What changed in this filing

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Item 1. Business

2025-02-27 compared with 2024-02-26 · 617 added, 731 removed, 865 unchanged (61% of the section changed)

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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.

Key considerations that will influence our decision making include, but are not limited to, using clean and renewable energy, and energy storage, 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

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

Our sole material mineral project is the Santa Cruz Project in Arizona.

Santa Cruz Project

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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 for the Santa Cruz Project, completed in September 2023, focuses on an 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.

At the Santa Cruz Project, we are advancing environmental, technical, trade-off and economic studies in preparation for a Preliminary Feasibility Study for a copper mining operation 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.

Our other mineral projects in the United States include the Tintic Project, located in Utah, and the Hog Heaven Copper-Silver-Gold Project, located in Montana.

We also hold a portfolio of exploration projects in the western United States, including projects in Arizona, Nevada, New Mexico and Montana.

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

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”).

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 operates through a 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.

We contributed $66.4 million of the proceeds from the sale of our common shares to Ma’aden to initially fund Saudi JVCo and we provided 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.

Saudi JVCo has purchased three new generation Typhoon™ units from the Company’s former parent, I-Pulse, all of which have now been delivered to the Joint Venture and are active in Saudi Arabia.

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

(“CGI”), our 94.3% 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.

The Joint Venture commenced exploration activities in November 2023 and announced its first mineral discovery in January 2025.

Exploration Alliance with BHP Mineral Resources

In 2024, we established an exploration alliance (“Exploration Alliance”) with BHP Mineral Resources Inc.(“BHP”), a subsidiary of BHP Group Limited, to search for critical minerals in the United States.

The Exploration Alliance Agreement sets out the framework for us (acting through a wholly owned subsidiary) and BHP to explore mutually agreed “Areas of Interest” or AOIs in the United States to identify projects within those AOIs that may become 50/50 owned joint ventures.

The initial AOIs are in Arizona, New Mexico, and Utah.

The Alliance is for an initial term of three years, which may be extended upon mutual agreement.

BHP will provide the initial funding of $15 million and any subsequent funding would be on a 50/50 basis.

We will provide the Exploration Alliance with access to one of its new generation Typhoon™ geophysical survey systems as well as the machine learning algorithmic software and data inversion services of CGI.

In January 2025, the Exploration Alliance announced that it was conducting its first Typhoon™ survey at an area of interest in Arizona.

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.

As at December 31, 2024, our other mineral projects outside of the United States are the Alacran Project in Colombia (owned through our 62.5% i nterest in publicly traded company Cordoba Minerals Corp.), the Ivory Coast Project (owned through our interest in publicly traded company Sama Resources Inc.

(“Sama”) and our 60% interest in a joint venture entity that directly owns the mineral titles of the project) in Ivory Coast, and the wholly owned 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, 2024, we owned 62.5% of Cordoba’s issued and outstanding shares.

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

The Alacran Project, which is owned 50% by Cordoba and 50% by JCHX Mining Management Co., Ltd.

(“JCHX”), is being developed jointly between the owners.

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.

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.

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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.

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 (“SNC”), with Sama.

At December 31, 2024, we directly owned 60% of the joint venture entity SNC.

The Ivory Coast Nickel-Copper Project has potential for a conventional open pit mining operation supporting 86.5 million tonnes of modelled mill feed together with 1.62 million tonnes of direct shipped laterite material entirely from the Grata, Main and Extension deposits and the Sipilou Sud Laterite deposit.

The Pinaya Gold-Copper Project, owned by our 100%-owned 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 contained in a NI 43-101 Technical Report titled Pinaya Gold-Copper Project, Caylloma and Lampa Provinces, Peru, NI 43-101 Technical Report, with an effective date of April 26, 2016.

Typhoon and Computational Geosciences

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.

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

We also own a 94.3% controlling interest in a data inversion business, CGI.

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

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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.

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, 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.

(“VRB”) is primarily engaged in the design, manufacture, installation, and operation of large-scale energy storage systems using vanadium redox batteries.

VRB’s major product is VRB-ESS®.

Vanadium redox batteries are a type of rechargeable flow battery that employs vanadium ions as the charge carriers.

We believe they are safe, scalable and have the lowest lifecycle cost of energy compared to other types of batteries, making them ideal for grid-scale energy storage.

VRB’s goal is to deliver the best technology at the lowest cost to large-scale utility energy storage projects globally.

VRB has over 500 MWh of energy storage capacity installed or in development and has completed over one million hours of testing and operation.

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 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.

Typhoon™ can and has been used successfully to accelerate and de-risk the exploration process enabling a higher frequency of mineral discovery and lowering total exploration costs by more quickly identifying targets for drill testing over large areas of prospective land.

Typhoon™ has proven to be an important exploration tool during its deployment at the Santa Cruz Project, the Tintic Project and in Saudi Arabia.

Current and historical deployment of Typhoon™

We also have interests in grid scale energy storage systems utilizing vanadium redox flow technology.

We own a 90.0% interest in VRB Energy Inc.

(“VRB Energy”), which itself owns 100% of VRB USA Inc.

(“VRB USA”), an Arizona-based business focused on the development and manufacture of grid-scale energy storage systems utilizing vanadium redox flow batteries for integration with renewable power sources.

VRB Energy also has a 49% interest in VRB Energy System (Beijing) Co., Ltd, a joint venture in China (“VRB China Joint Venture”) with a subsidiary of privately held Shanxi Red Sun Co., Ltd., which owns 51% of the VRB China Joint Venture.

The VRB China Joint Venture manufactures, develops and sells vanadium redox flow batteries for Asian, African and Middle Eastern markets.

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.

The Santa Cruz, Tintic and Hog Heaven Projects are situated in the high-quality copper producing jurisdictions of Arizona, Utah and Montana, 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

Fraser Institute 2023 Investment Attractiveness

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.

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 and results.

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

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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”).

The Santa Cruz Project 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 covering 19.32 km 2 of U.S.

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

In 2024, Ivanhoe Electric’s wholly owned subsidiary, Mesa Cobre, executed an agreement with Central Arizona Resources (“CAR”) for the right to acquire 100% of CAR’s option over DRH Energy, Inc.

(“DRHE”) mineral title, 39 federal unpatented mining lode claims, and 3 surface parcels.

This option was exercised in August 2024 and we now own, through our wholly owned subsidiary Mesa Cobre, all mineral title over the project area.

Aggregate consideration was $27.9 million, of which $10.0 million was paid in August 2024, plus certain contingent obligations discussed further below.

In May 2023, we acquired 5,975 acres of surface title from Legend Property Group (now known as Wolff-Harvard Ventures).

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

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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.

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 the owner by August 16, 2024.

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.

At closing for CG100 we paid $300,000, and then on each the first and second anniversaries of the

closing date we paid $300,000.

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

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.

In November 2023, Ivanhoe Electric acquired 16 mineral exploration permits from 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.

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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.

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There are no advance royalties.

In addition, under the Option Agreement for Purchase and Sale dated August 16, 2021 between Central Arizona Resources, LLC (“CAR”) and DRHE (“Option Agreement”) as assigned by CAR to our wholly-owned subsidiary, Mesa Cobre, on October 27, 2021, there are potential additional payments to DRHE, including an “AMRC Payment” and a “Generational Payment”, to be calculated based on mineral reserves set forth in a definitive feasibility study (a “DFS”) and based on future mineral production.

