Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Forward-Looking Statements

Certain statements in this Technical Report Summary constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable US and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may,” “would,” “could”, “will,” “intend,” “expect,” “believe,” “plan,” “anticipate,” “estimate,” “scheduled,” “forecast,” “predict” and other similar terminology, or state that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. These statements reflect Ivanhoe Electric’s current expectations regarding future events, performance and results and speak only as of the date of this Technical Report Summary.

Such statements in this Technical Report Summary include, without limitation: the projections, assumptions and estimates related to the Santa Cruz Copper Project, including, without limitation, those relating to development, capital and operating costs, production, grade, recoveries, metal prices, life of mine, mine sequencing, economic assumptions such as capital expenditures, cash flow and revenue, mine design, mining techniques and processes, timing of estimated production, equipment, staffing, emissions, use of land, estimates of mineral resources, use of energy storage technologies; the ability to produce 99.99% pure copper cathode; and the ability to secure state and local permits for the Santa Cruz Copper Project.

Forward-looking statements are based on the author’s beliefs and assumptions and on information currently available. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including fluctuations in metal prices; risks related to inflation and changes in interest rates, discount rates, exchange rates, and taxes; risks due to the inherently hazardous nature of mining- related activities; uncertainties due to health and safety considerations; uncertainties related to environmental considerations, including, without limitation, climate change; uncertainties relating to obtaining approvals and permits, including renewals, from governmental regulatory authorities; uncertainties related to changes in law; uncertainty related to the availability and terms of capital; and those risk factors described in Ivanhoe Electric’s Annual Report on Form 10-K and other disclosures made by Ivanhoe Electric with the U.S. Securities and Exchange Commission and Canadian securities regulators.

Although the authors believes that the assumptions and factors used in preparing the forward-looking statements in this Technical Report are reasonable, undue reliance should not be placed on such forward-looking statements, which only apply as of the date of this Technical Report, and no assurance can be given that such events will occur in the disclosed time frames or at all. The authors disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required by applicable law.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Date and Signature Page

Report Date: September 23, 2026

Prepared by Qualified Persons from the following Third-Party Companies:

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

TABLE OF CONTENTS

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

LIST OF TABLES

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

LIST OF FIGURES

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

This report was prepared as a technical report summary on the Santa Cruz Copper Project (“the Project”) in accordance with the Securities and Exchange Commission S-K regulations (Title 17, Part 229, Items 601 and 1300 through 1305) for Ivanhoe Electric by the following third-party qualified persons: BBA Consultants USA LP (“BBA”), Worley Group Inc. (“Worley”), Burns & McDonnell Engineering Company, Inc. (“Burns & McDonnell”), Haley & Aldrich, Inc. (“H&A”), INTERA Incorporated (“INTERA”), KCB Consultants Ltd. (“KCB”), Life Cycle Geo, LLC (“LCG”), Met Engineering, LLC (“Met Engineering”), Paterson & Cooke USA, Ltd. (“P&C”), Stantec Consulting Services Inc. (“Stantec”), and Tetra Tech, Inc. (“Tetra Tech”). None of the qualified persons is affiliated with the Company or any other entity that has an ownership, royalty, or other interest in the Property.

Unless otherwise indicated, all financial values are reported in United States dollars (currency abbreviation: USD; currency symbol: US$) including all operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions.

All capital and operating cost estimates meet the requirements of S-K 1300 with an expected accuracy of -20% to +25%. A contingency of <15% has been applied to capital cost estimates.

All pricing is considered in second quarter (“Q2”) 2026 dollars.

Unless otherwise indicated, capital and operating costs do not include tariffs or escalations.

Totals may not sum correctly due to rounding.

This report uses U.S. English. Units may be in either metric or US customary units as identified in the text. A list of abbreviations and units of measure is provided in Section 24.

Mineral Resources and Mineral Reserves are reported using the definitions in Subpart 229.1300 – Disclosure by Registrants Engaged in Mining Operations in Regulation S-K 1300 (“S-K 1300”).

This report contains forward-looking information; refer to the note regarding forward-looking information at the front of the report.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

The Project is a 92 km drive south of the greater Phoenix metropolitan area and is accessed via the West Gila Bend Highway (“Highway 84”) 11 km west of the city of Casa Grande, which has a population of approximately 57,700.

The greater Phoenix area is a major population center, with approximately 4.8 million people, and features an international airport, Phoenix Sky Harbor International Airport, and well-developed infrastructure and services that support the mining industry (Figure 1-1).

