ITMSF Intermap Technologies Corp.

$ITMSF It seems odd that Intermap would have the clout to pull this guy onto the board. This reads to me more like a federal customer showed some concern about the current board makeup and perhaps a lack of experience in dealing with the kind of contract they are fishing for. Perhaps the customer used their clout to get Mr. Ryan to join the board

$ITMSF On Monday there was a Kick-Off Meeting, Implementation Support Mission ILASPP held by ATR/BPN in Jakarta.

$ITMSF Non urban lots pushed one more week.Notification of Intention to Award has been sent to all participating Bidders for urban lots.

$ITMSF $IMP.TO Terry Ryan’s appointment is telling to me when viewed alongside Intermap’s other recent moves: • August 11: Michael Rolland joins the board, bringing institutional investment and global infrastructure financing experience. • August 18: John McNamara joins Intermap Federal Services’ advisory board, bringing senior diplomatic experience, Special Forces leadership and prior Joint Staff service at the Pentagon. • October 7: PCI acquisition closes, adding imagery processing, distributed processing capabilities and an established global software footprint. • November 3: Terry Ryan joins the parent company’s board, bringing senior defense intelligence experience, industry relationships and an ongoing role as Constellis’ Executive Vice Chairman. Taken together, these moves address three different requirements: technology, government relationships and capital. My theory is that Intermap is positioning the combined platform for larger defense and sovereign geospatial programs... potentially through strategic partners that can help finance, integrate and deploy its capabilities. Indonesia could fit within that broader strategy, but this sequence points beyond a single mapping procurement. The timing also matters. Frappier is temporarily stepping aside so Ryan can hold a voting seat NOW, while remaining involved as an observer/advisor. There may be a straightforward procedural reason for the seat swap, but management clearly preferred bringing Ryan onto the board before the next AGM. None of this confirms a pending deal. It does make a coordinated effort to pursue larger opportunities a reasonable thesis. Seems to me like something is brewing... (as it should be) : funded programs, commercial partnerships and the terms of any new capital for expansion. we'll know soon i suspect.

$ITMSF 6. The valuation disconnect is substantial According to CRM, Intermap trades at approximately: Metric USD Market capitalization $43M Reported liquidity $14M 2027 projected EBITDA $5M Market cap / projected EBITDA 8.6x Market cap less liquidity / projected EBITDA 5.8x These figures exclude any financial contribution from new Indonesian or U.S. government awards. Key takeaway: Investors may be substantially discounting the commercial business while assigning relatively little value to the potential government contract pipeline. 7. CRM sees potential for a tenfold return CRM believes a combination of Indonesian awards, successful PCI integration, and additional international government contracts could support a valuation approaching $430 million. That compares with approximately $43 million today. A tenfold return is an aggressive upside scenario, not a forecast, and would require considerable execution. Key takeaway: The potential upside is substantial because the company’s current market capitalization is relatively small compared with the government contracts it is pursuing. My Overall Takeaway.... The most important conclusion from this report is that the Indonesian procurement controversy may have been interpreted backward by the market. Investors have viewed the political resistance as evidence that Intermap is losing its opportunity. CRM argues that the resistance exists precisely because a foreign-led bidder is positioned to capture an unusually large portion of the non-urban contracts. That interpretation is plausible and consistent with what we have uncovered. Meanwhile, the PCI acquisition provides a stronger recurring-revenue foundation, and Intermap has additional government opportunities that are not dependent on Indonesia. The central investment thesis is no longer simply whether Intermap wins Indonesia. It is whether the market is materially undervaluing an expanding geospatial intelligence business that could also secure one of the largest mapping contracts in its history. The biggest remaining risk is continued procurement delays, but with the Urban lots are now initially awarded... so the non-urban lots are likely quick to follow imo.

$ITMSF Key Takeaways from CRM Global Capital’s October 24 Investor Update: 1. Indonesia’s political opposition may actually be bullish The most revealing detail is that Indonesian industry groups are complaining that a single foreign-led bidder could win all four non-urban mapping contracts, worth approximately $185 million. That is consistent with Intermap being exceptionally well positioned. The controversy appears focused on preventing one company from dominating the awards, rather than questioning its technical capabilities. Key takeaway: The political resistance may be evidence of Intermap’s competitive strength, although its leading position has not been independently confirmed. 2. Indonesia is preparing to move forward Several developments suggest the government is positioning itself to complete the procurement: * Approximately 89% of BIG’s proposed 2027 budget is allocated to ILASPP. * Indonesia’s Attorney General’s Office has entered an integrity arrangement intended to protect the procurement process from interference. * The World Bank’s procurement framework limits political influence over technical award decisions. * Urban bidders have now received Notifications of Intention to Award, demonstrating tangible progress. Key takeaway: The procurement process is advancing, even if the non-urban award timeline remains uncertain. 3. The $150 million financing commitment is significant Intermap disclosed more than $150 million in third-party credit support backing its Indonesian bid. This suggests substantial preparation for executing a major contract and could reduce financing concerns following an award. However, this is credit support, not cash on the balance sheet. Key takeaway: Intermap appears financially prepared to execute a major Indonesian award, subject to the terms and availability of that financing. 4. The PCI acquisition fundamentally changes the investment thesis With PCI Geomatics acquired, Intermap is no longer solely dependent on Indonesia for its growth prospects. Management’s 2027 guidance includes: * $12 million–$15 million in commercial revenue. * Approximately $5 million in adjusted EBITDA. * Contribution margins exceeding 50%. * Substantial recurring software and data revenue. These projections exclude potential revenue from new government procurement awards. Key takeaway: The commercial business could support a significantly higher valuation independently of Indonesia, assuming management delivers its projections. 5. U.S. defense opportunities could become the next major catalyst CRM believes Intermap’s next significant contract announcement could involve U.S. defense operations in Latin America. Its reasoning includes the appointment of former senior U.S. diplomat and military officer John McNamara, existing NGA and DOD contract vehicles, and management’s references to SOUTHCOM and prospective national mapping programs. Key takeaway: Intermap has credible opportunities beyond Indonesia, although no specific new Latin American defense award has been announced.

