# EDGAR Filing Document

**Accession Number:** 0001879016
**File Stem:** 0001104659-23-020639
**Filing Date:** 2023-2
**Character Count:** 611132
**Document Hash:** 8fc2e661f1a303e46718354b705f2331
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-020639.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001104659-23-020639

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 140

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ivanhoe Electric Inc.
- **CENTRAL INDEX KEY:** 0001879016
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **IRS NUMBER:** 320633823
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41436
- **FILM NUMBER:** 23622466

**BUSINESS ADDRESS:**
- **STREET 1:** 606 - 999 CANADA PLACE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3E1
- **BUSINESS PHONE:** 604-689-8765

**MAIL ADDRESS:**
- **STREET 1:** 606 - 999 CANADA PLACE
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3E1

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **February 14, 2023**

**IVANHOE ELECTRIC INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**001-41436** | &nbsp;&nbsp;**32-0633823** |
| &nbsp;&nbsp;(State or other jurisdiction of <br> incorporation or organization) | &nbsp;&nbsp;(Commission File Number) | &nbsp;&nbsp;(I.R.S. Employer<br> IdentifiCAtion No.) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**606 – 999 Canada Place** **Vancouver** **, BC Canada** | &nbsp;&nbsp;**V6C 3E1** |
| (Address of principal executive offices) | &nbsp;&nbsp;(Zip Code) |

---

Registrant's telephone number, including area code: **(604) 689-8765**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Name of each exchange on which <br> registered** |
| &nbsp;&nbsp;Common Stock, par value $0.0001 per share &nbsp;&nbsp;IE | &nbsp;&nbsp;NYSE American and Toronto Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 7.01. Regulation FD Disclosure.**

On February 14, 2023, Ivanhoe Electric Inc. (the "Company") provided an updated Mineral Resource Estimate for its Santa Cruz Copper Project (the "Santa Cruz Project") located west of Casa Grande, Arizona. A copy of the Company's press release dated February 14, 2023, relating to the update is furnished as Exhibit 99.1 to this Form 8-K.

The information contained in Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 8.01. Other Events.**

On February 14, 2023, the Company provided an updated Mineral Resource Estimate for its Santa Cruz Project. The updated Mineral Resource Estimate now includes the first Mineral Resources declared at the East Ridge Deposit directly adjacent to the Santa Cruz Deposit, as well as at the Texaco Deposit approximately one mile to the northeast.

For more information, see the Technical Report Summary on the Santa Cruz Project, Arizona, U.S.A., prepared by Nordmin Engineering and Met Engineering, which is filed as Exhibit 96.1 to this Form 8-K.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [23.1](tm236266d1_ex23-1.htm) | [Consent of Nordmin Engineering related to S-K 1300 Technical Report](tm236266d1_ex23-1.htm) |
| [23.2](tm236266d1_ex23-2.htm) | [Consent of Met Engineering related to S-K 1300 Technical Report](tm236266d1_ex23-2.htm) |
| [96.1](tm236266d1_ex96-1.htm) | [Technical Report Summary on the Santa Cruz Project, Arizona, U.S.A., prepared by Nordmin Engineering Ltd. and Met Engineering LLC with an effective date of December 31, 2022](tm236266d1_ex96-1.htm) |
| [99.1](tm236266d1_ex99-1.htm) | [Press Release dated February 14, 2023](tm236266d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |

---

**Forward-Looking Statements**

The Company cautions you that statements included in this Current Report on Form 8-K that are not a description of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

The important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: changes in the prices of copper or other metals the Company is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the Company to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of the COVID-19 pandemic and the global economy and other risks detailed in the Company's Registration Statement on Form S-1 (Registration No. 333-265175) and other public periodic filings with the U.S. Securities and Exchange Commission. The words "believe," "will," "should," "expect," "intend," "estimate," "look forward," and "anticipate," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to revise or update this report to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement.

This report also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on: (i) fluctuations in copper, gold or other metal prices; (ii) results of drilling and other exploration activities; (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation and re-evaluation of mine plans subsequent to the date of any estimates and/or changes in mine plans; (vi) the possible failure to receive required permits, approvals and licenses; and (vii) changes in law or regulation.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **IVANHOE ELECTRIC INC.** | **IVANHOE ELECTRIC INC.** |
| Date: February 14, 2023 | By: | /s/ Taylor Melvin |
|  |  | Taylor Melvin |
|  |  | President and Chief Executive Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT**

**To**: Ivanhoe Electric Inc. (the "Company")

**Re**: Current Report on Form 8-K, Registration Statement on Form S-8 (File No. 333-269490) and Registration Statement on Form S-8 (File No. 333-266227) of the Company

**Nordmin Engineering Ltd.** is the authoring firm of the report titled "Technical Report Summary on the Santa Cruz Project, Arizona, USA" dated February 14, 2023, effective date December 31, 2022, regarding the mining property known as the Santa Cruz Project (the "Project") which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for Ivanhoe Electric Inc. (the "Expert Report").

**Nordmin Engineering Ltd.** understands that the Company wishes to make reference to **Nordmin Engineering Ltd.'s** name and the Expert Report in its Current Report on Form 8-K dated the date hereof (the "Form 8-K"), and to incorporate by reference the Expert Report in its Registration Statement on Form S-8 (File No. 333-269490) and its Registration Statement on Form S-8 (File No. 333-266227) (together, the "Registration Statements"). **Nordmin Engineering Ltd.** further understands that the Company wishes to use extracts and/or information from, the Expert Report in the Form 8-K related to the Project. **Nordmin Engineering Ltd.** has been provided with a copy of the Form 8-K, and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **Nordmin Engineering Ltd.** does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of, and references to, its name in the Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of, and references to, the Expert Report in the Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of, in the Form 8-K, extracts and information from the Expert Report, or portions thereof; and

· the incorporation by reference of the Expert Report in the Registration Statements.

**Nordmin Engineering Ltd.** confirms that where its work involved a mineral resource or mineral reserve estimate, such estimates comply with the requirements for mineral resource and mineral reserve estimation under Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission.

Dated: February 14, 2023

---

| | | |
|:---|:---|:---|
| By: | /s/ Chris Dougherty, P.Eng | /s/ Chris Dougherty, P.Eng |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;Chris Dougherty, P.Eng |
|  | Title: | President |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT**

**To**: Ivanhoe Electric Inc. (the "Company")

**Re**: Current Report on Form 8-K, Registration Statement on Form S-8 (File No. 333-269490) and Registration Statement on Form S-8 (File No. 333-266227) of the Company

**Met Engineering LLC,** one of the is the authoring firms of the report titled "Technical Report Summary on the Santa Cruz Project, Arizona, USA" dated February 14, 2023, effective date December 31, 2022, regarding the mining property known as the Santa Cruz Project (the "Project") which was prepared in accordance the Securities and Exchange Commission ("SEC") S-K regulations (Title 17, Part 229, Items 601 and 1300 until 1305) for Ivanhoe Electric Inc. (the "Expert Report").

**Met Engineering LLC** understands that the Company wishes to make reference to its name and the Expert Report in its Current Report on Form 8-K dated the date hereof (the "Form 8-K"), and to incorporate by reference the Expert Report in its Registration Statement on Form S-8 (File No. 333-269490) and its Registration Statement on Form S-8 (File No. 333-266227) (together, the "Registration Statements"). **Met Engineering LLC** further understands that the Company wishes to use extracts and/or information from, the Expert Report in the Form 8-K related to the Project. **Met Engineering LLC** has been provided with a copy of the Form 8-K, and has reviewed the proposed disclosure identified above.

Accordingly, in respect of the Registration Statement, **Met Engineering LLC** does hereby consent to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of, and references to, its name in the Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of, and references to, the Expert Report in the Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the use of, in the Form 8-K, extracts and information from the Expert Report, or portions thereof; and

· the incorporation by reference of the Expert Report in the Registration Statements.

**Met Engineering LLC** confirms that where its work involved a mineral resource or mineral reserve estimate, such estimates comply with the requirements for mineral resource and mineral reserve estimation under Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission.

Dated: February 14, 2023

---

| | | |
|:---|:---|:---|
| By: | /s/ James J. Moore | /s/ James J. Moore |
|  | Name: | &nbsp;&nbsp;&nbsp;&nbsp;James J. Moore |
|  | Title: | P.Eng. |

---

## Exhibit 96.1

Exhibit 96.1

**MINERAL RESOURCE ESTIMATE UPDATE AND<br> S-K 1300 TECHNICAL REPORT SUMMARY FOR<br> THE SANTA CRUZ, TEXACO, and East Ridge DEPOSITS, Arizona, USA**

IVANHOE ELECTRIC INC.

NORDMIN ENGINEERING LTD. PROJECT NO: 22203-01

SIGNATURE DATE: FEBRUARY 14, 2023

CURRENT AS OF: DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 1 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Mineral Resource ESTIMATE Update and<br> s-k 1300 Technical Report SUMMARY for<br> the Santa Cruz, Texaco, and East Ridge Deposits, <br> ARIZONA, USA**

NORDMIN ENGINEERING LTD. PROJECT NO: 22203-01

Prepared by:

Nordmin Engineering Ltd.

160 Logan Ave., Thunder Bay, ON P7A 6R1

for:

Ivanhoe Electric Inc.

606 – 999 Canada Place, Vancouver, BC V6C 3E1

Signature Date: February 14, 2023<br> Current as of: December 31, 2022

**REVISION** **HISTORY**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**REV. NO** | &nbsp;&nbsp;**ISSUE DATE** | &nbsp;&nbsp;**PREPARED BY** | &nbsp;&nbsp;**APPROVED BY** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Feb 14, 2023 | &nbsp;&nbsp;Nordmin &nbsp;&nbsp;IE | &nbsp;&nbsp;QPs &nbsp;&nbsp;Final |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 2 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | |
|:---|:---|
| **1 EXECUTIVE SUMMARY** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.0 Principal Outcome | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 Property Description, Ownership and Tenure | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 Mineral Tenure, Surface Rights, Royalties, Agreements, and Permits | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 Geology and Mineralization | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 Exploration | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.4 Sample Analysis and Security | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.5 Metallurgy and Processing Testwork | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.6 Mineral Resource Estimate | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.1 Mineral Resource Estimate | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.7 Comparison to Previous Mineral Resource Estimates | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.8 Conclusions and Recommendations | 25 |
| **2 INTRODUCTION** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 Registrant and Purpose | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Information Sources and References | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 Site Visit | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 Previous Reporting | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Previous Exploration Reports | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 Units of Measure | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 Symbols, Abbreviations and Acronyms | 28 |
| **3 PROPERTY DESCRIPTION** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 Legal Description of Real Property | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 Property Location | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 Land Tenure and Underlying Agreements | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1 Private Parcels | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2 Federal Unpatented Mineral Claims | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3 Royalties | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 Permits and Authorization | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 Environmental Liabilities | 35 |
| **4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** | **36** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 Accessibility and Infrastructure | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 Climate | 37 |

---

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 3 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 Local Resources | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.4 Physiography | 38 |
| **5 HISTORY** | **39** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 Introduction | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 Previous Exploration | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Sacaton Mine | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Santa Cruz and Texaco Deposits | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 Previous Reporting | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Hanna 1982 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 In Situ Joint Venture 1997 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 IMC 2013 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 Stantec-Mining 2013 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 Physical Resource Engineering 2014 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4 Ivanhoe Electric Mineral Resource Estimate 2021 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5 Historical Production | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.6 Nordmin QP Opinion | 47 |
| **6 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT** | **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 Regional Geology | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 Metallogenic Setting | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 Santa Cruz Project Geology | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.1 Santa Cruz Project Lithologies | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.2 Alteration | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.3 Structural Geology | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.4 Property Mineralization | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.5 Mineralization at the Santa Cruz Deposit | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.6 Mineralization at the Texaco Deposit | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.7 Mineralization at the Texaco Ridge Exploration Area | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.8 Mineralization at the East Ridge Deposit | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.9 Mineralization at the Southwest Exploration Area | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 Deposit Types | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 Nordmin QP Opinion | 61 |
| **7 EXPLORATION** | **62** |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 IE Geophysical Exploration | 62 |

---

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 4 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Ground Gravity Survey | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Ground Magnetics Survey | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Typhoon™ Survey | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 2D Seismic Refraction Tomography | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 Historical Geophysical Exploration | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 Historical Data Compilation | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 Drilling | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1 Historical Drilling – Santa Cruz and East Ridge Deposits | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2 Historic Drilling – Texaco Deposit | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3 2021 Twin Hole Drilling – IE | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4 2021-2022 Drilling Program – IE | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.4 Geotechnical Data | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.5 Hydrogeological Data | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.6 Nordmin QP Opinion | 81 |
| **8 SAMPLE PREPARATION, ANALYSES AND SECURITY** | **82** |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 Assay Sample Preparation and Analysis | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1 IE Core Sample Preparation and Analysis – 2021-2022 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2 Historical Core Assay Sample and Analysis | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 Specific Gravity Sampling | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 Quality Assurance/Quality Control Programs | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.1 IE Santa Cruz Sampling | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.2 2022 East Ridge and Texaco Sampling | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.3 2021 IE Sampling | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 Security and Storage | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5 Nordmin QP's Opinion on the Adequacy of Sample Preparation, Security, and Analytical Procedures | 112 |
| **9 DATA VERIFICATION** | **113** |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 Nordmin Site Visit 2022 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Field Collar Validation | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 Core Logging, Sampling, and Storage Facilities | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 Independent Sampling | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.4 Audit of Analytical Laboratory | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 Twin Hole Analysis | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.3 Database Validation | 131 |

---

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 5 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;9.4 Review of Company's QA/QC | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.5 Nordmin QP's Opinion | 131 |
| **10 MINERAL PROCESSING AND METALLURGICAL TESTING** | **132** |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 CGCC Studies (1976-1982) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 Sample Selection | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 Grinding Studies | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 Flotation Studies | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 Leaching Studies | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 Copper Measurement | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 ASARCO Study by Mountain States Engineering (1980) | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7 Santa Cruz In Situ Study | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 2022 Test work Studies | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 Sample Selection | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 Grinding Studies | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 Leaching Studies | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4 Flotation Studies | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5 Copper Measurement | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 Process Factors and Deleterious Elements | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 QP Opinion | 151 |
| **11 MINERAL RESOURCE ESTIMATES** | **152** |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 Drill Hole Database | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 Domaining | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1 Geological Domaining | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2 Regression | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3 Mineralization Domaining | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 Exploratory Data Analysis | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 Data Preparation | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.1 Assay Intervals at Minimum Detection Limits | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.2 Outlier Analysis and Capping | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.3 Compositing | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.4 Specific Gravity | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.5 Block Model Strategy and Analysis | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.6 Assessment of Spatial Grade Continuity | 171 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 6 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.7 Block Model Definition | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.8 Interpolation Method | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.9 Search Strategy | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 Block Model Validation | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Visual Comparison | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5.1 Swath Plots | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.6 Mineral Resource Classification | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7 Copper Pricing | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.1 Energy Transition and the Global Demand for Copper | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.2 Global Copper Supply | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.3 Copper Markets and Pricing | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7.4 Commodity Price Projections | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.8 Reasonable Prospects of Economic Extraction | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.9 Mineral Resource Estimate | 196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.1 Mineral Resource Estimate | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.2 Santa Cruz Mineral Resource Estimate | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.3 Texaco Mineral Resource Estimate | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.4 East Ridge Mineral Resource Estimate | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.10 Mineral Resource Sensitivity to Reporting Cut-off | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.11 Interpolation Comparison | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.12 Factors That May Affect the Mineral Resources | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.13 Comparison to Previous Mineral Resource Estimates | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.14 Nordmin's QP Opinion | 209 |
| **12 MINERAL RESERVE ESTIMATES** | **210** |
| **13 MINING METHODS** | **210** |
| **14 PROCESSING AND RECOVERY METHODS** | **210** |
| **15 INFRASTRUCTURE** | **210** |
| **16 MARKET STUDIES** | **210** |
| **17 ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS** | **210** |
| **18 CAPITAL AND OPERATING COSTS** | **210** |
| **19 ECONOMIC ANALYSIS** | **210** |
| **20 ADJACENT PROPERTIES** | **211** |
| &nbsp;&nbsp;&nbsp;&nbsp;20.1 Cactus Project | 211 |
| **21 OTHER RELEVANT DATA AND INFORMATION** | **212** |
| **22 INTERPRETATION AND CONCLUSIONS** | **213** |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 7 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;22.1 Introduction | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.2 Mineral Tenure, Surface Rights, Royalties, and Agreements | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.3 Geology and Mineral Resource Modeling | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.4 Exploration, Drilling, and Analytical Data Collection in Support of Mineral Resource Estimation | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.5 Metallurgy and Processing | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.6 Mineral Resource Estimate | 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.7 Comparison to Previous Mineral Resource Estimates | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;22.8 Conclusions | 220 |
| **23 RECOMMENDATIONS** | **221** |
| **24 REFERENCES** | **222** |
| **25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT** | **224** |
| **26 DATE AND SIGNATURE PAGE** | **225** |

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**APPENDIX A:** Property and Rights

