Ivanhoe Electric completes Santa Cruz payments

Executive Summary

• Ivanhoe Electric Inc. has completed the final three land acquisition payments totaling $39.3 million for its Santa Cruz copper project in Arizona, satisfying all remaining terms of the purchase and sale agreement with Wolff-Harvard Ventures LLC.
• The company accelerated these payments, which were required to be settled prior to the commencement of major mine construction activities.
• Management confirmed the project remains on track for initial construction in early 2026 and first copper cathode production by late 2028, contingent upon receiving necessary permits.

Key Details

• Transaction Value: Final land acquisition payments totaled $39.3 million.
• Counterparty: Wolff-Harvard Ventures LLC.
• Project: Santa Cruz copper project, Arizona.
• Contractual Milestone: Completion of all remaining terms of the purchase and sale agreement; repayment of the previously issued promissory note.
• Condition Precedent: The promissory note required the full outstanding balance to be paid prior to the start of major mine construction.
• Construction Timeline: Initial construction at Santa Cruz is targeted to commence in early 2026, subject to permit receipt.
• Production Timeline: Goal is to deliver first copper cathode production by late 2028.
• Financial Position: Company cites a "strong balance sheet" and an experienced project team as factors positioning it for construction.

Notable Quotes

• "Accelerating our final land payments is a key step in the development of our Santa Cruz copper project. With a strong balance sheet and experienced project team, we are well positioned to commence initial construction at Santa Cruz in early 2026 subject to receipt of necessary permits. We remain on track to achieve our goal of delivering first copper cathode production by late 2028." — Taylor Melvin, President and CEO