Ivanhoe Electric Inc.

Mesa Cobre committed to buy a $64.7 million tunnel boring machine from Robbins for Santa Cruz's underground mine development, converting March's purchase option into a firm order.

material agreement

Mesa Cobre secured a $200 million project-financing loan facility from a bank syndicate led by National Bank of Canada (with Societe Generale and Bank of Montreal), earmarked for building the Santa Cruz mine - the company's first major project debt.

debt financing

Raised roughly $144-165 million in a public offering at $15/share - triple February's offering price - to fund the remaining Santa Cruz land payments and project construction.

material agreement

Completed a Preliminary Feasibility Study for Santa Cruz confirming strong economics - a $1.9 billion after-tax project value, 24% projected return, 23-year mine life and $1.32/lb cash costs - the milestone needed to secure project financing, with construction targeted to start in 2026 and first copper in 2028.

resource reserve update

Ivanhoe Electric's 62.5%-owned Colombian subsidiary Cordoba Minerals agreed to sell its remaining 50% stake in the Alacran copper-gold-silver deposit to China's JCHX Mining for up to $128 million, $88 million of it in cash at closing - Ivanhoe Electric exiting its Colombian copper exposure to concentrate on Arizona.

material agreement

Signed definitive agreements finalizing the VRB Energy/Red Sun battery joint venture announced in September, with closing expected by the end of October 2024.

material agreement

Ivanhoe Electric's 90%-owned vanadium battery subsidiary, VRB Energy, agreed to a 51/49 joint venture with China's Red Sun Group to manufacture vanadium flow batteries for Asia, the Middle East and Africa - Red Sun paying $20 million for its stake plus a further $35 million into the venture. A new business line for the company beyond copper mining.

material agreement

Signed a three-year Exploration Alliance Agreement with mining major BHP to jointly hunt for copper and other critical minerals across Arizona, New Mexico and Utah, with discoveries able to become 50/50 joint ventures - a second major strategic partner alongside Ma'aden.

material agreement

Raised about $160 million in a public stock offering (11.85 million shares at $13.50) underwritten by BMO and J.P. Morgan, to fund project development.

material agreement

Closed the Mesa Cobre land purchase next to Santa Cruz at a final price of $116.86 million, about $3.6 million less than first announced after a survey trimmed the acreage.

asset acquisition disposition

Formalized the Ma'aden investment with a definitive subscription agreement for Ma'aden to buy a 9.9% equity stake for roughly $126.5 million, converting January's non-binding framework into a signed deal.

material agreement

Ivanhoe Electric's subsidiary Mesa Cobre agreed to buy about 6,200 acres of land plus water and surface rights next to the Santa Cruz project for $120.5 million, payable in installments through 2027 - land needed to eventually build the mine.

debt financing

Updated resource estimate at the Santa Cruz copper project in Arizona: contained copper in higher-confidence (Indicated) resources rose 82% at the main deposit, and first-ever resources were declared at two adjacent deposits, East Ridge and Texaco, meaningfully expanding the project's scale.

resource reserve update

Ivanhoe Electric signed a binding framework with Saudi Arabian Mining Company (Ma'aden) for Ma'aden to invest $126.4 million for a 9.9% equity stake and jointly fund a new 50/50 exploration joint venture in Saudi Arabia - the company's first major strategic partner and its entry into the Middle East.

capital raising announcement

the exchange certified Ivanhoe Electric Inc.'s securities for listing, clearing them to begin trading.

listing compliance notice