Ivanhoe Electric to Receive $58.4 million Cash Distribution from Cordoba Minerals Corp. Cordoba Minerals’ Shareholders to Receive Net Proceeds from the Recent Sale of the Alacrán Project in Colombia PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American:
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March 13, 2026
Ivanhoe Electric to Receive $58.4 million Cash Distribution
from Cordoba Minerals Corp.
Cordoba Minerals’ Shareholders to Receive Net Proceeds from
the Recent Sale of the Alacrán Project in Colombia
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 announce that Ivanhoe Electric’s
59.6%-owned subsidiary, Cordoba Minerals Corp. (TSXV: CDB; OTCQB: CDBMF)
(“Cordoba”) has announced the timing and amount of its cash distribution to
Cordoba shareholders.
On March 6, 2026, Cordoba announced that it had closed the sale of its remaining
50% interest in the Alacrán Project in Colombia for total cash proceeds of $128
million. Under the terms of the sale, the net cash proceeds remaining after
settling all outstanding liabilities and obligations, and retaining $10 million for
ongoing corporate purposes, would be distributed to Cordoba shareholders.
Cordoba subsequently announced that the final cash amount per share to be
distributed would be $1.01 per Cordoba common share to registered Cordoba
shareholders as of close of business on March 20, 2026. The cash payment is
expected to be made on or about March 25, 2026.
Ivanhoe Electric currently owns 57,855,427 common shares of Cordoba which
entitles it to an approximate $58.4 million cash payment as part of Cordoba’s
distribution.
Cash distribution from Cordoba will enhance Ivanhoe Electric’s already
strong liquidity position
As at December 31, 2025, Ivanhoe Electric had cash and cash equivalents totaling
$173.3 million. As of February 17, 2026, Ivanhoe Electric received $82.6 million in
proceeds from the exercise of all the outstanding warrants associated with the
Company’s February 14, 2025, equity financing. The forthcoming $58.4 million
distribution from Cordoba will strengthen Ivanhoe Electric’s cash position. The
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Company’s liquidity is enhanced further by an undrawn $200 million senior
secured multi-draw bridge facility (refer to Ivanhoe Electric’s December 15, 2025
news release).
About Ivanhoe Electric
We are a United States domiciled minerals exploration company with a focus on
developing mines from mineral deposits principally located in the United States.
We seek to support American supply chain independence by finding and
delivering copper and other critical metals vital to advanced manufacturing,
infrastructure development, technology, and national security. We use our
powerful Typhoon™ geophysical surveying system, together with advanced data
analytics provided by our 94.3% owned subsidiary, Computational Geosciences
Inc. (“CGI”), 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, cobalt, platinum group elements, gold and silver. Through the
advancement of our portfolio of critical metals exploration projects, headlined by
the Santa Cruz Copper Project in Arizona, we intend to contribute to domestic
supply by developing resources that support industrial and strategic sectors. We
also operate a 50/50 joint venture with Saudi Arabian Mining Company
("Maaden") to explore for minerals on approximately 50,000 km2 of underexplored
Arabian Shield in Saudi Arabia. Finally, in 2024, we established an exploration
alliance with BHP Mineral Resources Inc. (“BHP”), a subsidiary of BHP Group
Limited, to search for critical minerals in the United States. In 2026, we entered
into a Typhoon™ driven Mineral Exploration and Collaboration Agreement with
Sociedad Química y Minera de Chile (“SQM”) in Chile to explore 2,002 km2 of
mining concessions for new copper deposits beneath electrically resistive
caliche.
Website: www.ivanhoeelectric.com
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
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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”, “target”, “project” 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 relating to:
the amount, timing and completion of payments by Cordoba Minerals Corp. to its
shareholders, including the cash payment of $58.4 million to Ivanhoe Electric on or
about March 25, 2026.
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 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 filed and other disclosures with the U.S.
Securities and Exchange Commission.
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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.