**LIST OF FIGURES**

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| | |
|:---|:---|
| Figure 1-1: Santa Cruz Project comparing the December 8, 2021 Mineral Resource Estimate and the December 31, 2022 Mineral Resource Estimate | 25 |
| Figure 3-1: Land ownership | 31 |
| Figure 4-1: Location map | 36 |
| Figure 4-2: Average temperatures and precipitation | 37 |
| Figure 5-1: Historical drill collars, deposit, and exploration target names (white) as well as current project names for IE and neighboring project (in yellow) | 40 |
| Figure 6-1: Regional geology of the Southwestern Porphyry Copper Belt and the Cu porphyry deposits in the area around the Santa Cruz Project | 48 |
| Figure 6-2: Location of Santa Cruz Project in relation to other associated copper porphyry systems | 50 |
| Figure 6-3: Generalised cross-section of the Santa Cruz - Sacaton system | 51 |
| Figure 6-4: Simplified stratigraphic section of Santa Cruz Project (source: IE, 2023) | 53 |
| Figure 6-5: Simplified alteration and mineralization zonation model of a porphyry Cu deposit, after Lowell and Guilbert, 1970 | 59 |
| Figure 6-6: Schematic representation of an exotic Cu deposit and its relative position to an exposed porphyry Cu system (Fernandez-Mote et al., 2018; modified after Münchmeyer 1996; Sillitoe 2005) | 60 |
| Figure 6-7: Typical Cu porphyry cross-section displaying hypogene and supergene mineralization processes and associated minerals (modified from Asmus, B., 2013) | 61 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 8 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| Figure 7-1: Gravity survey stations (left), and complete gravity survey results(right) | 63 |
| Figure 7-2: Ground magnetics survey lines (left), and ground TMI RTP ground magnetics results (right) | 64 |
| Figure 7-3: Layout of the Santa Cruz 3D IP survey. Green dots are receiver electrodes and red dots are transmitter points | 65 |
| Figure 7-4: Refraction seismic tomography survey results | 67 |
| Figure 7-5: ASARCO map illustrating interpreted ground and aeromagnetic data detailed in historic report "Recommended Drilling Santa Cruz Project," M.A.970 Pinal County, Arizona, August 21, 1964, by W.E. Saegart | 69 |
| Figure 7-6: Plan map of historical drill hole collars | 70 |
| Figure 7-7: Plan map of the twinned drill holes and historical drill hole collars | 74 |
| Figure 7-8: Plan map of IE and historical drill hole collars | 80 |
| Figure 8-1: NTT diamond bladed automatic core saw used for cutting diamond drill core for sampling | 83 |
| Figure 8-2: T-street core storage facility | 84 |
| Figure 8-3: (Left) samples placed in burlap and inner plastic bags labeled with sample numbers; (Right) sample batches placed in large plastic bags and bins for shipping to lab | 84 |
| Figure 8-4: Santa Cruz Deposit, OREAS 501d standard total Cu (g/t), assayed at Skyline Laboratories | 88 |
| Figure 8-5: Santa Cruz Deposit, OREAS 906 standard total Cu (g/t), assayed at Skyline Laboratories | 88 |
| Figure 8-6: Santa Cruz Deposit, OREAS 907 standard total Cu (g/t), assayed at Skyline Laboratories | 89 |
| Figure 8-7: Santa Cruz Deposit, OREAS 908 standard total Cu (g/t), assayed at Skyline Laboratories | 89 |
| Figure 8-8: Santa Cruz Deposit, OREAS 901 standard total Cu (g/t), assayed at Skyline Laboratories | 90 |
| Figure 8-9: Blank results from Skyline laboratory analyses from the 2021, 2022 drill program | 91 |
| Figure 8-10: SGS blank results from the 2022 drill program | 91 |
| Figure 8-11: Field duplicate results, in Cu (%), measured at Skyline Laboratories for the Santa Cruz Deposit | 92 |
| Figure 8-12: Texaco Deposit, OREAS 151a standard total Cu (g/t), assayed at Skyline Laboratories | 94 |
| Figure 8-13: Texaco Deposit, OREAS 504c standard total Cu (%), assayed at Skyline Laboratories | 94 |
| Figure 8-14: Texaco Deposit, OREAS 501d standard total Cu (%), assayed at Skyline Laboratories | 95 |
| Figure 8-15 East Ridge Deposit, OREAS 901 standard total Cu (%), assayed at Skyline Laboratories | 95 |
| Figure 8-16: East Ridge Deposit, OREAS 906 standard total Cu (%), assayed at SGS Laboratories | 96 |
| Figure 8-17: Texaco Blanks for Total Cu | 97 |
| Figure 8-18: East Ridge Blanks, total Cu | 97 |
| Figure 8-19: East Ridge SGS Laboratories Blanks, total Cu (%) | 98 |
| Figure 8-20: Original versus field duplicate sample results for the Texaco Deposit as total Cu (%) from samples submitted to Skyline Laboratories | 99 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 9 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| Figure 8-21: Original versus field duplicate sample results for the East Ridge Deposit as total Cu (%) from samples submitted to Skyline Laboratories | 99 |
| Figure 8-22: Original versus Field Duplicate sample results for East Ridge Deposit as total Cu (%) from samples submitted to SGS Laboratories | 100 |
| Figure 8-23: Santa Cruz Deposit, OREAS 908 standard total Cu (g/t), assayed at Skyline Laboratories | 103 |
| Figure 8-24: Santa Cruz Deposit, OREAS 908 standard cyanide soluble Cu (g/t), assayed at Skyline Laboratories | 103 |
| Figure 8-25: Santa Cruz Deposit, OREAS 908 standard cyanide soluble Cu (g/t), assayed at Skyline Laboratories | 104 |
| Figure 8-26: Santa Cruz Deposit, OREAS 908 standard total Cu (g/t), assayed at American Assay Laboratories | 104 |
| Figure 8-27: Santa Cruz Deposit, OREAS 908 standard acid soluble Cu (g/t), assayed at American Assay Laboratories | 105 |
| Figure 8-28: Santa Cruz Deposit, OREAS 908 standard cyanide soluble Cu (g/t), assayed at American Assay Laboratories | 106 |
| Figure 8-29: Blanks submitted by IE to Skyline Laboratories as a part of their QA/QC process | 107 |
| Figure 8-30: Blanks submitted by IE to American Assay Laboratories as a part of their QA/QC process | 108 |
| Figure 8-31: Original versus field duplicate sample results as total Cu (%) from samples submitted to Skyline Laboratories | 109 |
| Figure 8-32: Original versus field duplicate sample results as total Cu (%) from samples submitted to American Assay Laboratories | 110 |
| Figure 8-33: Duplicates completed by Skyline Laboratories as a part of their QA/QC process | 111 |
| Figure 8-34: Duplicates completed by American Assay Laboratories as a part of their QA/QC process | 111 |
| Figure 9-1: Map of check drill hole collar locations from the November 2022 site visit | 116 |
| Figure 9-2: Collars for historic diamond drill holes CG-091 and CG-030 | 117 |
| Figure 9-3: IE core logging facility located in Casa Grande, Arizona | 118 |
| Figure 9-4: IE's core storage facilities. Core is predominantly stored outside, winterized and on pallets. Further core storage is available with Buildings 1 and 2 | 119 |
| Figure 9-5: Core photography station at the IE core logging facility | 120 |
| Figure 9-6 Specific gravity measuring station within core logging facility | 121 |
| Figure 10-1: Surface Map of the Drill Holes Used in the Ore Type Composites | 141 |
| Figure 10-2: Leach – float testing results at different leach residue grinds | 150 |
| Figure 11-1: Plan view of Santa Cruz Project diamond drilling by deposit | 152 |
| Figure 11-2: Santa Cruz, Texaco, and East Ridge Geological Domains | 154 |
| Figure 11-3: Santa Cruz Deposit domain idealized cross-section | 155 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 10 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| Figure 11-4: Texaco Deposit domain idealized cross-section | 156 |
| Figure 11-5: East Ridge Deposit domain idealized cross-section with structural control, comprised solely of oxide mineralization. Another discrete oxide domain exists to the south but has little interpretation due to lack of data | 156 |
| Figure 11-6: Revised Santa Cruz high-grade domains for Exotic, Oxide, and Primary mineralization. The three displayed drill holes were completed after the revision in interpretation and confirm the new wireframes as they intersected high grade copper mineralization | 157 |
| Figure 11-7: Santa Cruz cross section showing acid soluble copper assay to total copper assay ratio, confirming that the oxide domains are based not only on high acid soluble copper assays but also a high ratio, which aids in understanding ore types and mixing | 158 |
| Figure 11-8: Histogram and log probability plots for Santa Cruz Exotic Cu LG Sub-Domain | 163 |
| Figure 11-9: Histogram and log probability plots for Santa Cruz Oxide Cu LG Sub-Domain | 164 |
| Figure 11-10: Histogram and log probability plots for Santa Cruz Chalcocite Enriched Cu LG Sub-Domain | 164 |
| Figure 11-11: Histogram and log probability plots for Santa Cruz Primary Cu LG Sub-Domain | 165 |
| Figure 11-12: Histogram and log probability plots for Texaco Primary Cu LG Sub-Domain | 165 |
| Figure 11-13: Histogram and log probability plots for East Ridge Oxide Cu LG Sub-Domain | 166 |
| Figure 11-14: Exotic Domain total Cu variogram | 173 |
| Figure 11-15: Oxide Domain total Cu variogram | 173 |
| Figure 11-16: Oxide Domain acid soluble Cu variogram | 174 |
| Figure 11-17: Chalcocite Enriched Domain Acid Soluble Cu Variogram | 174 |
| Figure 11-18: Primary Domain Total Cu Variogram | 175 |
| Figure 11-19: Santa Cruz block model validation, total Cu, cross-section | 180 |
| Figure 11-20: Santa Cruz block model validation, acid soluble Cu, cross-section, +/-50m width | 181 |
| Figure 11-21: Santa Cruz block model validation, cyanide soluble Cu, cross-section +/-50m width | 181 |
| Figure 11-22: Santa Cruz block model validation, total Cu, cross-section +-/50m width | 182 |
| Figure 11-23: Santa Cruz block model validation, acid soluble Cu, cross-section +/-50m width | 182 |
| Figure 11-24: Santa Cruz block model validation, cyanide soluble Cu, cross-section +/-50m width | 183 |
| Figure 11-25: Texaco block model validation, total Cu, cross-section +/-50m width | 183 |
| Figure 11-26: Texaco block model validation, acid soluble Cu, cross-section +/-50m width | 184 |
| Figure 11-27: Texaco block model validation, cyanide soluble Cu, cross-section +/-50m width | 184 |
| Figure 11-28: East Ridge block model validation, total Cu, cross-section +/-50m width | 185 |
| Figure 11-29: East Ridge block model validation, acid soluble Cu, cross-section +/-50m width | 185 |
| Figure 11-30: East Ridge block model validation, cyanide soluble Cu, cross-section +/- 50m width | 186 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 11 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| Figure 11-31: Santa Cruz Oxide domain swath plots, total Cu % in X, Y, and Z directions | 187 |
| Figure 11-32: Santa Cruz Oxide and Chalcocite domain swath plots, acid soluble and cyanide soluble Cu % | 187 |
| Figure 11-33: Texaco Primary Domain Swath plot, Total Cu % | 188 |
| Figure 11-34: East Ridge Oxide Domain Total Cu, Acid Soluble, and Cyanide Soluble Swath Plots | 188 |
| Figure 11-35: Plan section demonstrating resource classification,-250 m, -350 m, and -450 m depth, with north upward | 190 |
| Figure 11-36: Texaco (left) and East Ridge (right) plan sections demonstrating resources classification, with north upward | 190 |
| Figure 11-37: Estimated Long-Term Copper Supply and Demand | 191 |
| Figure 11-38: A century of copper prices | 192 |
| Figure 11-39: December 2002 — December 2022 Copper Price ($/lb) | 193 |
| Figure 11-40: Santa Cruz Project comparing the December 8, 2021 Mineral resource estimate and the December 31, 2022 Mineral Resource Estimate | 209 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 12 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**LIST OF TABLES**

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| | |
|:---|:---|
| Table 1-1: Drill Hole Summary | 21 |
| Table 1-2: Santa Cruz Project Mineral Resource Estimates at 0.70% Cu cutoff for Santa Cruz, 0.80% Cu cutoff for Texaco, and 0.90% Cu cutoff for East Ridge | 23 |
| Table 2-1: Symbols, Abbreviations and Acronyms Used in this Technical Report | 28 |
| Table 3-1: Permit requirements for exploration work required on Private Land under SUA agreement | 34 |
| Table 4-1: Description of Physiography of the Casa Grande Area, Santa Cruz Property | 38 |
| Table 5-1: Sacaton Historic Mine Production (Fiscal Years Ended December 31) | 41 |
| Table 5-2: History of Exploration Activities Across the Santa Cruz and Texaco Deposits | 42 |
| Table 5-3: December 8, 2021 Santa Cruz Deposit Mineral Resource Estimate, 0.39% Total Cu CoG | 47 |
| Table 7-1: Ground gravity topographic survey coordinate system parameters | 62 |
| Table 7-2: Ground gravity base information | 63 |
| Table 7-3: Santa Cruz Typhoon™ 3D PPD IP survey specifications | 66 |
| Table 7-4: Summary of Historical Exploration on the Santa Cruz Project and Surrounding Area | 68 |
| Table 7-5: Summary of Available Data by Region | 71 |
| Table 7-6: Drilling History Within the Santa Cruz Deposit and East Ridge Deposit area | 72 |
| Table 7-7: Drilling History Within the Texaco Deposit | 73 |
| Table 7-8: IE 2021 Twin Hole Drilling on the Santa Cruz Deposit | 73 |
| Table 7-9: Santa Cruz Project SG Measurements | 75 |
| Table 7-10: 2021-2022 Drilling Summary | 76 |
| Table 8-1: IE submitted standards measured at Skyline Laboratories | 87 |
| Table 8-2: Skyline internal QAQC CRM samples and their results | 87 |
| Table 8-3: IE inserted CRMs for Texaco Drilling 2022, available at the time of writing | 93 |
| Table 8-4: IE inserted CRMs for East Ridge Drilling 2022, measured at Skyline Laboratories | 93 |
| Table 8-5: IE inserted CRMs for East Ridge Drilling 2022, measured at SGS Laboratories | 93 |
| Table 8-6: CRMs Inserted by IE into Sample Batches Sent to Skyline Laboratories | 101 |
| Table 8-7: CRMs Inserted by IE into Sample Batches Sent to American Assay Laboratories | 102 |
| Table 8-8: Skyline Laboratory Submitted CRMs | 102 |
| Table 8-9: American Assay Laboratory Submitted CRMs | 102 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 13 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| Table 9-1: Check Coordinates for Drilling Within the Santa Cruz, East Ridge, and Texaco Deposits November 9, 2022. *Drill holes beginning with "SCC" are recent holes drilled by IE. All other hole ID's represent historical drill holes throughout the property* | 115 |
| Table 9-2: Original Assay Values Versus Nordmin Check Sample Assay Values from the March 2022 Site Visit | 122 |
| Table 9-3 Original Assay Values versus Nordmin Check Sample Assay Values from the November 2022 Site Visit | 122 |
| Table 9-4: Downhole Lithology Logging Comparison of CG-027 versus SCC-001 | 130 |
| Table 10-1: Analyses of High-grade Supergene Composite No.79-88 (A&B) | 133 |
| Table 10-2: Mineralogy of High-grade Supergene Composite No.79-88 | 133 |
| Table 10-3: Drill Holes, Intervals and Sample Weights of High-grade Supergene Composite No. 79-88 (A&B) | 133 |
| Table 10-4: Analyses of Supergene Dilution Composite No.79-99 | 135 |
| Table 10-5: Mineralogy of Supergene Dilution Composite No.79-99 | 135 |
| Table 10-6: Drill Holes, Intervals and Sample Weights of Supergene Dilution Composite No.79-99 | 135 |
| Table 10-7: Analyses of Low-grade Supergene Composite No.79-128 | 136 |
| Table 10-8: Mineralogy of Low-grade Supergene Composite No.79-128 | 136 |
| Table 10-9: Drill Holes, Intervals and Sample Weights of Low-grade Supergene Composite No.79-128 | 136 |
| Table 10-10: Analyses of Mixed Chalcocite / Chalcopyrite Composite No.79-109 | 137 |
| Table 10-11: Mineralogy of Mixed Chalcocite / Chalcopyrite Composite No.79-109 | 137 |
| Table 10-12: Drill Holes, Intervals and Sample Weights of Mixed Chalcocite / Chalcopyrite Composite No.79-109 | 138 |
| Table 10-13: Analyses of Chalcopyrite Composite No.79-118 | 138 |
| Table 10-14: Mineralogy of Chalcopyrite Composite No.79-118 | 139 |
| Table 10-15: Drill Holes, Intervals and Sample Weights of Chalcopyrite Composite No.79-118 | 139 |
| Table 10-16: Analyses of Exotic Ore and Exotic Dilution Ore Composites Nos. 79-101 and 79-102 | 139 |
| Table 10-17: Mineralogy of Exotic Ore and Exotic Dilution Ore Composites Nos. 79-101 and 79-102 | 140 |
| Table 10-18: Drill Holes, Intervals and Sample Weights of Exotic Ore Composite No. 79-101 | 140 |
| Table 10-19: Drill Holes, Intervals and Sample Weights of Exotic Dilution Ore Composite No. 79-102 | 140 |
| Table 10-20: Drill Holes, Intervals and Sample Lengths of the Mill Composite | 144 |
| Table 10-21: Analyses of Mill Composite | 147 |
| Table 10-22: Results of Leach – Float Tests at Different Leach Residue Grinds | 150 |
| Table 11-1: Drill Hole Summary | 153 |
| Table 11-2: Mineral Resource Estimate Number of Assays by Assay Type | 153 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 14 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | |
|:---|:---|
| Table 11-3: Santa Cruz, Texaco, and East Ridge Geological Domains | 154 |
| Table 11-4: Regression Analysis for Acid Soluble Cu | 159 |
| Table 11-5: Regression Analysis for Cyanide Soluble Cu | 160 |
| Table 11-6: Santa Cruz, East Ridge, and Texaco Deposit Domain Wireframes | 161 |
| Table 11-7: Santa Cruz Deposit Domain, Assays by Cu Grade Sub-Domain | 163 |
| Table 11-8: Assays at Minimum Detection | 167 |
| Table 11-9: Santa Cruz, Texaco, and East Ridge Capping Values | 168 |
| Table 11-10: Santa Cruz Deposit Composite Analysis | 169 |
| Table 11-11: SG values measured for the Santa Cruz Deposit by geologic domain | 170 |
| Table 11-12: Santa Cruz Deposit Variography Parameters | 172 |
| Table 11-13: Santa Cruz, Texaco, and East Ridge Block Model Definition Parameters | 175 |
| Table 11-14: Santa Cruz Block Model Search Parameters | 177 |
| Table 11-15: Texaco Block Model Search Parameters | 178 |
| Table 11-16: East Ridge Block Model Search Parameters | 179 |
| Table 11-17: Consensus Copper Pricing 2023-2028 and Long Term | 193 |
| Table 11-18: Input Parameter Assumptions | 195 |
| Table 11-19: Mineral Resource Estimate | 197 |
| Table 11-20: Santa Cruz Deposit Mineral Resource Estimate, 0.70% Total Cu CoG | 199 |
| Table 11-21: Texaco Deposit Mineral Resource Estimate, 0.80% Total Cu CoG | 200 |
| Table 11-22 East Ridge Deposit Mineral Resource Estimate, 0.<u>90</u>% Total Cu CoG | 201 |
| Table 11-23: Mineral Resource Sensitivity for Santa Cruz Total Cu | 203 |
| Table 11-24: Mineral Resource Sensitivity for Texaco Total Cu | 204 |
| Table 11-25: Mineral Resource Sensitivity for East Ridge Total Cu | 205 |
| Table 11-26: Santa Cruz Interpolation Comparison | 206 |
| Table 11-27: Texaco Interpolation Comparison | 206 |
| Table 11-28: East Ridge Deposit Interpolation Comparison | 207 |
| Table 22-1: Drill Hole Summary | 215 |
| Table 22-2: Mineral Resource Estimate for Santa Cruz, Texaco, and East Ridge Deposits | 218 |
| Table 23-1: Initial Assessment Budget | 221 |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 15 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**1 EXECUTIVE SUMMARY**

Ivanhoe Electric Inc. (IE) is a registrant with the United States Securities and Exchange Commission and must report its exploration results and mineral resources using the disclosure standards of Subpart 229.1300 of Regulation S-K – Disclosure by Registrants Engaged in Mining Operations (S-K 1300). IE retained Nordmin Engineering Limited (Nordmin) to complete a Mineral Resource Estimate and prepare a Technical Report Summary (Report) of the Santa Cruz Project, Arizona, USA (Project) using the standards of S-K 1300. Nordmin prepared this Mineral Resource Estimate and Report from exploration work done on the Santa Cruz Project by IE in 2021 and 2022. This report is current as of December 31<sup>st</sup>, 2022, and has a signature date of February 14, 2023.

