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The National
31-05-2025
- Business
- The National
Can the US use its Ukraine tactics to get Middle East minerals?
The US deal granting it future revenue and access to Ukraine's mineral sector raises a broader question: is this the beginning of a model for American foreign policy, one that links strategic resource access to long-term diplomatic and financial commitments? Shaped by the exceptional circumstances of war, the Ukraine deal may appear to be a one-off. Yet US President Donald Trump's recent Middle East visit, in which the White House claimed more than a trillion dollars in investment deals were signed, points to a broader trend: Washington's increasing willingness to align foreign policy with long-term economic interests, particularly in critical minerals. It is tempting to imagine the US might apply the Ukraine model in the Middle East, particularly with countries like Saudi Arabia and Jordan, where mining has become a growing policy focus. Riyadh especially is pursuing large-scale development of critical minerals as part of its economic diversification strategy to lessen dependence on oil. Riyadh has also overhauled its mining laws to attract foreign investment and accelerate exploration. Its state-owned mining giant, Ma'aden, has already entered partnerships with global firms like Barrick Gold and Ivanhoe Electric, signalling serious intent to build a world-class mining sector. But unlike Ukraine, neither is in a position of acute geopolitical distress. Saudi Arabia is wealthy, and critically, not short on suitors. It boasts a huge sovereign wealth fund, the Public Investment Fund, that finances domestic megaprojects. While Jordan's aid dependent economy is struggling, especially after the sudden suspension of US aid in February, it fairs better than Ukraine's dire straits of enduring a more than three-year war. Therefore, neither country is under pressure to pledge away its resources at a loss. That may not preclude Mr Trump from exploring similar proposals, however unlikely their acceptance. The American president has long preferred diplomacy with a balance sheet. His latest Gulf tour was no exception, with discussions focused on investment deals and economic co-operation, including energy sales. Administration officials have indicated a growing interest in financing structures that expand US access to critical minerals without increasing federal spending. Minerals race Minerals are no longer just commodities. Lithium, copper, and other rare earth metals are national security assets. From electric vehicles to semiconductors, the green transition is mineral-intensive, and China controls much of the supply chain. China processes more than 80 per cent of rare earths, dominates refining of lithium and cobalt, and plays a major role in battery and solar manufacturing. For Washington, ensuring access is becoming as vital as defending shipping lanes. Still, any notion of Saudi Arabia or Jordan signing over future profits or access to the US is, at best, aspirational. Riyadh has no intention of sharing control, or upside, of its mineral development. It might accept a US partner in a technical capacity, especially to access mining expertise or green tech. But anything more is unlikely. This does not mean deals will not be struck. Rather, the model would be likely to differ from used in Ukraine's. In Jordan's case, Washington might offer technology transfer or enhanced security guarantees, particularly in light of regional tensions with Iran, in exchange for priority access to minerals or a stake in local mining projects. Jordan, while more modest in scale, has significant reserves of phosphates and is exploring its potential in rare earth elements. The country's established mining infrastructure and close ties to Washington could make it a more flexible partner for future mineral agreements. With Saudi Arabia, it's harder. Saudi Arabia doesn't need a deal; the US does. That's leverage, and Riyadh knows it. Diplomatic capital Even if formal resource-sharing deals are unlikely, Washington's economic footprint in the Gulf is not insignificant. Access can take less visible forms. One route is through US companies that attract investment from Gulf sovereign wealth funds, like Abu Dhabi's ADQ, the Qatar Investment Authority and Saudi Arabia's Public Investment Fund. Capital often travels with a diplomatic agenda. In 2021, for instance, Saudi Arabia's PIF gave $2 billion to Jared Kushner, Mr Trump's son-in-law and former senior adviser, for his newly launched private equity firm, Affinity Partners. Many in the region regard the move as a gesture aimed at maintaining ties with Mr Trump's inner circle. However, if the US is indeed pivoting to a resource-driven foreign policy, it is doing so late in the day. China has spent two decades building state-backed mineral partnerships across Africa, Latin America, and increasingly the Middle East, often under its flagship Belt and Road Initiative. The US, by contrast, is just now scrambling to catch up. In this context, resource-sharing arrangements, however opaque, may become a new diplomatic currency. But even within Washington, the path forward is uneven. The push to secure minerals is tied closely to the green transition, a central concern for US tech giants, who need stable supplies for electric vehicles, batteries and data infrastructure. Yet on Capitol Hill, the political will is fragmented. While some Republicans support domestic mining as part of a broader push for energy independence and competition with China, many in the Make America Great Again wing of the party remain sceptical of the green agenda itself. Still, lithium, cobalt, rare earths are vital to American interests. Electric vehicles, wind turbines, and advanced batteries all depend on them. But securing reliable access to these materials will take more than high-profile deals in Riyadh. It will require sustained investment in mining and processing capacity, long-term contracts with trusted partners, and clear policy signals that outlast election cycles. Ukraine's resource-for-support deal may remain an outlier: born of war, scarcity and political imbalance. The Middle East, by contrast, is rich and assertive. Mr Trump may hope to carve out a mineral foothold, but the region is unlikely to surrender its resources without extracting something far more valuable in return. And in the transactional world of today's geopolitics, the price of access is always going up.
