Ivanhoe Electric Makes Final Land Acquisition Payment at the Santa Cruz Copper Project in ArizonaFinal Payment Clears Way for Initial Mine Construction Activities Subject to Receipt of PermitsNovember 19, 2025 4:30 PM EST | Source: Ivanhoe ElectricPhoenix, Arizona--(Newsfile Corp. - November 19, 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 ...

Elemental Royalty Executes Four Option Agreements to Sell Projects in Arizona to Ivanhoe ElectricNovember 17, 2025 7:00 AM EST | Source: Elemental Royalty CorporationVancouver, British Columbia--(Newsfile Corp. - November 17, 2025) - Elemental Royalty Corporation (TSXV: ELE) (OTCQX: ELEMF) ("Elemental" or "the Company") is pleased to announce that Bronco Creek Exploration Inc. ("BCE"), a wholly owned subsidiary of Elemental has executed four separate option agreements (the "Agreements") with R ...

Ivanhoe Electric Secures Credit Approval for $200 Million Bank Credit Facility to Support Santa Cruz Copper Project DevelopmentNovember 13, 2025 7:00 AM EST | Source: Ivanhoe ElectricJoint Lead Arrangers are National Bank Capital Markets, Societe Generale, and BMO Capital MarketsBank Credit Facility Will Provide Early Liquidity Support as an Important Component of Overall Project Financing Strategy Phoenix, Arizona--(Newsfile Corp. - November 13, 2025) - Ivanhoe Electric Inc. (NYSE American: I ...

Project Overview - The Santa Cruz Copper Project is projected to produce 1.4 million tonnes of copper cathode over a 23-year mine life, with an after-tax Net Present Value of $1.4 billion at an 8% discount rate and an Internal Rate of Return (IRR) of 20%[83]. - The initial project capital for the Santa Cruz Copper Project is estimated at $1.24 billion[83]. - The Santa Cruz Copper Project integrates underground mining with chloride-assisted heap leaching, significantly reducing the project's overall carbon intensity[81]. Financial Performance - For the three months ended September 30, 2025, the net loss attributable to common stockholders was $17.5 million ($0.13 per share), a decrease of $25.7 million compared to a net loss of $43.2 million ($0.36 per share) for the same period in 2024[96]. - For the nine months ended September 30, 2025, the net loss attributable to common stockholders was $71.9 million ($0.55 per share), a decrease of $73.6 million compared to a net loss of $145.5 million ($1.21 per share) for the same period in 2024[103]. - CGI's revenue for the nine months ended September 30, 2025 was $2.3 million, an increase of $0.8 million from $1.6 million for the same period in 2024, representing a 50% increase[110]. - The company reported a total change in cash of $28.1 million for the nine months ended September 30, 2025, compared to a decrease of $118.0 million in the same period of 2024[130]. Exploration and Development - The Maaden Joint Venture has completed approximately 732 square kilometers of geophysical surveys and drilled 16 holes totaling approximately 10,461 meters, identifying mineralization at depths of up to one kilometer[88]. - The company operates a 50/50 joint venture with Saudi Arabian Mining Company ("Maaden") to explore minerals on approximately 48,500 km of the underexplored Arabian Shield in Saudi Arabia[75]. - The company established an exploration alliance with BHP Mineral Resources Inc. in 2024 to search for critical minerals in the United States[75]. - The company utilizes the Typhoon™ geophysical surveying system and advanced data analytics to accelerate and de-risk the mineral exploration process[75]. - The company is focused on supporting American supply chain independence by finding and delivering copper and other critical metals vital to advanced manufacturing and national security[75]. Expenses and Cash Flow - Exploration expenses for the three months ended September 30, 2025 were $14.7 million, a decrease of $15.8 million from $30.5 million in the same period of 2024[97]. - Exploration expenses for the nine months ended September 30, 2025 were $44.6 million, a decrease of $66.8 million from $111.4 million in the same period of 2024[104]. - General and administrative expenses decreased to $9.1 million for the three months ended September 30, 2025, down $1.7 million from $10.9 million in the same period of 2024[98]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $63.5 million, primarily due to $43.2 million in exploration expenditures and $22.7 million in general and administrative costs[132]. - Net cash provided by financing activities during the same period was $83.0 million, largely from a public offering that raised approximately $65.8 million by issuing 11,794,872 units at $5.85 each[135]. 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[116]. - The company received a Letter of Interest from EXIM Bank for potential debt financing of up to $825 million for the development of the Santa Cruz Copper Project[120]. - The company is assessing EXIM Bank's interest in financing the Santa Cruz Copper Project, which will require additional capital beyond what EXIM Bank may provide[122]. - The company plans to seek additional financing through various means, including debt and equity, but there is no assurance of success in raising capital on favorable terms[123]. Currency and Foreign Exchange - The company incurs the majority of its expenditures in U.S. dollars, with foreign currency risk primarily arising from transactions in Colombia and Canada[153]. - As of September 30, 2025, the Colombian Peso and Canadian dollar monetary assets and liabilities show a net liability of approximately $2.5 million and a net asset of approximately $3.3 million, respectively[154]. - The Colombian Peso appreciated by 11.0% and the Canadian dollar appreciated by 3.0% against the U.S. dollar during the nine months ended September 30, 2025[154]. - A 10% depreciation or appreciation of foreign currencies against the U.S. dollar would have resulted in an approximate $0.1 million decrease or increase in the company's net loss for the nine months ended September 30, 2025[154].

