Ivanhoe Electric Subsidiary Buys TBM for $64.7M

Key Highlights

• Ivanhoe Electric's subsidiary, Mesa Cobre Holding Corp., signed a Purchase Agreement with Global TBM Company dba Robbins.
• The agreement is for a Crossover XRE Tunnel Boring Machine (TBM) for the Santa Cruz Copper Project.
• The total purchase price for the TBM is $64,710,043, including a $1,100,000 previously paid deposit.
• An additional $5,800,000 will be paid to Robbins by Mesa Cobre for the assembly of the TBM.
• The balance of $63,610,043 will be paid 20% upon signing and 80% in milestone payments.
• Commissioning of the TBM is targeted to occur by July 30, 2027.
• Robbins will pay Mesa Cobre $50,000 per calendar day in liquidated damages for commissioning delays, after a two-week grace period.
• Robbins' aggregate liability under the Purchase Agreement is capped at 10% of the total purchase price.