Teck Resources Just Took a 9.9% Stake. Doug Casey Calls It “The Ideal Small Mining Company.” Here’s Why.
We recently sat down with Intrepid Metals (TSXV: INTR) for a no-holds-barred Experts Roundtable. With a fresh $3.96M strategic investment from Teck Resources closing in late December, the company claims to be sitting on a “Bisbee Analog”—a geological twin to one of the most prolific copper districts in history.
Is it real, or just another junior mining story?
We brought in the heavy hitters—Doug Casey, Byron King, Lawrence Roulston, Edmond Bugos and others—to grill CEO Mark Morabito and Technical Advisor Dan MacNeil.
They looked for skeletons. They found a “layup.”
Watch the full session below to see why the panel agrees this is an inflection point.
The “Copper Queen” Analog
The geological thesis is bold: Intrepid’s Corral Copper project in Arizona shares the exact geological DNA (same host rocks, same age) as the legendary Copper Queen (53M tons @ 6% Cu) and Lavender Pit (223M tons @ 0.63% Cu) nearby.
Byron King, who visited the Bisbee district as a young geologist in 1978, didn’t mince words about the potential:
“When you say ‘Copper Queen’ in the same breath as what you’re doing, you’re setting a high bar... But you have the same rocks, the same geochemistry... I’m totally intrigued. The downside is minimal and the upside is blue sky.”
The “Porphyry Prize”
While the high-grade Carbonate Replacement Deposits (CRD) are the immediate target, the real prize—the one that attracted Teck—is the massive porphyry system feeding it.
Dan MacNeil, Intrepid’s Technical Advisor, explained what happens when you drill these systems:
“We have evidence of the transition from the CRD to the porphyry... When porphyry fluids hit these reactive host rocks, you tend to get dizzyingly high grades... You think of a number that’s really big, and that’s what it’s going to be. Life changing.”
Why Now? The “Zero to Hero” Window
CEO Mark Morabito was candid about why the stock has been quiet—and why that silence is about to end. With Teck now validating the project and “ring-fencing” the exploration budget, the risk profile has completely shifted.
Mark Morabito:
“It’s the biggest layup you’re gonna come across... We’ve finally got the third-party validation. Nobody believes a 9.9% [stake from Teck] crowds them out... I expect by June, people will look back at this time period as the point where we went from zero to hero.”
The Verdict: “No Skeletons”
After 60 minutes of technical scrutiny on geology, jurisdiction (Cochise County, AZ), and share structure, the panel’s conclusion was unanimous.
Doug Casey:
“I’m pretty happy with the story... It seems to be the ideal small mining company where you can make a lot of money and the risk isn’t all that much... This is a really good shot.”
Lawrence Roulston:
“They have so many targets... It’s hard to imagine that they’re not going to find something meaningful... This looks like a great stock play.”
The Bottom Line: With a major mining partner funding the drill bit, a “moonscape” permitting environment in Arizona, and a valuation that hasn’t yet priced in the Teck deal, Intrepid Metals is poised for a massive 2026.
Don’t miss the details. Watch the replay now.
The presentation deck can be downloaded here:
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Disclaimer: The company has paid a fee for the opportunity to sit in the ‘hot seat’ and present their story to our panel of experts; however, the opinions, analysis, and verdicts expressed by the expert panel are entirely their own, independent, and unfiltered. This content is for informational purposes only and does not constitute investment advice. Investing in junior mining stocks is speculative and carries a high degree of risk. Please conduct your own due diligence and consult a qualified financial advisor before making any investment decisions.