Core Insights - Ivanhoe Electric Inc. is focused on the exploration and development of electric metals crucial for electric vehicles and renewable energy technologies [1] - Scotiabank has set a price target of $17.50 for Ivanhoe Electric, indicating a potential increase of approximately 16.94% from its current price of $14.97 [1][5] Financial Highlights - Ivanhoe Electric completed the full exercise and closing of the underwriters' option, selling an additional 1.5 million shares as part of a public offering of 10 million shares at $15.00 each, resulting in total gross proceeds of $172.5 million [2][5] - The current stock price is $14.93, reflecting a decrease of 2.10% or $0.32, with a trading range today between $14.73 and $15.25 [3] - Over the past year, the stock has experienced significant volatility, with a high of $17.90 and a low of $4.50 [3] - Ivanhoe Electric's market capitalization is approximately $1.98 billion, with a trading volume of 780,741 shares, indicating strong investor interest [4][5]

Core Viewpoint - Ivanhoe Electric has successfully completed a public offering of common stock, raising a total of $172.5 million, including the full exercise of the underwriters' option for an additional 1,500,000 shares at a price of $15.00 per share [1] Group 1: Offering Details - The public offering consisted of 10,000,000 shares at a price of $15.00 per share, with gross proceeds reaching $172.5 million before deductions [1] - The offering was managed by BMO Capital Markets as the lead book-running manager, with J.P. Morgan and National Bank of Canada Capital Markets as book-running managers [3] Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for completing payments for land acquisition at the Santa Cruz Copper Project, funding early development activities, supporting exploration activities at current projects and joint ventures, and for general corporate purposes [2] Group 3: Regulatory and Compliance - A registration statement related to the securities was filed with the U.S. Securities and Exchange Commission and was declared effective on July 10, 2023 [4] - The final prospectus supplement was filed with the SEC on October 22, 2025, and is available on the SEC's website [4] - The offering received approval from the Toronto Stock Exchange under the exemption for "Eligible Interlisted Issuers" [6] Group 4: Company Overview - Ivanhoe Electric is a U.S. company focused on advanced mineral exploration technologies, primarily targeting copper and other metals, with significant projects including the Santa Cruz Copper Project in Arizona [9]

