Ivanhoe Electric provides updated MRE for Santa Cruz Copper Project

Ivanhoe Electric Executive Chairman, Robert Friedland and President and CEO Taylor Melvin are pleased to provide an updated Mineral Resource Estimate for the Santa Cruz Copper Project located west of Casa Grande, Arizona. The updated Mineral Resource Estimate now includes the first Mineral Resources declared at the East Ridge Deposit directly adjacent to the Santa Cruz Deposit and at the Texaco Deposit approximately one mile to the northeast. The updated Mineral Resource Estimate utilizes higher cut-off grades than the 0.39% cut-off used in the December 8, 2021 Santa Cruz Project Mineral Resource statement. The higher cut-off grades were used to account for the consistency and thickness of the higher-grade exotic, oxide and enriched copper domains, which support a more selective, lower-impact bulk mining method. The resource at the Santa Cruz Deposit reflects a 0.70% total copper cut-off, while the resources at East Ridge and Texaco reflect a 0.90% and 0.80% total copper cut-off, respectively. Even at these higher cut-off grades, the overall project-wide contained copper in Indicated Mineral Resources increased by 11%. Importantly, project-wide contained copper in Indicated Mineral Resources, excluding primary sulfide mineralization, increased by 86%. Friedland commented: "We are making great strides towards our ambitious goal of constructing a low-carbon footprint, underground copper mine with minimal surface disturbance in Arizona. The maiden resource estimates for the East Ridge and Texaco Deposits were founded on the knowledge gained from our 26.5 km2 proprietary Typhoon 3D induced polarization and resistivity geophysical survey conducted in 2022 and build on the success we have achieved at the Santa Cruz Deposit. Today’s announcement is an important milestone that underpins the future development potential of the Santa Cruz Copper Project."