The offering, which was initially set at $50 million but later upsized, is expected to close on Friday. BMO Capital Markets is acting as sole book-running manager.
Santa Cruz PFS
Ivanhoe said it will use the funds to complete the ongoing prefeasibility work for the Santa Cruz project located in Casa Grande, Arizona.
The Santa Cruz project encompasses 5,975 acres of private land, including associated water rights. In June 2024, the company obtained approval to have over half of this land (3,000 acres) for industrial use, representing a major permitting milestone for the proposed copper mine.
Ivanhoe acquired its land title in May 2023 for $116 million, and a year later, it gained full ownership of the mineral rights comprising the project after taking up its purchase option.
Since late 2022, the company has conducted 120,000 metres of drilling on the project, leading to a current resource estimate of 2.8…
