Ivanhoe Electric (IE) Status update summary

Project advancement and technology acquisition

• Option secured in March 2026 to acquire a specialized Robbins Crossover TBM and material handling system, with intent to acquire confirmed in May 2026 after due diligence and site visits.

• The TBM, previously used at the Grosvenor coal mine, will be overhauled and upgraded for Santa Cruz, enabling safer, faster, and more reliable decline development in variable ground conditions.

• The TBM will construct a 4 km, 9.3-meter diameter decline with a permanent, steel-reinforced, sealed concrete tunnel, improving geotechnical integrity and water management.

• Simultaneous installation of a permanent conveyor system during excavation improves material handling efficiency and eliminates the need for roadheaders, silica gel grouting, and the Rail-Veyor system.

• The TBM is a long-term asset supporting future expansion into deeper sulfide resources and the nearby Texaco deposit with significant inferred copper resources.

Technical and operational benefits

• The TBM can handle hard rock, wet, and mixed-face ground, reducing cost, schedule, and safety risks by eliminating machine swaps.

• Features include earth pressure balance, bi-directional cutterhead, and a high-torque drive system for challenging geology.

• TBM technology enables an average advance rate of 10 meters per day, with the 4 km decline expected to be completed in 12 months.

• Robbins is a global leader in TBM technology, with over 1,000 projects and 90% of TBM production records.

• The TBM system includes a permanent conveyor for ore and waste, enhancing efficiency.

Permitting, timeline, and capital impact

• All necessary permits for initial construction are in place, with boxcut construction to begin in August and a smaller surface footprint than previously planned.

• Removal of the Underground Injection Control permit requirement for silica gel grouting streamlines the process.

• Site development plan approval was received in March 2026; phase II Aquifer Protection Permit expected by mid-2027.

• TBM arrival and assembly expected in Q1 2027, decline development to start Q3 2027, with first ore stacking on leach pads in mid to late 2028 and first copper cathode production in Q2 2029.

• Acquisition and refurbishment cost is approximately $64.7 million, with a net capital impact of less than $20 million compared to previous plans.