The AMRC Payment, if any, will be equal to $0.015 per pound of copper for every pound of additional mineable reserve copper over 2 billion pounds, as determined by the DFS, payable in five equal annual installments commencing one year following the commencement of commercial mining operations.

The decision to proceed with commercial mining operations shall be at the sole discretion and determination of Mesa Cobre.

The Generational Payment, if any, will be equal to $0.015 per pound of copper (adjusted based on a price index) for every pound of copper produced over and above the copper reserves estimate in the DFS.

Pursuant to the Option Agreement, Mesa Cobre has committed to prepare the DFS no later than August 16, 2027, granted DRHE a right to elect to receive all or any portion of such future payments in the Company’s common stock at a 10% discount to the 5-day volume weighted average price, registration rights and is subject to indemnification obligations.

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”).

The first discovery of copper mineralization in the Santa Cruz Project 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.

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

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

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

Existing and past land uses in the Santa Cruz Project area and immediately surrounding areas include agriculture, residential home development, light industrial facilities, and mineral exploration and development.

Some dispersed recreation occurs in the area.

The climate is dry, and most of the Santa Cruz Project area is flat, sandy, and sparsely vegetated.

Portions of the Santa Cruz Project area are in the 100-year flood plain.

Within the Santa Cruz Project area, approximately 85 acres of land located 1.2 km north of the intersection of N.

Spike Road and W.

Clayton Road was used during an in situ leaching project in 1991.

We have a large private land package covering the Santa Cruz Project area and area of known mineralization.

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 the Santa Cruz Project will be determined as the mining and processing methods are designed.

Permitting and encumbrances .

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Dust Control Permit

DUSTW-22-0292

Pinal County Air Quality Control District

05/11/2024 Bi-weekly inspections;

DUSTW-22-0292 Pinal County Air Quality Control District (PCAQCD) Approved 05/20/2025 Daily inspections;

limit vehicle access to work areas;

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No Violations

NOI AZPDES Stormwater General Construction Permit AZCN96111

Arizona Dept.

of Environmental Quality

Stormwater Pollution Prevention Plan in place;

monthly inspections

Non-exempt Well Permit No.

T-930301 Well Registration No.

55-930301 (MW-09) Arizona Department of Water Resources Approved N/A Approval to withdraw groundwater from a well under authorized Type 1 groundwater right No.

58-110104.0004.

Maximum pumping capacity:

350 gallons per minute;

maximum annual volume:

Permittee shall monitor withdrawals and report the total amount withdrawn on an Annual Water Withdrawal and Use Report.

No Violations

Temporary Use Permit DSA-22-00200

City of Casa Grande

Submit SFHA Permit and Non-SFHA Temporary Use Permit

NOI AZPDES Stormwater General Construction Permit AZCN96111 Arizona Dept.

of Environmental Quality Approved 06/30/2025 Stormwater Pollution Prevention Plan in place;

monthly inspections No Violations

Santa Cruz Mine Major General Plan Amendment DSA-24-00003 City of Casa Grande

Resolution No.

5273.29 - Land use designation of +/- 2.898 acres was changed from Neighborhoods to Manufacturing/Industry

No Violations

Floodplain Use Permit FUP2206-165

Temporary Use Permit DSA-22-00200 City of Casa Grande Approved 11/08/2025 N/A No Violations

Floodplain Use Permit FUP2206-165 Pinal County

Existing grades within the area of disturbance shall be restored per the reclamation plan.

No Violations

Exploration Drilling Reclamation Plan

Arizona State Mine Inspector

Special Flood Hazard Area Permit - CDP-23-01296 City of Casa Grande

11/08/2025 Existing grades within the area of disturbance shall be restored per the reclamation plan.

Stormwater shall be managed per the Stormwater Pollution Prevention Plan.

No Violations.

Special Flood Hazard Area Permit - CDP-24-01218 City of Casa Grande

11/08/2025 Existing grades within the area of disturbance shall be restored per the reclamation plan.

Stormwater shall be managed per the Stormwater Pollution Prevention Plan.

No Violations

Temporary Use Permit - (Non-SFHA) - DSA-23-00116 City of Casa Grande

11/08/2025 Existing grades within the area of disturbance shall be restored per the reclamation plan.

Stormwater shall be managed per the Stormwater Pollution Prevention Plan.

No Violations

Temporary Use Permit - (Non-SFHA) - CDP-24-01233 City of Casa Grande

11/08/2025 Existing grades within the area of disturbance shall be restored per the reclamation plan.

Stormwater shall be managed per the Stormwater Pollution Prevention Plan.

No Violations

Planned Area of Development (PAD) Amendment City of Casa Grande Approved N/A Ordinance No.

1178.287.01 - Zoning amended to allow for mining activities on approximately 3,323 acres of land for the Santa Cruz Project.

Exploration Drilling Reclamation Plan Arizona State Mine Inspector (ASMI) Approved

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

Special Flood Hazard Area Permit – Exploration Drilling

City of Casa Grande

Temporary Use Permit –

The information and the table below identifies the major permits and approvals that we will need to obtain either prior to the construction or before start-up of the mine and processing plant(s).

The permits listed are not meant to be all-inclusive and cover only the major permits required for the mine and processing plant that are known at the current time.

Design information is in progress.

Major Permits or Approvals Issuing Agency

Dust Control and Class II Air Quality Permits

Pinal County Air Quality Control District

Aquifer Protection Permit Arizona Department of Environmental Quality

Mine Land Reclamation Plan Approval

Arizona State Mine Inspector

45-513 Groundwater Withdrawal Permit

Arizona Department of Water Resources

Recycled Water Discharge Permit

Arizona Department of Environmental Quality

Major Site Plan Approval

City of Casa Grande

Floodplain Use Permit

Class V Underground Injection Control Permit Ppl

Class V 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 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.

Detailed design would be needed and much of the data requirements would overlap with the Arizona Aquifer Protection Permit (below).

Dust Control and Air Quality Permits.

Emissions of fugitive dust caused by activities that disturb the soil, such as earthmoving, vehicular/equipment traffic on unpaved surfaces, project activities disturbing unpaved services and wind require a dust control permit from the Pinal County Air Quality Control District (“PCAQCD”).

Dust caused by vehicles traveling on unpaved roads, construction and wind events create a type of air pollution called particulate matter.

Rules and regulations have been adopted to limit the amount of particulate matter produced by certain types of 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 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 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 (“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.

This time could be extended if the application review identifies additional information that is required to be submitted or if agency backlog is high at the time of submittal.

We anticipate being able to obtain this information within 24 months of developing the permit application.

Mined Land Reclamation Plan Approval.

All surface facilities must be reclaimed and a reclamation plan must be developed to describe the methods and the schedule for reclamation.

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.

45-513 Dewatering Permit.

The Santa Cruz Project is located within the Pinal County Active Management Area and will require a permit to withdraw groundwater for dewatering purposes.

Per Arizona Revised Statute 45-513, a person who is engaged in or proposes to engage in the extraction and processing of minerals shall be issued a dewatering permit for the beneficial use of the land for mineral extraction, for metallurgical processing, and for compliance with applicable environmental controls.