The climate in the Project area is typical of the Sonoran Desert, with temperatures ranging from -7 °C to 47 °C (19 °F to 117 °F) and an annual precipitation average ranging from 76 to 500 mm (3 to 30 inches) per year. Mining and exploration activities can be performed year-round, as there are no limiting weather or accessibility factors.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Source: Ivanhoe Electric, 2026

Figure 1-1: Santa Cruz Copper Project Location

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, 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, Ltd. (“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 km² (20-acre) “Skull Valley” property from Skull Valley Capital, LLC in the southeastern area of the Project and the 0.41 km² (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 km² (~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 km² (~6,425 acres) of fee simple mineral estate, 39 federal unpatented mining lode claims (bringing the total claims controlled by Ivanhoe Electric to 277), and 26.6 km² (~642.5 acres) of Stock-Raising Homestead Act lands.

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 area of proposed mine activity lies on fee simple land. Mineral control is summarized in Table 1-1 and shown on Figure 1-2.

Table 1-1: Summary of Ivanhoe Electric’s Mineral Control

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Source: Ivanhoe Electric, 2026

Figure 1-2: Santa Cruz Copper Project Mineral Control Map

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

In 2022, Ivanhoe Electric acquired the surface rights to two land parcels: the 0.08 km² (20-acre) Skull Valley property from Skull Valley Capital, LLC in the southeastern area of the Project and a 0.41 km² (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 km² (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 Figure 1-3. Ivanhoe Electric acquired both Grandfathered Irrigation Rights (“GFR”) and Grandfathered Type 1 Non-irrigation Water Rights as part of its 2023 private land purchase. These rights provide approximately 3,600 acre-feet (“acre-ft”) per year of water for Project use.

Source: Ivanhoe Electric, 2026

Figure 1-3: Ivanhoe Electric Surface Control Map

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Noted royalties on future mineral development of the Project are summarized in Table 1-2 and Figure 1-4.

Table 1-2: Royalties Applying to the Santa Cruz Copper Project

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Source: Ivanhoe Electric, 2026

Figure 1-4: Extent of Royalties

Copper mineralization, first discovered in the region in the 1960s, led to extensive drill programs across the Project area. Exploration programs by several companies and joint ventures included diamond drilling and several geophysical surveys from the 1960s through the 1990s.

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 preliminary feasibility study in June 2025.

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.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

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:

Ivanhoe Electric has completed 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. 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.

Drilling within the Santa Cruz Copper Project property totals 484 drillholes for 354,655 m of drilling. Of this total, 329 drillholes for 279,164 m were used in support of the Mineral Resource. The 155 drillholes excluded from the estimation do not intersect the deposit or did not have relevant information for estimation, such as shallow sonic holes with no assay samples taken.

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,

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

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 6,295 density measurements from 210 drillholes were measured for the Santa Cruz, East Ridge, and Texaco deposits.

Quality assurance and quality control (“QA/QC”) 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.

Ivanhoe Electric used 222 drillholes totaling over 70 km of geotechnical drilling to analyze geotechnical characterization of the Santa Cruz and East Ridge deposits. Historical drillholes were selected based on availability of rock quality designation data.

The groundwater flow model was calibrated and used to predict the residual passive inflows for the prefeasibility study mine plan. The predicted residual passive inflows resulting from the updated model, with grouting applied, indicate that the residual passive inflows for the first 10 years of the mine are at or below 7,200 gallons per minute (“gal/min”), compared to the 12,000 gal/min estimated in the initial assessment (“IA”) model, in addition to 2 years of 3,000 gal/min of active pumping. From Years 11 through 25, the residual passive inflows in the updated model range from approximately 3,500 to 7,200 gal/min, compared to 15,000 to 18,000 gal/min predicted in the IA model.

BBA personnel in the disciplines of geology, Mineral Resource estimation, Mineral Reserve estimation, and mining 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. It is BBA’s opinion that the geological data collection and QA/QC 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 estimate.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

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

Metallurgical testwork included the following:

A grade-recovery equation was developed based on sequential copper assays. For the life-of-mine processing, this equation produces a weighted average of 92.3% total copper recovery to cathode for leaching an 8 m lift of ore crushed to 100% passing 9.5 mm for 220 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.

The Santa Cruz deposit has approximately 194,000 m of drilling in 226 drillholes; East Ridge has approximately 49,000 m of drilling in 62 holes; and Texaco has approximately 36,000 m 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

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

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 m intervals. Variograms were completed by subdomain for each deposit.

