Ivanhoe Electric (IE) Study update summary

Project overview and strategic context

• Santa Cruz is a high-grade, advanced copper project in Arizona's industrial corridor, designed as a modern underground mine using an on-off heap-leach process to produce 99.99% pure copper cathode on-site without smelting.

• The project is positioned as the most advanced large-scale copper project in the U.S., supporting American industry and supply chain security, and has attracted national attention.

• Located on nearly 6,000 acres of private land near Casa Grande, with excellent infrastructure access and a compact site layout occupying less than 1,600 acres, allowing for future expansion.

• The 2026 study substantially derisks the project and targets first copper production in 2029.

• Significant local and political support has been received, with the project highlighted at national industry events.

Technical and operational highlights

• The 2026 Preliminary Feasibility Study confirms a high-grade, low-cost operation with initial capital of $1.43 billion, capital intensity under $20,000 per ton, and cash operating costs of $1.47/lb.

• Life-of-mine average copper grade is 1.08%, with a 24-year mine life and 92.3% copper recovery.

• The mine will process 20,000 tonnes per day, with average annual copper production of 75,000 tonnes in the first 15 years and a rapid ramp-up to full capacity by 2031.

• The SX/EW process will produce 99.99% pure copper cathode onsite, with high recoveries and environmental management.

• The TBM enables a single 4 km decline, improving safety, reducing excavated material by 75%, and doubling advance rates compared to traditional methods.

Engineering, infrastructure, and process improvements

• Robbins Crossover TBM improves mine access, safety, and material handling, with a 9.3 m diameter decline and integrated conveyor.

• Optimized mine access and ventilation, updated heap leach pad, and conveyor-based haulage enhance efficiency and ramp-up.

• Improved surface layout increases efficiency, reduces truck haulage, and allows for significant expansion.

• The process flowsheet features chloride-assisted leaching, low acid consumption, and paste backfill.

• Only high-grade oxide and chalcocite mineralization included in current reserves; primary sulfide domain offers future potential.