Nordmin completed several data verification checks throughout the duration of the Mineral Resource Estimate. The verification process included two site visits to the Santa Cruz Project by Nordmin to review surface geology, drill core geology, geological procedures, QA/QC procedures, chain of custody of drill core, and the collection of independent samples for assay verification. The site visits occurred from March 2nd to 6th, 2022 and November 7th to 10th, 2022. Multiple lab audits were completed in 2021 and 2022 by Nordmin and IE personnel. The analytical laboratories used for legacy and current assaying are well known in the industry, produce reliable data, are properly accredited, and are widely used within the industry.

**1.0 Principal Outcome**

For the combined Santa Cruz, East Ridge and Texaco Deposits, Indicated and Inferred Mineral Resources are estimated to total 2.8 and 1.8 Mt total contained copper respectively. Cutoffs are provided in Section 1.6.1.

&nbsp;&nbsp;&nbsp;&nbsp;• Indicated
 Mineral Resources: 226.7 Mt at 1.24% TCu with 2.81 Mt contained TCu (1.30 Mt contained
 acid soluble Cu and 0.56 Mt contained cyanide soluble Cu)

&nbsp;&nbsp;&nbsp;&nbsp;• Inferred
 Mineral Resources: 149.0 Mt at 1.24% TCu with 1.85 Mt contained TCu (0.76 Mt contained
 acid soluble Cu and 0.47 Mt contained cyanide soluble Cu)

**1.1 Property Description, Ownership and Tenure**

The Santa Cruz Project is located 11 kilometers (km) west of the town of Casa Grande, Arizona, and is approximately one hour's drive south of the capital Phoenix and covers a cluster of deposits about 11 km long and 1.6 km wide. The Santa Cruz Project centroid is approximately -111.88212, 32.89319 (WGS84) in Township 6 S, Range 4E, Section 13, Quarter C.

The property and rights owned by IE<u>,</u> through its fully owned subsidiary Mesa Cobre Holding Corp.<u>,</u> are described in Appendix A. IE has provided these rights and title to Nordmin. Nordmin has not researched property title or mineral rights for the Santa Cruz Project and considers it reasonable to rely on IEs legal counsel and Land Manager, who responsibility is the maintenance of this information.

**1.1.1 Mineral Tenure, Surface Rights, Royalties, Agreements, and Permits**

In 2021, IE executed an agreement with Central Arizona Resources (CAR) for the right to acquire 100% of CAR's option over the DRHE mineral title and CAR's Surface Use Agreement (SUA) with Legend Property Group. The Santa Cruz exploration area covers 47.71 km<sup>2,</sup> including 25.79 km<sup>2</sup> of private land, 2.6 km<sup>2</sup> of Stockraising Homestead Act (SRHA) lands, and 238 unpatented claims, or 19.32 km<sup>2</sup> of BLM land.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 16 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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The Santa Cruz Project lies primarily on private land, which is dominantly fee simple. IE holds an option on the purchase of the mineral estate, while holding an exclusive agreement on surface use. Additional lands and rights were acquired by IE as options on private parcels and staking unpatented federal lode mining claims.

*<u>DRHE Option</u>*

The agreement with DR Horton Energy (DRHE) provides that IE, by way of assignment from CAR, has the right, but not the obligation, to earn 100% of the mineral title in the fee simple mineral estate, 39 Federal Unpatented mining claims, and three small approximately 10-acre surface parcelsFigure 3-1, in cash or IE shares at DRHE election. The agreement with DRHE also provides IE with a Right of First Refusal (ROFR) on certain surface parcels owned by Legend. This ROFR reserved by DRHE when the property was sold to Legend in 2007, and is now part of the rights being sold to IE, affords a great deal of control on the future outcome of the surface estate overlying the Santa Cruz Project.

*<u>Legend Surface Use Agreement</u>*

The SUA with Legend Property Group allows for the exclusive use of the property for the purposes of drilling and geophysical testing, as well as granting a Right of First Offer (ROFO) on the sale of the property.

*<u>Federal Unpatented Claims</u>*

By way of assignment and deed from CAR, IE holds 238 Federal unpatented mining claims. DRHE also holds 39 Federal unpatented mining claims in T06S R04E in N/2 Section 12, W/2 Section 23 and W/2 Section 24, which are subject to the Option.

*<u>Royalties</u>*

Noted royalties on future mineral development of the Project are summarized here:

&nbsp;&nbsp;&nbsp;&nbsp;• Royalty
 interests in favor of the royalty holders of a 5% net smelter return royalty interest
 for minerals derived from all portions of the property pursuant to terms contained therein
 recorded in the royalty document.

&nbsp;&nbsp;&nbsp;&nbsp;• Royalty
 interests in favor of the royalty holder of a 10% net smelter return royalty interest
 in section 13, 18, 19, and 24, Township 6 South, Range 4 East, for minerals derived from
 the property pursuant to terms contained therein recorded in the royalty document.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights
 conveyed to the royalty holder in Sections 13, 18, 19, 24, Township 6 South, Range 4
 East, consisting of 10% of one eight-hundredth of Fair Market Value and interest in the
 Cu and other associated minerals with additional terms, conditions, and matters contained
 therein, recorded in the royalty documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights
 granted to the royalty holders, as joint tenants with right of survivorship, a royalty
 in sections 13, 18, 19, and 24, Township 6 South, Range 4 East, consisting of 30% of
 five tenths of one percent of the net smelter return from all minerals with additional
 terms, conditions, and matters contained therein, recorded in the royalty documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Royalty
 interest of a 2.25% in favor of the royalty holder in Section 1, Township 6 South, Range
 4 East, and Sections 6, 7, 8, and 17, Township 6 South, Range 5 East, for net smelter
 return royalty interest in minerals derived from the property pursuant to terms contained
 therein recorded in the royalty document.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 17 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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&nbsp;&nbsp;&nbsp;&nbsp;• Rights
 conveyed to the royalty holder in Sections 13, 23, 24, 25, and 26, Township 6 South,
 Range 4 East and Sections 5, 6, 17, 18, 19, and 30, Township 6 South, Range 5 East, consisting
 of 60% of one eighth-hundredth of Fair Market Value and interest in the Cu and other
 minerals with additional terms, conditions, and matters contained therein, recorded in
 the royalty documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Reservation
 of a 1% royalty interest in favor of the royalty holder recorded in the royalty document,
 for E<sup>1</sup>/<sub>2</sub> of Section 5, Township 6 South, Range 5 East, south and
 west of Southern Pacific RR, "that when mined or extracted therefrom shall be equal
 in value to 1% of the net smelter returns on all ores, concentrated, and precipitates
 mined, and shipped from said property."

&nbsp;&nbsp;&nbsp;&nbsp;• Reservation
 of a royalty interest in favor of the royalty holders in the SW<sup>1</sup>/<sub>4</sub>
 of Section 17, Township 6 South, Range 5 East, for an amount equal to one half of 1%
 net smelter returns in the sale and disposal of all ores, minerals, and other products
 mined and removed from the above described parcel and sold to a commercial smelter or
 chemical hydrometallurgical plant or one half of 1% of 60% of the sales price if the
 mine product is disposed of other than to a commercial smelter, additional provisions
 contained therein, recorded in the royalty documents.

**1.2 Geology and Mineralization**

The Santa Cruz Project is located within the northwest to southeast trending metallogenic belt known as the Southwestern Porphyry Copper Belt, which extends from northern Mexico into the southwestern United States. The belt includes many productive copper deposits in Arizona such as Mineral Park, Bagdad, Resolution, Miami-Globe, San Manuel-Kalamazoo, Ray, Morenci, and the neighboring historical Sacaton Mine. These deposits lie within a broader physiographic region known as the Basin and Range province that covers and defines most of the southwestern United States and northwestern Mexico.

The porphyry copper deposits within the Southwestern Porphyry Copper Belt are the genetic product of igneous activity during the Laramide Orogeny (80 Ma to 50 Ma) when northeast-directed subduction of the Farallon Tectonic Plate beneath the North American Tectonic Plate produced a northwest-southeast-striking magmatic arc and associated porphyry copper systems.

The Santa Cruz Project is comprised of five 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, the Texaco Ridge Exploration Area, 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 at the Santa Cruz Project is divided into three main groups:

&nbsp;&nbsp;&nbsp;&nbsp;• *Primary hypogene sulfide mineralization* consists of chalcopyrite, pyrite, and molybdenite
 hosted within quartz-sulfide stringers, veinlets, veins, vein breccias, and breccias
 and alteration related to Laramide-aged porphyritic dykes (75 Ma).

&nbsp;&nbsp;&nbsp;&nbsp;• *Secondary supergene sulfide mineralization* is dominantly chalcocite which rims primary hypogene
 sulfide and completely replaces hypogene disseminated and vein-hosted sulfides.

&nbsp;&nbsp;&nbsp;&nbsp;• *Supergene copper oxide mineralization* is comprised dominantly by chrysocolla (copper silicate)
 with subordinate dioptase, tenorite, cuprite, copper wad, and native copper, and as copper-bearing
 smectite group clays. Superimposed in-situ within the copper oxide zone is atacamite
 (copper chloride) and copper sulfates (e.g., antlerite, chalcanthite).

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 18 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**1.3 Exploration**

Copper mineralization was first discovered in the region in the 1960s and led to extensive drill programs across the Santa Cruz Project area. Exploration programs by several companies and joint ventures included diamond drilling and several geophysical surveys between the 1960s through the 1990s. IE completed a twin hole program in 2021 to validate the historical drill data and produce an initial Mineral Resource Estimate in 2021 (December 8, 2021) and accompanying Technical Report Summary (June 7, 2022).

IE exploration in 2021 – 2022 included:

&nbsp;&nbsp;&nbsp;&nbsp;• Geophysical
 surveys – ground gravity, ground magnetics, Typhoon™ three-dimensional Perpendicular
 Pole Dipole Induced Polarization (3D PPD IP), refraction, and passive seismic.

&nbsp;&nbsp;&nbsp;&nbsp;• Drilling
 – a combination of diamond drill and rotary drilling totaling 88 holes and approximately
 55,291 m.

Combined with the historical exploration, there are over 170 drill holes totaling over 133 km within the Santa Cruz Project area.

**1.4 Sample Analysis and Security**

From September 2021 to December 2022, IE samples were sent to one of four laboratories: Skyline Laboratories facility located in Tucson, SGS Laboratories located in Burnaby, BC, Canada, SGS Lakefield, ON, Canada for SEQ Copper Analysis, or Arizona, American Assay Laboratories located in Sparks, Nevada. All samples sent to SGS Laboratories were prepared at SGS Burnaby, BC, Canada. At the time, all assay labs were well established and recognized assay and geochemical analytical services companies and are independent of IE.

All four laboratories are recognized by the International Standard demonstrating technical competence for a defined scope and the operation of a laboratory quality management system (ISO 17025). Additionally, Skyline Laboratories is recognized by ISO 9001, indicating that the quality management system conforms to the requirements of the international standard. SGS Canada Minerals Burnaby conforms to requirements of ISO/IEC 17025 for specific tests as listed on their scope of accreditation. American Assay Laboratories carries approval from the State of Nevada Department of Conservation and Natural Resources Division of Environmental Protection. Due to QA/QC failures at American Assay Laboratories, IE discontinued work with this lab.

Specific gravity (SG) measurements for the Santa Cruz, Texaco, and East Ridge Deposits were provided during 2021-2022 on site drill core measurements. SG measurements were taken from representative core sample intervals and measured using a water dispersion method.

The Santa Cruz, Texaco, and East Ridge core is stored in wax impregnated core boxes and transported to the core logging shack. After being logged, the core boxes are palletized, weatherized, and stored in IE's core storage facilities. The core storage is locked behind bay doors or chain link fencing for security purposes. All samples for analyses are transported by courier to the laboratory in Tucson, Arizona, or Burnaby, BC, Canada.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 19 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**1.5 Metallurgy and Processing Testwork**

Metallurgy and processing testwork were directed by Met Engineering LLC and conducted at McClelland Labs in Sparks, Nevada. McClelland Labs is recognized by the International Accreditation Service (IAS) for its technical competence and quality of service and has proven that it meets recognized standards. The studies are ongoing. Study focus has been on:

&nbsp;&nbsp;&nbsp;&nbsp;• Confirming
 total copper recovery of the leach-float flow sheet proposed by historical operator,
 CGCC, circa 1980, on Exotic, Oxide and Chalcocite mineral domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Investigating
 heap leaching of Exotic, Oxide and Chalcocite mineral domains. The test program for heap
 leaching is at an early stage and will not be reported on until a later stage of the
 Project.

Agitation leach tests undertaken in mid-2022 verified historical test results and after adjusting the particle size distribution, acid-soluble copper recovery of 92% was achieved. IE subsequently conducted a leach-float test program in which the same mill composite sample used in prior testing was subjected to the standard leach procedure developed earlier in the year. Three standard leach tests were conducted, each subjected to different grind sizes. Ivanhoe Electric successfully confirmed that up to 94% total copper recovery with the leach-float circuit was achievable at the Santa Cruz Deposit.

There are no processing factors or deleterious elements that could have a significant effect on economic extraction.

**1.6 Mineral Resource Estimate**

The December 31, 2022, Mineral Resource Estimate (MRE) includes a detailed geological and structural re-examination of the Santa Cruz, East Ridge, and Texaco Deposits.

The Santa Cruz Deposit MRE benefits from approximately 116,388 m of diamond drilling in 129 drill holes, the East Ridge Deposit MRE has 18 holes totaling 15,448 m, and the Texaco Deposit MRE has 23 drill holes totaling 21,289 m (Table 1-1). All drill holes were completed from 1964 to 2022.

Diamond drill hole samples were analyzed for total Cu and acid soluble Cu using AAS. A decade after initial drilling, ASARCO re-analyzed select samples for cyanide soluble Cu (AAS) and molybdenum (multi-element ICP). The Company currently analyzes all samples for total Cu, acid soluble Cu, cyanide soluble Cu, and molybdenum. Due to the re-analyses to determine cyanide soluble Cu within historic samples, there are instances where cyanide soluble Cu is greater than total Cu. It has been determined that the historic cyanide soluble assays are valid as they align with recent assays in 2022 drill holes.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 20 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 1-1: Drill Hole Summary**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total Drilling** | **Total Drilling** | **Total Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** |
| <br>**Deposit** | **Number of<br> Drill Holes** | **Meters** | **Meters<br> Intersecting<br> the Deposit** | **Number of <br> Drill Holes** | **Meters** | **Meters<br> Intersecting<br> the Deposit** |
| &nbsp;&nbsp;**Santa Cruz** | 129 | 116388 | 57326 | 41 | 34769 | 14172 |
| &nbsp;&nbsp;**East Ridge** | 18 | 15448 | 1501 | 0 | 0 | 0 |
| &nbsp;&nbsp;**Texaco** | 23 | 21289 | 2661 | 3 | 3286 | 685 |
| &nbsp;&nbsp;**Total** | **170** | **153125** | **61488** | **44** | **38055** | **14857** |

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Geological domains were developed within the Santa Cruz Project based upon geographical, lithological, and mineralogical characteristics, along with incorporating both regional and local structural information. Several extensional fault systems are recognised at Santa Cruz with a transport direction towards the south-west of which D1 is the oldest, followed by D2 faulting. Local D2 fault structures separate the mineralization at the adjacent Santa Cruz, Texaco, and East Ridge Deposits. The Santa Cruz, Texaco, and East Ridge Deposits were divided into four main geological domains based upon their type of Cu speciation, including primarily acid soluble (Oxide Domain), cyanide soluble (Chalcocite Enriched Domain), primary Cu sulfide (Primary Domain), and exotic Cu (Cu oxides in overlying Tertiary sediments). All four domains are present within the Santa Cruz Deposit, whereas all mineralization at East Ridge is within a copper Oxide Domain, and Texaco is comprised of all but an Exotic Domain.

