Ivanhoe Electric Inc. [IE-TSX, NYSE American] has announced the pricing and upsizing of a public offering that is expected to raise gross proceeds of US$150 million, up from an earlier US$125 million target. The company said the underwritten public offering of 10 million shares has been priced at US$15 per share.
In addition, Ivanhoe Electric has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares at the public offering price, less underwriting discounts and commissions. Closing is expected to occur on October 23, 2025.
The shares eased 3.5% or 79 cents to $21.45 and trade in a 52-week range of $25.08 and $6.45.
“We intend to use the net proceeds from this offering to complete the remaining payments owned from the purchase of land at our Santa Cruz Copper Project in Arizona, to fund early development activities at the Santa Cruz Copper Project, to fund exploration activities at our current projects and joint ventures, and for other working capital and general corporate purposes,” the company said in a press release.
Ivanhoe Electric is headed by billionaire mining magnate Robert Friedland.
Friedland is Executive Chairman of Ivanhoe Electric, which is led by President and CEO Taylor Melvin.
Ivanhoe is a U.S. company that combines advanced mineral exploration technologies (Typhoon and Computational Geosciences Inc.) with electric metals exploration projects predominantly located in the U.S. It’s mineral exploration efforts focus on copper as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold and silver. The company also operates a 50/50 joint venture with the Saudi Arabian mining company Ma’aden to explore for minerals on approximately 48,500 square kilometres of underexplored Arabian Shield in the Kingdom of Saudi Arabia.
“Our goal is to develop a modern copper mine that produces copper with among the lowest levels of carbon dioxide output in the industry, a product we think has the potential to attract a premium price in the future,’’ the company has said.
In a press release on June 23, 2025, the company released the results of a preliminary feasibility study for the Santa Cruz Copper Project.
Highlights include probable mineral reserves of 136 million tonnes at grade of 1.08% copper totaling 1.5 million tonnes of contained copper, supporting a 23 year mine life.
The study envisages a large, modern underground mining operation with a simple process flowsheet. The 20,000 tonnes per day mining operation is expected to utilize modern mining technology. The study said conventional on/off heap leaching will lower the operating costs and initial surface capital while yielding high copper recoveries of 92.2% over the life of the mine and allowing spent ore to be utilized underground as paste backfill.
The study also forsees average annual production of 72,000 tonnes of copper cathode during the first 15 years of mining, as well as initial capital of US$1.24 billion and first quartile cash costs of US$1.32 per pound of copper.
