Today, Ivanhoe Electric announced the 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona. This is a super high-tech copper mine, very clean and going directly to 99.99% cathode copper. And as I've said several times, I doubt it will leave the state of Arizona. There are 1,400 defense companies in Arizona, screaming for this metal… We also run our own 100%-owned exploration efforts, and we are extremely confident that we'll have good news for our shareholders, and that's why starting this week, we're going to be talking about this Company. Today’s study confirms a high-grade, low-cost project with strong economics. Please learn more in our presentation: ivanhoeelectric.com/site/ass…

What a privilege to return to the Colorado School of Mines to present at the Payne Institute for Public Policy’s 2026 Critical Minerals Symposium. Morgan Bazilian and the entire team put together a very important event, highlighting how important these vital metals are to our national security. The students here at the Colorado School of Mines are some of the brightest engineers I’ve ever had the honor of meeting, and they will undoubtedly become the future leaders of our mining industry here in the USA, and all over the world. All of us within the Ivanhoe family are deeply supportive of @MBazilian and the mission of the @coschoolofmines and @payneinstitute to serve industry, benefit society, and create a prosperous future through talent and innovation. We look forward to continuing this open dialogue for many generations to come. @ivanhoeelectric @IvanhoeMines_ @IPulseGroup

We are officially witnessing the biggest wave of infrastructure investment in modern US history. Total investment in data centers and AI infrastructure is projected to average 3.63% of US GDP per year from 2025 to 2032, the highest proportion among major infrastructure buildouts since the 1800s. The previous largest investment, railroad infrastructure, represented 2.24% of GDP per year in 1870-1890. This was followed by highway investment that averaged 1.13% of GDP in 1956-1973, while telecommunications and fiber infrastructure averaged 1.10% in 1996-2003. By comparison, electrification stood at just 0.50% of GDP in 1905-1925, while canal investment accounted for 0.66% in 1836-1841. This comes as AI and data-center infrastructure investment is projected to total ~$10.3 trillion between 2025 and 2032. The AI buildout is the largest infrastructure investment in modern US history.

As we discussed, Joe, earlier this month on Odd Lots, it’s getting increasingly difficult to build all these data centres at the same time… there just isn’t the depth in the supply chain.

The urgent need for critical mineral production capacity in the US does not change, with or without a trade truce… The global supply chains of critical raw materials have been balkanising for a few years now. Governments all around the world want greater control over their supply chains… and we don’t see this theme changing. This is ONLY inflationary and higher prices are here to stay. For example… China controls 99% of refined gallium supply and 70% refined germanium supply. Ex-china prices of gallium and germanium first started to rise following the first export controls introduced by China in 2023… and they have risen astronomically since.   Ex-China primary supply side responses are still few and far between. A small mitigating step would be the introduction of payabilities applied to these metals found in the concentrates already being produced. This is an initiative @teckresources is leading for germanium, which may be introduced next year. Teck’s Red Dog mine, like our high-grade Kipushi zinc mine in the DRC, have high amounts of germanium in the zinc concentrate they both produce. When, according to Benchmark Mineral Intelligence, ex-China germanium costs $8.0 million per tonne… and gallium costs $2.3 million per tonne, that’s an incredible amount of value left on the table that if captured, will incentivise more byproduct production. Pricing and chart sources: Benchmark Mineral Intelligence @benchmarkmin

Approximately half of Kamoa-Kakula’s copper exports and Kipushi’s zinc exports currently leave the African continent via the Tanzanian port of Dar es Salaam. As more export routes become available, the cost of transporting mineral products across the African continent will continue to fall… and in turn this will lower the cut-off grade of what is economic to mine and process. @IvanhoeMines_ @kamoa_copper_sa

Chinese import premiums hit a four-year high last week, at a midpoint of $125 a tonne according to MySteel. Benchmark names it a key driver of the copper price move, and says Chinese buyers are increasingly price reactive, buying dips and avoiding peak cathode exchange prices. A shrinking refined deficit, supported by strong domestic smelter capacity, is easing China's reliance on imports. Source: Benchmark Mineral Intelligence, MySteel

China’s Copper Premium Soars as Buyers Scramble for Supply Spot copper premiums in China have surged to the highest since 2021, even as prices hover near record levels, underscoring physical supply constraints in the world’s biggest consumer. (Bloomberg)

We are answering the call made by the @realDonaldTrump administration to restore the domestic production of critical metals in the United States, to support American industry, technology, and national security. @IvanhoeElectric's Santa Cruz Copper Project is at the leading edge of this resurgence and will soon deliver from our mine gate, clean and secure 99.99%-pure copper cathode directly into the US economy.

