Slide 1: 2026 Santa Cruz Copper Project Preliminary Feasibility Study
NYSE American / TSX: IE ivanhoeelectric.com 2026 Santa Cruz Copper Project Preliminary Feasibility Study September 23, 2026 NYSE American / TSX: IE ivanhoeelectric.com
Slide 2: Safe Harbor: Forward-Looking Statements
SAFE HARBOR Forward-Looking Statements Certain statements in this presentation constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable U.S. and Canadian Forward-looking statements are based on management’s beliefs and assumptions and securities laws.
Slide 3: Technical Information and Qualified Persons
TECHNICAL INFORMATION AND QUALIFIED PERSONS The 2026 Preliminary Feasibility Study, entitled “S-K 1300 Preliminary Feasibility & Technical Report Summary, Santa Cruz Copper Project, Arizona,” is dated September 23, 2026, 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 Michelle Lammers – Chief Operating Officer Glen Kuntz – Senior Vice President, Mine Development Jordan Neeser – Chief Financial Officer 4
Slide 5: Santa Cruz Copper Project Overview
SANTA CRUZ COPPER PROJECT OVERVIEW High-grade Advanced Copper Project on Private Land in Arizona Modern Underground Mine Design with an On-off Heap-leach Process to Produce 99.99% Pure Copper Cathode – No Smelting 2026 Study Substantially Derisks Project Short Development Timeline – First Copper Pro
Slide 6: 2026 Preliminary Feasibility Study Overview
2026 PRELIMINARY FEASIBILITY STUDY OVERVIEW 2026 Study Incorporates Robbins Tunnel Boring Machine for Mine Access Project Derisked Through Advanced Engineering on Mine Access and Design, Ventilation, Heap Leaching, Surface Processing and Paste Backfill Study Confirms High-Grade, Low-Cost Project wit
Slide 7: 2026 Preliminary Feasibility Study Highlights
2026 PRELIMINARY FEASIBILITY STUDY HIGHLIGHTS Summary Economics at $4.75/pound Copper Low Initial Capital and Operating Costs $1.43B $1.5B $240M INITIAL CAPITAL AFTER-TAX NPV8% AFTER-TAX NPV PER Modern Underground Mine @ ~20,000 EXPENDITURES $0.25/LB CHANGE IN Cu Tonnes per Day $1.47 19% ~1.4MT On-o
Slide 8: 2026 Study Includes Current Cost Estimates and Advanced Engineering
2026 STUDY INCLUDES CURRENT COST ESTIMATES AND ADVANCED ENGINEERING 2026 Study Includes: Initial Capital ($millions) $84 $1,426 Current cost estimates reflecting inflation $1,236 $88 $18 on construction materials, energy and labor Tunnel boring machine mine access and material handling 2025 PFS Cost
Slide 9: Low Unit Cash Costs
LOW UNIT CASH COSTS Americas Primary Copper Mines Production (%) 0% 25% 50% 75% 100% ¢600 1st Quartile Cash ¢500 Costs (cents per pound of copper) Cash Operating Costs / C1 ¢400 ¢300 Santa Cruz Copper Project ¢200 $1.47/lb Copper ¢100 -- Copper Production U.S. Copper Projects Source: S&P Global Mark
Slide 10: Robbins Tunnel Boring Machine Improves Mine Access
ROBBINS TUNNEL BORING MACHINE IMPROVES MINE ACCESS Creates a single ~4 kilometer decline that is 9.3 meters in diameter Simultaneous installation of a precast, steel-reinforced concrete liner enhances long-term stability and safety Requires smaller box cut, resulting in 75% less excavated material C
Slide 11: Optimized Mine Access Design
OPTIMIZED MINE ACCESS DESIGN Completed detailed design for mine access and ventilation shafts Material haulage system to include conveyors throughout mine life Updated heap leach design reduces pad footprint Santa Cruz Mine Access and Refined mine plan results in faster Development production ramp-u
Slide 12: Improved Surface Layout Increases Operational Efficiency
IMPROVED SURFACE LAYOUT INCREASES OPERATIONAL EFFICIENCY Updated layout improves material flow from underground to stacking and ultimately spent ore / paste Reduced surface crushing Surface conveyors replace truck haulage for ore handling Additional ponds on heap leach pads improve flexibility and r
Slide 13: Santa Cruz Process Flowsheet
SANTA CRUZ PROCESS FLOWSHEET ~20,000 tonnes/day underground mine +92% copper recoveries Chloride assisted leach Low sulfuric acid consumption On-off heap leach Paste backfill SX/EW producing 99.99% pure copper cathode 13
Slide 14: Copper Production and Grade Profile
COPPER PRODUCTION AND GRADE PROFILE Construction Production 80,000 Potential to Access Existing 1.60 Resources in Later Years 70,000 1.40 60,000 1.20 Copper Production (Tonnes) Total Copper Grade (%) 50,000 1.00 40,000 0.80 30,000 0.60 20,000 0.40 10,000 0.20 0 - Copper Cathode Production Total Copp
Slide 15: Permitting and Development Timeline
PERMITTING AND DEVELOPMENT TIMELINE Permitted for Initial Construction Activities Permitting for Operations & LOM Production Groundwater Quality Air Quality Land Use & Reclamation Mine Access and Underground Development Box Cut Decline Development Establish Ventilation Surface Construction and Proce
Slide 16: Significant Organic Expansion Potential Beyond Current Mine Plan
SIGNIFICANT ORGANIC EXPANSION POTENTIAL BEYOND CURRENT MINE PLAN Probable Reserves Support Texaco Current Mine Plan Indicated and Inferred East Ridge Resources Highlight Additional Expansion Potential Classification Contained Copper Grade (All Deposits) Copper (%) (Million Tonnes) Probable 1.5 1.1 R
Slide 17: Financing Overview
FINANCING OVERVIEW Strong Balance Sheet and Liquidity to Fund Initial Project Activities +$250 million of cash at end of 2Q26 Engaged in Advanced Project Financing Discussions with U.S. Export-Import Bank and Leading Commercial Banks August 7, 2026, U.S. Mining Roundtable Received US EXIM’s Prelimin
Slide 18: Santa Cruz Copper Project Overview
SANTA CRUZ COPPER PROJECT OVERVIEW High-grade Advanced Copper Project on Private Land in Arizona Modern Underground Mine Design with an On-off Heap-leach Process to Produce 99.99% Pure Copper Cathode – No Smelting 2026 Study Substantially Derisks Project Short Development Timeline – First Copper Pro
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Slide 20: ivanhoeelectric.com NYSE American | TSX: IE
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