Core Insights - ZEB Nickel Corp. has confirmed the presence of higher-grade nickel-copper-PGE mineralization at the Zeb Nickel Project in Limpopo, South Africa, following a two-hole drilling program that validates the geological model and indicates that mineralization remains open along strike and at depth [2][24]. Group 1: Geological Model and Mineralization - The Zeb mineral system consists of four stacked horizons, with Zone 1 being the near-surface bulk-tonnage nickel-bearing unit, and Zone 2 containing similar Ni-Cu-PGE mineralization to that found at Ivanhoe Mines's Platreef Mine [4][24]. - Drilling results from two holes (Z031 and Z033) confirmed the presence of mineralized material in both Zone 1 and Zone 2, with significant intersections indicating thicker, higher-grade intervals beneath the historical resource [7][8]. - Zone 2 reported assay results of up to 2.27 m at 0.27% Ni, 0.17% Cu, and 2.27 g/t 3PGE+Au, while Zone 3 showed up to 0.70 m at 0.65% Ni and 0.40% Cu within a broader interval of 2.73 m at 0.39% Ni [7][13]. Group 2: Exploration Potential - The data suggests that the Ni-Cu-PGE mineralization in Zone 2 may extend fully beneath Zone 1, indicating increased potential for a significant Ni-Cu-PGE resource [9][24]. - The consistent intersection of semi-massive sulphide mineralization in Zone 3 supports the potential for a large, continuous magmatic system, which could lead to further discoveries [10][12]. - The geological model proposes that additional down-dip drilling may intersect significantly higher-grade Ni-Cu-PGE mineralization, supported by analogous mineralization styles observed at neighboring world-class deposits [11][24]. Group 3: Company Overview - ZEB Nickel Corp. is focused on exploring and developing world-class mineral deposits, particularly those critical for rechargeable battery production, including nickel, graphite, lithium, cobalt, manganese, copper, and aluminum [25]. - The Zeb Nickel Project is strategically located in the Bushveld Complex in South Africa and is recognized as a developing Class 1 nickel sulfide project [25].

Group 1 - The core viewpoint of the article highlights a significant increase in copper prices due to a shortage of non-American supply, driven by a surge of copper materials flowing into the U.S. to avoid potential tariffs [1][3][5] - Analysts warn that the competition for scarce supply may lead to a "short squeeze" scenario, further driving up prices as sellers face immense pressure to deliver physical metal or incur losses on their positions [2][4][6] Group 2 - The influx of copper into the U.S. has resulted in a dramatic rise in prices, with the London copper price reaching nearly $10,000 per ton, marking a three-month high [5] - The London Metal Exchange (LME) has implemented new rules to manage large position traders, responding to market volatility caused by buyers seeking to quickly acquire large amounts of metal amid dwindling inventories [2][3] - Production disruptions, such as flooding at Ivanhoe Mines' Kakula mine in the Democratic Republic of Congo, have exacerbated supply tightness, contributing to the overall market competition [6]

