Core Viewpoint - Ivanhoe Electric's subsidiary, Cordoba Minerals, is set to distribute cash to its shareholders following the sale of its interest in the Alacrán Project, enhancing Ivanhoe Electric's liquidity position [1][2][4]. Group 1: Cash Distribution Details - Cordoba Minerals closed the sale of its remaining 50% interest in the Alacrán Project for total cash proceeds of $128 million [2]. - The final cash amount per share to be distributed is $1.01 to registered Cordoba shareholders as of March 20, 2026, with payments expected around March 25, 2026 [3][8]. - Ivanhoe Electric, holding 57,855,427 common shares of Cordoba, is entitled to approximately $58.4 million from this distribution [3]. Group 2: Financial Position of Ivanhoe Electric - As of December 31, 2025, Ivanhoe Electric had cash and cash equivalents totaling $173.3 million [4]. - The company received $82.6 million from the exercise of outstanding warrants related to its February 14, 2025, equity financing [4]. - The upcoming $58.4 million distribution from Cordoba will further strengthen Ivanhoe Electric's cash position, alongside an undrawn $200 million senior secured multi-draw bridge facility [4]. Group 3: Company Overview - Ivanhoe Electric focuses on developing mines from mineral deposits in the United States, aiming to support American supply chain independence for critical metals [5]. - The company utilizes its Typhoon™ geophysical surveying system and advanced data analytics to enhance mineral exploration [5]. - Ivanhoe Electric is involved in various partnerships, including a joint venture with Saudi Arabian Mining Company and an exploration alliance with BHP Mineral Resources [5].

Financial Performance - In 2025, the company recorded a net loss attributable to common stockholders of $105.9 million, a decrease of $22.7 million from the previous year's loss of $128.6 million[548]. - Revenue for the year ended December 31, 2025 was $3.2 million, an increase of 15% from $2.9 million in 2024[552][553]. - CGI's gross profit for the year ended December 31, 2025 was $2.1 million, a 13% increase from $1.9 million in 2024[553]. - The provision for credit loss expense for the year ended December 31, 2025 was $10.3 million, related to expected credit loss from Red Sun[551]. - VRB Energy reported no revenue for the year ended December 31, 2025, a decrease from $0.1 million in 2024[554]. Exploration and Project Development - Exploration expenses for 2025 were $63.3 million, down from $130.9 million in 2024, with significant reductions in costs associated with the Santa Cruz Copper Project[549]. - The Santa Cruz Copper Project is projected to produce 1.4 million tonnes of copper cathode over a 23-year mine life, with an estimated after-tax Net Present Value of $1.4 billion at an 8% discount rate[530]. - The Preliminary Feasibility Study for the Santa Cruz Copper Project confirmed the economic viability of an underground mining operation, with an initial project capital estimated at $1.24 billion[530]. - Exploration expenditures for the Alacrán Project were $19.4 million in 2025, up from $14.8 million in 2024[550]. - The company completed the final three land acquisition payments totaling $39.3 million for the Santa Cruz Copper Project, satisfying all terms of the 2023 Purchase and Sale Agreement[531]. Financing Activities - The company completed a public offering in October 2025, issuing 11,500,000 shares at $15.00 per share for gross proceeds of approximately $172.5 million[526]. - The company received $81.5 million from the exercise of approximately 11.6 million Warrants at $7.00 per share in early 2026[568]. - Net cash provided by financing activities for the year ended December 31, 2025 was $214.7 million, mainly from $231.1 million raised in two public offerings[590]. - Mesa Cobre closed a $200.0 million senior secured multi-draw Bridge Facility to support the Santa Cruz Copper Project, which is currently undrawn[570]. - The company received a Letter of Interest from EXIM Bank for potential debt financing of up to $825 million for the Santa Cruz Copper Project, with a 15-year repayment term[571]. Cash and Liquidity - Cash and cash equivalents as of December 31, 2025 were $173.3 million, with a working capital balance of $126.3 million[567]. - As of December 31, 2025, consolidated cash balances totaled $173.3 million, with $170.2 million in the USA and $2.5 million in Canada[577]. - Net cash used in operating activities for the year ended December 31, 2025 was $89.2 million, primarily due to $61.1 million in exploration expenditures and $29.4 million in general and administrative costs[584]. - The net cash provided by investing activities for the year ended December 31, 2025 was $4.6 million, partly due to $9.7 million received from the sale of VRB China[587]. - As of December 31, 2025, total material cash obligations amounted to $38.8 million, including $33.7 million related to convertible debt[596]. Joint Ventures and Partnerships - The company has established a 50/50 joint venture with Saudi Arabian Mining Company to explore minerals on approximately 50,000 km of the Arabian Shield[521]. - Cordoba Minerals Corp. signed a definitive Framework Agreement for the sale of its remaining 50% interest in the Alacrán Copper Project for up to $128.0 million, with $88.0 million in cash at closing[533]. Tax and Regulatory Matters - The company recognizes uncertain income tax positions if they are more likely than not to be sustained, with no uncertain tax positions reported as of December 31, 2025[609]. - The realization of deferred tax assets is contingent on future taxable income generation, with valuation allowances provided for amounts not likely to be recognized[608]. - The company is subject to income tax laws in multiple jurisdictions, including the United States, Colombia, Canada, Australia, the Ivory Coast, and Peru[605]. Currency and Market Risks - The recoverable value of exploration mineral interests is subject to market factors such as commodity prices and geopolitical circumstances, which could materially impact financial statements[603]. - The appreciation of the Colombian Peso against the U.S. dollar was 15.2% for the year ended December 31, 2025, while the Canadian dollar appreciated by 4.7%[613]. - A 10% depreciation or appreciation of foreign currencies against the U.S. dollar would have resulted in an approximate $0.2 million decrease or increase in the company's net loss for the year ended December 31, 2025[613]. Debt Obligations - The balance of principal and interest on the convertible bond issued by VRB Energy was $33.7 million as of December 31, 2025, classified as a current liability[578]. - The company has a fixed-rate debt of $33.7 million with an interest rate of 8.0% per annum, while variable-rate debt is $nil[610]. - The company has an undrawn $200.0 million Bridge Facility related to the Santa Cruz Copper Project, which will have an interest rate of the secured overnight financing rate plus 5.0% when drawn[611].

