Ivanhoe Electric, Ma’aden commence JV exploration activites in Saudi Arabia

Ivanhoe Electric announced that exploration activities have commenced in Saudi Arabia by the 50/50-owned joint venture company established between Ivanhoe Electric and Saudi Arabian Mining Company Ma’aden. Ma’aden and Ivanhoe Electric established the Joint Venture to unlock the significant mineral potential in the Kingdom of Saudi Arabia. The Joint Venture has exclusive access to explore approximately 48,500 km2 of underexplored land on the Arabian Shield that Ma’aden will make available to the Joint Venture. The Joint Venture was formally established in July 2023 and was funded with its initial working capital of approximately $66M from Ma’aden’s initial $127.1M investment into Ivanhoe Electric common stock. Ma’aden became a 9.9% shareholder in Ivanhoe Electric and subsequently exercised its top-up right in October 2023, investing an additional $20.4less than as part of Ivanhoe Electric’s September 2023 follow-on equity offering, maintaining its 9.9% ownership interest. The Joint Venture will have exclusive access to approximately 48,500 km2 of land for exploration in Saudi Arabia. The area comprises a combination of granted exploration licenses and exploration license applications. Ma’aden will make available substitute land for exploration by the Joint Venture if an ELA is not converted to an EL. Ivanhoe Electric is the operator during the exploration phase. Ma’aden will assume operatorship if an economically viable deposit is found and is designated by the Joint Venture for further development.