Licensing time frames for a 513 dewatering permit include administrative completeness and substantive reviews with a public hearing for a total duration of 100 to 245 days.

Recycled Water Individual Permit.

A Recycled Water Individual Permit is required for treatment and reuse of industrial reclaimed water.

In the event the Santa Cruz Project has excess water, and the water must be treated prior to redistribution per the regulated priority uses, a Recycled Water Individual Permit must be issued by the Arizona

Department of Environmental Quality.

Per the Arizona Administrative Code R18-9-7, licensing timeframes for permit approval can run anywhere from 186 to 294 business days.

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.

The Major General Plan Amendment for the Santa Cruz Project has been approved.

The Planned Area of Development (“PAD”) Amendment must be submitted after the Major General Plan Amendment approval is received.

Once the PAD amendment is approved, a Major Site Plan must be submitted and approved prior to commencement of construction activities.

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 Migratory Bird Treaty Act prohibits “Take” without prior authorization by the U.S.

Fish and Wildlife Service (USFWS).

This includes “Incidental Take” which is harming or killing resulting from, but is not the purpose of, carrying out an otherwise lawful act.

Santa Cruz has implemented beneficial practices in accordance with USFWS Nationwide Standard Conservation Measures which include employee education, preconstruction surveys, nest monitoring, and avoidance of active nests.

This may affect access points and the ability to perform work on the property.

Existing and past land uses in the Project area and immediately surrounding areas include agriculture, residential home development, light industrial facilities, and mineral exploration and development.

Some dispersed recreation occurs in the area.

The climate is dry, and most of the Project area is flat, sandy, and sparsely vegetated.

Portions of the Project area are in the 100-year flood plain of the North Branch of Santa Cruz Wash.

Within the Project area, approximately 85 acres of land located 1.2 km north of the intersection of N.

Spike Road and W.

Clayton Road was used during an in situ leaching project in 1991.

A Phase 1 Environmental Site Audit (“ESA”) was conducted on the Project area.

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

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.

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

Thus, the project design must be substantially advanced to support the application for those permits.

These technical permits typically represent the “longest lead” permits.

Technical permits with substantial technical design are needed as part of the applications.

The anticipated issuing agencies include:

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)

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 U.S.

Portions of the Project site are 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 foregoing is intended to identify the major, or long-lead time, permits and approvals, and is not exhaustive.

Additional permits or authorizations will be required.

However, additional permit requirements and approvals are not anticipated to require extensive technical detail or review and lengthy issuance timelines.

These additional permits may include:

• Hazardous materials permits

• Solid or hazardous waste permits

• City/County building permits, utility permits, road access permits

• City/County Special Use permit or Development Plan approval

• Floodplain use permit

• Stormwater permit

• Septic or sewage treatment permit

• Onsite landfill permit

• Potable water system permit

• Threatened or endangered species consultation

• Cultural resources consultation

Numerous large mine operations have been permitted in Arizona, and specifically in Pinal County where the Santa Cruz Project is located.

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, although we cannot provide assurance that all permits will be received.

Geological Setting, Mineralization and Deposit Types.

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Supergene enrichment is a mineral deposition process in which near-surface oxidation produces acidic solutions that leach metals, carry them downward, and reprecipitate them, thus enriching sulfide minerals already present.

Sometime following the development of supergene mineralization, the Santa Cruz system was dismembered, displaced, and eventually buried as a result of Basin and Range extensional tectonism.

Sometime following the

development of supergene mineralization, the Santa Cruz system was dismembered, displaced, and eventually buried as a result of Basin and Range extensional tectonism.

Mineralization at the Santa Cruz Project is generally divided into three main types:

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Exploration and Drillin g.

We completed a twin hole program in 2021 to validate the historical drill data and produce an initial Mineral Resource Estimate in 2021 (December 8, 2021) and accompanying Technical Report Summary (June 7, 2022).

Our exploration in 2021 – 2022 included:

Geophysical surveys – ground gravity, ground magnetics, Typhoon™ three-dimensional Perpendicular Pole Dipole Induced Polarization (“3D PPD IP”), refraction, and passive seismic.

Drilling – a combination of diamond drill and rotary drilling totaling 88 holes and approximately 55,291 m.

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.

Ivanhoe Electric initiated our exploration on the Santa Cruz project with a twin hole program in 2021 to validate historical drill data and produce an initial Mineral Resource Estimate in 2021 (December 8, 2021) and accompanying Technical Report Summary (June 7, 2022).

Further exploration in 2021 – 2022 included (i) geophysical surveys, comprising ground gravity, ground magnetics, Typhoon™ three-dimensional Perpendicular Pole Dipole Induced Polarization (“3D PPD IP”), refraction, and passive seismic, and a combination of diamond drill and rotary drilling totaling 88 holes and approximately 55,291 m.

Exploration drilling in 2023 included a combination of diamond drill, rotary, and sonic drilling totaling 94 holes and approximately 68,300 m.

Exploration drilling in 2024 focused on the Texaco deposit and the Southwest Exploration Area with eight drill holes totaling approximately 8,700 meters completed.

See 2024 Exploration Sampling Method and Table 1 below.

Both drilling campaigns were guided by previous Typhoon™ surveys.

Exploration drilling in the Southwest Exploration Area included four drill holes.

The Southwest Exploration Area was recognized after the Company drilled an anomaly generated by Typhoon™ and intersected sulfide copper mineralization under cover more than one kilometer southwest of the Santa Cruz deposit.

The deposits for the Santa Cruz Project are expected to have an updated Mineral Resource estimate as part of the Santa Cruz Project Preliminary Feasibility Study expected to be completed by the end of the second quarter of 2025.

At December 31, 2024, Ivanhoe Electric has drilled over 249 holes totaling over 125 km length within the Santa Cruz Project area.

2024 Exploration Sampling Method

2024 exploration drilling and sampling are not included in the 2023 Initial Assessment.

Sample intervals are planned on a half meter to two-meter-long basis in areas with good drill recovery (>70% recovery), with two-meter-long samples being the most common.

In areas of poor drill recovery (<70% recovery), sample intervals are planned from run block-to-run block, for a maximum length equivalent to the maximum length of a drill run (10.5-feet;

If two drill runs occur back-to-back with poor recovery, they may be combined into a single sample if the total recovered length of either run is less than half of one meter.

Sample labels are custom printed and follow the labeling convention of the Hole ID with a three-digit sample identifier (e.g., SCC-139_001).

Sampling books utilize a unique six-digit unique identifier.

Samples collected in 2024 were cut lengthwise in half, using the NTT Coresaw™ brand diamond-bladed saw.

Each sample consisted of one-half of the split drill core, which was placed in an 8mm thick 18” x 24” plastic sample bag labeled with the sample number and a sample tag affixed to the outside of the plastic bag.

The plastic sample bags were then placed in super sacks on pallets for transport to the laboratory facility.

Table 1 below details the eight 2024 Santa Cruz exploration drill holes with number of samples, total length of samples/assays, total drill hole length, lithology, and key geologic properties.

