Ivanhoe Electric and BHP Exploration Alliance Advance Exploration Activities in the Southwest United States A New Generation Typhoon™ Unit Dedicated to the Exploration Alliance is Conducting its First Survey in Arizona PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE;
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January 7, 2025
Ivanhoe Electric and BHP Exploration Alliance Advance Exploration
Activities in the Southwest United States
A New Generation Typhoon™ Unit Dedicated to the Exploration
Alliance is Conducting its First Survey in Arizona
PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE;
TSX: IE) Executive Chairman Robert Friedland and President and Chief Executive
Officer Taylor Melvin are pleased to provide an update on the activities of the BHP
Exploration Alliance in the Southwest U.S. (the “Alliance”).
Mr. Friedland commented: “The Basin and Range province of the Southwest U.S.
remains one of the most promising frontiers for porphyry exploration. Together with
BHP, we have deployed a new generation Typhoon™ system to look for potential world-
class deposits that are hidden from the surface by younger cover rocks.”
Mr. Melvin commented: “We are pleased with the rapid progress made by our
exploration alliance with BHP and look forward to completing our first Typhoon™
survey at an Area of Interest located in Arizona. Our alliance is proving to be an
effective platform to pursue exploration opportunities that are well-suited for Ivanhoe
Electric’s exploration technologies, looking deep below the surface for new sources of
copper and other critical metals in the Southwest U.S.”
The Alliance is focused on exploring mineral deposits hidden under post-mineral cover.
It received an initial funding commitment of $15 million from BHP and is operated by
Ivanhoe Electric’s exploration team (refer to Ivanhoe Electric’s May 8, 2024 news
release).
The Alliance is actively exploring six designated Areas of Interest (“AOI”) within
Arizona, New Mexico, and Utah. Any Joint Venture that is agreed to be established
within these areas will operate under a 50/50 ownership structure.
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The first Typhoon™ survey of the Alliance has commenced, exploring a major
porphyry copper trend in Arizona
A new-generation Typhoon™ unit was mobilized in early December to commence the
Alliance’s first deep-penetrating geophysical survey. The initial Typhoon™ survey is
being completed along a well-known and major porphyry copper trend, with a
significant production history and a large endowment of copper in current reserves and
resources in the region.
During the first phase of the Alliance, exploration teams have been deployed to advance
reconnaissance work, geochemical sampling, and detailed geological mapping
programs across the AOIs in Arizona, New Mexico, and Utah. In addition, over 5,600
line-kilometers of airborne magnetic surveying and 1,500 line-kilometers of
hyperspectral surveying have been completed so far.
The results of exploration fieldwork and three-dimensional inversion of geophysical
data were used to inform subsequent land acquisition and Typhoon™ planning. So far,
over 110 square kilometers of unpatented mining claims have been staked across
Arizona and New Mexico.
Once the initial survey is complete, the Typhoon™ results will be processed by
Computational Geosciences Inc. The resulting data will then be integrated with other
datasets to develop the Alliance’s first drill targets.
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Photo 1. The Ivanhoe Electric and BHP Exploration Alliance new-generation Typhoon™
unit arrived in early December to one of the six AOIs to commence the Alliance’s first
deep-penetrating geophysical survey.
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Photo 2. From left to right, Rafael Romano, BHP Principal Geoscientist; Dan Koning,
Ivanhoe Electric Senior Geologist; Robert Lee, BHP Principal Geoscientist and Alliance
Technical Committee member; and Andrea Cade, P.Geo., Ivanhoe Electric Manager,
Technical Reporting and Alliance Management Committee member, observing outcrops
during a site visit to one of the six AOIs.
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Qualified Person
Disclosures of a scientific or technical nature included in this news release, including
the sampling, analytical and technical data underlying the information, have been
reviewed, verified and approved by Shawn Vandekerkhove, P.Geo., who is a Qualified
Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities
and Exchange Commission and by Canadian National Instrument 43-101. Mr.
Vandekerkhove is an employee of Ivanhoe Electric.
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 km2 of underexplored
Arabian Shield in the Kingdom of Saudi Arabia.
Website: www.ivanhoeelectric.com
About BHP
BHP is a world-leading resources company. We work in more than 90 locations
worldwide and our products are sold globally. We've positioned our business to
support the megatrends shaping our world. Iron ore and metallurgical coal for the steel
needed for global infrastructure and the energy transition. Copper for renewable energy
and potash to support more sustainable farming. A resource mix for today – and critical
to the future.
Website: www.BHP.com
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Contact Information
Mike Patterson
Vice President, Investor Relations and Business Development
Email: [email protected]
Phone: 1-480-601-7878
Follow us on
Ivanhoe Electric’s Executive Chairman Robert Friedland: @robert_ivanhoe
Ivanhoe Electric: @ivanhoeelectric
Ivanhoe Electric’s investor relations website located at www.ivanhoeelectric.com 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
progress and success of the exploration activities by the BHP Alliance; the continued use of
dedicated new-generation Typhoon™ system for the Alliance to survey AOIs and the results of
any survey work.
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 any inability to negotiate and
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sign mutually agreeable definitive agreements; any inability to satisfy all applicable closing
conditions; 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 www.sec.gov.
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.