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Item 1. Business

2024-02-26 compared with 2023-03-14 · 1183 added, 1187 removed, 413 unchanged (85% of the section changed)

We are a United States domiciled minerals exploration and development company with a focus on developing mines from mineral deposits principally located in the United States.

We are a United States domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States.

We seek to support American supply chain independence by finding and delivering the critical metals necessary for electrification of the economy, with a focus on copper.

We believe the United States is significantly underexplored and has the potential to yield major new discoveries of these metals.

We believe the United States is significantly under explored and has the potential to yield major new discoveries of these metals.

We are committed to the sustainable development of our projects by embedding Environmental, Social and Governance (“ESG”) criteria in our decision-making framework from the earliest stages of project exploration and development.

We are committed to building upon our team’s strong ESG track record, including at Ivanhoe Mines Ltd.

(“Ivanhoe Mines”), founded by Robert Friedland, our founder and Executive Chairman, leveraging best practices and seeking to establish Ivanhoe Electric as an ESG leader in the mining sector.

Key considerations that will influence our decision making include, but are not limited to, using clean and renewable energy in our future mining operations, optimizing and minimizing our water resource utilization, minimizing our environmental footprint, ensuring workforce diversity and hiring from local communities, following best practices to meet the highest health, safety and environmental standards as well as protecting local cultural heritage and biodiversity.

Most importantly, our products play a critical ESG role by supporting electrification and enabling the clean energy transition.

We continue to build upon our team’s strong ESG track record for leveraging best practices to establish Ivanhoe Electric as a leader in the mining sector.

Key considerations that will influence our decision making include, but are not limited to, using clean and renewable energy in our future mining operations, following best practices to meet health, safety and environmental standards, optimizing our water resources, protecting local cultural heritage and biodiversity, minimizing our environmental footprint, as well as ensuring workforce diversity and hiring from local communities.

Most importantly, the minerals that are the focus of our exploration and development efforts play a critical role by supporting electrification and enabling the clean energy transition.

Our United States Mineral Projects

Material and Key Mineral Projects

Our two material mineral projects are the Santa Cruz Project in Arizona and the Tintic Project in Utah.

Santa Cruz is a copper project situated in a prolific mining region that hosts some of the largest copper mines in the United States.

Tintic is an exploration project located in a historically significant silver producing district that also produced significant amounts of copper and gold.

We believe the Tintic district has the potential to host a world-class porphyry copper-gold deposit.

We have the option to acquire 100% of the mineral rights constituting the Santa Cruz and Tintic projects and we own or have option agreements in place to own the majority of the surface land at our Tintic Project.

Our other key mineral projects are the Hog Heaven Copper-Silver-Gold Project (“Hog Heaven”), located in Montana, and the Sama Nickel-Copper-Palladium Project, located in the Ivory Coast, in which we have both direct and indirect interests.

We use several criteria to distinguish between our material properties, key properties and exploration projects.

In particular, we have evaluated each property using the following criteria (without ranking the criteria in any particular order):

stage of development of the mineral property;

level of ownership of the mineral property and/or level of ownership we have the right to obtain in the future;

size and quality of any mineral reserve or mineral resource;

prospectivity of each mineral property based on exploration results obtained;

current and proposed programs of exploration;

current and/or expected proposed expenditure and financing needs for each mineral property;

and historical activities and expenditures incurred.

Santa Cruz Project

The Santa Cruz Project is a copper exploration project situated in a prolific mining region that hosts some of the largest copper mines in the United States.

The Project encompasses 5,975 acres on private land and includes associated water rights.

The project location provides excellent infrastructure, including access to rail, interstate highways, and electric transmission lines.

The Initial Assessment for the Santa Cruz Project, completed in September 2023, focuses on a small surface footprint, underground copper mine with an average of 5.5 million tonnes mined annually, exclusively from the high-grade exotic, oxide and enriched domains of the Santa Cruz and East Ridge Deposits.

The Initial Assessment estimates life of mine (“LOM”) copper production of 1.6 million tonnes over a 20-year mine life, with projected cash costs of $1.36 per pound of copper produced.

We are advancing environmental, technical, and economic studies for an underground high-grade copper mining operation with a focus on minimizing the surface footprint of the mine while at the same time incorporating leading technologies to improve efficiencies and costs.

We are designing a technologically advanced mine that we expect to result in low carbon dioxide emissions per pound of copper produced and be a leading example of responsibly produced domestic copper.

Tintic Project

Tintic is an exploration project located 95 kilometres (“km”) south of Salt Lake City in a historically significant silver producing district that also produced significant amounts of copper and gold.

We believe the Tintic district has the potential to host a world-class copper-gold porphyry deposit.

We own a majority of the surface land and mineral rights constituting the Tintic Project and we have option agreements in place to own the remaining surface land and mineral rights at Tintic.

Drilling in 2023 has advanced our understanding of the geology of this complex area and is guiding our ongoing exploration in 2024.

Our other mineral projects in the United States include the Hog Heaven Copper-Silver-Gold Project (“Hog Heaven”), located in Montana, where we have been actively drilling since June 2023.

We also hold a portfolio of exploration projects throughout the United States, including projects in North Carolina, Nevada, and Oregon.

For purposes of Subpart 1300 of Regulation S-K (“S-K 1300”), we are defined as an exploration stage issuer because our two material properties, Santa Cruz and Tintic, are at the exploration stage and do not have any declared Mineral Reserves.

Our other United States mineral properties are also in the exploration stage.

United States Mineral Projects

Ma’aden Ivanhoe Electric Exploration and Development Limited Company

In 2023, we established an exploration joint venture with the Saudi Arabian Mining Company (“Ma’aden”) (“Joint Venture”), The Joint Venture is owned 50/50 by Ivanhoe Electric and Ma’aden and has an initial term of five years, which may be extended up to 10 years upon mutual agreement of the parties.

The Joint Venture is operating through the newly established limited liability company established under Saudi Arabian law (“Saudi JVCo”).

Ma’aden has made available approximately 48,500 km 2 of land under an exploration license (or license application) within Saudi Arabia for exploration by the Joint Venture.

We contributed $66.4 million of the proceeds from the sale of our common shares to Ma’aden to fund Saudi JVCo and the Joint Venture, and provide Saudi JVCo with a royalty-free license to use Typhoon™ within Saudi Arabia for the purpose of mineral exploration.

The license will remain exclusive to the Joint Venture in Saudi Arabia and effective during the term of the Joint Venture.

Saudi JVCo has purchased three new generation Typhoon™ units from the Company’s former parent, I-Pulse, for an aggregate contract price not to exceed $13 million.

The first new machine was delivered in the first quarter of 2024.

The Joint Venture has also entered into a services agreement with Computational Geosciences Inc.

(“CGI”), our 94% owned subsidiary, pursuant to which CGI is responsible for the supply of the services for the analysis of data and processing of the full spectrum of geophysical datasets produced by the Typhoon™ systems.

The Joint Venture is governed by a board of directors and technical committee comprised of an equal number of representatives from each company.

The technical committee supervises the exploration activities of the Joint Venture including an initial “land identification stage” where the land Ma’aden has made available will be reviewed and reduced to the most prospective areas for Typhoon deployment.

This stage will be followed by generative exploration and drilling stages aimed at identifying mineral resources of an economically viable scale.

We are the operator during the exploration phase.

Ma’aden will assume operatorship if an economically viable deposit is found and is designated by the Joint Venture for further development.

We will also provide training and development to an agreed number of employees of the Joint Venture, on mineral exploration, geology, and the operation of the Typhoon™ units.

The Joint Venture is not terminable, other than upon the occurrence of an event of default, by either party until the end of the exploration phase.

Other International Mineral Projects

Our other mineral projects outside of the United States include the Alacran Project in Colombia, the Ivory Coast Project in Ivory Coast, and the Pinaya Project in Peru.

The Alacran Project (also known as the San Matias Project) is owned by our publicly-traded subsidiary Cordoba Minerals Corp.

At December 31, 2023, we owned 62.8% of Cordoba’s issued and outstanding shares.

The Alacran Project is being developed jointly between Cordoba and JCHX Mining Management Co., Ltd.

Alacran is located in the Municipality of Puerto Libertador, Department of Córdoba, Colombia, and is approximately 200 km north of the city of Medellín.

The Alacran Project hosts the El Alacrán, Costa Azul, Montiel East, and Montiel West deposits across various mining titles.

A new Feasibility Study was announced on December 18, 2023, “NI 43-101 Technical Report, Feasibility Study, Alacran Project, in Colombia.” Initial capital cost is estimated to be approximately $420.4 million for the construction of a conventional truck-shovel open pit mine.

The Project is anticipated to hold an after-tax Net Present Value (“NPV”) of $360 million with an Internal Rate of Return (“IRR”) of 23.8% and a payback period of 3 years.

The Project’s mine life is projected to be 14.0 years in addition to the estimated two years of construction and pre-production mining, during which, freshly mined ore will be stockpiled alongside historical tailings.

The estimated LOM cash costs for copper, net of by-product credits, is $1.35/lb with by-product credits at $1.31/lb, and a total estimated LOM cash cost at $2.66/lb (cash costs excludes sustaining capital).

The Ivory Coast Nickel-Copper Project, in Ivory Coast is focused on the Samapleu-Grata deposits and is operated through a joint venture, the Samapleu Nickel Corporation Inc., with our partner, Sama Resources.

At December 31, 2023, we owned 30% of the joint venture with the option to earn up to a 60% interest.

A new report titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Samapleu and Grata Deposits Project” with an effective date of June 27, 2023 was released August 14, 2023.

The Project now includes the Grata deposit nearly doubling the mineral resources compared with the 2020 preliminary economic assessment.

The Pinaya Gold-Copper Project, which is wholly-owned by our subsidiary Kaizen, covers approximately 101 km 2 of granted title, plus an additional 28 km 2 under application and includes more than 10 km of underexplored strike length in southeastern Peru.

The Project is an intermediate stage exploration project and includes a NI 43-101 Mineral Resource Estimate titled Pinaya Gold-Copper Project, Caylloma and Lampa Provinces, Peru, NI 43-101 Technical Report with an effective date of April 26, 2016.

On February 6, 2024, we completed an arrangement pursuant to which we acquired all of the remaining issued and outstanding common shares of Kaizen.

Typhoon and Computational Geosciences

In addition to our portfolio of material and key mineral projects, we own through a wholly-owned subsidiary patents to a proprietary exploration technology known as Typhoon™.

When we reference “our” Typhoon™ technology, we mean the technology that is owned by our wholly-owned subsidiary Geo27, Inc.

In addition to our portfolio of mineral projects, we own, through a wholly-owned subsidiary, patents to a proprietary exploration technology known as Typhoon™.

We also own a 94% controlling interest in a data inversion business, Computational Geosciences Inc.

CGI was founded in 2010 to commercialize innovative technology developed at the University of British Columbia, Canada to improve and enhance mineral exploration.

We also are the exclusive worldwide licensee of certain technology from I-Pulse Inc.

I-Pulse is the parent of our predecessor company, High Power Exploration Inc.

The Typhoon™ technology allows us to cost effectively and efficiently generate geophysical images of large-scale mineral deposits to depths of one and a half kilometers or more.

The CGI software technology consists of sophisticated codes to process geophysical data and build 3D subsurface images that could indicate the presence of various metals and minerals.

We own the issued patents shown below.

These patents cover certain aspects of our Typhoon™ technology.

The actual protection afforded by these patents varies depending on the scope of coverage of each individual patent as well as the availability of legal remedies in each jurisdiction.

Type Short title Country Grant Date Grant Number Expiration

Patent Current signal generator and method of implementing such a generator France 16/02/2018 FR2980653 21/09/2031

International (PCT) 20/09/2032

Australia 05/01/2017 AU2012311429 20/09/2032

Brazil 19/01/2021 BR112014006276 20/09/2032

Canada 22/05/2018 CA2849558 20/09/2032

Indonesia 20/09/2032

Turkey 21/04/2015 TR201403350B 20/09/2032

USA 28/02/2017 US9584037 20/09/2032

Patent Current generator and method for generating current pulses France 04/04/2014 FR2988933 29/03/2032

International (PCT) 28/03/2033

Australia 20/10/2016 AU2013241675 28/03/2033

Canada 08/09/2020 CA2869170 28/03/2033

Chile 30/10/2018 56649 28/03/2033

Peru 20/05/2019 PE9489 28/03/2033

USA 28/06/2016 US9379636 28/03/2033

Patent Switch and system to inject current France 25/01/2022 FR3105446 19/12/2039

Typhoon™ can and has been used to successfully accelerate and de-risk the exploration process enabling a higher frequency of resource discovery and lowering total exploration costs.

CGI software technology consists of sophisticated codes to process geophysical data and build three-dimensional (“3D”) subsurface images that could indicate the presence of various sulfide metals and minerals.

Typhoon™ can and has been used successfully to accelerate and de-risk the exploration process enabling a higher frequency of resource discovery and lowering total exploration costs.

Typhoon™ has proven to be an important exploration tool during its deployment at Santa Cruz and Tintic.

In July 2022, we completed a 26.5 km 2 (6,500-acre) Typhoon™ 3D induced polarization and resistivity geophysical survey at Santa Cruz which identified multiple large-scale anomalies.

These anomalies may indicate the potential to expand the currently known copper oxide and sulfide mineralization at Santa Cruz.

On November 8, 2022, we announced the discovery of the East Ridge oxide copper zone at Santa Cruz, which was related to one of the anomalies identified by Typhoon™ and on which we conducted exploration drilling following the survey.

On November 29, 2022, we announced the discovery of a new zone of sulfide mineralization called the Far Southwest Anomaly which was drill tested below 1,000 meters of overlying basin-fill gravel and conglomerates.

The Texaco Ridge Exploration Area was identified in a Typhoon™ survey in September 2022.

Ivanhoe Electric drilled 10 holes totaling 8,606 meters (“m”) with a single rig at Texaco Ridge during the first half of 2023.

The intention of this drilling was to step out into areas beyond the drilled Texaco Deposit that showed high mineralization potential based on Typhoon™ survey results.

Hole SCC-122 at Texaco Ridge intersected broad primary sulfides with an intercept of 327 m @ 0.81% total copper (from 564 m), using a 0.39% total copper cut-off.

This intercept includes several zones at the same 0.8% total copper cut-off grade as the nearby Texaco mineral resource.

Typhoon™ has also been utilized at many of our other projects.

Current and historical deployment of Typhoon™ by us, HPX and third-party clients is shown on the map below.

We also hold a worldwide, exclusive license to certain legacy technology from I-Pulse to, among other things, use, develop, sell and commercialize products and services incorporating such legacy technology within the field of geological surveying for mineral exploration.

The license from I-Pulse is perpetual (subject to the expiration of the patents owned by I-Pulse underlying a portion of the I-Pulse technology).

The license is also terminable by us on 120 days' written notice to I-Pulse, and by either party only upon material breach of the license agreement under which the I-Pulse license was granted or insolvency of the other party

Current and historical deployment of Typhoon™ by us, High Power Exploration Inc.

(“HPX”) and third-party clients is shown on the map below.

Current and historical deployment of Typhoon™ by us, HPX, and third-party clients.

VRB Energy, Inc.

6 unchanged sentences

Ongoing research and development and project experience have allowed VRB to produce larger, more cost-effective and efficient systems in each successive battery generation.

VRB intends to produce VRB-ESS® using vanadium recycled from petroleum waste.

In July 2021, BCPG Public Company Limited (“BCPG”), one of Asia- Pacific’s largest renewable energy companies, invested US$24 million in convertible bonds issued by VRB.

VRB intends to produce VRB-ESS® using vanadium recycled from industrial waste.

In July 2021, BCPG Public Company Limited (“BCPG”), one of Asia- Pacific’s largest renewable energy companies, invested $24 million in convertible bonds issued by VRB.

As of December 31, 2023, we owned approximately 90.0% of the outstanding shares of VRB.

We were incorporated in Delaware on July 14, 2020, as a wholly-owned subsidiary of HPX.

On April 30, 2021, HPX completed a reorganization whereby HPX contributed (i) all of the issued and outstanding shares of HPX’s subsidiaries, other than those holding direct or indirect interests in its Nimba Iron Ore Project in Guinea;

(ii) certain property, plant and equipment;

and (iii) certain financial assets, in exchange for shares of our common stock.

HPX then distributed the shares of our common stock to HPX stockholders by way of a dividend, with each HPX stockholder receiving one share of our common stock for each HPX share of common stock then held by the stockholder.

On April 30, 2021, we also entered into an intellectual property assignment and novation agreement with HPX, I-Pulse, and several subsidiary companies by which the rights to certain technology and patent license agreements previously held by HPX or a subsidiary, as licensee, were assigned to us.

On June 30, 2022, we completed our initial public offering (“IPO”) in which we issued and sold 14,388,000 shares of our common stock at a price to the public of $11.75 per share for aggregate gross proceeds of $169.1 million.

BMO Capital Markets Corp.

and Jefferies LLC acted as joint book-running managers for the IPO and as representatives of the underwriters.

Ma’aden Transaction

On January 11, 2023, the Company entered into a binding Heads of Terms (the “Agreement”) with Saudi Arabian Mining Company Ma’aden (“Ma’aden”), the largest multi-commodity mining and metals company in the Middle East.

The Agreement provides the binding framework of key terms for a strategic investment by Ma’aden of an aggregate of $126.4 million in newly issued shares of common stock of the Company (the “Shares”) and the concurrent establishment of a 50/50 exploration joint venture in the Kingdom of Saudi Arabia described below (the “Joint Venture”).

Pursuant to the terms of the Agreement, we will agree to issue and sell to Ma’aden (directly or to a subsidiary) approximately 10.2 million shares of common stock at a purchase price of $12.38 per share for aggregate gross proceeds of $126.4 million in a private placement.

We will contribute $66.4 million of the proceeds from the issuance and sale of the Shares to fund the Joint Venture, including the purchase of three new Typhoon™ machines, and will retain $60 million of the gross proceeds to advance our United States mineral projects, as well as for working capital and general corporate purposes.

After the issuance and sale of the Shares, Ma’aden will hold 9.9% of our common stock.

We also will grant Ma’aden a right to purchase additional shares of common stock to maintain its 9.9% stock ownership position in the event of any issuances of common stock by us in the future, including stock issued as a result of (i) issuances to employees pursuant to any existing or future equity incentive plan, agreement or arrangement approved by the Board of Directors;

(ii) the exercise or vesting of incentive securities;

or (iii) shares issued as acquisition consideration.

Ma’aden may exercise this right (the “top-up right”) upon the first occurrence after such dilution event in which we issue shares (or securities convertible into shares) for cash as part of an equity financing transaction.

In the event that Ma’aden does not exercise its top-up right, the ownership threshold for purposes of the top-up right will be reduced to its ownership level after giving effect to the dilutive issuance.

The top-up right will expire on the earlier of (i) five years from the date of completion of Ma’aden’s investment in us (the “Initial Period”), but only if within such five-year period Ma’aden has (a) failed on two separate occurrences to exercise in full its top-up rights, or (b) Ma’aden has sold, transferred or otherwise disposed of any Shares (other than to an affiliate or to the Public Investment Fund of the Kingdom of Saudi Arabia (the “PIF”));

(ii) the first day following the Initial Period on which Ma’aden sells, transfers or otherwise disposes of any of our shares of common stock (other than to an affiliate or to the PIF);

and (iii) three years after the Initial Period.

We will also provide Ma’aden with the right to nominate one director to our Board of Directors for so long as Ma’aden owns at least 8% of the outstanding shares of common stock, bringing our board size to nine.

Ma’aden will also agree to a five-year standstill preventing it from increasing its share ownership above 19.9% without the approval of the Board of Directors.

The standstill will automatically be released in order for Ma’aden and its affiliates to make a competing offer if we enter into any agreement with a third party providing for a transaction that would result in a third party beneficially owning more than 50% of our outstanding common stock.

Ma’aden will agree not to dispose of any of its Shares (except in open market, non-pre-arranged stock exchange transactions), if, as a result of such disposition, the purchaser of such shares would become the owner of greater than 9.9% of our common stock and is either a mining company or state-owned enterprise, other than the PIF.

Ma’aden will also agree for a five-year period to vote in favor of certain matters for so long as it continues to have a right to nominate a director, including to vote in favor of the election of all of our director nominees and to vote in favor of all matters on which our stockholders are entitled to vote that have been approved by a majority of the independent directors of the Board of Directors.

We have also agreed that we will enter into a registration rights agreement with Ma’aden related to a future registration of the Shares.

Saudi Arabian Exploration Joint Venture

The Agreement provides that we will establish a new Saudi exploration Joint Venture with Ma’aden, which will be owned 50/50 and have an initial term of five years, which may be extended up to 10 years upon mutual agreement of the

The Joint Venture will be conducted through a newly established limited liability company established under Saudi law (“Saudi JVCo”).

Ma’aden will make available approximately 48,500 km2 of land under an exploration license (or license application) within Saudi Arabia for exploration by the Joint Venture.

We will contribute $66.4 million of the proceeds from the sale of the Shares to fund Saudi JVCo and the Joint Venture, and will provide Saudi JVCo with a royalty-free license to use Typhoon™ within the Kingdom of Saudi Arabia for the purpose of mineral exploration.

The license will remain exclusive to the Joint Venture in Saudi Arabia and effective during the term of the Joint Venture.

Saudi JVCo will purchase three new generation Typhoon™ units from the Company’s former parent, I-Pulse, the first of which is expected to be delivered in the first quarter of 2024, for an aggregate contract price not to exceed $13 million.

Prior to the delivery of new Typhoon™ units, we will make available an existing Typhoon™ unit to commence surveying in Saudi Arabia according to the terms of the Agreement.

The Joint Venture will also enter into a services agreement with CGI, pursuant to which CGI will be responsible for the supply of the services for the analysis of data and processing of the full spectrum of geophysical datasets in 3D produced by the Typhoon™ systems.

The Joint Venture will be governed by a board of directors and Technical Committee comprised of an equal number of representatives from each company.

The Technical Committee will supervise the exploration activities of the Joint Venture including an initial “land identification stage” where the land Ma’aden is making available will be reviewed and reduced to the most prospective areas for Typhoon deployment.

This stage will be followed by generative exploration and drilling stages aimed at identifying mineral resources of an economically viable scale.

We will be the operator during the exploration phase.

Ma’aden will assume operatorship if an economically viable deposit is found and is designated by the Joint Venture for further development.

We will also provide training and development to an agreed number of employees of the Joint Venture, on mineral exploration, geology, and the operation of the Typhoon™ units.

The Joint Venture will not be terminable, other than upon the occurrence of an event of default, by either party until the end of the exploration phase.

The Agreement is a framework agreement that sets out the binding parameters of the transactions described above.

The Agreement will be replaced by definitive agreements which will include the key terms set out in the Agreement, which only may be changed if required to satisfy legal or regulatory requirements, for the establishment of the Joint Venture entity, or if required to meet the technical specifications and needs for the use of Typhoon™ in the Kingdom of Saudi Arabia.

The Agreement will terminate automatically on the earliest to occur of the following:

(i) the date on which the definitive agreements are executed by the parties or their respective affiliates;

(ii) notwithstanding negotiation by the parties in good faith, in the event the parties have not been able to reach agreement on the definitive agreement, three months after the execution of the Agreement;

and (iii) the bankruptcy, insolvency, liquidation, reorganization, dissolution, amalgamation, reconstruction of either party or any analogous proceeding relating to either party.

The definitive agreements are expected to be executed by the end of the first quarter of 2023.

In addition to being subject to further confirmatory due diligence by each party and the execution of definitive agreements, the closing of the transactions is subject to the satisfaction of certain other conditions, including filing of a supplemental listing application with the NYSE American LLC (“NYSE American”), Toronto Stock Exchange (“TSX”) approval and other customary regulatory approvals, including, if applicable, the expiration or termination of all applicable waiting periods and requests for information (and any extensions thereof) under the Hart-Scott-Rodino Act and, if required, the parties receiving written confirmation from the Committee on Foreign Investment in the United States that it has completed its review or, if applicable, investigation and determination that there are no unresolved national security concerns with respect to the transactions contemplated by the Agreement.

We cannot assure you as to (i) the timing of entering into definitive agreements, including the potential failure to enter into definitive agreements at all;

(ii) our and Ma’aden’s ability to satisfy the conditions to the proposed transactions on the anticipated timeline or at all;

(iii) the satisfaction of conditions, including applicable regulatory clearances and approvals;

(iv) that the Joint Venture, if established, will be successful in its exploration activities and fail to identify any economically viable mineral deposits;

or (v) our ability to monetize its interest in an economically viable mineral deposit even if one is identified.

Key Business Highlights

We have a portfolio of highly prospective mineral projects, predominantly focused on copper and other metals needed for the clean energy transition, assembled by Robert Friedland and his team over the past decade.

Our two material mineral projects are Santa Cruz and Tintic, situated in the high-quality copper producing jurisdictions of Arizona and Utah, respectively.

Mineral Projects

Our portfolio of highly prospective mineral projects, predominantly focused on copper and other metals needed for the clean energy transition, has been assembled by Robert Friedland and his team over the past decade.

Our two material mineral projects are the Santa Cruz and Tintic Projects, which are situated in the high-quality copper producing jurisdictions of Arizona and Utah, respectively.

According to the Fraser Institute’s Annual Survey of Mining Companies, Utah and Arizona rank as some of the most attractive copper mining investment jurisdictions compared to other major copper mining jurisdictions around the world.

Fraser Institute 2022 Policy Perception Index

Santa Cruz is located in a prolific mining district in Arizona, with numerous major copper mines in close proximity.

The Santa Cruz project is situated in the Ajo-Globe-Miami structural corridor in Arizona, which we estimate contains significant copper resources.

Since 1980, Arizona has produced over 35 Mt of copper, which is approximately 65% of total United States production.

Santa Cruz was discovered in the 1970s, but was undeveloped due to market conditions as well as fragmented title and ownership.

After more than seven years of negotiations, we acquired an option to acquire 100% of the mineral rights constituting Santa Cruz and entered into agreements to acquire further surface rights and mineral titles.

In order to acquire the principal mineral titles under option from their owner, we will be required to spend an aggregate of $27,870,500 in cash or shares of our common stock at the election of the owner by August 16, 2024.

As of December 31, 2022, we had made payments totaling $11,620,500 under the option.

See “Business — Material and Key Mineral Projects — Santa Cruz Project, Arizona, USA”.

In 2021, we entered into an agreement with Central Arizona Resources Ltd.

(“CAR”), a private company, and acquired the option CAR held over the mineral title described below owned by DRHE, a private company.

CAR was also party to a surface use agreement (“SUA”) with Legends Property, LLC (“Legends”), which owns the majority of the surface rights associated with the Santa Cruz Project.

We also acquired this surface rights access agreement from CAR.

The agreement with DRHE provides that we (by way of assignment from CAR) have the right, but not the obligation, to acquire 100% of the mineral title in the fee simple mineral estate, 39 Federal unpatented mining claims, and three small, approximately 10 acre surface parcels, by paying $27,870,500 in cash or in shares of our common stock at the election of DRHE over the course of three years.

As of December 31, 2022, we paid $11,620,500 to DRHE and $16,250,000 remains to be paid to DRHE by 2024.

The Santa Cruz Project is located in Pinal County, Arizona, to the west of Casa Grande and approximately a one-hour drive south of Phoenix.

The Santa Cruz Project encompasses approximately 47.3 km 2 of land.

