# Ivanhoe Electric's Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Defines a High-Quality Underground Mining Operation with Strong Economics Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92 Original source: https://money.tmx.com/en/quote/IE/news/7721584815545193/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje Publisher: tmx Original announcement: 2025-06-23T10:45:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Ivanhoe Electric Inc. - Ticker: IE - Exchange: TSX - Region: Arizona - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Resource update, Metallurgy, Permitting - Extracted: 2026-09-12 07:27:13 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Ivanhoe Electric announced the positive results of a Preliminary Feasibility Study for its Santa Cruz Copper Project in Arizona, defining a high-quality underground mining operation with strong economics. The study outlines Probable Mineral Reserves of 136 million tonnes at 1.08% copper, supporting a 23-year mine life with a 92.2% copper recovery via heap leaching. The project boasts an after-tax NPV8% of $1.9 billion and an IRR of 24.0% at current COMEX copper prices, with low initial capital of $1.24 billion and first quartile C1 cash costs of $1.32 per pound of copper. Reasoning: The Preliminary Feasibility Study confirms strong economics for a high-grade underground copper project with low capital and operating costs, supported by high recoveries and significant reserves, de-risking the project for financing and development. The project's location on private land and the comprehensive permitting plan further enhance its development prospects. - Positive factor: The Preliminary Feasibility Study defines a high-quality underground mining operation with strong economics, including a high after-tax NPV8% of $1.9 billion and IRR of 24.0% at current copper prices. - Positive factor: The project boasts low initial capital of $1.24 billion and first quartile C1 cash costs of $1.32 per pound of copper over the life of mine. - Positive factor: High copper recoveries of 92.2% are projected using a conventional heap leach process, which is well-suited for the high-grade oxide and chalcocite mineralization. - Positive factor: The project has significant Probable Mineral Reserves of 136 million tonnes at 1.08% copper, supporting a 23-year mine life. - Positive factor: Additional Indicated and Inferred Mineral Resources, exclusive of reserves, provide substantial potential for future expansion. - Positive factor: The project is located on 100%-owned private land, which is expected to streamline the permitting process. - Positive factor: The study is compliant with S-K 1300 and signed off by multiple Qualified Persons, indicating a high level of technical rigor. Facts used in scoring: 26 ## Classification and evidence **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The study includes an initial Mineral Reserve Estimate for the Santa Cruz Copper Project, including Probable Reserves for the Santa Cruz and East Ridge Deposits. Evidence · text > Probable Mineral Reserves of 136 million tonnes at a grade of 1.08% copper totaling 1.5 million tonnes of contained copper supports a 23-year mine life **S-K 1300 Compliant** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The mineral reserves in this estimate are reported in accordance with the definitions for mineral reserves in S-K 1300. Evidence · text > They are reported in accordance with the definitions for mineral reserves in S-K 1300. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons are listed as responsible for preparing and approving the scientific and technical information in the news release and study. Evidence · text > Todd McCracken, Shane Ghouralal, and David Willock \(BBA\), Ulises Arvayo \(Burns & McDonnell\), Subhamoy Dasgupta and Ivan Sanchez \(Fluor\), Kirk Craig \(Geosyntec\), Rick Frechette \(Haley & Aldrich\), Annelia Tinklenberg \(INTERA\), Jim Casey \(KCB\), Tom Meuzelaar \(Life Cycle Geo\), James Moore \(Met\), Casey Schmitt \(Paterson & Cooke\), Kim Trapani \(Stantec\), and Daryl Longwell \(Tetra Tech\). Each Qualified Person has reviewed and approved the information in this news release relevant to the portion of the scientific and technical information for which they are responsible. Other disclosures of a scientific or technical nature included in this news release regarding the Santa Cruz Copper Project, have been reviewed, verified, and approved by Glen Kuntz, P.Geo., who is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces the completion of a Preliminary Feasibility Study which includes updated reserves and resources. Evidence · text > Updated Reserves and Mine Plan Support 100% Heap Leach Process Producing 1.4 Million Tonnes of Copper Cathode Over 23 Year Mine Life **Tonnage Growth** Polarity: positive Definition: Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved. Why it applies: Additional Indicated and Inferred Mineral Resources, exclusive of reserves, provide substantial potential for future expansion. Evidence · text > Additional Indicated Mineral Resources, Exclusive of Mineral Reserves, Provide Potential Opportunities for Future Expansion **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Additional Indicated and Inferred Mineral Resources, exclusive of reserves, provide substantial potential for future expansion. Evidence · text > Additional Indicated Mineral Resources, Exclusive of Mineral Reserves, Provide Potential Opportunities for Future Expansion **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The project includes significant Inferred Resources which are not included in the current mine plan. Evidence · text > Additionally, the Santa Cruz Copper Project includes Inferred Resources, which are not included in the Study or the associated mine plan, which comprise a further 3.3 million tonnes of contained copper across the Santa Cruz, East Ridge, and Texaco Deposits. