Ivanhoe Electric Inc 8-K, filed Oct 21, 2025
Ivanhoe Electric Inc. (IE)
8-K
2025-10-21
For: 2025-10-21
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Added on
April 04, 2026
About this 8-K
Ivanhoe Electric Inc filed this 8-K on October 21, 2025.
Items reported
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(Commission File Number) |
(IRS Employer Identification No.) |
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| (Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including
area code: (
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
Ivanhoe Electric Inc. (the “Company”) intends to file a preliminary prospectus supplement (the “Preliminary Prospectus Supplement”) with the Securities and Exchange Commission dated October 21, 2025 in connection with a proposed US$125 million underwritten public offering of shares of the Company’s common stock, par value $0.0001 per share. The Preliminary Prospectus Supplement is expected to include the following disclosure under the heading “Capitalization”.
“As of September 30, 2025, we had approximately $69.3 million of cash and cash equivalents. Of the total cash and cash equivalents as of September 30, 2025, approximately $16.4 million was not available for the general corporate purposes of the Company as these amounts were held by non-wholly-owned subsidiaries.”
| Item 8.01 | Other Events. |
As discussed in the Company’s press release dated September 4, 2025, Saudi Arabian Mining Company (Maaden) (“Maaden”) has made available an additional 1,345 square kilometers of exploration licenses under the Company’s 50/50 joint venture with Maaden. Exhibit 10.1 is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1 | Amendment #2 (Revised) to Shareholders’ Agreement in respect of Ma’aden Ivanhoe Electric Exploration and Development Limited Company, dated June 25, 2025 | |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IVANHOE ELECTRIC INC. | ||
| Date: October 21, 2025 | By: | /s/ Taylor Melvin |
| Taylor Melvin | ||
| President and Chief Executive Officer | ||
3
Exhibit 10.1
AMENDMENT #2 (REVISED) TO SHAREHOLDERS' AGREEMENT IN RESPECT OF MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY
This Amendment Agreement is made on 25 June 2025 corresponding to 29/12/1446H (this "Agreement") Between:
| (1) | SAUDI ARABIAN MINING COMPANY (MA'ADEN), a joint stock company established pursuant to Royal Decree No. M/17 dated 14/11/1417H (corresponding to 23 March 1997) and existing under the laws of the Kingdom of Saudi Arabia with commercial registration number 1010164391 dated 10/11/1421 H. (corresponding to 4 February 2001) and whose principal office is at Abu Baker Al Sadeeq Road (Exit 6), P.O. Box 68861, Riyadh 11537, the Kingdom of Saudi Arabia ("Ma'aden"); |
| (2) | IVANHOE ELECTRIC MENA HOLDINGS LTD., a corporation incorporated under the laws of France, with registration number 951 524 479 R.C.S. Toulouse, having its registered office at 30 Boulevard de Thibaud, 31100 Toulouse, France ("IE Mena"); |
| (3) | IVANHOE ELECTRIC INC., a corporation incorporated under the laws of Delaware, USA, with registration number 3239208, having its registered office at 251 Little Falls Drive, Wilmington, Delaware 19808 ("IE Parent"); and |
| (4) | MA'ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY, a limited liability company existing under the laws of the Kingdom of Saudi Arabia with commercial registration number 1 0 1 0890891 and whose principal office is at 7524 King Road Tower, Suite# 1203, Jeddah 23412, the Kingdom of Saudi Arabia. |
Ma'aden, 1E Mena and 1E Parent are hereinafter individually referred to as a "Party" and collectively as the "Parties".