[Amendment Agreement Details](index=1&type=section&id=Amendment%20Agreement%20Details) This section outlines the parties involved and the specific purpose of the second amendment to the Shareholders' Agreement [Parties to the Agreement](index=1&type=section&id=Parties%20to%20the%20Agreement) This Amendment Agreement is made between four key parties: Saudi Arabian Mining Company (Ma'aden), Ivanhoe Electric Mena Holdings Ltd. (IE Mena), Ivanhoe Electric Inc. (IE Parent), and Ma'aden Ivanhoe Electric Exploration and Development Limited Company - The parties involved in this amendment are **Ma'aden**, **IE Mena**, **IE Parent**, and **Ma'aden Ivanhoe Electric Exploration and Development Limited Company**[2](index=2&type=chunk)[5](index=5&type=chunk) [Purpose and Scope of Amendment](index=1&type=section&id=Purpose%20and%20Scope%20of%20Amendment) This document represents the second amendment to the Shareholders' Agreement (SHA) originally dated July 6, 2023, primarily modifying specific terms concerning exploration licenses - This is **Amendment 2** to the Shareholders' Agreement (SHA) dated July 6, 2023, with a previous amendment on November 1, 2023[1](index=1&type=chunk)[5](index=5&type=chunk) - The amendment specifically targets **Part 1 Exploration Licenses of Schedule 6 (Ma'aden Land Area)** of the SHA[5](index=5&type=chunk) [Schedule 6 Amendments: Exploration Licenses](index=1&type=section&id=Schedule%206%20Amendments%3A%20Exploration%20Licenses) This section details the addition of new exploration licenses to Schedule 6, categorized into converted applications and newly introduced licenses [Group A Additions: Converted Exploration Licenses](index=1&type=section&id=Group%20A%20Additions%3A%20Converted%20Exploration%20Licenses) This section details the addition of numerous exploration licenses that were previously applications and have now been converted into active licenses, primarily in Najran and Wadi Ad Dawasir A regions - The amendment includes the **insertion of a table into Part 1 of Schedule 6**, reflecting the addition of **new Exploration Licenses from previously applied applications**[5](index=5&type=chunk) [Najran Exploration Licenses](index=1&type=section&id=Najran%20Exploration%20Licenses) Fifty exploration licenses have been added in the Najran region, covering approximately 4,199.99 km², issued between January 1-3, 2025, and expiring between December 2029 and January 2030 Summary of Najran Exploration Licenses (Group A) | Metric | Value | | :--- | :--- | | Number of Licenses | 50 | | Total Area | ~4,199.99 km² | | Issue Dates | Jan 1-3, 2025 | | Expiry Dates | Dec 2029 - Jan 2030 | [Wadi Ad Dawasir A Exploration Licenses](index=3&type=section&id=Wadi%20Ad%20Dawasir%20A%20Exploration%20Licenses) Sixty-three exploration licenses have been added in the Wadi Ad Dawasir A region (Riyadh), encompassing approximately 6,284.99 km², issued between January 1-3, 2025, and expiring between December 2029 and January 2030 Summary of Wadi Ad Dawasir A Exploration Licenses (Group A) | Metric | Value | | :--- | :--- | | Number of Licenses | 63 | | Total Area | ~6,284.99 km² | | Issue Dates | Jan 1-3, 2025 | | Expiry Dates | Dec 2029 - Jan 2030 | [Group B Additions: New Exploration Licenses](index=7&type=section&id=Group%20B%20Additions%3A%20New%20Exploration%20Licenses) This section introduces a new set of exploration licenses, categorized as 'Group B Additions,' located across various regions including Madinah and Hail, with different issue and expiry dates - The amendment includes **'Group B Additions'** which are **new exploration licenses**[11](index=11&type=chunk) [Al Mahad Exploration Licenses](index=7&type=section&id=Al%20Mahad%20Exploration%20Licenses) Three new exploration licenses have been added in the Al Mahad group within the Madinah region, covering approximately 146.103 km², issued on June 9, 2021, and expiring on April 16, 2026 Summary of Al Mahad Exploration Licenses (Group B) | Metric | Value | | :--- | :--- | | Number of Licenses | 3 | | Total Area | ~146.103 km² | | Issue Date | Jun 9, 2021 | | Expiry Date | Apr 16, 2026 | [Baara Exploration Licenses](index=7&type=section&id=Baara%20Exploration%20Licenses) One new exploration license has been added in the Baara group within the Madinah region, covering an area of approximately 99.831 