Yahoo
20-05-2025
- Business
- Yahoo
Ivanhoe Electric (IE) Upgraded to Buy: What Does It Mean for the Stock?
Ivanhoe Electric (IE) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change. The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate. The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time. As such, the Zacks rating upgrade for Ivanhoe Electric is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock. For Ivanhoe Electric, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher. Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions. The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>. This mineral exploration company is expected to earn -$0.65 per share for the fiscal year ending December 2025, which represents a year-over-year change of 53.6%. Analysts have been steadily raising their estimates for Ivanhoe Electric. Over the past three months, the Zacks Consensus Estimate for the company has increased 4.4%. Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term. You can learn more about the Zacks Rank here >>> The upgrade of Ivanhoe Electric to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ivanhoe Electric Inc. (IE) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Ivanhoe Electric Subsidiary Cordoba Minerals Corp. Signs Definitive Agreement to Sell Remaining 50% Stake in Alacran Copper Project in Colombia
Initial Cash Proceeds of US $88 Million to be Paid on Closing with an Additional US $12 Million Paid upon Commercial Production US $100 Million Purchase Price Represents a Value per Cordoba Minerals Corp. Common Share of US $1.10 or CDN $1.52 Ivanhoe Electric Anticipates Receiving a Cash Distribution of Over US $40 Million from the Initial Proceeds Phoenix, Arizona--(Newsfile Corp. - May 8, 2025) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are pleased to announce that Ivanhoe Electric's 63%-owned subsidiary, Cordoba Minerals Corp. (TSXV: CDB) (OTCQB: CDBMF) ("Cordoba") has signed a definitive Framework Agreement (the "Agreement") for the sale of the remaining 50% of the Alacrán Copper Project to a consortium of investors including JCHX Mining Management Co., Ltd. ("JCHX"), a 19.8% shareholder of Cordoba, for US $88 million in cash on closing, US $12 million in a deferred payment, and up to US $28 million in a contingent payment (the "Transaction"). JCHX acquired its initial 50% of the Alacrán Copper Project in May 2023 for total cash consideration of US $100 million (refer to Ivanhoe Electric's May 8, 2023 news release). Mr. Melvin commented: "Today's announcement is an excellent outcome for Cordoba and all of its shareholders. Upon closing, JCHX and its consortium partners will be in a strong position to fund and advance the development of the Alacrán Copper Project. This transaction will be an important milestone for Ivanhoe Electric towards the monetization of our long-term investment in the Alacrán Copper Project. Proceeds received from the transaction will be used to support our U.S.-based projects and other exploration initiatives." The Agreement was signed on May 8, 2025. Ivanhoe Electric has completed an 8-K filing of the Agreement with the U.S. Securities and Exchange Commission. A consortium, including JCHX, will acquire the remaining 50% ownership in the Alacrán Copper Project for total cash consideration of up to US $128 million The Transaction will be completed through the sale of two of Cordoba's indirect, wholly owned subsidiaries, Minerales Cordoba S.A.S. and Exploradora Cordoba S.A.S., to Veritas Resources AG, an entity that currently holds the other 50% interest in the Alacrán Copper Project. Terms of the transaction include: 1) initial cash payment of US $88 million payable by the consortium upon closing; 2) deferred cash payment of US $12 million on the earlier of: a) commencement of commercial production at the Alacrán Copper Project; or b) 36 months from the closing date; and 3) a potential contingent cash payment based on the prevailing copper price at the time of commercial production at the Alacrán Copper Project: a) US $8 million if the copper price is between US $12,000 and US $13,000 per tonne; or b) US $28 million if the copper price is greater than US $13,000 per tonne. After retaining a US $5 million working capital reserve, the payment of taxes, fees, and other costs associated with negotiating and closing the transaction, and after settling all outstanding liabilities and obligations, it is estimated that approximately US $65 to US $70 million in cash will be available for distribution to Cordoba shareholders, of which Ivanhoe Electric's share would be over US $40 million. It is a requirement of the Agreement that the Transaction is completed by December 31, 2025. Closing of the transaction is subject to certain conditions, including but not limited to: 1) approval by the TSX Venture Exchange; 2) approval by Cordoba shareholders at a special meeting of shareholders held in or around August 2025, but in no event later than September 15, 2025; and 3) approval of the Environmental Impact Assessment for the Alacrán Copper Project by Colombia's Autoridad Nacional de Licencias Ambientales. Following the closing of the Transaction, Cordoba