Whereas:
| (A) | The Parties have previously entered into a shareholders' agreement in relation to the Company dated 6 July 2023 (corresponding to 1 8/12/1444H) (the "SHA"). |
| (B) | The Parties amended the SHA on 1 November 2023. |
| (C) | The Parties now wish to amend some terms of the SHA in accordance with this Agreement. |
It is agreed:
| 1. | Unless the context requires otherwise, capitalised terms used in this Agreement shall have the same meaning given to those terms in the SHA. |
| 2. | With effect from the date of this Agreement, the Parties agree that Part 1 Exploration Licenses of Schedule 6 (Ma 'aden Land Area) of the SHA shall be amended as follows: |
| (a) | by the insertion of the following table into Pari 1 of Schedule 6 reflecting the addition of new Exploration Licenses: |
Group A Additions - Exploration License Applications to Exploration Licenses
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km' | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300140 | Najran | Najran_04 | Najran | 82.64 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300021 | Najran | Najran_05 | Najran | 99.59 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300093 | Najran | Najran_06 | Najran | 99.59 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km2 | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300098 | Najran | Najran_07 | Najran | 99.59 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300105 | Najran | Najran_08 | Najran | 99.59 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300106 | Najran | Najran_09 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300107 | Najran | Najran_10 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300108 | Najran | Najran_11 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300091 | Najran | Najran_12 | Najran | 99.64 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300090 | Najran | Najran_13 | Najran | 99.53 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300020 | Najran | Najran_14 | Najran | 11.97 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300089 | Najran | Najran_17 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300088 | Najran | Najran_18 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300079 | Najran | Najran_19 | Najran | 94.44 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300019 | Najran | Najran_20 | Najran | 99.69 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300087 | Najran | Najran_21 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300109 | Najran | Najran_22 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300110 | Najran | Najran_23 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300096 | Najran | Najran_24 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300097 | Najran | Najran_25 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300111 | Najran | Najran_26 | Najran | 99.71 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300112 | Najran | Najran_27 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300018 | Najran | Najran_28 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300086 | Najran | Najran_29 | Najran | 95.51 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300085 | Najran | Najran_30 | Najran | 12.15 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300084 | Najran | Najran_31 | Najran | 64.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300083 | Najran | Najran_32 | Najran | 80.39 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300104 | Najran | Najran_35 | Najran | 99.76 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300139 | Najran | Najran_36 | Najran | 98.33 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300138 | Najran | Najran_37 | Najran | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300113 | Najran | Najran_38 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300114 | Najran | Najran_39 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300115 | Najran | Najran_40 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300116 | Najran | Najran_41 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300117 | Najran | Najran_42 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300118 | Najran | Najran_43 | Najran | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300017 | Najran | Najran_44 | Najran | 99.69 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300103 | Najran | Najran_45 | Najran | 99.70 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300082 | Najran | Najran_46 | Najran | 34.20 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300078 | Najran | Najran_50 | Najran | 14.12 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300077 | Najran | Najran_51 | Najran | 71.03 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300081 | Najran | Najran_52 | Najran | 48.13 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300080 | Najran | Najran_53 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
2
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km2 | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300095 | Najran | Najran_54 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300119 | Najran | Najran_55 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300094 | Najran | Najran_56 | Najran | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300016 | Najran | Najran_57 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300076 | Najran | Najran_58 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300075 | Najran | Najran_59 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300015 | Najran | Najran_60 | Najran | 77.50 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300014 | Najran | Najran_61 | Najran | 95.32 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300069 | Najran | Najran_62 | Najran | 65.22 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300068 | Najran | Najran_63 | Najran | 32.63 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300132 | Najran | Najran_66 | Najran | 36.97 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300067 | Najran | Najran_67 | Najran | 58.88 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300137 | Najran | Najran_68 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300136 | Najran | Najran_69 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300135 | Najran | Najran_70 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300134 | Najran | Najran_71 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300133 | Najran | Najran_72 | Najran | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300102 | Najran | Najran_73 | Najran | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300002 | Najran | Najran_74 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300131 | Najran | Najran_75 | Najran | 95.10 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300130 | Najran | Najran_76 | Najran | 33.39 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300013 | Najran | Najran_77 | Najran | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300101 | Najran | Najran_78 | Najran | 25.65 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300066 | Najran | Najran_85 | Najran | 22.29 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300001 | Najran | Najran_86 | Najran | 99.73 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300074 | Najran | Najran_87 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300073 | Najran | Najran_88 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300072 | Najran | Najran_89 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300071 | Najran | Najran_90 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300070 | Najran | Najran_91 | Najran | 99.73 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300065 | Najran | Najran_92 | Najran | 93.26 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300064 | Najran | Najran_93 | Najran | 26.46 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300063 | Najran | Najran_94 | Najran | 52.78 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300033 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_01 | Riyadh | 99.63 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300003 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_02 | Riyadh | 99.63 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300032 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_03 | Riyadh | 99.63 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300025 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_04 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300031 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_05 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300030 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_06 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300028 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_07 | Riyadh | 99.62 | 1 | 2-Jan-2025 | 1-Jan-2030 |
3
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km' | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300029 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_08 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300038 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_09 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300039 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_10 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300040 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_11 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300041 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_12 | Riyadh | 99.68 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300027 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_13 | Riyadh | 99.69 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300004 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_14 | Riyadh | 99.69 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300034 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_15 | Riyadh | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300042 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_16 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300043 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_17 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300044 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_18 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300045 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_19 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300046 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_20 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300047 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_21 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300005 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_22 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300048 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_23 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300049 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_24 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300050 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_25 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300051 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_26 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300121 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_27 | Riyadh | 96.15 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300100 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_28 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300120 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_29 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300059 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_30 | Riyadh | 99.75 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300128 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_31 | Riyadh | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300127 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_32 | Riyadh | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300058 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_33 | Riyadh | 99.74 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300023 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_34 | Riyadh | 99.74 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300022 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_35 | Riyadh | 96.95 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300026 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_36 | Riyadh | 94.50 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300012 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_37 | Riyadh | 99.78 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300024 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_38 | Riyadh | 97.22 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300011 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_39 | Riyadh | 99.78 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300060 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_40 | Riyadh | 99.78 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300010 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_41 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300035 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_42 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300036 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_43 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300061 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_44 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300062 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_45 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300052 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_46 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300053 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_47 | Riyadh | 99.82 | 1 | 2-Jan-2025 | 1-Jan-2030 |
