Programs Uncover Full Potential Of Santa Cruz Copper Project

PHOENIX, AZ - Ivanhoe Electric Inc. reported on the ongoing infill and exploration drilling and technical work at the Santa Cruz Copper Project, located west of Casa Grande, Arizona. Extensive exploration and development drilling programs at the Santa Cruz Copper Project have yielded very strong results and continue to uncover the full potential of the project. By incorporating sustainable technologies and renewable energy into the upcoming Prefeasibility Study and leveraging cutting-edge underground material handling methods, the Company is advancing studies at Santa Cruz for a modern, high-grade, underground copper mine with very low projected carbon dioxide-equivalent emissions.

The fourth quarter of 2023 was an important time for the advancement of Santa Cruz Copper Project in Arizona. Significant increase of development drilling activity and received substantial assays from recent exploration drilling. In addition to raising the level of confidence in the Santa Cruz and East Ridge mineral resource estimates, recent infill drilling identified a large, high-grade oxide domain in the Santa Cruz deposit. This domain contains higher copper grades and is located in better quality ground conditions than previously modeled in the 2023 Initial Assessment. Ongoing development drilling and test work will support the studies required for the Santa Cruz Prefeasibility Study, expected to be complete before the end of Q2 2025. Beyond the development drilling at Santa Cruz and East Ridge, assays from recent step-out exploration at Texaco Ridge identified wide zones of primary sulfide mineralization that could provide future growth for Santa Cruz Project. The combined success of recent development and exploration drilling programs at Santa Cruz provides strong momentum for 2024.