2024 Exploration Drilling

Number of Samples/ Assays

Sum of Sample Lengths (m)

Total Drill hole Length (m)

Lithology (with increasing depth)

Key Geologic Properties

Whitetail Conglomerate, Oracle Granite, Diabase, Porphyry

Southwest Exploration Area

Intermittent intercepts of copper mineralization as secondary copper sulfides

Whitetail Conglomerate, Basal Conglomerate, Oracle Granite, Diabase, Porphyry

Southwest Exploration Area

Exhibited copper mineralization at Typhoon geophysical target as secondary copper sulfides

Gila Conglomerate, Whitetail Conglomerate, Apache Leap Tuff, Basal Conglomerate, Oracle Granite, Porphyry

Texaco Deposit

Validated mineralization on northeast limit of Texaco as primary and secondary copper sulfides

Whitetail Conglomerate, Oracle Granite, Diabase, Porphyry

Southwest Exploration Area

Intermittent intercepts of copper mineralization as secondary copper sulfides

Whitetail Conglomerate, Apache Leap Tuff, Mafic Conglomerate, Oracle Granite, Porphyry, Diabase

Texaco Deposit

Refined northeastern limit of Texaco mineralization

Whitetail Conglomerate, Oracle Granite, Porphyry

Southwest Exploration Area

Intermittent intercepts of copper mineralization as secondary copper sulfides

Whitetail Conglomerate, Basal Conglomerate, Oracle Granite, Porphyry

Texaco Deposit

Extended Texaco mineralization north as secondary and primary sulfides

Whitetail Conglomerate, Basal Conglomerate, Oracle Granite, Porphyry

Texaco Deposit

Validated mineralization on northeast limit of Texaco as primary and secondary copper sulfides

1841 8,698.07

Sampling, Analysis and Data Verification .

Nordmin and Met Engineering are not aware of any drilling, sampling, or recovery factors that could materially impact the accuracy and reliability of the results.

The sampling procedures for the IA include specific gravity measurements, geotechnical logging, photography (dry and wet), geological logging, and then sampling.

Drill core was cut lengthwise, either in half or in quarters, using an NTT brand diamond bladed saw or a Husqvarna table saw.

The sample consisted of one half or one quarter of the core which was placed in a plastic sample bag labeled with the sample number and the sample bag.

samples were analyzed at one of four independent laboratories:

Skyline Laboratories located in Tucson, AZ, USA;

SGS Laboratories located in Burnaby, BC, Canada, SGS Lakefield, ON, Canada for SEQ Analysis;

or American Assay Laboratories located in Sparks, NV, USA.

All samples sent through SGS Laboratories were prepped at SGS Burnaby, BC, Canada.

At the time, all assay labs were well established and recognized assay and geochemical analytical services companies and are independent of IE.

All four laboratories are recognized by the International Standard demonstrating technical competence for a defined scope and the operation of a laboratory quality management system (ISO 17025).

The Company submitted a blank, standard, or duplicate sample on every seventh sample.

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

Nordmin and Met Engineering, both Qualified Persons for the Santa Cruz Initial Assessment, are not aware of any drilling, sampling, or recovery factors that could materially impact the accuracy and reliability of the results.

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.

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All drill holes were completed from 1964 to 2022.

Drilling in 2023 and 2024 was predominantly to further define the resource.

Diamond drill hole samples were analyzed for total Cu and acid soluble Cu using Atomic Absorption Spectroscopy ("AAS").

A decade after initial drilling, ASARCO re-analyzed select samples for cyanide soluble Cu (AAS) and molybdenum (multi-element ICP).

A decade after initial drilling, ASARCO re-analyzed select samples for cyanide soluble Cu (AAS) and molybdenum (multi-element ICP-MS).

The Company currently analyzes all samples for total Cu, acid soluble Cu, cyanide soluble Cu, and molybdenum.

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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 and December 31, 2023.

• The Mineral Resources are current to December 31, 2024.

• 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.

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Total soluble copper is not reported for the primary domain.

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

The Santa Cruz Project did not have any Mineral Reserves as at December 31, 2024.

Mineral Processing and Metallurgical Testing.

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• 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.

The test program for heap leaching is in progress.

Initial column leach testing progress is below.

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.

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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.

One phase of column leaching tests was performed on two composite samples representing oxide and chalcocite mineral domains in the upper ore.

There were no solution flow issues or operational issues in 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.

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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.

The Santa Cruz deposit would 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.

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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.

Cemented waste rockfill would be used for support.

The backfill would 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.

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

The mine would 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 would be transported from stopes via loader to an ore pass system and then to surface by the railveyor.

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

The mine would 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.

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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.

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

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.

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.

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

Mine Plan Summary

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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.

The IA 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 initial economic assessment will be realized, including whether the mine would be developed as set out in the IA.

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.

The Santa Cruz Project processing facility would 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 would be processed through SX/EW to produce high purity copper cathodes.

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

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

The following process flow diagram illustrates the potential 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”).

The nominal capacity of the mill process would be 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.

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

The currently proposed mine plan for the Santa Cruz Project is based on a 365-day calendar year.

The yearly mine production tonnage would 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.

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 constituting portions of Project.

The Santa Cruz 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.

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Tailings Storage Facility.

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

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

Backfill is used to fill voids created during mining.

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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.

Power for the Santa Cruz 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 base case of the Santa Cruz Project is that the mine would 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.

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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.

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

Market Studies and Contracts.

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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.

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.

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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.

As the Santa Cruz 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 Santa Cruz Project is located on private land and permitting is primarily with the State of Arizona, Pinal County, and City of Casa Grande.

See “— Permitting and encumbrances ” for a detailed discussion of permitting requirements.

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.

In addition to the Exploration Drilling Reclamation Plan that has been approved by the Arizona State Mine Inspector, we will be required to submit a Mined Land Reclamation Plan for reclamation of all surface facilities.

The closure approach and related closure cost estimates must be approved before facility construction and operation.

See “— Permitting and encumbrances ” for a detailed discussion of permitting requirements.

Capital and Operating Cost Estimates

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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.

The initial mining capital costs plus sustaining mining capital costs in the IA 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.

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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 Santa Cruz Project would 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.

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

Estimated Mining Sustaining Capital Cost

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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.

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 capital expenditure 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

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

• Material take offs by year were provided by KCB

• Material take offs

• Earthworks, lining, and piping rates from standard schedule

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

• Borrow-to-fill provided by budgetary quotation

Estimated TSF Initial Capital Cost

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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.

The required mining equipment fleet, production operating hours, and manpower were estimated to arrive at mining costs.

The mining cost estimate was developed from first principles and compared to recent actual costs.

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

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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

Process Plant Operating Expenditures (OPEX) Summary by Category

Operating and Maintenance Average Annual

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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.

As permitted by Subpart 1300 and Item 601 of Regulation S-K, the 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 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.

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 IA anticipates that the Santa Cruz Project would 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$.

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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.

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.

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

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The book value of the Santa Cruz property and its associated plant and equipment as at December 31, 2024 was $177.1 million.

Indicative Economic Results

Indicative Economic Results of the IA

LoM Cash Flow (Unfinanced) Units Value

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Annual Cash Flow Summary (Without Inferred Material)

Conclusions and Recommendations by the Qualified Persons.

