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1) Ivanhoe Electric has announced that its Joint Venture partner, Saudi Arabia's Ma'aden, has exercised its top-up right, maintaining its 9.9% ownership in Ivanhoe Electric common stock. Ma'aden will purchase 1,513,650 common shares at $13.50 oer share, resulting in total gross proceeds of over $20 million. The subscription is expected to close on October 31, 2023, pending customary closing conditions and stock exchange approvals. The funds raised will be utilized by Ivanhoe Electric to advance its mineral projects in the United States, as well as working capital and general corporate expenses. This strategic move highlights Ma'aden's commitment to its partnership with Ivanhoe Electric and underscores its confidence in the company's future prospects. By exercising its top-up right, Ma'aden ensures its continued substantial stake in Ivanhoe Electric, strengthening its collaboration between the two entities. The investment not only bolsters Ivanhoe Electric's financial position but also signifies a vote of confidence in the company's mineral projects and overall business strategy.
2) Silver One Resources has expanded its ground holdings at the Pheonix Silver Project near Globe Arizona. The company staked 139 new claims covering 1,162 hectares, expanding the project's size to 4,501 hectares. These claims encompass important magnetic anomalies in the southern part of the property, potentially linked to deep porphyry copper systems. The expansion is strategically located near the Freeport-McMoRan's Miami copper mine and close to BHP Billiton;s Ocelot porphyry copper discovery. Silver One recently received drilling permits for high-grade silver targets within the property. The main target area includes high-grade silver vein fragments, with specific gravity tests including up to 70% native silver content. Silver One's President and CEO, Greg Crowe, expressed enthusiasm about the unique opportunity, suggesting the project could become a world-class silver deposit due to its exceptionally high grade and distinctive characteristics. The Phoenix Silver Project, with extensive mining history dating back to the late 1800s, has not been systematically explored with modern methods until now. The drilling permits provide a chance to explore untested targets, making a significant district-scale exploration opportunity. Mr. Crowe emphasized the project's potential to host substantial silver within small structures, making it a promising venture in the exploration and mining industry.