Santa Cruz Project Mineral Resource Estimate

(Santa Cruz Project Mineral Resource Estimates at 0.70% cutoff for Santa Cruz, 0.80% cutoff for Texaco, and 0.90% cutoff for East Ridge), December 31, 2022 (1)

Classification Deposit Mineralized Material (ktonnes) Total

Total Soluble

Total Cu (ktonnes)

Total Soluble Cu (ktonnes)

Indicated Santa Cruz (0.70% COG) 223,155 1.24 0.82 2,759 1,824

Texaco (0.80% COG) 3,560 1.33 0.97 47 35

East Ridge (0.90% COG) — — — — —

Inferred Santa Cruz (0.70% COG) 62,709 1.23 0.92 768 576

Texaco (0.80% COG) 62,311 1.21 0.56 753 348

East Ridge (0.90% COG) 23,978 1.36 1.26 326 302

Indicated All Deposits 226,715 1.24 0.82 2,807 1,859

Inferred All Deposits 148,998 1.24 0.82 1,847 1,225

(1) The Mineral Resources in this Estimate were independently prepared, including estimation and classification, by Nordmin Engineering Ltd.

and in accordance with the definitions for Mineral Resources in S-K 1300.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

Verification included multiple site visits to inspect drilling, logging, density measurement procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality.

In addition, a random selection of the drill hole database results was compared with the original records.

The Mineral Resources in this estimate for the Santa Cruz, East Ridge, and Texaco Deposits used Datamine Studio RMTM software to create the block models.

The Mineral Resources are current to December 31, 2022.

Underground-constrained Mineral Resources for the Santa Cruz Deposit are reported at a cut-off grade of 0.70% total copper, Texaco Deposit are reported at a cut-off grade of 0.80% total copper and East Ridge Deposit are reported at a cut-off grade of 0.90% total copper.

The cut-off grade reflects total operating costs to define reasonable prospects for eventual economic extracted by conventional underground mining methods with a maximum production rate of 15,000 tonnes/day.

All material within mineable shape-optimized wireframes has been included in the Mineral Resource.

Underground mineable shape optimization parameters include a long-term copper price of $3.70/lb, process recovery of 94%, direct mining costs between $24.50-$40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and administration cost of $4.00/tonne processed, onsite processing and SX/EW costs between $13.40-$14.47/tonne processed, offsite costs between $3.29 – $4.67/tonne processed, along with variable royalties between 5.00-6.96% NSR and a mining recovery of 100%.

Specific Gravity was applied using weighted averages by Deposit Sub-Domain.

All figures are rounded to reflect the relative accuracy of the estimates, and totals may not add correctly.

Excludes unclassified mineralization located along edges of the Santa Cruz, East Ridge, and Texaco Deposits where drill density is poor.

Report from within a mineralization envelope accounting for mineral continuity.

Total soluble copper means the addition of sequential acid soluble copper and sequential cyanide soluble copper assays.

Total soluble copper is not reported for the Primary Domain.

(2) Acid soluble Cu and cyanide soluble Cu are not reported for the Primary Domain.

Based on this resource estimate, we believe that Santa Cruz is currently the second largest undeveloped copper deposit, by tonnes, located in the continental United States with what we believe to be considerable potential to expand the resources.

Drilling is ongoing and will continue through 2023.

Currently, the Santa Cruz drill program consists of six diamond drill rigs.

Drill core samples are being processed at laboratories in Arizona and Vancouver.

The resource at the Santa Cruz Deposit reflects a 0.70% total copper cut-off, while the resources at East Ridge and Texaco reflect a 0.90% and 0.80% total copper cut-off, respectively versus the 0.39% total copper cut-off used in the 2021 resource estimate.

At these higher cut-off grades, the overall project-wide contained copper in Indicated Mineral Resources increased by 11% compared to the previous resource estimate.

Importantly, project-wide contained copper in Indicated Mineral Resources, excluding primary sulfide mineralization, increased by 86%.

This higher grade material tends to be in the soluble categories, potentially allowing for lower operating costs, lower energy usage, and lower water-consuming processing methods.

One development option is to integrate this large, high-grade, soluble copper resource with renewable energy power sources, such as solar power, to develop a modern, low footprint, sustainable copper-producing industrial complex.

We also intend to evaluate opportunities to utilize VRB-ESS® onsite for potential storage of sustainably generated power.

The Tintic exploration area covers approximately 65 km 2 of private patented claims, unpatented claims, state leases, and prospecting permits consolidated into a contiguous land package.

The location of the Tintic Project benefits from supportive infrastructure and access to a skilled labor workforce.

The Tintic Project is located near the City of Eureka, approximately 95 km south of Salt Lake City, and can be accessed from U.S.

Highway 6, approximately 30 km west of the Interstate 15 junction.

It is conveniently crossed by many historical mine roads and railroad grades, which provide access to most of the property.

The Tintic Mining District (the “Tintic District”) was the third-largest silver mining district in the United States based on past production, remaining resources, and past production plus remaining resources.

The Tintic District produced significant amounts of copper and gold from multiple operating mines from 1871 through to 1983, with mining peaking in the 1920s.

Total historical production from the Main and Southwest Tintic District is estimated at 2.18 Moz gold, 209 Moz silver, 116 kt copper, 589 kt lead and 63 kt zinc, from both surface and underground sources.

With significant mining activity in the Tintic District concluding in 1983, companies owned by Mr.

Spenst Hansen were able to consolidate a significant package of historic mining claims with supporting production and drill data.

Hansen is the principal vendor of Tintic-related mining claims to Ivanhoe Electric.

We have entered into purchase and sale agreements with five different vendor groups owning mineral titles at the Tintic Project.

Under these purchase agreements, payment of the purchase price is deferred and no title will transfer until the purchase price has been paid in full.

Until such time, the mineral titles are held with a third party escrow agent.

We are required to pay a total of $30,800,000 to acquire all of these titles with all payments to be made by the end of 2023.

As of December 31, 2022, we have paid a total of $27,275,000 and have a total of $3,525,000 remaining to pay by the end of 2023.

Over a two-year period following the first acquisition of these mining claims, we scanned over 8,700 maps and digitized over 500 maps to construct a comprehensive geological model to enhance our Tintic exploration program.

Tintic Historic and Target Model

The Tintic District lies 60 km south of Rio Tinto’s Bingham Canyon porphyry copper-gold mine, which has been in operation since 1906 and has produced over 19 million tonnes of copper and 28 million ounces of gold, making it one of the most productive copper-gold mines in the world.

The intrusive complex at Tintic is similar in age to the Bingham Canyon porphyry deposit.

Mineralization at Tintic is hosted in the same Paleozoic sedimentary host rocks as Bingham, and the east-west trending intrusive belt in which Tintic occurs is parallel to, and coeval with, the Bingham-Uinta intrusive belt.

The close similarities in geological setting between Tintic and Bingham Canyon highlight what we believe is the porphyry potential at Tintic.

We believe the 72 km 2 Typhoon™ survey that we conducted at Tintic in 2018 and 2019 is one of the largest 3D Induced Polarization (“IP”) surveys ever completed.

The survey identified three potential porphyry copper targets (Rabbits’

Foot, Sunbeam and Deep Mammoth), which appear to us to have similar characteristics to the mineralized porphyry at the Bingham Canyon mine.

These targets are permitted for drilling in 2023 through our subsidiary, Tintic Copper & Gold Inc.

(“TC&G”) which holds 100% of these permits.

In addition to testing the porphyry targets, we intend to undertake further drilling at Tintic to extend historically mined deposits beyond their known limits.

Historical miners ceased mining once they encountered the water table due to a lack of pumping technology available at the time.

We believe that mineralization continues to depth below the water table and that significant potential exists to discover additional mineralized material.

As a preliminary step, in September 2022, we re-sampled six sections from historic drill holes.

The presence of enargite and pyrite in three of these holes immediately below both the Mammoth “pipe” and water table indicates a continuation of the oxidized high sulfidation mineralization mined historically into unoxidized sulfide-rich mineralization.

The appearance of chalcocite in one hole shows potential for hypogene copper replacing pyrite at higher temperatures within replacement-style mineralization and may reflect increasing proximity to the source porphyry copper system.

Initial drilling commenced in late November 2022 to test porphyry targets and will continue through 2023.

Focused on discovering, identifying, and developing mineral projects in the United States in order to better secure domestic access to the metals needed for the clean energy transition

We search globally for potential world-class mineral deposits of critical metals, with a predominant focus on exploration and development of these assets within the United States.

We have assembled a portfolio of highly prospective assets, headlined by our two material mineral projects, Santa Cruz in Arizona and Tintic in Utah.

Access to critical metals from domestic sources has become a strategic focus to enhance United States supply chain security.

As global demand for critical metals strengthens, we believe securing additional sources of supply for these commodities will grow in importance for the United States.

Proprietary cutting-edge Typhoon TM hardware and CGI software de-risk mineral project exploration by lowering costs and increasing the depth, breadth and accuracy of surveys

Typhoon™ is the brand name for our proprietary electrical geophysical surveying transmitter, which can detect the presence of sulfide minerals containing copper, nickel, gold and silver, as well as water and oil (although the Company does not hold any rights to water and oil exploration, as I-Pulse holds an exclusive Typhoon™ license for those commodities).

The technology was developed by I-Pulse to unlock exploration in areas where potential deposits are hidden by cover, where target depths exceed the range of conventional geophysical surveying systems, or where the scale and topography of an exploration target area prevents efficient and cost-effective conventional work.

Typhoon™ allows us to potentially discover deposits otherwise thought to be undetectable through conventional survey methods and technology.

Typhoon™ in Resource Exploration

We believe the following specifications differentiate Typhoon™ from conventional geophysical systems:

• high current that is adjustable according to the depth and scale of the exploration target;

• high voltages that are also adjustable to overcome near-surface resistance;

• the ability to transmit both electromagnetic and direct current signals;

• extremely clean signal, which yields a high signal to noise ratio in recorded data;

• the ability to synchronize with multiple types of data receivers, so that the user can choose the receiver system most appropriate for the exploration environment;

• three deployment configurations, from a large containerized system to a smaller lightweight system that is helicopter portable.

We currently have three Typhoon™ units, which allow us to evaluate multiple prospects at any given time.

Saudi JVCo will also order three new Typhoon™ units following establishment of the Joint Venture and which are expected to be delivered to Saudi JVCo in the first half of 2024.

We have also ordered the construction of a further six additional Typhoon™ machines and anticipate that the first will be delivered to us in the second half of 2024 following delivery of the new units for Saudi JVCo.

The data processing and artificial intelligence software developed by our subsidiary CGI complements our Typhoon™ technology and represents the only software product that can process the full spectrum of geophysical data produced by Typhoon™ efficiently.

Typhoon™ at Tintic

Typhoon™ completed a 72 km 2 fully 3D IP survey of Tintic, with effective penetration depths averaging over 1.5 km.

Three potential porphyry copper-gold targets have been identified and were permitted for drilling in 2022 and 2023 through our subsidiary, TC&G which holds 100% of these permits as shown in the first image below.

The second image below shows an east-west cross section from Mammoth to Northern Spy that shows the Typhoon™ resistivity and chargeability features that define the Mammoth Porphyry target at depth in the heart of the Main Tintic District.

Typhoon™ at Santa Cruz

In July 2022, we completed a 26.5 km 2 (6,500-acre) Typhoon™ 3D induced polarization and resistivity geophysical survey at the Santa Cruz Copper Project.

The survey identified multiple large-scale anomalies, which may indicate the potential to expand the currently known copper oxide and sulfide mineralization at Santa Cruz.

On November 8, 2022 we announced the discovery of the East Ridge oxide copper zone at the Santa Cruz Copper Project, which was one of the anomalies identified by Typhoon™ and on which we conducted exploration drilling following the survey.

Management track record of success:

Robert Friedland-led management team has a compelling track record for discovery and development with an emphasis of ESG principles

Robert Friedland

We were founded by Robert Friedland, a serial entrepreneurial explorer, technology innovator and company builder.

He has successfully developed a series of public and private companies which have been at the forefront of some of the

world’s most notable mineral discoveries and mine developments including Fort Knox in Alaska, Voisey’s Bay in Canada, Oyu Tolgoi in Mongolia, Platreef in South Africa and Kamoa- Kakula in the DRC.

Friedland is currently the Executive Co-Chairman of Ivanhoe Mines, which operates the ultra-high-grade Kamoa-Kakula copper mine.

As of January 30, 2023, Wood Mackenzie projects Kamoa Kakula to be the world’s fourth largest copper mine by 2025 once its Phase 3 expansion is completed.

Friedland founded Indochina Goldfields Ltd., now known as Turquoise Hill Resources Ltd., which operates the Oyu Tolgoi mine in Mongolia.

Based on estimates prepared by Turquoise Hill Resources, Oyu Tolgoi has the potential to operate for approximately 100 years from five known deposits.

Friedland and members of his team have discovered a number of other valuable projects prior to the creation of Ivanhoe Electric.

• Platreef Project :

This major greenfield discovery of platinum-group metals, nickel, copper and gold is located in South Africa and owned by Ivanhoe Mines.

At its final projected production rate of 12 Mtpa, Platreef would be positioned among the largest primary nickel and platinum-group metals mines in the world.

• Voisey’s Bay :

Friedland was a co-founding principal of Diamond Fields Resources, which discovered Voisey’s Bay, a Canadian nickel deposit, in 1993.

As Co-Chairman of Diamond Fields Resources, Mr.

Friedland was in charge of financing and investor strategy and led the negotiations for the sale of the company to INCO Mining Corp.

for C$4.3 billion in 1996.

Fort Knox is an Alaskan gold deposit discovered by Mr.

Friedland and his team in 1992 and subsequently sold to Amax Gold Inc.

for $152 million.

The asset is currently owned by Kinross Gold Corporation and has been in production since 1997.

Robert Friedland Led Discoveries

Longstanding Leadership Commitment to ESG Principles

The leadership team at Ivanhoe Electric has a proven track record of implementing ESG-focused policies and strategies pertaining to community engagement, diversity, safety, environmental standards and clean energy.

This has been a focus of Robert Friedland from his work in other ventures, including at Ivanhoe Mines.

The Ivanhoe Electric management team has a similar commitment to ESG principles and expects to adopt much of the same philosophy and approach to ESG as it continues to develop the Company’s assets and ultimately begin production.

Robert Friedland generates project opportunities and a pipeline of projects that underpin our future growth potential

Over the past four decades, Mr.

Friedland has established a highly successful track record of exploration and mine developments as well as a vast network of relationships in the global metals and mining sector.

Both are key reasons why Mr.

Friedland continues to attract exploration and mine development opportunities.

He and his team at the Company are well placed to evaluate and pursue such opportunities.

Vanadium flow battery business rounds out electrification transition portfolio and provides growth opportunities in a rapidly growing end-user market

We believe that a vertically integrated vanadium flow battery business will round out the Company’s electrification transition portfolio and provides us with additional growth opportunities in what management considers a rapidly growing end-user market.

Growing needs for renewable energy sources are expected to drive the demand for longer-lasting, safe and reliable high-performance vanadium flow batteries.

VRB’s core technology is VRB-ESS®, engineered for low-cost manufacturing, optimal performance, and long-life.

While lithium-ion batteries are well suited to power consumer electronics and electric vehicles, their battery lifetime is limited and would have to be replaced periodically throughout a grid-scale project’s lifetime.

We believe VRB-ESS® can be charged and discharged over an almost unlimited number of cycles without wearing out, providing the lowest lifecycle cost of energy of any type of battery storage.

In addition, VRB’s proprietary electrolyte formula contains no heavy metals and the liquid electrolyte is non-toxic, non-flammable and 100% reusable, making VRB-ESS® fundamentally superior to lithium-ion batteries for grid scale energy storage.

Vanadium pentoxide (“V 2 O 5 ”) is a key input factor and cost driver of VRB-ESS®.

As part of its strategic business plan, VRB has been working on vertically integrating into V 2 O 5 production through recycling of vanadium-bearing waste products, principally produced by petroleum refineries.

In 2020, VRB established a joint venture with Yang Xing Vanadium (“YX”) to operate a 1,800 tpa V 2 O 5 plant in Vietnam, which agreement terminated in May 2022.

This allowed VRB to secure an initial low-cost supply of V 2 O 5 for battery production and realize revenues from the sale of a portion of the vanadium produced.

VRB has approximately 1,200 tonnes of feedstock at YX and 44.2 tonnes of semi-finished product with YX which may be processed at the site should production recommence with YX or another processor.

VRB-ESS® System Overview

Mineral Resources

Below is a summary table of estimated mineral resources and reserves, which are presented on a 100% project basis.

Company Deposit Effective

Category Tonnes Total

Ni (%) Au (g/t) Ag (g/t) Contained

Cu (tonnes) Contained

Ni (tonnes) Contained

Au (oz) Contained

100% Project Basis

Ivanhoe Electric Santa Cruz 12/31/2022 Indicated 226,715,000 1.24 — — — 2,807,000 — — — Arizona,U.S.

Inferred 148,998,000 1.24 — — — 1,847,000 — — —

Kaizen Discovery Inc.

Pinaya 4/26/2016 Measured 8,204,000 0.326 0.600 — 26,767 — 158,000 — Peru

Indicated 33,487,000 0.324 — 0.462 — 108,357 — 497,000 —

Inferred 40,216,000 0.360 — 0.300 — 144,715 — 388,000 —

Sama Resources Inc.

Samapleu 5/22/2019 Indicated 33,180,000 0.186 0.238 — — 61,592 78,968 — — Ivory Coast

Inferred 17,780,000 0.144 0.224 — — 25,552 39,827 — —

Cordoba Mineral Corp.

San Matias 8/3/2021 Indicated 19,100,000 0.28 — 0.11 1.15 5,315 — 180,863 667,926 Colombia

Inferred 5,100,000 0.21 — 0.21 0.94 9,823 — 32,557 142,538

Below is a summary table of estimated mineral reserves.

Company Deposit Effective

Category Tonnes Total

Ni (%) Au (g/t) Ag (g/t) Contained

Ni (tonnes) Contained

Au (oz) Contained

Cordoba Mineral Corp.

San Matias 10/21/2021 Probable 102,100,000 0.41 — 0.260 2.30 418,610 — 853,472 7,549,949 Colombia

S-K 1300 Technical Report Summary for the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA, current as of December 31, 2022 - Santa Cruz Deposit 0.70% TCu cut-off, Texaco Deposit 0.80% TCu cut-off, and East Ridge 0.90% TCu cut-off;

US$3.70/lb Cu

Kaizen Discovery Inc.

NI 43-101 Technical Report, effective April 26, 2016 - 0.25 g/t and/or 0.3% CuEq cut-off, US$2.84/lb Cu and US$1,236/oz Au

Sama Resources Inc.

NI 43-101 Technical Report & Preliminary Economic Assessment, effective May 22, 2019 - 0.1% NiEq cut-off, US$2.10/lb Cu concentrate, US$13.5/lb nickel powder

Cordoba Minerals Corp.

NI 43-101 Technical Report & Preliminary Feasibility Study, effective August 3, 2021 - NSR US$1.78/t saprolite and NSR US$8.85/t transition and fresh material cut-off, US$3.25/lb Cu, US$1,600/oz Au, and US$20/oz Ag

Cordoba Minerals Corp.

NI 43-101 Technical Report & Preliminary Feasibility Study, Reserve effective October 21, 2021 (NSR US$1.78/t saprolite, NSR US$8.85/t transition and fresh material, US$3.25/lb Cu, US$1,600/oz Au, and US$20/oz Ag

Below is a summary table of estimated mineral resources and reserves, which are presented on an attributable basis.

Company Deposit Effective

Ownership Category Attributable

Ni (%) Au (g/t) Ag (g/t) Attributable

Cu (tonnes) Attributable

Ni (tonnes) Attributable

Au (oz) Attributable

Ivanhoe Electric Santa Cruz 12/31/2022 100.0 % Indicated 226,715,000 1.24 — — — 2,807,000 — — — Arizona,U.S.

Inferred 148,998,000 1.24 — — — 1,847,000 — — —

Kaizen Discovery Inc.

Pinaya 4/26/2016 82.7 % Measured 6,783,067 0.326 0.600 — 22,131 — 130,634 — Peru

Indicated 27,687,052 0.324 — 0.462 — 89,590 — 410,920 —

Inferred 33,250,589 0.360 — 0.300 — 119,650 — 320,798 —

Sama Resources Inc.

Samapleu 5/22/2019 46.0 % Indicated 15,262,800 0.186 0.238 — — 28,332 36,325 — — Ivory Coast

Inferred 8,178,800 0.144 0.224 — — 11,754 18,320 — —

Cordoba Mineral Corp.

San Matias 8/3/2021 63.2 % Indicated 12,084,570 0.280 — 0.110 1.15 3,363 — 114,432 422,597 Colombia

Inferred 3,226,770 0.210 — 0.21 0.94 6,215 — 20,599 90,184

Company Deposit Effective

Ownership Category Tonnes Total

Ni (%) Au (g/t) Ag (g/t) Attributable

Ni (tonnes) Attributable

Au (oz) Attributable

Cordoba Mineral Corp.

San Matias 10/21/2021 63.2 % Probable 64,598,670 0.41 — 0.260 2.30 264,855 — 539,992 4,776,853 Colombia

US$3.70/lb Cu

Kaizen Discovery Inc.

NI 43-101 Technical Report, effective April 26, 2016 - 0.25 g/t and/or 0.3% CuEq cut-off, US$2.84/lb Cu and US$1,236/oz.

Sama Resources Inc.

NI 43-101 Technical Report & Preliminary Economic Assessment, effective May 22, 2019 - 0.1% NiEq cut-off, US$2.10/lb Cu concentrate, US$13.5/lb nickel powder

Cordoba Minerals Corp.

NI 43-101 Technical Report & Preliminary Feasibility Study, effective August 3, 2021 (NSR US$1.78/t saprolite, NSR US$8.85/t transition and fresh material, US$3.25/lb Cu, US$1,600/oz Au, and US$20/oz Ag

Cordoba Minerals Corp.

Sama Resources Inc.

NI 43-101 Technical Report & Preliminary Economic Assessment, effective May 22, 2019 - 0.1% NiEq cut-off, US$2.10/lb Cu concentrate, US$13.5/lb nickel powder

Cordoba Minerals Corp.

Material and Key Mineral Projects

Our two material mineral projects are the Santa Cruz Project, located in Arizona, and the Tintic Project, located in Utah.

Our other key mineral projects are the Hog Heaven project, located in Montana, and the Ivory Coast project, which is owned directly by a subsidiary of Sama, although we have a direct interest in that subsidiary as well.

The table below provides summary information regarding our material and key mineral projects, as of December 31, 2022.

Material and Key Mineral Projects

Project Name Location and

IE Interest and Nature of Interest Title Holders /

Minerals Nature of

Mineral Title

Last 3 Fiscal

Santa Cruz Arizona, USA

Exploration 0% current ownership interest;

Option to acquire 100% of the mineral title DRH Energy Inc.

(mineral title) Legends Property, LLC (surface rights) Copper Patented and unpatented claims;

Arizona State exploration permits Mineral resource Not in production

Tintic Utah, USA

Exploration 84.3% current ownership interest by acreage;

Options and lease rights cover balance aggregating to 100% of the mineral title by acreage Tintic Copper & Gold, Inc.

Patented and unpatented claims;

SITLA and BLM claims n/a Not in production

Hog Heaven Montana, USA

Exploration 2.2% equity ownership of Brixton Metals Corporation

Earn-in with Brixton for up to a 75% project interest

Brixton USA Corp.

(joint venture company), a subsidiary of Brixton (“Brixton JVC”) Copper

Fee simple mineral rights, owned and leased n/a Not in production

Ivory Coast Project Ivory Coast

Exploration 22.8% equity ownership of Sama and 30% interest in joint venture with option up to 60% of Sama’s interests in the Ivory Coast Project

Société pour le Développement Minier de la Côte d’Ivoire Nickel

Exploration license Mineral Resource Not in production

Santa Cruz Project, Arizona, USA

As used herein, references to the “Santa Cruz Technical Report Summary” is to the “Mineral Resource Estimate Update and S-K 1300 Technical Report Summary for the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, U.S.A.”, prepared by Nordmin and Met Engineering, current as of December 31, 2022, which was prepared in accordance with the requirements of S-K 1300.

Quality Assurance/Quality Control

Throughout all of our mineral exploration properties, quality assurance and quality control (“QA/QC”) measures are in place to ensure the reliability and trustworthiness of our exploration data.

These measures include written standard operating procedures and independent verifications of aspects such as drilling, surveying, sampling, assaying, data management, and database integrity.

Appropriate documentation of QC measures and regular analysis of QC data is essential as a safeguard for project data and form the basis for the QA program implemented during exploration.

Analytical QC measures involve internal and external laboratory procedures implemented to monitor the precision and accuracy of the sample preparation and assay data.

These measures are also important to identify potential sample sequencing errors and to monitor for contamination of samples.

We submit a blank, standard, or duplicate sample on every seventh sample.

Sampling and analytical QA/QC protocols typically involve taking duplicate samples and inserting QC samples (certified reference material (CRM) and blanks) to monitor the assay results' reliability throughout the drill program.

Samples are securely shipped to reputable analytical laboratories with global quality management systems that meets all requirements of the international standards ISO/IEC 17025:2017 and ISO 9001:2015.

The independent labs that we use have robust internal QA/QC program to monitor and ensure quality of assay and other analytical results.

United States

Santa Cruz Project, Arizona, USA (the “Santa Cruz Project”)

As used herein, references to the “Santa Cruz Initial Assessment” or “IA” is to the “S-K 1300 Initial Assessment & Technical Report Summary, Santa Cruz Project, Arizona”, by qualified persons SRK Consulting (U.S.), Inc., KCB Consultants Ltd., Life Cycle Geo, LLC, M3 Engineering and Technology Corp., Nordmin Engineering Ltd.

(“Nordmin”), Call & Nicholas, Inc., Tetra Tech, Inc., INTERA Incorporated, Haley & Aldrich, Inc., and Met Engineering, LLC (collectively, the “Santa Cruz Qualified Persons”), dated September 6, 2023 and still current as of December 31, 2023.

It was prepared in accordance with the requirements of S-K 1300.

None of the Santa Cruz Qualified Persons is affiliated with us or any other entity that has an ownership, royalty or other interest in the Santa Cruz Project.

The Technical Report Summary on the Santa Cruz Project, Arizona, U.S.A.

is incorporated by reference as Exhibit 96.1 hereto.

is included as Exhibit 96.1 hereto.

Scientific and technical information in this section is based upon, or in some cases extracted from these reports.

Location, Infrastructure, Project Description, Location, and Access .

Our Santa Cruz Project is located 11 km west of the town of Casa Grande, Arizona, and is an approximately one hour drive south of the State capital of Phoenix.

It is less than 10 km southwest of the Sacaton deposit, which was previously mined by American Smelting and Refining Company Inc.

(“ASARCO”) and covers a cluster of deposits/targets approximately 11 km long and 1.6 km wide.

Santa Cruz Project Location

The Greater Phoenix area is a major population center (approximately 4.95 million people) with a major international airport, well-developed infrastructure, and services that support the mining industry.

The cities of Casa Grande, Maricopa and Phoenix supply sufficient skilled labor for the Santa Cruz Project.

The Santa Cruz Project is accessed from the Gila Bend Highway, 11 km from the City of Casa Grande.

The Santa Cruz Project lies primarily on private land, which consists predominantly of split estate between surface and subsurface mineral rights.

We hold an option on the purchase of the mineral estate while holding an exclusive agreement on surface access.

In 2021, IE executed an agreement with Central Arizona Resources (“CAR”) for the right to acquire 100% of CAR’s option over the DR Horton Energy (“DRHE”) mineral title and CAR’s Surface Use Agreement (“SUA”) with Legend Property Group (“Legend”).

The Santa Cruz exploration area covers 47.71 km 2 , including 25.79 km 2 of private land, 2.6 km 2 of Stockraising Homestead Act (“SRHA”) lands, and 238 unpatented claims, or 19.32 km 2 of U.S.

Bureau of Land Management (“BLM”) land.

As of December 31, 2022, we have paid a total of $11,620,500 to DRHE and expect to pay the balance by 2025.

In order maintain the option we must make the following three additional payments:

• on or before August 16, 2023, we must pay a further $6,250,000 to DRHE;

• if we exercise the option, we must pay to DRHE a final payment at closing of the acquisition of the mineral title of $10,000,000.

We have until August 16, 2024 to exercise the option with DRHE.

