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Item 1. Business

2026-02-23 compared with 2025-02-27 · 1037 added, 1178 removed, 304 unchanged (88% of the section changed)

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

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

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

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

We 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, 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.

We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security.

Our wholly owned assets are located in the United States.

We operate exploration joint ventures and alliances in Saudi Arabia, Chile and the United States.

We use our powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by our subsidiary, Computational Geosciences Inc.

(“CGI”), to accelerate and de-risk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies.

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

We are committed to the establishment of strong relationships with our local communities and the responsible development of our projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage and biodiversity, and minimizing our environmental footprint.

We prioritize hiring from local communities.

Our United States Mineral Projects

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

Santa Cruz Project

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

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

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

The Initial Assessment for the Santa Cruz Project, completed in September 2023, focuses on 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.

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.

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.

As of the date of this annual report, we consider our sole material mineral project to be the Santa Cruz Copper Project in Arizona.

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

The Santa Cruz Copper Project encompasses approximately 26.0 square kilometers (~6,425 acres) on private land and includes associated water rights.

The Santa Cruz Copper Project location provides excellent infrastructure, including access to rail, interstate highways, and electric transmission lines.

On June 23, 2025, we announced the completion of the Preliminary Feasibility Study (the “PFS”) for the Santa Cruz Copper Project.

The PFS confirmed the economic viability of an underground copper mining operation combined with a heap leach processing facility utilizing modern technologies and designed to produce copper cathode.

The PFS projects that the Santa Cruz Copper Project may produce 1.4 million tonnes of copper cathode over a 23-year mine life.

With a base case copper price of $4.25/lb, the Santa Cruz Copper Project has an estimated after-tax net present value of $1.4 billion at an 8% discount rate and an estimated internal rate of return of 20%.

The initial project capital estimated in the PFS is $1.24 billion.

Following completion of the PFS for the Santa Cruz Copper Project, we are advancing detailed engineering, operational readiness, and permitting for a copper mining operation incorporating leading technologies to improve efficiencies and costs.

Our other mineral projects in the United States include the Tintic Project located in Utah (the “Tintic Project”), the Hog Heaven Copper-Silver-Gold Project located in Montana (the “Hog Heaven Project”), and the Gleeson Copper-Gold Project in Arizona (“the “Gleeson Project”).

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

We own a majority of the surface land and mineral rights constituting the Tintic Project and we have lease and option agreements in place to own the remaining surface land and mineral rights at the Tintic 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 Flathead Mining District, which consists of several high-sulfidation epithermal mineral deposits and prospects, as well as several historical mines, including the Flathead Mine.

The Gleeson Project is an exploration project located 75 km south-east of Tucson, Arizona in a historic mining district of the same name.

We have staked mining claims on federal mineral rights, acquired several Arizona State Mineral Exploration Permits, and signed several option agreements with private landowners.

We also hold a portfolio of other exploration projects in the western United States.

These include the BHP Alliance in Arizona, New Mexico, Utah, and Nevada (the “BHP Alliance”), the Bristol Project located in Nevada (the “Bristol Project”), and the Lomitas Negras, Globe-Miami and Perseverance Projects in Arizona (the “Lomitas Negras Project”, “Globe-Miami Projects” and “Perseverance Project”, respectively).

The Globe-Miami Project includes the “Sleeping Beauty Project”, “Dragon’s Tail Project” and “Copper King Project”.

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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 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 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, 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 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.

In 2024, we established an exploration alliance (“Exploration Alliance”) with a subsidiary of BHP Group Limited (“BHP”) 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” (“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.

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

BHP (through a wholly owned subsidiary) agreed to provide initial funding of $15 million, and any subsequent funding would be on a 50/50 basis.

We have provided the Exploration Alliance with access to one of our new generation Typhoon™ units, as well as the machine learning algorithmic software and data inversion services of CGI.

In April 2025, the Exploration Alliance completed its first survey using a Typhoon™ geophysical survey system at an AOI in Arizona.

The first drilling commenced in this area of interest in October 2025.

Maaden Ivanhoe Electric Exploration and Development Limited Company

In 2023, we established an exploration joint venture (the “Joint Venture”) with the Saudi Arabian Mining Company (“Maaden”).

The Joint Venture is owned 50/50 by Ivanhoe and Maaden 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 named Maaden Ivanhoe Electric Exploration and Development Limited Company (“Saudi JVCo”).

Maaden has currently made available approximately 50,000 km 2 of land under an exploration license (or license application) within Saudi Arabia for exploration by the Joint Venture, a portion of which is expected to be reduced in 2026 following completion of exploration activities.

We initially contributed $66.4 million of the proceeds from the sale of our common shares to Maaden to initially fund Saudi JVCo and the Joint Venture, and we provided Saudi JVCo with a royalty-free license to use Typhoon™ within Saudi Arabia for 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 purchased three new generation Typhoon™ units from the Company’s former parent, I-Pulse, all of which have been delivered to the Joint Venture and are active in Saudi Arabia.

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

The Joint Venture commenced exploration activities in November 2023 and announced its first mineral

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discovery at Al Amar in January 2025.

The Joint Venture is currently conducting drilling activities in the Wadi Bidah area with drilling at other exploration areas planned for later in 2026.

Exploration Collaboration with Sociedad Química y Minera de Chile

On January 27, 2026, we entered into an exploration collaboration (the “Collaboration”) with Sociedad Química y Minera de Chile (“SQM”) to explore for copper in northern Chile.

SQM is one of Chile’s largest and oldest mining companies and with one of the largest portfolios of mining concessions in the country.

The Collaboration establishes the framework for us and SQM to explore certain of SQM’s mining concessions, comprising a total of 2,002 km2 in northern Chile in areas of Caliche cover in the Atacama Desert.

Caliche is a surface deposit of sediments cemented by salts, making it highly electrically resistive and impeding the penetration of low-power geophysical transmitters and their ability to detect underlying sulfide mineralization.

Our Typhoon™ geophysical survey system generates a powerful, clean electrical charge that can penetrate the highly resistive Caliche cover to detect potential copper deposits beneath.

The Collaboration will be funded by SQM with an initial commitment of $9 million.

We are not required to provide any funding prior to the formation of a 50/50 joint venture.

Upon identifying a qualifying copper deposit, we will have the option to acquire a 50% interest in the deposit and form a 50/50 joint venture with SQM by paying a price equal to twice SQM’s exploration expenditures to date.

The exercise price will be paid to a new joint venture company and used for further exploration and other related activities.

Upon the formation of a joint venture, SQM will contribute the relevant mining concessions and associated exploration data.

Thereafter, the joint venture will be funded pro rata by us and SQM.

A “qualifying copper deposit” is any deposit with the potential for at least one million tonnes of contained copper or copper equivalent, as determined by an independent geologist.

The Collaboration has an initial term of three years.

Other International Mineral Projects

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, 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.

Initial capital cost is estimated to be approximately $420.4 million for the construction of a conventional truck-shovel open pit mine.

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

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

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

The Ivory Coast Nickel-Copper Project in Ivory Coast is focused on the Samapleu-Grata deposits and is operated through a joint venture, the Samapleu Nickel Corporation (“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.

Our other mineral projects outside of the United States are the Alacrán Project in Colombia (the “Alacrán Copper Project”) (owned through our approximate 60.8% interest in publicly traded company Cordoba Minerals Corp.

(“Cordoba”)), the Ivory Coast Project (owned through our interest in publicly traded company Sama Resources Inc.

and our 60.0% interest in a joint venture entity) in Ivory Coast, and the Pinaya Project in Peru.

On May 8, 2025, Cordoba announced that it had entered into an agreement for the sale of the remaining 50% of the Alacrán Copper Project to a consortium of investors including JCHX Mining Management Co., Ltd.

(“JCHX”), a 19.2% shareholder of Cordoba, for up to $128 million consisting of $88 million in cash on closing, $12 million in a deferred payment, and up to $28 million in a contingent payment.

Cordoba shareholders approved the transaction at a meeting of shareholders held on September 15, 2025.

On February 10, 2026, the agreement was amended to, among other things, provide for the full $128 million purchase price to be paid at closing and remove any post-closing payments, waive the closing condition of an Environmental Impact Assessment, add a new closing condition of JCHX shareholder approval, and extend the outside date to March 10, 2026.

Cordoba has also agreed to use commercially reasonable efforts to distribute to its shareholders the net proceeds after satisfying all liabilities and obligations, subject to required approvals, such that $10 million will remain in Cordoba.

Typhoon and Computational Geosciences

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™.

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 94.3% 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.

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

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 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.

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

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

Typhoon™ is capable of energizing large volumes of rock to complete larger surveys through a combination of high voltage up to 10 kV, high power up to 100 kW and high current up to 200 amps.

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.

Typhoon™ has proven to be an important exploration tool during its deployment at our exploration projects.

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Current and historical deployment of Typhoon™

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

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

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.

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

(“VRB USA”), an Arizona-based developer of advanced 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.

(“Red Sun”), 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 portfolio of highly prospective mineral projects is predominantly focused on copper and other metals vital to advanced manufacturing, infrastructure development, technology, and national security.

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.

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

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Fraser Institute 2024 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 and results.

Quality Assurance/Quality Control Throughout all of our properties, internal controls, including quality assurance and quality control (“QA/QC”) measures, are in place to ensure the reliability and trustworthiness of our exploration data and mineral resource and reserve estimates.

Because mineral resource and reserve estimates depend on geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, there is a degree of uncertainty attributable to those estimates.

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

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United States

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

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

(“Nordmin”), Call & Nicholas, Inc., Tetra Tech, Inc., INTERA Incorporated, Haley & Aldrich, Inc., and Met Engineering, LLC (collectively, the “Santa Cruz Qualified Persons”), dated September 6, 2023 and still current as of December 31, 2024.

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

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

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

is included as Exhibit 96.1 hereto.

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

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

References to the “Santa Cruz Copper Project Preliminary Feasibility Study” or “PFS” is to the “S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona”, dated June 23, 2025 and current as of December 31, 2025.

The PFS was prepared in accordance with the Securities and Exchange Commission S-K regulations (Title 17, Part 229, Items 601 and 1300 through 1305) by the following third-party qualified persons:

Fluor Canada Ltd., BBA USA Inc.

(“BBA”), Burns & McDonnell Engineering Company, Inc., Geosyntec Consultants, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., and Tetra Tech, Inc.

None of the qualified persons is affiliated with the Company or any other entity that has an ownership, royalty, or other interest in the Santa Cruz Copper Project.

The PFS and Technical Report Summary on the Santa Cruz Copper Project is included as Exhibit 96.1 hereto.

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

Location, Infrastructure, and Access.

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

The Santa Cruz Project encompasses approximately 75.66 km 2 of land.

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

The Santa Cruz Copper Project and exploration areas encompass approximately 75.66 km 2 of land.

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

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

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

The Santa Cruz 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.

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

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

As at December 31, 2024, $36.2 million of principal is remaining to be paid on the promissory note.

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

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

At closing for CG100 we paid $300,000, 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 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.

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

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

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

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

and Freeport Copper Company of a combined 5% NSR derived from DRHE portions of the project area, and in favor of Simmons Devcor Company of a 10% NSR on specific parcels (capped to $7 million with consumer price index calculation).

In addition, six other NSR royalties in favor of several individuals encumber specified parcels of the project area with NSR royalty rates of 2%, 1%, 0.5%, 0.075%, 0.015% and 0.0125%.

No royalty encumbers the entire known Mineral Resources at the Santa Cruz Project, other than the ASARCO Santa Cruz, Inc.

and Freeport Copper Company royalty.

The Simmons Devcor Company royalty and the several individual royalties aggregating to 2.09% encumber specified parcels of the project.

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

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 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 what is now the Santa Cruz Project.

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

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

The Santa Cruz Copper Project is 100% owned by Ivanhoe Electric through its wholly-owned subsidiary, Mesa Cobre Holding Corporation (“Mesa Cobre”).

In 2021, Ivanhoe Electric acquired 238 unpatented mining lode claims from Central Arizona Resources, LLC (“CAR”).

In addition, Ivanhoe Electric acquired fee simple mineral title for two further land parcels:

“CG100” and “Skull Valley”.

In 2022, Ivanhoe Electric acquired the 0.08 km 2 (20-acre) “Skull Valley” property from Skull Valley Capital, LLC in the southeastern area of the project and the 0.41 km 2 (100.33-acre) “CG100” from CG 100 Land Partners LLC in the northeastern area of the project.

In 2023, Ivanhoe Electric acquired 16 Arizona State Land Department mineral exploration permits covering 27.95 km 2 (~6,900 acres) of state mineral land.

In 2024, Ivanhoe Electric exercised the agreement with D.R.

Horton Phoenix East Construction, Inc.

(DRH), granting Ivanhoe Electric, through Mesa Cobre, 100% of the mineral title for 26.0 km 2 (~6,425 acres) of fee simple mineral estate, 39 federal unpatented mining lode claims (bringing the total claims controlled by Ivanhoe Electric to 277).

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The total project area comprises fee simple land along with unpatented mining lode claims and Arizona State Land Department Mineral Exploration Permits.

Annual renewal fees for the unpatented mining lode claims and mineral exploration permits have been made as required.

The estimated annual cost of future payments to retain the unpatented mining claims is $55,400.

The area of proposed mine activity lies on fee simple land.

Mineral control is summarized in the table and figures below.

Land Designation Area (km 2 )

Fee Simple Mineral Ownership 25.98

Unpatented Mining Lode Claims (277 claims)

Arizona State Land Department Mineral Exploration Permits (16 permits) 30.47

Ivanhoe Electric Mineral Rights of the Santa Cruz Copper Project.

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In 2022, Ivanhoe Electric acquired the surface rights to two land parcels:

the 0.08 km 2 (20-acre) Skull Valley property from Skull Valley Capital, LLC in the southeastern area of the project and a 0.41 km 2 (100.33-acre) land parcel “CG100” from CG 100 Land Partners LLC in the northeastern area of project.

In August 2024, Ivanhoe Electric acquired the surface title to three 0.04 km 2 (10-acre) parcels located in various areas of the project along with the mineral rights from DRH.

The majority of the surface rights for the Santa Cruz Copper Project were acquired in 2023.

Surface rights are shown in the Figure below.

Ivanhoe Electric acquired grandfathered irrigation rights and grandfathered Type 1 non-irrigation water rights in association with the private land purchased in 2023 and holds all necessary water rights for the life-of-mine plan envisaged in the PFS.

Ivanhoe Electric Surface Rights of the Santa Cruz Copper Project.

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There are nine royalty owners for the Santa Cruz, East Ridge, and Texaco deposits, as summarized in the table below.

Each royalty has its own distinct property description as shown in the map below.

Royalty Descriptions.

Royalty Owner Royalty Description

Royalty Owner A 10% of 1/800th of the fair market value for refined copper, which amount is set by the value listed in the successor index to Metals Week as of the date the solution extraction / electrowinning (SX/EW) process is completed

Royalty Owner B 60% of 1/800th of the fair market value for refined copper, which amount is set by the value listed in the successor index to Metals Week as of the date the SX/EW process is completed

Royalty Owner C 2% net smelter return

Royalty Owner D 0.15% net smelter return

Royalty Owner E ½ of 1% net smelter return or ½ of 1% of 60% net smelter return if product is disposed of other than to a commercial smelter

Royalty Owner F 10% net smelter return (capped at $7 million)

Royalty Owner G 5% net smelter return

Royalty Owner H 1% net smelter return

Royalty Owner I $0.015/lbs of copper of additional mineable reserve copper over 2 billion pounds (Blbs) as determined by the “Definitive Feasibility Study” or by production beyond the amount estimated in the “Definitive Feasibility Study”;

the royalty owner has the option to require payment in Ivanhoe Electric common stock at a 10% discount to the five-day volume weighted average price

Extent of Royalties

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Copper mineralization, first discovered in the region in the 1960s by geologists from the American Smelting and Refining Company (“ASARCO”), led to extensive drill programs across the project area.

ASARCO conducted 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.

14 unchanged sentences

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

Ivanhoe Electric gained access to the land in August 2021 to start drill programs, completed a mineral resource estimate in 2022, an updated mineral resource estimate in early 2023, an initial assessment in September 2023, and a PFS in June 2025.

Property Condition and Stage of Development.

The Santa Cruz Project is an exploration stage project without mineral reserves.

No mining activity has ever taken place on the land constituting the Santa Cruz Project.

There is no mine in production at the project.

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.

The Santa Cruz Copper Project is a development stage project.

No mining activity has taken place on the land constituting the Santa Cruz Copper Project.

There is no mine in production at the Santa Cruz Copper Project.

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

Existing and past land uses in the Santa Cruz Copper 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.

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

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

Within the Santa Cruz Copper 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.

We have a large private land package covering the Santa Cruz Copper 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.