For 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 recommended program is for the Company to complete a Pre-Feasibility Study (“PFS”).

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.

As recommended by the authors of the IA, we are advancing the Santa Cruz project to complete a PFS by the end of the second fiscal quarter of 2025.

We have completed 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 for the life of mine.

We will explore different mine access locations and mining orientations for the Santa Cruz long hole stoping areas.

There are areas that require long ore drives to access.

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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.

Once the geotechnical information is incorporated, the mining team will determine if an increase in the stope lengths or width is possible which may improve mining efficiency.

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.

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.

We are also conducting tradeoff and other studies analyzing alternative processing scenarios, including potentially heap leaching.

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.

Other Properties

We have been active with several of our other mineral projects in the United States including the Tintic Project, located in Utah and the Hog Heaven Project, located in Montana.

We also hold a portfolio of exploration projects in the western United States including projects in Arizona, Nevada, New Mexico and Montana.

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.

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 still current as of December 31, 2024, by qualified persons SRK Consulting (U.S.) Inc.

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

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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 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.

The historic mining area straddles the Tintic Mountains divide between the Utah and Juab Counties.

The county line occurs at the watershed divide.

Infrastructure.

The Tintic Project is managed out of the city of Eureka (population approximately 660), which is approximately 2 km north of the northeastern Tintic Project property boundary.

Eureka offers limited services.

Equipment and other services are generally obtained from the towns of Tooele or Payson/Spanish Fork, which are each a 45-minute drive.

We have established a permanent presence in the Tintic District and are currently headquartered out of Eureka with office facilities.

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 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.

The Rocky Mountain Power Company provides electric utilities to the Eureka community and a high-power transmission line services Eureka, Mammoth, and Silver City.

Gas is supplied by a local company.

Limited supplies and personnel are available from Eureka;

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.

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 ;

(TCG) or other subsidiaries.

Our holdings at the Tintic Project consist of:

• 486 Patented claims comprising 19.62 km 2 ;

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

• 474 Unpatented mining lode claims 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).

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

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.

In October 2017, Ivanhoe Electric (through its predecessor High Power Exploration Inc.

(“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.

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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.

In addition to the Hansen agreements, Ivanhoe Electric entered into additional agreements, for the acquisition of claims, mineral and surface rights with numerous parties using various legal structures.

These agreements are summarized in a simplified form in the table below.

Summary of Tintic Land Agreements

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(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

Lease Executed annually

24,000.00 14-Feb-25 10 years with extensions 14-Feb-30

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

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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

Adrian Vashon - Jassamine Claim Lease with Option to Purchase Closed

— — 27-Jun-19 5 years —

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

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BLM Prospecting Permits Pending annually 14,840.00 — — —

Tintic Pioneer Mining Company Purchase and Sale Closed — — 10/20/2022 — —

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.

Property Condition, Stage of Development and History.

The Tintic Project is an exploration stage project without Mineral Reserves or Mineral Resources.

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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.

Further rehabilitation is not currently planned or budgeted for and Ivanhoe Electric 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.

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.

Total historic production from deposits located within our acquired property, predominantly in the Tintic mining districts, totals approximately 1.89 Moz Au, 136 Moz Ag, 104 kt Cu, 416 kt Pb and 6 kt Zn.

The main precious and base metal bearing minerals in the Tintic District are enargite, tetrahedrite, galena, sphalerite, pyrite, marcasite, and native gold, silver, and copper.

However, many more mineral species are present, including exotic tellurium-bearing species.

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.

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).

In July 2021, the Department of Natural Resources of the State of Utah approved Tintic Copper & Gold Inc.’s Notice of Intention (“NOI”) to Conduct Exploration, which has been amended multiple times by TCG, with the most recent amendment approved in May 2024.

The current permit allows for up to 31.2 acres of surface

disturbance, and 104 drill holes totaling 121,000 m (396,880 ft), Reclamation bonding is required by the state of Utah, and is assessed at $680,600.00, covering 100% of permitted surface disturbance and up to 16 open holes (20,000 m).

Bonding is fulfilled through an insurance surety instrument.

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See “— Mining and Mineral Project Exploration Laws”.

Geological Setting, Mineralization and Deposit Types.

Mineralization Styles.

The host rocks at Tintic are Pre-Cambrian through Paleozoic sediments and carbonate rocks and were emplaced to their current position primarily during the Sevier orogeny (Cretaceous), forming a series of folds and thrusts, including a synform which forms the key host sequence in the Main Tintic District.

The ‘Deep Creek-Tintic’ mineral belt is an east trending zone of basement highs marked by Cenozoic calderas and associated metal endowment all along the belt.

The East Tintic Mountains, where the belt terminates, host the Tintic District, the second biggest mining district in Utah after the Bingham District, located approximately 65 km north of the Tintic Project.

The Bingham stock lies approximately at the intersection of the Wasatch hinge line and the ‘Bingham-Park City’ mineral belt, coinciding with the Cheyenne suture zone and the Uinta arch, concentrating tectonic and igneous activity.

The Tintic District lies at the eastern margin of the ‘Deep Creek-Tintic’ mineral belt where it terminates against two or more north-south trending range front faults.

Metallic minerals at Tintic and Bingham are hosted along northeast striking, steeply dipping, thrust faults, related to the Sevier orogeny.

Intrusions along the Uinta arch in the Wasatch intrusive belt are high potassium calc-alkaline and metaluminous I-type granitoids similar to the igneous intrusions at Tintic.

Eocene to early Oligocene intrusions, the source of mineralizing fluids, were emplaced in an extensional stress regime with northwest-southeast least principal stress.

Basin and Range extension began around 18 Ma, forming high-angle normal faults which resulted in block tilt and the present Basin and Range topography.

Fluid inclusion studies from plutons in the Wasatch Mountains indicate a 15-20° eastward tilt of the range and paleomagnetic data from the Oquirrh Mountains are consistent with an 11 eastward tilt related to the Basin and Range.

The East Tintic Mountains were uplifted and rotated 10-20 east, similar to the Oquirrh Mountains.

The Tintic District has been broadly divided into four sub-districts:

North, East, Main and Southwest.

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 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.

During the Sevier orogeny, from Late Jurassic to Late Cretaceous, the East Tintic Mountains were uplifted and deformed in a series of north-trending, north- plunging asymmetrical folds cut by coeval thrust faults, high-angle strike-slip and tear faults.

Three major folds deform the Neoproterozoic and Paleozoic sequence in the Tintic district.

Our interests in the Tintic District are focused on the southern portion of the Main District where Paleozoic sedimentary rocks and late Eocene — Oligocene volcanic rocks are intruded by the Silver City intrusive complex.

Over 2,000 m of Paleozoic stratigraphy is exposed at the property ranging from the early Cambrian Tintic Quartzite at the western flank through the Mississippian Humbug Formation on the east.

The rocks above the Tintic Quartzite are predominantly comprised of limestone and dolomite with a few units that have a greater siliciclastic component.

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 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.

North of the Sioux-Ajax fault, the ‘ore runs’ of the Main District occur as sub-horizontal bodies connected by chimneys or pipes were 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.

Exposure of Paleozoic rocks south of the Sioux-Ajax fault is limited to a less than 2 km 2 area between the Silver City intrusive complex to the southwest and overlying volcanic rocks to the southeast;

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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.