ivanhoeelectric.com NYSE American / TSX: IE ivanhoeelectric.com NYSE American / TSX: IE FEBRUARY 2026 BMO Global Metals, Mining & Critical Minerals Conference AMERICAN COPPER FOR A STRONGER FUTURE AMERICAN COPPER FOR A STRONGER FUTURE SAFE HARBOR Forward-Looking Statements Certain statements in this presentation 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 ...

Core Insights - Sama Resources Inc. and Ivanhoe Electric Inc. have initiated a regional exploration program for the Samapleu-Grata Nickel-Copper Project in Côte d'Ivoire for 2026, focusing on discovering new high-grade polymetallic mineralization [1][2] Project Overview - The Samapleu-Grata Project consists of the Samapleu and Grata Deposits, which were the focus of the 2024 Preliminary Economic Assessment (PEA) [2] - The project operates as a 60/40 joint venture, with Ivanhoe Electric holding a 60% interest and also owning 22.7% of Sama's common shares [2] Exploration Program Details - The 2026 exploration program aims to identify over 20 high-priority electromagnetic (EM) targets across the 879 km² land package, building on the previous year's limited exploration success [3] - Drilling is set to begin in early February 2026, focusing on high-priority EM targets within the Glanlé and Zoupleu permits, with a ground gravity survey planned to cover all remaining untested EM anomalies [4] Recent Discoveries - The discovery of new polymetallic mineralization at the Mossikro Prospect, located 10 kilometers south-southwest of the 2024 PEA Area, supports the regional exploration model and indicates the district-scale potential of the project [5] Environmental and Social Studies - Alongside exploration, the company is advancing environmental and social baseline studies to support future mining permit applications, including wildlife inventories and groundwater sampling [6][7][8] Technical and Operational Standards - Core logging and sampling are conducted at Sama's facilities, with sample preparations at Bureau Veritas Mineral Laboratory in Côte d'Ivoire, and assays performed for various metals including Ni, Cu, Co, Fe, S, Pt, Pd, and Au [10] Company Background - Sama Resources is a Canadian-based resource company focused on the Samapleu nickel-copper project in Côte d'Ivoire, with a commitment to advancing the project and a strong management team with a track record of discovery [17]

Core Insights - Ivanhoe Electric Inc. is involved in a $12 billion initiative called Project Vault aimed at building a U.S. strategic minerals stockpile to enhance supply chain security and reduce dependence on China [1][2][3] Group 1: Project Vault - Project Vault combines $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank to procure and store essential minerals [2] - The initiative was launched on February 2, 2026, during a press conference at the White House, attended by key figures from the mining and manufacturing sectors, including Robert Friedland and Mary Barra [3][4] - The project aims to create a resilient domestic supply of critical minerals for U.S. industries [6] Group 2: Santa Cruz Copper Project - Ivanhoe Electric is advancing the Santa Cruz Copper Project in Arizona, which is expected to produce refined copper cathode by late 2028 [1][10] - The project is designed to produce 99.99% pure copper cathode over a 23-year mine life using a 100% heap leach process, minimizing the need for offshore smelting and refining [10] - The Santa Cruz Copper Project is positioned to become a major domestic producer of refined copper, leveraging modern mining technologies and Arizona's rich mining history [10] Group 3: Company Overview - Ivanhoe Electric focuses on developing mines from mineral deposits primarily located in the United States, aiming to support American supply chain independence [11] - The company employs advanced technologies, including the Typhoon™ geophysical surveying system, to enhance mineral exploration and discovery [11] - Ivanhoe Electric also operates a joint venture with Saudi Arabian Mining Company and has established an exploration alliance with BHP Mineral Resources Inc. to search for critical minerals [11]

