Slide 1: Santa Cruz Copper Project Preliminary Feasibility Study
NYSE American / TSX: IE ivanhoeelectric.com AMERICAN COPPER FOR A STRONGER FUTURE SANTA CRUZ COPPER PROJECT PRELIMINARY FEASIBILITY STUDY JUNE 23, 2025
Slide 2: Safe Harbor
Safe Harbor Forward-Looking Statements anticipated results or results that would justify and support continued exploration, studies, Certain statements in this Presentation constitute “forward-looking statements” or development or operations; the final assessment of exploration results and informati
Slide 3: Technical Information and Qualified Persons
Technical Information and Qualified Persons The Preliminary Feasibility Study (Study), entitled “S-K 1300 Preliminary Feasibility & Technical Report Summary, Santa Cruz Copper Project, Arizona,” is dated June 23, 2025, and was prepared in accordance with Subpart 1300 and Item 601 of Regulation S-K.
Slide 4: Conference Call Participants
Conference Call Participants Robert Friedland – Executive Chairman & Founder Taylor Melvin – President & Chief Executive Officer Glen Kuntz – Senior Vice President, Mine Development Jordan Neeser – Chief Financial Officer 4
Slide 5: Santa Cruz Copper Project
Santa Cruz Copper Project High Quality Advanced Copper Project on Private Land in Arizona, USA High Grade Reserves, Modern Underground Mining, Heap Leach Process to Produce 100% Copper Cathode Excellent Access to Existing Infrastructure Low Project Capital Intensity and Operating Costs Project Team
Slide 6: Ivanhoe Electric – Experienced Project Leadership
Ivanhoe Electric – Experienced Project Leadership ROBERT FRIEDLAND TAYLOR MELVIN JORDAN NEESER Founder and Executive President and Chief Executive Chief Financial Officer Chairman Officer CPA with 18+ years’ Industry-leading company 20+ years’ experience experience corporate finance builder, entrepr
Slide 7: Highly Engineered Study Supported by Detailed Testwork
Highly Engineered Study Supported by Detailed Testwork > $100 million in new drilling, advanced testwork, and extensive engineering studies Additional 149 drill holes totaling approximately 120,000 meters, for a project total of 329 drill holes totaling 279,000 meters completed since 2021 Additional
Slide 8: Highlights of the Preliminary Feasibility Study
Highlights of the Preliminary Feasibility Study Low Initial Capital of $1.24 Billion and Low Unit Production Costs of $1.32 Per Pound of Copper Support Attractive Economics After-Tax Net Present Value8% of $1.9 Billion and 24% Internal Rate of Return at Current COMEX Copper Price After-Tax Net Prese
Slide 9: Robust Economics with Significant Leverage to Copper
Robust Economics with Significant Leverage to Copper Pre-tax After-tax Copper LOM NPV8% IRR LOM NPV8% IRR Free ($ billion) (%) Free ($ billion) (%) $1.9B $1.4B $240M Price ($/pound) Cashflow Cashflow PRE-TAX NPV AFTER-TAX NPV AFTER-TAX NPV PER ($ billon) ($ billion) $0.25/LB CHANGE 3.75 4.7 1.3 17.8
Slide 10: Cash Operating Costs / C1
First Quartile Unit Cash Costs Production (%) 0% 25% 50% 75% 100% ¢800 ¢700 (cents per pound of copper) Cash Operating Costs / C1 ¢600 ¢500 ¢400 ¢300 Santa Cruz Copper Project ¢200 $1.32 per pound of copper ¢100 Global 1st Quartile -- -- 910 1,968 2,422 3,798 4,942 5,738 6,902 7,877 8,995 9,936 10,9
Slide 11: Low Projected Capital Intensity
Low Projected Capital Intensity Near Term Build (Prior to 2028) Long Term Build (After 2028) $40,000 Capital Intensity Across Greenfield Copper Santa Cruz is a part of a small group of low Projects in North and South America initial capital and low capital intensity Capital Intensity (US$/tpa CuEq.)