Exploration work in 2022, 2023 and 2024 included reverse circulation (“RC”) and diamond core drilling, geophysical surveys, and with small programs of soil samples, mapping, and surface sampling.

Exploration drilling at the Tintic Project in 2024 included nearly 6,500 meters in five deep drill holes along with four wedges from main holes (see table below) drilled in a continuous program from January to November.

Drilling in 2024 focused on exploring the areas below the Mammoth Mine and deep Typhoon™ anomalies in the Mammoth Area.

Summary of Ivanhoe Electric’s drilling on the Tintic Project from 2021 to 2024

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TTD-013 2023 4420106 406113 2,241 Diamond 315 -63 581

TTD-013A 2023 4420106 406113 2,241 Diamond 315 -63 1,519.43

2023 4420106 406113 2,241 Diamond 315 -63 1,519

TTD-014 2023 4419697 405490 2,119 Diamond 118 -58 1,320

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2024 4420638 404648 2,052 Diamond 63 -64 1,028

* 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.

A new ground gravity survey was conducted in 2022 over an area of approximately 20 km 2 .

2024 4420638 404648 2,052 Diamond

2024 4420638 404646 2,052 Diamond

285 -50 1,106

2024 4420638 404646 2,052 Diamond

2024 4420638 404646 2,052 Diamond 140 -75 350

2024 4419622 404918 2,105 Diamond

315 -60 1,421

2024 4420000 404419 2,040 Diamond 94 -45 1,669

2024 4421059 404479 2,102 Diamond 120 -80 1,264

* Drill hole wedged off of primary hole.

Drilling in 2024 is not included in the Tintic Technical Report Summary.

In 2018 and 2019, a 72 km 2 fully 3D induced polarization Typhoon™ survey was completed at Tintic with effective penetration depths averaging over 1.5 km, revealing porphyry copper-gold exploration potential areas.

A ground gravity survey was also conducted in 2022 over an area of approximately 20 km 2 .

A magnetotelluric survey was completed in 2024 and is being assessed, along with previously collected geophysical data

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.

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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.

Some collar coordinates were derived from georeferenced maps and figures, and abandoned mine-grid translations, each of which have uncertainties attached to them regarding their positions.

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 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 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 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.

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.

The Tintic Project did not have any Mineral Resources or Mineral Reserves as at December 31, 2024.

Hog Heaven Project

The Hog Heaven Project in Montana 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.

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The balance, 7.67 km 2 , is held via lease of three parcels owned by the Chester Company Ltd.

In 2024, Ivanhoe Electric leased a further 4,925 acres of private surface and mineral rights at the Hog Heaven Project from a private owner, advancing additional consolidation of the district and providing additional access to areas prospective for porphyry systems.

This lease is effective for an initial 10 year term and can be extended by up to 3 consecutive 10 year terms.

Hog Heaven plan map showing Ivanhoe Electric drill hole locations, historical mine workings, and historical drilling.

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Under our earn-in agreement with Brixton, we have the right to earn a 51% interest in the Hog Heaven Project by making a total of $4,500,000 in cash payments and incurring $15,000,000 in exploration expenditures at stage 1.

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.

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.

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For purposes of this earn-in, a joint venture company, Brixton JVC, a Nevada corporation, was established.

We earn into the Hog Heaven Project by acquiring stock of Brixton JVC.

Pursuant to the earn-in agreement, we are the operator of the Hog Heaven Project.

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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”).

Our White Hill Project is located in the Gillis Range, Mineral County, Nevada, approximately 32 km east of Hawthorne and 160 km southeast of Reno, Nevada.

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 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.

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 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.

In the event that Exiro is to be diluted to less than 10%, it will retain a 10% project interest and we will carry Exiro’s funding obligation through to commercial production.

At commercial production, Exiro will become obligated to repay such funded amounts to us within 12 months of commercial production.

No royalties are to be granted as part of this agreement.

We also have a right of first refusal over Exiro’s interest in the joint venture.

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”).

Our Bitter Creek Project is located in Yavapai County, Arizona, United States, approximately 20 km east of Wickenburg.

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.

The Bitter Creek Project consists of 364 lode mining claims that are valid through to September 1, 2024.

The total area of the project is 35.21 km 2 comprised of three exploration permits totaling 6.87 km 2 and 348 unpatented claims.

The Bitter Creek Project has hosted two historic mines and several exploration projects.

We initially commenced field work and staking in late 2019 which carried through into 2020.

This field work included prospecting, soil sampling (33 samples), stream sediment sampling (122 samples), rock grabs (110 samples) and heavy mineral sampling (48 samples).

In 2021, a contractor flew an airborne electromagnetic and magnetic survey over the entirety of the Bitter Creek Project area.

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 guiding our plans for an initial drill program in 2024.

Unity Project, Oregon, USA (the “Unity Project”).

Our Unity Project is located in Baker County, eastern Oregon southwest of Baker City, just outside the community of Unity and at the southern end of the Wallowa Whitman National Forest.

The Unity Project is approximately 515 km southeast of Portland, Oregon, 225 km northwest of Boise, Idaho and is accessible by paved road.

We operate the Unity Project through CMC, our wholly-owned subsidiary.

The Unity Project comprises 458 unpatented claims filed with the BLM.

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.

Three-quarters of the royalty (1.5% NSR) can be bought back for $12,000,000 within 12 months of the public announcement of the start of construction of a mine.

We retain a right of first refusal for the remaining 0.5% of the NSR.

Consultants, Seven Devils Exploration Ltd., will operate the first $5,000,000 in project expenditures with a 7.5% management fee.

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 $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.

In 2018, we flew a helicopter-borne magnetic and radiometric survey over the Unity and Pole Creek claim blocks and the area between them.

In 2021, we followed up the geophysical surveys with surface geologic mapping and sampling.

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.

Ivanhoe Electric’s current exploration drill program at Hog Heaven has now completed twenty-two drill holes totaling approximately 24,400 meters (see table below) and is on-going.

Summary of Ivanhoe Electric’s drilling on the Hog Heaven Project from 2022 to 2024

Hole number Year Northing (m) Easting (m) Elevation (m) Hole Type Azimuth Dip Length (m)

HHD-001 2022 5309703 678352 1,200 RC 275 -50 580

HHD-002 2022 5309025 678317 1,151 RC 265 70 1,002

HHD-003 2023 5309704 679760 1,067 Diamond 65 -85 1,249

HHD-004 2023 5308712 680093 1,027 Diamond 305 -55 1,316

HHD-005 2023 5310624 680725 1,250 Diamond 185 -80 1,249

HHD-006 2023 5310254 680748 1,210 Diamond 340 -61 774

HHD-007 2023 5310624 680727 1,255 Diamond 210 -75 825

HHD-008 2023 5310259 680752 1,226 Diamond 0 -60 735

HHD-009 2023 5310551 680533 1,206 Diamond 100 -77 785

HHD-010 2023 5310565 680364 1,214 Diamond 120 -70 1,212

HHD-011 2023 5310565 680364 1,214 Diamond 70 -65 633

HHD-012 2024 5310455 680458 1,181 Diamond 285 -75 544

HHD-013 2024 5310382 679768 1,111 Diamond 240 -70 1,158

HHD-014 2024 5310468 680273 1,192 Diamond 220 -60 865

HHD-015 2024 5310468 680273 1,192 Diamond 250 -60 594

HHD-016 2024 5310370 680372 1,169 Diamond 305 -80 1,344

HHD-017 2024 5309311 679466 1,077 Diamond 310 -75 1,395

HHD-018 2024 5309311 679466 1,077 Diamond

HHD-019 2024 5309388 679564 1,058 Diamond

210 -85 1,853

HHD-020 2024 5309496 679775 1,078 Diamond 290 -75 1,573

HHD-021 2024 5309273 679704 1,079 Diamond 220 -77 1,441

HHD-022 2024 5309066 679489 1,056 Diamond 30 -75 1,754

Exploration efforts focused on identifying the extensions of shallow mineralization that characterized historical production near the Flathead Mine and exploring for porphyry systems in the Battle Butte Area associated with a deep Typhoon™-generated anomaly.

