Ivanhoe Electric Inc.

The Export-Import Bank of the US has issued a preliminary project letter outlining possible debt financing of $1.1 billion to advance Ivanhoe Electric's Santa Cruz Copper Project in Arizona. The letter increases the proposed financing from the $825 million outlined in US EXIM's previous letter of interest issued in April 2025. Ivanhoe Electric submitted its application through US EXIM's Make More in America Initiative, and the preliminary project letter is not a commitment to finance, with any funding subject to further review and final approval. The company expects US EXIM's board to consider the financing application in the spring of 2027, and an updated preliminary feasibility study for the project is expected in September 2026. Ivanhoe Electric executive chairman Robert Friedland said the company is building a modern American copper mine capable of producing 99.99% pure copper metal without a smelting process.

President Donald Trump announced that the U.S. government is preparing to invest three billion dollars in critical mining projects to reduce dependence on supply chains dominated by China. One key project is a 1.4-billion-dollar loan agreement with Sila Nanotechnologies from the Office of Strategic Capital under the U.S. Department of Defense, aimed at expanding production of silicon anodes for batteries and lithium-ion battery cells. The Department of Defense is also set to invest 400 million dollars in Sunrise Energy Metals to expand scandium production in Australia, and another 150 million dollars in Niron Magnetics, a magnet manufacturer based in Minnesota. Meanwhile, the Export-Import Bank of the United States is working to secure over one billion dollars in financing for Ivanhoe Electric's Santa Cruz copper mine in Arizona, along with a 25-million-dollar investment to kick-start a graphite mine in Alabama. The U.S. government also plans to spend more than 180 million dollars to support educational programs for the mining industry, with the goal of training a new generation of American mine workers. Trump stated that these efforts will help the United States avoid relying on hostile foreign nations for the resources needed to build the country's strength in the future.

Ivanhoe Electric announced its intent to acquire a Crossover XRE Tunnel Boring Machine and material handling system from The Robbins Company for the Santa Cruz Copper Project in Arizona. The machine, previously used in Australia, will be refurbished in the United States and initially deployed for decline development. The system is designed to operate through diverse and challenging ground conditions, offering a safer and more efficient alternative to traditional methods, and will create a permanent, steel-reinforced concrete tunnel with an integrated conveyor for material handling. The acquisition provides a proven method for mine access while derisking project development, and owning the specialized equipment grants Ivanhoe Electric the flexibility to pursue future expansions, specifically targeting the nearby high-grade Texaco Deposit.