Intrepid Metals Corp. (IMTCF) June 2026 Conference Transcript

Welcome back, everyone. Joining us today next is Matt Lennox-King, Chairman and Interim CEO of Intrepid Metals. And the last time Intrepid presented at Emerging Growth in December, the company was led by former CEO Mark Morabito. So since then, the company has undergone a leadership transition as it enters what management describes as the next phase of development. And after spending the past six years assembling and advancing its district scale coral copper project in Arizona and attracting strategic investment from Tech Resources, the company is now focused on unlocking the project's discovery potential through an expanded exploration program and planned drilling later this year. And it certainly has been a busy first half of 2026 for Intrepid. The company has strengthened its treasury through financings and warrant exercises, welcomed additional investment from Tech Resources, advanced its phase one exploration program at Coral, and recently expanded that program following encouraging early stage results from mapping and geochemical work. So with a strong treasury, a strategic partnership with one of the world's largest mining companies, and a significant exploration program underway at Coral. There's a lot for investors to catch up on. So I'm so happy to welcome you, Matt, back to the Emerging Growth Conference in your company. So start by bringing us a little bit up to speed on what's changed at Intrepid since December.

Absolutely, and thanks very much for having us. Look, there's been a ton of change, as you alluded to in your intro here at Intrepid over the last six months. I really think the key thing there is a leadership transition. So Mark Moravito, who founded the company, stepped away at the end of April. I rejoined the company as chair and interim CEO. I brought with me Dan Barnholden as a non-executive director. He is CEO of Luka Mining, a Mexican-focused precious metals producer and a longtime capital markets participant in Canada. We brought in tech as a strategic shareholder. I think that's a really strong validation of Intrepid and what we're doing. So they've put in over $8 million Canadian dollars. They currently sit just under 13% ownership. And then we've been very active on the ground as well. We've ramped up, as you alluded to, our phase one exploration program. I think we're really building towards something there. And all this activity has resulted in a significant increase in our market cap. and that's obviously now underpinned by over 20 million in cash that we've had come in through warrant exercises over the course of the spring.

Wonderful and congrats on all of that it certainly has been a busy six months so with tech having invested in Intrepid twice in a relatively short period of time what does that level of support mean for Coral?

Yeah it's really key you know a company like tech they're one of the largest uh global copper producers they don't invest in just anyone so they've they've done a lot of technical due diligence both in our data room and through subsequent site visits um and it very much is uh well first off a validation for what we've been doing and the potential uh corral um and it really is a partnership where we have a technical committee. So we meet twice a month with representatives from tech to review and plan the next phase of work, which we then implement. And having that bench strength of a major mining company behind us as we advance the project is really key. And so for investors who may be new to the story, talk about what makes Coral Copper projects stand out among other copper exploration projects in the us and also in arizona yeah so i think first off um talking a little bit about arizona it really is the place to be for us copper on an annual basis over 70 percent of us domestic copper production comes from arizona the exploration potential is phenomenal and i think what's really interesting for market participants today is we have seen the start of some pretty significant m a within the state recently we've seen hud bay acquire arizona sonoran and we've also seen faraday copper acquire a large package of land out of bhp to create what could be the third largest domestic copper deposit in the us when we look at corral specifically we're looking at over 42 square kilometers or 10 000 acres of mineral tenure that we control and for me as an explorationist someone who really likes to create value on the ground it's exciting because we have three distinct styles of mineralization or opportunities there for exploration success and discovery so the first is high grade copper and gold in the near surface and what we call carbonate replacement deposits we've had great results over the last two drill seasons out of that particular part of the property the next phase and this is really why tech is interested is larger bulk tonnage porphyry copper style targets and this is the style of copper mineralization that that underpins a lot of the production in arizona and then finally we've recently identified an area of at surface gold mineralization it hasn't really been explored before and that's really the third leg of the stool that we're looking at as far as corral um on the land front most of our drilling will take place from private ground where we control both the surface rights and the mineral rights allows it to then that allows us to be a lot more nimble in how we tackle the project going forward

and you also mentioned your phase one program so talk a little bit about that and what comes after this program and what are the project goals for 2026?

Yeah, absolutely. So the phase one program, it's all about refining and defining the next phase of drill targets. So we can think of that as far as the next phase of growth at the project level. This has really been all about rounding out our exploration toolbox. So we've done a significant amount of detailed geologic mapping essentially building our treasure map we've also done a lot of rock and soil sampling and the results have been really encouraging in both those data sets we've expanded that program to include some new areas including the gold system that we've identified in the southern part of the property and then this all transitions into a large geophysical survey starting in early august and that's really like the the analog would be it's like an mri if you have a bad knee you're going in you're getting some imaging that's really going to let you see what's going on under the surface and then finally we're going to start drilling in early september that's going to be a significant program of likely in excess of 10 000 meters and it's going to be a two-fold program focused initially on those high-grade near surface targets and then as we integrate more data we'll be taking bigger swings and looking for those bulk tonnage a perfect copper projects as time goes on and so corral is the flagship asset but intrepid has assembled a portfolios of projects in Arizona so how does tombstone south complement what you're building at corral yeah tombstone's a really interesting asset so it's very close to the old um historic town of tombstone where we have the shootout at the ok corral tombstone is very much um it's a binary outcome if we hit it could be a company maker and this is really based on geophysical data that we have so imaging the subsurface and some historical data that shows some pretty high grades in silver lead and zinc and so the analog here what we're looking for this would be like hermosa so that's south 32's development asset just off to the west where you have a buried or blind target and the potential for some really significant mineralization our goal there once we're up and running at corral will be to layer in a drill program at tombstone south later in the fall um and and it's exciting you know it's uh it's really a brand new target never had a deep test on and it could be very significant it is exciting and with all of this work plan for 2026 uh give us an idea of timing for news flow for the remainder of the year and especially what investors should be paying attention to absolutely so as we're active on the ground we'll start to see results from all that surface work likely be available in late June. That's going to lead into the geophysical survey in early August. Results from that typically come back much more quickly than any surface work or drill work. And then finally, we'll be starting drilling in early September. So again, that's over 10,000 meters of drilling. And that'll really provide us significant news flow likely from late september all the way through into early 2027. perfect so as we wrap up let's talk about the key message you'd like investors to take away from today's update absolutely really it's two things one arizona is a great place to be in the copper space right now i think as geopolitical events change and domestic supply of critical mineral minerals of which copper is a key one, changes, and that becomes more and more important. Arizona becomes more and more key. And really, on the company side of things, the company has been around for, as you said, about five years, and we've never been in better shape. We have a great treasury of over $20 million Canadian. We have an asset that I would argue has incredible exploration potential, and we've really only scratched the surface. we're backstopped by the strategic partnership with tech and we have a brand new management team raring to go and create value so there's there's a lot to like about the setup um and we're excited to get get drilling create value with value with the drill bit and keeping the market uh up to speed perfect well thank you for this great update and we certainly look forward to following along as you make these new progress into the year so thank you matt thank you all right everyone we'll be right back with our next presenter