If we do not exercise the option, payments made to DRHE prior to August 16, 2024 or earlier abandonment of the option, including payments already made, are non-refundable.

The agreement with DRHE also provides us with a right of first refusal (“ROFR”) with respect to certain surface parcels owned by Legends.

This ROFR was reserved by DRHE when the property was sold to Legends in 2007, and this right is now part of the option we acquired from DRHE.

Our surface use agreement with Legends gives us the exclusive use of the property for the purposes of drilling and geophysical testing, as well as granting us a separate right of first offer (“ROFO”) on the sale of the surface rights owned by Legends.

In order to maintain our surface rights access from Legends we must make certain payments to Legends.

As of December 31, 2022, we made payments totaling $1,600,000 to Legends.

In order to maintain our surface use access we must make an additional payment to Legends on or before September 9, 2023, of $800,000 to Legends.

The surface use access agreement with Legends ends on August 3, 2025, but we may extend it to August 3, 2026 by making a further payment to Legends of $920,000.

In addition, we have acquired certain options on private parcels and staking of unpatented federal lode mining claims.

The Santa Cruz Project exploration area covers 47.71 km 2 , including 25.79 km 2 of private land, 2.6 km 2 of SRHA lands, and 238 unpatented claims, or 19.32 km 2 of the BLM land.

The following map shows the various mineral and surface rights at the Santa Cruz Project, including unpatented mineral claims we have acquired directly.

Santa Cruz Project Mineral Title and Surface Rights

Current exploration is conducted on private land under the SUA with Legends.

Permitting has consisted of filing Notices of Intent to Drill and Abandon with Arizona Department of Water Resources (“ADWR”), a dust control permit with Pinal County, and a Construction General Permit/Stormwater Pollution Prevention Plan with Arizona Department of Environmental Quality.

We intend to identify specific permits to construct and operate mine facilities as the potential design of the Santa Cruz Project advances.

Location, Infrastructure, and Access.

Our exploration stage Santa Cruz Project is located in Pinal County, Arizona, 11km to the west of Casa Grande and approximately a one-hour drive, on paved roads, south of Phoenix.

The Santa Cruz Project encompasses approximately 78.25 km 2 of land.

Santa Cruz was discovered in the 1970s but was undeveloped due to market conditions as well as fragmented title and ownership.

The Santa Cruz Project centroid is approximately -111.88212, 32.89319 (WGS84) in Township 6 S, Range 4E, Section 13, Quarter C.

Location of the Santa Cruz Project within the state of Arizona.

The Santa Cruz exploration area covers 75.66 km 2 , including 25.79 km 2 of private land, 2.6 km 2 of Stockraising Homestead Act (“SRHA”) lands, 238 unpatented claims, or 19.32 km 2 of U.S.

Bureau of Land Management (“BLM”) land, and 16 mineral exploration permits, or 27.95 km 2 , with the Arizona State Land Department (“ASLD”).

In May 2023, we acquired 5,975 acres of land constituting the surface rights and associated water rights for the Santa Cruz Project in Casa Grande, Arizona, pursuant to the terms of the Purchase and Sale Agreement (“PSA”) with seller Wolff-Harvard Ventures LLC (“Legends Property Group”).

At closing, we paid a total of $34.3 million to the seller, which included $5.1 million of previously paid deposits.

We also issued a secured promissory note to the seller in the principal amount of approximately $82.6 million over a period of 4.5 years.

The promissory note includes an annual interest rate of prime plus 1%.

As at December 31, 2023, $48.3 million of principal is remaining to be paid on the promissory note.

In February 2022, Ivanhoe Electric acquired the surface title to 20 acres in the southeast area of the Santa Cruz Project known as Skull Valley.

And in May 2022, we acquired the surface title to 100.33 acres in the northeast area of the Project known as CG100.

At closing for CG100 we paid $300,000.

On the first anniversary of the closing date we paid $300,000.

At the second anniversary of the closing date, we will pay $300,000.

And on the third anniversary of the closing date, we will pay the final installment of $600,000 to release the deed from escrow.

In 2021 we executed an agreement with Central Arizona Resources (“CAR”) for the right to acquire 100% of CAR’s option over the DR Horton Energy (“DRHE”) mineral title and CAR’s Surface Use Agreement (“SUA”) with Legends Property Group.

As of December 31, 2023, we had made payments totaling $17,870,500 under the option.

These mineral rights are expected to be formally acquired upon the completion of scheduled payments by Ivanhoe Electric to the current mineral title holder in August of 2024.

We now hold, through our wholly-owned subsidiary Mesa Cobre Holding Corp., the option to acquire all the mineral titles contiguous with the acquired surface lands for a unified land and mineral package encompassing the entire Santa Cruz Project.

The mineral rights to Skull Valley were acquired in February 2022 along with the surface title.

The mineral rights to CG100 were acquired in May 2022 along with the surface title.

In November 2023, Ivanhoe Electric acquired 16 mineral exploration permits with ASLD, adding an additional 27.95 km 2 of mineral control to the project.

These permits are granted for 5 year terms provided annual renewals, renewal applications, and work commitment documentation or in-lieu fees are submitted.

At the end of the 5-year term, Ivanhoe Electric can submit for a new mineral exploration permit and be “first in line” to receive another 5-year mineral exploration permit term.

These permits grant us the exclusive right to explore for minerals during the permit term.

Revenue generated by ASLD for these permits is used to support several public entities, including K-12 public education and State universities.

To retain an unpatented claim on federal land in the USA, a $165 maintenance fee per claim is due annually by September 1st.

Based on the current landholding this would amount to $39,720 in annual payments for claim retention.

Royalty interests on the Santa Cruz Project include royalties in favor of ASARCO Santa Cruz, Inc.

6 unchanged sentences

There are no advance royalties.

Ivanhoe Electric Surface Rights of the Santa Cruz Project.

Ivanhoe Electric Mineral Rights of the Santa Cruz Project.

The first discovery of copper mineralization in the area occurred in February 1961 by geologists from the American Smelting and Refining Company (“ASARCO”).

They proceeded with preliminary geophysical surveys that same year, including IP, resistivity, seismic reflection, and magnetics.

Upon positive results from the geophysical surveys, a small drill program of six holes was funded, with the last hole being the first to intersect the significant mineralization that became known as the ‘West Orebody’ and, in time, the Sacaton open pit mine which lies approximately 8 km to the northeast of the center of the Santa Cruz Project.

ASARCO expanded exploration efforts across the Casa Grande Valley and in 1964 the first hole was drilled on the Santa Cruz Project.

By May 1965, seventeen drill holes were completed without similar success, and ASARCO reduced its land position.

Subsequent reviews in 1970-1971 deemed the Santa Cruz Project worth renewed exploration activity.

Following the initiation of the Santa Cruz Joint Venture (“SCJV”) between ASARCO Santa Cruz, Inc.

and Freeport McMoRan Copper & Gold Inc.

in 1974, additional ground was acquired around the Santa Cruz North deposit.

By this time, various joint ventures, as noted below, had staked considerable ground over and around what would eventually be the Casa Grande West (now Santa Cruz) deposit.

In 1973, David Lowell put together an exploration program called the Covered Area Project (“CAP”) that was funded first by Newmont Mining, then, in succession, by a joint venture between Newmont and Hanna Mining, then Hanna with Getty Oil Corp.

and Quintana Corp.;

though both Quintana and Newmont would pull out of the project before any discoveries were made.

By 1974 over 120 holes were drilled at 20 projects across Southwestern Arizona, with a focus on the Santa Cruz system.

Drilling under the CAP program continued through to 1977, at which point Hanna Mining took over as operator under a joint venture with operation funding from Getty Oil Corp.

Between 1977 and 1982, Hanna-Getty advanced a tight spaced drill program that delineated an estimated 500 Mt of 1% Cu at Casa Grande West, and countless exploration holes in the surrounding Casa Grande Valley.

In 1986, the Bureau of Mines obtained Congressional approval and funding to study in situ copper mining.

In 1988, the Santa Cruz deposit was selected for this research project sponsored by a joint venture program between landowners ASARCO Santa Cruz Inc.

and Freeport McMoRan Copper & Gold Inc., and the US Department of the Interior, Bureau of Reclamation.

The in-situ testing began in February 1996, but research funding was halted in October 1997 due to a change from Congress.

Property Condition and Stage of Development.

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Permitting and encumbrances.

Current exploration is conducted on private land under the SUA with Legend.

Current exploration is conducted on private land.

Royalties are discussed above, under “Title”.

Current permits are listed in the Table below.

Current permits for the Santa Cruz Project.

Dust Control Permit

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Maximum extent of surface disturbance to be left unreclaimed at any one time during exploration operations is 20.0 acres.

Special Flood Hazar Area Permit – Exploration Drilling

Special Flood Hazard Area Permit – Exploration Drilling

City of Casa Grande

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There is a large private land package covering the Project area and area of known mineralization.

This private land position could result in reduced permitting time relative to projects required to undergo the National Environmental Policy Act (“NEPA”) process.

The ability to operate on private land has the potential to reduce lengthy permitting timelines that result from federal permitting processes.

The precise list of permits required to authorize the construction and operation of this Project will be determined as the mining and processing methods are designed.

If NEPA and other federal permitting are avoided, required permits would be administered by Arizona State, Pinal County, and Casa Grande authorities.

The permit approval process for some permits includes review and approval of the process design.

3 unchanged sentences

The anticipated issuing agencies include:

Reclamation Plan approval (Arizona State Mine Inspector)

Water permits

Aquifer Protection Permit (ADEQ)

Air Quality Operating Permit (Pinal County)

Mined Land Reclamation Plan (ASMI)

45-513 Groundwater Withdrawal Permit (Arizona Department of Water Resources (ADWR)

Recycled Water Discharge Permit (Arizona Department of Environmental Quality (ADEQ)

Aquifer Protection Permit(s) (ADEQ)

Air Quality Operating Permit (PCAQCD)

General Plan Amendment (City of Casa Grande)

Zone Change or Planned Area of Development (PAD) Amendment (City of Casa Grande)

Site Plan Approval (City of Casa Grande)

Geological Setting, Mineralization and Deposit Types.

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chalcopyrite, pyrite, and molybdenite hosted within quartz-sulfide stringers, veinlets, veins, vein breccias, and breccias as well as fine to coarse disseminations within vein envelopes associated with hydrothermal porphyry-style mineralization.

Hypogene mineralization appears to be the most concentrated within the Southwest Exploration Area, Texaco Ridge Exploration Area, and Texaco Deposit areas based on IE drill holes.

Hypogene mineralization appears to be the most concentrated within the Southwest Exploration Area, Texaco Ridge Exploration Area, and Texaco Deposit areas based on Ivanhoe Electric drill holes.

• Secondary supergene sulfide mineralization:

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chrysocolla (copper silicate) with lesser dioptase, tenorite, cuprite, copper wad, and native copper, and as copper-bearing smectite group clays.

This mineralization style resides

immediately above supergene sulfide mineralization near the paleo water table.

This mineralization style resides immediately above supergene sulfide mineralization near the paleo water table.

Superimposed in-situ within the copper oxide zone is atacamite (copper chloride) and copper sulfates (e.g., antlerite, chalcanthite).

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Combined with the historical exploration, there are over 170 drill holes totaling over 133 km length within the Santa Cruz Project area.

This exploration comprises the drilling data used for the mineral resource estimate.

Our exploration in 2023 included drilling – a combination of diamond drill, rotary, and sonic drilling totaling 94 holes and approximately 68,294 m.

Sampling, Analysis and Data Verification .

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In the opinion of Nordmin and Met Engineering, the drilling, core handling, logging and sampling procedures meet or exceed industry standards and are adequate for the purpose of Mineral Resource estimation.

The authors of the Santa Cruz Technical Report Summary consider the QA/QC protocols in place for the Santa Cruz Project to be acceptable and in line with standard industry practice.

The authors of the IA consider the QA/QC protocols in place for the Santa Cruz Project to be acceptable and in line with standard industry practice.

Based on the data validation and the results of the standard, blank, and duplicate analyses, the authors are of the opinion that the assay and specific gravity databases are of sufficient quality for Mineral Resource estimation for the Santa Cruz Project.

Mineral Resources.

The December 31, 2022, Mineral Resource Estimate (“MRE”) includes a detailed geological and structural re-examination of the Santa Cruz, East Ridge, and Texaco Deposits.

The Santa Cruz Deposit MRE benefits from approximately 116,388 m of diamond drilling in 129 drill holes, the East Ridge Deposit MRE has 18 holes totaling 15,448 m, and the Texaco Deposit MRE has 23 drill holes totaling 21,289 m.

The December 31, 2022, Mineral Resource Estimate (“MRE”) set forth in the IA was prepared by Nordmin and includes a detailed geological and structural re-examination of the Santa Cruz, East Ridge, and Texaco Deposits.

Nordmin has also confirmed that the MRE remained accurate as of December 31, 2023

The Santa Cruz Deposit MRE benefits from approximately 116,388 meters of diamond drilling in 129 drill holes, the East Ridge Deposit MRE has 18 holes totaling 15,448 m, and the Texaco Deposit MRE has 23 drill holes totaling 21,289 m.

All drill holes were completed from 1964 to 2022.

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It has been determined that the historic cyanide soluble assays are valid as they align with recent assays in 2022 drill holes.

The Santa Cruz Project mineral resource estimate is presented in the table below and is current as of December 31, 2022.

Santa Cruz Project Mineral Resource Estimate (Santa Cruz Deposit 2022, 0.70% Total Cu cut-off grade) (1)

In Situ Santa Cruz Project Mineral Resource Estimates as at December 31, 2023 and December 31, 2022,

at 0.70% Cu cut-off for Santa Cruz, 0.80% Cu cut-off for Texaco, and 0.90% Cu Cut-off for East Ridge

Classification Deposit

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Inferred All Deposits 148,998 1.24 0.82 1,847 1,225

Nordmin, 2023

Notes on Mineral Resources

• k=thousand;

CoG or COG=cut-off grade;

• The mineral resources in this estimate were independently prepared, including estimation and classification, by Nordmin Engineering Ltd.

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• The mineral resources in this estimate for the Santa Cruz, East Ridge, and Texaco deposits used Datamine Studio RMTM software to create the block models.

The Mineral Resources are current to December 31, 2022.

• The mineral resources are current to December 31, 2022 and December 31, 2023.

• Underground-constrained mineral resources for the Santa Cruz deposit are reported at a CoG of 0.70% total copper, Texaco deposit are reported at a CoG of 0.80% total copper and East Ridge deposit are reported at a CoG of 0.90% total copper.

The CoG reflects total operating costs to define reasonable prospects for eventual economic extracted by conventional underground mining methods with a maximum production rate of 15,000 t/d.

All material within mineable shape-optimized wireframes has been included in the mineral resource.

Underground mineable shape optimization parameters include a long-term copper price of $3.70/lb, process recovery of 94%, direct mining costs between $24.50 to $40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and administration cost of $4.00/t processed, onsite processing and solvent extraction and electrowinning (“SX/EW”) costs between $13.40 to $14.47/t processed, offsite costs between $3.29 to $4.67/t processed, along with variable royalties between 5.00% to 6.96% net smelter royalty (“NSR”) and a mining recovery of 100%.

• Specific gravity was applied using weighted averages by deposit sub-domain.

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• Excludes unclassified mineralization located along edges of the Santa Cruz, East Ridge, and Texaco deposits where drill density is poor.

Report from within a mineralization envelope accounting for mineral continuity.

• Reported from within a mineralization envelope accounting for mineral continuity.

• Total soluble copper means the addition of sequential acid soluble copper and sequential cyanide soluble copper assays.

Total soluble copper is not reported for the primary domain.

Tintic Project, Utah, USA

As used herein, references to the “Tintic Technical Report” is to the “SEC Technical Report Summary, Exploration Results Report, Tintic Project Utah, U.S.A.” prepared by SRK with an effective date of May 5, 2021, which was prepared in accordance with the requirements of S-K 1300.

The Technical Report Summary, Exploration Results Report, Tintic Project Utah, U.S.A.

incorporated by reference as Exhibit 96.2 hereto.

Scientific and technical information in this section is based upon, or in some cases extracted from these reports with the addition of updated lands information and associated expenditures from IE dating from after May 5, 2021.

Location, Map, Location, and Access.

Our Tintic Project is located approximately 95 km south of Salt Lake City, Utah and can be accessed by road from U.S.

The Santa Cruz Project did not have any Mineral Reserves as at December 31, 2023 or 2022.

Mineral Processing and Metallurgical Testing.

Metallurgy and processing test work were directed by Met Engineering LLC and conducted at McClelland Labs in Sparks, Nevada.

McClelland Labs is recognized by the International Accreditation Service (“IAS”) for its technical competence and quality of service and has proven that it meets recognized standards.

The studies are ongoing.

Study focus has been on:

• Confirming total copper recovery of the leach-float flow sheet proposed by historical operator, CGCC, circa 1980, on Exotic, Oxide and Chalcocite mineral domains.

• Investigating heap leaching of Exotic, Oxide and Chalcocite mineral domains.

The test program for heap leaching is in progress and is reported as such in section 10.

Some early results are described below.

Column leach testing will complete in the fourth quarter of 2023.

Agitation leach tests undertaken in mid-2022 verified historical test results and after adjusting the particle size distribution, acid-soluble copper recovery of 92% was achieved.

Ivanhoe Electric subsequently conducted a leach-float test program in which the same mill composite sample used in prior testing was subjected to the standard leach procedure developed earlier in the year.

Three standard leach tests were conducted, each subjected to different grind sizes.

The studies support achieving up to 94% total copper recovery with the leach-float circuit at the Santa Cruz deposit.

Further, the studies support that a smelter saleable concentrate could be produced without any penalties grading 48% total copper and 23% sulfur.

One column cell test has been completed and is in the phase of water rinsing and removing leach residue for analysis.

The seven remaining column cell tests are operating normally and are all in the final stage of secondary sulfide leaching.

There were no solution flow issues in any of the eight column cells.

There were no significant operational issues on any of the column cells.

Estimated copper recoveries and extraction rates on the two column cells cured with a chloride dopant were 98% and 94% copper and 70 and 63 days, respectively.

There are some factors to follow up on with future testing to ensure all processing factors are effectively investigated.

These are confirmation of corrosion resistant materials and linings for the thickeners in the counter-current-decantation system for pregnant leach solution recovery and studying sulfide flotation with expected process water chemistry at the site.

Otherwise, there are no deleterious elements that could have a significant effect on economic extraction.

Mining Methods.

The Project is currently not being mined.

Mineral resources are stated for three deposits:

Santa Cruz, Texaco, and East Ridge.

For mine planning work, only the Santa Cruz and East Ridge deposits were evaluated.

The Santa Cruz deposit is located approximately 430 to 970 meters below the surface.

Based on the mineralization geometry and geotechnical information, an underground longhole stoping (“LHS”) method is suitable for the Oxide and Chalcocite-enriched domains within the deposit.

The Santa Cruz deposit will be mined in blocks where mining within a block occurs from bottom to top with paste backfill (“PBF”) for support.

A sill pillar is left in situ between blocks.

Within the Santa Cruz deposit, there is an Exotic domain located approximately 500 to 688 meters below the surface and to the east of the main deposit.

The Exotic domain consists of flatter lenses that are more amenable to drift and fill (“DAF”) mining.

Cemented waste rockfill will be used for support.

The backfill will have sufficient strength to allow mining of adjacent drifts without leaving pillars.

The East Ridge deposit is approximately 380 to 690 meters below the surface and to the north of the main Santa Cruz deposit.

The East Ridge deposit consists of two tabular lenses and will be mined using DAF with cemented waste rock backfill for support.

The mine will be accessed by dual decline drifts from surface, with one drift serving as the main access and the other as a railveyor drift for material handling.

Mineralization is transported from stopes via loader to an ore pass system and then to surface by the railveyor.

Main intake and exhaust raises will be developed with conventional shaft sinking methods to provide air to the mine workings.

The mine will target a combined production of 15,000 t/d from the Santa Cruz and East Ridge deposits.

Portal box cut is assumed in the IA to start in 2026.

Decline and railveyor activities begin in 2027 through to 2028 to access the top portion of the mine.

Decline and railveyor resumes in 2033 to access the bottom of the mine.

Stoping begins in 2029 with a 1 year ramp-up period until the mine and plant are operating at full capacity.

The currently defined mine life is approximately 3 years of construction and 20 years of production.

Using historical data and the results of recent hydrogeologic testing, the hydrogeological conceptual site model was updated and the groundwater flow model was developed and finalized.

The groundwater flow model was used to evaluate multiple passive and active dewatering scenarios for the proposed mine plan.

With an active dewatering scenario pumping approximately 3,000 gallons per minute (“gpm”) for the first two years of life of mine (“LoM”), the model shows that the

annual average residual passive inflows for the first 10 years of the mine are at or below 12,000 gpm.

From year 11 through 25 of LoM, the residual passive inflows range from approximately 15,000 to 18,000 gpm.

Completed Mine Plan

The table below summarizes the total tonnage and grades within the mine plan.

Mine Plan Summary

Classification Domain Tonnage (kt) Total

Cu (%) Cyanide

Indicated Total 74,713 1.64 1.07 0.39

Inferred Total 25,530 1.60 0.99 0.48

Indicated + Inferred Total 100,244 1.63 1.05 0.41

Note:4.94 Mt of marginal material at a grade of 0.56% is not included in this table.

This work is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized.

Recovery Methods.

The Santa Cruz processing facility will recover copper by conventional weak sulfuric acid agitated leaching of the oxide mineralized material, and by sulfide flotation of the residue produced after leaching.

Leached oxide copper will be processed through SX/EW to produce high purity copper cathodes.

Sulfide copper and by-product precious metals will be recovered in copper flotation mineral concentrate.

Copper concentrates will be of suitable quality to be sold to a domestic or international copper smelters.

The process design is based on metallurgical tests results from The Hanna Mining Company’s research center (circa 1980) and new IA-level mineral process testing initiated by Ivanhoe Electric in 2022 and 2023.

The following process flow diagram illustrates sequence of operations to recover copper in the Santa Cruz plant.

This flowsheet provides the basis for the process description that follows.

Santa Cruz IA processing flowsheet showing the production of both copper cathode from copper oxide mineralization and copper concentrate from copper sulfide mineralization.

The nominal capacity of the mill process is 5.475 million tonnes per year (“Mt/y”).

Process availability factors include both the mechanical availability and the use of this mechanical availability.

For the design, an availability factor of 92% is used throughout the plant because the primary and secondary grinding lines have a single ball mill in each.

The current mine plan developed for the Project is based on a 365-day calendar year.

The yearly mine production tonnage will vary from 4.0 million tonnes (“Mt”) at the start of production to a high of 5.9 Mt in Year 5 of production.

The mass balance was developed for the Santa Cruz process using MetSim mass balance software.

The process simulation used overall recoveries of 96% for the acid soluble copper as cathode copper and 93% for the sulfide copper into concentrate.

These recoveries are based on 1980 studies and supported by mineral process testing in 2023 on recent drill core samples and include process losses attributed to Pregnant Leach Solution wash efficiency (2023 liquid solid separation test results) and cleaner scavenger flotation losses (1980 and 2023 test programs).

Project Infrastructure.

The Santa Cruz project has excellent existing infrastructure including access to roads and interstate highways, railroads, power lines, and an abundant supply of water from dewatering operations and water rights associated with the private land acquired by Ivanhoe Electric.

The Project owns sufficient fee simple land to allow for all surface infrastructure including the process facility, Tailings Storage Facility (“TSF”), offices borrow pit, and other related mine structures.

Interstate highways near the Project (<10 km) are Interstate 8 and Interstate 10.

The Union Pacific/Southern Pacific (“UPSP”) rail borders the northern edge of the Santa Cruz Project and the BNSF rail has a spur and terminal in Phoenix, Arizona.

Santa Cruz IA site layout, requiring approximately one-third of the total land package for the mine, plant, process, tailings storage facilities and on-site generation of solar power.

Tailings Storage Facility.

A significant portion of the mined material will be returned underground as backfill in the mine.

Backfill is used to fill voids created during mining.

By returning tailings as paste backfill underground, the size and impact of the surface Tailings Storage Facility (“TSF”) will be reduced.

The TSF is proposed to be located on relatively flat terrain directly east of the plant site and sited to avoid:

the underground ore body outline;

mine’s infrastructure;

and the 1% annual exceedance probability (“AEP”) (1 in 100-yr return period) floodplain from Federal Emergency Management Agency (“FEMA”) (2007) flood hazard mapping.

The TSF is sized to store all the tailings estimated to be produced over the mine life and not used for underground backfill (56.7 Mt, without additional contingency) on surface.

The tailings will be retained by a perimeter embankment (up to 50 meters high) constructed primarily of compacted, structural fill sourced from on-site borrow areas.

The TSF impoundment will be lined with a low-permeability liner, which will be raised within the perimeter embankment for seepage control.

During operations, tailings slurry water and precipitation which collects in the TSF will be reclaimed to the mine for use in the mining process or treated (if required) and discharged.

At closure, the TSF impoundment will be regraded to prevent ponding and covered with a soil cover and vegetated to limit infiltration and resist erosion.

Closure channels will be constructed to shed water off the impoundment surface and over the embankment slopes.

Power consumption for the Santa Cruz Project is anticipated to average 450,000 megawatt hours per year (“MWh/y”).

Initially the source of power for the Project will be provided from a 69 kilovolt (“kV”) power line operated by Pinal County Electric District 3 (“ED3”).

Several other higher voltage transmission lines border the property within close proximity.

Power for the Project could be provided from a number of sources, or combination of sources, ranging from grid supply to microgrid renewable energy supply.

The goal of the mine development is to achieve much of the energy supply from renewable sources, such as solar or geothermal, either at the start or through a phased in approach during the mine operation.

The base case of the project is that the mine will operate using 70% renewable power within the first three years of operations.

The water balance for the Santa Cruz Project indicates that there will be a surplus of water from the Project from dewatering of the underground operations.

The mining and processing operations will consume approximately 3.5 million cubic meters (“Mm3”) of water per year, while water supplies from dewatering will range from 20 million to over 30 million cubic meters per year (“Mm3/y”).

The amount of water for distribution to local stakeholders during operations will average 27 Mm 3 /y.

The water balance excludes the water rights associated with the surface title of the Project.

Market Studies and Contracts.

A flat copper price of $3.80/lb has been selected for this study.

In the opinion of SRK, this price is generally in-line with pricing over the last 3 years and forward-looking pricing is appropriate for use during an Initial Assessment of the Project with an estimated mine life of 20 years.

As the Project progresses, more detailed market work in the form of market studies will be completed to support further study efforts.

SRK cautions that price forecasting is an inherently forward-looking exercise dependent upon numerous assumptions.

The uncertainty around timing of supply and demand forces has the potential to create a volatile price environment and SRK fully expects that the price will move significantly above and below the selected price over the expected life of the Project.

Cathode is assumed to be 100% payable with no premium or discount applied for the purposes of the study.

This approach assumes that the cathode has not received registration or certification that would result in a premium;

nor is the cathode assumed to contain any deleterious or penalty elements.

Concentrate terms for the study are generic terms and do not reflect the presence of any deleterious or penalty elements within the concentrate.

The following table presents the concentrate terms applied for this study.

Concentrate Terms

Item Unit Value

Payability % 96.5

Treatment Charge $/dmt 65

Refining Charge $/lb 0.065

Transport Cost $/wmt 90

As the Project is an early-stage greenfield project, there are a large number of contracts required for the development and operation of the site.

None of the major required contracts have been executed at the time of this study.

Environmental, Closing and Permitting.

The Project is located on private land.

Permitting is primarily with the State of Arizona, Pinal County, and City of Casa Grande.

While the Project will be required to obtain several permits to operate it is on private land and is not anticipated to be subject to lengthy federal permitting timelines.

Baseline studies are underway for resources of concern and studies will continue as the Project develops.

There are no known occurrences of federally listed threatened and endangered species and there are no planned impacts to potential federally regulated waters of the US.