Mineralization wireframes were initially created to reflect the known controls on each mineralization type. Once a geologic interpretation was established, wireframes were created. When not cut-off by drilling, the wireframes terminate at either the contact of the Cu-oxide boundary layer, the Tertiary sediments/Oracle Granite contact, or the D2 fault structure. There is an overlap of the Chalcocite Enriched Domain with both the Oxide Domain in the weathered supergene and with the Primary Domain in the primary hypogene mineralization. Otherwise, no wireframe overlapping exists within a given grade domain. Implicit modeling was completed in Leapfrog Geo<sup>™</sup> which produced reasonable mineral domains that appropriately represent the known controls on grade mineralization.

A block model for each deposit was created that incorporated lithological, structural, and mineralization trends and selection of the block modeling parameters. Each block model validation process included visual comparisons between block estimates and composite grades in plan and section views, local versus global estimates for NN, ID2, ID3, and OK when available, and swath plots. The Santa Cruz Deposit block model was estimated using Nearest Neighbor (NN), inverse distance squared (ID2), inverse distance cubed (ID3), and ordinary kriging (OK) interpolation methods for global comparisons and validation purposes. The OK method was used for the Mineral Resource Estimate; it was selected over ID2, ID3, and NN as the OK method was the most representative approach to controlling the smoothing of grades. The Santa Cruz Deposit was estimated using NN, ID2, ID3, OK, and the OK method was used for the Mineral Resource Estimate. The Texaco and East Ridge block models were estimated using NN, ID2, and ID3, and the ID3 method was used for the mineral estimate for the Texaco and East Ridge Deposits.

Nordmin considers that the interpreted geological and mineralization domains produced accurately represents the deposit style of the Santa Cruz, Texaco, and East Ridge Deposits.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 21 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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The MRE was classified in accordance with S-K 1300 definitions. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

Mineral Resource Classification was assigned to regions of the block model based on the Nordmin QP's confidence and judgment related to geological understanding, continuity of mineralization in conjunction with data quality, spatial continuity based on variography, estimation pass, data density, and block model representativeness.

The areas of greatest uncertainty are attributed to Inferred Resources, which are areas with limited drilling and/or large drill spacing (>100 m). Indicated Resources are resources derived from adequately detailed and reliable exploration, sampling, and testing, and are sufficient to assume geological and grade or quality continuity between points of observation. In the Santa Cruz Deposit, the drill spacing that supports the Indicated Resource classification constitutes approximately 80 m to 100 m. There is the possibility for Indicated Resources to be upgraded to Measured Resources via additional infill drilling that would reduce the drill spacing to <25 m. Currently none of the deposits have a Measured Resource.

The 2021 twin drilling program conducted by IE, outlined in Sections 7.3.3 and 9.2, has demonstrated overall grade continuity, location, and continuity between intercepts. There is the potential for unknown errors within the database which could affect the size and quantity of Measured, Indicated, and Inferred Mineral Resources.

While most of the Texaco Deposit is classified as Inferred, there is a small portion of Indicated Resource. The East Ridge Deposit is currently classed as Inferred, as the area is defined by historic drilling which has yet to be validated with modern drilling. This work is forthcoming and will help to improve resource class confidence in subsequent iterations.

To demonstrate reasonable prospects for economic extraction for the Santa Cruz, Texaco, and East Ridge Mineral Resource Estimates, representational minimum mining unit shapes were created using Deswik's minimum mining unit shape optimizer (MSO) tool.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 22 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**1.6.1 Mineral Resource Estimate**

The Santa Cruz Project Mineral Resource Estimate is presented in Table 1-2.

**Table 1-2: Santa Cruz Project Mineral Resource Estimates at 0.70% Cu cutoff for Santa Cruz, 0.80% Cu cutoff for Texaco, and 0.90% Cu cutoff for East Ridge.**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Deposit** | **Mineralized Material**<br>**(ktonne)**  | **Mineralized Material**<br>**(kton)**  | **Total <br> Cu (%)** | **Total Soluble <br> Cu (%)** | **Acid Soluble<br> Cu (%)** | **Cyanide Soluble Cu (%)** | **Total Cu (ktonne)** | **Total Soluble Cu (ktonne)** | **Acid Soluble Cu (ktonne)** | **Cyanide Soluble Cu (ktonne)** | **Total Cu (Mlb)** |
|  | &nbsp;&nbsp;&nbsp;Santa Cruz (0.70% COG) | 223155 | 245987 | 1.24 | 0.82 | 0.58 | 0.24 | 2759 | 1824 | 1292 | 533 | 6083 |
| **Indicated** | &nbsp;&nbsp;&nbsp;Texaco (0.80% COG) | 3560 | 3924 | 1.33 | 0.97 | 0.25 | 0.73 | 47 | 35 | 9 | 26 | 104 |
|  | &nbsp;&nbsp;&nbsp;East Ridge (0.90% COG) | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
|  | &nbsp;&nbsp;&nbsp;Santa Cruz (0.70% COG) | 62709 | 69125 | 1.23 | 0.92 | 0.74 | 0.18 | 768 | 576 | 462 | 114 | 1694 |
| **Inferred** | &nbsp;&nbsp;&nbsp;Texaco <br>(0.80% COG) | 62311 | 68687 | 1.21 | 0.56 | 0.21 | 0.35 | 753 | 348 | 132 | 215 | 1660 |
|  | &nbsp;&nbsp;&nbsp;East Ridge <br> (0.90% COG) | 23978 | 26431 | 1.36 | 1.26 | 0.69 | 0.57 | 326 | 302 | 164 | 137 | 718 |
| **TOTAL** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Indicated** | &nbsp;&nbsp;&nbsp;**All Deposits** | **226715** | **249910** | **1.24** | **0.82** | **0.57** | **0.25** | **2807** | **1859** | **1300** | **558** | **6188** |
| **Inferred** | &nbsp;&nbsp;&nbsp;**All Deposits** | **148998** | **164242** | **1.24** | **0.82** | **0.51** | **0.31** | **1847** | **1225** | **759** | **466** | **4072** |

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**Notes on Mineral Resources**

1. The
 Mineral Resources in this Estimate were independently prepared, including estimation
 and classification, by Nordmin Engineering Ltd. and in accordance with the definitions
 for Mineral Resources in S-K 1300.

2. Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.
 This estimate of Mineral Resources may be materially affected by environmental, permitting,
 legal, title, taxation, sociopolitical, marketing, or other relevant issues.

3. Verification
 included multiple site visits to inspect drilling, logging, density measurement procedures
 and sampling procedures, and a review of the control sample results used to assess laboratory
 assay quality. In addition, a random selection of the drill hole database results was
 compared with the original records.

4. The
 Mineral Resources in this estimate for the Santa Cruz, East Ridge, and Texaco Deposits
 used Datamine Studio RM<sup>TM</sup> software to create the block models.

5. The
 Mineral Resources are current to December 31, 2022.

6. Underground-constrained
 Mineral Resources for the Santa Cruz Deposit are reported at a cut-off grade of 0.70%
 total copper, Texaco Deposit are reported at a cut-off grade of 0.80% total copper and
 East Ridge Deposit are reported at a cut-off grade of 0.90% total copper. The cut-off
 grade reflects total operating costs to define reasonable prospects for eventual economic
 extracted by conventional underground mining methods with a maximum production rate of
 15,000 tonnes/day. All material within mineable shape-optimized wireframes has been included
 in the Mineral Resource.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 23 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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7. Underground mineable shape optimization parameters include a long term copper price of $3.70/lb, process recovery of 94%, direct mining
costs between $24.50-$40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and
administration cost of $4.00/tonne processed, onsite processing and SX/EW costs between $13.40-$14.47/tonne processed, offsite costs between
$3.29 – $4.67/tonne processed, along with variable royalties between 5.00-6.96% NSR and a mining recovery of 100%.

8. Specific
 Gravity was applied using weighted averages by Deposit Sub-Domain.

9. All
 figures are rounded to reflect the relative accuracy of the estimates, and totals may
 not add correctly.

10. Excludes
 unclassified mineralization located along edges of the Santa Cruz, East Ridge, and Texaco
 Deposits where drill density is poor.

11. Report
 from within a mineralization envelope accounting for mineral continuity.

12. Total
 soluble copper means the addition of sequential acid soluble copper and sequential cyanide
 soluble copper assays. Total soluble copper is not reported for the Primary Domain.

Areas of uncertainty that may materially impact the Mineral Resource Estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to long term metal price assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to the input values for mining, processing, and G&A costs to constrain the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to local interpretations of mineralization geometry and continuity of mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to the density values applied to the mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to metallurgical recovery assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in assumption of marketability of the final product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variations
 in geotechnical, hydrogeological, and mining assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to assumptions with an existing agreement or new agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to environmental, permitting, and social license assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Logistics
 of securing and moving adequate services, labor, and supplies could be affected by epidemics,
 pandemics and other public health crises including COVID-19 or similar viruses.

These risks and uncertainties may cause delays in economic resource extraction and/or cause the resource to become economically non-viable.

**1.7 Comparison to Previous Mineral Resource Estimates**

A previous Mineral Resource Estimate was completed for the Santa Cruz Deposit on December 8, 2021. This 2021 MRE did not include resource estimates for the Texaco and East Ridge Deposits. The total Cu cut-off grade from the 2022 Santa Cruz Deposit MRE was increased from 0.39% to 0.70%, resulting in a drop in Indicated Resources from 274,000 ktonnes to 223,155 ktonnes. Inferred resources for Santa Cruz decreased from 248,754 ktonnes at a TCu cut-off of 0.39% to 62,709 ktonnes at a TCu cut-off of 0.70%. The updated Santa Cruz Project MRE is the result of a significant ongoing drilling program at each of the Santa Cruz, East Ridge, and Texaco Deposits. The drilling program was focused on the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Targeting
 the higher-grade areas (greater than 1.2% total copper) to confirm outlined copper grade
 within the December 2021 Mineral Resource.

&nbsp;&nbsp;&nbsp;&nbsp;• Expanding
 the higher-grade copper areas with a strong focus on the Exotic, Oxide, and Chalcocite
 Enriched domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Targeting
 the structural controls that influence the higher-grade copper domains.

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| SK-1300 Technical Report Summary | Page 24 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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&nbsp;&nbsp;&nbsp;&nbsp;• Completion
 of various "twin holes" in proximity to historical drilling which can be
 compared (geologically, structurally, geochemically, etc.) to each other to determine
 if significant geological and sampling bias exists.

&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade
 of high-grade Inferred Mineral Resources into the Indicated category.

At East Ridge and Texaco, confirmation of the higher-grade historical intercepts and determine if the higher-grade areas could be expanded.

Figure 1-1 below outlines the differences between the December 8, 2021 Mineral Resource Estimate and the December 31, 2022 Mineral Resource Estimate.

![(GRAPHIC)](tm236266d1_ex96-1img003a.jpg)

*Figure 1-1: Santa Cruz Project comparing the December 8, 2021 Mineral Resource Estimate<br> and the December 31, 2022 Mineral Resource Estimate*

**1.8 Conclusions and Recommendations**

Under the assumptions presented in this Technical Report Summary, and based on the available data, the Mineral Resource Estimates show reasonable prospects of economic extraction. Exploration activities have shown that the Santa Cruz Deposit retains significant potential.

The recommended program is for the company to complete an Initial Assessment (IA) of the project before the end of 2023. The work program required to complete an IA will consist of associated infill and exploration drilling, analytical and metallurgical test work, hydrogeological and geotechnical drilling, geological modeling, and environmental baseline studies to support permitting efforts.

The recommendations are estimated to require a budget of approximately $26 million.

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| SK-1300 Technical Report Summary | Page 25 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**2 INTRODUCTION**

**2.1 Registrant and Purpose**

Nordmin was retained by IE to prepare an independent Technical Report Summary on the Santa Cruz Project located approximately 11 km west of the town of Casa Grande in Arizona, USA. This Technical Report Summary (TRS) is current to December 31, 2022 and supersedes all prior technical report summaries prepared for the Santa Cruz Project. This TRS was created for the purpose of defining and supporting a Mineral Resource Estimate for the Santa Cruz Project.

This Technical Report Summary conforms to United States SEC Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

Nordmin completed several data verification checks throughout the duration of the MRE. The verification process included two site visits to the Santa Cruz Project by Nordmin to review surface geology, drill core geology, geological procedures, QA/QC procedures, chain of custody of drill core, and the collection of independent samples for assay verification. The site visits occurred between March 2<sup>nd</sup> to 6<sup>th</sup>, 2022 and November 7<sup>th</sup> to 10<sup>th</sup>, 2022. Multiple lab audits were completed in 2021 and 2022 by Nordmin and IE personnel.

IE is a public company. The corporate office located at 606 – 999 Canada Place, Vancouver, BC V6C 3E1, Canada.

**2.1.1 Information Sources and References**

This Technical Report is based, in part, on internal Company technical reports and maps, published government reports, company letters and memoranda, and public information as listed in Section 24. Several sections from reports authored by other consultants have been directly quoted or summarized in this Technical Report and are so indicated where appropriate.

A draft copy of this Technical Report has been reviewed for factual errors by IE.

Any statements and opinions expressed in this document are given in good faith and in the belief that such statements and opinions are not false or misleading at the date of this Technical Report.

During the preparation of this Technical Report and the site visit, discussions were held with the following personnel:

&nbsp;&nbsp;&nbsp;&nbsp;• Taylor
 Melvin – President and Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;• Eric
 Finlayson – Chief of Global Exploration, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Mark
 Gibson, P.Geo. – Chief Operating Officer, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Jordan
 Neeser – Chief Financial Officer, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Quentin
 Markin – Executive VP, Business Development and Strategy Execution, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Charlie
 Forster, P.Geo. – Senior VP, Exploration, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Glen
 Kuntz – Senior VP, Mine Development, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Graham
 Boyd – Senior VP, US Projects, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Cassandra
 Joseph – VP, General Council and Corporate Secretary, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Evan
 Young – VP, Corporate Development, IE

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| SK-1300 Technical Report Summary | Page 26 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;• Andrea
 Cade, P.Geo. – Reporting Geologist, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Joe
 Ruffini, RM SME – Principal Resource Geologist – Projects, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Denise
 Robinson – Database Manager, Geologist, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Hannah
 Cayes – Senior Geologist, QA/QC Supervisor, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Christopher
 Seligman, MAusIMM CP(Geo) – Manager Geology, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Arron
 Jergenson – Exploration Manager – Santa Cruz, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Eric
 Castleberry, PG – US Operations Manager, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Shawn
 Vandekerkhove, P.Geo. – Senior Geologist, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Lucas
 Heape –Principal Geophysicist, IE

&nbsp;&nbsp;&nbsp;&nbsp;• Christian
 Ballard, P.Geo. – Senior Geoscientist, Nordmin

&nbsp;&nbsp;&nbsp;&nbsp;• Annika
 Van Kessel, P.Geo. – Geoscientist, Nordmin

&nbsp;&nbsp;&nbsp;&nbsp;• James
 J. Moore, P.E. - President, Met Engineering, LLC.

**2.1.2 Site Visit**

Nordmin completed several data verification checks throughout the duration of the Mineral Resource Estimate. The verification process included two site visits to the Santa Cruz Project by Nordmin to review surface geology, drill core geology, geological procedures, QA/QC procedures, chain of custody of drill core, and the collection of independent samples for assay verification. The site visits occurred from March 2nd to 6th, 2022 and November 7<sup>th</sup> to 10<sup>th</sup>, 2022. Multiple lab audits were completed in 2021 and 2022 by (Nordmin and IE personnel).

Activities during the site visits included:

&nbsp;&nbsp;&nbsp;&nbsp;• Review
 of the geological and geographical setting of the Santa Cruz Project.

&nbsp;&nbsp;&nbsp;&nbsp;• Review
 and inspection of the site geology, mineralization, and structural controls on mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;• Review
 of the drilling, logging, sampling, analytical and QA/QC procedures.

&nbsp;&nbsp;&nbsp;&nbsp;• Review
 of the chain of custody of samples from the field to the assay lab.

&nbsp;&nbsp;&nbsp;&nbsp;• Review
 of the drill logs, drill core, storage facilities, and independent assay verification
 on selected core samples.

&nbsp;&nbsp;&nbsp;&nbsp;• Confirmation
 of several drill hole collar locations.

&nbsp;&nbsp;&nbsp;&nbsp;• Review
 of the structural measurements recorded within the drill logs and how they are utilized
 within the 3D structural model.

&nbsp;&nbsp;&nbsp;&nbsp;• Validation
 of a portion of the drill hole database.

IE geologists completed the geological mapping, core logging, and sampling associated with each drill location. Therefore, Nordmin relied on IE's database to review the core logging procedures, the collection of samples, and the chain of custody associated with the drilling programs. IE provided Nordmin with digital copies of the logging and assay reports. All drilling data, including collars, logs, and assay results, were provided to Nordmin prior to the site visit. No significant issues were identified during the site visit.

**2.2 Previous Reporting**

This is the second Mineral Resource Estimate and Technical Report Summary prepared under S-K 1300 standards for IE.

&nbsp;&nbsp;&nbsp;&nbsp;• Nordmin
 Engineering Inc., 2022. Technical Report Summary on the Santa Cruz Project, Arizona,
 USA S-K 1300 Report dated June 7, 2022 with Mineral Resource Estimate dated December
 8, 2021.

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 27 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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**2.2.1 Previous Exploration Reports**

&nbsp;&nbsp;&nbsp;&nbsp;• Watts
 Griffis McOuat Ltd. (WGM), 1982. Non-compliant ore and mining reserve for Hanna Mining
 in 1982.

&nbsp;&nbsp;&nbsp;&nbsp;• In-situ
 Joint Venture, 1999.

&nbsp;&nbsp;&nbsp;&nbsp;• Independent
 Mining Consultants, Inc. (IMC), 2013. Non-compliant block model for the Texaco Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;• IMC,
 2013. Non-compliant block model for the Parks-Salyer deposit.

&nbsp;&nbsp;&nbsp;&nbsp;• IMC,
 2013. Non-compliant Mineral Resource for the Santa Cruz South deposit.

&nbsp;&nbsp;&nbsp;&nbsp;• Stantec,
 2013. Non-compliant conceptual study of geologic resource and reserve.