The primary permits required to authorize the construction and operation of the Santa Cruz Copper Project are detailed below.

Permitting and encumbrances .

Current exploration is conducted on private land.

Royalties are discussed above, under “Title”.

Current permits are listed in the Table below.

Current permits for the Santa Cruz Project.

Dust Control Permit

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

limit vehicle access to work areas;

reduce vehicle speeds;

water disturbed areas;

apply stabilizers as needed;

concurrent reclamation;

install track-out devices as needed.

No Violations

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

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

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

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.

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

The primary permits for the project will require state, county, and local authorizations.

Several permits have been issued for exploration and construction activities, and additional permits have been submitted for construction activities.

The remaining permit applications for construction and operations will be prepared and submitted as sufficient design and engineering information become available.

Major federal, state and local permits/plans required for the project are listed in the table below.

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Permits Required for the Santa Cruz Copper Project.

Jurisdiction Agency Permit/Plan Needed & Description

Federal US Environmental Protection Agency Resource Conservation and Recovery Act – Hazardous Waste Management Waste accumulation threshold will determine when hazardous waste ID number (permit) is required.

Federal US Fish and Wildlife Service Migratory Bird Treaty Act Ongoing monitoring and implementation of beneficial practices throughout life of project.

Arizona Department of Environmental Quality

Major Site Plan Approval

Class V Underground Injection Control Permit for paste backfill

Permit by rule or individual permit depending on materials characterization and pre-application discussion with agency.

State Arizona Department of Environmental Quality Areawide Aquifer Protection Permit

Facility-specific permit for heap leach, spent ore, temporary development rock, and ponds.

State Arizona Department of Environmental Quality Recycled Water Discharge Permit for redistribution of excess treated water to priority users For distribution of treated water for third party uses (e.g., irrigated crops).

State Arizona Department of Water Resources 45-513 – Groundwater Withdrawal Permit

Required to withdraw groundwater for dewatering purposes in an Active Management Area for extraction and processing of minerals.

State Arizona State Mine Inspector Mined Land Reclamation Plan Closure plans developed as part of Preliminary Feasibility Study.

State Arizona Department of Transportation Encroachment Permit for access off Hwy 84 Traffic impact analysis completed.

Engineered improvement designs shall be approved by ADOT prior to issuance of the Encroachment Permit.

County Pinal County Air Quality Control District Class II Air Quality Permit – determined by quantity of emissions from stationary sources and process emissions

Required for any industrial operation that has the potential to emit 5.5 pounds per day or 1 ton per year of any regulated air pollutant is required to obtain a permit from Pinal County Air Quality.

Submitted March 2025 for construction activities and under agency review.

County Pinal County Air Quality Control District Pinal County Dust Control Permit – West Pinal Non-Attainment Existing permit will be amended annually.

City City of Casa Grande Special Flood Hazard Area Development Permit for proposed development within a floodplain Likely not required as facilities have been designed to avoid development within Special Flood Hazard Areas.

City City of Casa Grande General Plan Amendment – major amendment to city plan Required to include mining operations and infrastructure within city limits.

Obtained June 17, 2024.

City City of Casa Grande Planned Area Development Amendment (PAD) –

Required to accommodate industrial use/mining operations in a Planned Area Development zone.

Obtained February 3, 2025.

City of Casa Grande

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.

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.

Major Site Plan

Required to accommodate industrial use/mining operations in the approved Planned Area of Development.

Obtained January 7, 2026

City of Casa Grande

Development Plan

Required to accommodate drainage and grading for proposed project facilities approved in the Major Site Plan.

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Geological Setting, Mineralization and Deposit Types.

The Santa Cruz Project lies along a northwest to southeast trending, approximately 600 km long porphyry copper belt that includes many productive deposits such as Mineral Park, Bagdad, Globe-Miami, and the neighboring Sacaton.

These deposits lie within the Basin and Range province that covers most of the southwestern United States and northwestern Mexico.

The porphyry copper deposits within this trend are the product of igneous activity during an approximately 80 Ma to 50 Ma orogenic event that involved northeast-directed subduction and a northwest-southeast-striking magmatic arc.

During Basin and Range tectonic extension, porphyry copper systems were dismembered, tilted and buried beneath basinal deposits that now fill the Casa Grande Valley.

Prior to concealment, the porphyry systems of Arizona experienced supergene enrichment events that make them economically significant deposits.

The Santa Cruz system (comprising the Santa Cruz, Texaco, Park-Salyer, and Sacaton deposits) represents one or more large, Laramide-aged porphyry copper systems that were subsequently enriched by supergene processes.

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.

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

• Primary hypogene sulfide mineralization:

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

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

• Secondary supergene sulfide mineralization:

dominantly chalcocite which rims primary hypogene sulfides and completely replaces hypogene mineralization.

Other sulfides that fall within this category include lesser bornite and covellite as well as djurleite and digenite which have been identified by historic XRD analyses.

Supergene sulfide mineralization developed as sub-horizontal domains, known as “chalcocite blankets”, within the phreatic zone (below the paleo water table).

They result from the weathering, oxidation, and leaching of sulfides under oxidizing conditions in the vadose zone (above the water table) and the transport and re-precipitation of copper sulfides in a more reducing environment below the water table.

• Secondary supergene “oxide” mineralization:

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

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

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

Atacamite accounts for much of the copper grades within the oxide zone and requires formation of a brine to precipitate.

The Santa Cruz Copper Project is situated within the Southwestern Porphyry Copper Belt, which is home to numerous productive copper deposits.

Notable examples in Arizona include Mineral Park, Bagdad, Resolution, Miami-Globe, San Manuel-Kalamazoo, Ray, Morenci, Sierrita, Twin Buttes, and the historically significant Sacaton Mine.

These deposits are part of the larger physiographical area known as the Basin and Range Province, which covers much of the southwestern United States.

The porphyry copper deposits in the Southwestern Porphyry Copper Belt are the result of igneous activity during the Laramide Orogeny, which occurred between 50 and 80 million years ago.

This geological event was driven by the subduction of the Farallon Tectonic Plate beneath the North American Tectonic Plate, resulting in the formation of a magmatic arc and the development of associated porphyry copper systems.

The Project comprises four separate areas along a southwest-northeast corridor.

These areas from southwest to northeast are known as the Southwest exploration area, the Santa Cruz deposit, the East Ridge deposit, and the Texaco deposit, all of which represent portions of one or more large porphyry copper systems separated by extensional Basin and Range normal faults.

Each area has experienced variable periods of erosion, supergene enrichment, fault displacement, and tilting into their present positions.

Mineralization in the project area is divided into the following:

• Supergene copper oxide mineralization mainly consists of atacamite and chrysocolla, with smaller amounts of cuprous goethite, copper-bearing micas, tenorite, cuprite, copper wad, and native copper.

• Secondary supergene sulfide mineralization is dominantly chalcocite, which replaces hypogene sulfide.

• Primary hypogene sulfide mineralization consists of chalcopyrite and molybdenite hosted within quartz-sulfide stringers, veins, and breccias.

Exploration and Drillin g.

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 .

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.

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

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

Mineral Resources.

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

Nordmin has also confirmed that the MRE remained accurate as of December 31, 2024.

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

All drill holes were completed from 1964 to 2022.

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-MS).

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

Due to the re-analyses to determine cyanide soluble Cu within historic samples, there are instances where cyanide soluble Cu is greater than total Cu.

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

In Situ Santa Cruz Project Mineral Resource Estimates as at December 31, 2024 and December 31, 2023,

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

Classification Deposit

Mineralized Material (ktonne) Total

Total Cu (ktonne) Total

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

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

East Ridge (0.90% COG) — — — — —

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

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

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

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

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

Nordmin, 2023

No exploration was completed in 2025.

Sixteen sonic drill holes, totaling 1,055 meters, were completed as part of geotechnical development work for the box cut and decline as part of pre-development activities at the Santa Cruz Project.

The below discussion is related to the exploration and drilling activities undertaken for the PFS.

Ivanhoe Electric has completed induced polarization geophysical surveys, including two dimensional, three dimensional, multichannel seismic, reprocessing of proprietary Typhoon™ three-dimensional perpendicular pole dipole induced polarization data, and ambient noise tomography in addition to an active three- dimensional seismic survey across the Santa Cruz and east ridge deposits.

The geophysical datasets from these surveys were used to assist with geological interpretation and improved drill targeting.

A comprehensive surface ionic leach sampling program has also been completed across the project to assess in detecting copper mineralization at depth.

Ivanhoe Electric completed 149 infill drillholes totaling approximately 120,000 meters since the 2023 initial assessment to the date of the PFS, bringing the total to 194 drillholes and 156,427 meters of combined drilling for the Project since initiating exploration activity in 2021.

Combined with historical drilling, Ivanhoe Electric has data for over 469 drillholes totaling 330,118 meters of combined drilling.

The mineral resource and mineral reserve estimates included in the PFS are based on data from 329 drillholes totaling 279,164 meters of combined drilling.

Detailed core logging is performed by Ivanhoe Electric geologists through digital data input into MX Deposit.

Data that are logged include lithology, alteration, mineralization, veining, petrophysical data, and geotechnical parameters, such as faults, joints, fractures, hardness, and rock quality (Q-system) parameters.

Additional characterization fields such as rock colors, grain sizes, textures, and supergene weathering features were also captured.

Approximately 5,884 density measurements from 210 drillholes were measured for the Santa Cruz, East Ridge, and Texaco deposits.

Quality assurance and quality control for the Ivanhoe Electric drill programs consisted of inserting duplicates, blanks, and certified reference materials (standards) into the sample stream at set sampling intervals.

BBA’s review of the data indicated no material issues.

A total of 70 km of geotechnical drillholes consisting of 83 historical and 184 modern drillholes informed geotechnical characterization of the Santa Cruz and East Ridge deposits.

Historical drillholes were selected based on availability of rock quality designation data.

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The groundwater flow model was calibrated and used to predict the residual passive inflows for the PFS mine plan.

The predicted residual passive inflows resulting from the updated model, with mitigation measures of activated colloidal silica and cement grouting applied, indicate that the residual passive inflows for the first 10 years of the mine are at or below 6,000 gallons per minute (gal/min).

From Years 11 through 25, the residual passive inflows in the updated model range from approximately 6,500 to 8,000 gal/min.

Data Verification .

BBA personnel in the disciplines of geology, mineral resource estimation, mineral reserve estimation, mine planning and mine infrastructure visited the project site in 2024.

During the visit, BBA personnel reviewed and verified data acquisition procedures with Ivanhoe Electric personnel, visited active drill sites, and performed several other verification checks to ensure data integrity.

Based on the data made available, BBA considers that a reasonable level of verification has been completed and that no material issues were identified from the programs.

BBA’s opinion states that the geological data collection and quality assurance and control procedures used by Ivanhoe Electric are consistent with current industry practices and that the geological database is of suitable quality to support a mineral resource and mineral reserve estimation.

Metallurgical Testwork.

Metallurgy and processing test work were directed by Met Engineering, LLC and conducted at McClelland Labs (MLI) in Sparks, Nevada, USA and at Blue Coast Research (BCR) in Parksville, British Columbia, Canada.

Metallurgical testwork included the following:

• establishing copper recoveries, based on sequential coppers for chloride-assisted, weak-sulfuric acid, heap leaching of mineralized material at the Santa Cruz Copper Project.

• determining commercial operating parameters for heap leaching mineralized material at the Santa Cruz Copper Project, including salt usage, sulfuric acid usage, ore cure/agglomeration practices, leach cell cycle times for an on/off leach pad design, annual pregnant leach solution grades, and pregnant leach solution flow rate to solvent extraction.

A grade-recovery algorithm was developed based on sequential copper assays.

For the life-of-mine processing, this equation produces a weighted average of 92.2% total copper recovery to cathode for leaching a 6-meter lift of ore crushed to 100% passing 9.5 mm for 180 days of irrigation utilizing an on/off leach pad.

There are no deleterious elements or factors that could have a significant effect on economic extraction of the copper in the mineralized material.

Mineral Resource Estimate.

The mineral resources in this estimate were independently prepared, including estimation and classification, by BBA in accordance with the definition for mineral resources in S-K 1300 regulations.

The in-situ mineral resource estimates for the Santa Cruz, East Ridge, and Texaco deposits, inclusive and exclusive of reserves, are presented in the tables below.

The Santa Cruz deposit has approximately 194,000 meters of drilling in 226 drillholes;

East Ridge has approximately 49,000 meters of drilling in 62 holes;

and Texaco has approximately 36,000 meters of drilling in 41 holes.

Geological domains were developed for the project based on alteration, lithological, and mineralogical characteristics, incorporating regional and local structural information.

Normal faults separate the mineralization at the Santa Cruz, East Ridge, and Texaco deposits.

The Santa Cruz deposit was divided into several mineral domains:

exotic domain, verde domain, leach cap, oxide domain, chalcocite enriched domain, and primary mineralization domain.

The East Ridge deposit consists of a mix of oxide and chalcocite enriched domains.

The Texaco deposit consists of all domains except for leach cap and exotic.

The domains were further divided into subdomains based on individual grade profiles, which align with controls on mineralization.

The following terms are assigned to the subdomains;

these represent a local definition of the grade profile:

high-grade, medium-grade, and low-grade.

Exploratory data analysis was conducted to determine the nature of element distribution and correlation of grades within individual lithological units, and to identify high-grade outlier samples.

Capping was not applied to copper values as significant outliers were not identified.

Samples were composited to 2-meter intervals.

Variograms were completed by subdomain for each deposit.

The resource estimation methodology constrains the mineralization by using hard wireframe boundaries.

Ordinary kriging was employed for the Santa Cruz deposit, and inverse distance squared was selected for the East Ridge and Texaco

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Multiple search passes were used for each deposit.

Search parameters were based on variography and continuity of mineralization.

Validation checks were completed on the mineral resource estimates.

These included visual comparison of estimated grade to composite grade, domain conformity, swath plots, and comparisons to alternate estimation methods.

Indicated and inferred classification was applied to the Santa Cruz, East Ridge, and Texaco deposits based on BBA’s review that included geological understanding, continuity of mineralization, data quality, examination of drill spacing, visual comparison, kriging variance, distance to the nearest composite, and search pass, along with the search ellipsoid ranges.

Collectively, this information was used to produce an initial classification script followed by manual wireframe application to further limit the mineral resource classification.

Mineral resources used commodity prices based on long-term analyst and bank forecasts.

In the opinion of BBA, this price is generally aligned with pricing over the last one, three, and five years;

forward-looking pricing from internationally recognized banks is appropriate for use in a mineral resource estimate.

The commodity price considered three-year trailing averages.

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Santa Cruz Mineral Resources

In-Situ Mineral Resource Estimate Exclusive of Reserves for Santa Cruz, East Ridge & Texaco Deposits.

Deposit Classification Tonnes (kt) Total Copper (%) Acid Soluble Copper (%) Cyanide Leach Copper (%) Residual Copper (%) Gold (g/t) Silver (g/t) Contained Copper (kt) Total Acid Soluble Copper (kt) Total Cyanide Copper (kt) Total Residual Copper (kt) Contained Gold (koz) Contained Silver (koz) Contained Copper (Mlbs)

Santa Cruz Indicated 178,451 0.80 0.34 0.20 0.27 0.024 1.43 1,435 607 359 477 139 8,211 3,163

Inferred 31,998 0.73 0.21 0.17 0.34 0.021 1.78 232 68 54 110 21 1,832 512

East Ridge Indicated 4,407 0.94 0.43 0.31 0.20 0.015 0.71 41 19 14 9 2 101 91

Inferred 48,676 0.89 0.44 0.12 0.33 0.006 0.40 436 216 57 163 9 623 960

Texaco Inferred 341,345 0.78 0.06 0.27 0.45 0.028 0.81 2,664 218 920 1,537 302 8,850 5,873

All Deposits Indicated 182,859 0.81 0.34 0.20 0.27 0.024 1.41 1,476 625 373 486 141 8,312 3,254

Inferred 422,020 0.79 0.12 0.24 0.43 0.025 0.83 3,332 503 1,030 1,809 333 11,304 7,346

Notes on mineral resources:

• k=thousand;

CoG or COG=cut-off grade;

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

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

The mineral resources in this estimate were independently prepared, including estimation and classification, by BBA USA Inc., and are reported in accordance with the definition for mineral resources in S-K 1300.

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

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

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

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

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

• The Mineral Resources are current to December 31, 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.

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

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

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

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

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

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

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

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

Total soluble copper is not reported for the primary domain.

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

Mineral Processing and Metallurgical Testing.

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

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

The studies are ongoing.

Study focus has been on:

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

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

The test program for heap leaching is in progress.

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.

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

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

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

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

One 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.

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

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

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

Mineral resources are reported in situ, exclusive of mineral reserves.

The mineral resources for Santa Cruz, East Ridge, and Texaco deposit were completed using Datamine Studio RM software.