Portions of the Project site is a known nesting area for burrowing owls protected under the Migratory Bird Treaty Act and US Fish and Wildlife beneficial practices to avoid and minimize impacts to birds have been and will continue to be implemented as the Project develops.

The utilization of a renewable microgrid will allow the Santa Cruz Project to produce copper with one of the industry's lowest carbon intensities.

Such intensities highlight Ivanhoe Electric commitment to implementing cutting-edge mining techniques, conserving energy, and utilizing renewable energy.

Aside from the pending reclamation plan for exploration activities at the Site, Ivanhoe Electric has no current obligations to tender post mining performance or reclamation bonds for the Project.

Once the facility achieves the level of design necessary to advance to mine development and operation, Ivanhoe Electric will need to submit and gain approval of an Arizona Department of Environmental Quality (“ADEQ”)-approved Aquifer Protection Permit (“APP”) and an Arizona State Mine Inspector (“ASMI”)-approved Reclamation Plan.

The closure approach and related closure cost estimates must be submitted following approval and before facility construction and operation.

Ivanhoe Electric plans to create an all-encompassing environmental, social, and governance framework designed to effectively address any community concerns and ensure that the Santa Cruz Project operates in a socially responsible manner.

Capital and Operating Cost Estimates

Mining Capital Cost Estimate.

The mining capital cost estimate is based on first principal cost model build-up and budgetary quotes.

The initial mining capital costs plus sustaining mining capital costs are equal to $960.48 million, which includes an estimated capital of $878.08 million plus 9.4% contingency of $82.40 million.

Development costs are derived from the mining schedule prepared by SRK.

The prepared mining schedule includes meters of development during pre-production, this schedule of meters was combined with unit costs, based on site specific data, to estimate the cost of this development operation.

The following table provides the breakdown of the estimated initial capital costs.

Estimated Mining Initial Capital Cost

Item US$ Million

Capital Development Cost 166.99

Equipment Purchase and Rebuilds 241.24

Mine Services 17.96

Owner Cost 32.75

Contingency 38.76

The Santa Cruz Project will require sustaining capital to maintain the equipment and all supporting infrastructure necessary to continue operations until the end of its projected production schedule.

The sustaining capital cost estimate developed includes the costs associated with the engineering, procurement, construction and commissioning.

The estimate indicates that the Project requires sustaining capital of $462.78 million to support the projected production schedule through the LoM, as shown below.

Estimated Mining Sustaining Capital Cost

Item US$ Million

Capital Development Cost 60.79

Equipment Purchase and Rebuilds 322.64

Mine Services 0

Owner Cost 35.71

Contingency 43.63

Process Capital Cost Estimate.

The initial capital cost for the Santa Cruz plant and infrastructure facilities totals $563.7 million as summarized in the table below.

This capital cost includes all process areas facilities in the Santa Cruz plant proper starting with the primary crushing, and continuing through grinding, agitated leaching, solvent extraction and electrowinning, leach residue neutralization, leach residue grinding, rougher flotation, concentrate regrinding, cleaner flotation, concentrate dewatering and tailing dewatering and pumping to the TSF.

The initial capex includes the ventilation chiller for the underground mine, the main plant substation, fresh and process water ponds, and the batch plant, and the surface ancillary buildings.

Estimated Initial Plant Capital Cost Summary

Description Hours Total Cost (US$ Million) % of Total Capital Cost

Directs 1,290,000.00 345.4 61.3

Indirects 72.0 12.8

Contingency 111.3 19.7

Owner’s Costs 35.0 6.2

Escalation — 0.0

Total Capital Cost (TCC) 563.7 100.0

No sustaining capital costs have been included for the Santa Cruz process plant.

The mine life is 20 years, and the capital equipment will be designed to last for the duration of the Project.

Preventative maintenance and periodic rebuilds/relining is captured in the annual maintenance cost estimation.

The only place where sustaining capital is expected is in the TSF for annual embankment enlargement which was estimated separately.

Tailings Capital Cost Estimate.

The initial capital cost for the Santa Cruz tailings facilities totals $75.1 million as shown below.

The estimated sustaining capital costs total $486.8 million as shown below.

The key elements of the tailings capital cost estimation methodology include:

• Material take offs by year were provided by KCB

• Earthworks, lining, and piping rates from standard schedule

• Borrow-to-fill provided by budgetary quotation – Turner Mining Group

Estimated TSF Initial Capital Cost

Item US$ Million

Indirects 11.3

Contingency 15.0

Estimated TSF Sustaining Capital Cost

Item US$ Million

Sustaining 382.2

Closure 104.6

Mining Operating Cost Estimate.

The required mining equipment fleet, required production operating hours, and manpower to arrive at an estimate of the mining costs that the mining operations would incur was estimated.

The mining costs were developed from first principles and compared to recent actual costs.

A maintenance cost was allocated to each category that required equipment maintenance.

A summary of the LoM unit mine operating costs is presented below.

Mining Operating Costs

LoM Tonnes Mined (000) Category US$000 107,134*

Operating Development 481,021 4.49

Production (Drilling, Blasting, Loading, Hauling and Backfill) 1,139,843 10.64

Other mining costs (Services, Maintenance, Rehab and Definition Drilling) 458,564 4.28

Mine engineering and administration 592,085 5.54

Contingency (9.5%) 254,664 2.39

Total 2,926,177 27.33

* LoM Tonnes mined includes 100,244 kt of process material, 4,942 kt of marginal material and 1,948 kt of waste.

Processing Operating Cost Estimate.

The process plant operating costs are summarized by the categories of labor, electric power, liners (wear steel), grinding media, reagents, maintenance parts, and supplies and services, as presented below.

Process Plant OPEX Summary by Category

Operating and Maintenance Average Annual

Cost (US$000) $/t Processed

(US$) LoM Operating

Cost (US$000) %

Labor 11,119 2.11 222,383 16.8

Electrical Power 23,297 4.43 465,939 35.1

Reagents 18,447 3.51 368,947 27.8

Wear Parts (Liners & Grinding Media) 6,811 1.30 136,221 10.3

Maintenance Parts 5,993 1.14 119,865 9.0

Supplies and Services 623 0.12 12,557 0.9

Total (US$000) 66,296 12.61 1,325,912 100.0

TSF operating costs are included in the processing operating costs and include labor, power, reagents, and maintenance.

G&A Operating Cost Estimate.

The general and administrative (“G&A”) and laboratory costs are summarized below.

G&A Operating Cost Summary

Item $/t processed LoM Operating

Lab Opex 0.24 24,798.00

G&A Opex 2.39 251,543.00

Total 2.63 276,341.00

Total modeled initial capital costs are estimated at $1.15 billion, as summarized below:

Modeled Initial Capital*

Initial Capital Cost Value ($000)

Underground Capital Development Cost 167.0

Underground Equipment Purchase 240.4

Underground Rebuilds 0.8

Underground Services 18.0

Underground Owner Cost 10.9

Underground Related Contingency Costs 34.8

Underground Capitalized Opex 35.6

Mill and Surface Capital 563.7

Total 1,146.3

* Initial capital estimates and expenditure schedule were developed external to the model.

No additional contingency has been included in the model.

Total modeled sustaining capital costs are estimated at $0.98 billion, as summarized below:

Modeled Sustaining Capital*

Sustaining Capital Value ($000)

Underground Mining 462.8

Tailings 486.6

* Sustaining capital is modeled on an annual basis and is used in the model as developed in previous sections.

No contingency amounts have been added to the sustaining capital within the model.

General closure costs are modeled as sustaining capital and are captured as a one-time payment the year following cessation of operations.

For the tailings impoundment, closure costs run several years past the end of the mine life, this cost has been captured by extending the model life beyond the end of the mine life.

Economic Analysis.

Economic analysis, including estimation of capital and operating costs is inherently a forward-looking exercise.

These estimates rely upon a range of assumptions and forecasts that are subject to change depending upon macroeconomic conditions, operating strategy and new data collected through future study or operations and therefore actual economic outcomes often deviate significantly from forecasts.

As permitted by Subpart 1300 and Item 601 of Regulation S-K, the new IA includes an economic analysis of the Santa Cruz Project without taking into consideration inferred mineral resources and also includes an economic analysis of the Santa Cruz Project including the inferred mineral resources.

It should be noted that the new IA is preliminary in nature, and is based on mineral resources.

Unlike mineral reserves, mineral resources do not have demonstrated economic viability.

It should also be noted that the version of the economic analysis that includes inferred mineral resources includes inferred

mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized.

The new IA anticipates that the Santa Cruz Project will consist of an underground mine and processing facility producing both copper concentrate and copper cathode.

The economic analysis metrics are prepared on annual after-tax basis in US$.

The results of the analysis are presented in the table below.

The results indicate that, at a copper price of US$3.80/lb., the Project without inferred material returns an after tax net present value (“NPV”) at 8% of US$0.5 billion calculated from the start of construction, an after tax internal rate of return (“IRR”) of 14% and a payback period from the start of construction of 10 years.

When the inferred material is included in the economic analysis, the after tax NPV @ 8% increases to US$1.3 billion, the after tax IRR increases to 23% and the payback period decreases to 7 years from the start of construction.

This assessment is preliminary in nature and is based on mineral resources.

Unlike mineral reserves, mineral resources do not have demonstrated economic viability.

This assessment also includes inferred mineral resources that are considered too speculative geologically to have modifying factors applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this economic assessment will be realized.

The economic model is based on mine plans that were prepared as outlined in previous sections.

Inferred resources account for approximately 21% of the tonnage contained within the mine plan.

The economic results of the Project both without inferred resources and including inferred resources are presented within this section.

However, the removal of the inferred material from the mine plan is a gross adjustment and no recalculation of fixed capital and operating costs has been completed for the scenario without inferred mineral resources.

As the stage of study for the Santa Cruz Project is initial assessment, no reserves are estimated for use in this analysis.

The economic evaluation was completed using resource material that includes material in the inferred category.

To evaluate the risk associated with the use of inferred material in the mine plan, a model was completed where the inferred material was removed from the mine plan.

SRK notes that this model result should be viewed with caution as the removal of the inferred material is a gross adjustment and no corresponding adjustments to capital, operating cost or mill performance were made.

The book value of the Santa Cruz property and its associated plant and equipment as at December 31, 2023 was $167.0 million.

Indicative Economic Results

LoM Cash Flow (Unfinanced) Units Value

(without Inferred) Value

(with Inferred)

Total Revenue $ million 10,031.62 12,865.90

Total Opex $ million (4,616.93) (4,617.00)

Operating Margin $ million 5,414.70 8,248.90

Operating Margin Ratio % 54 64

Taxes Paid $ million (426.56) (984.80)

Free Cash Flow $ million 3,241.07 5,350.07

Free Cash Flow $ million 2,549.49 5,216.71

NPV at 8% $ million 583.40 1,642.51

Free Cash Flow $ million 2,122.93 4,231.91

NPV at 8% $ million 457.66 1,316.60

Payback Years 10 7

Within the constraints of this analysis, the Project appears to be most sensitive to material classification, mined grades, commodity prices and recovery assumptions within the processing plant.

A summary of the cash flow on an annual basis is presented below.

Annual Cash Flow Summary (Without Inferred Material)

Conclusions and Recommendations by the Qualified Persons.

Under the assumptions presented in the IA, and based on the available data, the mineral resource estimates show reasonable prospects of economic extraction.

The recommended program is for the Company to complete a pre-feasibility study (“PFS”) level technical report.

The work program required to complete a PFS will consist of associated infill and exploration drilling, analytical and metallurgical test work, hydrogeological and geotechnical drilling, geological modeling, mine planning, and environmental baseline studies to support permitting efforts.

Proposed Plan of Exploration and Development

As recommended by the authors of the IA, we are advancing the Santa Cruz project to complete a PFS technical report.

We are completing infill drilling to allow for drill results to be incorporated into an updated resource model that would allow for the Indicated Mineral Resource to be developed into an initial Probable Mineral Reserve with a focus on the initial 5 years of production.

We are targeting the Santa Cruz deposit high-grade exotic copper domain, the southern East Ridge oxide domain, the Texaco deposit and Texaco Ridge exploration area, and the Primary Domains.

We will explore different mining orientations for the Santa Cruz long hole stoping areas.

There are areas that require long ore drives to access.

Exploring different orientations can potentially lead to shorter ore drives and consequently shorter hauls to the ore passes.

We are optimizing the stope size when additional geotechnical information is available.

Larger stopes allow for more efficient mining and lower operating costs.

And we are also evaluating recovering the sill pillar between the upper and lower blocks.

The sill pillar is mineralized and it is left in-situ in the current mine plan.

Additionally, we are also evaluating more efficient materials handling methodologies.

By developing a centralized materials handling system that can utilize ore passes inside the mineralized rock, production efficiencies can be optimized to reduce loader tramming and rehandling times, thereby lowering operating costs.

We are also continuing to investigate renewable power options for the Project to develop costs and timelines for installing solar and other green power generating facilities on or near the site.

Tintic Project, Utah, USA (the “Tintic Project”)

As used herein, references to the “Tintic Technical Report Summary” is to the “S-K 1300 Technical Report Summary & Exploration Results Report, Tintic Project, Utah” dated February 23, 2024 and current as of December 31, 2023, by qualified persons SRK Consulting (U.S.) Inc.

It was prepared in accordance with the requirements of S-K 1300.

SRK Consulting (U.S.) Inc.

is not affiliated with us or any other entity that has an ownership, royalty or other interest in the Tintic Project.

The Technical Report Summary on the Tintic Project, Utah, U.S.A.

is included as Exhibit 96.2 hereto.

Scientific and technical information in this section is based upon, or in some cases extracted from these reports.

Location, Map, and Access.

The exploration stage Tintic Project is a gold, silver, and base metal Carbonate Replacement Deposit (“CRD”), skarn, fissure vein, and copper-gold porphyry exploration project located in the historical Tintic Mining District of central Utah, USA.

The Tintic District is the site of significant historical production and over 125 years of exploration activity.

The Tintic Project is located near the City of Eureka, approximately 95 km south of Salt Lake City, and can be accessed from U.S.

Highway 6, approximately 30 km west of the Interstate 15 junction.

The center of our claims and applications lies at approximately at 39° 55’ N latitude and 112° 06’ W longitude.

The city of Eureka lies approximately 2 km north of the northeastern Tintic Project property boundary.

The exploration area covers approximately 65 km 2 of patented claims and unpatented claims and an additional 75 km 2 of state leases and prospecting permits that have been consolidated by us into a cohesive grouping of mineral interests.

The center of the Ivanhoe Electric exploration potential area claims and applications lies approximately at 39° 55’ N latitude and 112° 06’ W longitude.

It is crossed by many historical mine roads and defunct railroad paths, which provide access to most of the property.

The exploration area covers approximately 81.97 km 2 of private patented claims, unpatented claims, and state leases consolidated by Ivanhoe Electric into a cohesive package of interests.

The Tintic Project area hosted historic mining communities and activities, but only two communities remain today at Eureka and Mammoth.

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We have also developed a secure core logging and storage facility at the mouth of the Mammoth Valley.

Water for the Tintic Project can be sourced from the city of Eureka’s maintenance yard at a cost of $0.01 per gallon (~3.8 litres).

Water for the Tintic Project can be sourced from the city of Eureka’s maintenance yard at a cost of $0.01 per gallon (~3.8 liters).

The exploration area also contains several small ephemeral springs that are productive in the early spring but does not contain any streams or rivers owing to the arid nature of the climate.

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however, the main source is the Salt-Lake City-Ogden- Provo metropolitan area, a corridor of contiguous urban and suburban development stretched along a 190 km segment of the Wasatch Front with a population of 2.7 million.

The single most limiting factor for the development of mining in recent times relates to the complex land ownership within the district.

We have acquired 65 km2 of mineral tenure in the historic mining district surrounding the Tintic Project through various agreements and permit applications made through our subsidiary TC&G.

We are in the process of consolidating all interests in respect of the Tintic Project under TC&G.

We or TC&G have entered into purchase and sale agreements with five different vendor groups owning mineral title at the Tintic Project.

Under these purchase agreements, payment of the purchase price is deferred and no title will transfer until the purchase price has been paid in full.

Until such time, the mineral titles are held with a third party escrow agent.

We are required to pay a total of $30,800,000 to acquire all of these titles with all payments to be made by the end of 2023.

As of December 31, 2022, we have paid a total of $27,275,000 and have a total of $3,525,000 remaining to pay by the end of 2023.

As of the date of this Annual Report, we hold various types of claims and applications, which consist of the following claims, lease agreements, and permits:

• Patented claims — 190 claims for 10.6111 km 2

• Unpatented claims — 464 claims for 12.2119 km 2

Purchased, but held in escrow

• Patented claims — 254 claims for 7.6542 km 2

Leased with Option to Purchase

• Patented claims — 94 claims for 3.8435 km 2

• Unpatented claims — 6 claims for 0.5016 km 2

Leased without Option to Purchase

• 85 claims for 5.2890 km 2

• 12.1 km 2 of Utah School and Institutional Trust Lands Association (“SITLA”) mineral leases in three agreements

Prospecting Permits

• 6 Hardrock Prospecting Permit (“HRPP”) applications on Bankhead-Jones lands in the Tintic Valley, comprising 61 km2 (through Continental Mineral Claims Inc.

(“CMC”) owned by TC&G)

To retain an unpatented claim on United States federal land, a maintenance fee of $165 per claim is due annually by September 1st.

Based on our current landholding this would amount to $74,580 in annual payments for claim retention.

The claim positions of the Tintic Project are intended to provide a cohesive, contiguous land package for the potential future extraction of mineralization in relation to the known geology of the area.

The HRPP applications, on non-core areas of the Tintic project, were filed in 2017.

In 2019, the US Government passed the John D.

Conservation and Recreation Act, which provided for, in part, a land exchange between the United States and the Utah School and Institutional Trust Lands (the “Dingell Exchange”).

The Dingell Exchange lands included of a portion of the lands covered by the HRPP Applications.

Based on the authorization of the Dingell Exchange, BLM issued rejections of the HRPP Applications in and around July 2022.

TC&G appealed the rejections, in part, on the basis that BLM lacked authority to reject the pending HRPP Applications solely on the basis of the Dingell Exchange.

TC&G’s appeal is currently pending before the Interior Board of Land Appeals.

Significant portions of the patented claims at the Tintic Project are subject to NSR royalties ranging between 1% and 4%.

NSR royalties are only payable upon production and sale of product.

There are no advance royalties.

Location of the Tintic Project within the state of Utah.

Currently, Ivanhoe Electric holds various types of claims and leases through our wholly-owned subsidiary Tintic Copper & Gold Inc.

(TCG), which is a successor to the merger of HPX Utah Holdings Inc.

and Continental Mineral Claims Inc.

IE has consolidated all interests under TCG as of April 30, 2021.

Our holdings can be broadly categorized into i) patented claims and ii) other claims and applications, which consist of the following claims, lease agreements, and permit applications:

• 486 Patented claims (owned or subject to purchase and sale by TCG) comprising 19.62 km 2 ;

• 152 Patented claims and 1 fee parcel (subject to various lease or lease and option agreements by TCG) comprising 9.11 km 2 ;

• 474 Unpatented mining lode claims (owned by TCG) comprising over 38.79 km 2 ;

• 14.45 km 2 of SITLA (Utah School and Institutional Trust Lands Association) mineral leases, in three agreements;

• 6 Hardrock Prospecting Permit (“HRPP”) applications on Bankhead-Jones lands in the Tintic Valley, comprising 61 km 2 (through CMC).

To retain an unpatented claim on federal land in the USA, a $165 maintenance fee per claim is due annually by September 1st.

Based on the current landholding this would amount to $78,210 in annual payments for claim retention.

In October 2017, Ivanhoe Electric (HPX at the time) signed a purchase and sale agreement with Mr.

Hansen (“Hansen”) to acquire 100% of his patented claims and a portion of his unpatented claims.

The last payment installment was made on April 19, 2022, making Ivanhoe Electric the current owner.

In January 2018, Ivanhoe Electric (HPX at the time) signed an agreement with Applied Minerals Inc.

for an option to purchase metallic mineral rights, which granted exploration access to the Dragon claims during the option period.

The terms of the agreement indicate that (i) Ivanhoe Electric would be required to pay $350,000 lump sum at the completion of an initial 40-day due diligence, (ii) further installments of $150,000 are required to be paid in December each year until December 2027, (iii) at any time before December 2027, Ivanhoe Electric may elect to purchase 100% of the rights to minerals for $3,000,000, except for clay and iron oxide, and (iv) Applied Minerals Inc.

retains the surface rights with joint operating conditions allowing Ivanhoe Electric reasonable access.

In March 2020, the agreement was amended to allow Ivanhoe Electric an early exercise of the purchase of the metallic mineral rights for $1,050,000, while retaining Ivanhoe Electric’s exploration and reasonable access through the claims.

Ivanhoe Electric immediately exercised this right and was deeded the metallic mineral rights to the subject claims.

In August 2018, Ivanhoe Electric signed a further purchase and sale agreement with Hansen to acquire the patented claims on the Mammoth, North Star, and Gemini properties.

Payments were made over a five-year period with escalating payments as defined in the Definitive agreement.

The last payment installment was made on August 7, 2023, making Ivanhoe Electric the owner of the patented claims.

In addition to the Hansen and Applied Minerals Inc.

agreements, Ivanhoe Electric entered into an additional 22 agreements, totaling to 27 agreements, for the acquisition of claims, mineral and surface rights with numerous parties using various legal structures.

All these agreements are summarized in a simplified form in the table below.

Summary of Tintic Land Agreements

Vendor Deal Type Status Lease / Option Payment Frequency Lease / Option Payment ($) Start Date Term Expiration Date

Hansen Porphyry Purchase and Sale Closed — — 19-Oct-17 5 years —

Applied Minerals Inc.

(Dragon) Exploration with Option to Purchase Closed — — 22-Dec-17 Option Executed in 2020 —

Okelberry (Hansen) Lease Executed none none 1-Jun-15 10 years with extensions 1-Jun-25

Gleed G Toombes Purchase and Sale Closed — — 1-Mar-18 Closed —

Okelberry 1 Lease Executed annually $ 5,000.00 13-Apr-18 Renewable Annually 13-Apr-24

Hansen Camp (MMC) Lease Terminated — — 12-Jun-18 5 years with extension —

New United Sunbeam Mining Company Lease Executed annually $ 10,000.00 21-Jul-18 10 years with extensions 21-Jul-28

Hansen Mammoth Purchase and Sale Closed — — 4-Oct-18 5 years —

Hansen Gemini Purchase and Sale Closed — — 4-Oct-18 5 years —

Hansen North Star Purchase and Sale Closed — — 4-Oct-18 5 years —

SITLA Lease Executed annually $ 3,570.00 1-Dec-18 10 years 1-Dec-28

Lawrence Lee Lease with Option to Purchase Executed annually $ 5,000.00 5-Dec-18 10 years 5-Dec-28

Okelberry 2 Lease Executed annually $ 15,000.00 14-Feb-19 Renewable Annually 14-Feb-25

Grand Central Silver Mines Purchase and Sale Closed — — 4-Apr-19 Closed —

Duquette/McHatton Lease with Option to Purchase Closed — — 9-May-19 5 years —

Adrian Vashon - Jassamine Claim Lease with Option to Purchase Executed annually $ 5,000.00 27-Jun-19 5 years 27-Jun-24

Oldroyd Purchase and Sale Closed — — 14-Jun-19 Closed —

Todd Wilhite Lease with Option to Purchase Executed annually $ 15,000.00 9-Jul-19 7 years 9-Jul-26

Silver City Mines Lease with Option to Purchase Executed annually $ 10,000.00 20-Aug-19 10 years 20-Aug-29

Unpatented Claims Maintenance Fees — annually $165/claim — — —

Tintic Gold Lease with Option to Purchase Executed annually $ 100,000.00 20-Jul-20 7 years 20-Jul-27

Crown Point Lease with Option to Purchase Executed annually $ 15,000.00 1-Aug-20 5 years with extensions 1-Aug-25

Steve Richins Lease with Option to Purchase Executed on execution of option $ 75,000.00 27-Oct-20 5 years 27-Oct-25

BLM Prospecting Permits Pending annually 14,840.00 — — —

Map of our claims and leases at the Tintic Project.

Significant portions of the patented and unpatented mining lode claims are subject to NSR royalty agreements, ranging between 1% and 4%, which would be payable upon production and sale of product, i.e., there are no advance royalties.

Ivanhoe Electric has purchased certain royalty interests already and formed an opinion on others.

As part of its land consolidation effort, Ivanhoe Electric is continually clarifying and negotiating the relevant royalty terms to sensibly lessen the royalty burden.

Map of our royalties at the Tintic Project.

Property Condition and Stage of Development.

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There is currently no significant equipment, infrastructure or facilities at the Tintic Project, and no mine development or operating equipment at the project site.

Historical mine equipment, shafts, and adits are ubiquitous throughout the area.

In 2021, we completed some basic rehabilitation on the Sioux-Ajax Tunnel to facilitate access and mapping.

This included creating a tag system, installing a communications system, and washing the walls.

Further rehabilitation is not currently planned or budgeted for and IE has prohibited access to the Sioux-Ajax Tunnel since March 2022.

There is no mining or operating infrastructure at the Tintic Project that would be intended to be used in future mine operations.

Mineralization in the Tintic District was discovered in 1869, and by 1871 significant mining camps were established in the nearby city of Eureka, and the now defunct towns of Silver City and Diamond.

Mineral extraction focused on high-grade Ag-Pb-Zn oxide carbonate replacement deposits (“CRD”) hosted in Paleozoic limestone both at surface and underground, with lesser production from steeply dipping Au-Ag-Pb-Zn-Cu fissure veins.

Mineral extraction focused on high-grade Ag-Pb-Zn oxide carbonate replacement deposits (“CRD”) hosted in Paleozoic limestone both at

surface and underground, with lesser production from steeply dipping Au-Ag-Pb-Zn-Cu fissure veins.

The Tintic precious and polymetallic mining district saw nearly continuous mining operations from 1871 through to 2002 with variations in the level of activity and commodity extracted.

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However, many more mineral species are present, including exotic tellurium-bearing species.

There are clear metalliferous domain changes across the Tintic District with Cu-Au dominance in the Main Tintic District transitioning northwards into Pb-Ag and finally into Pb-Zn in the northern portion of the district.

There are clear metalliferous domain changes from the Southwest to the Main Tintic Districts.

Cu-Au dominance transitions into Pb-Ag, then into Pb-Au and finally into Pb-Zn in the northern portion of the Main Tintic District.

This zonation leads us to believe that the Main Tintic district likely contains the porphyry source of the polymetallic bearing fluids.

Permitting and encumbrances.

In March 2021, TC&G submitted a Notice of Intention to Conduct Exploration to the Division of Oil, Gas and Mining of the Department of Natural Resources of the State of Utah.

The approved permit will allow our proposed drilling program to be undertaken.

The Tintic Project has no other required permits for current activities.

Royalties are discussed above, under “Royalties”.

In March 2021, Tintic Copper & Gold Inc.

submitted a Notice of Intention (“NOI”) to Conduct Exploration to the Division of Oil, Gas and Mining of the Department of Natural Resources of the State of Utah.

This permit (E/023/0130) was approved in July 2021, and has been amended multiple times by TCG, with the most recent amendment approved in July 2023.

The current permit allows for up to 16.8 acres of surface disturbance, and 61 drill holes totaling 61,500m (201,720 ft), The approved permit will allow the recommended drilling program to be undertaken.

Reclamation bonding is required by the state of Utah, and is assessed at $578,200.00, covering 100% of permitted surface disturbance and up to 16 open holes (20,000 m).

Bonding is fulfilled through an insurance surety instrument.

There are two Recognized Environmental Conditions (“REC”) present on the Tintic project lands in the form of old mill sites.

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The following describes the stratigraphy, structure, volcanism, mineral deposit types and zoning patterns, including mineralization and alteration, observed in the four sub-districts, and summarizes the effects of Basin and Range extension on the Tintic District.

