Ivanhoe completes earn-in to acquire 60% interest in Samapleu-Grata project

Ivanhoe Electric announced that Ivanhoe Electric has completed its earn-in to acquire a 60% interest in the Samapleu-Grata Nickel-Copper Project in the Ivory Coast. On March 21, 2024, Ivanhoe Electric’s joint venture partner at the Project, Sama Resources, disclosed a new 2024 preliminary economic assessment for the Project in accordance with National Instrument 43-101. The Samapleu-Grata Nickel-Copper Project is now a 60/40 joint venture between Ivanhoe Electric and Sama. In addition to a 60% interest at the Project level, Ivanhoe Electric also owns 22.7% of the common shares of Sama. Taylor Melvin, President and CEO of Ivanhoe Electric commented: “We are pleased to have completed our earn-in to 60% of the Samapleu-Grata Nickel-Copper Project. We are particularly encouraged by the significant improvement in both the quality and quantity of potential future copper concentrate production at the Project compared to earlier studies. The results announced by our joint venture partner, Sama, are a product of the hard work by our dedicated joint team. We look forward to working together with Sama on the next steps for our high-quality nickel-copper Project.” Ivanhoe Electric entered into a binding term sheet for an earn-in and joint venture agreement with Sama which was subsequently formalized in March 2021. Ivanhoe Electric satisfied the terms of its 60% earn-in by spending C$25 million by March 2024.