The resource estimation methodology constrains the mineralization by using hard wireframe boundaries. Ordinary kriging (“OK”) was employed for the Santa Cruz deposit, and inverse distance squared (“ID²”) was selected for the East Ridge and Texaco deposits. 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 the 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 1, 3, and 5 years; forward-looking pricing from internationally recognized banks is appropriate for use in a Mineral Resource estimate. Section 16 provides an explanation of the commodity price forecasts. The commodity price considered 3-year trailing averages.

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 Table 1-3 and Table 1-4, respectively.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Table 1-3: In-situ Mineral Resource Estimate Inclusive of Reserves for Santa Cruz, East Ridge & Texaco

Notes on Mineral Resources:

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Table 1-4: In-situ Mineral Resource Estimate Exclusive of Reserves for Santa Cruz, East Ridge & Texaco

Notes on Mineral Resources:

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

The current resource model iterations have not changed when compared to the iterations released in the 2025 PFS. Differences presented in Mineral Resources Exclusive of Mineral Reserves are due to the addition of stopes at the top of the mine.

Areas of uncertainty that may materially impact the Mineral Resource estimates are as follows:

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 after mining with paste backfill for the duration 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,

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

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 off-site 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 Table 1-5. Operating cost for cutoff value calculations are summarized in Table 1-6. Royalties are factored into each block of the Mineral Resource 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 1, 3, and 5 years, and the forward-looking prices from internationally recognized banks are deemed appropriate for Mineral Reserve estimates.

Table 1-5: NSR Parameters

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Table 1-6: Operating Costs for Cutoff Value Calculations

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.

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 Table 1-7. A small increase between the 2025 Mineral Reserve and the 2026 Mineral Reserve is attributed to the initial mine ramp-up and sequencing. This adjustment, which represents an increase of approximately 2% of the contained copper, facilitated access to several stopes within the 2026 mine plan that were not available in the 2025 mine plan.

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Table 1-7: Santa Cruz Copper Project Mineral Reserve Estimate

Notes on Mineral Reserves:

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Factors that may affect the Mineral Reserve estimate include the following:

The Santa Cruz Copper Project is an undeveloped greenfield 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 m below the surface. Based on the mineralization's 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 stopes for the Santa Cruz deposit will have varying widths of 12 to 18 m and lengths ranging from 10 to 17 m, depending on the geotechnical domain, zone, and mining sequence (primary or secondary). The levels in the mine are spaced 30 m apart. The Verde zone is a subdomain within the Santa Cruz deposit, and the production stopes in this area will be accessed from the Santa Cruz mine levels, featuring standard dimensions of 20 m (height) x 15 m (width) x 20 m (length).

The East Ridge deposit is situated to the north of the main Santa Cruz deposit, approximately 310 to 790 m below the surface. It consists of multiple 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. At East Ridge, longhole stopes will measure 15 m (height) x 10 m (width) x 8 m (length), accessed via longitudinal entries. For zones using the drift-and-fill method, the drifts will have dimensions of 5 m (height) x 5 m (width), with variable lengths

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

determined by the local rock mass condition. Mining will begin with a drift sized at 5 m (height) x 5 m (width), followed by paste backfill and curing before the development of the next adjacent drift in the orebody.

Mine access will be provided through a single tunnel boring machine (“TBM”) decline from the surface. Ore will be transported from the stopes by load-haul-dump (“LHD”) equipment to an orepass system, which will transfer the ore from a chute to a conveyor system. The conveyor system will transfer the material to surface. Main intake and exhaust raises will be developed to ensure the mine workings are adequately ventilated. The combined production target for the Santa Cruz and East Ridge deposits is approximately 20,000 t/d at peak production and approximately 14,000 t/d life of mine (“LOM”).

The Santa Cruz Copper Project encompasses three mining zones: Santa Cruz, Verde, and East Ridge (Figure 1-5). The Santa Cruz zone is the primary production area and is structurally divided into northern and southern regions.

Source: Ivanhoe Electric, 2026

Figure 1-5: Mining Zones of Santa Cruz and East Ridge Deposits, View looking North

Ivanhoe Electric Inc. S-K 1300 Preliminary Feasibility Study & Technical Report Summary, Santa Cruz Copper Project, Arizona

Primary (first-pass) support will be installed in conjunction with the advance of excavation and will provide support and reinforcement. Any support applied at a later stage will be considered secondary (or second-pass) support. Excavation in rock will be performed via conventional (drill and blast) methods or with a roadheader machine.

The Santa Cruz Copper Project mine life is expected to be 24 years with construction from 2027 to mid-2029 followed by schedule production to 2052. Table 1-8 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.

Table 1-8: Santa Cruz Scheduled Production Summary