The East Tintic Mountains are underlain by a basement sequence of more than 800 m of phyllic slate, quartzite and dolomite from the Neoproterozoic Big Cottonwood Formation, outcropping along the axis of the North Tintic anticline.

A sequence of more than 3,700 m of Paleozoic (ranging from Cambrian to Mississippian periods) carbonate and clastic sedimentary strata lies unconformably on top.

The East Tintic Mountains are underlain by a basement sequence of more than 800 meters of phyllic slate, quartzite and dolomite from the Neoproterozoic Big Cottonwood Formation, outcropping along the axis of the North Tintic anticline.

A sequence of more than 3,700 meters of Paleozoic (ranging from Cambrian to Mississippian periods) carbonate and clastic sedimentary strata lies unconformably on top.

This sequence is characterized by a thick basal Cambrian Tintic Quartzite, succeeded by a thick sequence of dominantly limestone and dolomite.

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Thin-skinned thrusting during the Sevier orogeny resulted in a complex pattern of faults and folds in the Paleozoic stratigraphy dominated by the east-west Sioux-Ajax fault through Mammoth and a large, east-verging asymmetric anticline-syncline pair that is cut by northeast trending faults.

The thrust faults that underly this folding have been identified in mines in the East Tintic District and locally at surface when not covered by later volcanic rocks.

The thrust faults that underlay this folding have been identified in mines in the East Tintic District and locally at surface when not covered by later volcanic rocks.

North of the Sioux-Ajax fault, the ‘ore runs’ of the Main District occur as sub-horizontal bodies connected by chimneys or pipes where crossed by faults in the shared subvertical limb of the anticline-syncline pair and along the axis of the Tintic syncline at the eastern margin.

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Mineralization in the Tintic District is typical of a porphyry-epithermal magmatic hydrothermal system.

Known deposits predominantly occur as CRDs and epithermal veins with a few small porphyry deposits including the SWT

porphyry in the Southwest District and the Big Hill porphyry in the East District.

Known deposits predominantly occur as CRDs and epithermal veins with a few small porphyry deposits including the SWT porphyry in the Southwest District and the Big Hill porphyry in the East District.

Exploration prospects identified by us on the Tintic Project include CRDs in the Paleozoic stratigraphy, areas with porphyry exploration potential in the Silver City intrusive complex and at depth below the CRDs, and skarns at intrusive contacts in the carbonate rocks.

Exploration and Drilling.

Exploration by us on the Tintic Project commenced in late 2017 with an airborne geophysical survey.

On-the-ground exploration commenced in early 2018 and included a ground geophysical survey and a geological baseline work program consisting of soil and rock grab sampling, age dating, petrology, mapping, prospecting, and identification of key intrusive and alteration phases.

Additional work through 2018 into 2019 included the re-logging of deep historic drillholes at the Dragon exploration area and the compilation and 3D digitization of historical mines, underground workings, and mineralized zones termed ‘runs’.

In late 2021 we completed a small exploration drill program consisting of two reverse circulation (“RC”) holes and a fan of four diamond drill holes.

We have also compiled a drillhole database from over 125 years of exploration and development operations in the Tintic Project district by dozens of historical owners and operators.

A total of 489 drillholes were completed historically on the Tintic Project by several prior owners and operators.

However not all of the details are available.

We commenced exploration on the Tintic Project in late 2017 with an airborne geophysical survey followed by on-the-ground exploration in early 2018.

Surface exploration work included a ground geophysical survey and a geological baseline work program consisting of soil and rock grab sampling, age dating, petrology, mapping, prospecting, and identification of key intrusive and alteration phases.

Additional work through 2018 and into 2019 included the re-logging of deep historical drill holes at the Dragon prospect and the compilation and 3D digitization of historical mines, underground workings, and mineralized zones termed ‘ore runs’.

Exploration work in 2022 and 2023 included reverse circulation (“RC”) and diamond core drilling, and a ground gravity survey along with small programs of soil samples, mapping, and surface sampling.

In late 2021, we completed a small exploration drill program consisting of two RC holes and a fan of four diamond drill holes.

An additional twelve diamond drill holes were completed in 2022 and 2023 with one hole (TTD-017) started, but not completed.

The total count to December 31, 2023 is 16 completed diamond drill holes with drilling ongoing into 2024.

Summary of Ivanhoe Electric’s drilling on the Tintic Project from 2021 to 2023

Hole number Year Northing (m) Easting (m) Elevation (m) Hole Type Azimuth Dip Length (m)

TTR-001 2021 4416600 402919 1,803 RC 0 -90 251.46

TTR-002 2021 4416793 402924 1,809 RC 0 -90 332.23

TTD-003 2021 4420614 405078 2,166 Diamond 120 -60 469.08

TTD-004 2021 4420614 405078 2,166 Diamond 120 -50 435.55

TTD-005 2021 4420614 405078 2,166 Diamond 120 -80 371.26

TTD-006 2021 4420614 405078 2,166 Diamond 94 -45 379.45

TTD-007 2022 4417970 405385 1,989 Diamond 315 -60 997.00

TTD-008 2023 4418692 404339 1,938 Diamond 140 -75 747.83

TTD-009 2023 4419697 405490 2,119 Diamond 20 -50 1,400.86

TTD-010 2023 4420482 406305 2,216 Diamond 285 -50 794.31

TTD-011 2023 4420638 404648 2,052 Diamond 157 -65 827.68

TTD-012 2023 4420588 403430 1,942 Diamond 150 -59 548.64

TTD-013 2023 4420106 406113 2,241 Diamond 315 -63 581.41

TTD-013A 2023 4420106 406113 2,241 Diamond 315 -63 1,519.43

TTD-014 2023 4419697 405490 2,119 Diamond 118 -58 1,319.78

TTD-015 2023 4419697 405490 2,119 Diamond 70 -58 1,395.07

TTD-016 2023 4417509 404485 1,882 Diamond 130 -77 1,435.61

2023 4420638 404648 2,052 Diamond 63 -64 213.36

* Drilling was ongoing for TTD-017 at December 31, 2023.

Typhoon™ has also completed a 72 km 2 fully 3D IP survey, with effective penetration depths averaging over 1.5 km, which revealed never before seen porphyry Copper-Gold exploration potential areas that are ready to drill.

Diamond drilling commenced in late November 2022 in the Silver City area testing between two Typhoon™ anomalies.

Drilling will continue into 2023 with assay results not expected to start until at least the first quarter of 2023.

Our current database contains known collar locations for 442 diamond, RC and rotary air blast drillholes totaling approximately 72,212 m.

A new ground gravity survey was conducted in 2022 over an area of approximately 20 km 2 .

We have also compiled a drill hole database from over 125 years of exploration and development operations in the Tintic Project district by dozens of historical owners and operators.

A total of 489 drill holes were completed historically on the Tintic Project by several prior owners and operators.

However not all of the details are available.

Our current database contains known collar locations for 442 diamond, RC and rotary air blast drill holes totaling approximately 72,212 m.

The accuracy and certainty of collar locations are variable, due to the many sources of information.

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Forty-seven holes have collar locations recorded in undocumented or unknown mine-grid datums and will be added to the database when their locations can be deduced.

193 drillholes are collared on the Applied Minerals “Dragon” halloysite mine property (12,635 m total), and consist primarily of geotechnical, geological, and mineral data pertinent to the clay and iron-oxide mining operations there.

While the authors of the Tintic Technical Report note that drillhole positions should be treated with caution when utilized for geological modelling, due to the varied level of accuracy, they note that they can be utilized for regional scale geological modelling, which we have completed in Leapfrog Geo™.

Assay results have been compiled from 221 drillholes across the Tintic Project district.

193 drill holes are collared on the Applied Minerals “Dragon” halloysite mine property (12,635 m total), and consist primarily of geotechnical, geological, and mineral data pertinent to the clay and iron-oxide mining operations there.

While the authors of the Tintic Technical Report note that drill hole positions should be treated with caution when utilized for geological modelling, due to the varied level of accuracy, they note that they can be utilized for regional scale geological modelling, which we have completed in Leapfrog Geo™.

Assay results have been compiled from 221 drill holes across the Tintic Project district.

Records of analytical methods for assay data are limited and the assay database consists of variable element analyses.

These range from comprehensive 43 element ICP-MS data from analyses performed on drillhole core from the Big Hill diamond drillhole program conducted from 2008 to 2014 in the East Tintic sub-district, to Cu-Au only results from RC drilling in the Treasure Hill area.

In the opinion of the authors of the Tintic Technical Reports, historical drillhole analytical results should be treated with caution and only utilized for indicative purposes until twin drilling is completed to verify position, orientation and grade, as no supporting QA/QC information is available for the respective drillholes.

These range from comprehensive 43 element ICP-MS data from analyses performed on drill hole core from the Big Hill diamond drill hole program conducted from 2008 to 2014 in the East Tintic sub-district, to Cu-Au only results from RC drilling in the Treasure Hill area.

In the opinion of the authors of the Tintic Technical Reports, historical drill hole analytical results should be treated with caution and only utilized for indicative purposes until twin drilling is completed to verify position, orientation and grade, as no supporting QA/QC information is available for the respective drill holes.

Sampling, Analysis, and Data Verification.

All soil and rock grab samples collected by us during exploration programs undertaken to date have been prepared and analyzed by ALS Global-Geochemistry Analytical Lab in Elko, Nevada (“ALS”).

All drill core, soil, and rock grab samples collected by us during exploration programs undertaken to date have been prepared by ALS Global-Geochemistry Analytical Lab (“ALS”) at Twin Falls, Idaho or Elko, Nevada and analyzed Reno, Nevada or Elko, Nevada.

ALS is a reputable analytical laboratory with a global quality management system that meets all requirements of the international standards ISO/IEC 17025:2017 and ISO 9001:2015.

ALS has a robust internal QA/QC program to monitor and ensure quality of assay and other analytical results.

The security measures employed by us for both the soil geochemical survey and rock grab sampling programs were as follows.

At the completion of each field day, all samples were bagged in large rice sacks with approximately 20 samples (20 kg) per sack.

Each rice sack was labeled with the company name, bag number and the sample IDs contained within it.

This information was recorded into an inventory spreadsheet.

The sacks were sealed using zip ties and marked with colored flagging tape.

All samples were secured at our field office in Mammoth prior to dispatch to the lab.

The Mammoth facility doubles as a bunkhouse for our geologists who maintained control and security of all samples.

Samples were dispatched to the ALS prep-lab by our geologists who maintained chain of custody until the samples were received by ALS.

Prior to dispatch, a senior geologist of ours prepared an inventory and shipping slip of the dispatch.

All rice bags were checked against the inventory slip which was then approved and signed.

A chain of custody form was completed and signed by both our and ALS staff upon delivery to the Elko facility.

The soil samples were prepared using a standard ALS preparation package, which analysis yielded raw spectral files in ASD and ASCII format, and a spreadsheet with mineral assemblage interpretations with the spectral parameters of the soil.

The rock grab samples were prepared using a standard ALS preparation package, which measured 48 elements.

Gold was measured by fire assay and ICP-AES analysis.

We have implemented two standard insertion protocols for soil and stream sediment samples (which have 5% duplicate and 4% standard insertion rates) and drill core, rock grab, pit, trench, and chip samples (which have 5% blank, 5% duplicate, and 4% standard insertion rates).

Inert crushed white marble is used as blank material.

OREAS 151b standards in 60g packets are used for the porphyry-epithermal samples including all 2018 soil and rock grab samples.

This is a certified OREAS low-grade Cu standard for porphyry Cu-Au exploration.

Lab assay certificates were imported into an access database that merged geochemical and spectral data with the sample field data and location information.

We have implemented an internal QA/QC program to monitor all assay results from laboratories by comparing results of our inserted standards, blanks and duplicates against expected values.

If any assay certificate fails the QA/QC check, the lab is immediately notified for investigation and possible re-assay.

The blank samples generally produced values substantially lower than 5 times the lower detection limit for Au, Ag, Cu, Mo, Pb and Zn which is within industry acceptable standards, however there were no failures.

The performance of the certified reference material analyses was also within acceptable limits.

The 2018 soil and rock grab sample collection, security, preparation, and analytical procedures used are appropriate for the type of mineral exploration that is being undertaken and the stage of the Tintic Project.

The authors of the Tintic Technical Report consider the QA/QC measures taken to be appropriate and the performance of blanks and standards to be acceptable, and note that the duplicates indicate no significant biases in the data.

Data verification conducted by the authors of the Tintic Technical Report included a site visit to the Tintic Project and a desktop study.

SRK personnel completed a site visit to the Tintic Project in November 2020, which included an overview of the history and geological setting of the Tintic Project area, and a field examination of selected historical mine workings and the prospective areas identified for exploration drill testing.

This included the underground workings at the Mammoth Mine and the Sioux-Ajax Tunnel which occur in CRD exploration potential areas and the porphyry deposit drilling exploration potential areas as well as the Mammoth Shaft and the Glory Hole Shaft.

The authors of the Tintic Technical Report reviewed and accepted the information supplied by us.

Historical information was verified from several web and literary sources where possible.

The analytical results were checked against the relevant laboratory certificates, and no transcription errors were noted by the QPs.

The QPs did not request any check assays as no mineral resources or exploration tonnages and grades have been delineated at the Tintic Project.

The authors of the Tintic Technical Report found the information to be comprehensive and logically archived and the data management and database compilation procedures are consistent with standard industry practices, and also reviewed and accepted the supplied information and considered it to be geologically appropriate and adequate for use in the Company’s ongoing exploration efforts at the Tintic Project.

Hog Heaven Project, Montana, USA

The Hog Heaven Project is located on private land approximately 85 km south-southwest of the town of Kalispell in Flathead County, Montana and is accessed by driving 16 km of gravel road from the highway.

We believe that ALS has a robust internal QA/QC program to monitor and ensure quality of assay and other analytical results.

SRK is not aware of any drilling or sampling factors that could materially impact the accuracy and reliability of the results.

In the opinion of SRK, the drilling, core handling, logging and sampling procedures meet or exceed industry standards and are adequate for the purpose of mineral exploration.

The author of the Technical Report Summary considers the QA/QC protocols in place for the Tintic Project to be acceptable and in line with standard industry practice.

Based on the data validation and the results of the standard, blank, and duplicate analyses, the author is of the opinion that the assay and geochemistry databases are of sufficient quality for mineral exploration for the Tintic Project.

The Tintic Project did not have any Mineral Resources or Mineral Reserves as at December 31, 2023 or 2022.

Mineral Processing and Metallurgical Testing.

No mineral processing or metallurgical testing has been conducted by Ivanhoe Electric for the Tintic Project.

The book value of the Tintic property and its associated plant and equipment as at December 31, 2023 was $30.8 million.

Proposed Plan of Exploration

The following exploration work is recommended on the Tintic Project:

On the ground exploration, including mapping and geochemical sampling;

Surface drilling to continue to test geophysical anomalies and follow up the drilling results to date.

The $12M budget includes payments on optioned land and surface drilling.

Non-Material Properties

We have been active with several of our other mineral projects in the United States including the Hog Heaven Copper-Silver-Gold Project (“Hog Heaven”), located in Montana, where we have been actively drilling since June 2023.

Exploration work in 2023 also included drilling on Lincoln, in Utah, and Carolina, in North Carolina.

Geophysical Typhoon™ surveys were completed in 2023 on White Hill, in Nevada, Unity, in Oregon, and Carolina.

We also hold a portfolio of exploration projects throughout the United States including projects in Arizona, Nevada, California, Utah, Montana, and Oregon.

Map of our US Mineral Exploration Projects

Hog Heaven Project, Montana, USA (the “Hog Heaven Project”).

The Hog Heaven Project is located on private land approximately 80 km south-southwest of the town of Kalispell, Montana.

It is in the historical Hog Heaven District which consists of several high-sulfidation epithermal mineral deposits and prospects, as well as several historical mines, including the Flathead Mine.

We believe the Hog Heaven District is underexplored at depth, with a substantial alteration footprint and multiple mineralized centers.

Brixton Metals Corporation (“Brixton”) owns the Hog Heaven Project through its subsidiary Brixton USA, covering an area of 24.32 km 2 through the following interests:

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The balance, 7.67 km 2 , is held via lease of three parcels owned by the Chester Company Ltd.

Hog Heaven plan map showing Ivanhoe Electric drill hole locations, historical mine workings, and historical drilling.

We entered into an earn-in agreement on February 26, 2021 with Brixton as well as a subsidiary of Brixton, pursuant to which we may earn up to a 75% interest in the Hog Heaven Project by making cash payments totaling $4,500,000 and incurring an aggregate of $40,000,000 in exploration expenditures by 2032.

We own 1.8% of the outstanding shares of Brixton, which we acquired from Newstar Advantage Ltd., an entity affiliated with Mr.

Friedland (“Newstar”) on October 1, 2021 for C$2.0 million.

Newstar acquired shares and warrants of Brixton in a private placement for a purchase price of C$2.0 million.

Friedland (“Newstar”) on October 1, 2021 for Cdn$2.0 million.

Newstar acquired shares and warrants of Brixton in a private placement for a purchase price of Cdn$2.0 million.

Brixton used the funds to purchase a portion of a royalty on the Hog Heaven Project owned by Pan American Silver Corp.

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We may also earn an additional 24% interest (for a total 75% interest) in the Hog Heaven Project by incurring an additional $25,000,000 in exploration expenditures at stage 2.

In order to complete stage 1, in addition to incurring $15,000,000 in exploration expenditures, we are required to make $500,000 in cash payments each year for four years, and $1,000,000 in

cash payments on or before each of the fifth and sixth anniversaries of the date of the earn-in agreement.

In order to complete stage 1, in addition to incurring $15,000,000 in exploration expenditures, we are required to make $500,000 in cash payments each year for four years, and $1,000,000 in cash payments on or before each of the fifth and sixth anniversaries of the date of the earn-in agreement.

As of December 31, 2023, we had incurred $11.0 million in exploration expenditures and made $1,500,000 in cash payments.

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lands are subject to a long-term lease that requires a $12,500 annual lease payment.

There are several high sulfidation epithermal mineral deposits and prospects within the bounds of the Hog Heaven Project as well as several now-closed mines, including the Flathead Mine.

The past producing Flathead Mine was a silver-rich, high sulfidation epithermal mineral system positioned on the margin of a diatreme breccia body and had one of the highest silver to gold ratios (2,233:1) of any high sulfidation epithermal deposit in the world.

We believe that the Flathead Mine is just one small part of a much larger mineralized system that has remained unrecognized by past miners and explorers.

The Flathead Mine was mined by Anaconda Mining Inc.

from 1929 to 1946, producing approximately 241,000 tons of direct-ship Ore averaging 26.6 oz/ton Ag.

A lessee mined the Flathead Mine from 1963 to 1975 producing 49,700 tons averaging 9.35 oz/ton Ag.

Other previously mined high sulfidation epithermal mineral deposits within the bounds of the Hog Heaven Project including the Ole Hill and West Flathead Mines located 1.6 km west of the Flathead Mine;

the Margarite Mine, south of Flathead Mine;

the Martin Mine just northwest of Margarite Mine with indications of very high-grade Ag, Au, Cu, Pb, and Zn mineralization at lower levels of the mine;

the Battle Butte Mines west of Margarite Mine;

and the Donald and Francis Mines west of Martin Mine.

Geological Setting, Mineralization and Deposit Types .

Mineralization in the Hog Heaven Project area comprises silver-gold-copper-lead-zinc high sulfidation epithermal replacement and vein-breccia deposits.

The Hog Heaven Project is located in the Little Bitterroot Valley, a north-northwest trending, 6 to 8 km wide valley bounded by mountains with elevations of 1,500 m to 2,500 m and rising 300 m to 800 m above the valley floor.

The Hog Heaven Project is underlain by Proterozoic Belt Supergroup strata just east of the axis of the north-northwest-trending Purcell Anticlinorium and is intruded and unconformably overlain by Early Oligocene volcanics.

At the Flathead Mine, stratabound and replacement orebodies occur along stratigraphic horizons in the upper bedded diatreme zone adjacent to a mega-clast of latite porphyry (previously referred to as the central latite porphyry dome).

Exploration .

Prior exploration in the greater Hog Heaven Project area consisted of surface soil geochemical surveys over airborne electromagnetic geophysical targets, confirmation and/or updating of surface mapping, and rock chip sampling.

We have completed due diligence studies on recent and historic drilling and on surface geochemical results.

This includes relogging approximately 13,700 m of drill core to confirm and/or update the geologic model;

surface rock chip sampling at the Flathead Mine to confirm metal distribution and grades;

and re-sampling of approximately 2,600 pulp samples from historic drill holes at the Flathead and Ole Hill Mines with results pending.

We have also reprocessed Brixton’s 2018 airborne electromagnetic survey data, and an inversion model was produced to help guide exploration.

Initial drill targets were picked from the inversion results and drill pads were permitted and bonded with the Montana Department of Environmental Quality.

A three dimensional IP survey was completed over the Hog Heaven Project area in the summer of 2021 to further assess target potential and to generate new drill targets.

A detailed ground gravity survey covering the Hog Heaven project area was completed in September of 2021.

Drill targeting for both extensions to existing deposits and new target concepts was based on the results of the geophysical and geochemical surveys.

A drill program commenced in October 2022 with two holes drilled before weather shut down drilling for the winter.

The drill program is expected to continue in 2023.

Planned Work Programs.

In 2023, we plan to continue geological mapping and sampling activities, in addition to continuing the drilling program to investigate several deep anomalies.

Sama Nickel-Copper-Palladium Project, Ivory Coast

The Ivory Coast Project is located approximately 650 road km northwest of Abidjan, Ivory Coast.

As of December 31, 2022, our interest in the Ivory Coast Project was held through our 22.8% equity interest in Sama and our 30% interest in the Sama Nickel Corporation Inc.

(“Sama Nickel”) joint venture described below.

As the Ivory Coast Project is the only significant mineral project in which we have an interest outside of the western hemisphere, we are considering longer term strategic alternatives for our interest in the project (as well as our interest in Sama Nickel and our 22.8% equity interest in Sama as of December 31, 2022) in order to maintain our focus on our other projects in the western hemisphere.

While we currently intend to complete our earn-in and acquire a 60% interest in the Ivory Coast Project, following such time we may consider a disposition of such interests, a joint venture or other structure to monetize the value of these interests.

We are not currently in negotiations or discussions with any party regarding our interest in the Ivory Coast Project.

The Ivory Coast Project consists of three exploration permits owned by Sama Nickel, a subsidiary of Sama, which is the joint venture vehicle in which we are partnering with Sama to advance the Ivory Coast Project, which cover a total of 517 km 2 , as well as two additional exploration permits held in a joint venture with Société pour le Développement Minier de la Côte d’Ivoire (“SODEMI”), a parastatal organization established by the Ivory Coast and which together cover 318 km 2 .

In March 2018, we entered into a binding term sheet for an earn-in and joint venture agreement with Sama which was subsequently formalized in March 2021 (the “Sama Earn-In and JV Agreement”).

Pursuant to the terms of the Sama Earn-In and JV Agreement, we have the ability to earn a 30% shareholding interest in the Ivory Coast Project by incurring expenditures of C$15,000,000 over a maximum of six years.

By incurring additional expenditures of C$10,000,000 within the same time period, including the financing of a bankable Feasibility Study and the acquisition of an exploitation permit on part of the Ivory Coast Project, we will be entitled to earn an additional 30% shareholding interest in the Ivory Coast Project, such that our aggregate shareholding interest therein shall be 60%.

In August 2021, we reached the initial C$15,000,000 expenditure threshold and as a result we acquired a 30% shareholding interest in Sama Nickel.

In April 2018, pursuant to an investment agreement, Sama granted to us a right to nominate to the Sama board of directors two (2) directors as long as our shareholding interest of Sama remains above 10% but less than 50%, and four (4) directors if our shareholding rises to greater than 50%.

As of the date of this Annual Report, Mr.

Eric Finlayson and Mr.

Govind Friedland are our director nominees on the board of Sama, both of whom were most recently re-elected at the annual meeting of shareholders of Sama held on June 17, 2021.

Other than as shareholders of Sama, we do not have any interest in Sama’s gold projects in Liberia or its nickel-copper project in Québec, Canada.

In 2009, Sama entered into an agreement with SODEMI, a parastatal organization established by the Ivory Coast, under which Sama was to explore the area covered by the former Permit No.

123 (“PR123”), held by SODEMI in the Ivory Coast.

The former PR123 encompassed approximately 446 km 2 .

As a result, Sama became responsible for financing exploration work programs until the completion of a bankable Feasibility Study.

SODEMI was not required to contribute to the exploration work conducted by Sama Nickel.

In June 2019, two new exploration permits, Samapleu East (“PR838”) and Samapleu West (“PR839” together with PR838, the “PRs”), replacing the former PR123, were granted to SODEMI.

The PRs together cover 318 km 2 , expire on June 18, 2023, and can be renewed for periods totaling up to 12 years.

In accordance with both PRs, Sama Nickel agreed to complete an exploration program budgeted at approximately $5,200,000 for PR838 and approximately $1,700,000 for PR839 before the term of the exploration permits expires.

In September 2019, Sama Nickel and SODEMI signed an amendment to their agreement under which the parties confirmed Sama Nickel and SODEMI respectively hold a 66.7% interest and a 33.3% interest in the two new exploration permits, notwithstanding any future request for an exploration permit.

PR838 is close to the village of Yorodougou, about 50 km west of Biankouma and 25 km east of the border with Guinea.

PR838 has an irregular shape, with a maximum north-south extent of 24 km and 16 km along the east-west direction, for a total area of 258 km 2 .

Upon completion of a bankable Feasibility Study, an advisory committee which consists of two Sama Nickel representatives and two SODEMI representatives would conclude on the feasibility of the Ivory Coast Project.

advisory committee were then to decide to proceed with the project, an exploitation (mining) entity would be established whereby future funding would be split between Sama Nickel and SODEMI at 66.7% and 33.3%, respectively.

Sama Nickel, through other subsidiaries, owns exploration rights on three additional exploration permits (PR300, PR604 and PR837) adjacent to PR838 and PR839 for a combined 839 km 2 .

These three PRs are 100% owned by Sama Nickel.

PR300 expired December 18, 2021, and application to renew was filed before such expiry.

The renewal process is ongoing.

PR604 expires on December 8, 2022 and a renewal application has been lodged.

The remaining permits expire on July 18, 2023.

Technical Report.

Sama has filed a technical report prepared in accordance with NI-43-101, which is an instrument developed by the Canadian Securities Administrators and administered by the provincial and territorial securities commissions that govern how issuers in Canada disclose scientific and technical information about their mineral projects to the public, for the Ivory Coast Project, titled “NI 43-101 Technical Report — Preliminary Economic Assessment Samapleu Project” and which was prepared jointly by Daniel M.

Gagnon, P.Eng., Schadrac Ibrango, P.

Geo, Ph.D, MBA, Nalini Singh, P.Eng., Ryan Cunningham, P.Eng., Volodymyr Liskovych, Ph.D, P.Eng., Marie-Claude Dion St-Pierre, P.Eng., dated June 1, 2020 but with an effective date of May 22, 2019 (“Ivory Coast Technical Report”).

The report was filed on the System For Electronic Document Analysis and Retrieval (“SEDAR”).

Scientific and technical information in this section regarding the Ivory Coast Project is based upon, or in some cases extracted from, the Ivory Coast Technical Report.

Preliminary Economic Assessment.

The Ivory Coast Project was the subject of a June 2020 Preliminary Economic Assessment (the “Sama PEA”).

Highlights of the Sama PEA included estimated average annual production of 3,900 t of carbonyl nickel powder, 8,400 t of carbonyl iron powder and 14,100 t of copper concentrate over a 20-year mine life.

Capital costs to develop the project were estimated at $282,000,000 including contingency of $37,000,000, with operational costs of $2,062/t products and $23.96/t milled.

