Ivanhoe Electric Inc. - IE STOCK NEWS

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.

Ivanhoe Electric (NYSE American: IE) (TSX: IE) has announced the appointment of Mike Patterson as Vice President of Investor Relations and Business Development, effective August 19, 2024. Patterson, a mining engineer with extensive financial experience in the natural resources sector, will lead the company's investor relations, communications, and business development teams from the corporate office in Tempe, Arizona.

Patterson's background includes a Bachelor of Science in Mining Engineering from the Colorado School of Mines, operational experience with Luminant and Rio Tinto, and eight years at the private equity firm Resource Capital Funds. He also recently served as Business Development Manager at KoBold Metals.

President and CEO Taylor Melvin expressed enthusiasm for Patterson's addition, citing his valuable combination of technical and financial expertise in the mining sector as an asset for Ivanhoe Electric's expansion plans and growth initiatives.

Ivanhoe Electric (NYSE American:IE, TSX:IE) and Ma'aden (1211) Joint Venture has commenced drilling activities in Saudi Arabia. The initial program is testing a chargeability anomaly identified by Typhoon™ and Computational Geosciences' inversion software near Ma'aden's Al Amar Gold-Copper-Zinc Mine. The Typhoon™ survey has now covered over 155 km2.

Two chargeability anomalies, Umm Ad Dabah and Area B, were identified. Current drilling focuses on Umm Ad Dabah, with a second rig scheduled to begin at Area B later in August. The initial drill program includes eight holes to test the anomaly over the next two months. The Joint Venture has over 48,500 km2 of exploration licenses and applications in Saudi Arabia, with plans to expand into Bir Umq, Wadi Bidah, and platform license applications throughout 2024 and 2025.

Ivanhoe Electric Inc. (NYSE American:IE, TSX:IE) has completed the final US$10 million payment to acquire 100% ownership of the mineral rights at its Santa Cruz Copper Project in Arizona. This transaction marks a significant milestone for the company, as it now owns both the mineral and surface rights for the project. The Santa Cruz Copper Project is described as one of the largest and highest grade undeveloped copper resources in the United States located entirely on private land.

Taylor Melvin, Ivanhoe Electric's President and CEO, emphasized the importance of this acquisition, highlighting the consolidation of surface and mineral rights ownership. The company's Executive Chairman, Robert Friedland, also expressed satisfaction with this development.

Ivanhoe Electric (NYSE American: IE, TSX: IE) has clarified misleading media headlines suggesting that Saudi Arabia Mining Company (Ma'aden) intends to sell Ivanhoe Electric shares. The company filed a Registration Statement as part of an Investor Rights Agreement (IRA) previously disclosed on July 6, 2023. Ivanhoe Electric emphasized that this filing was a fulfillment of obligations under the IRA from Ma'aden's initial investment. Ma'aden has confirmed that it currently has no intention to sell any Ivanhoe Electric common stock, aligning with the details disclosed in the Registration Statement.

Ivanhoe Electric announced that Fluor Enterprises Inc. will lead the Preliminary Feasibility Study (PFS) for their Santa Cruz Copper Project, with completion expected by Q2 2025. Fluor is recognized for its expertise in mining projects. In addition to Fluor, several other consultants will handle specific aspects of the PFS. Significant progress has been made in the infill drilling program, with 185 drill holes totaling 133,000 meters completed since December 2022.

Recent step-out drilling at the Verde Domain identified high-grade copper intercepts, expanding the mineralized domain. Assay results from various drill holes confirm high-grade copper mineralization, with notable intersections including 89 meters @ 2.03% total copper in SCC-189 and 181.81 meters @ 1.72% total copper in SCC-208. Exploration drilling will continue in the Southwest Exploration and Texaco areas.

The PFS remains on track and aims to finalize by Q2 2025, supporting the project's advancement.

Ivanhoe Electric has announced a multi-year sponsorship of $150,000 with the Native American Mining and Energy Sovereignty Initiative (NAMES), part of the Payne Institute for Public Policy at the Colorado School of Mines. This initiative aims to support Tribal communities by fostering educational opportunities in energy and natural resources. Ivanhoe Electric's funding will assist Native American students in gaining admissions, retention, and graduation at both undergraduate and graduate levels. Additionally, it will support advanced research and development of Tribal energy and mineral initiatives and develop STEM programs focusing on Native American needs. The inaugural event for NAMES, co-hosted by the Southern Ute Indian Tribe, will take place on May 20-21 in Ignacio, Colorado. Ivanhoe Electric is committed to empowering Tribal communities and promoting social and economic progress through this partnership.

Ivanhoe Electric Inc. announces an Exploration Alliance with BHP to accelerate the search for critical minerals in the United States. BHP will provide $15 million for exploration over three years, with Ivanhoe Electric offering access to cutting-edge technology. The alliance aims to identify joint venture projects in Arizona, New Mexico, and Utah, focusing on copper and other minerals. The partnership signifies a significant step towards meeting the demand for critical minerals in the energy and electrification sectors.

Ivanhoe Electric Inc. completes the initial Typhoon™ survey in Saudi Arabia, identifying high priority anomalies for drill testing. The joint venture with Ma'aden shows promising results in the Al Amar and Wadi Bidah belts. CGI's inversion software and Typhoon™ technology play a crucial role in identifying drill targets. Two high priority areas, 'Area B' and 'Umm Ad Dabah', show significant potential for mineralization. The company plans to start drilling by the end of May, showcasing the disruptive capabilities of their exploration activities.