Ivanhoe Electric Inc. - IE STOCK NEWS

Ivanhoe Electric (NYSE American: IE) has announced the pricing of an upsized public offering of 10,256,411 units at US$5.85 per unit, with each unit comprising one common stock share and one warrant. The warrants are exercisable at US$7.00 per share for 12 months.

The offering is expected to generate gross proceeds of approximately US$60 million before deductions and is scheduled to close on February 14, 2025. The company has granted underwriters a 30-day option to purchase up to an additional 1,538,461 units.

The net proceeds will fund the preliminary feasibility study for the Santa Cruz Project, land acquisition payments, drilling and exploration activities, and general corporate purposes. BMO Capital Markets is serving as the sole book-running manager for the offering.

Ivanhoe Electric (NYSE American: IE) has announced plans for a US$50 million public offering of Units, with each Unit comprising one common stock share and one warrant exercisable for an additional share. The underwriters will have a 30-day option to purchase up to an additional US$7.5 million of Units.

The company plans to use the proceeds for a preliminary feasibility study on the Santa Cruz Project, mineral rights payments, drilling and exploration activities, and general corporate purposes. BMO Capital Markets is serving as the sole book-running manager for the offering.

The offering will be conducted under an effective Form S-3 registration statement and through a multi-jurisdictional disclosure system (MJDS) prospectus in Canadian provinces and territories (except Québec). The completion and terms of the offering are subject to market conditions.

XtremeX Mining Technology (XMT) has announced plans to deploy its innovative AC-electric automated drilling rig with Ivanhoe Electric (NYSE: IE) at the Santa Cruz copper project in Arizona. The company recently secured an $11M Series-A financing led by GoGreen Partners.

The revolutionary hybrid drilling system, which adapts oil and gas technology for mining, will target depths up to 2,000 meters. Under the agreement, Ivanhoe Electric gains exclusive access to three XMT rigs for up to five years. The technology promises faster, safer, and more sustainable drilling operations with improved core recovery and high-fidelity drill chips.

The project involves collaboration with strategic partners including Precision Drilling, Baker Hughes, and the Mines Venture Fund 1, LP. The field trial at Santa Cruz will test the rig's capabilities in accelerating the drilling process and reducing costs for mineral exploration.

Ivanhoe Electric (NYSE: IE) has announced significant drilling results from its 50/50 joint venture with Ma'aden in Saudi Arabia. The company's TyphoonTM geophysical surveying technology has led to the discovery of copper mineralization near Ma'aden's Al Amar mine.

Initial drilling at the Umm Ad Dabah prospect has yielded promising results, with three holes intersecting copper mineralization to depths beyond 700 meters. Notable intersections include 13.1 meters @ 1.31% copper and 4.5 g/t silver from 717.9 meters in hole UAD-005, and 5.9 meters @ 0.79% copper and 1.9 g/t silver from 374.5 meters in UAD-006.

The Joint Venture has completed TyphoonTM surveys covering 238 square kilometers, with three units currently active in Saudi Arabia. The mineralized system extends over 250 meters in strike length and 400 meters down dip, remaining open for expansion.

Ivanhoe Electric (NYSE American: IE) and BHP's Exploration Alliance has initiated its first deep-penetrating geophysical survey in Arizona using a new-generation Typhoon™ system. The Alliance, which received an initial $15 million funding from BHP, is exploring six designated Areas of Interest (AOI) across Arizona, New Mexico, and Utah for hidden mineral deposits.

The exploration activities include reconnaissance work, geochemical sampling, and detailed geological mapping. Over 5,600 line-kilometers of airborne magnetic surveying and 1,500 line-kilometers of hyperspectral surveying have been completed. The Alliance has staked over 110 square kilometers of unpatented mining claims across Arizona and New Mexico.

The initial Typhoon™ survey is being conducted along a major porphyry copper trend with significant production history. Any Joint Venture established within these areas will operate under a 50/50 ownership structure. Once the survey is complete, Computational Geosciences Inc. will process the results to develop the Alliance's first drill targets.

Ivanhoe Electric (NYSE: IE) has provided updates on its U.S. exploration projects, completing approximately 34,000 meters of drilling across multiple sites in 2024. At the Santa Cruz Copper Project in Arizona, drilling expanded the Texaco Deposit with significant copper mineralization, including intersections of up to 1.70% total copper. At the Hog Heaven Project in Montana, drilling discovered a new copper-gold-molybdenum porphyry system in the Battle Butte area, with notable intersections including 286 meters at 0.14% copper and 0.14 g/t gold. The company also conducted exploration at the Tintic Project in Utah, completing nearly 6,500 meters of drilling.

The company has paused most drilling operations for the winter season to evaluate results and plan 2025 exploration programs. An updated Mineral Resource Estimate for the Texaco Deposit is expected as part of the Santa Cruz Copper Project Preliminary Feasibility Study, scheduled for completion by the end of Q2 2025.

Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) has announced the signing of Definitive Agreements between its 90%-owned subsidiary, VRB Energy Inc., and Shanxi Red Sun Co., The agreements finalize the terms of a transaction announced on September 23, 2024, forming a Joint Venture to expand manufacturing and sales of vanadium redox flow battery systems. Key points include:

1. Red Sun will provide a $35 million capital increase to the Joint Venture.
2. Ivanhoe Electric will allocate $20 million from the transaction proceeds to establish a separate US-based vanadium redox battery business in Arizona.
3. The Joint Venture will be structured as 51% / 49% ownership.
4. The Arizona facility is expected to produce 50 megawatts per year of VRB-ESS® vanadium flow batteries.

The agreements were signed on October 15, 2024, with the joint venture expected to be established by the end of the month, subject to certain conditions and regulatory filings.

Ivanhoe Electric's subsidiary, VRB Energy, has secured a $55 million investment and formed a joint venture with Red Sun, a Chinese new energy group. The deal includes:

1. A $20 million share purchase by Red Sun in VRB Energy.
2. A $35 million capital increase by Red Sun into the joint venture.
3. Establishment of a U.S.-based vanadium redox battery business in Arizona with $20 million from the transaction.

The joint venture will focus on Asian, Middle Eastern, and African markets, while VRB USA will serve North American, South American, and European markets. Red Sun plans to establish two manufacturing sites in China with a combined 500-megawatt production capacity and a dedicated electrolyte plant.

Ivanhoe Electric (NYSE American: IE) (TSX: IE) reports progress on its Santa Cruz Copper Project in Arizona. The Preliminary Feasibility Study (PFS) is 50% complete and on track for Q2 2025 delivery. Key highlights include:

1. High copper recoveries in metallurgical studies: up to 98% for acid-soluble copper and 92% for floatable copper.

2. Permitting milestone achieved with City of Casa Grande approval for Major General Plan Amendment.

3. Infill drilling reveals high-grade copper mineralization, including 99.4 meters @ 2.39% total copper.

4. 120,000 meters of new drilling completed since December 2022.

The PFS will define an underground mining operation and be used to pursue long-term project financing.