Ivanhoe Electric (IE) Study Result summary

Project Overview and Strategic Context

• The Santa Cruz Copper Project is a high-grade, low-capital intensity underground copper mine in Arizona, designed to produce copper cathode on-site using modern, environmentally friendly methods and advanced technologies.

• The project is located on 100%-owned private land with excellent infrastructure access, streamlining permitting and supporting U.S. supply chain security.

• The feasibility study, prepared by leading engineering and consulting firms and reviewed by independent Qualified Persons, is the final published study and will be filed with US SEC and Canadian regulators.

• The project benefits from strong support from U.S. government agencies, including a letter of interest from the U.S. Exim Bank for up to $825 million in project debt.

• The management team is multidisciplinary, with deep industry experience and support from top consultants and partners.

Study Background and Methodology

• The Preliminary Feasibility Study was prepared by leading engineering and consulting firms, dated June 23, 2025.

• The study is based on over $100 million in new drilling, 329 drill holes totaling 279,000 meters, and extensive testwork since 2021.

• Technical information was reviewed and approved by multiple independent Qualified Persons under U.S. and Canadian regulations.

• The project team includes over 40 engineers, geologists, and technicians, supported by world-class consultants.

• The study will be filed with regulators, and a conference call is scheduled to discuss results.

Technical Highlights and Study Results

• Probable mineral reserves are 136 million tonnes at 1.08% copper, supporting a 23-year mine life and 1.4 million tonnes copper cathode production.

• The mine will use bulk tonnage, transverse long-hole stoping, and advanced technologies, with a projected average mining rate of 20,000 tons per day and 92% copper recovery.

• The process eliminates tailings, using on-off heap leach and solvent extraction electrowinning to produce 99.99% copper cathode, with up to 50% of spent ore used as underground paste backfill.

• Surface infrastructure requires 2,600 acres, including 900 acres for solar and battery storage, providing 70% of power needs.

• Only high-grade mineralization from oxide and chalcocite domains is included in reserves, with significant primary domain and inferred resources available for future expansion.