km², issued on June 9, 2021, and expiring on April 16, 2026 Summary of Baara Exploration License (Group B) | Metric | Value | | :--- | :--- | | Number of Licenses | 1 | | Total Area | ~99.831 km² | | Issue Date | Jun 9, 2021 | | Expiry Date | Apr 16, 2026 | [La Huf Exploration Licenses](index=7&type=section&id=La%20Huf%20Exploration%20Licenses) Two new exploration licenses have been added in the La Huf group within the Madinah region, covering approximately 152.91 km², issued on August 1, 2020, and expiring on June 6, 2025, with a renewal application pending Summary of La Huf Exploration Licenses (Group B) | Metric | Value | | :--- | :--- | | Number of Licenses | 2 | | Total Area | ~152.91 km² | | Issue Date | Aug 1, 2020 | | Expiry Date | Jun 6, 2025 | | Status | Under renewal application | [Musayna'ah Exploration Licenses](index=7&type=section&id=Musayna%27ah%20Exploration%20Licenses) Twelve new exploration licenses have been added across the Musayna'ah groups within the Hail region, covering approximately 945.91 km², with various issue and expiry dates Summary of Musayna'ah Exploration Licenses (Group B) | Metric | Value | | :--- | :--- | | Number of Licenses | 12 | | Total Area | ~945.91 km² | | Issue Dates | Jun 9, 2021; Jul 28, 2022; Jun 28, 2022 | | Expiry Dates | Apr 16, 2026; Jun 4, 2027; May 6, 2027 | [General Terms and Affirmations](index=8&type=section&id=General%20Terms%20and%20Affirmations) This section clarifies the impact of the amendment on license applications, affirms the continuity of the original agreement, and outlines applicable clauses and required actions [Effect of Amendment on License Applications](index=8&type=section&id=Effect%20of%20Amendment%20on%20License%20Applications) The amendment stipulates that 'Group A Additions,' now converted to exploration licenses, will be removed from Part 2 (Exploration License Applications) of Schedule 6 of the Shareholders' Agreement - **Exploration License Applications corresponding to 'Group A Additions'** are to be **removed from Part 2 of Schedule 6**, as they have been **converted to Exploration Licenses**[12](index=12&type=chunk) [Continuity of Original Shareholders' Agreement](index=8&type=section&id=Continuity%20of%20Original%20Shareholders%27%20Agreement) Except for the specific changes outlined in this amendment, all other provisions of the original Shareholders' Agreement (SHA) remain fully effective and confirmed - The amendment constitutes a **variation of the SHA in accordance with Clause 36.7 (Amendment) of the SHA**[12](index=12&type=chunk) - **All other provisions of the SHA (as amended) are confirmed and remain in full force and effect**[12](index=12&type=chunk) [Applicable Clauses and Further Actions](index=8&type=section&id=Applicable%20Clauses%20and%20Further%20Actions) The parties agree that specific clauses from the original SHA will apply to this Amendment Agreement, and all parties are obligated to undertake necessary actions to fully implement its terms - **Specific clauses from the original SHA (1.2, 31, 32, 33, 35, 36.5, 36.7, 36.8, 36.9, 36.10)** are incorporated into this Amendment Agreement[12](index=12&type=chunk) - **Each party is responsible for doing all acts, executing documents, and taking necessary steps to give full effect to this Agreement**[12](index=12&type=chunk) [Execution of Agreement](index=9&type=section&id=Execution%20of%20Agreement) This section documents the formal execution of the Amendment Agreement by all involved parties and their authorized representatives [Signatures of Parties](index=9&type=section&id=Signatures%20of%20Parties) The Amendment Agreement was formally entered into by all parties on June 25, 2025, with authorized representatives providing their signatures and titles - The Agreement was entered into on **June 25, 2025 (29/12/1446H)**[1](index=1&type=chunk)[13](index=13&type=chunk) Authorized Signatories | Party | Name | Title | | :--- | :--- | :--- | | SAUDI ARABIAN MINING COMPANY (MA'ADEN) | Robert Wilt | Chief Executive Officer | | Ivanhoe Electric Inc. | Taylor Melvin | President and CEO | | IVANHOE ELECTRIC MENA HOLDINGS LTD. | Graham Boyd | Director | | MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY | Louis Irvine | Chairman | | MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY | Quentin Markin | Board Member |

