Ivanhoe Electric (NYSE American: IE) hires COO and Santa Cruz project lead
Rhea-AI Filing Summary
Ivanhoe Electric Inc. appointed Michelle Lammers as Chief Operating Officer effective September 1, 2026, under an employment agreement with an annual base salary of $350,000, a short‑term bonus target of 75% of base salary, and a long‑term bonus target of 150% of base salary. Her employment is open‑ended, and if she is terminated without Cause outside a Change in Control, she is entitled to severance equal to 1.5× her annual base salary and 1.5× her target annual bonuses. Following a Change in Control, qualifying termination or resignation for Good Reason would trigger a lump sum of 18–24 months of base salary plus 150% of her short‑term bonus target.
Lammers, a 20‑plus‑year ASARCO veteran, replaces Glen Kuntz as principal operating officer; Kuntz remains Senior Vice President, Mine Development, and the transition is stated not to arise from any disagreement. A related press release also announces the hiring of Daniel Worthy as Senior Vice President, Operations and General Manager for the Santa Cruz Copper Project, effective September 1, 2026. The advanced‑stage, high‑grade underground Santa Cruz Copper Project in Arizona plans to produce 99.99% pure copper cathode using heap leaching and solvent extraction‑electrowinning, with an updated Preliminary Feasibility Study on track for completion in September 2026.
Positive
- None.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
Change in Control regulatory
Good Reason regulatory
Preliminary Feasibility Study technical
heap leaching technical
solvent extraction-electrowinning technical
Typhoon™ geophysical surveying system technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What role did Ivanhoe Electric (IE) give to Michelle Lammers and when is it effective?
What are the key compensation terms in Michelle Lammers’ employment agreement at Ivanhoe Electric (IE)?
How is Michelle Lammers protected if Ivanhoe Electric (IE) terminates her employment?
Who is Daniel Worthy and what will he do at Ivanhoe Electric (IE)?
What is the status of Ivanhoe Electric’s (IE) Santa Cruz Copper Project?
Will Glen Kuntz leave Ivanhoe Electric (IE) after the COO transition?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including
area code: (
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name
of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On August 3, 2026, Ivanhoe Electric Inc. (the “Company”) entered into an employment agreement with Michelle Lammers (the “Employment Agreement”) whereby it agreed to appoint Ms. Lammers as Chief Operating Officer of the Company effective September 1, 2026.
Ms. Lammers has served as Operations Director at ASARCO LLC (“Asarco”) since January 2023. During this time, she has led and overseen all aspects of copper mining operations, including exploration, planning, investments, engineering, land management, health and safety, and business technology. Ms. Lammers joined Asarco in 2001 and served in a variety of leadership positions over her 25-year tenure, including General Manager of Asarco’s Ray Mine (2019–2022), Manager of Development Projects & Services (2013–2019), and Manager of Asarco’s Mission Mine (2010–2013). Ms. Lammers is 48 years old and holds a Bachelor of Science, Metallurgical Engineering, from South Dakota School of Mines and Technology.
Ms. Lammers’ term of employment will continue indefinitely until Ms. Lammers resigns or is terminated in accordance with the terms and conditions of the Employment Agreement. Pursuant to the terms of the Employment Agreement, Ms. Lammers is entitled to an annual base salary of $350,000 per year (“Base Salary”). Ms. Lammers will be eligible on an annual basis to receive short-term and long-term incentive awards, with a short-term bonus target of 75% of her Base Salary and a long-term bonus target of 150% of her Base Salary, based on the terms and conditions of the Company’s then effective annual incentive and equity-based incentive plans or programs and contingent upon the degree of achievement of any applicable performance goals. Ms. Lammers’ Base Salary, short-term bonus target, and long-term bonus target are subject to review on an annual basis.
In the event Ms. Lammers’ employment is terminated by the Company without Cause (as defined in the Employment Agreement) and such termination is not in connection with a Change in Control (as defined in the Employment Agreement), then Ms. Lammers will be entitled to severance pay equal to equal to 1.5 times her annual Base Salary and 1.5 times the target annual bonuses for the year in which termination of employment occurs. In the event of a Change in Control where Ms. Lammers’ employment is terminated during the 12-month period following such Change in Control by the Company without Cause or Ms. Lammers resigns for Good Reason (as defined in the Employment Agreement), then Ms. Lammers will be entitled to severance pay equal to a lump sum cash payment equal to 18 months of her annual Base Salary plus one additional month for each full year of service after the third full year of service up to a maximum of 24 months annual Base Salary together with 150% of the short-term bonus target for the year in which termination of employment occurs.
