Ivanhoe Electric Secures 100% Ownership of Mineral Rights at its Santa Cruz Copper Project with Final Option Payment
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August 13, 2024
Ivanhoe Electric Secures 100% Ownership of Mineral Rights at its
Santa Cruz Copper Project with Final Option Payment
PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”, the “Company” or “IE”)
(NYSE American: IE; TSX: IE) Executive Chairman Robert Friedland and President and
Chief Executive Officer Taylor Melvin are pleased to announce that the Company,
through its wholly-owned subsidiary Mesa Cobre Holding Corporation (“Mesa Cobre”),
completed the final US$10 million payment to exercise its option to acquire 100%
ownership of the mineral rights at the Santa Cruz Copper Project in Arizona. Following
this transaction, Ivanhoe Electric now owns 100% of the mineral and surface rights for
the Santa Cruz Copper Project.
Taylor Melvin, Ivanhoe Electric’s President and Chief Executive Officer, commented:
“Completing our option agreement and securing 100% ownership of the mineral rights
at our Santa Cruz Copper Project in Arizona is an important milestone for our Company.
We have now completed the consolidation of surface and mineral rights ownership at
one of the largest and highest grade undeveloped copper resources in the United States
that is located entirely on private land.”
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Figure 1. Plan view map of land and mineral rights acquired at the Santa Cruz Copper
Project, Arizona.
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Qualified Persons
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 Glen Kuntz, 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. Kuntz is an
employee of Ivanhoe Electric Inc.
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.
Contact Information
Ivanhoe Electric:
Email: [email protected]
Follow us on
Ivanhoe Electric’s Executive Chairman Robert Friedland: @robert_ivanhoe
Ivanhoe Electric: @ivanhoeelectric
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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 US 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.
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 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 US 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 filed with the U.S. Securities and Exchange
Commission.
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.