Five drill holes intersecting the Battle Butte Porphyry demonstrate a porphyry system believed to be starting at approximately 900 meters depth, with a vertical thickness of 800 meters, at least 600 meters by 400 meters in lateral dimension, and open to the east and northeast.

Initial assay results show broad intervals of low-grade mineralization with a gold-to-copper ratio near one-to-one.

Narrower but higher-grade sub-intervals are associated with the presence of the higher-grade copper sulfide mineral bornite (approximately 63% copper by weight), where the gold-to-copper ratio starts to increase.

Current evidence suggests that the Battle Butte Porphyry system is open to the east and north, where the Typhoon™ anomaly remains untested at depth.

For 2025, continued exploration is proposed to test the Battle Butte Porphyry, searching for higher-grade copper-gold zones and the presence of additional porphyry centers across the project.

BHP- Ivanhoe Electric Exploration Alliance (the “BHP Alliance”) .

On May 7, 2024, we entered into an Exploration Alliance Agreement with BHP Mineral Resources Inc.

(“BHP”) for the exploration of mutually agreed “Areas of Interest” in the United States to identify copper and other critical metal exploration opportunities within those Areas of Interest that may become 50/50 owned joint ventures.

The initial Areas of Interest are in New Mexico, Arizona, and Utah.

The Exploration Alliance Agreement is for a term of three years, which may be extended upon mutual agreement.

BHP will provide the initial funding of $15 million and any subsequent funding would be on a 50/50 basis.

Ivanhoe Electric has provided access to one of the new Generation 2 Typhoon™ systems as directed by an Alliance Management Committee and in accordance with the requirements specified in the initial work program and budget and other approved work programs and budgets.

The Exploration Alliance Agreement contemplates two stages – a Project Generation Phase and a Joint Venture Phase.

A subsidiary of Ivanhoe Electric will be the operator during the Project Generation Phase and the operator of a project in the Joint Venture Phase will be mutually agreed upon in the future.

During the Project Generation Phase, the parties will conduct early-stage generative exploration activities in the six initial Areas of Interest.

The goal of these initial activities is to identify and stake mineral rights within the Areas of Interest to form a project and/or acquire such mineral rights from third parties.

For each Area of Interest, an Area of Interest LLC will be created to hold the applicable rights and engage in all early-stage exploration.

A subsidiary of Ivanhoe Electric will initially own 100% of each Area of Interest LLC.

As of December 31, 2024, staking has occurred on one Area of Interest in New Mexico as well as in Arizona.

In January 2025, the Exploration Alliance announced that it was conducting its first Typhoon™ survey at an area of interest in Arizona.

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.

Ivanhoe Electric and Ma’aden established a Saudi Arabian exploration Joint Venture (the “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 has made available to the Saudi JVCo.

Location of the Ivanhoe Electric Ma’aden Joint Venture within the country of Saudi Arabia.

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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.

The Joint Venture’s first Typhoon TM survey covered 76 square kilometers near Ma’aden’s Al Amar gold-copper-zinc mine, which was completed in March 2024.

Subsequent Typhoon TM surveys have covered an additional 162 square kilometers of the Joint Venture exploration license areas.

Typhoon surveys on the Joint Venture exploration license areas had covered 238 square kilometers as of January 13, 2025, identifying several targets for drilling and other technical work programs such as mapping and sampling.

The Joint Venture is currently operating three Typhoon™ systems in Saudi Arabia, one in the Al Amar belt and two in the Wadi Bidah belt.

On January 13, 2025, the Company announced initial drill results from the Joint Venture.

The Joint Venture’s initial drill program focused on the Umm Ad Dabah prospect, near Ma’aden’s existing Al Amar gold-copper-zinc mine.

Highlighted new drill intercepts from Umm Ad Dabah

Interval Length (m)

and 717.9 731.0

13.1 1.31 4.5

353.2 2.2 0.41 0.8

and 374.5 380.4 5.9 0.79 1.9

Mineralization is present as semi-massive to massive accumulations of precious metal-bearing iron and copper sulfides hosted in altered volcanic and volcaniclastic rocks.

Drilling to date has defined a mineralized system extending over 250 meters in strike length and 400 meters down dip as

The Joint Venture employs a comprehensive industry standard Quality Assurance/Quality Control (“QA/QC”) program.

Diamond drill core is cut lengthwise into 2 halves, 1/2 is sent to for assay, and 1/2 is left behind in a secure facility for future assay verification.

The Joint Venture uses ALS Minerals Laboratory in Jeddah, Saudi Arabia.

This laboratory operates in accordance with ISO/IEC 17025.

Gold is assayed by a 50 g fire assay with an atomic absorption finish.

An initial multi-element suite including copper, molybdenum, silver, and additional elements are analyzed by four-acid digestion with an ICP-MS finish.

All samples with copper values over 10,000 ppm and gold greater than 10 ppm are subjected to an overlimit method for higher grades, which also uses a four-acid digest with an ICP-ES finish, and fire assay with gravimetric finish.

Certified reference materials, blanks, and duplicates are randomly but consistently inserted at the geologist's discretion and QA/QC geologist's approval into the sample stream to control laboratory performance.

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 .

As of December 31, 2024, our 69.1% interest in the Ivory Coast Project was held through our 22.7% equity interest in Sama and our 60% interest in the SNC joint venture described below.

In 2024 we completed our 60% earn-in into SNC and as at December 31, 2024, we directly owned 60% of the joint venture entity SNC.

The Ivory Coast Project consists of three exploration permits owned by SNC, 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.

Pursuant to the terms of the Sama Earn-In and JV Agreement, we had the ability to earn a 60% shareholding interest in the Ivory Coast Project by incurring expenditures of Cdn$25,000,000 over a maximum of six years and meeting certain other conditions.

In 2024, we completed our 60% earn-in.

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.

Quentin Markin are our director representatives on the board of Sama.

Quentin Markin and Mr.

Terry Krepiakevich 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”.

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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.

The Ivory Coast Nickel-Copper Project has a potential average annual production of 38,627 tonnes of 26% copper concentrate and 55,119 t of 13% nickel concentrate and an average annual nickel metal in concentrate of approximately 7,165 tonnes per year and copper metal in concentrate of approximately 10,043 tonnes per year over a 16 year mine life.

