Ivanhoe Electric (NYSE American: IE) plans $64.7M tunnel borer buy for Santa Cruz
Rhea-AI Filing Summary
Ivanhoe Electric Inc. plans to acquire a Robbins Crossover XRE tunnel boring machine and material handling system for the Santa Cruz Copper Project at an expected cost of approximately $64.7 million. The company projects that using this TBM will increase initial project capital by less than $20 million, while replacing earlier plans for roadheaders, silica gel grouting and a Railveyor system.
Under the new decline development method, Ivanhoe Electric no longer needs a Class V Underground Injection Control permit for silica gel and reports having all permits required to start initial construction. Box cut excavation is scheduled for the third quarter of 2026, TBM arrival and assembly in the first quarter of 2027 and decline development starting in the third quarter of 2027. Underground mine development is planned to begin in the third quarter of 2028, with first oxide copper ore placed on heap leach pads in the fourth quarter of 2028 and first copper cathode production anticipated in the second quarter of 2029.
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Insights
Ivanhoe Electric refines Santa Cruz mine access plan with a $64.7M TBM and updated start-up schedule.
Ivanhoe Electric intends to buy a Robbins Crossover XRE tunnel boring machine and material handling system for the Santa Cruz Copper Project at an expected cost of $64.7 million. The TBM replaces prior roadheader and Railveyor-based designs, with the company estimating the net impact on initial project capital to be less than $20 million.
The filing outlines a clearer development timeline: box cut excavation in Q3 2026, TBM arrival and assembly in Q1 2027, decline development starting Q3 2027, underground mine development from Q3 2028, first oxide ore to heap leach pads in Q4 2028, and first copper cathode production anticipated in Q2 2029. The TBM is designed to excavate a four‑kilometer decline in about twelve months.
Permitting appears advanced, as the new method removes the need for a Class V Underground Injection Control permit for silica gel and the Site Development Plan has been approved by the City of Casa Grande. Ivanhoe Electric is also in advanced stages of applying for project debt financing with the Export‑Import Bank of the United States and is in discussions with commercial banks and potential non‑debt funding providers, though specific financing amounts are not disclosed in this excerpt.
8-K Event Classification
Key Figures
Key Terms
Tunnel Boring Machine technical
Preliminary Feasibility Study financial
heap leach pads technical
Class V Underground Injection Control permit regulatory
Export-Import Bank of the United States financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure. |
On May 11, 2026, Ivanhoe Electric Inc. (the “Company” or “Ivanhoe Electric”) issued a press release announcing its intention to acquire a purpose-built, Crossover XRE Tunnel Boring Machine and material handling system from The Robbins Company, of Solon, Ohio for decline development at the Company’s Santa Cruz Copper Project in Arizona. A copy of the Company’s press release dated May 11, 2026 relating to its intention to acquire the TBM is furnished as Exhibit 99.1 to this Form 8-K.
The Company intends to hold an investor call to discuss the updates to the Santa Cruz Copper Project on May 11, 2026 where a slideshow presentation discussing the Santa Cruz Copper Project will be presented. A copy of the slideshow presentation is furnished as Exhibit 99.2 to this Form 8-K.
The information contained in Exhibit 99.1 and 99.2 hereto shall not be deemed “filed” for 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, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 8.01 | Other Events. |
On May 11, 2026, Ivanhoe Electric announced that it intends to acquire a purpose-built, Crossover XRE Tunnel Boring Machine (“TBM”) and material handling system from The Robbins Company (“Robbins”) for decline development at the Company’s Santa Cruz Copper Project in Arizona. A copy of the Company’s press release dated May 11, 2026 relating to its intention to acquire the TBM is furnished as Exhibit 99.1 to this Form 8-K.
Ivanhoe Electric secured a legally binding option to acquire the TBM from Robbins in March 2026. Ivanhoe Electric notified Robbins on May 8, 2026 of its intention to exercise its option to acquire the TBM. The final purchase is subject to completion of definitive agreements, which are expected before the end of May 2026.
