Leocor Mining Completes Distribution of Intrepid Metals Shares to Shareholders

About this update from Leocor Mining Inc.

Vancouver, British Columbia (June 10, 2026) - TheNewswire – Leocor Mining Inc. (CSE: LECR, OTCQB: LECRF, Frankfurt: LGO0) (“Leocor” or the “Company”) (formerly Leocor Gold Inc.) is pleased to announce the closing of the previously announced distribution (the “Distribution”) of all of its 17,647,058 common shares (the “Intrepid Shares”) of Intrepid Metals Corp. (TSXV: INTR) (“Intrepid”), representing approximately 14.3% of the issued and outstanding Intrepid Shares as of the date hereof, to shareholders of record of the Company as of June 9, 2026, on a pro rata basis. Alex Klenman, Chief Executive Officer of Leocor, stated “the completion of the Distribution represents a meaningful step in our ongoing efforts to maximize shareholder value. By distributing our Intrepid shares directly to our shareholders on a pro rata basis, we have enabled them to participate in Intrepid’s future growth while allowing Leocor to remain focused on advancing our gold-copper exploration assets in Atlantic Canada, anchored by our land position in the Baie Verte Mining District. We believe this approach represents a fair and equitable outcome for all shareholders, while efficiently realizing the value of our strategic investment in Intrepid.” The Company effected the Distribution by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”), pursuant to which the Company’s outstanding common shares were reorganized such that each existing common share was exchanged for: (i) one new common share of Leocor (a “New Leocor Share”), having the same attributes as the existing common shares; and (ii) a pro rata entitlement to the Intrepid Shares distributed. Shareholders of record as at the effective time of the Arrangement (the “Closing Date”) were entitled to receive their pro rata portion of the Intrepid shares pursuant to the Distribution. Each existing common share was exchanged for approximately 0.0706 of an Intrepid Share (the “Exchange Ratio”), based on the number of Leocor shares outstanding as at the Closing Date.   Where the application of the Exchange Ratio would otherwise have resulted in a fractional Intrepid Share, the number of Intrepid Shares distributed to the applicable shareholder was rounded down to the nearest whole number, and any such fractional entitlement was retained by Leocor. No cash or other ...

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