will continue to be a publicly listed company on the TSX Venture Exchange with its 51%-owned Perseverance Copper Project located in Arizona. Cordoba can earn up to 80% interest in the Perseverance Copper Project by completing a total of CDN $14.2 million in exploration expenditures by April 2026. In addition, Cordoba will search for business development opportunities. Ivanhoe Electric will continue to hold the majority of the Company's shares. The disclosure of the transactions in this press release is necessarily of a summary nature and is qualified by text of the Agreement itself, which will be filed with the U.S. Securities and Exchange Commission. About Cordoba Minerals Corp. Cordoba Minerals Corp. (Cordoba) is a publicly traded copper-gold developer with high-potential projects in underexplored, world-class porphyry copper belts. Cordoba has a management team with a demonstrated track record of acquiring, exploring, and developing mineral projects in the Americas and around the world, and the strong financial and technical backing of cornerstone investors, Ivanhoe Electric and JCHX. Cordoba trades on the (TSXV: CDB) and (OTCQB: CDBMF). Website: About Ivanhoe Electric We are a United States domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States. We seek to support American supply chain independence by finding and delivering the critical metals necessary for electrification of the economy, with a focus on copper. We use our accurate and powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by our 94.3% owned subsidiary, Computational Geosciences Inc. ("CGI"), to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Our mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of our portfolio of electric metals exploration projects, headlined by the Santa Cruz Project in Arizona as well as other exploration projects in the United States, we intend to support the United States' supply chain independence by finding and delivering critical metals necessary for the electrification of the economy. We also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden ("Ma'aden") to explore for minerals on ~48,500 km2 of underexplored Arabian Shield in Saudi Arabia. Website: Contact Information Mike PattersonVice President, Investor Relations and Business DevelopmentEmail: mike@ 1-480-601-7878 Follow us on X Ivanhoe Electric's Executive Chairman Robert Friedland: @robert_ivanhoe Ivanhoe Electric: @ivanhoeelectric Ivanhoe Electric's investor relations website located at should be considered Ivanhoe Electric's recognized distribution channel for purposes of the Securities and Exchange Commission's Regulation FD. Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect Ivanhoe Electric's current expectations regarding future events, performance and results and speak only as of the date of this news release. Such statements in this news release include, without limitation statements related to the ability and timing of Cordoba and JCHX to obtain all necessary regulatory and third party approvals and satisfy other applicable conditions to close the transaction, including approval of the transaction by the Cordoba shareholders and the TSX Venture Exchange and approval of the Environmental Impact Assessment for the Alacrán Copper Project by Colombia's Autoridad Nacional de Licencias Ambientales; the payments and net proceeds contemplated under the Agreement; the amount of any dividend to Ivanhoe Electric and the use of those proceeds; and Cordoba's ability to earn up to 80% interest in the Perseverance Copper Project. Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including the inability of Cordoba and JCHX to successfully obtain all necessary regulatory and third party approvals and satisfy other applicable conditions to the transaction; the ability to close the transaction on the timeline anticipated, or at all; the receipt by us and Cordoba of all of the payments called for by the Agreement and such payments being applied in the manner currently anticipated; changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Electric to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of the COVID-19 pandemic and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric's Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission at No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so. To view the source version of this press release, please visit
Yahoo
16-04-2025
- Business
- Yahoo
EXIM Bank considers $825m financing for Ivanhoe's Santa Cruz project in US