&nbsp;&nbsp;&nbsp;&nbsp;• Physical
 Resource Engineering, 2014. Non-compliant conceptual study of geologic resource and reserve.

**2.3 Units of Measure**

Unless otherwise noted, the following measurement units, formats, and systems are used throughout this Technical Report Summary.

&nbsp;&nbsp;&nbsp;&nbsp;• Measurement
 Units: all references to measurement units use the System International (SI, or metric)
 for measurement. The primary linear distance unit, unless otherwise noted, is meters
 (m).

&nbsp;&nbsp;&nbsp;&nbsp;• General
 Orientation: all references to orientation and coordinates in this Technical Report Summary
 are presented as Universal Transverse Mercator (UTM) in meters unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;• Currencies
 outlined in the Technical Report are stated in US$ unless otherwise noted.

**2.4** **Symbols, Abbreviations and Acronyms**

**Table 2-1: Symbols, Abbreviations and Acronyms Used in this Technical Report**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;% | &nbsp;&nbsp;percent |
| &nbsp;&nbsp;° | &nbsp;&nbsp;degree |
| &nbsp;&nbsp;< | &nbsp;&nbsp;less than |
| &nbsp;&nbsp;> | &nbsp;&nbsp;greater than |
| &nbsp;&nbsp;µ | &nbsp;&nbsp;microns |
| &nbsp;&nbsp;AAS | &nbsp;&nbsp;atomic-absorption spectroscopy |
| &nbsp;&nbsp;ADEQ | &nbsp;&nbsp;Arizona Department of Environmental Quality |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;silver |
| &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Arizona Smelting and Refining Company Inc. |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;gold |
| &nbsp;&nbsp;BLM | &nbsp;&nbsp;Bureau of Land Management |
| &nbsp;&nbsp;CAP | &nbsp;&nbsp;covered area project |
| &nbsp;&nbsp;CAR | &nbsp;&nbsp;Central Arizona Resources |
| &nbsp;&nbsp;CGCC | &nbsp;&nbsp;Casa Grande Copper Corporation |
| &nbsp;&nbsp;CoG | &nbsp;&nbsp;cutoff grade |
| &nbsp;&nbsp;COMEX | &nbsp;&nbsp;a division of the Chicago Mercantile Exchange |
| &nbsp;&nbsp;CRM | &nbsp;&nbsp;certified reference material |
| &nbsp;&nbsp;CSAMT | &nbsp;&nbsp;controlled source audio-frequency magnetotelluric |
| &nbsp;&nbsp;Cu | &nbsp;&nbsp;copper |
| &nbsp;&nbsp;DRHE | &nbsp;&nbsp;DR Horton Energy |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;ESA | &nbsp;&nbsp;environmental site audit |
| &nbsp;&nbsp;FS | &nbsp;&nbsp;Feasibility Study |
| &nbsp;&nbsp;ft | &nbsp;&nbsp;foot/feet |
| &nbsp;&nbsp;g | &nbsp;&nbsp;grams |
| &nbsp;&nbsp;Ga | &nbsp;&nbsp;giga annum |
| &nbsp;&nbsp;gpl | &nbsp;&nbsp;grams per liter |
| &nbsp;&nbsp;g/t | &nbsp;&nbsp;grams per tonne |
| &nbsp;&nbsp;HG | &nbsp;&nbsp;high grade |
| &nbsp;&nbsp;IA | &nbsp;&nbsp;Initial Assessment |
| &nbsp;&nbsp;ICP | &nbsp;&nbsp;inductively coupled plasma |
| &nbsp;&nbsp;ICP-MS | &nbsp;&nbsp;inductively coupled plasma mass spectrometry |
| &nbsp;&nbsp;ICP-OES | &nbsp;&nbsp;inductively coupled plasma optical emission spectrometry |
| &nbsp;&nbsp;IMC | &nbsp;&nbsp;Independent Mining Consultants, Inc. |
| &nbsp;&nbsp;IP | &nbsp;&nbsp;induced polarization |
| &nbsp;&nbsp;IRR | &nbsp;&nbsp;internal rate of return |
| &nbsp;&nbsp;IE | &nbsp;&nbsp;Ivanhoe Electric Inc. |
| &nbsp;&nbsp;km | &nbsp;&nbsp;kilometer |
| &nbsp;&nbsp;ktonnes | &nbsp;&nbsp;thousand tonnes |
| &nbsp;&nbsp;ktonnes/a | &nbsp;&nbsp;thousand tonnes per annum |
| &nbsp;&nbsp;lb | &nbsp;&nbsp;Pounds |
| &nbsp;&nbsp;Legend | &nbsp;&nbsp;Legend Property Group |
| &nbsp;&nbsp;LG | &nbsp;&nbsp;low grade |
| &nbsp;&nbsp;LME | &nbsp;&nbsp;London Metal Exchange |
| &nbsp;&nbsp;m | &nbsp;&nbsp;meter |
| &nbsp;&nbsp;Ma | &nbsp;&nbsp;million years |
| &nbsp;&nbsp;masl | &nbsp;&nbsp;Meters above sea level |
| &nbsp;&nbsp;MASW | &nbsp;&nbsp;multichannel analysis of surface waves |
| &nbsp;&nbsp;Mlb | &nbsp;&nbsp;million pounds |
| &nbsp;&nbsp;MRE | &nbsp;&nbsp;Mineral Resource Estimate |
| &nbsp;&nbsp;Mt | &nbsp;&nbsp;Million tonnes |
| &nbsp;&nbsp;NEPA | &nbsp;&nbsp;National Environmental Policy Act |
| &nbsp;&nbsp;NPV | &nbsp;&nbsp;net present value |
| &nbsp;&nbsp;PEA | &nbsp;&nbsp;Preliminary Economic Assessment |
| &nbsp;&nbsp;PFS | &nbsp;&nbsp;Prefeasibility Study |
| &nbsp;&nbsp;PLS | &nbsp;&nbsp;pregnant leach solution |
| &nbsp;&nbsp;psi | &nbsp;&nbsp;pounds per square inch |
| &nbsp;&nbsp;QA | &nbsp;&nbsp;quality assurance |
| &nbsp;&nbsp;QA/QC | &nbsp;&nbsp;quality assurance/quality control |
| &nbsp;&nbsp;QC | &nbsp;&nbsp;quality control |
| &nbsp;&nbsp;QP | &nbsp;&nbsp;Qualified Person |
| &nbsp;&nbsp;RC | &nbsp;&nbsp;reverse circulation |
| &nbsp;&nbsp;ROFO | &nbsp;&nbsp;right of first offer |
| &nbsp;&nbsp;ROFR | &nbsp;&nbsp;right of first refusal |
| &nbsp;&nbsp;RTP | &nbsp;&nbsp;reduced to pole |
| &nbsp;&nbsp;SCJV | &nbsp;&nbsp;Santa Cruz Joint Venture |
| &nbsp;&nbsp;SEC | &nbsp;&nbsp;Securities and Exchange Commission |
| &nbsp;&nbsp;SEQ | &nbsp;&nbsp;sequential acid leaching |
| &nbsp;&nbsp;SG | &nbsp;&nbsp;specific gravity |
| &nbsp;&nbsp;SRHA | &nbsp;&nbsp;Stockraising Homestead Act |

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SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 29 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;SUA | &nbsp;&nbsp;surface use agreement |
| &nbsp;&nbsp;SX-EW | &nbsp;&nbsp;solvent extraction-electrowinning |
| &nbsp;&nbsp;TMI | &nbsp;&nbsp;total magnetic intensity |
| &nbsp;&nbsp;TRS | &nbsp;&nbsp;Technical Report Summary |
| &nbsp;&nbsp;UIC | &nbsp;&nbsp;underground injection control |
| &nbsp;&nbsp;USBR | &nbsp;&nbsp;US Bureau of Reclamation |
| &nbsp;&nbsp;USFWS | &nbsp;&nbsp;U.S. Fish and Wildlife Service |
| &nbsp;&nbsp;USGS | &nbsp;&nbsp;US Geological Survey |
| &nbsp;&nbsp;XRF | &nbsp;&nbsp;x-ray fluorescence |

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**3 PROPERTY DESCRIPTION**

**3.1 Legal Description of Real Property**

The property and rights owned by IE, through IE's fully-owned subsidiary Mesa Cobre Holding Corp.<u>,</u> are described in Appendix A. These rights and titles have been provided by IE and have not been independently verified by Nordmin. The Title Opinion and Reliance letter by Marian Lalonde dated February 10, 2023, of Fennemore Law, Tucson, Arizona, has been relied upon by the Nordmin QP for this section of the Technical Report.

**3.2 Property Location** 

The Santa Cruz Project is located 11 km west of Casa Grande, Arizona, which is approximately a one-hour drive south of the capital, Phoenix (Figure 3-1). It is approximately 9 km southwest of the Sacaton deposit which was previously mined by ASARCO. The Santa Cruz Project covers a cluster of deposits and exploration areas approximately 11 km long and 1.6 km wide. The Santa Cruz Project centroid is approximately -111.88212, 32.89319 (WGS84) in Township 6 S, Range 4E, Section 13, Quarter C.

![](tm236266d1_ex96-1img004.jpg)

Figure 3-1: Land ownership

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 31 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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**3.3 Land Tenure and Underlying Agreements**

In 2021, IE executed an agreement with Central Arizona Resources (CAR) for the right to acquire 100% of CAR's option over the DR Horton Energy (DRHE) mineral title and CAR's Surface Use Agreement (SUA) with Legend Property Group (Legend). The Santa Cruz exploration area covers 47.71 km<sup>2,</sup> including 25.79 km<sup>2</sup> of private land, 2.6 km<sup>2</sup> of Stockraising Homestead Act (SRHA) lands, and 238 unpatented claims, or 19.32 km<sup>2</sup> of BLM land (Figure 3-1).

**3.3.1 Private Parcels**

The Santa Cruz Project lies primarily on private land, which is dominantly fee simple. IE holds an option on the purchase of the mineral estate, while holding an exclusive agreement on surface use. Additional lands and rights were acquired by IE as options on private parcels and staking unpatented federal lode mining claims.

*<u>DRHE Option</u>*

The agreement with DRHE provides that IE, by way of assignment from CAR, has the right, but not the obligation, to earn 100% of the mineral title in the fee simple mineral estate, 39 Federal Unpatented mining claims, and three small approximately 10-acre surface parcels (Figure 3-1), in cash or IE shares at DRHE election, over the course of three years as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• On
 the Effective Date, IE shall pay the "  ***Initial Payment***" [ <u>paid</u> ];
 and

&nbsp;&nbsp;&nbsp;&nbsp;• Within
 five (5) days following of the expiration of the Due Diligence Period, IE shall pay "  ***Due Diligence Payment***" [ <u>paid</u> ]; and

&nbsp;&nbsp;&nbsp;&nbsp;• On
 or before the first anniversary of the Effective Date, IE shall pay "  ***First Payment***" [paid]; and

&nbsp;&nbsp;&nbsp;&nbsp;• On
 or before the second anniversary of the Effective Date, IE shall pay collectively with
 the Initial Payment, the Due Diligence Payment, and the First Payment, the "  ***Option Payments*** ".

&nbsp;&nbsp;&nbsp;&nbsp;• Following
 the exercise of the Option and upon the Closing Date, IE shall pay the "  ***Closing Payment*** ".

The agreement with DRHE also provides IE with a Right of First Refusal (ROFR) on certain surface parcels owned by Legend. This ROFR reserved by DRHE when the property was sold to Legend in 2007, and this right is now part of the rights being sold to IE and affords a great deal of control on the destiny of the surface estate overlying the Santa Cruz Project.

*<u>Legend SUA</u>*

The SUA with Legend Property Group allows for the exclusive use of the property for the purposes of drilling and geophysical testing, as well as granting a Right of First Offer (ROFO) on the sale of the property. Legend has granted these rights to IE (by way of assignment from CAR) for up to four years under the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;• Year
 1 Payment –to be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial
 payment within five (5) days following the Effective Date [ <u>paid</u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trigger
 payment within five (5) days following the Trigger Date [ <u>paid</u> ].

&nbsp;&nbsp;&nbsp;&nbsp;• Year
 2 Payment – due on, or before the first anniversary of the Trigger Date [paid].

&nbsp;&nbsp;&nbsp;&nbsp;• Year
 3 Payment –due on, or before the second anniversary of the Trigger Date.

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&nbsp;&nbsp;&nbsp;&nbsp;• Extension
 Period ("Fourth Year Payment"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing
 written notice to Legend of its intent to extend the term of this Agreement for an additional
 12 months, for a total term of 48 months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paying
 to Legend the Fourth Year Payment

**3.3.2 Federal Unpatented Mineral Claims**

IE, by way of assignment and deed from CAR, holds 238 unpatented Federal Mining claims (Appendix A).

DRHE also holds 39 Federal unpatented mining claims in T06S R04E in N/2 Section 12, W/2 Section 23 and W/2 Section 24, which are subject to the option described in Section 4.1.1.

**3.3.3 Royalties**

Noted royalties on future mineral development of the Project are summarized here:

&nbsp;&nbsp;&nbsp;&nbsp;• Royalty
 interests in favor of the royalty holders of a 5% net smelter return royalty interest
 for minerals derived from all portions of the property pursuant to terms contained therein
 recorded in the royalty document.

&nbsp;&nbsp;&nbsp;&nbsp;• Royalty
 interests in favor of the royalty holder of a 10% net smelter return royalty interest
 in section 13, 18, 19, and 24, Township 6 South, Range 4 East, for minerals derived from
 the property pursuant to terms contained therein recorded in the royalty document.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights
 conveyed to the royalty holder in Sections 13, 18, 19, 24, Township 6 South, Range 4
 East, consisting of 10% of one eight-hundredth of Fair Market Value and interest in the
 Cu and other associated minerals with additional terms, conditions, and matters contained
 therein, recorded in the royalty documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights
 granted to the royalty holders, as joint tenants with right of survivorship, a royalty
 in sections 13, 18, 19, and 24, Township 6 South, Range 4 East, consisting of 30% of
 five tenths of one percent of the net smelter return from all minerals with additional
 terms, conditions, and matters contained therein, recorded in the royalty documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Royalty
 interest of a 2.25% in favor of the royalty holder in Section 1, Township 6 South, Range
 4 East, and Sections 6, 7, 8, and 17, Township 6 South, Range 5 East, for net smelter
 return royalty interest in minerals derived from the property pursuant to terms contained
 therein recorded in the royalty document.

&nbsp;&nbsp;&nbsp;&nbsp;• Rights
 conveyed to the royalty holder in Sections 13, 23, 24, 25, and 26, Township 6 South,
 Range 4 East and Sections 5, 6, 17, 18, 19, and 30, Township 6 South, Range 5 East, consisting
 of 60% of one eighth-hundredth of Fair Market Value and interest in the Cu and other
 minerals with additional terms, conditions, and matters contained therein, recorded in
 the royalty documents.

&nbsp;&nbsp;&nbsp;&nbsp;• Reservation
 of a 1% royalty interest in favor of the royalty holder recorded in the royalty document,
 for E<sup>1</sup>/<sub>2</sub> of Section 5, Township 6 South, Range 5 East, south and
 west of Southern Pacific RR, "that when mined or extracted therefrom shall be equal
 in value to 1% of the net smelter returns on all ores, concentrated, and precipitates
 mined, and shipped from said property."

&nbsp;&nbsp;&nbsp;&nbsp;• Reservation
 of a royalty interest in favor of the royalty holders in the SW<sup>1</sup>/<sub>4</sub>
 of Section 17, Township 6 South, Range 5 East, for an amount equal to one half of 1%
 net smelter returns in the sale and disposal of all ores, minerals, and other products
 mined and removed from the above described parcel and sold to a commercial smelter or
 chemical hydrometallurgical plant or one half of 1% of 60% of the sales price if the
 mine product is disposed of other than to a commercial smelter, additional provisions
 contained therein, recorded in the royalty documents.

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 33 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**3.4 Permits and Authorization**

Current exploration is conducted on private land under the SUA with Legend. Current permits are listed in Table 3-1.

**Table 3-1: Permit requirements for exploration work required on Private Land under SUA agreement.**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Permit Name** | &nbsp;&nbsp;**Agency** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp;**Renewal Date** | &nbsp;&nbsp;**Requirements** | &nbsp;&nbsp;**Violations** |
| &nbsp;&nbsp; *Dust Control Permit DUSTW-22-0292*  | &nbsp;&nbsp;Pinal County Air Quality Control District | &nbsp;&nbsp;Approved | &nbsp;&nbsp;03/01/2023 | &nbsp;&nbsp;Bi-weekly inspections; limit vehicle access to work areas; reduce vehicle speeds; water disturbed areas; apply stabilizers as needed; concurrent reclamation; install track-out devices as needed | &nbsp;&nbsp;No Violations |
| &nbsp;&nbsp;*NOI AZPDES Stormwater General Construction Permit AZCN96111* | &nbsp;&nbsp;Arizona Dept. of Environmental Quality | &nbsp;&nbsp;Approved | &nbsp;&nbsp;06/30/2025 | &nbsp;&nbsp;Stormwater Pollution Prevention Plan in place; monthly inspections | &nbsp;&nbsp;No Violations |
| &nbsp;&nbsp;*Temporary Use Permit DSA-22-00200* | &nbsp;&nbsp;City of Casa Grande | &nbsp;&nbsp;Approved | &nbsp;&nbsp;11/08/2025 | &nbsp;&nbsp;Submit SFHA Permit and Non-SFHA Temporary Use Permit | &nbsp;&nbsp;No Violations |
| &nbsp;&nbsp;*Floodplain Use Permit FUP2206-165* | &nbsp;&nbsp;Pinal County | &nbsp;&nbsp;Approved | &nbsp;&nbsp;N/A | &nbsp;&nbsp;Existing grades within the area of disturbance shall be restored per the reclamation plan. | &nbsp;&nbsp;No Violations |
| &nbsp;&nbsp;*Exploration Drilling Reclamation Plan* | &nbsp;&nbsp;Arizona State Mine Inspector | &nbsp;&nbsp;In Review | &nbsp;&nbsp;TBD | &nbsp;&nbsp;Maximum extent of surface disturbance to be left unreclaimed at any one time during exploration operations is 20.0 acres. | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;*Special Flood Hazar Area Permit – Exploration Drilling* | &nbsp;&nbsp;City of Casa Grande | &nbsp;&nbsp;In Review | &nbsp;&nbsp;TBD | &nbsp;&nbsp;TBD | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp; *Temporary Use Permit – Non-SFHA*  | &nbsp;&nbsp;City of Casa Grande | &nbsp;&nbsp;In Prep | &nbsp;&nbsp;TBD | &nbsp;&nbsp;TBD | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;*Floodplain Use Permit* | &nbsp;&nbsp;Pinal County | &nbsp;&nbsp;In Prep | &nbsp;&nbsp;TBD | &nbsp;&nbsp;TBD | &nbsp;&nbsp;N/A |

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The Migratory Bird Treaty Act prohibits "Take" without prior authorization by the U.S. Fish and Wildlife Service (USFWS). This includes "Incidental Take" which is harming or killing that results from, but is not the purpose of, carrying out an otherwise lawful act. Santa Cruz has implemented beneficial practices in accordance with USFWS Nationwide Standard Conservation Measures which include employee education, preconstruction surveys, nest monitoring, and avoidance of active nests. This may affect access points and the ability to perform work on the property.

