Santa Cruz copper project initial assessment: 20-yr mine life, $1.1B initial capex

Ivanhoe Electric Inc.

Indicated resources 6,188 Mlb Cu; inferred 4,072 Mlb Cu; no change from Dec 2022.
Mine plan targets 15,000 t/d, construction 2026-2029, production start 2029, 20-year life.
Initial capital: mining $497.7M, process $563.7M, TSF $75.1M; sustaining $462.8M + $486.8M.
Metallurgical tests confirm up to 94% total copper recovery via leach-float.
Base case copper $3.80/lb; project on private land, state permits, not federal.

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