Ivanhoe Electric Makes Final Land Acquisition Payment at the Santa Cruz Copper Project in Arizona
Ivanhoe Electric (NYSE American: IE) has accelerated and completed the final three land acquisition payments of $39.3 million for the Santa Cruz Copper Project in Arizona, satisfying the remaining terms of the Purchase and Sale Agreement with Wolff-Harvard Ventures.
The previously issued promissory note has been repaid in full, which the company says clears the way for initial mine construction activities subject to receipt of necessary permits. Management expects to commence initial construction in early 2026 and aims to deliver first copper cathode production by late 2028.
Ivanhoe Electric (NYSE American: IE) ha accelerato e completato i tre ultimi pagamenti per l'acquisizione di terreni, per un totale di $39,3 milioni, per il Santa Cruz Copper Project in Arizona, soddisfacendo i restanti termini dell'Accordo di Acquisto e Vendita con Wolff-Harvard Ventures.
Il promissory note emesso in precedenza è stato integralmente rimborsato, cosa che l'azienda afferma aprire la strada alle attività iniziali di costruzione della miniera, soggette al rilascio dei permessi necessari. Il management prevede di iniziare la costruzione iniziale all'inizio del 2026 e punta a fornire la prima produzione di catodi di rame entro la fine del 2028.
Ivanhoe Electric (NYSE American: IE) ha acelerado y completado los tres últimos pagos de adquisición de terrenos por un total de $39,3 millones para el Proyecto de Cobre Santa Cruz en Arizona, cumpliendo los términos pendientes del Acuerdo de Compra y Venta con Wolff-Harvard Ventures.
La nota promissoria emitida anteriormente ha sido pagada por completo, lo cual la empresa dice que allana el camino para las actividades iniciales de construcción de la mina, sujeto a la obtención de los permisos necesarios. La dirección espera iniciar la construcción inicial a principios de 2026 y apunta a entregar la primera producción de cátodos de cobre para finales de 2028.
Ivanhoe Electric (NYSE American: IE)는 애리조나 주 산타 크루즈 구리 프로젝트를 위한 토지 취득의 마지막 세 지급을 $39.3 백만으로 가속 및 완료했고, Wolff-Harvard Ventures와의 매매계약의 남은 조건을 충족했습니다.
이전에 발행된 약속어음은 전액 상환되었으며, 회사는 필요한 허가를 받는 것을 전제로 초기 광산 건설 활동의 길을 열었다고 밝혔습니다. 경영진은 2026년 초에 초기 건설을 시작할 것으로 예상하며 2028년 말까지 첫 구리 음극의 생산을 목표로 하고 있습니다.
Ivanhoe Electric (NYSE American: IE) a accéléré et terminé les trois derniers paiements pour l'acquisition de terrains, pour un total de $39,3 millions, destinés au projet Santa Cruz Copper en Arizona, satisfaisant les clauses restantes de l'accord d'achat et de vente avec Wolff-Harvard Ventures.
La note promesse émise précédemment a été entièrement remboursée, ce qui, selon la société, ouvre la voie aux premières activités de construction de la mine, sous réserve de l'obtention des permis nécessaires. La direction prévoit de commencer la construction initiale au début de 2026 et vise à livrer la première production de cathodes de cuivre d'ici la fin de 2028.
Ivanhoe Electric (NYSE American: IE) hat die letzten drei Zahlungen für den Erwerb von Grundstücken in Höhe von $39,3 Millionen für das Santa Cruz Copper Projekt in Arizona beschleunigt und abgeschlossen und damit die restlichen Bedingungen des Kauf- und Verkaufsvertrags mit Wolff-Harvard Ventures erfüllt.
Der zuvor ausgegebene Schuldschein wurde vollständig zurückgezahlt, was das Unternehmen als Weg frei sieht für die ersten Bauaktivitäten der Mine, vorbehaltlich der Erteilung der erforderlichen Genehmigungen. Das Management erwartet, dass die ersten Bauarbeiten Anfang 2026 beginnen, und strebt an, bis Ende 2028 die erste Kupferkathode zu liefern.
Ivanhoe Electric (NYSE American: IE) سارعت وأتمت آخر ثلاث دفعات لشراء الأراضي بقيمة $39.3 مليون لمشروع Santa Cruz Copper في أريزونا، مما يفي بباقي شروط اتفاقية الشراء مع Wolff-Harvard Ventures.
تم سداد السند الإذني الصادر سابقاً بالكامل، وهو ما تقول الشركة إنه يفتح الطريق للأنشطة الإنشائية الأولية للمنجم رهناً بالحصول على التراخيص اللازمة. وتتوقع الإدارة أن تبدأ الأعمال الإنشائية الأولية في أوائل 2026 وتهدف إلى توفير أول إنتاج من كاثود النحاس بحلول نهاية 2028.
- $39.3 million final land payments completed
- Promissory note repaid in full, removing contractual barrier to construction
- Target to commence initial construction in early 2026
- Target to deliver first copper cathode production by late 2028
- Initial construction and timeline subject to receipt of necessary permits
Final Payment Clears Way for Initial Mine Construction Activities Subject to Receipt of Permits
Phoenix, Arizona--(Newsfile Corp. - November 19, 2025) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are pleased to announce that Ivanhoe Electric has accelerated and completed the final three land acquisition payments, totaling
Mr. Melvin commented: "Accelerating our final land payments is a key step in the development of our Santa Cruz Copper Project. With a strong balance sheet and experienced project team, we are well-positioned to commence initial construction at Santa Cruz in early 2026 subject to receipt of necessary permits. We remain on track to achieve our goal of delivering first copper cathode production by late 2028."
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
Website: www.ivanhoeelectric.com
Contact Information
Mike Patterson
Vice President, Investor Relations and Business Development
Email: mike@ivnelectric.com
Phone: 1-480-601-7878
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Ivanhoe Electric's Executive Chairman Robert Friedland: @robert_ivanhoe
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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 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 regarding: commencement of initial construction at the Santa Cruz Copper Project in early 2026, receipt of permits to commence construction at Santa Cruz Copper Project, and the ability to produce copper cathode by late 2028.
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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275207
FAQ
How much did Ivanhoe Electric pay to complete land acquisitions at Santa Cruz (IE) on November 19, 2025?
Does the $39.3 million payment at Santa Cruz (IE) allow construction to start immediately?
When does Ivanhoe Electric (IE) expect to start initial construction at Santa Cruz?
What production timeline did Ivanhoe Electric (IE) give for Santa Cruz copper cathode?
Was there a promissory note related to the Santa Cruz land purchase for IE, and what happened to it?