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 34 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Existing and past land uses in the Project area and immediately surrounding areas include agriculture, residential home development, light industrial facilities, and mineral exploration and development. Some dispersed recreation occurs in the area. The climate is dry, and most of the Project area is flat, sandy, and sparsely vegetated. Portions of the Project area are in the 100-year flood plain of the North Branch of Santa Cruz Wash. Within the Project area, approximately 85 acres of land located 1.2 km north of the intersection of N. Spike Road and W. Clayton Road was used during an in situ leaching project in 1991. A Phase 1 Environmental Site Audit (ESA) was conducted on the Project area (Civil & Environmental Consultants 2021).

There is a large private land package covering the Project area and area of known mineralization. This private land position could result in reduced permitting time relative to projects required to undergo the National Environmental Policy Act (NEPA) process. The precise list of permits required to authorize the construction and operation of this Project will be determined as the mining and processing methods are designed. If NEPA and other federal permitting are avoided, required permits would be administered by Arizona State, Pinal County, and Casa Grande authorities.

The permit approval process for some permits includes review and approval of the process design. Thus, the project design must be substantially advanced to support the application for those permits. These technical permits typically represent the "longest lead" permits. Technical permits with substantial technical design are needed as part of the applications. The anticipated issuing agencies include:

&nbsp;&nbsp;&nbsp;&nbsp;• Reclamation
 Plan approval (Arizona State Mine Inspector)

&nbsp;&nbsp;&nbsp;&nbsp;• Water
 permits

&nbsp;&nbsp;&nbsp;&nbsp;• Aquifer
 Protection Permit (ADEQ)

&nbsp;&nbsp;&nbsp;&nbsp;• Air
 Quality Operating Permit (Pinal County)

**3.5 Environmental Liabilities**

The 2021 Phase 1 ESA study found no previously unmitigated environmental liabilities associated with the Santa Cruz Project.

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 35 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY**

**4.1 Accessibility and Infrastructure**

The Santa Cruz Project is located 60 km south-southwest of the Greater Phoenix metropolitan area and is accessed from the Gila Bend Highway, 9 km from the City of Casa Grande (population of 57,699 persons). The Santa Cruz Project, as shown in Figure 4-1, is surrounded by current and past-producing Cu mines and processing facilities. The Greater Phoenix area is a major population center (approximately 4.8 million persons) with a major international airport (Phoenix Sky Harbour International Airport), and well-developed infrastructure and services that support the mining industry. The cities of Casa Grande, Maricopa, and Phoenix can supply sufficient electricity, water, skilled labor, and supplies for the Santa Cruz Project.

![](tm236266d1_ex96-1img005.jpg)

Figure 4-1: Location map

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 36 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**4.2 Climate**

The climate at the Santa Cruz Project is typical of the Sonoran Desert, with temperatures ranging from -7 °C (19 °F) to 47 ⁰C (117 °F) and average annual precipitation ranging from 76 – 500 mm (3 – 30 in) per year. Precipitation occurs as frequent low-intensity winter (December/January) rains and violent summer (July/August) "monsoon" thunderstorms (Figure 4-2). The Santa Cruz Project site contains no surface water resources. Storm runoff waters from the site are drained toward the Santa Cruz River by minor tributaries to the Santa Rosa and North Santa Cruz washes. Operations at the Santa Cruz Project site can continue year-round as there are no limiting weather or accessibility factors.

![](tm236266d1_ex96-1img006.jpg)

Figure 4-2: Average temperatures and precipitation

The wind is usually calm. The windiest month is May, followed by April and July. May's average wind speed of around 5.5 knots (6.4 mph or 10.3 km/h) is considered a light breeze. IE has instituted measures to reduce dust that could be produced at the Santa Cruz Project site.

**4.3 Local Resources**

Water rights to the property are held by Legend Property, LLC. Water for exploration drilling has been sourced from the City of Casa Grande.

Electrical power is available along Midway Road with a high voltage line along the Maricopa-Casa Grande Highway along the northern edges of the Santa Cruz Project area. Also, an east-west rail line parallels the Highway and passes through Casa Grande. A natural Gas line is available along Clayton Road on the southern side of the Project area.

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 37 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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IE is securing water rights and additional lands surrounding the Santa Cruz and Texaco Deposits to allow for future mine development activities including potential tailings storage, potential waste disposal, and processing plant areas, as well as space for ramps for underground development.

**4.4** **Physiography**

The Santa Cruz Project is in the Middle Gila Basin, entirely within the Sonoran Desert Ecoregion of Basin and Range Physiographic Province. The area is characterized by low, jagged mountain ranges separated by broad alluvial-filled basins. This portion of the Sonoran Desert is sparsely vegetated with greater variability near washes and in areas that have long lain fallow. Near washes and longer abandoned areas, catclaw acacia, mesquite, creosote bush, bursage, and salt cedar are common. The Santa Cruz Project area is flat and featureless with an elevation of 403±5 masl and sloping gently to the northwest. Much of the Santa Cruz Project area has been used for irrigated agriculture, with decaying remnants of an extensive system of wells and concrete lined ditches still present. The alignments of furrows are still visible despite decades of lying fallow. Efforts at real estate development in the 1990s and 2000s have also left visible remnants with preliminary roadworks and some planting (palm trees) overlying the previous agricultural remains. Soils proximal to washes tend to be more sand and gravel-rich, while soils in old agricultural areas are more silt and clay-rich. The physiography is further described in Table 4-1.

**Table 4-1: Description of Physiography of the Casa Grande Area, Santa Cruz Property**

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| | |
|:---|:---|
| &nbsp;&nbsp;**General Physiographic Area** | &nbsp;&nbsp;**Intermontane Plateaus** |
| &nbsp;&nbsp;Physiographic Province | &nbsp;&nbsp;Basin and Range |
| &nbsp;&nbsp;Physiographic Section | &nbsp;&nbsp;Sonoran Desert |
| &nbsp;&nbsp;Alteration | &nbsp;&nbsp;Potassic, Phyllic, and Argillic – more intense in mineralized areas |
| &nbsp;&nbsp;Associated Rocks | &nbsp;&nbsp;Breccia<br> Conglomerate<br> Schist <br> Porphyry <br> Granite <br> Diabase  |
| &nbsp;&nbsp;Rock Unit Names | &nbsp;&nbsp;Gila Conglomerate <br> Laramide Porphyry <br> Oracle Granite <br> Pinal Schist |

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SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 38 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**5 HISTORY**

**5.1 Introduction**

Historically, there were three main deposit areas that are part of the current Santa Cruz Project: Texaco (to the northeast), Santa Cruz North (southwest of Texaco), and Casa Grande West/Santa Cruz South which is the southernmost deposit (Figure 5-1). ASARCO owned and drilled the Texaco and Santa Cruz North deposits. Hanna-Getty owned and drilled the Casa Grande/ Santa Cruz South deposit. In 1990, ASARCO entered a joint venture with Freeport McMoRan Copper & Gold Inc. on the Texaco land position. Hanna-Getty continued to own and operate the Casa Grande West/Santa Cruz South deposit.

The first discovery of copper mineralization in the area occurred in February 1961 by geologists from ASARCO. They discovered a small outcrop of leached capping composed of granite cut by a thin monzonite porphyry dyke. The outcrop was altered to quartz-sericite-clay with weak but pervasive jarosite-goethite and a few specks of hematite after chalcocite, particularly in the dyke.

ASARCO proceeded with preliminary geophysical surveys that same year, including IP, resistivity, seismic reflection, and magnetics. Upon positive results from the geophysical surveys, a small drill program of six holes was funded, with the last hole being the first to intersect the significant mineralization that became known as the West Orebody and, in time, the Sacaton open pit mine (Figure 5-1).

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 39 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img07.jpg)

*Figure 5-1: Historical drill collars, deposit, and exploration target names (white) as well as current project names for IE and neighboring project (in yellow).*

Encouraged by the discovery at Sacaton, ASARCO expanded exploration efforts across the Casa Grande Valley and in 1964 the first hole was drilled on the Santa Cruz Project. By May 1965, seventeen drill holes were completed without similar success, and ASARCO reduced its land position. Subsequent reviews in 1970-1971 deemed the Santa Cruz Project worth renewed exploration activity. Following the initiation of the Santa Cruz Joint Venture (SCJV) between ASARCO Santa Cruz, Inc. and Freeport McMoRan Copper & Gold Inc. in 1974, additional ground was acquired around the Santa Cruz North deposit. By this time, various joint ventures, as below, had staked considerable ground over and around what would eventually be the Casa Grande West (now Santa Cruz) deposit.

In 1973, David Lowell put together an exploration program called "the Covered Area Project" (CAP) that was funded first by Newmont Mining, then, in succession, by a joint venture between Newmont and Hanna Mining, then Hanna with Getty Oil Corp. and Quintana Corp.; though both Quintana and Newmont would pull out of the project before any discoveries were made. In 1974, after having systematically drilled over 120 holes at 20 projects across Southwestern Arizona, David Lowell and his team focused their attention on the Santa Cruz system (which Lowell and his team called "the Casa Grande Project"). ASARCO had just put the Sacaton operation into production and Lowell and associates were aware of the evidence for shallow angle faulting and potential for dissected porphyry mineralization that might have been displaced undercover in the Casa Grande Valley (Lowell, unpublished personal communication). Furthermore, the CAP program had compiled historic data of the area that indicated several water wells drilled had returned pebbles of Cu-oxide mineralization. Careful stream mapping and drainage analysis revealed that the Santa Cruz River had reversed flow directions at least twice in recent history, and it was this revelation that allowed Lowell to trace the exogenous oxide-Cu pebbles back to the Santa Cruz Deposit area. They discovered evidence for porphyry mineralization in their first drill hole, which intersected leached capping, and by their seventh hole (CG-7), they had intersected significant supergene enriched Cu mineralization at what they called the Casa Grande West deposit. Drilling under the CAP program continued through to 1977, at which point Hanna Mining took over as operator under a joint venture with operation funding from Getty Oil Corp. Between 1977 and 1982, Hanna-Getty advanced a tight spaced drill program that delineated an estimated 500 million tonnes of 1% Cu at Casa Grande West, and countless exploration holes in the surrounding Casa Grande Valley (Lowell unpublished personal communication). The decision to go underground and mine the Casa Grande West deposit was never made, and the combination of encroaching real estate, the growing environmental movement, and potential mismanagement by Hanna-Getty followed by the fall of Cu commodity prices all resulted in the Casa Grande West project becoming inactive in the early 80s.

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 40 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**5.2** **Previous Exploration**

**5.2.1 Sacaton Mine**

ASARCO went on to mine the Sacaton deposit from 1974 to 1984. The Sacaton deposit was mined using open pit methods with the beginnings of underground workings initiated but depressed Cu prices resulted in the halt of all mining at Sacaton. Table 5-1 shows the historical mine production from Sacaton.

**Table 5-1: Sacaton Historical Mine Production (Fiscal Years Ended December 31)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Ore Milled Short Tons** | **Mill Grade Cu%** | **Cu Short Tons** | **Au Troy Oz.** | **Ag Troy Oz.** |
| 1974 | 2020000 | 0.63 | 9516 | N/A | N/A |
| 1975 | 3630000 | 0.74 | 21918 | 3153 | N/A |
| 1976 | 3782000 | 0.71 | 22021 | 3151 | N/A |
| 1977 | 3471000 | 0.70 | 19872 | 3103 | N/A |
| 1978 | 4153000 | 0.67 | 23042 | 3691 | N/A |
| 1979 | 4006000 | 0.65 | 21367 | 3558 | 142000 |
| 1980 | 3819000 |  | 16097 | 2504 | 124000 |
| 1981 | 4103000 |  | 21015 | 3334 | 172000 |
| 1982 | 4165000 |  | 20892 | 2499 | 154000 |
| 1983 | 4003000 |  | 18794 | 1983 | 134000 |
| 1984 | 1000000 | - | 4496 | 479 | 33000 |
| **Total** | **38152000** | **0.69** | **199030** | **27455** | **759000** |

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| SK-1300 Technical Report Summary | Page 41 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**5.2.2 Santa Cruz and Texaco Deposits**

Several deposits, including Santa Cruz South (also known as Casa Grande West), Santa Cruz North (Santa Cruz North and South are collectively referred to as "Santa Cruz"), Texaco, and Parks-Salyer were identified during ASARCO drilling in the 1960s and subsequent drilling in the 1970s and 1980s by numerous exploration companies including Newmont Mining, Hanna, Hanna-Getty, and a joint venture between ASARCO Santa Cruz Inc. and Freeport McMoRan Copper & Gold Company (SCJV). In total, 362 drill holes totaling 229,577 m have been drilled by previous owners delineating the cluster of deposits. Table 5-2 presents a summarized history of exploration on the property. There are no records of work by Texaco, but the company held land over what is now called the Texaco Deposit.

**Table 5-2: History of Exploration Activities Across the Santa Cruz and Texaco Deposits**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Dates** | &nbsp;&nbsp;**Activities** | &nbsp;&nbsp;**Company(s)** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;1961 | &nbsp;&nbsp;Prospecting and discovery | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;ASARCO geologists Kinnison and Blucher identify *Sacaton Discovery Outcrop* | &nbsp;&nbsp;An outcrop of granite with a thin dyke of porphyry was discovered. |
| &nbsp;&nbsp;1961 | &nbsp;&nbsp;Geophysical Surveying | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;ASARCO Geophysical Dept. report | &nbsp;&nbsp;Geophysical surveys including IP, resistivity, magnetics. |
| &nbsp;&nbsp;1962 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Six exploration drill holes at Sacaton | &nbsp;&nbsp;The first five holes cut sulfides, but only a few short runs of ore grade rock. The sixth hole was the first hole within the West Orebody. |
| &nbsp;&nbsp;1964 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Five holes were drilled near the Santa Cruz Deposit by ASARCO (SC-2 to SC-6) | &nbsp;&nbsp;These were exploration drill holes, none of which intersected the main mineralization at Santa Cruz. SC-5 was drilled nearly 3 km SW of the main deposit. |
| &nbsp;&nbsp;1965 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;11 holes were drilled near the Santa Cruz Deposit by ASARCO (SC-7 to SC-17) | &nbsp;&nbsp;These were exploration drill holes, SC-1 was drilled along the western margin of the subsequent Independent Mining Consultants, Inc. (IMC) block model. And SC-16 was just to the East of the future Santa Cruz North deposit. SC-17 was drilled approximately 4 km SW of the Casa Grande deposit (furthest step out exploration hole in the database). |
| &nbsp;&nbsp;1974 | &nbsp;&nbsp;Drilling and Discovery | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;Five holes were drilled around Santa Cruz North and one at Casa Grande by Hanna-Getty (CG-1 to CG-6) | &nbsp;&nbsp;Six holes drilled by Hanna-Getty under the CAP led by Lowell, one of which (CG-3) intersected near ore grade mineralization along the western boundary of what would become the Santa Cruz North and Casa Grande deposits. |
| &nbsp;&nbsp;1974 | &nbsp;&nbsp;Drilling and Discovery | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;SC-18,19 and 20 are drilled at Santa Cruz North by ASARCO | &nbsp;&nbsp;Following the initiation of exploration in the Santa Cruz area by the CAP initiative, led by Lowell, ASARCO re-initiated exploration drilling in the area. All three holes intersected porphyry-style mineralization at what would be called the Santa Cruz North deposit. |
| &nbsp;&nbsp;1975 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;Two holes were drilled at Casa Grande, two holes drilled at Santa Cruz North and one hole drilled at Texaco by Hanna-Getty (CG-7 to CG-11) | &nbsp;&nbsp;Hole CG-7 was the first intersection of ore grade mineralization, as reported by Lowell. |