4
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km' | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 20250300129 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_48 | Riyadh | 99.82 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300122 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_49 | Riyadh | 99.81 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300126 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_50 | Riyadh | 99.74 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300125 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_51 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300007 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_52 | Riyadh | 99.75 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300006 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_53 | Riyadh | 99.75 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300124 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_54 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300123 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_55 | Riyadh | 99.75 | 1 | 3-Jan-2025 | 2-Jan-2030 |
| 20250300037 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_56 | Riyadh | 99.76 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300099 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_57 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300054 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_58 | Riyadh | 99.80 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300055 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_59 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300056 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_60 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
| 20250300008 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir A_61 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300009 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_62 | Riyadh | 99.79 | 1 | 1-Jan-2025 | 31-Dec-2029 |
| 20250300057 | Wadi_Ad_Dawasir_A | Wadi_Ad_Dawasir_A_63 | Riyadh | 99.79 | 1 | 2-Jan-2025 | 1-Jan-2030 |
Group B Additions — New Exploration Licenses
| License Number | Group_Licence Name | Exploration Licence Name | Region | Area km2 | Licence Blocks No. |
Issue Date_G | Expiry Date |
| 1442337 | Al Mahad | Al_Mahad_04 | Madinah | 54.944 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442336 | Al Mahad | Al_Mahad_06 | Madinah | 44.319 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442335 | Al Mahad | Al_Mahad_07 | Madinah | 46.84 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442334 | Baara | Baara | Madinah | 99.831 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 14413016 | La Huf | La_Huf_01 | Madinah | 95.8 | 1 | 1-Aug-2020 | 6-Jun-2025* |
| 14413017 | La Huf | La_Huf_02 | Madinah | 57.11 | 1 | 1-Aug-2020 | 6-Jun-2025* |
| 14433139 | Musayna'ah | Musayna'ah | Hail | 76.45 | 1 | 28-Jul-2022 | 4-Jun-2027 |
| 1442327 | Musayna'ah A | Musayna'ah_A_04 | Hail | 38.32 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442326 | Musayna'ah A | Musayna'ah_A_05 | Hail | 99.82 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442325 | Musayna'ah A | Musayna'ah_A_06 | Hail | 93.43 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442324 | Musayna'ah A | Musayna'ah_A_07 | Hail | 73.75 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442323 | Musayna'ah A | Musayna'ah_A_08 | Hail | 97.91 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442322 | Musayna'ah A | Musayna'ah_A_09 | Hail | 84.78 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 144332 | Musayna'ah A | Musayna'ah_A_13 | Hail | 30.85 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442321 | Musayna'ah A | Musayna'ah_A_14 | Hail | 82.25 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 1442320 | Musayna'ah A | Musayna'ah_A_15 | Hail | 99.90 | 1 | 9-Jun-2021 | 16-Apr-2026 |
| 14433108 | Musayna'ah B | Musayna'ah_B_01 | Hail | 85.37 | 1 | 28-Jun-2022 | 6-May-2027 |
| 14433107 | Musayna'ah B | Musayna'ah_B_02 | Hail | 83.08 | 1 | 28-Jun-2022 | 6-May-2027 |
| • | Under renewal application |
5
| 3. | With effect from the date of this Agreement, the Parties agree that Part 2 Exploration License Applications of Schedule 6 (Ma'aden Land Area) of the SHA shall be deemed amended to remove from that Part of the Schedule the corresponding Exploration License Applications —Group A Additions - set forth in Clause 2 above that have now been converted to Exploration Licenses. |
| 4. | The amendment of the SHA pursuant to this Agreement shall constitute a variation of the SHA in accordance with Clause 36.7 (Amendment) of the SHA. |
| 5. | Save as amended in accordance with Clauses 2 and 3 above, the provisions of the SHA (as amended) are confirmed and shall continue in full force and effect. |
| 6. | Each of the Parties shall from time to time and at their own cost do, execute and deliver or procure to be done, executed and delivered all such further acts, documents and things required by law or as may be necessary or desirable to give full effect to this Agreement and the rights, powers and remedies conferred under this Agreement. |
| 7. | The Parties agree that the following clauses of the SHA shall apply to this Agreement as if incorporated into this Agreement in full with any amendments necessary in the context of this Agreement: Clauses 1.2 (Interpretation) 31 (Governing Law), 32 (Disputes), 33 (Language), 35 (Notices) and 36.5 (Entire Agreement), 36.7 (Amendment), 36.8 (Articles of Association), 36.9 (No Partnership) and 36.10 (Counterparts). |
[Signatures over page]
6
This Agreement has been entered into by the Parties on the date first above written.
| SAUDI ARABIAN MINING COMPANY (MA'ADEN) | |
| /s Robert Wilt | |
| Signature of authorized representative | |
| Name: Robert Wilt | |
| Title: Chief Executive Officer | |
| Ivanhoe Electric Inc. | |
| /s Taylor Melvin | |
| Signature of authorized representative | |
| Name: Taylor Melvin | |
| Title: President and CEO | |
| IVANHOE ELECTRIC MENA HOLDINGS LTD. | |
| /s Graham Boyd | |
| Signature of authorized representative | |
| Name: Graham Boyd | |
| Title: Director |
| MA’ADEN IVANHOE ELECTRIC EXPLORATION AND DEVELOPMENT LIMITED COMPANY | |
| /s Louis Irvine | |
| Signature of authorized representative | |
| Name: Louis Irvine | |
| Title: Chairman | |
| /s Quentin Markin | |
| Signature of authorized representative | |
| Name: Quentin Markin | |
| Title: Board Member |