Ivanhoe Electric Announces Exploration Alliance with BHP to Accelerate the Search for Copper and Other Critical Minerals in the United States

The Alliance Will Focus Initially on Six Areas of Interest in the Southwest United States

BHP to Contribute $15 Million of Exploration Capital over Initial Three-year Term

Ivanhoe Electric will Provide Access to its New Generation Typhoon™ Geophysical Survey System and Computational Geosciences' Inversion Software

Ivanhoe Electric will Operate the Alliance During the Exploration Phase, with any Joint Ventures Formed Owned 50/50

PHOENIX, AZ / ACCESSWIRE / May 8, 2024 / Ivanhoe Electric Inc. ("Ivanhoe Electric") (NYSE American:IE)(TSX:IE) Executive Chairman Robert Friedland, and President and Chief Executive Officer Taylor Melvin, are pleased to announce the signing of a definitive Exploration Alliance Agreement or "the Alliance" with a subsidiary of BHP (ASX: BHP, NYSE: BHP, LSE: BHP).

Foto: Accesswire

The Exploration Alliance Agreement sets out the framework for BHP and Ivanhoe Electric to explore mutually agreed "Areas of Interest" or AOIs in the United States to identify projects within those AOIs that may become 50/50 owned joint ventures. The initial AOIs are in Arizona, New Mexico, and Utah.

The Alliance is for a term of three years, which may be extended. BHP (through a wholly owned subsidiary) will provide the initial funding of $15 million and any subsequent funding would be on a 50/50 basis. Ivanhoe Electric will provide the Alliance with access to one of its new generation Typhoon geophysical survey systems as well as themachine learning algorithmic software and data inversion services of its subsidiary, Computational Geosciences (CGI).

Mr. Friedland commented: "Today we announce an important Alliance with BHP, one of the world's leading mining companies, to explore the untapped mineral wealth of the United States using our Typhoon and CGI technologies. BHP and Ivanhoe Electric have a common goal to find new sources of the critical minerals necessary to meet growing demand associated with the energy transition and the electrification revolution. We are excited to work together."

Mr. Melvin commented: "Partnering with BHP to explore for new discoveries of critical metals in the United States is a tremendous opportunity for Ivanhoe Electric. Our Alliance with BHP is an important confirmation of Ivanhoe Electric's disruptive exploration technologies and our experienced team of exploration professionals. Our teams have been working together to identify the first exploration areas for the Alliance, and we see today's announcement as the first step in what we expect to be a long and successful partnership between Ivanhoe Electric and BHP."

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