The acquisition cost of the TBM and material handling system, including refurbishment, is expected to be approximately $64.7 million. The TBM replaces capital associated with roadheaders, silica gel grouting, and Railveyor material handling system included in the S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona, dated June 23, 2025 (the “2025 PFS”), providing further certainty around mine access development costs. The net impact to initial project capital of implementing the TBM system is projected to be less than $20 million.
Under the new decline development method, Ivanhoe Electric no longer requires a Class V Underground Injection Control permit for silica gel.
Ivanhoe Electric received approval of the Site Development Plan from the City of Casa Grande in March 2026, and has all necessary permits to commence initial construction activities. The Company’s Project team continues to advance all other required permitting activities required for future production.
Arrival and assembly of the TBM is expected to begin onsite in Arizona in the first quarter of 2027. Following assembly, decline development is scheduled to begin in the third quarter of 2027. The TBM is designed to excavate a four-kilometer-long single decline in approximately twelve months. The TBM requires a smaller box cut design, and excavation of the box cut is scheduled to commence in the third quarter of 2026. Underground mine development is scheduled to commence in the third quarter of 2028, with first oxide copper ore placed on the heap leach pads expected in the fourth quarter of 2028.
While underground development is ongoing, major surface infrastructure construction is scheduled to take place from the third quarter of 2027 through 2028. First copper cathode production is now anticipated to commence in the second quarter of 2029. The Company’s team of engineers and consultants continue to work on optimization scenarios. Ivanhoe Electric continues to advance site preparation activities, including interior road access construction and preparations for commencement of the box cut.
The TBM decline development plan does not impact the rest of the Santa Cruz Project design, including the mining method, mining rates, and surface processing as described in the 2025 PFS.
The Company’s engineers are preparing an updated Santa Cruz Project preliminary feasibility study to incorporate the engineering details of the TBM and material handling system. The Company expects to complete this study during the third quarter of 2026.
Ivanhoe Electric is in the advanced stages of the application process for project debt financing with the Export-Import Bank of the United States. The Company is also continuing to advance discussions with a group of leading commercial banks, as well as potential sources for non-debt funding.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release dated May 11, 2026 | |
| 99.2 | Slideshow from Conference Call | |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |
Forward Looking Statements
The Company cautions you that statements included in this Current Report on Form 8-K that are not a description of historical facts are “forward-looking statements” or “forward-looking information” within the meaning of applicable US 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 the Company, 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” 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 IE’s current expectations regarding future events, performance and results and speak only as of the date of this Current Report on Form 8-K.
Such statements may include, without limitation, statements relating to: the completion and final details of the acquisition of the TBM and material handling system; the impacts of the acquisition and deployment of the TBM; the contemplated preparation, assembly and deployment of the TBM; the anticipated underground and surface development and construction of the Santa Cruz Copper Project; the timing and progress of updates to the 2025 PFS; the timing and progress of the application process for project debt financing with the Export-Import Bank of the United States; the timing and progress of financing discussions and potential sources of non-debt funding, if any.
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 fluctuations in metal prices; risks related to inflation and changes in interest rates, discount rates, exchange rates, and taxes; risks due to the inherently hazardous nature of mining-related activities; uncertainties due to health and safety considerations; uncertainties related to environmental considerations, including, without limitation, climate change; uncertainties relating to obtaining approvals and permits, including renewals, from governmental regulatory authorities; uncertainties related to changes in law; uncertainty related to the availability and terms of capital. 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 Current Report on Form 8-K. 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 Current Report on Form 8-K, and Ivanhoe Electric expressly disclaims any requirement to do so.
