Ivanhoe Electric and Ma'aden Formally Establish Exploration Joint Venture
**Title: Ivanhoe Electric and Ma'aden Formally Establish Exploration Joint Venture and Close Previously Announced Strategic Investment**
**PHOENIX, AZ / ACCESSWIRE / July 6, 2023** - Ivanhoe Electric, a leading technology and mineral exploration company, has announced the formal establishment of a joint venture with Saudi Arabian Mining Company Ma'aden ("Ma'aden"). The companies have closed the previously announced strategic investment, which sees Ma'aden becoming a 9.9% shareholder of Ivanhoe Electric.
The new joint venture, named "Ma'aden Ivanhoe Electric Exploration and Development Limited Company," will focus on exploring for electric metals in the underexplored Arabian Shield in Saudi Arabia. The joint venture aims to deploy Ivanhoe Electric's proprietary Typhoon™ geophysical survey technology, in conjunction with the expertise of Computational Geosciences Inc., to explore approximately 48,500 square kilometers of highly prospective land.
"The formation of this important Joint Venture with our partner, Ma'aden, marks a significant milestone for Ivanhoe Electric," stated Robert Friedland, the Executive Chairman of Ivanhoe Electric. "We will embark on the most extensive exploration program for metals ever conducted in the Kingdom of Saudi Arabia. With the disruptive power of Typhoon™ and the expertise of our subsidiary, we aim to uncover new discoveries of critical metals in Saudi Arabia."
The arrival of one of Ivanhoe Electric's existing three Typhoon™ geophysical surveying systems in Saudi Arabia is expected in August, with surveying programs set to commence in September. Typhoon™ is specifically designed to identify deep geophysical anomalies in environments with highly resistive surface conditions, making it suitable for exploring the mineral-rich Arabian Shield.
As part of the strategic investment, Ma'aden has invested $127.1 million in new common stock of Ivanhoe Electric, becoming a 9.9% shareholder. Ivanhoe Electric will contribute $66 million of the Ma'aden proceeds into the joint venture to fund exploration activities and the purchase of three new-generation Typhoon™ machines.
"We are honored to have Ma'aden as a significant shareholder and Sofia Bianchi, Ma'aden's nominee, joining our Board of Directors," added Taylor Melvin, President, and CEO of Ivanhoe Electric. "This partnership provides an incredible opportunity for our joint venture and stakeholders, as we gain exclusive access to explore vast underexplored lands in the Arabian Shield."
Ma'aden Chief Executive Officer, Robert Wilt, expressed enthusiasm about the partnership, stating, "We inaugurate the Ma'aden Ivanhoe Electric Exploration and Development Limited Company, which will soon receive the first Typhoon™ machine. Bringing this cutting-edge technology will significantly accelerate our exploration efforts in the Kingdom while improving safety and efficiency."
The joint venture's exploration efforts are expected to unlock new discoveries of critical metals in Saudi Arabia and contribute to the sustainable development of the mining industry in line with Vision 2030.
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