Core Thesis - Ivanhoe Electric Inc. (IE) is positioned as a strategic supplier in the U.S. copper supply chain, driven by increasing demand from electrification, AI data centers, and renewable energy [2] Company Overview - Ivanhoe Electric Inc. is a U.S.-based mineral exploration and development company focused on high-margin critical metals, primarily copper, with additional exposure to gold and silver [2] - The company was founded by mining entrepreneur Robert Friedland and utilizes a technology-driven approach, particularly its proprietary Typhoon™ geophysical surveying system [2] Project Highlights - The flagship Santa Cruz Copper Project in Arizona is expected to produce approximately 72,000 tons per year at low net cash costs, generating a net present value (NPV) of $1.4 billion at $4.25 copper and up to $2.4 billion at current prices, with a 34% internal rate of return (IRR) [3] - The company is advancing toward construction, benefiting from private land ownership that reduces permitting friction [3] - Additional exploration potential exists at Tintic in Utah, Hog Heaven in Montana, and through a joint venture with Ma'aden in Saudi Arabia [3] Financial Position - Ivanhoe Electric is well-capitalized with a $150 million equity raise, a $200 million credit facility, and potential access to up to $825 million of EXIM Bank support, which limits near-term dilution risk [4] - Current valuation primarily reflects the Santa Cruz project, while the Typhoon technology offers a potential second pillar of value, validated through partnerships with Ma'aden and BHP [4] Market Context - The company operates in a market characterized by tightening copper supply, with strong institutional backing and government support, presenting asymmetric upside potential [5] - The focus on technology-driven discovery and U.S.-based copper supply aligns with broader industry trends [6]

Core Viewpoint - Ivanhoe Electric has entered into a Collaboration and Exploration Agreement with Sociedad Química y Minera de Chile (SQM) to explore for copper in northern Chile, leveraging advanced geophysical technologies to overcome challenges posed by caliche cover [1][2][4]. Group 1: Collaboration Details - The Collaboration covers SQM's mining concessions totaling 2,002 km² and will utilize Ivanhoe Electric's Typhoon™ geophysical surveying system along with Computational Geosciences Inc.'s data inversion software to identify qualifying copper deposits over an initial three-year term [2][5]. - SQM will fund the exploration with an initial commitment of $9 million, and upon identifying a qualifying copper deposit, Ivanhoe Electric can acquire a 50% interest in the deposit by paying twice SQM's exploration expenditures to date [3][11]. Group 2: Technological Advantages - The Typhoon™ system is designed to penetrate highly resistive caliche cover, which has historically hindered traditional exploration methods, thus enabling the detection of potential copper deposits at greater depths [4][8][9]. - The collaboration aims to utilize the unique capabilities of Typhoon™ and CGI technologies to explore areas that are otherwise difficult to assess, particularly in the Atacama Desert, known for its significant copper resources [6][11]. Group 3: Strategic Importance - The partnership is positioned to capitalize on the growing global demand for copper, with Chile being a historical leader in copper production, suggesting that new discoveries may be critical for meeting future supply needs [4][6]. - Both companies express confidence that their combined expertise and resources will unlock substantial geological potential in the region, which is essential for the global energy transition [6][18].

Core Viewpoint - Ivanhoe Electric has successfully closed a $200 million senior secured multi-draw bridge facility to support the Santa Cruz Copper Project in Arizona, enhancing its financial position during ongoing project financing discussions [1][2]. Financing Details - The bridge facility is a crucial part of Ivanhoe Electric's long-term financing strategy for the Santa Cruz Copper Project, providing immediate balance sheet strength and funding for major construction activities set to begin in 2026 [2]. - The facility complements ongoing discussions for broader project financing, which may include project-level minority equity investment and long-term project debt [2]. - Ivanhoe Electric has received a Letter of Interest from the U.S. Export-Import Bank for $825 million in project debt, with the full application currently in process [2]. Key Terms of the Bridge Facility - The bridge facility has a two-year maturity term with a single repayment at maturity [10]. - The borrowing rate is based on the three-month Secured Overnight Financing Rate plus a margin of 5.0%, increasing by 0.5% at specified intervals, with an approximate rate of 8.7% on drawn amounts as of the announcement date [10]. - The facility is secured by Ivanhoe Electric's private land holdings and certain physical assets associated with the Santa Cruz Copper Project [10]. Company Overview - Ivanhoe Electric is focused on developing mines from mineral deposits primarily located in the United States, aiming to support American supply chain independence by delivering critical metals [4]. - The company utilizes advanced technologies, including the Typhoon™ geophysical surveying system and data analytics from its subsidiary, to enhance mineral exploration efforts [4]. - Ivanhoe Electric is also engaged in a joint venture with Saudi Arabian Mining Company to explore minerals in the Arabian Shield and has established an exploration alliance with BHP Mineral Resources Inc. for critical minerals in the U.S. [4].