The mineral resources are current at December 31, 2025.

Mineral resources constrained assuming underground mining methods for the Santa Cruz deposit are reported at an NSR cutoff of US$32.00 for heap leach and US$34.00 for concentrator;

Texaco deposit is reported at a NSR cutoff of US$32.00 for heap leach and US$34.00 for concentrator;

and East Ridge deposit is reported at a NSR cutoff of US$40.00 for longhole stoping and US$50.00 for drift and fill.

The cutoff reflects the total operating costs to define reasonable prospects for economic extraction by conventional underground mining methods.

Material from within mineable shape-optimized wireframes has been included in the mineral resource.

Underground mineable shapes optimization parameters include a long-term copper price of US$4.00/lb, gold price of US$1,900/oz, and silver price of US$24.00/oz.

Process costs of US$7.00 to US$9.00 per processed tonne;

direct mining costs between US$22.00 to US$40.00 per processed tonne reflecting various mining method costs (leach, long hole or drift and fill), mining general and administration costs of US$2.63 per processed tonne, onsite processing costs between US$31.63 to US$49.63 per processed tonne, along with variable royalties between 5.01% to 6.96% NSR, and a mining recovery of 100%.

Mineral resources are estimated using metallurgical recoveries for heap leach of 96% for acid soluble copper, 83% for cyanide soluble copper, 22% for residual copper, 0% for gold and 0% for silver.

Recoveries for concentrator are 0% for acid soluble copper, 90% for cyanide soluble copper, 90% for residual copper, 59% for gold, and 69% for silver.

Density was applied using weighted averages by deposit subdomain.

Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content.

In-Situ Mineral Resource Estimate Inclusive of Reserves for Santa Cruz, East Ridge & Texaco Deposits.

Santa Cruz Indicated 317,709 0.95 0.48 0.30 0.17 0.027 1.62 3,017 1,517 956 543 279 16,513 6,650

Inferred 31,998 0.73 0.21 0.17 0.34 0.021 1.78 232 68 54 110 21 1,832 512

East Ridge Indicated 8,742 1.00 0.45 0.39 0.16 0.014 0.68 88 40 34 14 4 191 193

Inferred 48,676 0.89 0.44 0.12 0.33 0.006 0.40 436 216 57 163 9 623 960

Texaco Inferred 341,345 0.78 0.06 0.27 0.45 0.028 0.81 2,664 218 920 1,537 302 8,850 5,873

All Deposits Indicated 326,450 0.95 0.48 0.30 0.17 0.027 1.59 3,104 1,557 989 558 283 16,704 6,844

Inferred 422,020 0.79 0.12 0.24 0.43 0.025 0.83 3,332 503 1,030 1,809 333 11,304 7,346

Notes on mineral resources:

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral resources are reported in situ, inclusive of mineral reserves.

The mineral resources for Santa Cruz, East Ridge, and Texaco deposit were completed using Datamine Studio RM software.

The mineral resources are current at December 31, 2025.

Mineral resources constrained assuming underground mining methods for the Santa Cruz deposit are reported at an NSR cutoff of US$32.00 for heap leach and US$34.00 for concentrator;

Texaco deposit is reported at a NSR cutoff of US$32.00 for heap leach and US$34.00 for concentrator;

and East Ridge deposit is reported at a NSR cutoff of US$40.00 for longhole stoping and US$50.00 for drift and fill.

The cutoff reflects the total operating costs to define reasonable prospects for economic extraction by conventional underground mining methods.

Material from within mineable shape-optimized wireframes has been included in the mineral resource.

Underground mineable shapes optimization parameters include a long-term copper price of US$4.00/lb, gold price of US$1,900/oz, and silver price of US$24.00/oz.

Process costs of US$7.00 to US$9.00 per processed tonne;

Mineral resources are estimated using metallurgical recoveries for heap leach of 96% for acid soluble copper, 83% for cyanide soluble copper, 22% for residual copper, 0% for gold and 0% for silver.

Recoveries for concentrator are 0% for acid soluble copper, 90% for cyanide soluble copper, 90% for residual copper, 59% for gold, and 69% for silver.

Density was applied using weighted averages by deposit subdomain.

Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content.

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Factors That May Affect the Mineral Resource Estimate

Areas of uncertainty that may materially impact the mineral resource estimates are as follows:

• changes to long-term metal price assumptions

• changes to the input values for mining, processing, and general and administrative (G&A) costs to constrain the estimate

• changes to local interpretations of mineralization geometry and continuity of mineralized subdomains

• changes to the density values applied to the mineralized zones

• changes to metallurgical recovery assumptions

• changes in assumptions of marketability of the final product

• variations in geotechnical, hydrogeological, and mining assumptions

• changes to assumptions with an existing agreement or new agreements

• changes to environmental, permitting, and social license assumptions

• logistics of securing and moving adequate services, labor, and supplies could be affected by epidemics, pandemics, and other public health crises, or geopolitical influence.

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The table below compares the Santa Cruz mineral resource estimates, exclusive of mineral reserves, as at December 31, 2025 and December 31, 2024, and reports the net difference as a percentage.

Comparison to previous Mineral Resource Estimate

December 31, 2024 December 31, 2025 Comparison

Deposit Classification Tonnes (kt) Contained Copper (kt) Deposit Classification Tonnes (kt) Total Cu (k tonnes) Tonnage % Difference Total Contained Copper % Difference

Santa Cruz Indicated 223,155 2,759 Santa Cruz Indicated 178,451 1,435 -20 % -48 %

East Ridge — — East Ridge 4,407 41 — % — %

Texaco 3,560 47 Texaco — — — % — %

Total Indicated 226,715 2,807 Total Indicated 182,859 1,476 -19 % -47 %

Santa Cruz Inferred 62,709 768 Santa Cruz Inferred 31,998 232 -49 % -70 %

East Ridge 23,978 326 East Ridge 48,676 436 103 % 34 %

Texaco 62,311 753 Texaco 341,345 2,664 448 % 254 %

Total Inferred 148,998 1,847 Total Inferred 422,020 3,332 183 % 80 %

The current resource model iterations have changed significantly when compared to the iterations released in the initial assessment.

Factors that have influenced changes in the resource are as follows:

• a portion of the Santa Cruz Indicated resource has been converted to reserves;

see Mineral Reserve table;

• change in cut-off grade from IA to PFS due to change in metallurgical process, mining cost, increased copper price from $3.70/lb to $4.00/lb;

• significant addition of new drilling to all three deposits, with expansion drilling at Texaco contributing to overall resource growth;

• change in interpretation of deposits based on new information;

• understanding of structural influence on the deposit;

• discovery of historical data issues in East Ridge.

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Mineral Reserve Estimate.

Underground mineral reserves were estimated by BBA.

Estimates were prepared for the Santa Cruz deposit, a portion of the East Ridge deposit, and the Verde domain located within the Santa Cruz deposit.

The primary mining method for both deposits employs longhole stoping without pillars, utilizing a primary and secondary stoping sequence.

Additionally, a few small lenses within the East Ridge deposit use a drift-and-fill mining method.

Stopes will be backfilled with cemented rockfill and then all stopes will be backfilled after mining with paste backfill for the remainder of the mine life.

Indicated mineral resources were converted to probable mineral reserves.

Inferred mineral resources were not converted to mineral reserves;

however, if inferred mineral resources fell within the mineral reserve designs, they were assumed to have zero grade.

The underground mine approach was designed using zones that were amenable to different mining methods based on geotechnical considerations, access requirements, deposit shape, orientation and grade, and mining depths.

Waste or low-grade blocks in the stope shapes were treated as internal dilution.

Mine designs were modified by including the capital and operating development needed to access the stopes, and the applicable infrastructure requirements.

Net smelter return (NSR) represents the gross revenue generated from the sale of a refined metal product (in this case, copper cathodes) after deducting all associated off-site costs.

For a mine producing copper cathodes via heap leaching and SX/EW, the traditional "smelter" and "refining" charges inherent in concentrate sales are not applicable.

Instead, the offsite deductions are specific to the direct sale of cathodes.

The primary metal produced at the Santa Cruz Copper Project is copper.

While byproducts of gold and silver are present, the current heap leach SX/EW process does not recover these precious metals.

As is common with polymetallic deposits, the cutoff value for mineral reserves is determined and expressed in terms of net smelter return value per tonne.

The NSR is calculated based on unit metal values, utilizing representative smelter contract terms, freight costs, and forecasted metal prices.

The metal prices and metallurgical recovery rates used for NSR calculations are summarized in the table below.

Operating cost for cutoff value calculations are summarized in the table below.

Royalties are factored into each block of the mineral resource and mineral reserve model.

Mineral reserves are assessed using commodity prices derived from long-term forecasts from analysts and banks.

According to BBA, this pricing generally reflects the trends observed over the past one, three, and five years, and the forward-looking prices from internationally recognized banks are deemed appropriate for mineral reserve estimates.

NSR parameters.

Product Unit Value

Acid Soluble Copper Recovery % 98.8

Cyanide Soluble Copper Recovery % 85.4

Residual Copper Recovery % 35.1

Recoverable Copper % 90.9

Net Recoverable Copper % 90.0

Copper Price $/lb 4.00

Operating costs for cutoff value calculations.

Criteria Unit Santa Cruz East Ridge East Ridge

30 m Longhole Drift and Fill 15 m Longhole

Leach Leach Leach

Cathode Split % 100.0 100.0 100.0

Mining Costs – Direct $/t processed 31.00 47.05 47.05

Processing Costs $/t processed 10.32 10.32 10.32

G&A $/t processed 2.63 2.63 2.63

Onsite Total $/t processed 43.95 60.00 60.00

Onsite Rounded NSR Breakeven Cutoff $/t 44.00 60.00 60.00

Indicated mineral resources were converted to probable mineral reserves.

Inferred mineral resources were excluded from the mineral reserve estimate.

Mineral reserves for the Santa Cruz Copper Project are estimated for the Santa Cruz deposit and a portion of the East Ridge deposit, as well as the Verde domain within the Santa Cruz deposit.

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Mineral reserves are supported by a mine plan, engineering analysis, and modifying factors.

The point of reference for the mineral reserves is the point where the ore is delivered to the processing plant.

Mineral reserves are reported on a 100% basis.

The mineral reserve estimate for the Santa Cruz Copper Project is shown in the table below.

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Santa Cruz Copper Project Mineral Reserve Estimate.

Deposit Classification Tonnes (kt) Total Copper (%) Acid Soluble Copper (%) Cyanide Leach Copper (%) Residual Copper (%) Contained Copper (kt) Total Acid Soluble Cu (kt) Total Cyanide Cu (kt) Total Residual Cu (kt)

Santa Cruz Probable 132,061 1.08 0.62 0.41 0.05 1,430 820 544 65

East Ridge Probable 4,112 1.03 0.46 0.44 0.12 42 19 18 5

Total Probable 136,173 1.08 0.61 0.41 0.05 1,472 839 563 70

The mineral reserves in this estimate are current to December 31, 2025 and were independently prepared, including estimation and classification, by BBA USA Inc.

They are reported in accordance with the definitions for mineral reserves in S-K 1300.

The point of reference for the estimate is the point of delivery to the process facilities.

The mineral reserves for the Santa Cruz and East Ridge deposits were completed using Deswik mining software.

Mineral reserves are defined within stope designs that are prescribed by rock mechanics, considering the specific characteristics of deposits, mineral domains, mining methods, and the mining sequence.

Transverse longhole stoping is the optimal mining method with uppers and cut & fill methods used where appropriate.

Mining will occur in blocks, extracting ore from the bottom upwards, with paste backfill providing ground support to sustain a production rate of 20,000 tonnes per day for the first 15 years of operation.

Mineral reserves are estimated at an NSR cutoff value of $43.95/t for longhole stoping and $60/t for longitudinal retreat stopes and drift and fill.

The NSR values reflect the discrete metallurgical responses for each mineral reserve block using metallurgical recoveries for heap leach of 96% for acid soluble copper, 83% for cyanide soluble copper, 22% for residual copper.

Underground mineable shapes optimization parameters include a long-term copper price of US$4.00/lb.

Mineral reserves account for mining loss and dilution.

Mineral reserves are a subset of the indicated mineral resource and do not include the inferred mineral resource.

Rounding, as required by the guidelines, may result in apparent summation differences between tonnes, grade, and contained metal content.

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Factors That May Affect the Mineral Reserve Estimate.

Factors that may affect the mineral reserve estimate include the following:

• changes to long-term metal price assumptions

• changes to metallurgical recovery assumptions

• changes to the input assumptions used to derive the mineable shapes applicable to the assumed underground and open pit mining methods used to constrain the estimates

• changes to the forecast dilution and mining recovery assumptions

• changes to the cutoff grades used to constrain the estimates

• variations in geotechnical (including seismicity), hydrogeological, mining, and processing recovery assumptions

• changes to environmental, permitting, and social license assumptions.

Comparison to previous Mineral Reserve Estimate.

Mineral Reserves were estimated for the Santa Cruz Copper Project for the first time in 2025.

No previous Mineral Reserves are available to compare.

Mining Methods.

The Project is currently not being mined.

Mineral Resources are stated for three deposits:

Santa Cruz, Texaco, and East Ridge.

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

The Santa Cruz Copper Project is an undeveloped brownfield project where mineral reserves have been identified for two deposits:

Santa Cruz and East Ridge.

The Santa Cruz deposit is located approximately 480 to 940 meters below the surface.

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

The Santa Cruz deposit 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.

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

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

Cemented waste rockfill 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 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.

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

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

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

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

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

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

With an active dewatering scenario pumping approximately 3,000 gallons per minute (“gpm”) for the first two years of life of mine (“LoM”), the model shows that the annual average residual passive inflows for the first 10 years of the mine are at or below 12,000 gpm.

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

Completed Mine Plan

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

Mine Plan Summary

Classification Domain Tonnage (kt) Total

Cu (%) Cyanide

Indicated Total 74,713 1.64 1.07 0.39

Inferred Total 25,530 1.60 0.99 0.48

Indicated + Inferred Total 100,244 1.63 1.05 0.41

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

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.

Based on the deposit geometry and supporting geotechnical data, transverse underground longhole stoping has been selected as the most suitable mining method.

Mining will be conducted in blocks, with ore being extracted from the bottom upward within each block while utilizing paste backfill to provide ground support.

A sill pillar will be maintained between the blocks.

The paste backfill is designed to be strong enough to allow adjacent filled stopes to be mined without requiring additional pillars.

The East Ridge deposit is situated to the northeast of the main Santa Cruz deposit, approximately 310 to 790 meters below the surface.

It consists of multiple inclined tabular lenses and will be mined using a hybrid approach that combines longhole stoping and the drift-and-fill method, depending on the geometry of the orebody in each zone, followed by paste backfill and curing before the development of the next adjacent drift in the orebody.

Mine access will be provided through two decline drifts from the surface:

one for main access and the other for a Railveyor system to handle materials.

Ore will be transported from the stopes by load-haul-dump (LHD) equipment to an ore pass system, which will transfer the ore from a chute to a conveyor system.

From the conveyor system, it will be loaded onto the Railveyor and brought to surface.

The Santa Cruz Copper Project encompasses three mining zones:

Santa Cruz, Verde, and East Ridge (Figure below).

The Santa Cruz zone is the primary production area and is structurally divided into northern and southern regions.

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Mining Zones of Santa Cruz and East Ridge Deposits, View Looking North

The Santa Cruz Copper Project mine life is expected to be 23 years with construction from 2026 to 2028 followed by schedule production to 2051.

The table below summarizes the production in the mine plan.

The “Ore” column represents the total development and production ore for Santa Cruz, Verde, and East Ridge mining zones.

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Santa Cruz Scheduled Production Summary.

Year Ore (kt) Total Copper (%) AsCu (%) CNCu (%) Cu_Res (%) Ratio ASCU:TCU

2026 0 0.00 0.00 0.00 0.00 0.00

2027 28 0.48 0.34 0.05 0.10 0.70

2028 1,673 0.71 0.51 0.15 0.05 0.71

2029 3,973 1.29 0.99 0.26 0.04 0.77

2030 5,377 1.35 0.86 0.44 0.04 0.64

2031 6,737 1.15 0.61 0.51 0.04 0.53

2032 7,492 1.12 0.56 0.50 0.06 0.50

2033 7,439 1.13 0.56 0.52 0.06 0.49

2034 7,875 1.02 0.64 0.35 0.03 0.63

2035 7,441 1.13 0.72 0.39 0.02 0.64

2036 7,740 1.06 0.75 0.29 0.02 0.71

2037 7,937 1.01 0.58 0.38 0.05 0.57

2038 7,961 0.99 0.52 0.43 0.04 0.52

2039 7,256 1.15 0.49 0.59 0.08 0.42

2040 7,400 1.14 0.53 0.53 0.07 0.46

2041 7,819 1.05 0.51 0.48 0.06 0.49

2042 7,851 1.07 0.52 0.49 0.06 0.48

2043 5,956 1.07 0.68 0.34 0.05 0.64

2044 4,177 1.04 0.50 0.51 0.03 0.48

2045 3,732 1.04 0.67 0.31 0.06 0.65

2046 3,338 1.05 0.67 0.31 0.06 0.64

2047 3,453 1.00 0.69 0.26 0.05 0.69

2048 3,586 1.07 0.65 0.36 0.06 0.60

2049 3,655 0.99 0.52 0.41 0.06 0.53

2050 3,643 1.04 0.67 0.29 0.08 0.65

2051 2,636 0.92 0.66 0.14 0.12 0.71

Total 136,173 1.08 0.62 0.41 0.05

The figures below show a tonne-grade graph for production and includes estimated waste rock and tonnes of material mined over the life-of-mine from the orebodies and development, respectively.