Ivanhoe Electric has received a letter of interest from the Export-Import Bank of the United States (EXIM Bank) indicating the possibility of providing up to $825m in debt financing for the development of the Santa Cruz Copper Project in Arizona, US. The Santa Cruz Copper Project, with Fluor as the project lead, covers 5,975 acres of private land and includes associated water rights. It is estimated to contain indicated mineral resources of 226.7 million tonnes (mt) grading 1.24% total copper and inferred resources of 149mt grading 1.24% total copper. The proposed financing, with a 15-year repayment period, aligns with EXIM Bank's Make More in America initiative. The initiative, along with the China and Transformational Exports Programme, aims to enhance US competitiveness, bolster supply chains and address strategic vulnerabilities. The Santa Cruz Copper Project qualifies for this initiative as it supports the domestic production of critical minerals, contributing to economic growth and national security, Ivanhoe said. Ivanhoe Electric is evaluating EXIM Bank's expression of interest alongside other financing options for the project. Ivanhoe Electric executive chairman Robert Friedland said: 'Receipt of the Export-Import Bank of the United States' Letter of Interest underscores the importance of our Santa Cruz Copper Project to grow domestic copper production. 'The United States urgently needs more domestically produced copper to support the rapid expansion and rebuilding of its electric transmission and transportation infrastructure, national defence capabilities and technologies of the future. 'Santa Cruz is positioned perfectly to be a source of pure copper cathode to help the US achieve its strategic mission of greater self-reliance on domestic production of critical metals.' The project is also being considered for additional government support programmes such as EXIM Bank's Supply Chain Resilience Initiative and the Section 45X advanced manufacturing production tax credit. These initiatives provide financial tools and tax incentives to strengthen the US' critical mineral supply chains. Should Ivanhoe Electric submit a formal application, EXIM Bank will conduct the necessary due diligence to determine if a final lending commitment is feasible. Ivanhoe plans to complete a preliminary feasibility study for the project by June 2025 with initial construction scheduled to commence in the first half of 2026. In August 2024, Ivanhoe secured 100% ownership of the mineral rights at the Santa Cruz Project after paying the final $10m, as stipulated by an option deal. "EXIM Bank considers $825m financing for Ivanhoe's Santa Cruz project in US" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Globe and Mail
15-04-2025
- Business
- Globe and Mail
Ivanhoe Electric Receives Indication for up to $825 Million in Financing from Export-Import Bank of the United States for Santa Cruz Copper Project
United States Government Support Reinforces Strategic Importance of Santa Cruz Copper Project in Enhancing Domestic Copper Supply Santa Cruz Copper Project Preliminary Feasibility Study on Track for June Completion Project Permitting, Financing, and Detailed Engineering Rapidly Advancing Towards Construction Phoenix, Arizona--(Newsfile Corp. - April 15, 2025) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are pleased to announce the receipt of a Letter of Interest from the Export-Import Bank of the United States ("EXIM Bank") outlining the potential to provide up to $825 million in debt financing with a 15 year repayment tenor for the development of Ivanhoe Electric's Santa Cruz Copper Project in Arizona through EXIM Bank's Make More in America initiative. EXIM Bank is the official export credit agency of the United States. It is a government agency that offers financial support to companies through means such as direct loans and loan guarantees, working capital guarantees, and export credit insurance. EXIM Bank's Make More in America initiative and its China and Transformational Exports Program are designed to boost United States' competitiveness, strengthen supply chains, and reduce strategic vulnerabilities. The Santa Cruz Copper Project aligns with the EXIM Bank's Make More in America initiative, which is intended to increase the United States' supply of critical minerals to foster economic growth and strengthen national security through domestic resource production. Mr. Friedland commented: "Receipt of the Export-Import Bank of the United States' Letter of Interest underscores the importance of our Santa Cruz Copper Project to grow domestic copper production. The United States urgently needs more domestically produced copper to support the rapid expansion and rebuilding of its electric transmission and transportation infrastructure, national defense capabilities, and technologies of the future. Santa Cruz is positioned perfectly to be a source of pure copper cathode to help the United States achieve its strategic mission of greater self-reliance on domestic production of critical metals." Mr. Melvin commented: "We are grateful for this strong show of support by the Export-Import Bank of the United States for the development of our Santa Cruz Copper Project. The people of the EXIM Bank have devoted significant time to learning about our project and are committed to supporting the growth of US critical metals production. We look forward to working together with the EXIM Bank to advance this significant financing opportunity as we rapidly progress our final engineering and permitting efforts at Santa Cruz towards initial construction in 2026. As an advanced-stage copper project on private land in the United States, 100%-owned by a United States company and with the ability to produce pure copper cathode on-site, our Santa Cruz Copper Project is uniquely positioned to meet rising US demand for