There are no arrangements or understandings between Ms. Lammers and any other person pursuant to which she was selected as the Company’s Chief Operating Officer. There are no family relationships between Ms. Lammers and any of the Company’s directors or executive officers and no transactions requiring disclosure under Item 404(a) of Regulation S-K.
The foregoing summary of the Employment Agreement does not purport to be a complete description of the Employment Agreement and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Effective September 1, 2026, Ms. Lammers will succeed Glen Kuntz as the Company’s principal operating officer. Mr. Kuntz will continue working for the Company in his current role as Senior Vice President, Mine Development. This transition was not the result of any disagreement between Mr. Kuntz and the Company on any matter relating to the Company’s operations, policies, or practices.
| Item 7.01 | Regulation FD Disclosure. |
A copy of the Company’s press release dated August 5, 2026, relating to the announcement of Michelle Lammers’ employment described in Item 5.02, is furnished as Exhibit 99.1 to this Form 8-K.
The information in this Item 7.01 of this current report, including the information contained in Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1 | Executive Employment Agreement between Ivanhoe Electric Inc. and Michelle Lammers* | |
| 99.1 | Press Release dated August 5, 2026 | |
| 104 | Cover Page Interactive Data File (formatted in iXBRL) |
*Certain personal information has been excluded from this exhibit pursuant to Item 601(a)(6) of Regulation S-K. The Company agrees to furnish to the Securities and Exchange Commission a copy of any omitted information upon request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IVANHOE ELECTRIC INC. | ||
| Date: August 5, 2026 | By: | /s/ Taylor Melvin |
| Taylor Melvin | ||
| President and Chief Executive Officer | ||
Exhibit 99.1
August 5, 2026
Ivanhoe Electric
Strengthens Management Team with Addition
of Michelle Lammers as Chief Operating Officer and Daniel
Worthy as Senior Vice President of
Operations
Ms. Lammers
Brings Over 20 Years of Leadership Experience
in Copper Mining, Processing, and Project Development in the
United States with ASARCO
LLC
Mr. Worthy
Brings Over 20 Years of Extensive Underground
Mining Experience, Including Leadership Positions at Nevada
Gold Mines, Barrick, and
Gold Fields
Glen Kuntz, Senior
Vice President of Mine Development,
Continues Leading the Company’s Engineering and Design of
the Santa Cruz Copper Project
The Santa Cruz
Copper Project Updated Preliminary Feasibility
Study Remains on Track for Completion in September 2026
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 the addition of two experienced mining professionals to the executive management team of Ivanhoe Electric. Michelle Lammers will join as Chief Operating Officer of the Company, and Daniel Worthy will join as Senior Vice President, Operations and General Manager for the Santa Cruz Copper Project in Arizona. The effective date for both Ms. Lammers and Mr. Worthy is September 1, 2026.
| 1 |
Ms. Lammers joins Ivanhoe Electric after more than twenty years with Tucson-based ASARCO LLC (the American Smelting and Refining Company, or “ASARCO”). ASARCO, a United States subsidiary of Grupo Mexico, is an integrated copper mining, smelting and refining company with approximately 1,700 employees. ASARCO operates three copper mining operations in Arizona and owns a smelter in Arizona and a copper refinery in Texas. Ms. Lammers began her career with ASARCO in 2001 as a Metallurgical Engineer and progressed through various operational, project development, and project leadership roles. She served as General Manager of the Ray Mine and Project Manager for the Mammoth Heap Leach Facility at the Silver Bell Mine in Arizona. Ms. Lammers' most recent role is Operations Director – USA, with responsibility for ASARCO’s United States mining operations, the Copper Basin Railway infrastructure system, and operational development and continuous improvement programs across the company’s assets.
Mr. Worthy joins Ivanhoe Electric from Nevada Gold Mines, a joint venture between Barrick and Newmont created in 2019. Nevada Gold Mines is the largest integrated gold-producing complex in the world. Mr. Worthy has over twenty years of experience across large-scale underground and open-pit operations and project development. He was most recently the General Manager, Technical Services at Nevada Gold Mines, and previously served as General Manager of the Cortez Mine in Nevada and the Hemlo Mine in Ontario, Canada. His extensive underground mining experience includes serving as Manager of Underground Mining at Leeville, Cortez Hills, and Goldrush mining operations in Nevada, and various leadership roles with Gold Fields in Australia.