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Santa Cruz Tonne – Grade Graph

Santa Cruz Tonnes of Mined Material

The injection of activated colloidal silica to reduce water inflow within specific areas of underground development was evaluated by Geosyntec for the project.

During initial decline development where the twin declines pass through the upper portion of the Gila conglomerate and other high hydraulic conductivity zones, standard ramp dewatering methods—in addition to methods like activated colloidal silica and cement grout injection are utilized to support underground development.

Recovery Methods.

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 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% 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.

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 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.

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

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

Tailings Storage Facility.

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

Backfill is used to fill voids created during mining.

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

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

the underground ore body outline;

mine’s infrastructure;

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

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

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

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

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

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

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

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

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

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

Power for the 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 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.

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

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

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

Process for the Santa Cruz Copper Project has been designed to cycle oxide and secondary sulfide ores through an on/off heap leach pad to produce a copper-rich pregnant leach solution (PLS) that will be processed in the onsite solvent extraction and electrowinning circuit for recovery.

The process designs were based on existing technologies and proven equipment.

The process and refinery plant designs are based on the results of metallurgical testwork on the mineralized material at the Santa Cruz Copper Project.

The designs are conventional.

The simplified overall process flow diagram is presented in the Figure below.

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Simplified Process Flowsheet

Run-of-mine ore will be delivered to surface at a diameter of less than 20 cm via the Railveyor.

Ore from underground will be either fed, via a surge hopper, to crushing or diverted and conveyed to the coarse ore stockpile for future use.

Fine ore (undersize from the crushing circuit) will be trucked to the agglomeration drums where sulfuric acid and sodium chloride can be added to facilitate agglomeration and leaching.

Crushed and agglomerated ore will be delivered to the leach pad via a combination of haul truck and overland conveying and stacking equipment.

The final mobile conveyor will feed two self-propelled indexing conveyors in series, which in turn will feed the self-propelled mobile radial stacker.

The cells will be ‘retreat’ stacked by the radial stacker in a half-moon shape.

The on/off heap leach pad will be divided into seven cells with spacer strips between the cells effectively creating multiple leach pads and providing safety zones between the cells.

The liner for the leach pad is comprised of a high-density polyethylene geomembrane overlaying a geosynthetic layer of clay overlaying prepared native foundation materials or grading fill.

Ore will be stacked at up to 22,000 t/d, and will take approximately 36 days to stack each cell at design production rate.

Each of the cells will progress through cycles in sequence with each stacking cycle taking 36 days and an entire cell cycle taking 265 days.

Ore produced from the underground mine will be processed using a heap leach and solvent extraction and electrowinning flowsheet to produce London Metal Exchange grade copper cathode.

The heap leaching process will take place on an on/off pad.

Spent ore will be removed from the leach pad and processed for paste backfill or stacked on a spent ore pile.

Approximately 50% of the spent ore will be processed for use in paste backfill.

Operations will be conducted 24 hours per day, 365 days per year for approximately 26 years at a design stacking rate of up to 22,000 t/d.

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Seven-Cell Heap Leach and Solution Management

The solvent extraction circuit design comprises two parallel trains.

Each train will consist of two extraction stages, two wash stages, and one strip stage.

The copper electrowinning tankhouse will comprise electrowinning cells with lead anodes and stainless-steel cathode blanks.

Cathodes (copper electroplated onto stainless steel blanks) will be harvested manually using an overhead crane and bail.

Cathodes will be stripped in an industry standard automated stripping machine and the washed blanks will be returned to the cells.

Product cathode copper will be bundled, sampled, weighed, labeled, and shipped.

Infrastructure.

The Santa Cruz Copper Project site surface infrastructure comprises the following:

• an open excavation 60-meter-deep “box cut” ramp for accessing a twin decline portal to the underground mine workings

• three ventilation shafts to facilitate air flows to the underground mine workings

• primary mine ventilation fans, hardware, and ducting to control ventilation to the underground mine workings

• refrigeration plant to control temperatures in the underground mine workings

• ventilation bore for refrigeration

• rock crushing process plant and temporary stockpiles

• two spent ore facilities;

north and south pads

• on/off leach pad with associated collection ponds and mobile stacking

• solution extraction and electrowinning process facilities

• mobile cement batch plant facility

• paste backfill batch facility

• maintenance, and warehouse facilities

• first aid/rescue building

• multiple various ancillary outbuildings

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• entry security shack and various visitor and project parking spaces

• equipment delivery and open laydown/storage area

• multiple improved and unimproved access roads

• piping and pumping systems for process and water services

• explosives storage facility

• high-voltage transmission line and substation

• environmental monitoring facilities

• emergency power generation facility

• solar power and battery storage facility.

Key infrastructure locations are shown on the Figure below.

Santa Cruz Site Plan

Power for the project will be provided from a combination of onsite renewable energy supply and utility grid supply.

The goal of the mine development is to achieve a minimum of 70% of the energy supply from renewable sources including onsite photovoltaic solar generation built by a third-party developer in conjunction with a Power Purchase Agreement

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(PPA) facilitated by local power provider Electrical District No.

3 (ED3) plus onsite battery energy storage system.

The renewables facility was sized based on available area and to provide 40 MW of continuous power annually with over 90% load coverage.

The proposed onsite battery energy storage system consists of a lithium-ion system rated for 140 MW / 560 MWh.

There is an additional opportunity to utilize the emerging vanadium redox flow battery technology.

A percentage of the lithium-ion battery energy storage system could be replaced by a vanadium redox flow battery system.

VRB USA is the holder of vanadium redox battery technology in the United States and is a wholly owned subsidiary of VRB Energy, a subsidiary that is 90%-owned and controlled by Ivanhoe Electric.

The Santa Cruz Copper Project will have an estimated operating load of 78.7 MW and a forecast annual consumption of between 580,000 and 690,000 MWh during peak production years.

Water supply for process operations will be sourced from existing grandfathered Type I non-irrigation rights and mine dewatering.

Potable water will be trucked in from the city.

Trucked water will be stored in a tank to service the surface facilities.

Water management operations include systems of underground dewatering, water collection and conveyance facilities, water storage, water use, and various management options for discharge of excess water.

Water not used for underground mining, the paste backfill plant, the process plant, and the on/off heap leach pad can be pumped to storage reservoirs.

Rapid infiltration basins are used to capture non-contact stormwater runoff to prevent stormwater from coming into contact with mining operations.

Testwork confirmed the extracted groundwater quality will be acceptable for irrigation use when applied to suitable crops (e.g., cotton, alfalfa, pasture grasses) commonly grown in the vicinity of the project.

The water distribution system is designed to distribute water to agricultural end-users, without treatment, and includes a side-stream water treatment process that may be used if the extracted groundwater does not meet the standards defined by end-users.

Onsite accommodations facilities are neither required nor planned.

Personnel will reside in nearby settlements including Casa Grande, Maricopa, the Phoenix metropolitan area, and Tucson, and will commute to site by vehicle.

Parking, security, fencing, and a gatehouse are included in the design.

The infrastructure buildings to be built on site include explosive magazine storage;

cap magazine storage;

process laboratory;

security and main gate;

fueling station;

mine, plant operations building, changehouse, and mine dry;

first aid and emergency rescue facilities;

mining facility warehouse.

Market Studies and Contracts.

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

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

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

Price forecasting is an inherently forward-looking exercise dependent upon numerous assumptions.

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

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

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

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

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

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

Concentrate Terms

Item Unit Value

Payability % 96.5

Treatment Charge $/dmt 65

Refining Charge $/lb 0.065

Transport Cost $/wmt 90

As the 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 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.

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.

Copper is a globally traded commodity that has established benchmark pricing in the form of exchanges such as the London Metals Exchange or Commodity Exchange Inc.

The Santa Cruz Copper Project aims to produce copper cathode.

Ivanhoe Electric plans to sell the copper in the United States.

Refined copper cathodes will be sold with reference to the prices on the Commodity Exchange or London Metals Exchange at an agreed-upon quotational period.

An additional premium to the price will be negotiated with potential buyers.

Factors affecting the premium will include the shape and chemical specification of the cathode, together with the geographical location of the delivery point in relation to where the cathode is going to be consumed.

This study uses a base copper price of $4.25 per pound, which is based on a review of the one-, three-, and five-year trailing averages, as well as consensus forecasts from major banks and a market study completed by Ocean Partners for Ivanhoe Electric.

Due to the shape, chemical composition, and origin point of the cathode, it is expected that a premium to the price will be negotiated with potential buyers that is marginally above the historical average.

For financial modeling purposes, this premium is estimated at $0.14 per pound ($300 per tonne) (Ocean Partners, 2025).

The table below summarizes the one-, three-, and five-year trailing price for copper using the LME Grade A monthly average as well as consensus forecasts from the major banks (CIBC, 2025) and Ocean Partners (2025).

Commodity Price Summary.

LME Trailing Average ($/lb)

Forecast ($/lb)

Banks Forecast 2

Ocean Partners 3

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1 BBA, Metal Pricing_R00, June 2025.

2 CIBC Consensus Commodity Prices – June 2025.

3 Ocean Partners, April 2025.

LME = London Metals Exchange.

At this time, no sales agreements or contracts have been executed with vendors, contractors, or manufacturers.

Environmental, Closure, and Permitting.

Environmental studies have included examination of flora and fauna, threatened and endangered species, migratory birds, surface water mapping, cultural heritage, air quality, carbon intensity, surface water monitoring, groundwater monitoring, water quality, material characterization, and mine material environmental behavior.

Much of the property has been previously disturbed from its natural state.

These disturbances include flood control features, such as the canal identified as the Santa Cruz Wash Canal, paved and unpaved roads, and agricultural practices.

These disturbances have removed all potential natural surface water features that may have existed in this area.

The only features within the property that possess characteristics of an ordinary high-water mark and may be potential Waters of the United States are the north branch of the Santa Cruz Wash and the constructed Santa Cruz Wash Canal.

The project is committed to responsible environmental management, with a particular focus on minimizing air quality impacts.

The project is located within the West Pinal County PM 10 (particulate matter emissions with a diameter less than 10 microns) nonattainment area.

Accordingly, the project will take specific measures to control and effectively mitigate dust.

These measures will be in alignment with both local and state requirements.

A groundwater monitoring program to continue collecting baseline water quality data was developed and implemented in October 2023.

The objective of the monitoring plan is to establish a current baseline water quality profile for the site and help inform Ivanhoe Electric on best management practices for groundwater monitoring during and after mining operations.

The major permits for the project will require state, county, and local authorizations.

Several of these permits have been issued for exploration activities and are in the process of being amended for project construction activities.

Other permits for construction activities have been submitted and are currently under review by the agency or approved.

The remaining permit applications for construction and operations will be prepared and submitted as sufficient design and engineering information become available.

The eventual closure and reclamation of the Santa Cruz Copper Project will be directed and regulated under two separate but interconnected regulatory programs in Arizona:

the Arizona State Mine Inspector and the Arizona Department of Environmental Quality.

Both programs are well-established and statutes and rules are subject to licensing timeframes.

Once the facility has been sufficiently designed to advance to mine development and operation, Ivanhoe Electric will need to apply for and receive an Areawide Aquifer Protection Permit from the Arizona Department of Environmental Quality and submit and receive approval from the Arizona State Mine Inspector for a mined land reclamation plan detailing the project closure approach.

Related closure cost estimates for financial assurance must be submitted following approval and before facility construction and operation.

Although an operational mined land reclamation plan has not yet been developed for the project, a preliminary closure cost estimate has been developed.

Based on the conceptual design plan in this report, the closure costs for the Santa Cruz Copper Project are estimated at $35 million.

In alignment with Ivanhoe Electric’s community engagement and partnership standards, the project is being developed with a well-defined strategy to establish and uphold the support of the surrounding communities.

At present, the project has initiated outreach with Native American communities that have ancestral ties to the land.

In addition, community outreach with local stakeholders, and community involvement and potential partnerships are actively being pursued and/or assessed.

Capital and Operating Cost Estimates

Mining Capital Cost Estimate.

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

The initial mining capital costs plus sustaining mining capital costs 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.

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

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

Estimated Mining Initial Capital Cost

Item US$ Million

Capital Development Cost 166.99

Equipment Purchase and Rebuilds 241.24

Mine Services 17.96

Owner Cost 32.75

Contingency 38.76

The Santa Cruz Project 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 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

Item US$ Million

Capital Development Cost 60.79

Equipment Purchase and Rebuilds 322.64

Mine Services 0

Owner Cost 35.71

Contingency 43.63

Process Capital Cost Estimate.

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

This capital cost includes all process areas facilities in the Santa Cruz

plant proper starting with the primary crushing, and continuing through grinding, agitated leaching, solvent extraction and electrowinning, leach residue neutralization, leach residue grinding, rougher flotation, concentrate regrinding, cleaner flotation, concentrate dewatering and tailing dewatering and pumping to the TSF.

The initial 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

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

Directs 1,290,000.00 345.4 61.3

Indirects 72.0 12.8

Contingency 111.3 19.7

Owner’s Costs 35.0 6.2

Escalation — 0.0

Total Capital Cost (TCC) 563.7 100.0

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

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

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

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

Tailings Capital Cost Estimate.

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

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

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

• Material take offs

• Earthworks, lining, and piping rates from standard schedule

• Borrow-to-fill provided by budgetary quotation

Estimated TSF Initial Capital Cost

Item US$ Million

Capital Cost Estimate.

For the Santa Cruz Copper Project, capital and operating costs were determined based on the mine plan and SX/EW plant design.

The estimation process incorporated assessments of material and labor requirements derived from the design, analysis of the process flowsheet, and anticipated consumption of power and supplies.

Cost estimation is based on a combination of vendor and consumable quotes and an internal database.

Approximately 80% of the capital estimate is based on detailed quotes with estimated labor installation.

For the purposes of this study, initial capital expenditure is assumed to be costs incurred in 2026, 2027, and 2028.

By the end of 2028, ore production from stopes has been established and the SX/EW plant has been installed to begin copper production.

Additional mine and

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plant capital costs are incurred from 2029 and 2050 to continue meeting mine ramp up and production demands and are included in sustaining capital costs.

Total life-of-mine capital costs are $2.36 billion:

$1.24 billion in initial capital and $1.28 billion in sustaining capital.

Capital costs are summarized in the table below.

Estimated Capital Costs.

Capital Costs Summary Initial Cost ($M) Sustaining Cost ($M) Total LOM Capital Cost ($M)

Pre-production Mining Costs 89 89

Mining 688 1,193 1,881

Process 240 65 305

Surface Infrastructure 61 8 69

Indirects 46 7 53

Contingency 48 5 53

Estimated TSF Sustaining Capital Cost

Item US$ Million

Sustaining 382.2

Closure 104.6

Mining Operating Cost Estimate.

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.

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

Mining Operating Costs

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

Operating Development 481,021 4.49

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

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

Mine engineering and administration 592,085 5.54

Contingency (9.5%) 254,664 2.39

Total 2,926,177 27.33

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

Processing Operating Cost Estimate.

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

Process Plant Operating Expenditures (OPEX) Summary by Category

Operating and Maintenance Average Annual

Cost (US$000) $/t Processed

(US$) LoM Operating

Cost (US$000) %

Total Initial Capital 1,236

Total Sustaining Capital 1,281

Reclamation and Closure Costs* 2 -163 -161

Total Life-of-Mine Capital Costs 1,238 1,118 2,355

Closure costs include land sales at the end of the life of mine.

Totals may not sum due to rounding.

Operating Cost Estimate.

Total life-of-mine operating costs are $3.95 billion, as summarized in the table below.

Estimated Operating Costs.

Category $M Total $/t Ore Processed $/lb Copper Produced

Consumables 1,239 9.22 0.41

Mobile Equipment 432 3.24 0.14

Haulage 39 0.29 0.01

Labor 626 4.73 0.21

Electrical Power 23,297 4.43 465,939 35.1

Reagents 18,447 3.51 368,947 27.8

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

Maintenance Parts 5,993 1.14 119,865 9.0

Supplies and Services 623 0.12 12,557 0.9

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

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

G&A Operating Cost Estimate.