The Sama PEA generated an after-tax NPV (at an 8% discount rate) of $391,000,000 and after-tax IRR of 27.2%.

Figure Ivory Coast Project Location

Mineral Resource Estimate.

The Ivory Coast Project contains mineral resources.

Category Resources

Measured — — —

Indicated 33.18 0.269 0.238

Measured and Indicated 33.18 0.269 0.238

Inferred 17.78 0.248 0.224

(1) Mineral Resources are exclusive of Mineral Reserves.

Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio- political, marketing, or other relevant issues.

The CIM definitions were followed for the classification of Indicated and Inferred Mineral Resources.

The quantity and grade of reported Inferred Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource.

It is reasonably expected that a portion of Inferred Mineral Resources could be upgraded with continued exploration.

Pit shell defined using 52-degree pit slope, copper concentrate price of $2.1/lb and nickel powder price of $13.5/lb, $3/t mining costs, $15/t of processing and G&A costs, and a resulting cut-off grade of 0.1% NiEq.

Planned Work Programs.

In 2023, we will be focusing on technical trade off studies of the Samapleu and Extension deposits and the Grata discovery to support estimates of the value of these deposits, which may lead to an updated Preliminary Economic Assessment (“PEA”) of the Ivory Coast Project.

Other Mineral Projects and Equity Investments

The table below provides summary information regarding our other mineral projects in which we have a direct or indirect interest.

Other Mineral Projects

Project Name Location and

and Nature of

Title Holders /

Mineral Title

Aggregate Annual

Bitter Creek Arizona, USA

Exploration 100% Ownership Bitter Creek Exploration Inc., a wholly-owned subsidiary Copper

Lode mining claims n/a Not in production

Carolina North Carolina, USA

Exploration 0% current ownership with right to earn up to 85% Carolina Mining Corp.

Fee Simple n/a Not in production

Desert Mountain Utah, USA

Exploration Little Sahara Exploration (“LSE”), a wholly-owned subsidiary of the Company LSE Copper

Unpatented mineral claims n/a Not in production

Grasshopper Montana, USA Exploration 100% Ownership IE Montana

Holdings Corp.

Copper Unpatented mineral claims n/a Not in production

Lincoln Utah, USA

Exploration 0% current ownership interest;

Option to acquire 100% of the mineral title

Lincoln Cave Exploration, Inc.

(“LCE”), a wholly-owned subsidiary Copper

Patented mineral claims, unpatented mineral claims and Utah State leases n/a Not in production

White Hill Nevada, USA 84.95 km 2

Exploration 0% current ownership interest;

Option to acquire 80% of the mineral title

Bluebird Copper LLC / Ivanhoe Electric Nevada Holding Inc.

Copper Zinc Silver Gold Molybdenum Federal mining claims n/a Not in production

Unity Oregon, USA

Exploration 0% current ownership interest;

Option to acquire 100% of the mineral title

CMC, a wholly-owned subsidiary Copper Unpatented mineral claims n/a Not in production

Yangayu Papua New Guinea

Exploration 0% current ownership interest;

Option to acquire 100% of the mineral title

Goldsearch International Copper

Exploration license n/a Not in production

The ongoing drill program, which began in June 2023, is designed to search for additional silver, gold, and copper-rich high-sulfidation epithermal mineralization, which was the focus of historical mining activities.

Our program is also intended to search for porphyry copper mineralization at depth.

Ivanhoe Electric’s current exploration drill program at Hog Heaven, as first reported in our October 2023 news release, has now completed twelve drill holes totaling 10,905 meters and is on-going.

Exploration drilling has stepped out to the west and southwest, where mineralization remains open.

In November 2023, we conducted a Typhoon™ geophysical survey covering approximately 10 km 2 of land, which was designed to cover the core areas of known prospectivity.

We expect to receive our Typhoon TM survey results in March 2024.

Lincoln Project, Utah, USA (the “Lincoln Project”).

The Lincoln Project is located in southwest Utah.

The closest towns include Milford, Minersville, and Beaver.

It is approximately 330 km from Salt Lake City.

We operate the Lincoln Project through our wholly-owned subsidiary Lincoln Cave Exploration Inc.

The project area consists of 34 patented claims and 121 unpatented Federal mining lode claims optioned from Grand Central Silver Mines Inc.

There are another 330 unpatented Federal mining lode claims covering 22.87 km 2 and SITLA leases covering 11.86 km 2 .

GCSM is selling the mineral titles to LCE for cash payments totaling $3,000,000 over six years and retains a 2% NSR royalty, of which one half (1%) can be purchased by LCE for $1,000,000, and a further quarter (0.5%) can be purchased for $1,500,000 within ten years of the effective date (July 23, 2021).

LCE holds a right of first refusal on the sale of GCSM’s royalty.

The Lincoln Project area encompasses numerous historic small underground workings with little record of production.

Almost no modern exploration has occurred on the Lincoln Project.

Leveraging the CGI 3D inversion modeling of our 2022 Typhoon™ 3D-style pole-dipole DCIP survey we completed 6 diamond drill holes totaling 4,020.17 m.

Partial assays are still pending as of December 31, 2023, but no significant results are expected.

Carolina Mining, North Carolina, USA (the “Carolina Joint Venture” or “Carolina”).

We entered into a binding letter of intent in November 2021 to form a joint venture with the Carolina Mining Company (“CMC”), a private company based in Charlotte, North Carolina.

Once the joint venture agreement has been executed, we will have the obligation to spend up to $1,000,000 over two years to acquire private mineral rights and surface access with the rights to drill test a series of electromagnetic (“EM”) conductors defined by CMC’s VTEM survey flown in 2021.

Once these funds have been expended, we then will have the right to earn 51% in the joint venture formed with CMC by spending an additional $5,000,000 over a 3-year period and the further right to increase our interest in the joint venture to 85% by spending an additional $20,000,000 over 5 years or by completing a Feasibility Study.

CMC owns mineral rights and surface access to two historic mining sites that operated in the early to late 1800s.

These include the Silver Valley mine, a volcanogenic massive sulfide (VMS) deposit discovered in 1880 with limited zinc, lead, silver, and gold production due to the difficulty of Smelting and recovering precious metals from zinc-rich ores and Conrad Hill, a deposit mined in the early 1830s that produced high grade gold (>1 oz/t) from a series of orogenic quartz veins carrying significant copper values.

In 2021, CMC flew a Geotech VTEM survey over a 16 km by 19 km area to explore for additional massive sulfide mineralization in the Ordovician volcanic-sedimentary rocks of the Carolina Slate Belt.

This resulted in defining seven EM conductors ranging in strike length from 300 meters to 1300 meters.

Inversion modelling by CGI showed two of the EM conductors extend from 200 meters below surface to depths >700 meters and are potentially tens of meters in thickness.

Inversion modelling was not possible on the remaining EM conductors due to the proximity to cultural interference by cast iron water pipes and power lines located along most North Carolina County roads.

Starting in late September 2022, a 3-week program of ground Typhoon™ EM was carried out over three of the VTEM anomalies to better define their geometry and depth extent.

CGI 3D inversion modeling was completed in January 2023 over one of the EM grids that provided targeting detail for drill testing in 2023.

A 1.4 km by 1.4 km 3D IP survey was also conducted over the Conrad Hill Mine property.

The EM conductors are located on fee-simple private land in Davidson County, North Carolina that include both surface and mineral title.

Options to purchase mineral rights and surface access for exploration and mining are being negotiated with the individual owners based on overall acreage and strike extent of the EM conductors within their land holdings.

All the land that constitutes the Carolina Joint Venture will be subject to a 1.5% NSR and a further 2.0% NSR should CMC take dilution of their 15% interest in the Carolina Joint Venture.

The Typhoon™ EM survey on the Parks property, just north of the Pinerose property, revealed a significant conductivity anomaly that could be drilled ahead of any potential deal.

Two EM targets were identified and drilled based off two different modeling methods:

an inversion from CGI and a standard plate model approach.

Drilling was carried out from Q2 2023 and consisted of three drill holes which tested the two geophysical interpretations from the Typhoon™ EM survey.

The target from the CGI inversion model was drilled first with CMC-001, which failed to reach the target due to poor ground conditions but drilling succeeded on the second attempt with CMC-002.

Drill results showed that numerous pyrrhotite laminations, with rare chalcopyrite, were responsible for the conductivity anomaly.

CMC-003 targeted the plate model anomaly further west yielding similar results.

These drill intercepts highlight the potential for sulfide accumulation in the volcaniclastic sediments of the targeted formation but did not intersect economic mineralization.

Further drilling is planned for Q1 of 2024 to test chargeability features identified at Conrad Hill and Red Hill, as well as conductivity features on the Parks property.

White Hill Project, Nevada, USA (the “White Hill Project”).

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The project is situated within the Fitting Mining District and comprises 1,030 federal mineral claims covering 86.12 km 2 managed by the Bureau of Land Management.

The project hosts demonstrated copper-bearing skarn-style mineralization.

The project hosts demonstrated copper-bearing mineralization associated with skarns.

We entered into an agreement with the project owner, Exiro Minerals USA Corp.

(“Exiro”) on February 22, 2023 which give us the right to earn an 80% interest in the White Hill Project by incurring $10.0 million of expenditures and making payments to Exiro totaling $4.95 million ($3.55 million in cash and $1.4 million in our common stock) within six years of signing the agreement.

During the earn-in period, we have the exclusive right to operate, control and direct all exploration and mineral development activities at the White Hill Project.

During the earn-in period, we have the exclusive right to operate, control and direct all

exploration and mineral development activities at the White Hill Project.

There are no minimum expenditures required in any given year, and we have the right to cease making payments at any time, resulting in us earning no interest in the project.

Should we earn into 80% of the project, the joint venture will form, and we will then be obligated to fund the next $30 million of development expenditures to advance the project.

Should we earn into 80% of the project, the joint venture will form, and we will then be responsible for the next $30 million of development expenditures to advance the project.

After that expenditure, each joint venture partner will contribute pro rata to the joint venture or be subject to standard dilution provisions related to its project interest.

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We also have a right of first refusal over Exiro’s interest in the joint venture.

We have not yet commenced exploration activities at the White Hill Project.

We undertook a Typhoon™ survey in May and June of 2023 covering 28 km 2 and completed surface mapping in November 2023.

The results of the Typhoon™ are guiding our plans for drilling in 2024.

Currently, we anticipate drilling 3-5 diamond drill holes in 2024.

Bitter Creek Project, Arizona, USA (the “Bitter Creek Project”).

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The project area is accessible via a 40-minute drive from Wickenburg.

We operate the Bitter Creek Project through a wholly- owned subsidiary, Bitter Creek

Exploration, Inc.

We operate the Bitter Creek Project through a wholly- owned subsidiary, Bitter Creek Exploration, Inc.

The Bitter Creek Project consists of 364 lode mining claims that are valid through to September 1, 2024.

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In spring 2022, we conducted a Typhoon™ 3D IP survey, which revealed a large chargeability anomaly.

Interpretation and integration with surface mapping and sampling is underway to produce drill ready targets.

Our exploration activities have not included any drilling activities nor are we aware of any historic drilling on the Bitter Creek property.

Carolina Mining, North Carolina, USA ( the “Carolina Joint Venture”).

We entered into a binding letter of intent in November 2021 to form a joint venture with the Carolina Mining Company (“CMC”), a private company based in Charlotte, North Carolina.

Once the joint venture agreement has been executed, we will have the obligation to spend up to $1,000,000 over two years to acquire private mineral rights and surface access with the rights to drill test a series of electromagnetic (EM) conductors defined by CMC’s VTEM survey flown in 2021.

CMC owns mineral rights and surface access to two historic mining sites that operated in the early to late 1800s.

These include the Silver Valley mine, a VMS deposit discovered in 1880 with limited zinc, lead, silver, and gold production due to the difficulty of Smelting and recovering precious metals from zinc-rich ores and Conrad Hill, a deposit mined in the early 1830s that produced high grade gold (>1 oz/t) from a series of orogenic quartz veins carrying significant copper values.

In 2021, CMC flew a Geotech VTEM survey over a 16 km by 19 km area to explore for additional massive sulfide mineralization in the Ordovician volcanic-sedimentary rocks of the Carolina Slate Belt.

This resulted in defining seven EM conductors ranging in strike length from 300 m to 1300 m.

Inversion modelling by CGI showed two of the EM conductors extend from 200 m below surface to depths >700 m and are potentially tens of meters in thickness.

Starting in late September 2022, a 3-week program of ground Typhoon™ EM was carried out over three of the VTEM anomalies to better define their geometry and depth extent.

CGI 3D inversion modeling was completed in January 2023 over one of the EM grids that will provide targeting detail for drill testing in 2023.

The EM conductors are located on fee-simple private land in Davidson County, North Carolina that include both surface and mineral title.

All the land that constitutes the Carolina Joint Venture will be subject to a 1.5% NSR and a further 2.0% NSR should CMC take dilution of their 15% interest in the Carolina Joint Venture.

Desert Mountain Project, Utah, USA ( the “ Desert Mountain Project ”).

Our Desert Mountain Project is located in southwest Utah in Juab County.

The closest towns include Delta and Eureka.

The Desert Mountain Project is approximately 100 km southwest of Salt Lake City with access via paved roads and 22 km of gravel roads.

We operate the Desert Mountain Project through a wholly-owned subsidiary company, LSE.

The only previous mineral exploration and development on the property was historic in nature and focused on the now-closed Porter Mine.

Historic production is not known.

Copper was the primary target of the former mine.

The Desert Mountain Project consists of 13.86 km 2 of unpatented Federal mining claims (166 claims) wholly-owned by Little Sahara Exploration Inc.

Our exploration at Desert Mountain has included rock grab samples (50 samples), whole rock analysis (18 samples), magnetic and gravity geophysics and two RC drill holes.

Both holes were completed by early September, 2021 with DMR-002 intercepting low-grade Cu mineralization from surface to 68.6 m of 299 ppm Cu including 6.1m at 938 ppm Cu and DRM-001 awaiting a diamond core tail.

Exploration plans for 2023 include completing the suspended drill program, which will include diamond tails of rotary holes.

Grasshopper, Montana, USA ( the “ Grasshopper Project ”).

Our Grasshopper Project is located in southwestern Montana.

The closest towns are Bannack and Argenta.

The Grasshopper Project is about 60 km south of Butte.

A circular topographic feature centered on a magnetic anomaly was first identified in 1976.

Since 1977, 24 shallow rotary holes and 1

diamond drill hole have been completed along with mapping, soil sampling, ground magnetics, and an IP Survey.

The Grasshopper Project consists of 7.19 km 2 of unpatented Federal mining claims (86 claims) wholly-owned by IE Montana Holdings Corp.

Lincoln Project, Utah, USA ( the “Lincoln Project”).

Our Lincoln Project is located in southwest Utah in Beaver County.

The Lincoln Project is approximately 330 km from Salt Lake City and accessible by gravel roads from the paved road.

We operate the Lincoln Project through our wholly-owned subsidiary Lincoln Cave Exploration Inc.

The project area consists of 34 patented claims and 121 unpatented Federal mining lode claims optioned from Grand Central Silver Mines Inc.

There are another 330 unpatented Federal mining lode claims covering 22.87 km 2 and SITLA leases covering 11.86 km 2 .

LCE holds a right of first refusal on the sale of GCSM’s royalty.

The Lincoln Project area encompasses numerous historic small underground workings with little record of production.

Almost no modern exploration has occurred on the Lincoln Project.

Starting in October 2022, using Typhoon™, a program of 3D-style pole-dipole DCIP was carried out over an area approximately 2.5 km wide and 5.5 km long.

CGI 3D inversion modeling is complete.

Interpretation and integration with surface mapping and sampling is guiding our plans for an initial drill program in 2024.

Unity Project, Oregon, USA (the “Unity Project”).

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The Unity Project comprises 458 unpatented claims filed with the BLM.

The Unity Project is centred on a Tertiary porphyry system of the same age as the Bingham Canyon Copper-Gold Mine in Utah owned by Rio Tinto as well as our Tintic Project in Utah.

The Unity Project is centered on a Tertiary porphyry system of the same age as the Bingham Canyon Copper-Gold Mine in Utah owned by Rio Tinto as well as our Tintic Project in Utah.

A 2% NSR royalty on all minerals encumbers the project.

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We acquired the claims comprising the Unity Project in June 2018 through an agreement for staged payments payable to two vendors totaling $5,000,000 over six years.

In June of 2023, the agreement was amended to allow for additional exploration, spreading the payments out an additional 2 years.

As of December 31, 2023 we had paid $1,000,000 to the vendors.

Option payments of $2,000,000 on the fifth anniversary of the agreement and $2,250,000 on the sixth anniversary are required to complete the acquisition of the claims.

Option payments of $250,000 on the fifth anniversary, $1,500,000 on the sixth anniversary of the agreement and $2,250,000 on the seventh anniversary are required to complete the acquisition of the claims.

No exploration work had been conducted at the project area since the 1980s until we optioned the property in 2018 and we expanded the claim holdings.

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In 2021, we followed up the geophysical surveys with surface geologic mapping and sampling.

Starting in July 2022, using Typhoon™, a program of 3D-style pole-dipole DCIP was carried out over an area approximately 3 km wide and 5 km long.

CGI 3D inversion modeling is complete.

Yangayu, Papua New Guinea.

Exploration license EL2668 Yangayu (“Yangayu”) is located between the headwaters of the southerly flowing Tauri and Kapau Rivers in the Morobe and Gulf Provinces of Papua New Guinea (“PNG”).

Yangayu covers 1,100 km 2 and is currently registered to Goldsearch International Pty Ltd (“GSI”), a private Australian company.

In October, 2021, we and our PNG subsidiary entered into an Exploration Alliance Agreement with GSI (the “Exploration Alliance Agreement”).

Under the agreement, GSI has agreed to exclusively help us identify, acquire, explore and develop promising mineral titles in PNG, of which Yangayu is the first.

As mineral title transfers are not allowed in PNG within the first two years after title grant, GSI has agreed to transfer 100% of Yangayu to us after the expiration of this two-year transfer restriction in May 2023.

Under the Exploration Alliance Agreement, GSI will inform us of other prospective licenses and we will have 60 days to determine whether to acquire them.

If we do, they will become “designated projects” under the Exploration Alliance Agreement, similar to Yangayu.

We manage all designated projects and will approve and pay for all programs of work (including all third party payments).

GSI acts as the operator of all designated projects under our direction.

Early stage geochemical sampling commenced at Yangayu in December 2021 and is ongoing.

Equity Investments.

We currently have equity investments in five publicly listed companies in Canada, all of which are listed on the TSX Venture Exchange (“TSXV”).

These are Brixton, Cordoba, Kaizen, Sama, and Fjordland (collectively the “Listed Companies”).

The following table summarizes our equity investments as of December 31, 2022.

Company Location of

Incorporation

Partially-Diluted

Principal Mineral

Brixton Minerals Corporation British Columbia, Canada 2.2% 4.4% on exercise of warrants Hog Heaven Project, Montana, USA

Cordoba Minerals Corp.

British Columbia,

63.2% 63.8% on exercise of warrants San Matias Project, Colombia

Perseverance Project, Arizona

Kaizen Discovery Inc.

British Columbia, Canada 82.7% 83.0% on exercise of warrants Pinaya Project, Peru

Sama Resources Inc.

Canada 22.8% 22.8% Ivory Coast Project, Ivory Coast

Fjordland Exploration Inc.

British Columbia, Canada 16.9% 16.9% South Voisey’s Bay Project, Canada

Two of our key projects — the Hog Heaven Project in Montana, USA and the Ivory Coast Project in Ivory Coast — are owned at least in part by two of our equity investee companies.

Our other equity investees have interests in the following mineral projects, none of which are material to us individually or as a whole.

Interests in Projects held by Listed Companies

Project Name Location Stage of

Minerals Nature of

Last 3 Fiscal

San Matias Colombia Development Shareholder in Cordoba Cordoba Copper

Construction and Assembly;

Exploration licenses Mineral Resource & Mineral Reserve Not in production

Perseverance Arizona, USA Exploration Shareholder in Cordoba

Cordoba owns 51% of Perseverance and has an option to earn an additional 29%

MMDEX LLC a joint venture company between Cordoba and Bell Copper Corporation Copper Fee simple, Arizona State leases No Not in production

Pinaya Peru Exploration Shareholder in Kaizen Canper Exploraciones S.A.C.

Concession Mineral Resource Not in production

Coppermine Nunavut, Canada Exploration Shareholder in Kaizen Kaizen Copper

Mineral claims No Not in production

Aspen Grove British Columbia, Canada Exploration Shareholder in Kaizen KZD Aspen Grove Holding Ltd Copper

Mineral claims No Not in production

South Voisey’s Bay Newfoundland and Labrador, Canada Exploration Shareholder in Fjordland

Exploration and option to acquire a 65% interest

Commander Resources Ltd.

Nickel Mineral claims No Not in production

San Matias Project, Colombia ( the “ San Matias Project ”).

The San Matias Project, which is 100% owned by Cordoba, is located in the Municipality of Puerto Libertador, Department of Córdoba, Colombia, and is approximately 200 km north of the city of Medellín.

The site is road-accessible from the town of Puerto Libertador, approximately 20 km away.

Cordoba holds exploration licenses covering around 146 km 2 and has an additional 893 km 2 of exploration licenses under application.

The Alacran Deposit is subject to a 2% NSR, with an advanced royalty payment of $500,000 commencing at the earlier of three years after the receipt of approvals to commence construction at Alacran, or six years after filing for approval to commence construction at Alacran.

We hold the right to 62.5% of this 2% NSR.

On July 31, 2017, we entered into an investment agreement with Cordoba.

Starting in July 2022 a program of Typhoon™ 3D-style pole-dipole DCIP was carried out over an area approximately 3 km wide and 5 km long.

CGI 3D inversion modeling is complete and will be used to guide a drill program in 2024.

Permits for the Unity Project are managed by the US Forest Service (“USFS”) Wallowa-Whitman National Forest unit, and by Oregon Department of Geology and Mineral Industries (“DOGAMI”).

The operations plan was submitted to the USFS in 2021, approved in 2022 for an IP Survey, and subsequent drilling on up to seven (7) drill pads, with 2 holes permitted per pad up to 1,500 meters depth each.

This plan was then submitted to DOGAMI in 2022 and approved in 2023.

Follow up mapping, sampling, and analysis of the IP survey resulted in an amendment adding an additional 7 pads, which

was approved by USFS in fall 2023, and is expected to be approved by DOGAMI by May 2024.

Total proposed disturbance would be approximately 3.1 acres, with up to 39,900 meters of drilling on 28 holes.

International

Saudi Arabian Joint Venture

We established with Ma’aden a Saudi Arabian exploration Joint Venture through the limited liability company, Saudi JVCo, to unlock the significant mineral potential in Saudi Arabia.

The Joint Venture has exclusive access to explore approximately 48,500 km 2 of underexplored land on the Arabian Shield that Ma’aden will make available to the Joint Venture.

Location of the Ivanhoe Electric Ma’aden Joint Venture within the country of Saudi Arabia.

The Arabian Shield is considered highly prospective for both VMS and epithermal styles of mineralization.

A notable VMS deposit in the Arabian Shield is the Jabal Sayid copper mine operated as a joint venture between Barrick Gold Corporation and Ma’aden that produced 68,492 tonnes of copper in 2022.

Ma’aden’s Mahd Ad Dhahab ‘Cradle of Gold’ gold mine is an example of an epithermal deposit on the shield that has been mined since pre-Islamic times.

The Al Amar Belt is considered highly prospective for VMS and epithermal deposit types with historical work identifying zinc, copper, lead, silver and gold mineralization.

Twenty-four exploration licenses that make up the Al Amar Belt cover 1,934 km 2 .

commenced exploration activities at the Umm Ash Shalahib exploration license, which largely surrounds Ma’aden’s existing Al Amar gold-copper-zinc mine (which is not part of the Joint Venture).

The area comprises steep hills with flat valleys (wadis) providing good access.

As of December 31, 2023, over 25 km 2 of the 65 km 2 Umm Ash Shalahib Exploration License area has been surveyed by Typhoon™ and is expected to be fully completed by the end of March 2024.

Ivory Coast Nickel-Copper Project, Ivory Coast (the “Ivory Coast Project”).

The Ivory Coast Project is located approximately 650 road km northwest of Abidjan, Ivory Coast.

As of December 31, 2023, our interest in the Ivory Coast Project was held through our 22.7% equity interest in Sama Resources Inc.

(“Sama”) and our 30% interest in the Sama Nickel Corporation Inc.

(“Sama Nickel”) joint venture described below.

We expect to complete our earn-in by Q2 2024 and acquire a 60% interest in the Ivory Coast Project, following such time we will consider alternatives to advance the project.

The Ivory Coast Project consists of three exploration permits owned by Sama Nickel, a subsidiary of Sama, which is the joint venture vehicle in which we are partnering with Sama to advance the Ivory Coast Project, which cover a total of 517 km 2 , as well as two additional exploration permits held in a joint venture with Société pour le Développement Minier de la Côte d’Ivoire, a parastatal organization established by the Ivory Coast and which together cover 318 km 2 .

In March 2018, we entered into a binding term sheet for an earn-in and joint venture agreement with Sama which was subsequently formalized in March 2021 (the “Sama Earn-In and JV Agreement”).

Pursuant to the terms of the Sama Earn-In and JV Agreement, we have the ability to earn a 30% shareholding interest in the Ivory Coast Project by incurring expenditures of Cdn$15,000,000 over a maximum of six years.

By incurring additional expenditures of Cdn$10,000,000 within the same time period, including the financing of a PEA and the acquisition of an exploitation permit on part of the Ivory Coast Project, we will be titled to earn an additional 30% shareholding interest in the Ivory Coast Project, such that our aggregate shareholding interest therein shall be 60%.

In August 2021, we reached the initial Cdn$15,000,000 expenditure threshold and as a result we acquired a 30% shareholding interest in Sama Nickel.

We anticipate completing the required expenditures to earn an aggregate shareholding interest of 60% by Q2 2024.

As of the date of this Annual Report, Mr.

Eric Finlayson and Mr.

Quentin Markin are our director representatives on the board of Sama.

Other than as shareholders of Sama, we do not have any interest in Sama’s gold projects in Liberia.

An updated Mineral Resource Estimate titled “NI 43-101 Technical Report, Mineral Resource Estimate for the Samapleu and Grata Deposits Project” has an effective date of June 16, 2023, and incorporates drilling carried out at the Samapleu and Grata deposits from 2010 until mid-2022.

The Mineral Resources in this Estimate were independently prepared, including estimations and classification, by Todd McCracken of BBA International Inc.

The Mineral Resource estimate for the Ivory Coast Project is set forth below, under the heading “Mineral Resources and Mineral Reserves”.

Glen Kuntz, P.

Geo., our non-independent Qualified Person, reviewed and confirmed that the estimate satisfied S-K 1300 standards and remained accurate as of December 31, 2023.

Location of the Ivory Coast Project within the country Ivory Coast.

Sama mandated BBA to upgrade the 2020 Preliminary Economic Assessment using the 2023 updated Mineral Resources at the Samapleu and Grata deposits for producing a nickel concentrate and a copper concentrate.

The revised PEA will include site layouts, including road accesses, permits/claims, bodies of water and historical infrastructure as well as all other baseline studies/investigations regarding geotechnical, geochemistry, environmental, hydrology, hydrogeology and metallurgy items for the project.

Cost estimation spreadsheet with local workforce rates, fuel costs and power rates.

Recoveries and product type, Smelter Terms, mill throughput rate and ramp-up period.

BBA has collaborated with Knight Piesold (tailings design) and Blue Coast Research (metallurgical testing).

BBA anticipates completion of the revised PEA in Q1 2024.

Alacran Copper-Gold Project, Colombia (the “Alacran Project”).

On July 31, 2017, we (then HPX) entered into an investment agreement with Cordoba.

Under that agreement, Cordoba granted us a right to nominate directors to its board of directors based on our pro rata interest in Cordoba.