Summary of J.P. Morgan Copper Dashboard Industry Overview - **Industry**: Copper Mining - **Current Trends**: Global copper production is experiencing a 4% year-to-date increase through August, but growth is slowing due to recent supply disruptions. Global demand has risen by 7% year-to-date as of August, with notable contributions from China, although demand from the rest of the world (RoW) is declining. Global visible inventories have increased to approximately 730,000 tons, which is about 200,000 tons higher than in 2024 and at a five-year seasonal high [1][2][3]. Key Insights 1. **Production and Demand**: - Global copper production increased by 4% year-to-date through August, but there has been a year-over-year decline in output for July and August [1]. - Global demand for copper rose by 7% year-to-date as of August, with Chinese demand growth being offset by a decline in RoW consumption [1]. - The refined copper market is expected to face a deficit of 333,000 tons in 2026 and 162,000 tons in 2027 due to acute supply disruptions [2]. 2. **Price Movements**: - LME copper prices have increased by 25% this year, reaching $4.91 per pound, significantly outperforming aluminum, which saw an 11% increase [1]. - The forward curves for copper are slightly backwardated, indicating potential upside risks to prices due to recent supply disruptions pushing the market into a deficit [1]. 3. **Equity Preferences**: - J.P. Morgan continues to favor specific companies in the copper sector, including Capstone Copper (Overweight), BHP (Overweight), Antofagasta (Overweight), Freeport (Overweight), and First Quantum (Overweight) [1]. 4. **Regional Insights**: - In Chile, overall copper output is expected to remain flat at around 5 million tons per annum, with Codelco facing production challenges. Miners are focusing on technology and innovation to extend mine life and reduce costs, although regulatory reforms are slow [3]. - Labor and equipment markets are tightening, with new activities primarily centered on brownfield projects rather than major expansions [3]. 5. **Market Dynamics**: - High-frequency data shows mixed signals: treatment charges and refining charges (TC/RCs) are firmly negative, while LME net speculative positioning is increasing. However, cancelled warrants and smelter operating rates are declining [1]. - The copper market is expected to tighten as Chinese demand begins to pull on the market, potentially leading to a bullish backdrop for LME copper prices [2]. Additional Important Points - **Global Inventory Trends**: The increase in global visible inventories to ~730,000 tons indicates a significant build-up, which could impact future pricing and supply dynamics [1]. - **Technological Innovations**: The industry is pushing for technological advancements, particularly in ore sorting and chloride-based leaching, to enhance efficiency and reduce costs [3]. - **Investment Recommendations**: J.P. Morgan's coverage includes various companies with differing ratings, highlighting potential investment opportunities and risks within the copper sector [7]. This summary encapsulates the key points from the J.P. Morgan Copper Dashboard, providing insights into the current state of the copper industry, production and demand trends, pricing dynamics, and investment recommendations.

Core Insights - Ivanhoe Electric has completed the final three land acquisition payments totaling $39.3 million for the Santa Cruz Copper Project in Arizona, fulfilling the terms of the Purchase and Sale Agreement with Wolff-Harvard Ventures LLC [1][2] - The company is positioned to commence initial construction at the Santa Cruz project in early 2026, pending the receipt of necessary permits, with a goal of first copper cathode production by late 2028 [2][6] Company Overview - Ivanhoe Electric is a U.S.-based minerals exploration company focused on developing mines from mineral deposits primarily located in the United States, aiming to support American supply chain independence by delivering copper and other critical metals [2] - The company utilizes its Typhoon™ geophysical surveying system and advanced data analytics from its subsidiary, Computational Geosciences Inc., to enhance the mineral exploration process [2] - Ivanhoe Electric also operates a joint venture with Saudi Arabian Mining Company to explore minerals in the Arabian Shield and has established an exploration alliance with BHP Mineral Resources Inc. to search for critical minerals in the U.S. [2]