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| SK-1300 Technical Report Summary | Page 42 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Dates** | &nbsp;&nbsp;**Activities** | &nbsp;&nbsp;**Company(s)** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;1975 | &nbsp;&nbsp;Drilling and Discovery | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Four holes were drilled at Santa Cruz North and one at Texaco by ASARCO (SC-21 to SC-24) | &nbsp;&nbsp;ASARCO drilled five holes, three nearby 1974 drilling that intersected mineralization at Santa Cruz North, and two exploration step out holes each 1.5 km to the NE of the Santa Cruz North area, SC-21, and SC-23 which intersected the Texaco Deposit mineralization. |
| &nbsp;&nbsp;1976 | &nbsp;&nbsp;Drilling and land position expansion | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;Two holes were drilled at Santa Cruz North and 14 holes were drilled at Casa Grande by Hanna-Getty (CG-12 to CG-33) | &nbsp;&nbsp;Bolstered by success in CG-7, and led by Lowell, key ground over what would eventually be the Casa Grande deposit was picked up, and exploration drilling advanced through 1976. |
| &nbsp;&nbsp;1976 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;One hole was drilled approximately 1 km NE of the Casa Grande deposit (SC-25), and six holes were drilled at Texaco (SC-27, -28, -29, -30, -31, and -34) |  |
| &nbsp;&nbsp;1977 | &nbsp;&nbsp;Drilling and Operatorship change | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;One hole was drilled at Texaco (CG-48), and 45 holes were drilled at Casa Grande (CG-34-CG-79) | &nbsp;&nbsp;Hanna-Getty took over operatorship from Lowell and the CAP team and began a close-spaced drill program to delineate the ore body at Casa Grande. |
| &nbsp;&nbsp;1977 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Six holes were drilled at Texaco and 12 holes were drilled at Santa Cruz North by ASARCO (SC-35 to SC-52) |  |
| &nbsp;&nbsp;1978 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;One hole was drilled north of Santa Cruz North and 31 holes drilled at Casa Grande by Hanna-Getty (CG-80 to CG-122) |  |
| &nbsp;&nbsp;1979 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;Six holes drilled by Hanna-Getty approximately 1 km west of the Casa Grande and Santa Cruz North deposits |  |
| &nbsp;&nbsp;1979 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Four holes were drilled at Santa Cruz North by ASARCO (SC-55 to SC-58) |  |
| &nbsp;&nbsp;1980 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Six holes were drilled at Santa Cruz North by ASARCO (SC-59 to SC-64) |  |
| &nbsp;&nbsp;1981 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;Two holes were drilled north and west of Santa Cruz North |  |

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| SK-1300 Technical Report Summary | Page 43 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Dates** | &nbsp;&nbsp;**Activities** | &nbsp;&nbsp;**Company(s)** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;1982 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;Hanna-Getty | &nbsp;&nbsp;Two holes were drilled north and west of Santa Cruz North |  |
| &nbsp;&nbsp;1990-1991 | &nbsp;&nbsp;Land Consolidation | &nbsp;&nbsp;SCJV (ASARCO, Santa Cruz Inc., and Freeport McMoRan Copper & Gold Inc.) – Texaco | &nbsp;&nbsp;Texaco approached SCJV (ASARCO-Freeport) regarding the sale of the Texaco land position | &nbsp;&nbsp;A series of internal memos from SCJV discussed the opportunity and holding costs and why they should acquire the lands from Texaco. |
| &nbsp;&nbsp;1994 | &nbsp;&nbsp;In situ Cu Mining Research Project | &nbsp;&nbsp;US Bureau of Reclamation (USBR) and SCJV |  | &nbsp;&nbsp;Permits received to begin injection of sulfuric acid. |
| &nbsp;&nbsp;1995 | &nbsp;&nbsp;In situ Cu Mining Research Project | &nbsp;&nbsp;USBR – SCJV |  | &nbsp;&nbsp; Pilot plant completed.<br>|
| &nbsp;&nbsp;1996 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;SCJV | &nbsp;&nbsp;11 holes drilled at and around Texaco by ASARCO (SC-65 to SC-74) |  |
| &nbsp;&nbsp;1996 | &nbsp;&nbsp;In situ Cu Mining Research Project | &nbsp;&nbsp;USBR-SCJV |  | &nbsp;&nbsp; Mining test started In February.<br>|
| &nbsp;&nbsp;1997 | &nbsp;&nbsp;Drilling | &nbsp;&nbsp;SCJV | &nbsp;&nbsp;Four holes were drilled by ASARCO at Texaco (SC-75 to SC-78) |  |
| &nbsp;&nbsp;1997 | &nbsp;&nbsp;In situ Cu Mining Research Project | &nbsp;&nbsp;USBR-SCJV | &nbsp;&nbsp;Lost funding – closure started | &nbsp;&nbsp; USBR lost Congressional funding in October. Injection continued until December.  |
| &nbsp;&nbsp;1998 | &nbsp;&nbsp;In situ CU Mining Research Project | &nbsp;&nbsp;USBR-SCJV | &nbsp;&nbsp;State required closure activities – final report to Bureau of Reclamation | &nbsp;&nbsp; Pumping continued until the end of February. Plant to care and maintenance. The final research report was never made public.<br>|

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 44 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**5.3 Previous Reporting**

**5.3.1 Hanna 1982**

Watts Griffis McOuat Ltd. calculated a historical mineral inventory for Hanna Mining in 1982. Mineralization was determined from sections by calculating areas from drill hole intercepts and distance between holes, and by assigning the weighted average grade of the neighboring holes to each area. In the case of a single hole in a section, the grade of that hole was assigned to that area.

Watts Griffis McOuat recommended additional consideration be given to a more flexible mining method such as sublevel caving.

**5.3.2 In Situ Joint Venture 1997**

In 1986, the Bureau of Mines obtained Congressional approval and funding to study in situ copper mining. In 1988, the Santa Cruz Deposit was selected for this research project sponsored by a joint venture program between landowners ASARCO Santa Cruz Inc. and Freeport McMoRan Copper & Gold Inc., and the US Department of the Interior, Bureau of Reclamation, who funded most of the program.

Field testing began in 1988, and the test wells were constructed in 1989 in a 5-point pattern with one injection well centered between four extraction wells. Salt tracer tests were conducted in 1991, permits for the use of sulfuric acid were received in 1994, and the solvent extraction-electrowinning (SX-EW) pilot plant was completed in 1995.

The in-situ testing began in February 1996, but research funding was halted in October 1997 due to a change from Congress. Utilizing the carryover funds from previous years of the program, injections continued until December 1997 and pumping until mid-February 1998. At this point, the remaining fluids in the leach zone were less acidic, and metals remaining in the solution were redeposited into the ore body through precipitation. A final report was not made publicly available. However, a newsletter from the project was circulated in March 1998 and noted that 35,000 lbs. of Cu were extracted.

**5.3.3 IMC 2013**

IMC constructed a block model for the Santa Cruz South deposit, the Texaco Deposit, and the Parks-Salyer deposit for Russell Mining and Minerals in 2013. The block model for the Santa Cruz South deposit was based on 116 drill holes with 18,034 assay intervals for a total of approximately 342,338 ft (104,344 m) of drilling, in which 90.7% of the intervals were assayed for Cu. Forty percent of the drill intervals were assayed for acid soluble Cu and 5% for cyanide soluble Cu.

The block model for the Texaco Deposit was based on all Cu drilling data available as of April 5, 2013. The block model was based on 29 drill holes with 2,281 assay intervals for a total of approximately 82,696 ft (25,205 m) of drilling, in which 92.5% of the intervals were assayed for Cu. Less than 9% of the drill intervals were assayed for acid soluble Cu or cyanide soluble Cu.

The block model for the Parks-Salyer deposit was based on seven drill holes with 7,398 ft (2,254 m) of drilling. The model incorporated the topography, the bottom of the conglomerate, and the top of the bedrock, as well drill hole collars, and downhole information, plus additional drill hole data from outside the model limits. These surfaces are a rough approximation based on the limited amount of information available.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 45 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**5.3.4 Stantec-Mining 2013**

Stantec completed a conceptual study for Presidio Capital in August 2013 on the Santa Cruz South, Texaco, and Sacaton exploration properties.

**5.3.5 Physical Resource Engineering 2014**

In 2014 Physical Resource Engineering completed a conceptual study, "Mining Study Exploitation of the Santa Cruz South Deposit by Undercut Caving" for Casa Grande Resources LLC.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 46 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**5.4 Ivanhoe Electric Mineral Resource Estimate 2021**

Nordmin Engineering Ltd. produced a Mineral Resource Estimate for IE dated December 8, 2021 included within the Technical Report Summary dated June 8, 2022 (Table 5-3).

**Table 5-3: December 8, 2021 Santa Cruz Deposit Mineral Resource Estimate, 0.39% Total Cu CoG**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Resource**<br>**Category** | **Kilo-** <br> **tonnes** <br> **kt**<br>| **Total <br> Cu %** | **Total Soluble Cu %** | **Acid Soluble Cu %** | **Cyanide Soluble Cu %** | **Total**<br> **Cu kt**<br>| **Total**<br> **Soluble** <br> **Cu kt** | **Acid**<br> **Soluble**<br> **Cu kt** | **Cyanide Soluble**<br> **Cu kt** |
| Exotic | Indicated | 6989 | 1.05 | 0.80 | 0.73 | 0.07 | 73 | 56 | 51 | 5 |
| Exotic | Inferred | 11680 | 1.28 | 1.00 | 0.98 | 0.02 | 149 | 118 | 115 | 3 |
| Oxide | Indicated | 52990 | 1.34 | 1.27 | 0.98 | 0.29 | 708 | 669 | 518 | 151 |
| Oxide | Inferred | 126138 | 1.06 | 1.00 | 0.71 | 0.29 | 1336 | 1253 | 892 | 361 |
| Chalcocite Enriched | Indicated | 29145 | 1.25 | 1.13 | 0.40 | 0.73 | 364 | 328 | 115 | 213 |
| Chalcocite Enriched | Inferred | 14838 | 1.36 | 1.28 | 0.52 | 0.76 | 202 | 191 | 78 | 113 |
| Primary | Indicated | 184877 | 0.75 | n/a | n/a | n/a | 1394 | n/a | n/a | n/a |
| Primary | Inferred | 96098 | 0.59 | n/a | n/a | n/a | 568 | n/a | n/a | n/a |
| **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** |
|  | Indicated | 274000 | 0.93 | 0.38 | 0.25 | 0.13 | 2539 | 1053 | 684 | 369 |
|  | Inferred | 248754 | 0.91 | 0.63 | 0.44 | 0.19 | 2255 | 1563 | 1085 | 478 |

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**Notes on Mineral Resources**

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Mineral Resources in this estimate were independently prepared by Nordmin Engineering
 Ltd and the Mineral Resources were prepared in accordance with Mineral Resources have
 been classified in accordance with the definitions for Mineral Resources in S-K 1300.

&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.
 No environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other
 relevant issues are known that may affect this estimate of Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;3. Verification
 included multiple site visits to inspect drilling, logging, density measurement procedures
 and sampling procedures, and a review of the control sample results used to assess laboratory
 assay quality. In addition, a random selection of the drill hole database results was
 compared with original records.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Mineral Resources in this estimate for the Santa Cruz deposit used Datamine Studio RM<sup>TM
</sup>software to create the block models.

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Mineral Resources have an effective date of December 8, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;6. Underground
 Mineral Resources are reported at a CoG of 0.39% Total Cu, which is based upon a Cu price
 of US$$3.70/lb and a Cu recovery factor of 80%.

&nbsp;&nbsp;&nbsp;&nbsp;7. SG
 was applied using weighted averages by lithology.

&nbsp;&nbsp;&nbsp;&nbsp;8. All
 figures are rounded to reflect the relative accuracy of the estimates, and totals may
 not add correctly.

&nbsp;&nbsp;&nbsp;&nbsp;9. Excludes
 unclassified mineralization located along edges of the Santa Cruz deposit where drill
 density is poor.

&nbsp;&nbsp;&nbsp;&nbsp;10. Report
 from within a mineralization envelope accounting for mineral continuity.

&nbsp;&nbsp;&nbsp;&nbsp;11. Acid
 soluble Cu and cyanide soluble Cu are not reported for the Primary Domain.

**5.5 Historical Production**

No historical production has been carried out on the property.

**5.6 Nordmin QP Opinion**

The historical exploration, as described above, are reasonable indicators of what IE could expect to encounter with continued exploration. The reader is cautioned that the historical reports listed above vary between different sources and therefore should be considered as an indicative only.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 47 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**6 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT**

**6.1 Regional Geology**

The Santa Cruz Project is located within an approximately 600 km long northwest to southeast trending metallogenic belt known as the Southwestern Porphyry Copper Belt, which extends from northern Mexico into the southwestern United States. The belt includes many productive copper deposits in Arizona such as Mineral Park, Bagdad, Resolution, Miami-Globe, San Manuel-Kalamazoo, Ray, Morenci, and the neighboring Sacaton Mine (Figure 6-1). These deposits lie within a broader physiographic region known as the Basin and Range province that covers and defines most of the southwestern United States and northwestern Mexico. This region is characterized by linear sub-parallel mountain chains separated by broad flat valleys formed by regional tectonic extension during the mid- to late-Cenozoic Period.

![](tm236266d1_ex96-1img08.jpg)

Figure 6-1: Regional geology of the Southwestern Porphyry Copper Belt and the Cu porphyry deposits in the area around the Santa Cruz Project.

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 48 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Basement geologic units of Arizona consist of formations developed during the Paleoproterozoic collisional orogeny that were subsequently stitched together by anorogenic granitic plutonic suites within the Mesoproterozoic. Basement Proterozoic lithologies at the Santa Cruz Project are represented by three primary units: Pinal Schist, Oracle Granite, and Diabase dykes.

The Pinal Schist is a metasedimentary to metavolcanic basal schist which spans much of southern Arizona. Proterozoic anorogenic granitic complexes were emplaced into the schist between 1450-1350 Ma. Continental rifting in the Mesoproterozoic brought both Paleo- and early Mesoproterozoic granitic complexes to the surface where they were subsequently buried beneath early Neoproterozoic rocks of the Apache Group, which represents a very shallow intracontinental basin. Around 1100 Ma, these rocks were intruded by Diabase intrusions related to the break-up of the Rodinia supercontinent. Throughout the Paleozoic Era, Arizona was located within a craton with major disconformities in the stratigraphy interpreted to represent relative sea level changes. Continental shortening throughout the Cretaceous period is contemporaneous with diachronous magmatism within the same location (Tosdal and Wooden, 2015). Cessation of magmatic activity in the Paleocene Period marked the onset of erosion of the uplifted arc, which lay southwest of the Colorado Plateau.

**6.2 Metallogenic Setting**

The porphyry copper deposits within the Southwestern Porphyry Copper Belt are the genetic product of igneous activity during the Laramide Orogeny (80 Ma to 50 Ma) (Figure 6-2). Laramide porphyry systems near the Santa Cruz Project define a southwest to northeast linear array orthogonal to the trend of magmatic arc environment.

During the tectonic extension of the mid-Cenozoic Period, the Laramide arc and related porphyry copper systems were variably dismembered, tilted, and buried beneath basin alluvium and conglomeratic deposits that fill the Casa Grande Valley. Prior to concealment , many of the Laramide porphyry systems of Arizona experienced supergene enrichment events that make them such economically significant deposits.

Supergene alunite from the Sacaton porphyry copper deposit, located approximately 8.5 km from the Santa Cruz Deposit, was K-Ar dated at 41 Ma (Cook, 1994). At the Santa Cruz Project, evidence for multiple cycles of supergene enrichment is represented by multiple chalcocite and oxide-copper "blankets". These "blankets" were developed oblique to each other as a result of rotation and subsequent overprinting by new supergene blankets. This enrichment has been shown to occur throughout the Tertiary Period and ceased with the deposition of overlying sedimentary packages, comprised predominantly of conglomerates, which changed the hydrology near the deposits. The earliest supergene enrichment is interpreted to have occurred in the Eocene Epoch (Tosdal and Wooden, 2015).

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 49 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![(graphic)](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img09.jpg)

Figure 6-2: Location of Santa Cruz Project in relation to other associated copper porphyry systems.

**6.3 Santa Cruz Project Geology**

The Santa Cruz Project is comprised of five 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, the Texaco Ridge Exploration Area, and the Texaco Deposit. Each of these deposits represent portions of one or more large porphyry copper systems separated by extensional Basin and Range normal faults. Each area has variably experienced periods of erosion, supergene enrichment, fault displacement and tilting into their present positions due to Basin and range extensional faulting (Figure 6-3).

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 50 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img10.jpg)

Figure 6-3: Generalised cross-section of the Santa Cruz - Sacaton system.

**6.3.1 Santa Cruz Project Lithologies**

The bedrock geology at the Santa Cruz Project is dominated by Oracle Granite (1450 to 1350 Ma) with lesser proportions of Proterozoic Diabase intrusions (1100 Ma), dipping at ~40 to 50 degrees to the south-southwest, and Laramide porphyry intrusions (75 Ma), dipping at ~30-40 degrees to the southwest.

The Oracle Granite is prevailingly a coarse-grained hypidiomorphic biotite granite with large pink or salmon-colored orthoclase feldspars 32 mm to 38 mm across that gives rock a pink or gray mottled appearance on fresh surfaces. Groundmass composed of uniformly sized, 5 mm, grains of clear white feldspar and glassy quartz with greenish-black masses of biotite and magnetite. Composition suggests that rock should be classed as quartz monzonite rather than granite. Surface exposures of light-buff color. Age is interpreted to be 1450 Ma to 1350 Ma (Tosdal and Wooden, 2015). Alteration minerals are dominated by secondary orthoclase and sericite.

Proterozoic diabase is Holocrystalline, medium- to coarse-grained ophitic to subophitic textures with plagioclase and clinopyroxene (augite) as the dominant primary phases. Magnetite, oligoclase, sulfide (pyrite and chacopyrite) mineralization are reported as minor phases within the diabase. These diabase intrusions were dominantly emplaced as horizontal to sub-horizontal sills, though rare dykes are recognized. These dykes are associated with local discrete increases in observed hypogene sulfide mineralization – interpreted as being a more reactive and receptive host rock for hydrothermal fluid deposition of sulfide mineralization. Historic petrographic thin section analysis indicates diabase is dominantly associated with hydrothermal biotite and epidote.

Laramide porphyry intrusions are strongly associated with primary hypogene mineralization. The porphyry has a quartz monzonite composition (35% quartz, 6% biotite, 29% feldspar, 30% K-feldspar, and plagioclase) with 40% phenocrysts averaging 1.5 mm and 60% aplitic to aphanitic groundmass. Quartz phenocrysts are less than 10 mm, sub-spherical, and comprise approximately 25% of the phenocrysts. Biotite makes up 15% of the phenocrysts and are less than 5 mm. Subhedral plagioclase phenocrysts, 60%, are generally less than 7 mm. There are two distinct groups of Laramide-aged porphyry intrusions. On contains quartz phenocrysts <5% by volume, and is generally associated with increased biotite phenocrysts as well as increased biotite content in the groundmass, typically giving this unit a darker color. The other variant contains more quartz phenocrysts (>5%), and is often described as being more siliceous and lighter in color.