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Assuming the board of Cordoba is to be comprised of seven directors and we hold a 50% or greater interest in Cordoba, we are entitled to nominate four, with at least one of such nominees being independent.

Cordoba has filed a Canadian NI 43-101 technical report for the San Matias Project, titled “NI 43-101 Technical Report and Prefeasibility Study, San Matías Copper-Gold-Silver Project, Colombia” and which was prepared jointly by Glen Kuntz, P.

Geo., Joanne Robinson, P.Eng., Steve Pumphrey, P.Eng., Kurt Boyko, P.Eng., Harold Harkonen, P.Eng., Chris Martin, C.Eng., Wilson Muir, P.Eng., Patrick Williamson, P.G., and Peter Cepuritis, MAusIMM, and with an effective date of August 3, 2021 (“San Matias Technical Report”).

The San Matias Technical Report was filed on SEDAR.

Scientific and technical information in this section regarding the San Matias Project is based upon, or in some cases extracted from, the San Matias Technical Report.

In January 2020, Cordoba began the studies required to secure the necessary Colombian mining approvals at the San Matias Project.

Cordoba commenced an Environmental Impact Assessment (the “EIA”) and the Mining Technical Work Plan (the “PTO”), which are required to secure the necessary Colombian mining approvals for the Alacran Deposit.

Cordoba submitted the PTO to the appropriate Colombian authorities in November, 2021.

Cordoba must submit the EIA in the first half of 2024 in order maintain the validity of the licenses and be eligible for receipt of applicable mining approvals.

The National Mining Agency suspended the Alacran title from May 2020 through to November 2020 as a result of security concerns.

Some residents of the local communities in the San Matias Project area have historically been involved in activities that would be disruptive to the orderly development of the Project, including civil insurrection and illegal artisanal mining on the property.

Since recommencing work on the San Matias Project in November 2020, there have been incidents in which some members of the Alacran Community have demonstrated opposition to Cordoba’s operations.

These incidents have included blockades on transport of equipment and personnel and initiation of legal proceedings contesting Cordoba’s rights to the San Matias Project.

Cordoba has been able to continue operations despite these incidents, although such incidents have slowed the progress of work on site.

Cordoba completed a PFS for the Alacran Deposit in January 2022.

The PFS, conducted by Nordmin, indicates Probable Mineral Reserves totaling 102.1 Mt grading 0.41% Cu, 0.26 g/t Ag, and 2.30 g/t Au diluted.

Setting the life of the mine at 13 years, the PFS also estimated production of 22,000 t per day through conventional open pit mining operation with an average annual production of 68.8 Mlbs Cu, 55 koz Ag, and 386 koz Au.

Total recovered production is estimated to be 849 Mlbs Cu, 0.7 Moz Ag, and 4.7 Moz Au, with metallurgical recoveries averaging 92.5% Cu, 78.1% Ag, and 62.9% Au in copper and precious metal concentrates.

The Cu concentrate is expected to contain very low contents of deleterious elements, such as arsenic and lead.

The PFS estimates initial capital expenditures to be $434.9 million, while total capital expenditures for the Life of Mine, including sustaining capital, reclamation and closing costs, are estimated at $591.0 million.

The financial analysis in the PFS anticipates that 60%, or $292.1 million, of the initial capital expenditure can be financed by debt.

The PFS further sets expected payback at the 2.4 year mark at metals prices of $3.60/lb Cu, $1,650/oz Ag, and $21.00/oz Au as of January 2022, with after-tax Net Present Value estimated to be $415 million.

The Alacran Mine is expected to generate $190.4 million in government royalty revenue, plus $514.2 million in income tax revenue to support government programs in Colombia.

In its analysis, the PFS did not include the satellite deposits at Montiel East, Montiel West and Costa Azul.

Mineral Reserves and Mineral Resource Estimate.

The San Matias Project contains mineral reserves and mineral resources as set forth in the following table.

San Matias Project Mineral Resources (1)

Deposit Tonnage

Indicated Resources

Alacran 2.8 1.78/8.85 0.03/0.17 0.17 0.19 0.11 1.15 5,315 11.7 10,263 105,126

Montiel East 4.3 13.75 0.22 0.70 0.46 0.35 1.53 19,800 43.7 48,800 211,200

Montiel West 4.6 13.75 0.22 0.52 0.24 0.49 1.32 11,200 24.8 72,600 195,800

Costa Azul 7.4 13.75 0.22 0.40 0.24 0.21 0.65 20,300 44.8 49,200 155,800

Total Indicated 19.1 n/a n/a n/a 0.28 0.11 1.15 5,315 125.0 180,863 667,926

Inferred Resources

Alacran 2.2 1.78/8.85 0.03/0.17 0.12 0.20 0.17 0.86 5,228 11.5 14,531 72,308

Montiel East 1.8 13.75 0.22 0.34 0.25 0.15 0.88 4,400 9.6 8,500 50,300

Montiel West 0.6 13.75 0.22 0.39 0.07 0.54 0.96 400 1.0 11,100 19,000

Costa Azul 0.1 13.75 0.22 0.39 0.29 0.16 0.60 400 0.8 600 2,400

Total Inferred 5.1 n/a n/a n/a 0.21 0.21 0.94 9,823 21.6 32,557 142,538

(1) The Mineral Resources in this estimate were independently prepared by Nordmin Engineering Ltd., and the Mineral Resources were prepared in accordance with NI 43-101 and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019).

Mineral Resources that are not Mineral Reserves do not demonstrate economic viability.

This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

In addition, a random selection of the drill hole database results was compared with original records.

The Mineral Resources in this estimate for the Alacran deposit used Datamine Studio RM™ Software to create the block models and Geovia’s Surpac™ and Whittle™ software to constrain the resources and create a conceptual OP shell for the deposit.

Assumptions used to prepare the conceptual pit for the Alacran deposit include:

• Metal prices of $3.25/lb Cu, $1,600.00/oz Au, and $20.00/oz Ag;

• Operating cost inputs include:

• Mining cost of $1.73/t for saprolite and $2.30/t for transition and fresh rock for the overall LOM;

• Processing costs of $1.78/t for saprolite and $8.85/tonne fresh and transition rock.

This includes assumptions for milling, G&A, and tailings.

These equate to approximately 0.03% copper equivalency for saprolite and 0.17% copper equivalency for fresh and transition rock;

• 98.0% mining recovery, 2.0% dilution and 41°-48° pit slope in fresh and transitional rock, and 36.5° in weathered saprolite;

• Freight costs of $30.00t concentrate from the mine to port and $82.00t concentrate port to a smelter;

• Treatment costs of $85.00/t dry concentrate, payable metal factors of 95.0% for Cu, 96.5% for Au, and 90.0% for Ag;

• Refining charges of $0.085/lb Cu, $5.00/oz Au, and $0.30/oz Ag;

• An NSR cut-off of $1.78/t for saprolite and $8.85/t for transition and fresh rock has been applied to Alacran.

The NSR value was calculated using preliminary production and processing parameters and commodity metal prices as follows:

• NSR_Cu = Cu_% * MiningRec_% * MillCuRec_% * 51.53/% Cu (On Site Value);

• NSR_Au = Au_g/t * MiningRec_% * MillAuRec_% * 46.55 $/g (On Site Value);

• NSR_Ag = Ag_g/t * MiningRec_% * MillAgRec_% * 0.54 $/g (On Site Value);

• NSR = NSR_Cu + NSR_Au + NSR_Ag;

• Mill recoveries include a 0% Cu and Ag recovery for saprolite material;

• Copper equivalencies incorporate all the same dilution values, mining recovery values, mill recovery values, and downstream costs as NSR and are calculated directly from the NSR values and the 51.53 copper conversion factor above through the following formula:

• Copper Equivalency = NSR / 51.53;

The Mineral Reserves documented below are estimated based on CIM guidelines that define Mineral Reserves as “the economically mineable part of a Measured or Indicated Mineral Resource” (CIM, 2014, p.

“demonstrated ...

by at least a Pre-Feasibility Study” (CIM, 2014, p.

This must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

A Mineral Reserve “includes diluting materials and allowances for losses which may occur when the material is mined” (CIM, 2014, p.

The Mineral Resources in this estimate for the Satellite deposits used Datamine Studio 3™ software to create the block models and Datamine NPV Scheduler™ to constrain resources and create conceptual OP shells using Indicated and Inferred mineralized material (oxide and sulphide).

Assumptions used to prepare the conceptual pits for the Satellite deposits include:

• Metal prices of $3.10/lb Cu, $1,400/oz Au, and $17.75/oz Ag;

• An NSR cut-off of $13.75/tonne has been applied.

This equates to approximately 0.22% Copper equivalency as calculated in the Satellite deposit block models;

• Operating cost inputs include:

• Mining cost of $2.43/t mined for the first five years and $1.69/t thereafter;

• Processing cost of $8.63/t milled for the first five years and $7.50/t thereafter;

• G&A costs of $2.56/t milled for the first five years and $1.32/t thereafter;

• 97.0% mining recovery, 4.0% dilution, and 45° pit slope in fresh and transitional rock and 32.5° in weathered saprolite;

• Variable process recoveries of 50.0% to 90.0% for Cu, 72.0% to 77.5% for Au, and 40.0% to 70.0% for Ag depending on the domain (saprolite, transition, or fresh sulphide) and Cu grade;

• Freight costs of $100.00/t concentrate, and treatment costs of $90.00/t dry concentrate, payable metal factors of 95.5% for Cu and 96.5% for Au and 90.0% for Ag.

Refining charges of $0.090/lb Cu, $5.00/oz Au and $0.30/oz Ag;

• Cu equivalency has been used for the three Satellite pits and was calculated using:

Copper equivalency % = Cu % + (Au Factor x Au Grade g/t + Ag Factor x Ag Grade g/t) x 100.

• Au Factor = (Au Recovery % x Au Price $/oz / 31.1035 g/oz) / (Cu Recovery % x Cu Price $/lb x 2204.62 lb/t);

• Ag Factor = (Ag Recovery % x Ag Price $/oz / 31.1035 g/oz) / (Cu Recovery % x Cu Price $/lb x 2204.62 lb/t);

• Variable process recoveries of 50.0% to 90.0% for Cu, 72.0% to 77.5% for Au and 40.0% to 70.0% for Ag depending on the domain (saprolite, transition, or fresh sulphide) and Cu grade;

Totals may not sum due to rounding.

San Matias Project Mineral Reserves (1)

Category NSR Value

Cut-off Grade

Probable Mineral Reserve Saprolite 1.78 $/t 10,135 — 0.21 —

Probable Mineral Reserve Transition 8.85 $/t 2,011 0.62 0.22 3.11

Probable Mineral Reserve Fresh 8.85 $/t 89,954 0.45 0.27 2.54

Probable Mineral Reserve Fresh +

8.85 $/t 91,165 0.45 0.27 2.56

Probable Mineral Reserve Overall Total — 102,100 0.41 0.26 2.30

(1) The Mineral Reserve Estimate was prepared by Nordmin.

The effective date of the Mineral Reserves estimate is October, 31, 2021.

The Mineral Reserve Estimate is based metallurgical recovery algorithms, that result in an overall recovery of 92.5% of Cu in the fresh and transition material, 78.1% Au in fresh, transition and saprolite, and 62.9% Ag in the fresh and transition material.

Metal prices were set at 3.25 $/lb Cu, 1,600 $/oz Au, 20 $/oz Ag.

The Mineral Reserve Estimate incorporates mining dilution and mining loss assumptions through regularization of block size and a mining recovery factor of 98%.

On March 15, 2021, Cordoba announced that it had been informed of an operation carried out by the Colombian National Police in Colombia to shut down illegal gold mining activities and to improve regional security at El Alacrán.

The intervention by the Colombian authorities was in response to illegal gold mining activities being undertaken by a group of individuals on Cordoba’s title and was a direct result of the National Government’s initiative to eliminate illegal mining, through which there have been several similar interventions recently in other parts of the country.

The Colombian National Police and Police against Illegal Mining act independently and take actions they consider necessary to maintain public order in the country.

No Cordoba personnel were on site during the operation, and Cordoba resumed PFS fieldwork on March 20, 2021.

The operation conducted by the Colombian National Police in March 2021 resulted in increased tension with some members of the Alacran Community and for the months following company personnel were accompanied by members of the military and Colombian National Police when conducting fieldwork near the community, in order to maintain security and deter conflict.

The relationship with the community has now greatly improved, allowing Cordoba to complete its PFS work.

On December 8, 2022, Cordoba announced a strategic arrangement with JCHX Mining Management Co., Ltd.

(“JCHX”), whereby JCHX, through a wholly owned subsidiary, will purchase a 50% ownership interest in CMH Colombia S.A.S.

We own 62.8% of Cordoba as of December 31, 2023.

On December 8, 2022, Cordoba announced a strategic arrangement with JCHX, whereby JCHX, through a wholly owned subsidiary, will purchase a 50% ownership interest in CMH Colombia S.A.S.

(“CMH”), a company existing under the laws of Colombia, for aggregate consideration of $100 million.

1 unchanged sentence

For its 50% interest, JCHX will pay the $100 million purchase price in three installments.

At the closing of the transaction, which is expected to occur in the second quarter of 2023, $40 million will be payable in cash as a first installment.

A second installment of $40 million is payable in cash upon the board of directors of Cordoba approving the Feasibility Study of the Alacran Project, and the filing of the Environmental Impact Assessment (“EIA”) to the relevant Colombian Government authority, but in no event will such second installment be paid later than the second anniversary of the closing of the transaction.

The transaction closed on May 8, 2023, and $40 million was paid in cash as a first installment.

A second installment of $40 million was fully paid in cash by January 4, 2024 following the board of directors of Cordoba approving the Feasibility Study of the Alacran Project, and the filing of the Environmental Impact Assessment (“EIA”) to the relevant Colombian Government authority.

A third and final installment of $20 million is payable in cash once the approval of the EIA is obtained, which must be within two years of the transaction’s closing date.

Should the EIA not be approved by the second anniversary of the closing date, JCHX will have the option to elect not to complete this final installment, which will result in JCHX being diluted to 40% and Cordoba increasing to a majority 60% shareholding in CMH.

On December 27, 2022, JCHX advanced a bridge loan of $10 million in cash to Cordoba.

Upon closing of the transaction, the entire balance owing under the bridge loan and accrued interest will be applied towards the first installment payment as a payment in kind.

The closing of the transaction is subject to customary conditions, and (1) Cordoba must receive approval from the TSXV and approval of shareholders (excluding JCHX and Ivanhoe Electric) and (2) JCHX must receive approval from its board of directors, shareholders, China’s State Administration of Foreign Exchange, and Beijing Municipal Bureau of Commerce.

Cordoba received the approval of its shareholders (excluding JCHX and Ivanhoe Electric) on February 8, 2023.

A Joint Venture Shareholders’ Agreement (“JV SHA”), which will be entered into at closing, will govern the strategic relationship between Cordoba and JCHX, and will set forth the general responsibility and authority of the CMH board of directors, in addition to the entitlements of each shareholder.

The JV SHA will provide that (1) the CMH board will comprise four individuals, of which two directors will be nominated by Cordoba and the other two directors will be nominated by JCHX;

and for so long as the shareholdings in CMH remain 50%-50%, a Cordoba representative will serve as the Chairperson of the CMH board, and will possess a casting vote on all matters subject to a list of reserved matters;

(2) Cordoba will be appointed as the operator and manager of the Alacran Project pursuant to a management services agreement and will be responsible for setting the annual programs and budgets for the CMH board’s approval;

A Joint Venture Shareholders’ Agreement (“JV SHA”) governs the strategic relationship between Cordoba and JCHX, and sets forth the general responsibility and authority of the CMH board of directors, in addition to the entitlements of each shareholder.

The JV SHA provides that (1) the CMH board comprises four individuals, of which two directors nominated by Cordoba and the other two directors nominated by JCHX;

and for so long as the shareholdings in CMH remain 50%-50%, a Cordoba representative serves as the Chairperson of the CMH board, and possesses a casting vote on all matters subject to a list of reserved matters;

(2) Cordoba is appointed as the operator and manager of the Alacran Project pursuant to a management services agreement and is responsible for setting the annual programs and budgets for the CMH board’s approval;

(3) JCHX (or its affiliate) has right of first offer to bid on the Engineering, Procurement and Construction and Detailed Design Agreement contracts, provided that Cordoba has the right to open the process out to competitive tender;

1 unchanged sentence

and (4) JCHX (or its affiliate) shall be entitled to up to 100% of the offtake from the production under the current Feasibility Study of the Alacran Project, provided that they are paying fair market value and they are the most competitive offer (including a matching right for other third-party proposals).

Perseverance Project, Arizona, USA ( the “ Perseverance Project ”).

In August 2018, Cordoba, through a wholly-owned subsidiary Cordoba Minerals USA Corp., entered into a joint venture and earn-in agreement with Bell Copper Corporation (“Bell Copper”) and certain of its wholly-owned subsidiaries, to explore the Perseverance porphyry copper project located in northwestern Arizona, USA.

The Perseverance Project consists of mineral rights covering approximately 76.39 km 2 , comprising approximately 20.28 km 2 held through a sublease of private mineral rights from Maverix Metals Corporation, and approximately 56.10 km 2 held as 23 State of Arizona Mineral Exploration Permits located on State Trust Lands.

Cordoba has the option to earn up to an 80% interest in the Perseverance Project through the acquisition of an equity interest in the joint venture company MMDEX LLC (“MMDEX”), which was a wholly-owned indirect subsidiary of Bell Copper, by completing certain phased project expenditures totaling C$17,000,000 over a seven and a half year period, following which Cordoba would earn an 80% interest in MMDEX.

On March 31, 2019, Cordoba’s Phase 1 project expenditures surpassed C$1,000,000 and Cordoba acquired 25% of MMDEX in May 2019.

On March 17, 2022, Cordoba announced that it had made the Phase 2 expenditures required to earn a 51% interest in MMDEX and had vested a 51% interest.

The Perseverance Project lies along the axis of a north-northwest to south-southeast trending, 600 km long, porphyry Cu belt that has produced more than 10% of the world’s copper.

The Project lies directly on this belt between Freeport’s Bagdad mine and the now dormant Mineral Park mine.

The Alacran Project is situated in the municipality of Puerto Libertador, which is approximately 390 km northwest of Bogotá, and 160 km north of Medellín in Colombia, amongst 22 mining concessions owned by the Company, of which, 5 licenses are part of the Alacran Project.

The Company conducted several exploration programs between 2012 and 2023, consisting of geological mapping, geochemical sampling, geophysical surveys, and various drilling campaigns, that supported the completion of the 2019 Preliminary Economic Assessment, the 2022 Pre-Feasibility Study, and the current 2023 Feasibility Study, which marks the beginning of the development phase for the Project.

Location of the Alacran Project within the country of Colombia.

Initial capital cost is estimated to be approximately $420.4 million for the construction of a conventional truck-shovel open pit mine.

The Project is anticipated to hold an after-tax NPV of $360 million with an IRR of 23.8% and a payback period of 3 years.

The Project’s mine life is projected to be 14.0 years in addition to the estimated two years of construction and pre-production mining, of which, freshly mined ore will be stockpiled alongside historical tailings.

The LOM cash costs for copper, net of by-product, is $1.35/lb with by-product credits at $1.31/lb, and a total LOM cash cost at $2.66/lb (cash costs excludes sustaining capital).

The average mining rate for the project is projected to be 39.5 Mt of mined material per year of which ore material will be fed to dual processing plants consisting of a main processing facility for fresh and transition material, and a separate wash gravity plant for saprolite ore and historical tailings;

The Company filed the EIA application with the relevant Colombian Government authority on December 11, 2023 and was issued the official filing number on December 12, 2023.

An updated Mineral Resource and Mineral Reserve Estimate titled “NI 43-101 Technical Report, Feasibility Study, Alacran Project, in Colombia” has an effective date of December 18, 2023.

The Mineral Resources and Mineral Reserves in this Estimate were independently prepared, including estimations and classification, by Todd McCracken of BBA.

The Mineral Resource and Mineral Reserve estimate for the Alacran Project is set forth below, under the heading “Mineral Resources and Mineral Reserves”.

Glen Kuntz, P.

Geo., our non-independent Qualified Person, reviewed and confirmed that the Mineral Resource estimate satisfied S-K 1300 standards and remained accurate as of December 31, 2023.

Sarah Bull, P.E., our non-independent Qualified Person, reviewed and confirmed that the Mineral Reserve estimate satisfied S-K 1300 standards and remained accurate as of December 31, 2023.

Pinaya Copper-Gold Project, Peru ( the “Pinaya Project”).

The Pinaya Project, which is 100% indirectly owned by Kaizen, as of December 31, 2022, covers approximately 101 km 2 of granted title, 28 km 2 under application and includes

more than 10 km of underexplored strike length in southeastern Peru.

Our Chief of Global Exploration, Mr.

Finlayson, also serves as the interim President and Chief Executive Officer of Kaizen.

Kaizen has filed an NI 43-101 technical report for the Pinaya Project, titled “ Pinaya Gold-Copper Project Technical Report ” and which was prepared jointly by Brian Cole, P.Geo, and GeoSim Services Inc., with an effective date of April 26, 2016 (“Pinaya Technical Report”).

The Pinaya Technical Report was filed on SEDAR.

The Pinaya Project is 100% owned by Ivanhoe Electric as of February 6, 2024 through Ivanhoe Electric’s subsidiary Kaizen.

Kaizen filed an NI 43-101 technical report for the Pinaya Project, titled “Pinaya Gold-Copper Project Technical Report” and which was prepared jointly by Brian Cole, P.Geo, and GeoSim Services Inc., with an effective date of April 26, 2016 (“Pinaya Technical Report”), which is available

Scientific and technical information in this section regarding the Pinaya Project is based upon, or in some cases extracted from, the Pinaya Technical Report.

Mineral Resources.

The Pinaya Project’s Mineral Resources are set forth in the table below.

Average Grades Contained Metal

Class % Cu g/t Au lbs Cu ‘000’s oz Au ‘000’s

Measured 8,204 0.326 0.600 59,011 158

Indicated 33,487 0.324 0.462 238,886 497

Inferred 40,216 0.360 0.300 319,041 388

(1) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Mineral Resources have an effective date April 26, 2016;

Simpson, P.Geo.

is the Qualified Person responsible for the Mineral Resource estimates.

Mineral Resources are reported within a conceptual open pit shell based on metal prices of $2.84/lb Copper and $1236/oz gold and average metallurgical recoveries of 80%.

The pit shell also considers a mining cost of $2.00/t for mineralized and waste material and $1.75/t for overburden;

processing cost of $8.50/t;

G&A cost of $1.50/t;

and an ultimate pit slope angle of 45°.

Copper-equivalent grade estimate based on $2.84/lb copper and $1236/oz gold.

Mineral Resources are reported at cut-off grades of 0.25 g/t Au for the GOSZ and 0.3% Cu Equivalent for the WPZ and NWPZ zones.

Tonnages are rounded to the nearest thousand tonnes;

grades are rounded to three decimal places.

Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

In January 2021, Kaizen received drilling approval from the Ministry of Mines for an additional period of twelve months in order to complete a further exploration drilling program.

A 10 hole drilling program commenced in November 2021 and was completed in January 2022.

Assays of drill results were released in March 2022.

Past drilling at Pinaya included 160 holes by AM Gold Inc.

between 2004 and 2008;

and two holes by a previous optionee in 2014.

Kaizen drilled three holes in first quarter 2020 before arrival of the COVID-19 pandemic.

On March 1, 2021, Kaizen announced the results of a 3,046 m, 10 hole drill campaign which confirmed the presence of shallow gold mineralization associated with base metal veins and skarn.

On October 3rd 2022, Kaizen released the results of a 92 km 2 Induced Polarization survey which identified several additional buried targets for drill testing.

Permitting for new drill pads to test these targets has started and is expected to take at least a year.

South Voisey’s Bay Project (the “SVB Project”) .

Fjordland Exploration Inc.

(“Fjordland”) is a publicly listed mineral exploration company incorporated under the laws of British Columbia, Canada.

On September 5, 2017, we entered into an investment agreement with Fjordland under which our subsidiary subscribed for 14,000,000 units of Fjordland.

We also acquired the option to incur, on behalf of Fjordland, C$7,400,000 in exploration expenditures by October 31, 2024 (C$4,200,000 incurred as of December 31, 2022 including a C$1,400,000 initial investment into the company) and to make C$290,000 of property payments (C$90,000 incurred as of December 31, 2022) required to be made by Fjordland under its obligations with Commander Resources Ltd.

(“Commander”).

If the funding is completed and Fjordland acquires a 100% interest in the SVB Project from Commander, Fjordland has agreed to assign a 65% interest in the SVB Project to our subsidiary.

To date, Fjordland has earned an aggregate 35% interest in the SVB Project.

We also have the right to nominate two directors to the Fjordland board of directors if we own between 10% and 50% of the common shares of Fjordland, and three directors if we own more than 50% of the common shares of Fjordland.

Currently, Mr.

Mark Gibson, our Chief Operating Officer, is the only director nominee of ours serving on the Fjordland board of directors.

We also have an anti-dilution right with respect to future financings by Fjordland.

Fjordland’s main project is the SVB Project in Newfoundland and Labrador.

Fjordland, as operator, also has an agreement to acquire 100% of the Renzy nickel-copper project located near Maniwaki, Quebec from Quebec Precious Metals Corp.

Fjordland is also currently funding a small program on its West Milligan copper-gold project located within 4 km of the Mount Milligan copper-gold mine in central British Columbia, Canada.

The project is a joint venture with Northwest Copper Corp.

In September 2021, Fjordland announced that it had entered into a binding Letter of Intent with Vulcan Minerals Inc.

to acquire a 100% working interest in 30 mineral claims (7.5 km 2 ) located in the South Voisey’s Bay area, Labrador.

Fjordland also owns a 100% interest in the early stage Witch copper-gold porphyry project (also referred to as the South Chuchi project) located in the Quesnel Trough of central British Columbia.

The Mineral Resource estimate for the Pinaya Project is set forth below, under the heading “Mineral Resources and Mineral Reserves”.

Simpson, P.Geo., an independent Qualified Person, reviewed and confirmed that the Mineral Resource estimate satisfied S-K 1300 standards and remained accurate as of December 31, 2023.

Location of the Pinaya Project within the country of Peru.

Our portfolio of mineral exploration projects and equity investments are summarized in the tables below.

United States Mineral Exploration Projects as of December 31, 2023.

Project Name Location and

Ivanhoe Electric Interest

and Nature of

Title Holders /

Mineral Title

Aggregate Annual

Santa Cruz Arizona, USA

Exploration 100% of surface rights Mesa Cobre Holding Corp.

- a wholly-owned subsidiary (surface rights) Copper Fee Simple land, unpatented mining claims;

Arizona State exploration permits Mineral Resource Not in production

Mineral 75.66 km 2

Exploration Option to acquire 100% of the mineral title DRH Energy Inc.

(private mineral title);

Mesa Cobre Holding Corp.

(remaining titles)

Tintic Utah, USA

Exploration Options and lease rights to 100% of the mineral title by acreage Tintic Copper & Gold, Inc., a wholly-owned subsidiary Copper

Patented and unpatented mining claims;

SITLA leases, and Hardrock Prospecting Permit Applications n/a Not in production

Hog Heaven Montana, USA

Exploration 1.8% equity ownership of Brixton Metals Corporation

Earn-in with Brixton for up to a 75% project interest

Brixton USA Corp.

(joint venture company), a subsidiary of Brixton Copper

Fee simple mineral rights, owned and leased, fee simple surface n/a Not in production

Lincoln Utah, USA

Exploration 0% current ownership interest;

Option to acquire 100% of the mineral title

Lincoln Cave Exploration, Inc.

(“LCE”), a wholly-owned subsidiary Copper

Patented mining claims, unpatented mining claims and SITLA leases n/a Not in production

Carolina North Carolina, USA

Exploration 0% current ownership with right to earn up to 85% Carolina Mining Corp.

