Ivanhoe Electric (IE) said Wednesday it revised its shareholder agreement with Saudi Arabian Mining Company to update operational and financial guidelines for their shared enterprise.

The modified contract allows the collaborative business to directly acquire regional exploration licenses and extends the overall operational timeline through July 2033, the company said.

The new provisions also grant internal technical committees increased authority to reallocate funds, and individual stakeholders can independently pursue land rights if the joint venture declines to develop a specific site, Ivanhoe said.

Shares of the company were down 1.6% in Wednesday premarket activity.