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

G&A Operating Cost Summary

Item $/t processed LoM Operating

Lab Opex 0.24 24,798.00

G&A Opex 2.39 251,543.00

Total 2.63 276,341.00

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

Modeled Initial Capital*

Initial Capital Cost Value ($000)

Underground Capital Development Cost 167.0

Underground Equipment Purchase 240.4

Underground Rebuilds 0.8

Underground Services 18.0

Underground Owner Cost 10.9

Underground Related Contingency Costs 34.8

Underground Capitalized Opex 35.6

Mill and Surface Capital 563.7

Power 149 1.19 0.05

Mine Services and Indirect 55 0.40 0.02

Subtotal 2,538 19.07 0.85

SX/EW Plant and Infrastructure

Consumables 276 2.03 0.09

Hauling and Mobile Equipment 177 1.30 0.06

Labor 185 1.36 0.06

Power 300 2.20 0.10

Maintenance 58 0.43 0.02

Subtotal 996 7.31 0.33

G&A 414 3.04 0.14

Total 3,948 29.42 1.32

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

No additional contingency has been included in the model.

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

Modeled Sustaining Capital*

Sustaining Capital Value ($000)

Underground Mining 462.8

Tailings 486.6

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

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

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

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

Totals may not sum due to rounding.

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Economic Analysis.

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

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

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

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

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

When the inferred

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

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

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

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

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

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

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

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

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

Based on the cash flow model, the after-tax financial model resulted in an IRR of 20.0% and an NPV of $1.4 billion using an 8% discount rate.

The after-tax payback period, after start of operations, is 4.4 years.

The pre-tax base case financial model resulted in an IRR of 22.0% and an NPV of $1.9 billion using an 8% discount rate.

The book value of the Santa Cruz property and its associated plant and equipment as at December 31, 2025 was $177.8 million.

Indicative Economic Results of the IA

LoM Cash Flow (Unfinanced) Units Value

(without Inferred) Value

(with Inferred)

Total Revenue $ million 10,031.62 12,865.90

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

Operating Margin $ million 5,414.70 8,248.90

Operating Margin Ratio % 54 64

Taxes Paid $ million (426.56) (984.80)

Free Cash Flow $ million 3,241.07 5,350.07

Free Cash Flow $ million 2,549.49 5,216.71

NPV at 8% $ million 583.40 1,642.51

Free Cash Flow $ million 2,122.93 4,231.91

NPV at 8% $ million 457.66 1,316.60

Payback Years 10 7

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

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

Annual Cash Flow Summary (Without Inferred Material)

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”).

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 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.

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

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

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.

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.

The Santa Cruz Copper Project contemplates average annual copper cathode production of approximately 72,000 tonnes for the first 15 years of copper production and the average annual production is approximately 35,000 tonnes for the remaining 8 years of the life of mine.

The total life of mine is 23 years at an average C1 cash cost of $1.32 per pound of copper and sustaining cash costs of $2.01 per pound of copper.

A variable cut-off grade strategy optimizes recovery in the early years and maximizes mine life in the later years of the mine plan.

The financial analysis summary is shown in the table below.

Estimated Operating Costs.

Description Units Life of Mine First 15 Years

Production Data

Mine Life years 23 15

Reserve Tonnes Mt 136 106

Copper Grade % 1.08 1.10

Daily Throughput t/d 15,000 20,000

Annual Copper Production t/y 56,685 72,186

Total Copper Cathode Produced kt 1,360 1,083

Recovery % 92.2 92.4

Capital Costs

Initial Capital $M 1,236 -

Sustaining Capital $M 1,281 1,176

Mining Cost $/t processed 19.07 19.55

Processing Cost $/t processed 7.31 7.02

General and Administrative Cost $/t processed 3.04 3.03

Royalties $/t processed 5.26 5.56

Total Operating Cost $/t processed 34.68 35.16

Operating + Sustaining Cost $/t processed 43.98 46.23

C1 Cash Cost $/lb of copper 1.32 1.29

All-in-Sustaining Cost $/lb of copper 2.01 1.99

Financial Analysis

Copper Price $/lb 4.25 4.25

Domestic Cathode Premium1 $/lb 0.14 0.14

Pre-Tax Cashflow $M 6,148 4,501

Pre-Tax Net Present Value (8%) $M 1,880 -

Pre-Tax Internal Rate of Return % 22.0 -

After-Tax Cashflow $M 4,961 3,637

After-Tax Net Present Value (8%) $M 1,376 -

After-Tax Internal Rate of Return % 20.0 -

After-Tax Payback Period year 4.4

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The risks associated with the Santa Cruz Copper Project are generally those expected with underground mining operations and include the accuracy of the mineral resource and mineral reserve models, and/or operational impacts.

In addition, the noted factors that may affect the mineral resource and mineral reserve estimates include:

• The capital cost estimates at mines under development may increase as construction progresses.

This may negatively affect the economic analysis that supports the mineral reserve estimates.

• The life-of-mine plan assumes that the project can be permitted based on envisaged timelines.

If the permitting schedule is delayed, this could impact costs and proposed production.

• The long-term reclamation and mitigation of the Santa Cruz Copper Project are subject to assumptions as to closure timeframes and closure cost estimates.

If these cannot be met, there is a risk to the costs and timing.

• Climate changes could impact operating costs and ability to operate.

• Political risk from challenges to the current state or federal mining laws.

Opportunities.

Potential opportunities for the project include the following:

• Upgrade of some or all the inferred mineral resources to higher-confidence categories, with additional drilling and supporting studies, such that this higher confidence material could potentially be converted to mineral reserves.

• Optimizing the mine plan based upon market conditions.

At present, the production stopes are dictated by their copper content based upon a flat long term copper price.

• Completing additional underground core diamond drilling and development within the ore, there could be a reason to increase the width and/or height of the stopes, if geotechnical factors allow.

• Ivanhoe Electric holds a significant ground package that retains significant exploration potential for new operations proximal to the current mineral resource and mineral reserve estimates, with the support of additional studies.

• Ongoing leach testwork will focus on optimizing leach conditions to maximize copper recovery from chalcocite and reduce heap leach pad capital costs and SX circuit capital costs.

• Simplification and optimization of the ore crushing circuit should provide for an opportunity to reduce plant capital costs.

• Use of two decades of South American knowledge and expertise at applying chloride-assisted leach technology to inform construction of the on/off heap leach pad.

• The low elevation profile of the heap leach pad (6-meter lift on/off pad) and the flat topographic terrain should provide cost saving opportunities to use low head type pumps for pregnant leach solution, raffinate, and organic pumping that can use less expensive materials of construction for pumps like fiberglass, bromo-butyl rubber-lined carbon steel (not applicable for organic) and HDPE compared to exotic metal pumps resistant to this corrosion environment such as tantalum and titanium.

• There is potential for a considerable positive impact to the operating cost estimate by optimizing the paste backfill recipe and reducing the binder requirements.

• There is potential to increase material handling and throughput, further optimizing the mine plan.

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Under the assumptions presented in the PFS, the Santa Cruz Copper Project consists of mineral resource and mineral reserve estimates that support a positive cash flow.

Recommendations.

The recommended work programs to advance detailed engineering, operational readiness, permitting, and critical long-lead items total $22.4 million.

The budget for recommended work is summarized in the table below.

Proposed Reagent & Process Consumables.

Discipline Cost ($M)

Permitting 1.4

Environmental Testing 1.0

Detailed Engineering – Surface & Underground 9.1

Long-Lead Items 3.7

Project Support 4.2

Contingency 3.0

Ivanhoe Electric’s wholly-owned subsidiary, Mesa Cobre, closed a two year senior secured multi-draw bridge facility of $200 million (the “Bridge Facility”) on December 12, 2025.

The Bridge Facility is intended to support the development and construction of the Santa Cruz Copper Project.

Outstanding amounts under the Bridge Facility will bear interest at our election, either at (i) the forward-looking term rate b ased on the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York (“Term SOFR”) plus a margin of 5.0%, increasing by 0.5% on each of the 6th, 12th, and 18th month following the closing date, or (ii) the alternate base rate defined as the highest of (a) the rate of interest last quoted by The Wall Street Journal as the “prime rate” in the U.S., (b) the federal funds rate plus 0.50%, and (c) one-month Term SOFR plus 1.00%, plus the Applicable ABR Rate (as defined below).

Default interest is the applicable rate plus 2.00% per annum.

“Applicable ABR Rate” means (i) until (and including) June 30, 2026, 4.00% per annum, (ii) from (but excluding) June 30, 2026 and until (and including) December 31, 2026, 4.50% per annum, (iii) from (but excluding) December 31, 2026 and until (and including) June 30, 2027, 5.00% per annum, and (iv) thereafter, 5.50% per annum.

Interest is payable on the last business day of each fiscal quarter, beginning March 31, 2026.

Mesa Cobre is permitted to make optional prepayments, and is required to make prepayments equal to the cash proceeds of any new indebtedness (other than permitted indebtedness).

Mesa Cobre owes customary agent and arranger fees under fee letters and a commitment fee equal to 25% of the then Applicable SOFR Rate on the unused commitments, payable on each interest payment date.

In connection with the Bridge Facility, (i) Mesa Cobre entered into a security agreement with the Collateral Agent which granted a first priority lien on substantially all of its assets, subject to customary exceptions, (ii) Ivanhoe Electric guaranteed Mesa Cobre’s payment obligations pursuant to a guaranty agreement in favor of the Administrative Agent whereby Ivanhoe Electric agrees to maintain at all times a tangible net worth of not less than $225.0 million, (iii) Ivanhoe Electric pledged its shares of Mesa Cobre pursuant to a pledge agreement between Ivanhoe Electric and the Collateral Agent, and (iv) Mesa Cobre executed a deed of trust and assignment of rents in favor of the Collateral Agent with respect to Mesa Cobre’s real property rights.

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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 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.

SRK Consulting (U.S.) Inc.

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

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

is included as Exhibit 99.1 hereto.

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

Location, Map, and Access.

At our other U.S.

exploration projects, we advanced exploration work programs in 2025.

At the Tintic Project, mapping and sampling campaigns were conducted in 2025 to refine precious metal rich replacement exploration concepts.

At the Hog Heaven Project, detailed core scanning and analytical work, as well as additional ground magnetotelluric surveying has allowed for scoping of the next round of exploration concepts for future drilling.

At the Gleeson Project, we conducted data compilation and land consolidation and began exploration drilling.

Tintic Project, Utah

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 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.

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.

As of December 31, 2025, Ivanhoe Electric holds various types of claims and leases through our wholly-owned subsidiary Tintic Copper & Gold Inc.

(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 .

Our holdings at the Tintic Project are comprised of 79.23 km 2 , consisting of patented claims, unpatented mining lode claims, Utah School and Institutional Trust Lands Association (SITLA) mineral leases, Hardrock Prospecting Permits (HRPP) on Bankhead-Jones lands, and various patented claims subject to lease or lease and option agreements.

To retain an unpatented claim on federal land in the USA, a $200 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 (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 August 2018, Ivanhoe Electric signed a further purchase and sale agreement with Hansen to acquire the patented claims on the Mammoth, North Star, and Gemini properties.

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

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

In addition to the Hansen 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

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

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

Applied Minerals Inc.

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

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 —

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

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

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

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

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

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

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 Closed

— — 27-Jun-19 5 years —

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

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

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

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

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

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

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

BLM Prospecting Permits Pending annually 14,840.00 — — —

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

Map of our claims and leases at the Tintic Project.

Based on the current landholding this amounted to $41,200 in annual payments for claim retention at the Tintic Project.

In 2025, certain lands on which TCG has valid unpatented mining claims were transferred to the State of Utah.

The cost to maintain claims with the State of Utah is a $100 maintenance per claim, due by December 31 each year.

Based on the current landholding this amounted to $29,200 in annual payments for claim retention.

Ivanhoe Electric is a party to various lease and option agreements with land and mineral rights holders throughout the Project area.

The estimated annual cost of lease payments is $189,000.

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Claims and leases at the Tintic Project.

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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.

Map of our royalties at the Tintic Project.

Property Condition, Stage of Development and History.

Royalties at the Tintic Project.

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

2 unchanged sentences

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

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

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

Further rehabilitation is not currently planned or budgeted for and 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.

Permitting and encumbrances.

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.

There are two Recognized Environmental Conditions (“REC”) present on the Tintic project lands in the form of old mill sites.

We do not anticipate doing any work in these areas, and therefore do not expect to trigger any potential environmental liability.

See “— Mining and Mineral Project Exploration Laws”.

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.

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.

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 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;

it does not show the magnitude of folding found to the north of the fault.

Instead, the beds here dip moderately to the northeast and are cut by steep reverse faults referred to as fissures when mineralized which continue south to the contact with the intrusion.

These fissures and the subvertical chimneys and pipes tend to be more Cu-Au rich than the sub-horizontal Ag-Pb-Zn rich ‘runs’ north of the fault.

Where these fissures intersect the contact with the Silver City intrusive complex, deposits of massive Fe-oxide and halloysite occur such as the Dragon Mine.

Mineralization in the Tintic District is typical of a porphyry-epithermal magmatic hydrothermal system.

Known deposits predominantly occur as CRDs and epithermal veins with a few small porphyry deposits including the SWT porphyry in the Southwest District and the Big Hill porphyry in the East District.

Exploration prospects identified by us on the Tintic Project include CRDs in the Paleozoic stratigraphy, areas with porphyry exploration potential in the Silver City intrusive complex and at depth below the CRDs, and skarns at intrusive contacts in the carbonate rocks.

Exploration and Drilling.

We commenced exploration on the Tintic Project in late 2017 with an airborne geophysical survey followed by on-the-ground exploration in early 2018.

Surface exploration work included a ground geophysical survey and a geological baseline work program consisting of soil and rock grab sampling, age dating, petrology, mapping, prospecting, and identification of key intrusive and alteration phases.

Additional work through 2018 and into 2019 included the re-logging of deep historical drill holes at the Dragon prospect and the compilation and 3D digitization of historical mines, underground workings, and mineralized zones termed ‘ore runs’.

Exploration work in 2022, 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

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

TTR-001 2021 4416600 402919 1,803 RC 0 -90 251

TTR-002 2021 4416793 402924 1,809 RC 0 -90 332

TTD-003 2021 4420614 405078 2,166 Diamond 120 -60 469

TTD-004 2021 4420614 405078 2,166 Diamond 120 -50 436

TTD-005 2021 4420614 405078 2,166 Diamond 120 -80 371

TTD-006 2021 4420614 405078 2,166 Diamond 94 -45 379

TTD-007 2022 4417970 405385 1,989 Diamond 315 -60 997

TTD-008 2023 4418692 404339 1,938 Diamond 140 -75 748

TTD-009 2023 4419697 405490 2,119 Diamond 20 -50 1,401

TTD-010 2023 4420482 406305 2,216 Diamond 285 -50 794

TTD-011 2023 4420638 404648 2,052 Diamond 157 -65 828

TTD-012 2023 4420588 403430 1,942 Diamond 150 -59 549

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

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

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

TTD-015 2023 4419697 405490 2,119 Diamond 70 -58 1,395

TTD-016 2023 4417509 404485 1,882 Diamond 130 -77 1,436

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

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.

A total of 489 drill holes were completed historically on the Tintic Project by several prior owners and operators.

However not all of the details are available.

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.

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

Exploration activities in 2025 included a surface mapping campaign over Sioux Peak, re-logging of several drill holes, and the generation of a drill program targeting carbonate replacement deposits.

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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.

It is in the historical Hog Heaven District which consists of several high-sulfidation epithermal mineral deposits and prospects, as well as several historical mines, including the Flathead Mine.

We believe the Hog Heaven District is underexplored at depth, with a substantial alteration footprint and multiple mineralized centers.

Brixton Metals Corporation (“Brixton”) owns the Hog Heaven Project through its subsidiary Brixton USA, covering an area of 24.32 km 2 through the following interests:

2.59 km 2 of deeded fee simple land both surface and minerals and 14.06 km 2 of fee simple mineral rights held by Brixton USA.

In 2021, we entered an earn-in agreement with Brixton Metals Corporation (“Brixton”).

Brixton owns the Hog Heaven Project through its subsidiary Brixton USA, covering an area of 24.32 km 2 through the following interests:

2.59 km 2 of deeded fee simple land both surface and minerals and 14.06 km 2 of fee simple mineral rights.

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.

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

Ivanhoe Electric’s estimated annual cost of future payments to retain the agreements is $137,680.

One milestone payment of $1,000,000 is required in 2026 as part of the earn-in agreement with Brixton.