As General Manager, Mr. Worthy will have day-to-day responsibility for all operating activities at the Santa Cruz Copper Project in Arizona. He will lead the site team through construction, commissioning, ramp-up, and operations, with responsibility for safety, contractor performance, workforce development, and overall site execution.
Ms. Lammers and Mr. Worthy will work closely with Glen Kuntz, who will continue his leadership of the engineering and design activities for the Project, including the completion of the updated Preliminary Feasibility Study that is expected to be completed in September. With the addition of Ms. Lammers and Mr. Worthy, Ivanhoe Electric has built a team of experienced mining leaders to drive the detailed engineering, construction, and operation of the Santa Cruz Copper Project in Arizona.
Mr. Friedland commented: “It takes exceptional people to build mines, and with the addition of Michelle Lammers and Dan Worthy we are adding over 40 years of leadership and operations experience as we transition our Santa Cruz Copper Project from engineering into construction and, ultimately, production. With Michelle and Dan working alongside Glen Kuntz and his engineering professionals, we have a stronger leadership team to advance our Santa Cruz Project. Michelle and Dan have demonstrated their abilities to lead large-scale copper operations, bulk underground mining operations, and development projects in the United States. They bring a strong track record of successful, operations-focused leadership to guide our team as we build America’s next large-scale copper producer that will support American energy and technology infrastructure, supply chain security, and national defense.”
| 2 |
Mr. Melvin commented: “We are excited to add Michelle and Dan to our leadership team at Ivanhoe Electric. Their decades of combined operating experience are the perfect complement to the excellent work completed to date by Glen Kuntz and his team of engineering professionals. We have built an experienced, disciplined and safety-focused team to advance our modern, high-grade, Santa Cruz Copper Project in Arizona though the Preliminary Feasibility Study Update and into construction. Michelle and Dan’s decision to join Ivanhoe Electric is a testament to the high quality of our existing team and the exciting potential of our Santa Cruz Project. I look forward to working with Michelle and Dan.”
Santa Cruz Copper Project
The Santa Cruz Copper Project is an advanced-stage, high-grade underground copper project located entirely on private land in Arizona. Santa Cruz is designed to use heap leaching and solvent extraction-electrowinning to produce 99.99% pure copper cathode onsite without the need for smelting. The Project’s updated Preliminary Feasibility Study (“PFS”) is on track for completion in September 2026. The updated PFS will incorporate the engineering and mine access design associated with the Company’s previously announced purchase of a Robbins cross-over tunnel boring machine (refer to Ivanhoe Electric's May 11, 2026, news release).
About Ivanhoe Electric
We are a United States-based, technology-driven minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Our wholly owned assets are located in the United States, led by our advanced-stage Santa Cruz Copper Project in Arizona. We operate exploration joint ventures and alliances in Saudi Arabia with Maaden, in Chile with Sociedad Química y Minera de Chile ("SQM"), and in the United States with BHP. We use our powerful Typhoon™ geophysical surveying system, together with advanced data analytics software provided by our subsidiary, Computational Geosciences Inc. (“CGI”), to accelerate and de-risk the mineral exploration process in the search for 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.
| 3 |
We are committed to the establishment of strong relationships with our local communities and the responsible development of our projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage and biodiversity, and minimizing our environmental footprint.
Website: www.ivanhoeelectric.com
Contact Information
Mike Patterson
Vice President, Investor Relations and Business Development
Email: mike@ivnelectric.com
Phone: 1-480-601-7878
Follow us on 
Ivanhoe Electric’s Executive Chairman Robert Friedland: @robert_ivanhoe
Ivanhoe Electric: @ivanhoeelectric
Ivanhoe Electric’s investor relations website located at www.ivanhoeelectric.com should be considered as 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.
| 4 |
Such statements in this news release include, without limitation, statements relating to: completion of the updated Preliminary Feasibility Study for the Santa Cruz Copper Project in September 2026; and the engineering, design, construction, and operation of the Santa Cruz Copper Project.
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.
| 5 |