Slide 12: Premier mining jurisdiction with access to talented workforce
100%-Owned Private Land in Heart of America’s Copper State Premier mining jurisdiction with access to talented workforce Located between Phoenix and Tucson at the center of Arizona’s rapidly industrial corridor ~ 6,000 acres of surface, mineral, and associated water rights Excellent existing infrast
Slide 13: Small Surface Footprint
Small Surface Footprint Surface infrastructure requires ~ 2,600 acres (40% of total land package) Includes ~ 900 acres for planned solar facility and battery storage Efficient layout provides ample space for future expansion opportunities 13
Slide 14: Initial Mineral Reserve Estimate
Initial Mineral Reserve Estimate Probable Reserves: 136 million tonnes @ 1.08% total copper • Santa Cruz: 132 million tonnes @ Infrastructure 1.08% total copper Mineral Reserves • East Ridge: 4 million tonnes @ Oxide Chalcocite 1.03% total copper 1.5 million tonnes contained copper in Mineral Reserv
Slide 15: Optimized Underground Mine Design
Optimized Underground Mine Design Top of Mineral Reserves at 310 meters beneath surface Mine Infrastructure Box Cut Mine access via twin decline drifts measuring ~8 Decline Ramp kilometers Stope Cut Shafts Roadheaders used to drive twin declines Main Levels Intake and exhaust shafts developed using
Slide 16: Reduces Processing Ramp-Up Complexities
Chloride-Assisted On/Off Heap Leaching Process Reduces Processing Ramp-Up Complexities Simple Processing Flowsheet and Operations Enhances Ability to Balance Mine Feed Lowers Initial and Sustaining Capital Costs Lowers Operating Costs and Enhances Mineral Reserves Eliminates Tailings and Necessity f
Slide 17: Simple and Conventional Processing Flowsheet
Simple and Conventional Processing Flowsheet Copper recoveries of 92.2% over life of mine Low net sulfuric acid consumption of 6 kilograms per tonne of treated ore Up to 50% of spent ore converted into paste and used as backfill underground 17
Slide 18: Copper Production and Grade Profile
Copper Production and Grade Profile 90,000 1.6 Construction Production 80,000 Potential to Access Existing 1.4 Resources in Later Years 70,000 1.2 Copper Production (tonnes) Total Copper Grade (%) 60,000 1.0 50,000 0.8 40,000 0.6 30,000 0.4 20,000 10,000 0.2 0 0.0 Copper Cathode Production Total Cop
Slide 19: Private Land Streamlines Permitting
Private Land Streamlines Permitting Santa Cruz Copper Project primary 10 PERMITS / RIGHTS permitting authorities: Arizona COMPLETED TO SUPPORT Department of Environmental Quality, Pinal County, and City of Casa Grande ✓ Exploration Activities ✓ Land Use Conversion Indicative permitting timeline: Aqu
Slide 20: Mineral Resource Estimate: Indicated Resources
Mineral Resource Estimate: Indicated Resources Indicated Resources inclusive of Mineral Reserves for Santa Cruz and East Ridge: 3.1 million East Ridge Mine Infrastructure tonnes of contained copper Indicated Resource Domain • Santa Cruz: 3.0 million tonnes of Oxide contained copper @ 0.95% total Cha
Slide 21: Mineral Resource Estimate: Inferred Resources
Mineral Resource Estimate: Inferred Resources Santa Cruz and East Ridge: 0.6 million tonnes of contained copper • Santa Cruz: 0.2 million tonnes of contained copper @ 0.73% total East Ridge Texaco copper Indicated Resources1 • East Ridge: 0.4 million tonnes of Inferred Resource Domain contained copp
Slide 22: Santa Cruz Copper Project – Indicative Development Plan
Santa Cruz Copper Project – Indicative Development Plan 2025 2026 2027 2028 Detailed Engineering Initial Construction Permits Final Construction / Operating Permits Secure Project Financing Equipment Procurement Box Cut / Decline Construction Surface Infrastructure Construction Mining & Stockpiling
Slide 23: Project Financing Overview
Project Financing Overview Strong market interest for project financing from multiple sources, including U.S. Government agencies, commercial lenders, and potential project partners U.S. Export-Import Bank Letter of Interest for $825 million of project debt received April 15, 2025 Strong projected
Slide 24: Ivanhoe Electric Investment Highlights
Ivanhoe Electric Investment Highlights Santa Cruz Copper Project - One of America’s Next Copper Mines for Domestic Supply Chain Security with High Operating Margins and Low Capital Intensity Disruptive Technology-led Exploration Platform, Combining Typhoon and Computational Geoscience Inc. to Accele
Slide 25: Santa Cruz Copper Project Preliminary Feasibility Study Q & A
NYSE American / TSX: IE ivanhoeelectric.com SANTA CRUZ COPPER PROJECT PRELIMINARY FEASIBILITY STUDY Q &A 25
Slide 26: ivanhoeelectric.com
ivanhoeelectric.com NYSE American / TSX: IE