The states of California and Texas, as well as Victoria in Australia, have each very recently arrived at the same conclusion with respect to the permitting and construction of new data center capacity in their respective states... that NEW DATA CENTRES MUST POWER THEMSELVES. The limiting factor to the build-out of our new digital economy is simply the physics of how data centers are powered and cooled. Permitting new data center capacity will increasingly require outlining the NEW power generation source that will power them, the NEW grid transmission capacity that will deliver that power, and how they will be cooled. Helen Amos at @BMO released a brilliant research note earlier this month analyzing the copper consumption required for each new gigawatt of data center capacity. She realized what others have missed in the past, that each new data center going forward will come with its own new power source and transmission capacity... SIGNIFICANTLY increasing the copper intensity of AI compared with previous assumptions. Helen's analysis states that up to 35,000 tonnes of copper is required for every new gigawatt of data center capacity. A breakdown of the component parts is in the image below 👇. Her research concludes that we could see up to 2,500,000 tonnes of new copper demand per annum from AI alone by 2030 (~8% of the total refined copper market), up from @~600,000 tonnes today. @ivanhoeelectric @IvanhoeMines_ @kamoa_copper_sa

Copper price closes in on new record as Shanghai, London warehouses empty out dlvr.it/TVbjvL

Ivanhoe Electric Executive Chairman Robert Friedland appeared on Bloomberg TV's Open Interest to discuss the surging demand for copper and critical minerals driven by the AI boom. "This is a vuja-dé phenomenon – the overwhelming feeling that we've never seen this before,” Robert said about the rapidly increasing surge in copper demand. “The energy demand at the margin to bring on these data centers is astronomic, and you can start seeing some blowback or opposition because it's driving up energy costs for the average American. You need astronomic amounts of copper. And so these metals are in astronomically important demand. And as we walked in the studio, copper is again flirting at an all-time high. And copper is a proxy for all these other critical metals. That's what makes these screens and these lights. It's copper, copper, copper." Ivanhoe Electric is set to help meet this demand through the Santa Cruz Copper Project, an ultra-modern, high-grade and low-cost mining operation located in the heart of Arizona's industrial corridor. Santa Cruz is one of the largest and most advanced U.S. copper projects, with first copper production expected in the first half of 2029. The Santa Cruz Project will support American supply chain security by providing refined metal that is vital to advanced manufacturing, infrastructure development, technology, and national security. Watch the interview with @Bloomberg Open Interest’s @Dani Burger here: bloomberg.com/news/videos/20… #Copper #Mining #Bloomberg #OpenInterest #CriticalMinerals

Investors and the copper market are actively buying COMEX copper again this morning, showing that last week’s panic over potentially no U.S. tariffs on copper was a non-story. This COMEX buying is again widening the arbitrage between COMEX and LME copper, which will attract more copper to the U.S. at a time of very low global availability. December COMEX contracts are now $350 per Tonne above LME and March ‘27 are over $500 per Tonne above LME. This arbitrage has been increasing rapidly in the past hour! We are in a time when production is falling and the two biggest economies in the world are competing for metal. The U.S. bid shows up in the arbitrage, while China’s bid shows up in low LME & SHFE stocks.

Copper advances for a sixth day toward a record as falling inventories and pre-holiday buying signals tightening supplies in China’s physical market bloomberg.com/news/articles/…

$COPPER to $20 by 2030? Sounds outrageous. Zoom out. On the long-term channel, it really isn’t...

It's significant when @apolloglobal, one of the world's largest alternative asset managers, starts writing about copper. Apollo manages over $1.0 trillion in assets across private equity, private credit, infrastructure... and other real assets. In the past, Apollo has made investments in coal and aluminum, but to my knowledge, they have not been active for at least the past 10 years... and they certainly have never made investments before in copper. Is that now about to change? Since Apollo was founded in 1990, only one of today's 10 largest copper mines is a new discovery... Kamoa-Kakula (2008). The rest were discovered before 1990... They are indeed correct that the copper pipeline is drying up... @IvanhoeMines_ @ivanhoeelectric @kamoa_copper_sa apollo.com/wealth/insights-n…

Copper is up 20% in 2026 and trades less than 2% below its all-time high. Global mine output fell 1.1% in the first half, raising the possibility of the first annual decline since 2017, Sprott says. Disruptions at Grasberg and Kamoa-Kakula removed an estimated 600,000 tonnes of expected 2026 production. Output at Escondida, the world's largest copper mine, slumped 22% in July. Sprott says the supply response will be gradual. Copper projects take about 17.5 years on average to move from discovery to production. The volume of copper discovered since 2000 remains below the total discovered during the 1990s alone.