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: May 11, 2026 | By: | /s/ Taylor Melvin |
| Taylor Melvin | ||
| President and Chief Executive Officer | ||
Exhibit 99.1
May 11, 2026
Ivanhoe Electric
to Acquire Robbins Tunnel Boring Machine
and Material Handling System for Mine Access Development at
the Santa Cruz Copper Project
State-of-the-Art
Mechanized Tunneling Derisks the Project by
Providing Proven Mine Access Method through Variable
Ground Conditions
Development Includes
9.3 Meter Diameter Steel-reinforced
Concrete Tunnel and Conveyor System for Material Handling
Application of
Made-in-the-USA Mechanical Excavation
Technology Enhances Safety and Efficiency
Ownership of
Crossover TBM Enhances Future Access
Options for Nearby Texaco Deposit
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 intends to acquire a purpose-built, Crossover XRE Tunnel Boring Machine (“Robbins TBM” or “TBM”) and material handling system from The Robbins Company (“Robbins”), of Solon, Ohio. Robbins is a U.S.-based, global leader in tunnel boring machines and associated technology. Ivanhoe Electric initially will use the Robbins TBM for decline development at the Santa Cruz Copper Project in Arizona. Robbins recently reacquired the TBM from a division of Anglo American plc (“Anglo”), who originally purchased the machine for use at its Grosvenor coal mine in Queensland, Australia, where it successfully completed two declines totaling 1.8 kilometers in 1,000 hours of total use underground.
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In late 2025, Ivanhoe Electric identified the opportunity to acquire the Robbins TBM that was on care and maintenance at the Grosvenor coal mine in Queensland, Australia. After a review of the machine’s specifications and history and extensive discussions with Robbins, Ivanhoe Electric secured a legally binding option to acquire the TBM from Robbins in March 2026, subject to completion of due diligence and trade-off studies. Robbins entered into a separate binding agreement to acquire the machine from Anglo. Upon completion of due diligence, including two site visits accompanied by representatives from Robbins to inspect the condition of the machine and critical components, Ivanhoe Electric notified Robbins on May 8 of its intent to exercise its option to acquire the Robbins TBM. The final purchase is subject to completion of definitive agreements, which are expected before the end of this month.
The acquisition of the TBM also provides Ivanhoe Electric with the tunnel boring technology assets to pursue future expansion opportunities at the Santa Cruz Copper Project, including the nearby Texaco Deposit, located approximately two kilometers to the northeast of the Santa Cruz Deposit. Significant extensions were identified using Ivanhoe Electric’s proprietary Typhoon™ surveying technology. Texaco received an initial Mineral Resource Estimate in 2023, with subsequent drilling at the edge of the deposit confirming broad zones of high-grade copper mineralization that remain open. The 2025 Preliminary Feasibility Study (“PFS”) outlined an Inferred Resource at Texaco totaling 2.7 million tonnes of contained copper at 0.8% copper, not included in the current mine plan but supporting meaningful future expansion potential on Ivanhoe Electric’s 100%-owned private land package in one of America’s most established copper mining districts.
Mr. Friedland commented: “Tunnel boring machines are state-of-the-art tools custom-built for incredibly safe and efficient development of underground tunnels through all types of ground conditions. Robbins is an American company that pioneered the modern TBM and remains at the forefront of tunneling innovation. TBMs have been deployed globally for more than half a century in mining and countless civil engineering projects. This specific crossover TBM is perfectly suited for accessing our high-grade ore bodies at Santa Cruz and continues the derisking of our mine development with the best tunneling technology America has to offer. Santa Cruz continues its journey to become the next large-scale 99.99% pure copper cathode producer in the United States, delivering the copper that America needs to support industry, technology, and national defense. In addition, owning the TBM gives our engineers the ability to pursue a future phased expansion of the project, including the high-grade Texaco Deposit, a mere two kilometers away.”
Mr. Melvin commented: “Our team became aware in late 2025 of the potential availability of the Robbins TBM at Grosvenor. Since that time, we have been engaged in extensive due diligence with Robbins while advancing the detailed engineering of our Project. We commend the exhaustive work by our team of engineers over the past few months, in cooperation with Robbins, to arrive at this decision. Acquiring the Robbins Crossover XRE TBM will marry America’s best tunnel boring technology to America’s next great underground porphyry copper producer.”
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Proven crossover tunnel boring technology ideally suited for Santa Cruz Copper Project mine access development
This specific Robbins Crossover XRE TBM is purpose built to operate in variable ground conditions encountered in underground infrastructure development. The Robbins TBM can move through hard rock, wet, and mixed-face ground within a single drive, eliminating cost, schedule, and safety risks associated with machine swaps or re-mobilization. Our extensive testwork indicates these mixed ground conditions are present through the decline development phase at Santa Cruz.
