Friedland’s Ivanhoe Electric to trade on TSX

Shares of Ivanhoe Electric Inc. [IE-TSX, NYSE American] are expected to begin trading on the Toronto Stock Exchange, Thursday, June 30, 2022, under the symbol IE.

Ivanhoe Electric is headed by billionaire mining magnate Robert Friedland. His previous endeavours include nickel discoveries in the Voisey’s Bay area of Newfoundland and Labrador and more recently copper mining operations in Mongolia and the Democratic Republic of Congo (DRC). The DRC assets are held by Ivanhoe Mines Ltd. [IVN-TSX, IVPAF-OTC].

News of Ivanhoe Electric’s planned TSX listing comes just one day after the U.S. minerals exploration and development company announced the pricing of an initial public offering of 14.4 million shares. They are priced at US$11.75 each, raising gross proceeds of US$169.1 million. Ivanhoe said it has granted the underwriters a 30-day option to purchase up to an additional 2.16 million common shares at the IPO price.

Ivanhoe Electric said it plans to use the offering proceeds to fund certain payments to acquire or maintain its mineral property rights, fund metals exploration and construct and deploy additional sets of its Typhoon electrical pulse-powered geophysical surveying transmitter technology.

Ivanhoe has said its aim is to develop mineral deposits in the U.S. in order to support American supply chain independence and to deliver critical metals needed for electrification of the economy.

“We believe the United States is significantly underexplored and has the potential to yield major new discoveries of these metals,” the company said in a regulatory document filed with the U.S. Securities and Exchange Commission.

The company’s flagship properties are the Santa Cruz Copper project in Arizona and the Tintic Copper-Gold project in Utah.  “Santa Cruz is situated in a prolific mining region that hosts some of the largest copper mines in the United States,” the company said.

“Tintic was a historically significant silver producing district, as well as a copper and gold district, that we believe has the potential to host a world-class porphyry copper-gold deposit,” it said. Ivanhoe has to option to acquire 100% of the mineral rights on both properties.

Other projects in the portfolio include the Hog Heaven silver-gold-copper project in Montana and the Sama nickel-copper-palladium project in the Ivory Coast.

In addition to the property portfolio, Ivanhoe Electric owns patents to an exploration technology known as Typhoon. The company is also the worldwide licensee of certain technology from I-Pulse Inc. for use in geological surveys used in mineral exploration.

In addition, the company controls a data inversion business, Computational Geosciences Inc. (GGI), which was launched to commercialize innovative technology developed at the University of British Columbia to improve and enhance mineral exploration.

Ivanhoe Electric said the Typhoon technology consists of sophisticated codes to process geophysical data and build 3D subsurface images that could indicate the presence of various metals and minerals.

“Typhoon technology allows us to cost effectively and efficiently evaluate large-scale mineral deposits up to depths of one and a half kilometres or more, while CGI interprets and visualizes the geological data generated by Typhoon,” the company said.