domestically sourced copper." Ivanhoe Electric continues to pursue additional government support programs, including the EXIM Bank's Supply Chain Resilience Initiative and the Section 45X advanced manufacturing production tax credit. The Supply Chain Resilience Initiative provides financing tools to strengthen and diversify U.S. access to critical mineral supply chains, while Section 45X offers direct tax incentives for the domestic production and processing of those minerals. Ivanhoe Electric is assessing EXIM Bank's interest together with other financing alternatives available to it for the development of the Santa Cruz Copper Project. In the event Ivanhoe Electric proceeds with a formal application, EXIM Bank will need to conduct all requisite due diligence necessary to determine if a final lending commitment would be made. Any final lending commitment will be dependent on meeting EXIM Bank's underwriting criteria, authorization process, and finalization and satisfaction of terms and conditions. All final lending commitments must be in compliance with EXIM Bank policies as well as program, legal and eligibility requirements. Santa Cruz Copper Project Advancing Rapidly Toward Construction, Poised to Strengthen U.S. Copper Supply Chain Independence The team at Santa Cruz, which includes Fluor Inc. as project lead, remains on schedule to deliver the Santa Cruz Copper Project Preliminary Feasibility Study in June 2025. The Preliminary Feasibility Study will support project financing activities. Permitting and detailed engineering work are being aggressively advanced throughout 2025. Ivanhoe Electric anticipates that permits will be received and initial construction activities will begin in the first half of 2026. About Ivanhoe Electric We are a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. We use our accurate and powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by our subsidiary, Computational Geosciences Inc., to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Our mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of our portfolio of electric metals exploration projects, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as other exploration projects in the United States, we intend to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. We also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden to explore for minerals on ~48,500 km 2 of underexplored Arabian Shield in the Kingdom of Saudi Arabia. In 2024, we also launched an Exploration Alliance with BHP, the world's largest mining company, to explore for new critical metal deposits across six target areas in the Southwest United States. Website: Follow us on Twitter Ivanhoe Electric's Executive Chairman Robert Friedland: @robert_ivanhoe Ivanhoe Electric: @ivanhoeelectric Ivanhoe Electric's investor relations website located at should be considered Ivanhoe Electric's recognized distribution channel for purposes of the Securities and Exchange Commission's Regulation FD. Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect Ivanhoe Electric's current expectations regarding future events, performance and results and speak only as of the date of this news release. Such statements in this news release include, without limitation statements regarding the Letter of Interest from the Export-Import Bank of the United States ("EXIM Bank") and the potential for EXIM Bank to provide up to $825 million in financing for the development of Ivanhoe Electric's Santa Cruz Copper Project; the advancement of Project financing discussions with EXIM Bank; the submission of an application by Ivanhoe Electric to EXIM Bank for the final financing commitment and the satisfaction of EXIM's underwriting criteria, authorization process, and any terms and conditions; the potential for financing through other programs, including Supply Chain Resilience Initiative and Section 45X; the completion of the Preliminary Feasibility Study for the Santa Cruz Project in June 2025; the progress of engineering and permitting for the Santa Cruz Project and the commencement of construction activities at the Santa Cruz Project in the first half of 2026; the development of the Santa Cruz Project into a mine and its ability to produce pure copper cathode; the projections, assumptions and estimates contained in the Initial Assessment related to the Santa Cruz Project, including, without limitation, those relating to production; and planned or potential developments in the businesses of Ivanhoe Electric. Forward-Looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including the refusal or inability of EXIM Bank to ultimately provide financing; the inability to negotiate and sign definitive agreements for financing by EXIM Bank or the inability for us to satisfy conditions to financing;; changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Electric to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of the COVID-19 pandemic and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric's Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission at No assurance can be given that such future results will be achieved. Forward-Looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so.
