Ivanhoe Electric Inc.

Ivanhoe Electric Inc., through its wholly owned subsidiary Mesa Cobre Holding Corporation, entered into a Purchase Agreement with Global TBM Company dba Robbins on May 28, 2026. The agreement covers the purchase, supply, transport, assembly, testing, and commissioning of a Crossover XRE Tunnel Boring Machine (TBM) for Mesa Cobre's Santa Cruz Copper Project. The total cost for the TBM is $64,710,043, with an additional $5,800,000 for assembly, and commissioning is expected by July 30, 2027.

Ivanhoe Electric Inc. announced its intention to acquire a Crossover XRE Tunnel Boring Machine (TBM) and material handling system from The Robbins Company for decline development at its Santa Cruz Copper Project in Arizona. The acquisition, costing approximately $64.7 million with a net impact of less than $20 million on initial project capital, is expected to de-risk the project by providing a proven mine access method and enhancing safety and efficiency. The TBM is anticipated to arrive in Q1 2027, with decline development starting in Q3 2027 and first copper cathode production by Q2 2029. The company will also host an investor call to discuss these updates.

Ivanhoe Electric Inc., a technology-driven US minerals exploration and development company focused on copper and other critical metals, detailed its business overview and significant risk factors in its latest 10-Q filing. The company's mineral projects are in the exploration or development stage, requiring substantial future capital investment and facing risks such as delays, cost overruns, and permitting challenges, particularly for its Santa Cruz Copper Project. The company also highlighted its limited operating history, dependence on material projects, and exposure to commodity price fluctuations and extensive regulatory oversight.