The Robbins TBM’s earth pressure balance capability pressurizes the cutterhead chamber against prevailing groundwater, directly controlling face stability and mitigating inflow through water-bearing zones and aquifer intersections. A bi-directional cutterhead is utilized for excavation in soft soils, mixed-face and hard rock geology, while a high-torque/high-speed cutterhead drive system delivers the needed power to pass through challenging geology and structures.
During decline development, the TBM system installs a continuous, fully supported and sealed segmental steel-reinforced concrete lining, preserving geotechnical integrity, enhancing long-term safety, and producing a permanent, flat-bottomed decline structure suitable for life-of-mine design. The integrated process also includes the construction of a permanent conveyor system for material handling during development and ore handling during production.
As part of Ivanhoe Electric’s purchase, Robbins will perform a substantial overhaul of the machine, which includes a fully refurbished 9.3-meter diameter cutterhead manufactured in Ohio. During refurbishment, Robbins will upgrade the machine with current technology, including customized features designed for the geological conditions at the Santa Cruz Copper Project.
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Watch the video here Robbins YouTube Video explaining how the Robbins Crossover XRE TBM works:
Photo 1. Photo of a Robbins Crossover XRE TBM
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Photo 2. Photo of a Robbins Crossover XRE TBM
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Benefits of TBM acquisition to the Santa Cruz Copper Project
Capital
The acquisition cost of the Robbins TBM and material handling system, including refurbishment, is approximately $64.7 million. The TBM replaces capital associated with roadheader decline development, silica gel grouting, and the Railveyor material handling system included in the 2025 PFS, providing further certainty around mine access development costs. The net impact to initial project capital of implementing the TBM system is projected to be less than $20 million.
Permitting
Under the new decline development method, Ivanhoe Electric no longer requires a Class V Underground Injection Control (“UIC”) permit for silica gel.
Ivanhoe Electric received approval of the Site Development Plan from the City of Casa Grande in March 2026 and has all necessary permits to commence initial construction activities. Our Project team continues to advance all other required permitting activities for required for future production.
Development timeline
Arrival and assembly of the TBM is expected to begin onsite in Arizona in the first quarter of 2027. Following assembly, decline development is scheduled to begin in the third quarter of 2027. The TBM is designed to excavate a four-kilometer-long single decline in approximately twelve months. The TBM requires a smaller box cut design, and excavation of the box cut is scheduled to commence in the third quarter of 2026. Underground mine development is scheduled to commence in the third quarter of 2028, with first oxide copper ore placed on the heap leach pads expected in the fourth quarter of 2028.
While underground development is ongoing, major surface infrastructure construction is scheduled to take place from the third quarter of 2027 through 2028. First copper cathode production is now anticipated to commence in the second quarter of 2029. Our team of engineers and consultants continue to work on optimization scenarios. We are advancing site preparation activities, including interior road access construction and preparations for commencement of the box cut.
The TBM decline development plan does not impact the rest of the Santa Cruz Copper Project design, including the mining method, mining rates, and surface processing as described in the 2025 PFS.
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Our engineers are preparing an updated Santa Cruz Copper Project S-K 1300 Preliminary Feasibility & Technical Report Summary and NI 43-101 Feasibility Study & Technical Report to incorporate the engineering details of the TBM and material handling system. We expect to complete this study during the third quarter of 2026.
Project financing process
Ivanhoe Electric is in the advanced stages of the application process for project debt financing with the Export-Import Bank of the United States. We also continue to advance discussions with a group of leading commercial banks, as well as potential sources for non-debt funding.
Santa Cruz is a high-quality, advanced-stage U.S. copper project located entirely on private land in Arizona, with direct access to established infrastructure and a clear pathway toward near-term production. Santa Cruz is designed to produce 99.99% pure copper cathode onsite for U.S. markets, without smelting, and remains positioned to become a significant source of refined copper for American industry.
