Stepping Back at the Right Time: A Founder’s Perspective on Intrepid

Apr 23

There comes a time when founders have to look at their company with complete honesty and ask a simple question. What does it need now?

At Intrepid Metals Corp., that answer became clear to me over the past year. The business has reached a stage where the foundation is in place, and the next phase calls for new leadership.

As a result, I have stepped down as Chairman and Chief Executive Officer, effective March 30, 2026. I will remain involved as a Strategic Advisor to the Board and management team.

Matt Lennox-King and Dan Barnholden have joined the Board of Directors, with Matt assuming the role of Interim Chairman and Chief Executive Officer.

What We Set Out to Build

From day one, the focus was on assembling something district-scale in a jurisdiction with real prospects. Southeastern Arizona offered that opportunity.

We built a portfolio of three projects, all located within established mining regions in that part of the United States. Each one brought a different layer of geological potential and historical context.

At Corral Copper, the opportunity was already well defined. The area has a long mining history dating back to the early 1900s, including oxide copper production with reported grades as high as 9.2%. The project sits roughly 15 miles east of Tombstone and about 22 miles north of the Bisbee mining camp.

There was also substantial prior work. More than 50,000 metres of historical drilling had been completed before our involvement. We added over 10,000 metres of our own drilling, intersecting long intervals of copper and gold mineralization. That combination of historical data and new work gave us a strong technical base to build from.

At Tombstone South, the geology pointed to a different type of opportunity. Historical drilling identified high-grade mineralization, and the property shares characteristics with the Taylor Deposit, which was acquired by South32 for $1.3 billion in 2018.

Mesa Well brought yet another dimension. The property covers about 6,550 acres and sits within the Laramide Copper Porphyry Belt, an area known for large-scale deposits. It is located between several major operations, including BHP’s San Manuel-Kalamazoo deposit, Freeport-McMoRan’s Safford deposit, and Asarco’s Ray deposit.

At the same time, we made a deliberate decision on capital. Every financing was completed on a non-brokered basis. That shaped the shareholder base and allowed us to move forward with a clear structure.

When the Market Takes Notice

Validation takes time. In our case, it came through a pair of investments from Teck Resources Limited, one of the world’s largest diversified mining companies and copper producers.

Their initial investment in December 2025 was followed by a second investment in February 2026 at a higher price, increasing their ownership to approximately 14.7%.

That level of participation reflected confidence in the underlying assets and work completed over several years. It marked a shift in how the company was viewed.

The Decision to Step Back

For a founder, stepping down is not about walking away. It is about recognizing where you can contribute most effectively.

I have always believed that leadership is tied to timing. There are periods where assembling assets and building the foundation are the focus. There are periods where advancing those assets requires a different approach.

Intrepid is entering that next phase. It calls for leadership fully dedicated to advancing the projects.

The Right People for What Comes Next

I want to acknowledge Matt Lennox-King and Dan Barnholden.

Matt brings decades of experience across exploration, corporate development, and capital markets. He has spent his career advancing projects and leading public companies through critical stages. His understanding of how to move assets forward is exactly what is needed now.

Dan adds a complementary perspective, with a strong background in investment banking and capital markets, as well as leadership experience at Luca Mining Corp. He understands how capital and strategy intersect, which is essential at this stage.

I have a high degree of confidence in both of them and in the direction they will take the company.

Looking Back, Looking Forward

There is a great feeling of satisfaction in seeing the company reach this point. The early years required conviction. Progress is not always visible to the public. You rely on the strength of the idea and the discipline of execution.

Today, Intrepid has a defined asset base, a clear technical direction, and backing from a global mining company. That combination puts us in a strong position.

Final Thoughts

Timing shapes outcomes in this business.

Knowing when to push forward matters. Knowing when to step back matters just as much.

I believe this is the right moment for Intrepid.

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