据外媒报道，在阿塞拜疆从事黄金、白银和铜矿开采的英国盎格鲁亚洲矿业公司(Anglo-AsianMining Plc.)表示，Gilar矿已经开始生产。该矿是阿塞拜疆Gedabek矿场的一部分。该公司的目标是每年开采 2000吨左右矿石，随着运营增加，月度产量目标为5-6万盎司。 据外媒报道，加拿大Ivanhoe Mines周二表示，由于地震活动，公司已暂停刚果（金）Kakula铜矿地下开 采作业。 一、行情回顾 昨日夜盘，沪铜期货震荡走弱，主力2506合约收于77770元/吨，跌幅0.42%。 二、基本面汇总 三、机构观点 冠通期货：整体来说，市场对经济保持不确定性预期，铜价有所承压，基本面方面，需求端边际走弱， 但目前社会库存仍处于低位水平，供应端偏紧预期依然存在，铜价呈现震荡上行趋势，但临近需求旺季 尾声，虽有国内增量政策提振，但目前呈现强预期弱现实状态，整体依然承压，需持续关注美联储降息 概率及中美关税政策情况。 广州期货：宏观面，地缘政治紧张情绪急剧升温，黄金上涨提振铜价。当前美国制造业和就业数据暂 稳，叠加贸易战缓和，衰退风险减弱，但整体经济仍处于持续走弱态势中，对于铜价仍有压制。基本 面，当前铜矿 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The easing of mutual tariffs between China and the US leads to expectations of rushed exports, but the traditional consumption off - season is approaching. The increase in China's electrolytic copper social inventory may cause the furnace copper price to fluctuate widely. It is recommended that investors wait and see, and pay attention to the support and pressure levels of furnace copper, London copper, and US copper [3] Summary by Relevant Catalogs Market Data - On May 21, 2025, the closing price of the active contract of Shanghai copper futures was 78,100 yuan, up 560 yuan from the previous day; the trading volume was 71,129 lots; the open interest was 163,320 lots, down 2,768 lots; the inventory was 41,218 tons, down 4,520 tons. The average price of SMN 1 electrolytic copper was 78,460 yuan, up 120 yuan [2] - The basis of Shanghai copper and spot premiums and discounts showed different changes, with the furnace copper basis down 440 yuan to 360 yuan, and spot premiums and discounts in different regions also changing [2] - The price difference between near - month and far - month contracts of Shanghai copper decreased to varying degrees, with the difference between near - month and continuous - first contracts down 60 yuan to 290 yuan [2] - The LME 3 - month copper futures closing price on May 20, 2025 was 9,554.5 dollars, and relevant inventory and price difference data also showed certain changes [2] - On May 21, 2025, the closing price of the active contract of COMEX copper futures was 4.6575 dollars, down 0.01 dollars from the previous day, and the total inventory was 173,023 tons, up 2,643 tons [2] Industry News - In April 2025, China's copper enameled wire export volume was 13,217.28 tons, a year - on - year increase of 38.28% and a month - on - month increase of 5.67%. From January to April, the cumulative export volume was 45,256.14 tons, a cumulative year - on - year increase of 27% [2] - On May 21, Central Asia Metals (CAML) announced a $119 million acquisition of Australian Mer World Resources (MR.), with the project expected to produce 30,000 tons of copper equivalent annually and start production around 2026 [2] - Ivanhoe Mines suspended operations at the Kaooor - Kakula copper mine due to earthquake activity on May 10, and operations may resume soon as seismic activity has significantly decreased [2] - Global copper mining giant Antofagasta initiated mid - year negotiations with Chinese and Japanese smelters. Smelters may demand a "0 - dollar" processing fee (TC/RC) in the second half of 2025, a 100% increase from the 2024 benchmark price [2] Production and Supply - The expansion project of the copper oxide ore at ACC Metals' Vədi.tepe multi - metal mine will start in the first quarter of 2026, with an initial annual output of 25,000 tons [3] - Freeport - McMoRan Indonesia was allowed to export 1.27 million tons of copper concentrate within 6 months but will be subject to higher export taxes [3] - The second - phase 150,000 - ton production capacity of the copper mine in Ecuador under Jiangxi Copper may be put into production in the second half of 2025 [3] - The second - phase 200,000 - ton/day construction project of Julong Copper Mine may be put into production by the end of 2026 [3] - The maintenance capacity of domestic smelters in May may increase month - on - month, which may lead to a decrease in the production and import of domestic crude copper in June [3] - The Kaooor - Kakula copper smelter may be completed and put into production in June 2025, with an annual output of 600,000 tons of anode copper [3] - The new anode copper production capacity of Yimen Copper Mine increased from 100,000 to 150,000 tons and was successfully put into production on April 12 [3] - The second - phase 150,000 - ton cathode copper project of Jiangxi Copper Baoyuan will start construction in Guizhou and reach a capacity of 260,000 tons after completion [3] - The second - phase 200,000 - ton project of Jinchuan Group's 400,000 - ton intelligent electrolytic copper project produced the first batch of high - purity cathode copper in March [3] Market Inventory - China's bonded - area electrolytic copper inventory decreased compared with last week, while the social inventory increased; LME's electrolytic copper inventory decreased, and COMEX's inventory increased [3] Downstream Market - High copper prices affected new orders, with the capacity utilization rate of China's refined copper (recycled copper rod) industry increasing; the raw material (finished product) inventory of refined copper enterprises decreased (increased), and that of recycled copper rod enterprises remained flat (decreased) [3] - The capacity utilization rate of China's copper wire and cable industry decreased, and the order volume of copper foil packaging increased (slightly decreased) [3] - The capacity utilization rate of China's brass rod industry increased [3] - The easing of mutual tariffs between China and the US and other factors may lead to a month - on - month decline in the capacity utilization rate, production, import, and export of domestic copper processing enterprises [3]

Group 1 - The price of silicon manganese from Hebei Steel Group is reported at 5850 CNY/ton for May, with the first round of inquiries at 5700 CNY/ton, down from 5950 CNY/ton in April, and a projected price of 8000 CNY/ton for May 2024 [1] - The Indonesian Palm Oil Association (GAPKI) has increased the export tax on crude palm oil (CPO) from 7.5% to 10%, which is expected to weaken Indonesia's competitiveness in the global palm oil market [1] - Malaysian palm oil production increased by 3.72% from May 1 to May 20, 2025, according to the Southern Peninsula Palm Oil Millers Association (SPPOMA) [1] Group 2 - A recent survey indicates that U.S. net sales of soybeans for the 2024/25 marketing year are expected to range between 100,000 to 300,000 tons as of the week ending May 15 [1] - The total inventory of refined oil at the Fujairah Oil Industrial Zone in the UAE was reported at 20.562 million barrels as of the week ending May 19, a decrease of 4.9% from the previous week [1] - Antofagasta, a global copper mining giant, has initiated mid-year negotiations with smelters in China and Japan, with reports suggesting that due to tight supply of copper concentrate, smelters may request "zero dollar" processing fees for the second half of 2025 [1] Group 3 - Guinea's transitional authorities have declared several mining rights related to bauxite, iron ore, gold, diamonds, and graphite as strategic reserve areas, as announced on national television [2] - Ivanhoe Mines has suspended underground mining operations at its Kakula copper mine in the Democratic Republic of Congo due to seismic activity, following a week of tremors [2] - A lithium salt company in Jiangxi is expected to halt production for maintenance for one factory in June for four months, which will impact carbon lithium production by approximately 1500 tons per month [2] Group 4 - The World Bureau of Metal Statistics (WBMS) reported a global surplus of refined copper of 20,500 tons and a surplus of primary aluminum of 277,200 tons for March 2025 [2] - The National Grain and Oil Information Center forecasts a gradual decrease in imported rapeseed volumes to China, with expected arrivals of 260,000 tons in May and 200,000 tons in June, with further reductions anticipated after July [2] - The average cost of molten iron (excluding tax) at mainstream steel mills in Tangshan has decreased by 4 CNY to 2148 CNY/ton, while the average cost of steel billets (including tax) has also been reduced by 4 CNY to 2898 CNY/ton [2]

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on January 19, 2023. Registration No. 333-269029 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 Amendment No. 1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 IVANHOE ELECTRIC INC. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation or Organization) 1000 (Primary Standard Industrial Classification Code Number) 32-0633823 (I.R.S. Employer ...