Gold Copper Fee Simple n/z Not in production

White Hill Nevada, USA 86.12 km 2

Exploration 0% current ownership interest;

Option to acquire 80% of the mineral title

Bluebird Copper LLC / Ivanhoe Electric Nevada Holding Inc.

Copper Zinc Silver Gold Molybdenum Unpatented mining claims n/a Not in production

Bitter Creek Arizona, USA

Exploration 100% Ownership Bitter Creek Exploration Inc., a wholly-owned subsidiary Copper

Unpatented mining claims, Arizona State Mineral Exploration Permits n/a Not in production

Unity Oregon, USA

Exploration 0% current ownership interest;

Option to acquire 100% of the mineral title

CMC, a wholly-owned subsidiary Copper Unpatented mining claims n/a Not in production

Desert Mountain Utah, USA

Exploration 100% Ownership Little Sahara Exploration, a wholly-owned subsidiary Copper

Unpatented mining claims n/a Not in production

Grasshopper Montana, USA 7.19 km w

Exploration 100% Ownership IE Montana, a wholly-owned subsidiary

Holdings Corp.

Copper Unpatented mining claims n/a Not in production

Project Name Location and

Ivanhoe Electric Interest

and Nature of

Title Holders /

Mineral Title

Aggregate Annual

Lyles Arizona, USA 25.97 km 2

Exploration 100% Ownership Rocksteady Exploration Inc., a wholly-owned subsidiary Lithium Unpatented mining claims, Arizona State Mineral Exploration Permits n/a Not in production

Hector California, USA

Exploration 100% Ownership Rocksteady Exploration Inc., a wholly-owned subsidiary Lithium Unpatented mining claims n/a Not in production

Bristol Nevada, USA 11.37 km 2

Exploration 100% Ownership Ivanhoe Electric Nevada Holdings Inc.

Copper Unpatented mining claims n/a Not in production

Delamar Nevada, USA 16.64 km 2

Exploration 100% Ownership Ivanhoe Electric Nevada Holdings Inc., a wholly-owned subsidiary Copper Unpatented mining claims n/a Not in production

Sol Dos Arizona, USA 7.11 km 2

Exploration 100% Ownership Sandhill Exploration Inc., a wholly-owned subsidiary Copper Unpatented mining claims n/a Not in production

Perseverance Arizona, USA 116.23 km 2

Exploration Shareholder in Cordoba MMDEX LLC a joint venture company between Cordoba and Bell Copper Corp.

Copper Fee simple, Arizona State Mineral Exploration Permits n/a Not in production

International Mineral Exploration Projects as of December 31, 2023.

Project Name Location and

Ivanhoe Electric Interest

and Nature of

Title Holders /

Mineral Title

Aggregate Annual

Saudi Arabia Saudi Arabia 48,500 km 2

Exploration 50% ownership of Joint Venture with Ma’aden Saudi JVCo Base Metals Precious Metals Exploration license n/a Not in production

Alacran Colombia 104.6 km 2

Development Shareholder in Cordoba Cordoba Copper

Construction and Assembly;

Exploration licenses Mineral Resource & Mineral Reserve Not in production

Ivory Coast Project Ivory Coast

Exploration Option to acquire up to 60% of the

Ivory Coast Project;

Shareholder in Sama Société pour le Développement Minier de la Côte d’Ivoire Nickel

Exploration license Mineral Resource Not in production

Peru 100.65 km 2

Exploration Shareholder in Kaizen Canper Exploraciones S.A.C.

Copper Gold Concession Mineral Resource Not in production

1 As of February 6, 2024 Ivanhoe Electric acquired all of the remaining outstanding shares of Kaizen.

Mineral Project Obligations and Payments

7 unchanged sentences

Santa Cruz (DRHE) Discretionary $ 10,000 $ — $ — $ — $ — $ 10,000

Santa Cruz (Legends) Non-discretionary 800 920 — — — 1,720

Santa Cruz (Wolff Harvard) Non-discretionary 12,081 12,081 12,081 12,081 — 48,323

Santa Cruz (Other) Discretionary 300 596 — — — 896

Santa Cruz (Total) 22,381 12,677 12,081 12,081 — 59,220

Tintic (Utah) Non-discretionary 3,525 — — — — 3,525

Hog Heaven (Montana) Discretionary 500 500 1,000 5,008 25,000 32,008

Ivory Coast Discretionary 437 — — — — 437

South Voisey’s Bay (Canada) Discretionary — 3,464 — — — 3,464

Crystal Haven (Australia) Discretionary — 6,820 — 34,099 — 40,919

White Hill (Nevada) Discretionary 250 525 700 750 11,358 13,583

Unity (Oregon) Discretionary 250 1,500 2,250 — — 4,000

2 unchanged sentences

Total 24,018 17,805 16,781 39,339 36,358 134,301

Computational Geosciences

CGI is headquartered in Vancouver, British Columbia, Canada.

It was founded in 2010 in order to capitalize on advanced software technology developed at the University of British Columbia that was designed to improve mineral exploration.

As of December 31, 2022, we owned 94.3% of CGI’s outstanding shares while 5.6% are equally held by CGI’s two co-founders.

CGI was co-founded by Livia Mahler B.Sc., MBA, who currently serves as CGI’s Chief Executive Officer, and Dr.

Eldad Haber Ph.D., who currently serves as CGI’s Chief Technology Officer, and is a professor at the University of British Columbia.

CGI’s technology consists of sophisticated software codes and artificial intelligence (“AI”) that is used to process geophysical data (including that generated by Typhoon™) in order to build accurate 3D subsurface images that indicate the presence of various metals and minerals, as well as water and oil.

CGI provides fee-for-service and software licensing agreements to customers in the area of critical minerals, energy and water exploration.

CGI’s services apply its geophysical data inversion codes on a geophysical data (included that of Typhoon™) collected by third party data acquirers as well as other sources such as public or private libraries, in order to construct and refine 3D subsurface images.

These services help CGI’s customers in geophysical survey design through more accurately identifying potential resource targets for exploration while minimizing the operational footprint of those exploration activities.

CGI also offers mineral prospectivity mapping services which are based on deep learning AI algorithms to help identify and rank prospective areas for critical minerals.

In order to prepare diverse layers for AI algorithms, CGI uses unique tools such as data augmentation for sparse, unstructured data which enhance the results and provide critical knowledge of the subsurface for clients.

Finally, CGI is also able to support mineral resource and grade estimates by geostatistically propagating sample assays to its 3D models with rock property and grade relationships.

CGI applies its services to not only mineral projects but also to the global energy industry and in the search for underground water resources.

In the energy sector, CGI has independently developed and collaborated to deploy a real-time 3D inversion service for resistivity logging-while-drilling (“LWD”) data, significantly optimizing well placement and well completion designs to maximize reservoir productivity.

CGI is also able to monitor fluid substitution within reservoirs, whether for enhanced oil recovery or carbon capture and storage.

CGI has entered into a non-exclusive licensing agreement with a major oilfield service provider for the worldwide royalty-free license of the LWD code plus support and maintenance.

With respect to the identification of underground water resources, CGI’s technology can also be deployed to predict prospective areas or delineate known water aquifers.

Intellectual Property.

CGI does not patent its software codes.

CGI owns codes for magnetics, gravity, DC/IP and electromagnetics.

Market and Business Strategic.

CGI’s intention is to grow its client base in the mining sector for existing geophysical inversion and AI based services in order to increase its revenue from third party sources.

CGI is currently developing two new geophysical modelling products and has identified another solution for the AI-based platform digitization application.

CGI is also building large geoscience databases from vast amounts of publicly available data in various countries and regions of the world in order to use these datasets to map minerals, water, geothermal and other targets.

CGI competes with geophysical data processors, airborne and ground surveyors, off-shore surveyors, and AI service providers.

These include companies such as TechnoImaging, LLC, Geotech Ltd., GoldSpot Discoveries Inc., KoBold Metals, PGS ASA, and SJ Geophysics Ltd.

On February 6, 2023, CGI, together with Clean TEQ Water Operations Pty Ltd, incorporated Go2Lithium Inc.

(“Go2Lithium”), a British Columbia company in which each party owns 50%.

Go2Lithium was formed for the purpose of financing, acquiring and/or joint venturing a portfolio of technologies to produce battery grade lithium salts from aqueous sources and to build extraction plants based on proprietary continuous ion-exchange direct lithium extraction technology.

VRB, and its subsidiaries are primarily engaged in designing, manufacturing, installing and operating energy storage systems.

The major product of VRB is VRB-ESS®.

Our Interest in VRB.

Through a wholly-owned subsidiary, we owned 90.0% of VRB’s outstanding common shares as of December 31, 2022.

We acquired these shares in 2016 from Sparton Resources Inc.

(“Sparton”), a corporation listed on the TSXV.

Sparton holds the remaining 9.98% through one of its subsidiaries.

In June 2021, VRB issued a $24,000,000 convertible bond to BCPG, a publicly listed Thai renewable energy developer.

The convertible bond is convertible into VRB common shares at the next equity financing round VRB completes, capped at a pre-money valuation of $158,000,000.

At the time of the conversion of the BCPG convertible bond, we will also be required to convert our existing inter-company debt into additional VRB common shares.

As a result, we expect that our ownership interest will be diluted by between approximately 13.6% and 14.4% (depending on several variables) when the BCPG bond is converted to VRB common shares.

Business of VRB.

VRB operates primarily through its wholly owned foreign enterprise, VRB Energy Systems (Beijing) and other subsidiaries established in the PRC, Singapore, and the USA.

VRB developed a MW-Class VRB-ESS system (“Gen1”) that was launched prior to our acquisition of an interest in VRB in 2016.

Ongoing research and development (“R&D”) and project experience have allowed VRB to produce larger, more efficient and more cost-effective systems in each generation.

VRB made significant improvements to the Gen1 system in developing the MW-Class Gen2 system that is currently being marketed.

VRB has developed its Gen3 system based on a 1MW battery size and is now moving towards a Gen4 system.

VRB’s customers are broadly divided into commercial and industrial users located in China and internationally that are seeking reductions in energy costs and/or increased use of renewable energy and/or on-site power reliability;

grid service providers that are developers, owners or aggregators providing flexible services to grid networks and seeking energy storage systems to enhance project economics or to broaden revenue streams;

and utilities and wholesale energy market participants that are engaged in wholesale market trading activity or large-scale generation using energy storage for load balancing or revenue from arbitrage and associated activities.

VRB’s primary source of revenue is through the sale or lease of a VRB-ESS to customers and, depending upon customer requirements, VRB may sell only the power module components of a VRB-ESS (that is, excluding vanadium electrolyte) or a complete VRB-ESS system.

The more common form of sale by VRB as an original equipment manufacturer is a direct sale of equipment with commitments to a customer ending with the supply and commissioning of

the VRB system.

VRB also earns revenue from the provision of operation and maintenance services to its customers as and when required under separate contract.

VRB produced its own V 2 O 5 through a tolling agreement in place with an existing producer ammonium metavanadate (“AMV”) until May 2022 and plans to further integrate into both V 2 O 5 and electrolyte production.

VRB sells surplus V 2 O 5 in the form of AMV into the commodity market and plans to continue to do so in the future as its V 2 O 5 production expands, whether as V 2 O 5 or as AMV.

VRB’s goal is to deliver the best technology at the lowest cost to large-scale utility energy storage projects around the globe.

VRB has completed development of the new Gen3 system which is currently being marketed on a commercial basis.

VRB is increasing expenditures on commercial development, especially regarding international certification of its batteries, as well as seeking market penetration in the United States.

VRB is also working to increase its vertical integration.

Following two years of tolling material to begin production of V 2 O 5 (in the form AMV) with Vietnam Youngsun Tungsten Industry Co.

Ltd at their current 1,800 tpa V 2 O 5 plant in Vietnam, VRB is now finalizing a feasibility study for a wholly-owned 3,000 tpa V 2 O 5 state-of-the-art facility with integrated electrolyte production and battery manufacturing in readiness for construction to commence in 2023.

VRB is also executing early study work on V 2 O 5 sourced from waste from large petrochemical refineries in India, North America, and Saudi Arabia.

VRB Intellectual Property.

VRB has registered its key intellectual property in the PRC and certain countries internationally, including the United States, for the VRB-ESS system and component designs along with IP specific to the extraction of V 2 O 5 from cinder and catalyst material sourced from oil-fired power stations and refineries.

VRB and its subsidiaries have been issued 53 patents collectively in Mexico, the U.S., Chile, China, Indonesia, India, Japan and South Korea.

A further 24 patent applications have been filed in China and one patent application has been filed in India.

Location and Employees.

VRB currently operates a 10,000 m 2 facility located outside of Beijing.

Operating at full capacity, the facility is fitted to produce batteries with 50 MW per year of storage capacity with a single shift roster and can be expanded to 100 MW with double shifts.

The facility also houses R&D, engineering services, project management and administration.

To support future growth, VRB has a signed a framework agreement for the phased development of a ‘gigafactory’ in Hubei Province, PRC to manufacture the new Gen3 system.

The province is planning multiple 100 MW-scale local projects, the first of which is expected to be awarded in 2023.

VRB already has successfully contracted a 3 MW 4-hour (12 MWh) battery in Hubei which is considered a validated pilot system that has provided the foundation for the larger installations to follow.

VRB’s products compete mainly with lithium-ion batteries.

Lithium-ion batteries, with their history of use in small consumer electronics and electric vehicles (“EVs”), have been able to reduce costs over time, and as a result have been ahead of vanadium flow battery systems, which are only beginning to scale up as the ideal storage technology for utility grids.

Vanadium batteries have traditionally been more expensive than lithium- ion batteries because of the high-cost of low-volume “off-the-shelf” components and materials.

However, vanadium flow batteries have distinct and inherent advantages for long-duration and long-life applications, which means they are the ideal solution for the expected large-scale integration of solar and wind power onto utility grids around the world.

The risk of catastrophic fires or explosions in lithium battery projects remains a major differentiator to vanadium flow storage, which pose a much lower risk of fire or explosion.

For the daily deep-cycling needs of solar and wind power, vanadium flow batteries also have a significant advantage in levelized cost of energy which is an industry metric for total cost of ownership that takes into account the degradation, limited depth of discharge and augmentation, i.e.

replacement, costs of lithium-ion batteries, which vanadium flow batteries do not generally experience.

The major competitors to VRB in vanadium flow batteries are Invinity Energy Systems plc, Vionx Energy Corporation, Dalian Rongke Power Co., Ltd.

and Sumitomo Corporation.

Mining and Mineral Project Exploration Laws

United States (Utah, Arizona)

Mining exploration and resource development operations in Utah and Arizona are governed by both federal and state law, and the Company is required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the exploration of minerals in the United States generally.

Utah — Tintic Project

The state of Utah has primacy over major mining and environmental laws applicable to the Tintic Project state and private lands, including mining, air and water permitting.

With primacy, the U.S.

Environmental Protection Agency

(“EPA”) and other federal agencies have delegated primary enforcement responsibility for mining and environmental law oversight to the state of Utah.

Mining operations must obtain proper permits and approvals and submit proper reclamation surety prior to mine start-up per state and federal statutory and regulatory requirements.

The BLM, as agent for the U.S.

Secretary of the Interior, has retained responsibility for managing and overseeing federally owned locatable mineral resources (which includes metalliferous minerals) under the General Mining Law of 1872.

When mining projects impact federal lands (minerals or surface), approvals from BLM are required per the Federal Land Policy and Management Act.

Federal actions requiring permits or approvals trigger compliance with the NEPA.

The level of scrutiny a project receives is based upon BLM’s discretion, the significance of impacts to the environment, and/or the public’s interest or involvement.

A portion of the properties within the Tintic Project are located on federal lands and the Company holds via lease or ownership a number of federal unpatented mining claims and, therefore, the Company’s operations on these federal lands will be subject to BLM regulatory oversight and permitting approval.

The Tintic Project is located primarily within Juab County, Utah, though small portions of the project are also located within Utah County.

Both Counties’ ordinances require mining operations to obtain a Conditional Use Permit (“CUP”) prior to commencing mining operations.

The Company will work with Juab County officials to secure the required CUP authorizations (and Utah County, as needed).

In addition to the CUP, the Tintic Project will be required to obtain other ancillary permits and approvals (such as building and road access permits) from the county in accordance with the county’s ordinances.

The Endangered Species Act of 1973 was passed by Congress in order to protect and recover endangered species and their habitat.

Site specific surveys will be completed for the Tintic Project area to identify any threatened, endangered, or candidate species or potential habitat.

However, based on current information, it appears that the risk of impacts to endangered species and their habitat is limited.

The following table identifies the major permits and approvals that we will need to obtain prior to the construction and start-up of the mine and any processing facilities.

The permits listed are not meant to be all-inclusive and cover only the major permits required for the mine and processing facilities.

In addition, various rights-of-way “ROWs”) across state and federal lands may be needed from SITLA and BLM in order to construct project water and utility service infrastructure, and to upgrade existing roads.

The Company has been in contact with SITLA and BLM regarding a number of aspects of the Tintic Project and does not anticipate that obtaining these ROWs presents a material issue.

Major Permits or Approvals Issuing Agency

Exploration Permit Utah Division of Oil, Gas and Mining

Large Mine Operation Approval Utah Division of Oil, Gas and Mining

Water Appropriations Utah Division of Water Rights

Air Quality Permit Utah Division of Air Quality

General Multi-Sector Industrial Storm Water Permit Utah Division of Water Quality

3809 Plan of Operation Approval US Bureau of Land Management

Army Corps of Engineers Jurisdictional Waters Concurrence US Army Corps of Engineers

County Conditional Use Permit and Other Permits Juab County and Utah County

Exploration Permits.

Exploration activities for minerals require an approval from Utah Division of Oil, Gas and Mining (“UDOGM”).

Exploration activities within the Tintic Project area are being completed under exploration permits.

Approval for Large Mine Operation.

The Notice of Intent to Commence Large Mining Operations must be obtained prior to the commencing of mining operations and will contain a complete description of the existing environmental resources and impacts.

Environmental baseline studies will be necessary to support the Notice of Intent application.

The Notice of Intent will include a description of mining methods, a comprehensive reclamation plan, and identifies the financial security acceptable to UDOGM to cover the costs of reclamation to be completed by an independent third-party as required under the Utah state administrative rules (R647).

Execution of the acceptable financial security instrument will be required in advance of commencing mining activities.

Approval of a Notice of Intent to commence Large Mine Operations in Utah can occur within 6-9 months of an application submittal.

Water Appropriations.

The Tintic Project is located within the Sevier River Basin.

Surface and groundwater use and appropriations within the State, including this basin, are regulated by the Utah Division of Water Rights.

Pursuant to the

current Sevier River Basin policy, the basin is closed to new surface and groundwater appropriations, so to meet the water requirements for the Tintic Project, we will rely on lease agreements or acquisitions of existing water rights within the area of the Tintic Project.

We have commenced discussions with water rights holders regarding the lease or acquisition of existing water rights.

General Multi-Sector Industrial Storm Water Permit.

A storm water pollution prevention plan (“SWPPP”) must be prepared as outlined in the general industrial permit prior to receiving permit coverage.

The drainage control plan developed as part of the mining and reclamation plan will be used to develop the SWPPP.

The SWPPP must be fully developed, and permit coverage granted prior to breaking ground at the Tintic Project site.

Army Corps of Engineer’s (“ACOE”) Jurisdictional Waters.

Site surveys will be completed for the entire Tintic Project area, including all utility corridor and access roads.

It is anticipated that all mining operations will avoid all currently identified potential jurisdictional waters within the area of the Project.

Therefore, no permits or approvals from the ACOE are expected to be required.

County Conditional Use Permit and Other Permits.

We have been proactive in maintaining good communication with the local community.

To date, county officials as well as local landowners have expressed strong support for the Tintic Project.

With this level of support for the Tintic Project, the CUP should be issued by Juab County without significant challenges.

Anticipated time for approval would be 3-6 months once all the supporting studies have been completed.

Arizona — Santa Cruz Project

The Santa Cruz Project’s exploration and mining operations will be conducted entirely on private lands, and the planned mining operations will extract private mineral resources.

Based on our assessment of federal and state law and regulations, the State of Arizona will be the lead permitting agency.

Similar to Utah, the state of Arizona has been granted primacy of most of the major mining and environmental regulations applicable to the Santa Cruz Project, the primary exception being the federal underground injection control program.

Several federal and state mining and environmental regulations will be applicable to the Santa Cruz Project depending on final design and operational details.

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Underground Injection Control (“UIC”) Permit.

A UIC permit is administered by Region 9 of the EPA under the federal Safe Drinking Water Act but the issuance of a UIC permit does not trigger NEPA.

This federal permit would apply if the project were to inject fluids underground, as would be the case for in situ leach mining.

A conventional underground mine that does not involve underground fluid injection would not require coverage under a UIC permit.

A UIC permit is administered by Region 9 of the EPA under the federal Safe Drinking Water Act but the issuance of a Class V UIC permit, which is what the project would require for paste backfill, is “authorized by rule”.

“Authorized by rule” means that an injection well may be operated without a permit as long as the owners or operators, submit inventory information to their permitting authority and verify that they are authorized to inject, operate the wells in a way that does not endanger underground sources of drinking water (“USDW”), and properly close their Class V well when it is no longer being used.

After reviewing an owner or operator’s inventory information the permitting authority may determine that an individual permit is necessary to prevent USDW contamination.

The technical information to support a UIC application is extensive and requires significant data on subsurface geology and hydrology.

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Rules and regulations have been adopted to limit the amount of particulate matter produced by certain types of activities.

A permit application is being submitted through the online portal to cover the exploration activities.

A permit is submitted annually through the online portal to cover the exploration activities.

A separate dust control permit will be submitted for the commencement of mining operations.

As the project is anticipated to have the potential to create emissions of regulated air pollutants above a minimum threshold during the mining phase for the processing plants, a permit from PCAQCD must be obtained before construction begins.

As the project is anticipated to have the potential to create emissions of regulated air pollutants above a minimum threshold during the mining phase for the processing plants, a final permit from PCAQCD must be obtained before construction begins.

The permit application would identify emission sources, emission controls and other relevant information.

Development of a dispersion model to estimate effects to background air quality from project emission may be required.

Development of a dispersion model to estimate impacts to background ambient air quality from project emission may be required.

The permitting process includes a 30-day public comment period, and the time needed by PCAQCD to complete the technical review depends on the complexity of the project.

We anticipate the permit could be obtained within 12 months of application submittal but will be dependent on the category of permit needed and the agency backlog at the time of submittal.

Aquifer Protection Permit.

During the exploration phase of the project, unlined water impoundments, such as drill sumps, will be constructed and be subject to an Aquifer Protection Permit (“APP”).

General Permit 1.04 allows any discharge from a facility that receives water, drilling fluids, or drill cuttings from a well if the discharge is to the same aquifer in approximately the same location from which the water supply was originally withdrawn.

During mine commercial operations, facilities will likely be required that are categorized by Arizona statute as discharging facilities and would require an APP Individual Permit.

We anticipate that an Individual (as opposed to General) permit would be required and that a public hearing would be held.

Technical information to support an APP application is extensive and requires that facility design be advanced to the point that the potential for impacts groundwater quality can be adequately assessed.

Aquifer Protection Permit (“APP”).

During mine commercial operations, unless specifically exempted or designed, constructed and operated so that there will be no migration of pollutants directly to the aquifer or to the vadose zone, mine facilities such as surface impoundments, waste rock or overburden disposal units, tailings impoundments, and leaching facilities are generally considered to be discharging facilities and must be operated pursuant to either an individual APP or general permit.

For facilities during decline development, we believe a Type 2.02 General APP Permit would be required.

For full project operations, we anticipate that an Individual (as opposed to General) permit would be required and that a public hearing would be held.

Technical information to support an APP application is extensive and requires that facility design be advanced to the point that the potential for impacts to groundwater quality can be adequately assessed.

Arizona Administrative Code R18-1-525 limits the time for a complex Individual APP with public hearing to 329 business days.

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AZPDES Industrial Stormwater Mining Multi-Sector General Permit (“MSGP”).

A SWPPP must be prepared as outlined in the mining sector MSGP prior to receiving permit coverage.

A Storm Water Pollution Prevention Plan (“SWPPP”) must be prepared as outlined in the mining sector MSGP prior to receiving permit coverage.

The drainage control plan developed as part of the mining and reclamation plan will be used to develop the SWPPP.

3 unchanged sentences

All surface facilities must be reclaimed and a reclamation plan must be developed to describe the methods and the schedule for reclamation.

In addition, the costs for a third-party to complete the reclamation must be estimated.

The reclamation plan and reclamation cost estimate must be provided to the Arizona Mine Inspector for approval, a process expected to take 120 days.

Financial assurance must also be secured by means of a surety bond, certificate of deposit, cash deposit and corporate guarantee, to ensure that the funds are available to complete reclamation in the event of operator default.

In addition, a reclamation bond, the costs for a third-party to complete the reclamation, must be estimated.

The reclamation plan and reclamation cost estimate must be provided to the Arizona State Mine Inspector for approval, a process expected to take 120 days.

Financial assurance must also be secured

by means of a surety bond, certificate of deposit, cash deposit and corporate guarantee, to ensure that the funds are available to complete reclamation in the event of operator default.

The Santa Cruz Project is currently operating under an Exploration Drilling Reclamation Plan that has been approved by the Arizona State Mine Inspector.

A Mined Land Reclamation Plan (“MLRP”) for full operations will be completed and submitted for approval prior to construction of the project.

Water Appropriation Permits.

We have acquired a substantial land package with associated water rights.

Most of these rights authorize water use for irrigation or residential service connections, so administrative filings will likely be required to convert them to the proposed mining uses.

Most of these rights authorize water use for irrigation or residential service connections, so administrative filings to convert them to the proposed mining uses have been completed.

We are also exploring other potential water rights sources in the area.

City/County Zoning Changes.

The Santa Cruz Project would be required to undergo the City of Casa Grande Entitlement Process in order to rezone the area from a “Planned Area of Development” designation to an “Industrial” designation.

In accordance with the provisions of the Arizona Revised Statutes, the city council may from time to time change the zoning of parcels within the municipality.

These changes in zoning classification are for the purpose of meeting the land use needs of the residents of the city in conformance with the city's general plan.

A Major General Plan Amendment Application must be submitted and approved prior to a rezoning petition.

A Major Plan Amendment requires a Planning Commission and City Council public hearing process and can be expected to take up to 200 days.

The rezoning petition must be submitted after the Major Plan Amendment approval is received and will require preparation of a Major Site Plan.

The Major Site Plan and rezoning process both require a public hearing process and can be expected to take up to 250 days for final approval.

The foregoing is intended to identify the major, or long-lead time, permits and approvals, and is not exhaustive.

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• Solid or hazardous waste permits

• City/County zoning changes

• City/County building permits, utility permits, road access permits

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Given the prevalence of copper mining, these jurisdictions have developed regulatory programs that have well-defined permitting requirements and that are relatively predictable in terms of the permitting process and associated timelines.

There is aggressive competition within the mineral resources industry.

We compete with other companies to acquire prospective mineral projects or to acquire, or stake, mineral titles.

Many of these companies currently have greater resources than we do to be able to identify and evaluate prospective mineral projects or titles, and often have greater financial resources to be able to pursue their acquisition.

In addition, we also encounter competition for the hiring of key personnel whether as employees, consultants or other service providers.

The mineral exploration and mining industry is currently facing a shortage of experienced mining professionals.

Moreover, the demand for exploration equipment (including drilling rigs), technical consultants and assay labs is very high, and such personnel and services may not be available, or if they are, at costs that are greater than expected resulting in an increase in our costs.

This competition affects us by increasing the time and cost to conduct exploration activities.

The state of Utah has primacy over major mining and environmental laws applicable to the Tintic Project state and private lands, including mining, air and water permitting.

With primacy, the U.S.

Environmental Protection Agency (“EPA”) and other federal agencies have delegated primary enforcement responsibility for mining and environmental law oversight to the state of Utah.