Ivanhoe Electric’s subsidiary, Mesa Cobre Holding Corporation, has secured a $200 million senior secured multi‑draw bridge facility from a syndicate of National Bank Capital Markets, Société Générale and BMO Capital Markets. The facility is secured by the company’s private land holdings and other physical assets at the Santa Cruz site, including mining equipment, processing infrastructure and related facilities.
The bridge facility is priced at three‑month SOFR plus a 5.0% margin, with the margin increasing by 0.5 percentage points at 6, 12 and 18 months after closing. The facility is expected to close in December 2025 and will provide early liquidity for the Santa Cruz Copper Project’s initial construction activities and working‑capital needs, positioning the company to begin construction in the first half of 2026 and achieve first copper cathode production in 2028.
This financing is part of a broader strategy that includes a $825 million Letter of Interest from the U.S. Export‑Import Bank for project debt, potential project‑level minority investment and long‑term project debt. Ivanhoe Electric is in advanced discussions with other commercial banks to secure additional long‑term financing.
Management highlighted the significance of the approval. Executive Chairman Robert Friedland said the credit approvals “are a clear vote of confidence in the project, our people, and this vision.” President and CEO Taylor Melvin added that the bridge facility “will add over $360 million in liquidity this quarter, putting the company in an exceptionally strong financial position as we enter a critical development year.” The financing de‑risks the Santa Cruz development, strengthens the balance sheet, and reduces reliance on equity financing, supporting the company’s goal of becoming a leading U.S. producer of copper and other critical metals.
The announcement came amid a broadly weak equity market, but the financing signals strong confidence from top‑tier mining financiers and positions Ivanhoe Electric to secure further project debt and equity partners. The bridge facility therefore represents a key milestone in the company’s path to domestic copper production and supply‑chain security for the United States.
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