located right by the town of Tombstone, which itself is an old mining town. It's famous for a gunfight, but it was built on the back of a mine. You can see the infrastructure here. So our land is large blocks of private and patented ground. So it says short permitting times. For a lot of that ground, we don't have any permitting time. We simply tell them what we're going to do. And then we go do it. So we notify them. So for us, our projects all move at a very, very quick pace because we don't have to wait for permits. We're 35 kilometers north of the historical Bisbee camp, that's a copper queen mine, which was a huge money maker, and we think an analog to what we have here. You can see all the infrastructure, the generating stations, the rail networks, the interstates, secondary roads, and what you don't see is the aquifer, of course, because it's underground. We're not competing with commercial agriculture in this region, so nobody's growing pecans and almonds near us like they are up north and people fight about water down there let me tell you but we don't have to worry about that where we are it is the perfect location and it's why johnson camp just there right by the interstate was permitted in record time basically what i had to do here because i knew all the majors were interested in what was going on here and i wanted to attract them as partners is get rid of the risk there's no permitting risk But what I did have to do was get rid of the ownership risk, and that was the big problem. We had a bunch of landowners, different landowners that had owned pieces of property where work was done in the past. None of it was coordinated, and they were all fighting each other. So I had to corral them. That's why it's called corral, under one roof, my roof. and my currency was to them was i just got a another mine permitted in this area you guys aren't getting anything done so throw your lot in with me and we'll take it forward that was the pitch um then because they were fighting so much in the past that they were literally destroying each other's drill core um it got ridiculous and so we had to go out and we had to re-drill off of historical records so we went out there and we punched holes in 2024 2025 some of them were confirmatory holes others not and you can see the results 112 meters of 1.5 percent copper half a gram per ton gold eight gram per ton silver etc etc the results speak for themselves themselves, and they've been consistent all along. These are CRD targets. The real prize is the porphyry, and that's what tech is in for, because the CRDs in this part of the world are always associated with porphyry. As soon as we put out those drill results, you know, what happened? Rio Tinto staked around one side of us, Ivanhoe Electric on the other. this piece of land is now in play and all our drilling is expansive and with tech on board now they're going to guide us to all the next targets tech investment was four million for 9.9 don't be surprised if that goes up at some point and we've got 24 month exploration development program plan with them and we're drilling for the porphyry now we haven't done that yet and we didn't want to until we had made the case that a porphyry was nearby and we've made that case and right now tech can go up to 15 percent i say don't be surprised if the number goes up and we run the program together we've got we've done a lot of work and drilling, but we've spent about 8 million Canadian to date, and that was enough to define the CRD-style mineralization. But now, with tech, we're going to go find the porphyry. It's similar to the Copper Queen, which was a big moneymaker in the region, and it's similar in many ways. And so that's the analog that we're doing. We're looking for that buried porphyry. And all the evidence is it's within 400 or 500 meters of where we've been drilling. This is the evidence for it, the rocks. Some of those rocks are from the guts of a porphyry. They just simply can't move far. I hope you found that interesting. Any more questions, we're around.