Core Viewpoint - Ivanhoe Electric plans to raise US$125 million through an underwritten public offering of common stock, with an additional option for underwriters to purchase up to US$18.75 million more [1][2]. Group 1: Offering Details - The offering is subject to market conditions and there is no assurance regarding its completion or the actual size and terms [1]. - The net proceeds will be used for payments related to the Santa Cruz Copper Project, early development activities, exploration activities, and general corporate purposes [2]. Group 2: Underwriters - BMO Capital Markets is the lead book-running manager, with J.P. Morgan and National Bank of Canada Capital Markets also serving as book-running managers [3]. Group 3: Regulatory Filings - A registration statement on Form S-3 has been filed with the U.S. Securities and Exchange Commission, which was declared effective on July 10, 2023 [4]. - A final base prospectus has been filed in Canada, excluding Québec, under the multi-jurisdictional disclosure system [5]. Group 4: Company Overview - Ivanhoe Electric focuses on advanced mineral exploration technologies and electric metals exploration projects, primarily in the U.S., with a significant project being the Santa Cruz Copper Project in Arizona [7]. - The company also has a joint venture with Saudi Arabian Mining Company Ma'aden to explore minerals in the Arabian Shield [7].

Core Viewpoint - Ivanhoe Electric Inc. has demonstrated significant growth, particularly in copper production, which has positively impacted its stock performance and reaffirmed its production targets for the year [1][3]. Group 1: Production Performance - Ivanhoe Electric reported a 57% increase in copper production during Q3, mining 71,226 tons, bringing year-to-date production to 316,393 tons [1][3]. - The company maintains its full-year production guidance of 370,000 to 420,000 tons, with expectations of higher-grade mining from the Kakula Mine starting next month [3][4]. Group 2: Stock Performance - During intra-day trading, Ivanhoe Electric's stock reached a high of $14.57, closing up 12.63% at $14.45 [2]. - The stock's performance reflects investor confidence following the strong production results [1][2]. Group 3: Future Prospects - The company anticipates a turning point in operations with the start of selective mining on the eastern side of Kakula planned for Q1 2026 [4]. - Ivanhoe Electric is set to begin production at the Platreef Mine later this month, which is expected to enhance its position in the precious metals market [5].

Core Viewpoint - Ivanhoe Electric's shares experienced a significant increase of 7.9% to close at $10.84, driven by strong trading volume and higher copper prices [1][2]. Group 1: Company Performance - Ivanhoe Electric is projected to report a quarterly loss of $0.21 per share, reflecting a year-over-year increase of 41.7%. Revenue is expected to reach $1.07 million, marking a 59.7% increase from the same quarter last year [3]. - The consensus EPS estimate for Ivanhoe Electric has remained stable over the past 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [4]. Group 2: Industry Context - The rise in Ivanhoe Electric's stock is attributed to higher copper prices, which increased by 3.77% to $4.84 per pound, following Freeport-McMoRan's declaration of force majeure at its Grasberg mine in Indonesia [2]. - Freeport-McMoRan anticipates a 4% reduction in third-quarter 2025 copper sales and a 6% decrease in gold sales due to operational disruptions [2]. - Hudbay Minerals has also temporarily suspended operations at its Constancia mine in Peru due to protests, raising supply concerns and further supporting price increases [2]. Group 3: Industry Comparisons - Ivanhoe Electric is part of the Zacks Mining - Miscellaneous industry, where Nexa Resources S.A. also operates. Nexa's shares increased by 1.2% to $5.04, with a 1.8% return over the past month [5]. - Nexa Resources' consensus EPS estimate has risen by 25% over the past month to $0.1, representing a 400% increase compared to the previous year's EPS [6].