Ivanhoe Electric to host conference call on the Santa Cruz Copper Project
DATE: Monday, May 11, 2026
TIME: 11:00 am Eastern / 8:00 am Pacific
LINK: ivanhoe-electric-may-2026-webcast.open-exchange.net/
A replay of the webcast, together with supporting presentation slides, will be made available on Ivanhoe Electric’s website at www.ivanhoeelectric.com following the event.
Qualified Persons
Disclosures of a scientific or technical nature included in this news release regarding the Santa Cruz Copper Project, have been reviewed, verified, and approved by Glen Kuntz, P.Geo., who is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Kuntz is an employee of Ivanhoe Electric Inc.
For the Texaco Mineral Resource Estimate, refer to the S-K 1300 Preliminary Feasibility & Technical Report Summary, Santa Cruz Copper Project, Arizona, available on the SEC’s EDGAR website, and the NI 43-101 Feasibility Study & Technical Report, Santa Cruz Copper Project, Arizona, available on SEDAR+.
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About Robbins
The manufacturer of the TBM, The Robbins Company, is a leading global manufacturer of tunnel boring machines with 70 years of engineering experience and over 1,000 projects completed worldwide. Robbins holds close to 90% of all TBM production world records across machine diameters from 3 meters to over 13 meters and holds first-mover status on the industry's most consequential technical advances.
Robbin’s TBMs have been used in the United States mining industry for projects such as the San Manuel Mine tunnel to extend the life of the mine in Arizona, as well as globally significant projects including the Dulles Airport Train System in Virginia, the Niagara Tunnel Project in Canada, and the Channel Tunnel linking the United Kingdom and France.
Website: www.robbinstbm.com
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.
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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 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.
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Such statements in this news release include, without limitation, statements relating to: the completion, timing, and final details of Ivanhoe Electric’s acquisition of the TBM and material handling system; the impacts of the acquisition and deployment of the TBM at Santa Cruz; the use of the TBM to access the Texaco Deposit; the expansion potential of the Texaco Deposit; the development of Santa Cruz as the next large-scale 99.99% pure copper cathode producer in the United States; the net impact of implementing the TBM system on initial project capital to be less than $20 million; the anticipated underground and surface development and construction of Santa Cruz; the placement of first oxide copper ore on the heap leach pads at Santa Cruz in the fourth quarter of 2028; the first copper cathode production commencing at Santa Cruz in the second quarter of 2029; the timing and progress of updates to the 2025 PFS; the timing, progress and results of the application process for project debt financing with the Export-Import Bank of the United States; the timing, progress and results of financing discussions and potential sources of non-debt funding; and planned or potential developments in the businesses of Ivanhoe Electric.
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.
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Exhibit 99.2
| ivanhoeelectric.com NYSE American / TSX: IE AMERICAN COPPER FOR A STRONGER FUTURE ivanhoeelectric.com NYSE American / TSX: IE AMERICAN COPPER FOR A STRONGER FUTURE MAY 2026 SANTA CRUZ COPPER PROJECT CONFERENCE CALL |
| SAFE HARBOR Forward-Looking Statements Certain statements in this presentation 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” 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 presentation Such statements in this news release include, without limitation, statements relating to: the completion, timing, and final details of Ivanhoe Electric’s acquisition of the TBM and material handling system; the impacts of the acquisition and deployment of the TBM at Santa Cruz; the use of the TBM to access the Texaco Deposit; the expansion potential of the Texaco Deposit; the development of Santa Cruz as the next large-scale 99.99% pure copper cathode producer in the United States; the net impact of implementing the TBM