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The study projects high copper recoveries averaging 92.2% over the life of mine. Evidence · text > high copper recoveries averaging 92.2% over the life of mine **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The project utilizes a conventional chloride-assisted on/off heap leaching flowsheet. Evidence · text > conventional chloride-assisted on/off heap leaching flowsheet to produce copper cathode **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: The study incorporates extensive drilling and associated metallurgical, hydrogeological, and geotechnical studies, implying variability across ore domains was considered for the heap leaching flowsheet. Evidence · text > Data analysis and trade-off studies related to the extensive drilling and associated metallurgical, hydrogeological, and geotechnical studies identified the material benefits of using a conventional chloride-assisted on/off heap leaching flowsheet **Permitting in Progress** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: Table 4 details the current permitting status, showing several permits are in progress or submitted. Evidence · table > In progress Context: City of Casa Grande Major Site Plan and Development permit **Streamlined Permitting** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project's location on 100%-owned private land is highlighted as enabling a streamlined permitting process. Evidence · text > Private Land Enables Streamlined Permitting Process **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("concentrator"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 26. Some facts used in scoring do not have a stored record. ## Resource Estimates (25) ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-0) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: reserve - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:0b613394484f4f30d949 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 132061000 - Grade: 1.08 - Grade Unit: % - Contained Metal: 1430 - Contained Unit: kt - Cutoff Grade: 43.95 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The Probable Mineral Reserve for Santa Cruz represents a substantial, high-grade copper deposit, forming the economic backbone of the project. - Positive factor: High tonnage and grade for a Probable Reserve. - Positive factor: Supports a significant portion of the project's mine life. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 132,061 Context: Santa Cruz #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-1) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: reserve - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:b7536a3697d1f54e4392 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 4112000 - Grade: 1.03 - Grade Unit: % - Contained Metal: 42 - Contained Unit: kt - Cutoff Grade: 43.95 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The East Ridge Probable Reserve contributes to the project's overall economic viability, albeit with a smaller tonnage than Santa Cruz. - Positive factor: Adds to the overall Probable Reserve base with a good copper grade. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 4,112 Context: East Ridge #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-2) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: reserve - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:59fea4d104536dea0bf1 - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 136173000 - Grade: 1.08 - Grade Unit: % - Contained Metal: 1472 - Contained Unit: kt - Cutoff Grade: 43.95 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The total Probable Mineral Reserves demonstrate the project's robust economic foundation and potential for long-term production. - Positive factor: Significant total Probable Reserves supporting a long mine life. - Positive factor: High overall copper grade for the reserve. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 136,173 Context: Total #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-3) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:56db0ee1da3a4c62cfae - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 178451000 - Grade: 0.8 - Grade Unit: % - Contained Metal: 1435 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The Indicated Mineral Resource at Santa Cruz, separate from reserves, offers significant potential for extending the mine life or expanding operations. - Positive factor: Large Indicated Resource tonnage with good copper grade, exclusive of reserves. - Positive factor: Provides potential for future expansion. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 178,451 Context: Santa Cruz #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-4) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:56db0ee1da3a4c62cfae - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 178451000 - Grade: 0.024 - Grade Unit: grams per tonne - Contained Metal: 139 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Gold content in the Indicated Resource provides additional economic upside, even at low grades, as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 0.024 Context: 178,451 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-5) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:56db0ee1da3a4c62cfae - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 178451000 - Grade: 1.43 - Grade Unit: grams per tonne - Contained Metal: 8211 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Silver content in the Indicated Resource provides additional economic upside, even at low grades, as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 1.43 Context: 178,451 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-6) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:a9e68ffd2ca0f2b631c7 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31998000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 232 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The Inferred Mineral Resource at Santa Cruz provides additional exploration upside, though with lower confidence than Indicated resources. - Positive factor: Adds to the overall resource base, indicating future potential. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 31,998 Context: Santa Cruz #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-7) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:a9e68ffd2ca0f2b631c7 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31998000 - Grade: 0.021 - Grade Unit: grams per tonne - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Gold content in the Inferred Resource provides additional economic upside, though with lower confidence and as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.021 Context: 31,998 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-8) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:a9e68ffd2ca0f2b631c7 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31998000 - Grade: 1.78 - Grade Unit: grams per tonne - Contained Metal: 1832 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Silver content in the Inferred Resource provides additional economic upside, though with lower confidence and as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 1.78 Context: 31,998 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-9) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:219a76983452cefa65a7 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4407000 - Grade: 0.94 - Grade Unit: % - Contained Metal: 41 - Contained Unit: kt - Cutoff Grade: 40 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The Indicated Mineral Resource at East Ridge contributes to the project's overall resource base, offering further potential. - Positive factor: Adds to the Indicated Resource base with a good copper grade. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 4,407 Context: East Ridge #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-10) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:219a76983452cefa65a7 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4407000 - Grade: 0.015 - Grade Unit: grams per tonne - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Gold content in the Indicated Resource at East Ridge provides minor additional economic upside as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 0.015 Context: 4,407 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-11) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:219a76983452cefa65a7 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4407000 - Grade: 0.71 - Grade Unit: grams per tonne - Contained Metal: 101 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Silver content in the Indicated Resource at East Ridge provides minor additional economic upside as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 0.71 Context: 4,407 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-12) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:0d25f5a0377a2bb25f40 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 48676000 - Grade: 0.89 - Grade Unit: % - Contained Metal: 436 - Contained Unit: kt - Cutoff Grade: 40 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The Inferred Mineral Resource at East Ridge provides additional exploration upside, though with lower confidence than Indicated resources. - Positive factor: Adds to the overall resource base, indicating future potential. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 48,676 Context: East Ridge #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-13) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:0d25f5a0377a2bb25f40 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 48676000 - Grade: 0.006 - Grade Unit: grams per tonne - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Gold content in the Inferred Resource at East Ridge provides minor additional economic upside as a byproduct, though with lower confidence. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.006 Context: 48,676 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-14) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:0d25f5a0377a2bb25f40 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 48676000 - Grade: 0.4 - Grade Unit: grams per tonne - Contained Metal: 623 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Silver content in the Inferred Resource at East Ridge provides minor additional economic upside as a byproduct, though with lower confidence. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.40 Context: 48,676 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-15) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:ef31a49420d3ec4abdd1 - Deposit or zone: Texaco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 341345000 - Grade: 0.78 - Grade Unit: % - Contained Metal: 2664 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The Texaco Inferred Mineral Resource represents a substantial future growth opportunity for the project, though it requires further drilling to upgrade confidence. - Positive factor: Very large Inferred Resource tonnage, indicating significant long-term potential. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 341,345 Context: Texaco #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-16) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:ef31a49420d3ec4abdd1 - Deposit or zone: Texaco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 341345000 - Grade: 0.028 - Grade Unit: grams per tonne - Contained Metal: 302 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Gold content in the Texaco Inferred Resource provides additional economic upside, though with lower confidence and as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.028 Context: 341,345 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-17) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:ef31a49420d3ec4abdd1 - Deposit or zone: Texaco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 341345000 - Grade: 0.81 - Grade Unit: grams per tonne - Contained Metal: 8850 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Silver content in the Texaco Inferred Resource provides additional economic upside, though with lower confidence and as a byproduct. - Positive factor: Adds byproduct value to the copper resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.81 Context: 341,345 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-18) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:99e3cb3668b1def5311a - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 182859000 - Grade: 0.81 - Grade Unit: % - Contained Metal: 1476 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The aggregate Indicated Mineral Resources across all deposits represent a substantial and high-confidence base for future development. - Positive factor: Significant total Indicated Resource tonnage, exclusive of reserves. - Positive factor: Provides strong potential for future expansion. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 182,859 Context: All Deposits #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-19) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:99e3cb3668b1def5311a - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 182859000 - Grade: 0.024 - Grade Unit: grams per tonne - Contained Metal: 141 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Aggregate gold content in the Indicated Resources provides additional economic upside as a byproduct. - Positive factor: Adds byproduct value to the overall Indicated Resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 0.024 Context: 182,859 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-20) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:99e3cb3668b1def5311a - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 182859000 - Grade: 1.41 - Grade Unit: grams per tonne - Contained Metal: 8312 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Aggregate silver content in the Indicated Resources provides additional economic upside as a byproduct. - Positive factor: Adds byproduct value to the overall Indicated Resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. Evidence · table > 1.41 Context: 182,859 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-21) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:61564cb5b54817b6510f - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 422020000 - Grade: 0.79 - Grade Unit: % - Contained Metal: 3332 - Contained Unit: kt #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The aggregate Inferred Mineral Resources across all deposits represent a substantial future growth opportunity, though requiring further work to upgrade confidence. - Positive factor: Very large total Inferred Resource tonnage, indicating significant long-term potential. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 422,020 Context: All Deposits #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-22) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:61564cb5b54817b6510f - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 422020000 - Grade: 0.025 - Grade Unit: grams per tonne - Contained Metal: 333 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Aggregate gold content in the Inferred Resources provides additional economic upside as a byproduct, though with lower confidence. - Positive factor: Adds byproduct value to the overall Inferred Resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.025 Context: 422,020 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-23) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, Shane Ghouralal, David Willock, Ulises Arvayo, Subhamoy Dasgupta, Ivan Sanchez, Kirk Craig, Rick Frechette, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Kim Trapani, Daryl Longwell, Glen Kuntz - Resource group id: resource:61564cb5b54817b6510f - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 422020000 - Grade: 0.83 - Grade Unit: grams per tonne - Contained Metal: 11304 - Contained Unit: koz #### Prior Estimate - Resource Date: 2025-06-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: Aggregate silver content in the Inferred Resources provides additional economic upside as a byproduct, though with lower confidence. - Positive factor: Adds byproduct value to the overall Inferred Resource. - Positive factor: Estimate is S-K 1300 compliant and QP signed. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 0.83 Context: 422,020 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 25 [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-resource-facts-25) Santa Cruz Copper Project #### Identity - Project: Santa Cruz Copper Project - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Reporting standards: ni\_43\_101, sec\_sk1300 - Resource group id: resource:3680068a40b854f77d9d - Mining method: underground - Ownership percent: 100 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The project's financial metrics at current COMEX copper prices are exceptionally strong, showcasing its robust profitability and attractiveness to investors. - Positive factor: Significantly higher NPV and IRR at current COMEX copper prices, indicating strong upside potential. - Positive factor: Demonstrates the project's resilience to market fluctuations and profitability at prevailing prices. Evidence · table > 1.91 Context: 4.83 \(COMEX Spot\*\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### heap leach [Link to this fact](https://atlas-extractions.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--7cf052f7-0bc1-4d9f-a795-3a0048b77a92#fact-metallurgical-facts-24) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Test Work - Program Status: detailed - Test Type: heap leach - Processing Route: conventional chloride-assisted on/off heap leaching to produce copper cathode through solvent extraction and electrowinning - Sample: First 15 Years average #### Recovery - Recovery: 92.4 % - Recovery Basis: to\_payable\_metal - Head Grade: 1.1 - Head Grade Unit: % #### Reagents - Acid: 6 kg/t #### Lab - Laboratory: Met Engineering, LLC - Consultant: Met Engineering, LLC #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2025-06-23T00:00:00.000Z Reasoning: The high copper recovery of 92.4% during the first 15 years of operation further reinforces the project's strong metallurgical performance and economic potential. - Positive factor: Very high copper recovery for a heap leach process, exceeding typical expectations. - Positive factor: Low sulfuric acid consumption indicates favorable ore characteristics. - Positive factor: Supports the economic viability of the project. Evidence · table > 92.4 Context: Recovery #### Tags used in scoring **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: processing\_route matches the heap\_leach signal **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 92.4% is at or above the exceptional band \(80%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.