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

We entered into an earn-in agreement on February 26, 2021 with Brixton as well as a subsidiary of Brixton, pursuant to which we may earn up to a 75% interest in the Hog Heaven Project by making cash payments totaling $4,500,000 and incurring an aggregate of $40,000,000 in exploration expenditures by 2032.

We own 1.6% of the outstanding shares of Brixton, which we acquired from Newstar Advantage Ltd., an entity affiliated with Mr.

Friedland (“Newstar”) on October 1, 2021 for Cdn$2.0 million.

Newstar acquired shares and warrants of Brixton in a private placement for a purchase price of Cdn$2.0 million.

Brixton used the funds to purchase a portion of a royalty on the Hog Heaven Project owned by Pan American Silver Corp.

on which the Company had an earn-in.

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.

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.

As of December 31, 2024, we had incurred $21.4 million in exploration expenditures and made $2,000,000 in cash payments.

In order to complete stage 2, which is at our sole discretion, we would be required to incur an additional $25,000,000 in expenditures of which we must incur $10,000,000 by February 26, 2030 and $15,000,000 by February 26, 2032.

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

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

We also control and direct all exploration, development and other related activities while we are earning-into the Hog Heaven Project.

From the date that stage 2 is complete until the date that Brixton JVC makes a decision to commence the development and construction of an operating mine at the Hog Heaven Project, we and Brixton must each fund the activities and operations of Brixton JVC pro rata to our respective interests in the Hog Heaven Project, provided that, if requested by Brixton, we are required to fund its pro rata portion of the costs of the activities and operations of Brixton JVC, with such amount accruing with interest calculated at the annual rate equal to the U.S.

Federal Reserve Secured Overnight Financing Rate plus seven percent.

At the date a construction decision is made, the amounts we previously funded to Brixton will become due and payable to us, and shall be paid within 12 months of the date a construction decision is made, failing which Brixton would be subject to dilution pursuant to a standard dilution calculation.

If a party’s interest in Brixton JVC is diluted below 10%, then the interest of such party in Brixton JVC will be cancelled and its shareholding interest converted into a 2.0% NSR.

In addition, one NSR royalty at a rate of 1.5%, three Net Profit Interest (“NPI”) royalties with rates of 5% and 10%, and one Net Revenue Interest (“NRI”) royalty with a rate of 10% (capped at $1,314,702) exist on various portions of the property.

The three sections of Chester Company Ltd.

lands are subject to a long-term lease that requires a $12,500 annual lease payment.

The ongoing drill program, which began in June 2023, is designed to search for additional silver, gold, and copper-rich high-sulfidation epithermal mineralization, which was the focus of historical mining activities.

Our program is also intended to search for porphyry copper mineralization at depth.

Ivanhoe Electric’s current exploration drill program at Hog Heaven 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.

Exploration activities in 2025 included a magnetotelluric geophysical survey and relogging of core from the 2023-2024 drill program.

A follow-up drill program is planned for 2026 to explore for porphyry copper mineralization at depth.

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Gleeson Project

The Gleeson Project is an exploration stage project and comprises 268 unpatented federal lode claims, 10 Arizona State Land Department mineral exploration permits, four leases with option, one lease, and one parcel of fee simple land as of December 31, 2025, totaling 37.72 km 2 .

The Project is located within the historic Courtland-Gleeson mining district (actively mined from 1890-1957) in south-eastern Arizona, which comprises copper-gold-silver-zinc-lead carbonate-replacement deposits hosted in Paleozoic carbonate rocks, intruded by a series of Jurassic intrusions.

Exploration is aimed at determining if porphyry copper and carbonate-replacement mineralization is present at depth adjacent to the known fault-displaced mineralization in the historic mining district.

Mapping and sampling was progressed across private land within the historic mining district.

Drilling is ongoing, having commenced in November 2025, with 1,496.63 meters drilled in two holes as of December 31, 2025.

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

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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.

BHP has agreed to provide initial funding of $15 million, and any subsequent funding would be on a 50/50 basis.

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

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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.

If agreed by the parties, an Area of Interest will be progressed to the Joint Venture Phase, resulting in the creation of a Joint Venture with 50/50 ownership.

The purpose of the Joint Venture Phase is to further explore and evaluate the exploration results to assess its technical and economic merit, and if agreed upon, to develop and operate a mine and associated infrastructure.

During the Joint Venture Phase, each Party will contribute pro rata to their respective interest in the Joint Venture in accordance with the applicable Joint Venture documents, with each party having the right to take any product from the Joint Venture in kind in proportion to its equity interest existing at the relevant time.

As of December 31, 2025, staking has occurred on one Area of Interest (AOI) in New Mexico and on one AOI in Arizona.

Ivanhoe Electric provided access to one of the new Generation 2 Typhoon™ systems and a 2D Typhoon™ survey was completed at an AOI in Utah and two 3D Typhoon™ surveys were completed on an AOI in Arizona.

Results from the 3D Typhoon™ survey have resulted in a drill program at the surveyed AOI in Arizona.

As of December 31, 2025, approximately 1,600 m have been drilled.

The drill program is planned to continue into 2026.

The Bristol Project is an exploration stage project and comprises 353 unpatented federal lode claims in Nevada.

The Project is hosted in Paleozoic quartzite, shale, and overlying carbonate rocks.

The sedimentary sequence was intruded by Oligocene porphyry dikes associated with the western end of the Wah Wah-Tushar magmatic trend (Pioche-Marysvale mineral belt).

Mineralization at surface consists of copper-lead-zinc carbonate replacement deposits hosted in Cambrian Carbonate rocks.

Subsequent Tertiary extensional normal faulting has dissected and offset the mineral system.

Exploration is aimed at determining if a productive porphyry copper-molybdenum-gold system is present at depth.

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Lomitas Negras

The optioned Lomitas Negras Project is an exploration stage project and comprises four Arizona State Mineral Exploration Permits over covered basin, concealing Laramide age intrusive rocks prospective for porphyry copper deposits and related mineralization.

The area shares some analogs to the nearby San Manuel-Kalamazoo porphyry district.

The Lomitas Negras Project is one of four projects optioned by Ivanhoe Electric from Bronco Creek Exploration Inc.

in November 2025.

The other projects are the Globe-Miami Projects described below.

For each project, Ivanhoe Electric has the right to acquire 100% over an eight-year option period by making aggregate annual payments of up to $2.3 million, and cumulative aggregated exploration expenditures of up to $10.8 million in aggregate on all four optioned projects.

Following completion of the payments at each project, Ivanhoe Electric has the right, but not the obligation, to exercise each option and acquire 100% of the relevant project.

Ivanhoe Electric may also drop an option at any time without further payment.

Should an option be exercised and Ivanhoe Electric acquires the project, it will convey a 2.5% net smelter return royalty to Bronco Creek but will retain the right to buy-down up to 0.5% of each NSR for $4 million per project over staged payments prior to the commencement of commercial production.

Ivanhoe Electric will also be required to make certain pre-production and project development milestone payments following exercise of an option and prior to commercial production.

Globe - Miami

Ivanhoe Electric has optioned three projects in the Globe-Miami area of Arizona:

Sleeping Beauty, Dragon’s Tail, and Copper King.

Sleeping Beauty comprises 291 unpatented federal lode claims land and is hosted in Precambrian Granite overlain by late Precambrian sedimentary rocks variably intruded by diabase.

These are overlain by Paleozoic carbonate rocks.

Host rocks intruded by Laramide Age (64 Ma) stocks and porphyry dikes, with related copper (-molybdenum) mineralization.

Exploration is aimed at determining if there is fault-displaced mineralization offset from the nearby Copper Cities deposit, owned by BHP.

Dragon’s Tail comprises 169 unpatented federal lode claims near the Resolution Copper Project, owned by Resolution Copper (A Rio Tinto and BHP Joint Venture).

The Project is hosted in Proterozoic Apache Group supra-crustal rocks, diabase sills, and Paleozoic carbonates (same host rocks as the Resolution Copper deposit) overlain with post-mineral Tertiary volcanics.

Exploration is aimed at determining if porphyry copper mineralization is present.

Copper King comprises 232 unpatented federal lode claims near the Resolution Copper Project, owned by Resolution Copper.

As with Dragon’s Tail, the Project is hosted in Proterozoic Apache Group supra-crustal rocks, diabase sills, and Paleozoic carbonates (same host rocks as the Resolution Copper deposit) overlain with post-mineral Tertiary volcanics.

Exploration is aimed at determining if porphyry copper mineralization is present.

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International

Saudi Arabian 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.

The Arabian Shield is considered highly prospective for both VMS and epithermal styles of mineralization.

A notable VMS deposit in the Arabian Shield is the Jabal Sayid copper mine operated as a joint venture between Barrick Gold Corporation and Ma’aden that produced 68,492 tonnes of copper in 2022.

Ma’aden’s Mahd Ad Dhahab ‘Cradle of Gold’ gold mine is an example of an epithermal deposit on the shield that has been mined since pre-Islamic times.

The Al Amar Belt is considered highly prospective for VMS and epithermal deposit types with historical work identifying zinc, copper, lead, silver and gold mineralization.

Twenty-four exploration licenses that make up the Al Amar Belt cover 1,934 km 2 .

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.

In 2023, Ivanhoe Electric and Maaden 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 at the date of this annual report exclusive access to explore approximately 50,000 km 2 of underexplored land on the Arabian Shield that Maaden has made available to the Saudi JVCo.

Location of the Ivanhoe Electric Maaden Joint Venture within the country of Saudi Arabia.

On September 2, 2025, the Company announced that Maaden had made available an additional 1,345 km 2 of exploration licenses to the Joint Venture, including the Musayna’ah, La Huf, Mahd, and Baara Exploration Licenses.

The Musayna’ah Licenses, totaling 946 km 2 , encompass an area exhibiting the characteristics and widespread mineralization and alteration assemblages typical of iron oxide copper gold (IOCG) deposits.

Exploration work by Maaden

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has defined several large areas of highly anomalous copper in soil geochemistry, where earlier exploration drilling intersected widespread low-grade copper mineralization, and localized higher-grade domains associated with structures.

Only a small portion of the approximately seven-kilometer-long main anomalous footprint has been explored.

The La Huf, Mahd, and Baara Exploration Licenses (the “Mahd Area Licenses”) comprise 399 km 2 adjacent to Maaden’s Mahd Ad Dhahab gold mine, known as the “Cradle of Gold,” and which has been in production for over 3,000 years.

Historical exploration by Maaden included shallow drilling primarily aimed at defining near-surface gold deposits, which intersected gold mineralization with associated copper and zinc.

The licenses are prospective for additional precious and base metal mineralization beneath the limits of shallow historical drilling.

For full year 2025, the Joint Venture has completed approximately 933 square kilometers (1,270 square kilometers to date) of geophysical surveys using the Company’s advanced Typhoon™ system and drilled four holes totaling approximately 2,130 meters (16 holes for 10,461 meters to date) across the Al Amar Belt, and seven holes totaling 2,282 meters across the Wadi Bidah Belt.

Drilling at Al Amar hit narrow intervals of low- to high-grade base and precious metals mineralization associated with Typhoon™-identified anomalies at depths of up to one kilometer.

For 2026, the Joint Venture plans to continue Typhoon™ surveying at the Wadi Bidah, Musayna’ah, and Mahd Licenses.

The Joint Venture will also start large scale surveying in the new Dhiran licenses, which was awarded to the Joint Venture in the Ministry of Mines’ “Tender Round 9” process run in late 2025.

The Dhiran licenses are the only exploration licenses owned by the Joint Venture and are not made available to the Joint Venture from Maaden.

Surveying will also take place on the platform licenses, starting with Ar Rayn B.

This surveying is in addition to ongoing geological work, geochemical sampling, ground gravity and ground magnetic surveying.

Drilling is currently underway at the Wadi Bidah area, and is being planned for Bir Umq, Mussayna’ah, Dhiran and the Platform later in the year.

Ivory Coast Nickel-Copper Project, Ivory Coast (the “Ivory Coast Project”)

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In 2024 we completed our 60% earn-in into SNC and as at December 31, 2025, 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 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.

The Ivory Coast Project consists of four exploration permits and one exploration permit application 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 839.03 km 2 Two of the exploration permits are held in a 66 2/3 / 33 1/3 joint venture with Société pour le Développement Minier de la Côte d’Ivoire (SODEMI), a parastatal organization established by the Ivory Coast and which together cover 319 km 2 of the Ivory Coast Project.

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%.

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.

Terry Krepiakevich are our director representatives on the board of Sama.

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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Geo., our non-independent Qualified Person, reviewed and confirmed that the estimate satisfied S-K 1300 standards and remained accurate as of December 31, 2025.

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Location of the Ivory Coast Project within the country Ivory Coast.

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”).

The 2025 exploration program included plans for 4,500 m of diamond drilling as well as updated environmental and social baseline studies to support Project advancement toward a mining permit application.

Approximately 840 m of exploration drilling were completed at the Mossikro Prospect 10 km to the south-southwest of the existing mineral resources.

Drilling was also conducted to the southwest of the Samapleu Extension Deposit.

The remaining drilling is anticipated to take place in 2026.

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Alacrán Copper-Gold Project, Colombia (the “Alacrán Project”)

On July 31, 2017, we (then HPX) entered into an investment agreement with Cordoba.

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The investment agreement provides for our nominees to the Cordoba board to be reduced to less than a majority of the directors if our ownership interest in Cordoba is diluted to below 50%, with further proportional reductions thereafter.

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 62.5% 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.

Assuming the board of Cordoba is comprised of seven directors and we hold a 50% or greater interest in Cordoba, we are entitled to nominate four directors, with at least one of such nominees being independent.

We owned 60.8% of Cordoba as of December 31, 2025 and had nominated four directors to the Cordoba board:

Quentin Markin, Jordan Neeser, Glen Kuntz and Terry Krepiakevich.

On May 8, 2023, Cordoba closed on 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 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 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.

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;

and for so long as the shareholdings in CMH remain 50%-50%, a Cordoba representative serves as the Chairperson of the CMH board, and possesses a casting vote on all matters subject to a list of reserved matters;

(2) Cordoba is appointed as the operator and manager of the Alacran Project pursuant to a management services agreement and is responsible for setting the annual programs and budgets for the CMH board’s approval;

(3) JCHX (or its affiliate) has right of first offer to bid on the Engineering, Procurement and Construction and Detailed Design Agreement contracts, provided that Cordoba has the right to open the process out to competitive tender;

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 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.

As of July 4, 2025, JCHX had paid $100 million pursuant to the terms of the arrangement, including the final payment of $20 million received after waiving the condition of the approval of an Environmental Impact Assessment (“EIA”) by the relevant Colombian Government authority.

On May 8, 2025, Cordoba, signed a definitive Framework Agreement for the sale of the Company’s remaining 50% interest in the Alacrán Copper Project to a consortium of investors including JCHX (“JCHX Consortium”), a 19.2% shareholder of Cordoba, for up to $128 million, consisting of $88 million in cash on closing, $12 million in a deferred payment, and up to $28 million in a contingent payment depending on the copper price at the time of commercial production.

The closing of the transaction was contingent upon the approval of the EIA.

Following the closing of the transaction, Cordoba will continue to be a publicly listed company on the TSX Venture Exchange and will undertake a search for new business development opportunities.

The Company will continue to hold the majority of Cordoba’s shares.

See “Risk Factors — Risks Relating to Our Operations — There is no guarantee that the sale transaction will close or the payments due under the agreement for the sale of Cordoba’s remaining interest in the Alacrán Copper Project will be received.”

The Alacrán 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.

Initial capital cost is estimated to be approximately $420.4 million for the construction of a conventional truck-shovel open pit mine.

The Project is anticipated to hold an after-tax NPV of $360 million with an IRR of 23.8% and a payback period of 3 years.

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

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

The average mining rate for the project is projected to be 39.5 Mt of mined material per year of which ore material will be fed to dual processing plants consisting of a main processing facility for fresh and transition material, and a separate wash gravity plant for saprolite ore and historical tailings;

The Company filed the EIA application with the relevant Colombian Government authority on December 11, 2023 and was issued the official filing number on December 12, 2023.

The Mineral Resource and Mineral Reserve estimate for the Alacran Project is set forth below, under the heading “Mineral Resources and Mineral Reserves”.

Table o f Contents

Location of the Alacrán Project within the country of Colombia.

The Mineral Resource and Mineral Reserve estimate for the Alacrán Project is set forth below, under the heading “Mineral Resources and Mineral Reserves”.

Glen Kuntz, P.

1 unchanged sentence

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, 2025.

Table o f Contents

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 on SEDAR.

The Pinaya Project is 100% owned by Ivanhoe Electric through Ivanhoe Electric’s subsidiary Kaizen Discovery Peru (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 Ronald Simpson, P.Geo,, with an effective date of April 26, 2016 (“Pinaya Technical Report”), which is available on SEDAR.