system on initial project capital to be less than $20 million; the anticipated underground and surface development and construction of Santa Cruz; the placement of first oxide copper ore on the heap leach pads at Santa Cruz in the fourth quarter of 2028; the first copper cathode production commencing at Santa Cruz in the second quarter of 2029; the timing and progress of updates to the 2025 PFS; the timing, progress and results of the application process for project debt financing with the Export-Import Bank of the United States; the timing, progress and results of financing discussions and potential sources of non-debt funding; and planned or potential developments in the businesses of Ivanhoe Electric. 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. 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 and other disclosures filed 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 presentation. 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 presentation, and Ivanhoe Electric expressly disclaims any requirement to do so. Market and Industry Data This presentation includes market and industry data and forecasts obtained from independent research reports, publicly available information, various industry publications, other published industry sources or internal data and estimates. Independent research reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Although the Company believes that the publications and reports are reliable, the Company has not independently verified the data. Internal data, estimates and forecasts are based on information obtained from trade and business organizations and other contacts in the markets in which we operate and the Company’s understanding of industry conditions. Although the Company believes that such information is reliable, we have not had such information verified by any independent sources. As a result, Recipients of this presentation should be aware that any such information and data set forth in this presentation, and estimates and beliefs based on such information and data, are uncertain and may not be reliable. 2 |
| SCIENTIFIC AND TECHNICAL INFORMATION Disclosures of a scientific or technical nature included in this Presentation regarding the Santa Cruz Copper Project, have been reviewed, verified, and approved by Glen Kuntz, P.Geo., who is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Kuntz is an employee of Ivanhoe Electric. For more information regarding the Santa Cruz Copper Project, see the Preliminary Feasibility Study (Study), entitled “S-K 1300 Preliminary Feasibility & Technical Report Summary, Santa Cruz Copper Project, Arizona,” is dated June 23, 2025, and was prepared in accordance with Subpart 1300 and Item 601 of Regulation S-K. The Study was prepared by the following firms: Fluor Canada Ltd. (Fluor), BBA USA Inc. (BBA), KCB Consultants Ltd. (KCB), Met Engineering, LLC (Met), INTERA Incorporated (INTERA), Burns & McDonnell Engineering Company, Inc. (Burns & McDonnell), Geosyntec Consultants, Inc. (Geosyntec), Haley & Aldrich, Inc. (Haley & Aldrich), Life Cycle Geo, LLC (Life Cycle Geo), Paterson & Cooke USA, Ltd. (Paterson & Cooke), Stantec Consulting Services Inc. (Stantec) and Tetra Tech, Inc. (Tetra Tech). The Study is available on the SEC's EDGAR website as an exhibit to the Current Report on Form 8-K filed by Ivanhoe Electric with the SEC on June 23, 2025. Ivanhoe Electric has also prepared and filed an independent technical report prepared under Canadian National Instrument 43-101 within 45 days of the June 23, 2025 news release. This report is available on Ivanhoe Electric’s website and on its SEDAR+ profile. For the purposes of Canadian National Instrument 43-101, the independent Qualified Persons responsible for preparing the scientific and technical information disclosed in this Presentation regarding the Study are Todd McCracken, Shane Ghouralal, and David Willock (BBA), Ulises Arvayo (Burns & McDonnell), Subhamoy Dasgupta and Ivan Sanchez (Fluor), Kirk Craig (Geosyntec), Rick Frechette (Haley & Aldrich), Annelia Tinklenberg (INTERA), Jim Casey (KCB), Tom Meuzelaar (Life Cycle Geo), James Moore (Met), Casey Schmitt (Paterson & Cooke), Kim Trapani (Stantec), and Daryl Longwell (Tetra Tech). Each Qualified Person has reviewed and approved the information in this Presentation relevant to the portion of the scientific and technical information for which they are responsible. The Study and 43-101 technical report include relevant information regarding the assumptions, parameters and methods of the mineral resource and mineral reserve estimates on the Santa Cruz Copper Project, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this Presentation. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 3 |