The estimates are preliminary in nature and include Inferred Mineral Resources, which are considered too speculative in nature to be categorized as mineral reserves.

Mineral Resources that are not mineral reserves have not demonstrated economic viability.

Additional trenching and/or drilling will be required to convert Inferred Mineral Resources to indicated or measured Mineral Resources.

There is no certainty that the estimates for the Ivory Coast Nickel-Copper Project will be realized.

Alacran Copper-Gold Project, Colombia (the “Alacran Project”).

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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.

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.

We own 62.5% of Cordoba as of December 31, 2024 and have nominated three directors currently serving on the Cordoba board:

Quentin Markin, Jordan Neeser and Terry Krepiakevich.

On December 8, 2022, Cordoba announced a strategic arrangement with JCHX, whereby JCHX, through a wholly owned subsidiary, acquired 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.

CMH will own 100% of the Alacran Project and will be the joint venture vehicle for Cordoba and JCHX in the strategic project level partnership.

CMH owns 100% of the Alacran Project and is the joint venture vehicle for Cordoba and JCHX in the strategic project level partnership.

For its 50% interest, JCHX will pay the $100 million purchase price in three installments.

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 second installment of $40 million was fully paid in cash by January 4, 2024 following completion of additional technical studies 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.

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.

Cordoba owns 50% of CMH while JCHX directly owns the other 50% of CMH.

A Joint Venture Shareholders’ Agreement (“JV SHA”) governs the 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;

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with JCHX having the right to match any competitive bid;

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).

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.

and (4) JCHX (or its affiliate) shall be entitled to up to 100% of the offtake from the production currently estimated for 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).

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 CMH or its affiliates, of which, 5 licenses are part of the Alacran Project.

Cordoba 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 technical studies in 2019, 2022 and 2023, which marks the beginning of the development phase for the Alacran Project.

Location of the Alacran Project within the country of Colombia.

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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.

Geo., our non-independent Qualified Person, reviewed and confirmed that the projected economics and the Mineral Resource estimate satisfied S-K 1300 standards and remained accurate as of December 31, 2024.

Colin Shaw, 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, 2024.

Pinaya Copper-Gold Project, Peru ( the “Pinaya Project”).

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.

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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;

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)

Exploration 100% of the mineral title

Mesa Cobre Holding Corp., a wholly owned subsidiary (remaining titles)

Tintic Utah, USA

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Exploration 1.6% equity ownership of Brixton Metals Corporation

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

0.1% ownership in Brixton USA, with earn-in up to a 75% project interest

Brixton USA Corp.

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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

Arizona, USA 17.34 km 2

100% Ownership Diamondback Copper, LLC., a wholly owned subsidiary

Unpatented mining claims;

Arizona State exploration permits n/a

Not in production

White Hill Nevada, USA 86.12 km 2

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Copper Zinc Silver Gold Molybdenum Unpatented mining claims n/a Not in production

New Mexico, USA 43.36 km 2 Arizona, USA 46.21 km 2

100% Ownership Sand Hill Exploration, Inc., a wholly owned subsidiary

Unpatented mining claims

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

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.

Exploration 100% Ownership IE Montana Holdings Corp., a wholly-owned subsidiary

Copper Unpatented mining claims n/a Not in production

Bristol Nevada, USA 11.37 km 2

Exploration 100% Ownership Ivanhoe Electric Nevada Holdings Inc., a wholly owned subsidiary

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

Project Name Location and

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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

New York Canyon

Nevada, USA 30.62 km 2

0% current ownership interest;

Option to acquire 100% of the mineral title

Golden Arrow Mining Corp.

/ Ivanhoe Electric Nevada Holding Inc.

Patented and unpatented mining claims

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.

Exploration 62.5% shareholder in Cordoba, which has 51% ownership - 31.8% ownership interest

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

1 On January 16, 2025, the Company provided notice to Exiro Minerals USA Corp.

of its election to terminate the earn-in agreement relating to the White Hills Project, which was effective in February 2025.

As a result, the Company will not earn or vest any interest in the White Hills Project.

International Mineral Exploration Projects as of December 31, 2024.

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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

Exploration 50% ownership of Joint Venture with Ma’aden Ma’aden/Ivanhoe Electric

Base Metals Precious Metals Exploration license or application

n/a Not in production

Alacran Colombia 104.6 km 2

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Ivory Coast Project Ivory Coast

Exploration Option to acquire up to 60% of the

Exploration 60% ownership of the

Ivory Coast Project;

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

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.

Exploration 100% ownership

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

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Mineral Project Commitment 2025 2026 2027 2028-2032 2025-2032 Total

Santa Cruz (DRHE) Discretionary $ 10,000 $ — $ — $ — $ — $ 10,000

Santa Cruz (Wolff Harvard) Non-discretionary $ 12,081 $ 12,081 $ 12,081 $ — $ 36,243

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Hog Heaven (Montana) Discretionary $ 500 $ 1,000 $ 1,000 $ 18,567 $ 21,067

Ivory Coast Discretionary 437 — — — — 437

White Hill (Nevada) Discretionary 250 525 700 750 11,358 13,583

Unity (Oregon) Discretionary 250 1,500 2,250 — — 4,000

Cave & Lincoln (Utah) Discretionary 200 250 750 1,500 — 2,700

Carolina Mining (North Carolina) Discretionary — 2,353 — 20,000 — 22,353

New York Canyon (Nevada) Discretionary 1,700 — — — 1,700

White Hill (Nevada) 1

Discretionary 525 700 750 9,779 11,754

Total 15,402 13,781 13,831 28,346 71,360

Mining and Mineral Project Exploration Laws

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.

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 and the local entitlement process.

Several federal and state mining and environmental regulations will be applicable to the Santa Cruz Project depending on final design and operational details.

These mining and environmental regulations may apply to exploration, reclamation, air, groundwater protection, natural resources, and development plans.

We believe that there will be no federal nexus as it relates to permitting.

Environmental studies will be conducted to fully assess and provide technical information on environmental conditions in order to support permit applications.

Federal mineral claims do underlie one area adjacent to the planned mining area, but those properties are not currently in the mine plan.

Specific permits required for the Santa Cruz Project cannot be determined until the project design is completed.

Specific information to be developed includes:

• Mine design

• Mining methods

• Mineral recovery methods

• Project water balance

• Process facility design

• Water requirements

• Infrastructure

• Surface facilities

• Reclamation methods

• Project emissions

The following table identifies the major permits and approvals that we will need to obtain either prior to the construction or before start-up of the mine and processing plant(s).

The permits listed are not meant to be all-inclusive and cover only the major permits required for the mine and processing plant that are known at the current time.

Major Permits or Approvals Issuing Agency

Underground Injection Control Permit U.S.

Environmental Protection Agency

Dust Control and Air Quality Permits Pinal County Air Quality Control District

Aquifer Protection Permit Arizona Department of Environmental Quality

AZPDES Industrial Stormwater Mining Multi-Sector General Permit Arizona Department of Environmental Quality

Reclamation Plan Approval Arizona State Mine Inspector

Water Appropriation Permits Arizona Department of Water Resources

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 Class V UIC permit, which is what the project would require for paste backfill, is “authorized by rule”.