Scientific and technical information in this section regarding the Pinaya Project is based upon, or in some cases extracted from, the Pinaya Technical Report.

2 unchanged sentences

Location of the Pinaya Project within the country of Peru.

Table o f Contents

Our portfolio of mineral exploration projects and equity investments are summarized in the tables below.

6 unchanged sentences

Aggregate Annual

Santa Cruz Arizona, USA

Exploration 100% of surface rights Mesa Cobre Holding Corp., a wholly-owned subsidiary (surface rights)

Santa Cruz Copper

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

Arizona State exploration permits Mineral Resource and Reserve

Not in production

Mineral 75.66 km 2

Exploration 100% of the mineral title

100% of the mineral title

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

2 unchanged sentences

Patented and unpatented mining claims;

SITLA leases, and Hardrock Prospecting Permit Applications n/a Not in production

SITLA leases, Hardrock Prospecting Permit leases, and SITLA applications

n/a Not in production

Hog Heaven Montana, USA

5 unchanged sentences

Arizona, USA 37.72 km 2

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

100% Ownership Diamondback Copper, LLC.

and IE Montana Holdings Corp., wholly owned subsidiaries

Unpatented mining claims;

Arizona State exploration permits n/a

Arizona State exploration permits;

owned and leased lands;

Fee Simple land

Not in production

White Hill Nevada, USA 86.12 km 2

Exploration 0% current ownership interest;

Option to acquire 80% of the mineral title 1

Bluebird Copper LLC / Ivanhoe Electric Nevada Holding Inc.

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

New Mexico, USA 45.05 km 2 Arizona, USA 77.03 km 2

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

Unpatented mining claims

Owned or optioned 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

n/a Not in production

Grasshopper Montana, USA 7.19 km w

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

Copper Unpatented mining claims n/a Not in production

Bristol Nevada, USA 26.62 km 2

1 unchanged sentence

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

Ivanhoe Electric Interest

and Nature of

Title Holders /

Mineral Title

Aggregate Annual

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

2 unchanged sentences

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.

Lomitas Negras

Arizona, USA 10.11 km 2

Option for 100% Ownership

Mesa Cobre Holding Corp., a wholly-owned subsidiary Copper Arizona State Mineral Exploration Permits

n/a Not in production

Sleeping Beauty

Arizona, USA 29.13 km 2

Option for 100% Ownership

Mesa Cobre Holding Corp., a wholly-owned subsidiary Copper Unpatented mining claims

n/a Not in production

Dragon’s Tail

Arizona, USA 12.82 km 2

Option for 100% Ownership

Mesa Cobre Holding Corp., a wholly-owned subsidiary Copper Unpatented mining claims

n/a Not in production

Arizona, USA 17.33 km 2

Option for 100% Ownership

Mesa Cobre Holding Corp., a wholly-owned subsidiary Copper Fee simple, Arizona State Mineral Exploration Permits n/a Not in production

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International Mineral Exploration Projects as of December 31, 2025.

6 unchanged sentences

Saudi Arabia Saudi Arabia 50,047.64 km 2

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

Exploration 50% ownership of Joint Venture with Maaden

Maaden/Ivanhoe Electric

Base Metals Precious Metals Exploration license or application

n/a Not in production

Alacran Colombia 104.6 km 2

SQM Collaboration

Antofagasta, Chile 2,002 km 2

0% IE ownership with option to 50% on a qualifying copper discovery

SQM and affiliates

Mining concessions

Not in production

Colombia 104.6 km 2

Development Shareholder in Cordoba Cordoba Copper

11 unchanged sentences

Copper Gold Concession Mineral Resource Not in production

Table o f Contents

Mineral Project Obligations and Payments

6 unchanged sentences

Mineral Project Commitment 2026 2027 2028 2029-2032 2026-2032 Total

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

Santa Cruz (Other) Discretionary $ 596 $ — $ — $ — $ 596

Santa Cruz (Total) 12,677 12,081 12,081 — 36,839

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

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

White Hill (Nevada) 1

Discretionary 525 700 750 9,779 11,754

Hog Heaven Discretionary $ 1,000 $ 1,000 $ 1,727 $ 15,000 $ 18,727

Tintic Discretionary 335 125 120 350 930

Gleeson Non-discretionary 652 — — — 652

Gleeson Discretionary 494 39 1,057 403 1,993

Copper King Discretionary 25 50 650 3,550 4,275

Dragon's Tail Discretionary 25 50 650 3,550 4,275

Lomitas Negras Discretionary 15 15 225 1,345 1,600

Sleeping Beauty Discretionary 25 25 450 2,475 2,975

Perseverance (Cordoba) Discretionary 8,169 — — — 8,169

Total $ 10,740 $ 1,304 $ 4,879 $ 26,673 $ 43,596

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 Hill Project, which was effective February 15, 2025.

Table o f Contents

Mineral Resources and Reserves

Below is a summary table of estimated in situ Mineral Resources as at December 31, 2024, which are presented on a 100% project basis, exclusive of Mineral Reserves.

Company Deposit Category Tonnes Total

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

Cu (tonnes) Contained

Ni (tonnes) Contained

Au (oz) Contained

100% Project Basis

Ivanhoe Electric 1

Santa Cruz Indicated 226,715,000 1.24 — — — 2,807,000 — — — Arizona, U.S.

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

Kaizen Discovery Inc.

Pinaya Measured 8,204,000 0.326 — 0.600 — 27,000 — 158,000 — Peru

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

Inferred 40,216,000 0.360 — 0.300 — 145,000 — 388,000 —

Sama Nickel Corporation Inc.

Samapleu Main

Indicated 15,248,000 0.22 0.26 0.04 — 34,000 40,000 19,000 — Ivory Coast

Inferred 21,342,000 0.21 0.25 0.04 — 44,000 53,000 25,000 —

Samapleu Extension

Indicated 514,000 0.16 0.25 0.02 — 1,000 1,000 400 —

Inferred 10,885,000 0.22 0.28 0.02 — 24,000 31,000 9,000 —

Indicated 3,645,000 0.29 0.28 0.04 — 11,000 10,000 5,000 —

Inferred 67,272,000 0.25 0.24 0.04 — 166,000 164,000 83,000 —

2,095,000 — 1.75 — — — 37,000 — —

Cordoba Mineral Corp.

Alacran Indicated 1,522,000 — — 0.24 2.65 — — 14,000 43,000 Colombia

Inferred 31,839,000 0.20 — 0.25 1.10 141,098,000 — 259,000 1,101,000

Measured 8,204,000 — — — — 27,000 — 158,000 — — —

Indicated 281,131,000 — — — — 2,961,000 51,000 535,000 43,000 — —

Inferred 322,647,000 — — — — 143,324,000 285,000 764,000 1,101,000 — —

Below is a summary table of estimated in situ Mineral Reserves as at December 31, 2024, which are presented on a 100% project basis.

Company Deposit Category Tonnes Total

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

Ni (tonnes) Contained

Au (oz) Contained

Cordoba Mineral Corp.

Alacran Probable 97,950,000 0.41 — 0.23 2.63 403,000 — 739,000 8,289,000 Colombia

1 S-K 1300 Initial Assessment & Technical Report Summary, Santa Cruz Project, Arizona, dated September 6, 2023 - Santa Cruz Deposit 0.70% TCu cut-off, Texaco Deposit 0.80% TCu cut-off, and East Ridge 0.90% TCu cut-off;

Underground mineable shape optimization parameters include a long-term copper price of US$3.70/lb, process recovery of 94% and a mining recovery of 100%.

Nordmin, our independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above remained accurate as of December 31, 2024.

2 Kaizen Discovery Inc.

NI 43-101 Technical Report Pinaya Gold-Copper Project, Caylloma and Lampa Provinces, Peru - Copper‐equivalent grade estimate based on $2.84/lb copper and $1,236/oz gold.

Mineral Resources are reported at cut‐off grades of 0.25 g/t Au and 0.3% Cu Equivalent and average metallurgical recoveries of 80%.

Simpson, P.Geo., an independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above and in footnote 4 satisfy S-K 1300 standards and remained accurate as of December 31, 2024.

3 Sama Nickel Corporation Inc.

Assumptions include NSR Cut-off grade of $16.34/t milled;

long-term metal prices of $3.75/lb Cu, $8.70/lb Ni, and $1,690/oz Au;

mining costs of $1.68/t Saprolite, $2.26/t Fresh, $0.05/t incremental and $0.09/t sustaining capital, $13.02/t milled processing cost, $.3.32/t milled G&A, treatment charge of $105/t Cu conc.

and $346/t conc.

and metallurgical recoveries varied based on concentration and grade.

Glen Kuntz, P.Geo., our non-independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above satisfy S-K 1300 standards remained accurate as of December 31, 2024.

4 Sama Nickel Corporation Inc.

The Mineral Resource Estimate includes an inferred estimate for the Sipilou Sud laterite deposit including 2,095,000 tonnes of laterite at 1.75% nickel and 0.05% cobalt at a cut-off grade of 1.10% nickel.

The deposit has an estimated 37,000 tonnes of nickel and 1,000 tonnes of cobalt.

5 Cordoba Minerals Corp.

NSR cut-off grade varied from $2.08/t to $9.88/t milled based on processing, and G&A costs as well as the recoveries in different unit, long term metal prices of $3.80/lb Cu, $1,690/oz Au, and $22.50/oz Ag.

6 Total Mineral Resources include an inferred estimate for the Sama Nickel Corporation Inc.

Sipilou Sud laterite deposit including 2,095,000 tonnes of laterite at 1.75% nickel and 0.05% cobalt at a cut-off grade of 1.10% nickel.

The deposit has an estimated 37,000 tonnes of nickel and 1,000 tonnes of cobalt.

7 Cordoba Minerals Corp.

Open pit cut-off value varied from $2.07/t to $10.26/t milled based on processing, and G&A costs as well as the recoveries in different units.

Long term metal prices of $3.80/lb Cu, $1,690/oz Au, and $22.50/oz Ag.

Colin Shaw, P.E., our non-independent Qualified Person, reviewed and confirmed that the Mineral Reserve estimates presented in the table above satisfy S-K 1300 standards remained accurate as of December 31, 2024.

Below is a summary table of estimated in situ Mineral Resources as at December 31, 2025, which are presented on an attributable basis, exclusive of Mineral Reserves.

5 unchanged sentences

Au (oz) Attributable

Attributable Basis

Ivanhoe Electric 1

Ivanhoe Electric Inc.- Mesa Cobre Inc.

Santa Cruz 100.0% Indicated 178,451,000 0.80 — 0.024 1.43 1,435,000 — 139,000 8,211,000 Arizona,U.S.

Inferred 31,998,000 0.73 — 0.021 1.78 232,000 — 21,000 1,832,000

Kaizen Discovery Inc.

Pinaya 100.0 % Measured 8,204,000 0.326 — 0.600 — 27,000 — 158,000 — Peru

East Ridge Indicated 4,407,000 0.94 — 0.015 0.71 41,000 — 2,000 101,000

Inferred 48,676,000 0.89 0.006 0.40 436,000 — 9,000 623,000

Texaco Inferred 341,345,000 0.78 — 0.028 0.81 2,664,000 — 302,000 8,850,000

Ivanhoe Electric Inc.

- Kaizen Discovery Peru SAC 2

Pinaya 100.0% Measured 8,204,000 0.326 — 0.600 — 27,000 — 158,000 — Peru Copper

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

1 unchanged sentence

Sama Nickel Corporation Inc.

Samapleu Main

69.1 % Indicated 10,661,000 0.22 0.26 0.04 — 24,000 27,000 13,000 — Ivory Coast

Samapleu Main 69.1% Indicated 10,536,000 0.22 0.26 0.04 — 24,000 27,000 13,000 — Ivory Coast Nickel

Inferred 14,747,000 0.21 0.25 0.04 — 30,000 37,000 17,000 —

Samapleu Extension

Indicated 355,000 0.16 0.25 0.02 — 600 1,000 300 —

Samapleu Extension Indicated 355,000 0.16 0.25 0.02 — 600 1,000 300 —

Inferred 7,522,000 0.22 0.28 0.02 — 16,000 21,000 6,000 —

Indicated 2,519,000 0.29 0.28 0.04 — 7,000 7,000 4,000 —

Grata Indicated 2,519,000 0.29 0.28 0.04 — 7,000 7,000 4,000 —

Inferred 46,485,000 0.25 0.24 0.04 — 115,000 113,000 57,000 —

1,448,000 — 1.75 — — — 25,000 — —

Sipilou Sud Inferred 1,448,000 — 1.75 — — — 25,000 — —

Cordoba Mineral Corp.

Alacran 31.2 % Indicated 475,000 — — 0.24 2.65 148,000 — 4,000 13,000 Colombia

Alacran 31.2% Indicated 475,000 — — 0.28 0.88 — — 4,000 13,000 Colombia Copper

Inferred 9,934,000 0.20 — 0.25 1.10 20,000 — 81,000 343,000

7 unchanged sentences

Au (oz) Attributable

Ivanhoe Electric Inc.- Mesa Cobre Inc.

100.0% Probable

132,061,000 1.08 — — — 1,430,000 — — — Arizona, U.S.

4,112,000 1.03 — — — 42,000 — — —

Cordoba Mineral Corp.

Alacran 31.2% Probable 30,560,000 0.41 — 0.23 2.63 126,000 — 230,000 2,586,000 Colombia

Underground mineable shape optimization parameters include a long-term copper price of US$3.70/lb, process recovery of 94% and a mining recovery of 100%.

Nordmin, our independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above remained accurate as of December 31, 2024.

Alacran 31.2% Probable 30,560,000 0.41 — 0.23 2.63 126,000 — 230,000 2,586,000 Colombia Copper

166,733,000 — — — — 1,598,000 — 230,000 2,586,000 — —

1 S-K Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona, dated June 23, 2025 • The mineral resources in this estimate were independently prepared, including estimation and classification, by BBA USA Inc., and are reported in accordance with the definition for mineral resources in S-K 1300.

• Mineral resources that are not mineral reserves do not have demonstrated economic viability.

• Mineral resources constrained assuming underground mining methods for the Santa Cruz deposit are reported at an NSR cutoff of US$32.00 for heap leach and US$34.00 for concentrator;

Texaco deposit is reported at a NSR cutoff of US$32.00 for heap leach and US$34.00 for concentrator;

and East Ridge deposit is reported at a NSR cutoff of US$40.00 for longhole stoping and US$50.00 for drift and fill.

The cutoff reflects the total operating costs to define reasonable prospects for economic extraction by conventional underground mining methods.

Material from within mineable shape-optimized wireframes has been included in the mineral

Table o f Contents

Underground mineable shapes optimization parameters include a long-term copper price of US$4.00/lb, gold price of US$1,900/oz, and silver price of US$24.00/oz.

Process costs of US$7.00 to US$9.00 per processed tonne;

• Mineral resources are estimated using metallurgical recoveries for heap leach of 96% for acid soluble copper, 83% for cyanide soluble copper, 22% for residual copper, 0% for gold and 0% for silver.

Recoveries for concentrator are 0% for acid soluble copper, 90% for cyanide soluble copper, 90% for residual copper, 59% for gold, and 69% for silver.

BBA, our independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above remained accurate as of December 31, 2025.

2 Kaizen Discovery Inc.

1 unchanged sentence

Mineral Resources are reported at cut‐off grades of 0.25 g/t Au and 0.3% Cu Equivalent and average metallurgical recoveries of 80%.

Simpson, P.Geo., an independent Qualified Person, reviewed and confirmed that the Mineral Resources estimates presented in the table above and in footnote 4 satisfy S-K 1300 standards and remained accurate as of December 31, 2024.

Simpson, P.Geo., an independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above satisfy S-K 1300 standards and remained accurate as of December 31, 2025.

3 Sama Nickel Corporation Inc.

1 unchanged sentence

long-term metal prices of $3.75/lb Cu, $8.70/lb Ni, and $1,690/oz Au;

mining costs of $1.68/t Saprolite, $2.26/t Fresh, $0.05/t incremental and $0.09/t sustaining capital, $13.02/t milled processing cost, $.3.32/t milled G&A, treatment charge of $105/t Cu conc.

and $346/t conc.

mining costs of $1.68/t Saprolite, $2.26/t Fresh, $0.05/t incremental and $0.09/t sustaining capital, $13.02/t milled processing cost, $.3.32/t milled G&A, treatment charge of $105/t Cu concentrate and $346/t concentrate Ni;

and metallurgical recoveries varied based on concentration and grade.

Glen Kuntz, P.Geo., our non-independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above satisfy S-K 1300 and in footnote 4 standards remained accurate as of December 31, 2025.