| CONFERENCE CALL PARTICIPANTS 4 Robert Friedland – Founder & Executive Chairman Taylor Melvin – President & Chief Executive Officer Jordan Neeser – Chief Financial Officer Glen Kuntz – Senior Vice President, Mine Development Doug Harding – Senior Vice President, The Robbins Company |
| IVANHOE ELECTRIC TO ACQUIRE TUNNEL BORING MACHINE SYSTEM 5 In Late 2025, Ivanhoe Electric Identified the Opportunity to Acquire a Specialized Robbins Crossover Tunnel Boring Machine and Material Handling System for Project Development After Initial Review, Ivanhoe Electric Secured the Option to Acquire in March 2026 Since January, Ivanhoe Electric Has Worked with Robbins and Conducted Detailed Due Diligence, Including Two Site Visits to the Grosvenor Site Upon Completion of Diligence and Extensive Trade-off Studies, Ivanhoe Electric Determined the Robbins Crossover TBM is Ideally Suited for the Variable Ground Conditions at Santa Cruz Ivanhoe Electric Informed Robbins of Intent to Acquire TBM on May 8th |
| ROBBINS IS AN AMERICAN COMPANY & GLOBAL LEADER IN TUNNEL BORING INDUSTRY 6 Private U.S. Company Based in Solon, Ohio ~ 70 Years of Innovation and Experience and Over 1,000 Projects Completed Globally Holds ~ 90% of all TBM Production Records Used in U.S. Mining Industry, Including San Manuel Mine Expansion in Arizona Many Significant Global Projects, Including Channel Tunnel Linking Great Britain to France |
| ROBBINS NOTABLE PROJECTS 7 San Manuel Mine Tunnel United States Grosvenor Mine United States Chicago TARP Project United States Boston Harbor Project United States Niagara Tunnel Project Canada The Channel Tunnel Great Britain & France |
| BENEFITS OF CROSSOVER TBM FOR SANTA CRUZ 8 Proven Technology for Mine Access Transitions Between Hard Rock, Wet, and Mixed-face Ground in Single Drive Earth Pressure Balance Capabilities Mitigate Water Inflow Specialized Cutterhead and Drive System Supported, Sealed, and Continuous Segmental Concrete Lining Simultaneously Constructs a Permanent Conveyor System for Material Handling |
| IMPROVED DECLINE DEVELOPMENT & OREBODY ACCESS – INDICATIVE DESIGN 9 Single ~ 4 Kilometer-long, 9.3-meter Diameter Decline Preserves Geotechnical Integrity and Enhances Long-term Safety with a Fully Supported, Sealed, Concrete Lining Smaller Box Cut Estimated Average Advance Rate of ~ 10 Meters per Day (Double Roadheaders’ Rates) Life-of-mine Conveyor Material Handling System Installed During Excavation TBM Decline TBM Box Cut PFS Development |
| SANTA CRUZ COPPER PROJECT DE-RISKED 10 TBM Method Replaces Capital Associated with Roadheaders, Silica Gel & Railveyor with Net Impact on Initial Capital < $20 Million Class V Underground Injection Control Silica Gel Permit no Longer Required All Necessary Permits for Initial Construction In Hand, and Other Required Permitting for Production Continues to Advance TBM Decline Development Does Not Impact the Rest of the Santa Cruz Copper Project, Such as Mine Method, Mining Rates, or Surface Processing Updated Technical Report Incorporating Use of TBM Expected Q3 2026 |
| INDICATIVE DEVELOPMENT PLAN 11 2026 2027 2028 2029 Permitting Construction & Development First Copper Cathode Timeline Subject to Receipt of Permits and Project Financing |
| SANTA CRUZ COPPER PROJECT HIGHLIGHTS High-quality, High-grade Advanced Copper Project on Private Land in Arizona Modern Underground Mining Operation with a Heap-Leach Process Designed to Produce 99.99% Pure Copper Cathode – No Smelting Located in the Heart of Arizona’s Industrial Corridor with Excellent Access to Existing Infrastructure Short Development Timeline Experienced Internal Project Team Supported by World-Class Consultants Copper Cathode Production will Support U.S. Industry and Improve U.S. Supply Chain Security 12 |
| ivanhoeelectric.com NYSE American / TSX: IE AMERICAN COPPER FOR A STRONGER FUTURE ivanhoeelectric.com NYSE American / TSX: IE AMERICAN COPPER FOR A STRONGER FUTURE Q&A |
| ivanhoeelectric.com NYSE American / TSX: IE ivanhoeelectric.com NYSE American / TSX: IE |