$ITMSF Intermap Appoints Terry Ryan to Board of Director Decades of experience growing dual-use defense technology companies Trusted senior intelligence leader, with a record of accomplishment across strategic, tactical and policy roles Former CEO of Constellis and Tenax Aerospace, global leaders in applied geospatial technology

$ITMSF ..................The market still appears to value ITMSF primarily as a contract-driven geospatial company, while the PCI Geomatics acquisition supports a transition toward a recurring-revenue software and data platform.

$ITMSF Why it doesn’t point to Intermap specifically: No contractor is named. BIG needs 1:5,000 maps whoever wins the tender. The article confirms demand and funding, not the outcome of the evaluation. Some of the work isn’t Intermap’s kind. Seabed and coastline mapping for the giant sea wall needs marine survey methods, not airborne IFSAR over land. The national budget and the World Bank tender are separate tracks. ILASPP loan money flows through the government budget, so this allocation likely includes funds for the mapping packages. But a budget line doesn’t decide the award. The no-objection and the evaluation do. Net effect for the investment: this lowers one risk and leaves the other unchanged. It’s now even less likely that the mapping program gets cut or shelved for budget reasons. If BIG plans 1:5,000 mapping in 2027 with this money, the World Bank packages need to be awarded fairly soon for the work to start on schedule. That timing pressure works in favor of a decision soon.

$ITMSF 10-day average volume has doubled its 90-day average, yet the share price remains tightly pinned in the $0.54–$0.55 range.

$ITMSF The article is good news for the program What supports your read: 1:5,000 base mapping is listed first among BIG’s 2027 priorities. That’s exactly the scale of the One Map program and the ILASPP packages Intermap bid on. The budget is real and large. At about 16,500 rupiah to the dollar, IDR 2.464 trillion is roughly US$150 million, and about 93% of it goes to the geospatial information programs, not overhead. Commission XII approved it. That’s the same DPR commission Ateng Sutisna sits on. The commission that produced the loudest critic still signed off on a budget built around large-scale base mapping. That suggests the political fight is over who does the work and on what terms, not whether it happens. Flood hazard maps are on the list too, and those depend heavily on accurate elevation data, which is Intermap’s core product. The data-infrastructure priority fits what Blott pitched about PCI: tools that let Indonesia process and control its own data.

$ITMSF I truly feel we will see something in the next 2 weeks. Let's pull back to what has happened this month. Satu Data Indonesia Law has passed, on October 6th. The framework for which the project must operate in has now been set, I truly believe that this Law will help our position abd not hurt it.

$ITMSF ......ITMSF appoints GEOINT and defense-tech executive Terry Ryan to Board. Why it matters: Deep geospatial intelligence background Extensive defense/intelligence relationships Experience with AI-driven multi-domain sensor platforms Supports ITMSF's continued push into defense, autonomy and advanced GEOINT markets Bottom Line: Not a contract announcement, but another strategic signal that Intermap is positioning itself higher up the geospatial intelligence value chain.

$ITMSF Indonesian Vice President Gibran Rakabuming Raka submitted his resignation following a Supreme Court ruling that invalidated his high school equivalency certificate. Quite the mess, but the resignation saved political unrest for now.

$ITMSF ...thanks...i was ai sleuthing and read that intermap wa part of a consortium bidding on urban...maybe this is false..ai often is... *The Non-Urban Bids (SAR): This is where Intermap is the clear frontrunner. Mapping over 1.6 million km² of cloud-shrouded jungle requires proprietary radar. They own the exact technology designed for this scenario. • The Urban Bids (LiDAR/Photogrammetry): For the 82,497 km² urban package, Intermap cannot rely on its radar strengths because urban mapping demands highly detailed building footprint profiles. Instead, they bid as the lead coordinator of a consortium. They use their massive data management pipelines, AI processing engines (like LENS), and World Bank experience to organize the project, while leveraging partner entities to execute the localized LiDAR collections

$ITMSF ................ Intermap Announces Date for Third Quarter 2026 Financial Results DENVER, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in geospatial intelligence powered by proprietary 3D data, rapid image processing software and AI-driven analytics, today announced that it will release its third quarter 2026 financial results after market close on November 16, 2026. Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webcast the same day at 5:00 pm ET to review the Company’s financial results and answer investor questions following the presentation. Intermap welcomes shareholders, analysts, investors, media representatives and other stakeholders to attend the webcast to discuss third quarter 2026 results. A replay of the webcast and supporting materials will be posted on the investor relations page of the Company’s website following the event.