IE · Ivanhoe Electric Inc.

Ivanhoe Electric announced its intention to acquire a Robbins Crossover XRE Tunnel Boring Machine and material handling system for $64.7 million, replacing capital previously allocated for roadheaders, silica gel grouting, and the Railveyor system in the 2025 PFS. The net impact to initial project capital is projected to be less than $20 million. The TBM is designed to excavate a four-kilometer single decline in approximately twelve months, with an estimated advance rate of about 10 meters per day, double that of roadheaders. The acquisition eliminates the need for a Class V Underground Injection Control permit for silica gel. The company has all necessary permits to commence initial construction, including Site Development Plan approval from the City of Casa Grande in March 2026. The updated development timeline shifts first copper cathode production to Q2 2029, later than previously anticipated. The TBM decline development does not impact other project design elements such as mining method, mining rates, or surface processing. An updated feasibility study incorporating the TBM is expected in Q3 2026. Ivanhoe Electric is in advanced stages of applying for project debt financing with the Export-Import Bank of the United States and is also advancing discussions with commercial banks and non-debt funding sources. The acquisition also provides optionality for future expansion, including access to the nearby Texaco deposit.