Ivanhoe Electric acquires 100% ownership of Santa Cruz copper project mineral rights for $27.9M

Ivanhoe Electric Inc.

Final $10M option payment made on August 13, 2024; total cash consideration $27.9M.
Now owns 100% of mineral and surface rights at the high-grade Santa Cruz copper deposit in Arizona.
Project is one of the largest undeveloped copper resources in the U.S., entirely on private land.
Potential future payments: $0.015/lb on copper reserves over 2B lbs and on production above DFS estimate.
DFS must be prepared by August 16, 2027; seller may elect stock payment at 10% discount to VWAP.

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