4 Sama Nickel Corporation Inc.

2 unchanged sentences

5 Cordoba Minerals Corp.

NI 43-101 Technical Report & Feasibility Study, Alacran Project, in Colombia, Mineral Resource effective December 18, 2023 - NSR cut-off grade varied from $2.08/t to $9.88/t milled based on processing, and G&A costs as well as the recoveries in different unit, long term metal prices of $3.80/lb Cu, $1,690/oz Au, and $22.50/oz Ag.

NI 43-101 Technical Report & Feasibility Study, Alacrán Project, in Colombia, Mineral Resource effective December 18, 2023 - NSR cut-off grade varied from $2.08/t to $9.88/t milled based on processing, and G&A costs as well as the recoveries in different unit, long term metal prices of $3.80/lb Cu, $1,690/oz Au, and $22.50/oz Ag.

6 Total Mineral Resources include an inferred estimate for the Sama Nickel Corporation Inc.

Cordoba entered into an agreement to sell its remaining 50% interest in the Alacrán Project on May 8, 2025, which was amended on February 10, 2026.

6 Total inferred Mineral Resources include an inferred estimate for the Sama Nickel Corporation Inc.

Sipilou Sud laterite deposit including 2,095,000 tonnes of laterite at 1.75% nickel and 0.05% cobalt at a cut-off grade of 1.10% nickel.

The deposit has an estimated 37,000 tonnes of nickel and 1,000 tonnes of cobalt.

7 S-K Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona, dated June 23, 2025 • The mineral reserves were independently prepared, including estimation and classification, by BBA USA Inc.

They are reported in accordance with the definitions for mineral reserves in S-K 1300.

• The point of reference for the estimate is the point of delivery to the process facilities.

• Mineral reserves are defined within stope designs that are prescribed by rock mechanics, considering the specific characteristics of deposits, mineral domains, mining methods, and the mining sequence.

Transverse longhole stoping is the optimal mining method with uppers and cut & fill methods used where appropriate.

• Mineral reserves are estimated at an NSR cutoff value of $43.95/t for longhole stoping and $60/t for longitudinal retreat stopes and drift and fill.

Underground mineable shapes optimization parameters include a long-term copper price of US$4.00/lb.

• Mineral reserves account for mining loss and dilution.

Mineral reserves are a subset of the indicated mineral resource and do not include the inferred mineral resource.

• BBA, our independent Qualified Person, reviewed and confirmed that the Mineral Resource estimates presented in the table above remained accurate as of December 31, 2025.

8 Cordoba Minerals Corp.

2 unchanged sentences

Cordoba entered into an agreement to sell its remaining 50% interest in the Alacran Project on May 8, 2025, which was amended on February 10, 2026.

Table o f Contents

We own, through a wholly-owned subsidiary, patents to a proprietary exploration technology known as Typhoon™.

13 unchanged sentences

Canada 22/05/2018 CA2849558 21/09/2032

Indonesia Pending

Indonesia 03/02/2026 N/A 21/09/2032

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

14 unchanged sentences

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

Table o f Contents

Schematic of Typhoon™ at work.

2 unchanged sentences

One 2 nd Generation unit is dedicated to the Exploration Alliance with BHP.

A second 2 nd Generation unit is dedicated to the Collaboration with SQM.

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

2 unchanged sentences

It was founded in 2010 in order to capitalize on advanced software technology developed at the University of British Columbia that was designed to improve mineral exploration.

The technology has undergone significant improvements over the years and extended its market reach into the oil & gas sector as well as water exploration activities.

The technology has undergone significant improvements over the years and extended its market reach into the oil & gas sector as well as geothermal and water exploration activities.

As of December 31, 2025, we owned 94.3% of CGI’s outstanding shares while 5.6% are equally held by CGI’s two co-founders.

CGI was co-founded by Livia Mahler B.Sc., MBA, who currently serves as CGI’s Interim Chief Executive Officer, and Dr.

CGI was co-founded by Livia Mahler B.Sc., MBA, who currently serves as a Senior Business Advisor, and Dr.

Eldad Haber Ph.D., who currently serves as CGI’s Chief Technology Officer, and is a professor at the University of British Columbia.

CGI’s technology consists of sophisticated software codes and artificial intelligence tools (“AI”).

The software codes are used to process geophysical data (including that generated by Typhoon™) in order to build accurate 3D subsurface images that indicate the presence of various metals and minerals, as well as water and oil.

The AI tools are used to generate prospectivity maps for specific minerals, based on deep learning algorithms analyzing vast amounts of geoscience data.

The AI tools use machine learning networks and proprietary deep-learning algorithms that analyze vast amounts of geoscientific data to generate prospectivity maps for greenfields and brownfields mineral exploration.

CGI provides fee-for-service and software licensing agreements to customers in the area of critical minerals, energy and water exploration.

3 unchanged sentences

In order to prepare diverse layers for AI algorithms, CGI uses unique tools such as data augmentation for sparse, unstructured data which enhance the results and provide critical knowledge of the subsurface for clients.

CGI applies its services to not only mineral projects but also to the global energy industry and in the search for underground water resources.

In the energy sector, CGI has independently developed and collaborated to deploy a real-time 3D inversion service for resistivity logging-while-drilling (“LWD”) data, significantly optimizing well placement and well completion designs to maximize reservoir productivity.

CGI applies its services not only to mineral projects but also to the global energy industry and in the search for underground water resources.

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completion designs to maximize reservoir productivity.

CGI is also able to monitor fluid substitution within reservoirs, whether for enhanced oil recovery or carbon capture and storage.

CGI has entered into a non-exclusive licensing agreement with a major oilfield service provider for the worldwide license of the LWD code.

With respect to the identification of underground water resources, CGI’s technology can also be deployed to predict prospective areas or delineate known water aquifers.

CGI does not patent its software codes.

CGI owns codes for magnetics, gravity, DC/IP and electromagnetics.

CGI’s intention is to grow its client base in the mining sector for existing geophysical inversion and AI based services in order to increase its revenue from third party sources.

CGI is currently developing two new geophysical modelling products and has identified another solution for the AI-based platform digitization application.

CGI owns, maintains and develops codes for magnetics, gravity, DC/IP and electromagnetics.

CGI is actively engaged in research and development, and its staff regularly participate in international conferences as authors and co-authors of scientific papers.

CGI’s intention is to grow its client base in the mining and energy sectors for existing geophysical inversion and AI-based services in order to increase its revenue from third-party sources.

CGI is actively working on enhancing geophysical inversion codes to improve the accuracy and efficiency of data quality control and to facilitate advanced inversion of Multiphysics datasets.

On the AI front, CGI continues to improve the prospectivity mapping approach with new architectures and improved vector outputs.

CGI is also building large geoscience databases from vast amounts of publicly available data in various countries and regions of the world in order to use these datasets to map minerals, water, geothermal and other targets.

CGI competes with geophysical data processors, airborne and ground surveyors, off-shore surveyors, and AI service providers.

These include companies such as TechnoImaging, LLC, Geotech Ltd., KoBold Metals and Quantec Geoscience.

These include companies such as TechnoImaging, LLC, Geotech Ltd., Quantec Geoscience, KoBold Metals, ALS (Geoanalytics), and VRIFY.

VRB Energy - Vanadium Redox Flow Technology

In October 2024, VRB Energy Inc.

(“VRB Energy”), a 90% owned subsidiary of Ivanhoe Electric, entered into definitive agreements providing for the creation of a 49%/51% joint venture (“VRB Transaction”) between VRB Energy and China Energy Storage Industry Co., Ltd.

In October 31, 2024, VRB Energy, a 90% owned subsidiary of Ivanhoe Electric, closed on a transaction providing for the creation of a 49%/51% joint venture (“VRB Transaction”) between VRB Energy and China Energy Storage Industry Co., Ltd.

(“Red Sun”), a subsidiary of privately held Shanxi Red Sun Co., Ltd.

Following the VRB Transaction, VRB Energy owns a 49% interest in the joint venture (“VRB China Joint Venture”), which manufactures, develops and sells vanadium redox flow batteries for Asian, African and Middle Eastern markets.

The VRB China Joint Venture agreement provides for funding of the VRB China Joint Venture after the VRB Transaction to be pro rata and subject to a customary dilution formula.

Certain matters may not be taken by the VRB China Joint Venture without the affirmative vote or consent of the shareholder holding, or the shareholders collectively holding, at least two-thirds (2/3) of the equity interest.

The board will be set at six directors, with two nominees from VRB Energy.

So long as VRB Energy owns 20% of the share capital of the VRB China Joint Venture, it shall be entitled to designate two of six directors on the board.

From the date that VRB Energy has less than 20% of the share capital of the VRB China Joint Venture but more than 10%, it shall be entitled to designate only one of six directors.

Should VRB Energy come to own less than 10% of the share capital of the VRB China Joint Venture, it shall not be entitled to designate any nominees on the Board.

Subject to certain exceptions, the Board shall operate by majority vote.

A cooperation agreement provides for certain allocations of business opportunities, supply arrangements, technical assistance and intellectual property arrangements as between the businesses of the VRB China Joint Venture and VRB Energy USA, Inc.

VRB Energy also owns 100% of VRB Energy USA, Inc.

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

Pursuant to the VRB Transaction, the VRB China Joint Venture will receive approximately $35.2 million from Red Sun in tranches to be fully received by the end of 2025, with $12.7 million of those payments having been received to date.

In addition, VRB Energy will receive $20 million from Red Sun in two tranches, to be completed by June 30, 2025, which will be used to advance VRB USA.

On October 28, 2024, the first $10.0 million was deposited to an account in China jointly controlled by Red Sun and VRB Energy.

Following receipt of several regulatory approvals required to transfer the funds outside of China, on February 12, 2025 VRB received the first tranche payment with the second tranche payment being due in June 2025.

VRB Energy is also growing and developing its 100% owned subsidiary, VRB USA, an Arizona-based business focused on the development and manufacture of advanced grid-scale energy storage systems utilizing vanadium redox flow batteries for integration with renewable power sources.

VRB USA is currently progressing the build-out of a VRB assembly facility in Mesa, Arizona.

Pursuant to the VRB Transaction, the VRB China Joint Venture was to receive approximately $35.2 million from Red Sun in six tranches by the end of 2025, which was received as of September 30, 2025.

In addition, pursuant to the agreement, VRB Energy was due to receive $20 million from Red Sun in two equal tranches, to be completed by June 30, 2025.

On February 12, 2025, VRB Energy received the first tranche payment.

The second tranche payment is overdue and VRB Energy sent Red Sun a demand letter for prompt payment of the amounts owing and is exploring its options for recourse.

The current commercial platform of both VRB China Joint Venture and VRB USA is the Third Generation Vanadium Redox Battery Energy Storage System (“Gen3 VRB-ESS”).

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UL 1973 is recognized as a global standard for commercially available battery energy storage.

The growing demand for renewable energy sources is expected to drive the demand for long-duration, long-lasting, safe and reliable vanadium flow batteries as a superior solution to lithium-ion batteries for grid scale energy storage.

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

In addition, VRB Energy’s proprietary electrolyte formula contains no heavy metals and the water-based electrolyte is non-flammable and 100% reusable.

The growing demand for renewable energy sources and for systems that can be developed quickly in response to rising demand from datacenters and large commercial and industrial customers is expected to drive the demand for long-duration, long-lasting, safe and reliable vanadium flow batteries as a superior solution to lithium-ion batteries for grid scale energy storage.

We believe VRB-ESS® batteries are well-positioned to meet this growing demand as they can be charged and discharged over an almost unlimited number of cycles without wearing out and causing deterioration of the vanadium electrolyte, providing the lowest lifecycle cost of energy of any type of grid scale energy storage.

In addition, VRB Energy’s proprietary water-based electrolyte is non-flammable and 100% reusable, presenting a safe solution for customers.

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VRB-ESS® System Overview

Corporate Governance, ESG and Leadership

Longstanding Leadership Commitment to ESG Principles

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

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

Ivanhoe Electric is advancing ESG initiatives as it continues to explore the Company’s assets and move into mineral production.

As part of its ongoing commitment to good corporate stewardship, in 2023 the Company hired a full-time senior leader to focus on its ESG initiatives.

The new role leads cross-functional efforts to coordinate, execute, and communicate the Company’s ESG efforts and to integrate ESG policies, frameworks, goals, and metrics into the Company’s business risk and opportunity strategies.

Additionally, in 2024, the Board of Directors created a Health, Safety and Environmental (HS&E) Committee to oversee the Company’s key health, safety, environmental and social policies and related risks, opportunities and matters affecting the Company’s business.

The HS&E and Audit Committees will ensure accurate reporting of ESG matters of the Company.

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Environmental, Health, and Safety Matters

We are required to comply with numerous environmental laws, regulations and permits in addition to those discussed above.

These additional requirements include, for example, various permits regulating road construction and drilling at our mineral projects.

We endeavor to conduct our mining operations in compliance with all applicable laws and regulations.

However, because of extensive and comprehensive regulatory requirements, violations during mining operations occur from time to time in the industry.

We are committed to creating and enforcing a workplace environment that prioritizes the health and safety of our employees and partners, complies with laws and regulations, and establishes leading practices to promote environmental stewardship and responsible operating procedures.

As part of that commitment, in 2024 our Board of Directors established a Health, Safety and Environmental Committee and adopted a Health, Safety and Environmental Policy to establish the framework to help us protect the health and safety of our employees and partners, minimize environmental impacts, and conduct business activities with respect and integrity.

In 2025, the Health, Safety and Environmental Committee oversaw the Company’s key health, safety, environmental and social policies and related risks, opportunities and matters affecting the Company’s business.

We are required to comply with numerous environmental laws, regulations and permits in connection with exploration, construction and development work for our projects.

We are focused on conducting our mining operations in compliance with all applicable laws and regulations.

Human Capital

We are committed to promoting the health, safety and well-being of our workforce and striving to further strengthen our commitment to promoting an inclusive and diverse workplace.

We promote the health, safety and well-being of our workforce and strive to further strengthen our commitment to promoting an inclusive and diverse workplace.

We believe our workforce is the foundation of our success.

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None of our employees are represented by a labor union or party to a collective bargaining agreement.

2021 Reorganization and Financing

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

(which was then called HPX).

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

(ii) certain property, plant and equipment;

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

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

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

Stapled Offering of Equity and Series 1 Convertible Notes

Between August 3, 2021 and November 17, 2021, we and I-Pulse, issued and sold “bundles” of securities comprised of (i) an aggregate of 4,015,990 shares of our common stock at $2.49 per share, (ii) $49,999,200 aggregate principal amount of promissory notes convertible into shares of our common stock (“Convertible Notes”), and (iii) $19,999,680 aggregate principal amount of promissory notes issued by I-Pulse convertible into shares of our common stock held by I-Pulse (“I-

Pulse Convertible PIK Notes”).

The securities comprising the bundles were immediately separable.

As a result, we raised gross proceeds of $59,999,040.

We did not receive any proceeds from the issuance of the I-Pulse Convertible PIK Notes.

Upon the consummation of our initial public offering, the Convertible Notes, including any accrued but unpaid interest, automatically converted into 5,419,923 shares of our common stock at a price per share equal to $9.39 per share of common stock.

Pursuant to the terms of the I-Pulse Convertible PIK Notes, upon the consummation of our initial public offering, the I-Pulse Convertible PIK Notes, including any accrued but unpaid interest, were able to be exchanged, in whole or in part, at the option of the holder, into shares of our common stock then held by I-Pulse at a price per share equal to $4.6929 per share of common stock, subject in each case to adjustment for any stock split, stock dividend, reverse stock split, or similar transactions.

The I-Pulse Convertible PIK Notes were also convertible at the option of the holder at any time prior to maturity into shares of I-Pulse common stock.

The I-Pulse Convertible PIK Notes matured on July 31, 2023.

Series 2 Convertible Notes

On April 5, 2022, we issued and sold an aggregate principal amount of $86,200,000 of our Series 2 Convertible Notes.

Upon the consummation of our initial public offering, the Series 2 Convertible Notes, including any accrued but unpaid interest thereon, automatically converted into 8,209,035 shares of our common stock at a price per share equal to $10.58 per share.

Reverse Stock Split

On June 16, 2022, we effected a reverse stock split of our outstanding common stock at a ratio of 3-for-1 (the “Reverse Stock Split”).

The number of authorized shares and the par value of the common stock were not adjusted as a result of the Reverse Stock Split.

All references to common stock, options to purchase common stock, per share data and related information have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.

Initial Public Offering

On June 30, 2022, we completed an initial public offering of 14,388,000 shares of our common stock at a price of $11.75 per share, resulting in gross proceeds from the offering of $169.1 million.

The Company’s shares were listed on the NYSE American and the Toronto Stock Exchange under the ticker symbol “IE”.

For a full discussion of the general development of the Company’s business, see the Compa ny ’ s Ann ual R eport on Form 10 -K for the year ended December 31, 2024, which is incorporated by reference.

Corporate Information

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All such reports are also available free of charge via EDGAR through the SEC website at www.sec.gov .

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business