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 51 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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A later late biotite-quartz feldspar monzonite porphyry is composed of 15% biotite, 25% K-feldspar, 40% plagioclase and 20% quartz with 15% phenocrysts consisting of 20% biotite, 70% plagioclase and 10% quartz in an aphanitic 15% biotite, 30% K-feldspar, 35% plagioclase, 20% and quartz groundmass with 0.06 mm average crystal size.

Alteration minerals in mineralized Laramide dykes are dominated by hydrothermal biotite, sericite, and lesser orthoclase feldspar.

Directly overlying the erosional surface of the basement rocks is a series of sedimentary and volcanic units. These consist of predominantly syn-extensional sediments and conglomerates, airfall volcanic tuffs, and andesitic basalts associated with dykes or flows. Sediments and conglomerate units include the Alluvium, Gila Conglomerate, Whitetail Conglomerate, and Basal Conglomerate. The Gila Conglomerate and Whitetail Conglomerate are separated stratigraphically and conformably by a thin marker bed of rhyolitic Apache Leap Tuff (20 Ma) usually of no greater thickness than one meter. Basaltic dykes or flows include the Mafic Conglomerate unit which exists variably above, below, or intercalated within the Basal Conglomerate.

The syn-extensional sedimentary and volcanic units are well understood across the Santa Cruz Project and have all been intersected in numerous drilling intersections through coring from surface. A general stratigraphic cross-section can be viewed in Figure 6-4. Quaternary alluvium consists of poorly sorted silt and sand spread out in a thin veneer across the entirety of the Casa Grande Valley, reaching up to 70 m thick near the Santa Cruz River and displays a conformable relationship with underlying Gila Conglomerate. Dissected alluvial fans flank the Tabletop Mountain area to the southwest of the Santa Cruz Project and are largely comprised of volcanic rubble.

The Tertiary Gila Conglomerate consists of alternating valley beds most of which are sub-rounded to sub-angular cobble to boulder conglomerates with periodically interbedded layers of moderately sorted sand and gravel, collectively averaging 150 to 300 m thick across the Santa Cruz Project, reaching thickest intersections over paleo-valleys controlled by buried extensional structural block configurations and displays a conformable relationship with the underlying Apache Leap Tuff.

The Tertiary Apache Leap Tuff is defined as a single rhyolitic airfall tuff layer. The tuff layer consists primarily of devitrified quartzofeldspathic cryptocrystalline groundmass and displays a conformable relationship with the underlying Whitetail Conglomerate.

The Tertiary Whitetail Conglomerate is temporally and characteristically regarded as the stratigraphically lower and older equivalent of Gila Conglomerate. It consists of alternating valley beds of mostly angular to subangular cobble to boulder conglomerates with periodically interbedded layers of moderately to poorly sorted sand and gravel. It is interpreted to represent a period of higher intensity erosion. The unit collectively averages 100 m to 400 m thick across the Santa Cruz Project. The thickest intersections are found over paleo-valleys controlled by extensional structural block configurations. It displays a conformable relationship with the underlying Basal Conglomerate or Mafic Conglomerate.

Tertiary Mafic Conglomerate consists of tightly compacted monomictic conglomerate composed of angular cobble to boulder sized clasts of andesitic to basaltic composition and is distinguished by the abrupt change in clast composition and coloration. The unit collectively averages 10 to 50 m thickness across the Santa Cruz Project but displays layers at the edges of occurrences as narrow as < 1 m. The unit displays a conformable relationship with the underlying Basal Conglomerate or Whitetail Conglomerate or an unconformable relationship with the underlying Oracle Granite or Laramide Porphyry.

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 52 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Tertiary Basal Conglomerate is characterized as a tightly compacted, monomictic conglomerate consisting of angular cobble to boulder sized clasts of Oracle Granite. The unit is also distinguished by a sharp and significant introduction or increase in total hematitic iron oxidation throughout the rock mass. The unit averages 25 m to 100 m thickness across the Santa Cruz Project, reaching the thickest intersections at the base of paleo-valleys due to slope erosion and sedimentation. The unit displays a conformable relationship with the underlying Mafic Conglomerate or an unconformable relationship with the underlying Oracle Granite.

The Santa Cruz Project lithologies are shown in the simplified stratigraphic column below (Figure 6-4).

![](tm236266d1_ex96-1img011.jpg)

Figure 6-4: Simplified stratigraphic section of Santa Cruz Project (source: IE, 2023).

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|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 53 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**6.3.2 Alteration**

Alteration at the Santa Cruz Project is variable across the property based on host lithology and mineralization type. Hypogene hydrothermal alteration assemblages consist predominantly of quartz, secondary biotite, orthoclase, magnetite, sericite, phengite. Low-temperature broad overprints are present consisting of illite and smectite, lesser kaolinite (which occurs primarily in the Oracle Granite), and late low-temperature chlorite and calcite. Rare subordinate phases such as epidote, albite, and tremolite may also occur. Supergene alteration related to the weathering and oxidation of primary hypogene sulfides. It is also important to note it can be difficult to discriminate from retrograde intermediate-argillic hypogene alteration. Supergene clays occur dominantly in the weathering environment where the breakdown of primary hypogene sulfides results in sulfuric acid and the formation of limonites, alunite, jarosite, and kaolinite-bearing assemblages. Supergene alteration also includes alteration due to heated meteoric groundwater resulting from Miocene igneous activity. This includes late propylitic overprints, smectite clay alteration of mafic to intermediate-composition igneous rocks, smectite alteration along Miocene Basin-and-Range faults, and broad pervasive illite-smectite alteration overprints.

**6.3.3 Structural Geology**

The Santa Cruz Project lies within the Basin and Range Province, within a domain that has experienced some of the greatest degrees of extensional tectonism Figure 6-2. The Santa Cruz Project, including the Southwest Exploration Area, Santa Cruz Deposit, East Ridge Deposit, Texaco Ridge Exploration Area, and Texaco Deposit represents portions of one or more large porphyry copper systems that have been dismembered and displaced during Tertiary extensional faulting. As such, faulting at the Santa Cruz Project is intimately associated with mineralization and the current deposit configuration in several ways. The extensional fault systems are recognised at Santa Cruz with a transport direction towards the south-west of which D1 is the oldest, followed by D2 faulting.

Firstly, major deep-seated NE-SW striking basement structures that run from Colorado to Mexico (i.e., The Jemez Lineament) likely controlled or constrained Laramide age intrusive emplacement and metal endowment during transpressional arc magmatism. These structures have been reactivated multiple times, potentially serving as transfer faults for dextral offset during Basin and Range extension. Secondly, post-mineral faulting is recognized at Santa Cruz Project, and it is evident that at least three different generations of approximately NW-SE striking normal faulting have developed during Basin and Range extension. This has resulted in significant rotation and offset of fault blocks with the earliest generation of D1 faults exhibiting a sub-horizontal configuration. This rotation and offset of faults and fault blocks during Basin and Range extension is well documented in Arizona.

Additionally, it is evident within the Santa Cruz Project that post emplacement faulting has controlled and affected groundwater dynamics and the subsequent mobilization and deposition of copper in supergene enrichment processes. These faults also played a role in shaping the paleotopographic landscape and had a controlling influence on the development and distribution of exotic copper mineralization in paleodrainages that are recognized at the Santa Cruz Project.

6.3.4 Property Mineralization

The Santa Cruz Project is comprised of five separate areas known as the Southwest Exploration Area, Santa Cruz Deposit, East Ridge Deposit, Texaco Ridge Exploration Area, and Texaco Deposit which represent portions of one or more large porphyry copper systems. Each deposit contains porphyry-style hypogene sulfide mineralization and subsequent Tertiary-supergene oxide copper and chalcocite enrichment. Intensity varies by deposit along with speciation, and characteristics depending on spatial and vertical positions and the timing and total amount of overlying post-mineral Tertiary sediment deposition.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 54 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Mineralization at the Santa Cruz Project is generally divided into three main groups:

1. *Primary hypogene sulfide mineralization:* chalcopyrite, pyrite, and molybdenite hosted within
 quartz-sulfide stringers, veinlets, veins, vein breccias, and breccias as well as fine
 to coarse disseminations within vein envelopes associated with hydrothermal porphyry-style
 mineralization. Hypogene mineralization appears to be the most concentrated within the
 Southwest Exploration Area, Texaco Ridge Exploration Area, and Texaco Deposit areas based
 on IE drill holes. Hypogene mineralization at these locations is defined by elevated
 amounts of pyrite and chalcopyrite mineralization compared to the other project areas
 with equal or lesser amounts of molybdenite mineralization.

2. *Secondary supergene sulfide mineralization*: dominantly chalcocite which rims primary hypogene
 sulfides and completely replaces hypogene mineralization. Other sulfides that fall within
 this category include lesser bornite and covellite as well as djurleite and digenite
 which have been identified by historic XRD analyses. Supergene sulfide mineralization
 developed as sub-horizontal domains, known as "chalcocite blankets", within
 the phreatic zone (below the paleo water table). They result from the weathering, oxidation,
 and leaching of sulfides under oxidizing conditions in the vadose zone (above the water
 table) and the transport and re-precipitation of copper sulfides in a more reducing environment
 below the water table. Basin and Range extension dissected and tilted older chalcocite
 blankets to the southeast, younger chalcocite blankets may have formed after the bulk
 of Miocene tilting.

*3.* *Supergene copper oxide mineralization:* Supergene oxide mineralization is dominantly comprised
 of chrysocolla (copper silicate) with lesser dioptase, tenorite, cuprite, copper wad,
 and native copper, and as copper-bearing smectite group clays. This mineralization style
 resides immediately above supergene sulfide mineralization near the paleo water table.
 Superimposed in-situ within the copper oxide zone is atacamite (copper chloride) and
 copper sulfates (e.g., antlerite, chalcanthite). Atacamite accounts for much of the copper
 grades within the oxide zone and requires formation of a brine to precipitate. The timing
 and mechanism for brine formation and atacamite precipitation remains poorly understood.
 One possibility is that atacamite may reconstitute copper from supergene copper oxides.
 As a consequence of this model, atacamite distribution may be controlled by the distribution
 of readily leachable copper oxides and permeability generated by Miocene faulting. Exogenous,
 or "exotic" copper occurrences also occur, including copper-oxide cemented
 gravels, sediments, and conglomerates; copper incorporation into ferricrete and smectite-group
 clays in the volcaniclastic tephra of the mafic conglomerate and in diabase sills; and
 finally, reworked clasts containing copper oxide mineralization.

**6.3.5 Mineralization at the Santa Cruz Deposit** 

***6.3.5.1 Hypogene Mineralization***

Lithologies hosting hypogene mineralization in and around the Santa Cruz Deposit include Precambrian Oracle Granite, Laramide Porphyry, and Precambrian Diabase.

Primary hypogene sulfide mineralization consists of chalcopyrite, pyrite, molybdenite, and minor bornite hosted within quartz-sulfide stringers, veinlets, veins, vein breccias, and breccias as well as fine to coarse disseminations within vein envelopes associated with hydrothermal porphyry-style mineralization. Lateral and vertical continuity of highest hypogene grades locally varies within the deposit due to clustering of Laramide Porphyry dike intrusions.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 55 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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***6.3.5.2 Supergene Mineralization***

Prior to burial by Tertiary sediments, hypogene sulfide mineralization near the paleo ground surface was subjected to multiple cycles of oxidation and enrichment resulting in locally abundant atacamite, chrysocolla, and chalcocite mineralization that form a supergene zone with complex geometries up to 600 m thick in vertical drill holes. Supergene mineralization is generally subdivided into supergene sulfide and copper-oxide mineralization with minor quantities of exotic copper mineralization. Atacamite and associated copper sulfate mineralization occurs dominantly within the copper oxide zone, although the relative timing and mechanism for formation is less well understood. The exotic Cu mineralization is dominantly hosted in the overlying clastic and volcanic rocks at the Santa Cruz Deposit. Supergene mineralization at the Santa Cruz Deposit reflects a mature, long lived supergene system (nearly complete chalcocite replacement of hypogene sulfides) with a well-developed supergene stratigraphy consisting of distinctly zoned mineralization with chrysocolla overlying chrysocolla-atacamite, overlying atacamite, overlying chalcocite. There is also abundant evidence for post rotational development of multiple supergene enrichment horizons that shows two or more distinct supergene sulfide events. During the Tertiary (no later than 15 Ma), the rapid burial of the Santa Cruz Deposit led to the cessation of supergene enrichment processes.

**6.3.6 Mineralization at the Texaco Deposit**

***6.3.6.1 Hypogene Mineralization***

Hypogene mineralization at the Texaco Deposit has been intersected with over a dozen widely spaced drill holes, historical and modern. However, the hypogene system has not been systematically tested and remains open in several directions. Hypogene mineral assemblages consist of chalcopyrite, pyrite, and molybdenite hosted within sulfide and quartz-sulfide veins, veinlets, vein breccias, and breccias, as well as fine to coarse disseminations within vein envelopes (dominantly replacing mafic minerals biotite and hornblende). Chalcopyrite and pyrite mineralization also occur locally as chemical cements in breccias similar to those found in the Southwest Exploration Area that occur with quartz and gypsum minerals. Hypogene mineralization is related to Laramide-aged quartz-biotite-feldspar granodiorite and latite porphyry dikes. At the Texaco Deposit these sulfide minerals are interpreted to exhibit a distinct zoning pattern with a core zone of chalcopyrite-molybdenite, a chalcopyrite zone, and a pyrite zone. The core and chalcopyrite zone host rocks are altered by biotite-orthoclase-sericite and represent a potassic core transitionally overprinted by retrograde phyllic-style veins and alteration. Host rocks in the outer chalcopyrite zone and pyrite zone are altered by quartz-sericite (Kreis, 1978).

***6.3.6.2 Supergene Mineralization***

Drilling by ASARCO at Texaco Deposit delineated supergene copper mineralization that remains open in several directions. The supergene mineralization at the Texaco Deposit consists of a similar geochemical stratigraphy to that observed at the Santa Cruz Deposit. Supergene mineralization contains a well-developed leached cap with abundant limonite consisting of hematite over goethite and minor jarosite. The limonite leached cap zone overlies a chalcocite enrichment blanket of variable thickness. However, supergene mineralization at the Texaco Deposit contains much less copper-oxide and copper-chloride mineralization compared to the Santa Cruz Deposit. Brochantite (copper sulfate) was also noted as the dominant copper-bearing phase in historic hole SC-23, where it is overprinting chalcocite (Kreis, 1978). Chalcocite mineralization was historically interpreted by previous operators as having been developed in an originally thick sub-horizontal blanket and subsequently thinned due to faulting and extension.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 56 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**6.3.7 Mineralization at the Texaco Ridge Exploration Area**

Recent drilling of the Texaco Ridge Exploration Area has identified some of the highest quartz-sulfide vein densities within the various deposits which may reflect proximity to one of the main hypogene hydrothermal centers. Hypogene mineralization includes quartz vein-hosted and disseminated chalcopyrite, pyrite, and molybdenite. Hypogene mineralization is associated with Laramide-aged biotite granodiorite porphyries, biotite latite porphyries, and rare amphibole-biotite latite porphyry dikes.

As with the Santa Cruz and East Ridge Deposits, the Texaco Ridge Exploration Area contains a laterally extensive Mafic Conglomerate sequence within the Basal Conglomerates. Classic supergene chalcocite, chrysocolla, and atacamite are absent from the Texaco Ridge Exploration Area either due to erosion or poor development well below the paleo water table. Exogeneous copper mineralization, however, occurs as narrow bands of copper-bearing vermiculite and smectite-group clays within finely laminated lacustrine sediments above the Mafic Conglomerate and at the upper contact of the Mafic Conglomerate. Calcite and siderite occur commonly throughout the Mafic Conglomerate. The interior and basal sections of the Mafic Conglomerate are relatively unaltered or weakly altered by low-temperature weathering clays. Below the bedrock contact, the only noteworthy supergene mineralization identified is chalcocite rimming and partial replacement of primary hypogene chalcopyrite. The relatively thick sequence of Mafic Conglomerates in this exploration area may have acted as a significant reductant diminishing the weathering of hypogene sulfides and/or the supergene enrichment may have been eroded away by denudation prior to the deposition of the Mafic Conglomerate locally. It is important to note that supergene enrichment does occur within the Texaco Deposit, located immediately east of the Texaco Ridge Exploration Area, at lower elevations of the paleotopography. If supergene enrichment of the Texaco Ridge Exploration Area was eroded, then there is still potential for supergene enrichment to exist laterally or at lower elevations to the east within the same structural block.

**6.3.8 Mineralization at the East Ridge Deposit**

***6.3.8.1 Hypogene Mineralization***

Hypogene mineralization in the East Ridge Deposit is correlative and displaced from the Santa Cruz Deposit. Hypogene mineralization includes broad zones of low to moderate-density quartz-sulfide veins consisting of pyrite, chalcopyrite, molybdenite, and rare bornite mineralization. Lithologies hosting hypogene mineralization in and around the East Ridge Deposit include Precambrian Oracle Granite, Laramide Porphyry, and Precambrian Diabase.

***6.3.8.2 Supergene Mineralization***

Supergene mineralization in the East Ridge Deposit is also correlative and partially displaced from the Santa Cruz Deposit. Supergene sulfides are present as thin, stacked intervals displaced from those in the Santa Cruz Deposit by D2 faulting. Chrysocolla and atacamite mineralization is more broadly distributed, especially near the fault-controlled paleo-valley formed between the Santa Cruz Deposit and the East Ridge Deposit. Supergene mineralization tends to thin to the east and south within the East Ridge Deposit.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 57 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**6.3.9 Mineralization at the Southwest Exploration Area**

**6.3.9.1 Hypogene Mineralization**

Hypogene mineralization within the Southwest Exploration Area is characterized by a single drill intercept that encountered bedrock at approximately 1000 m depth. The hypogene sulfides include pyrite and chalcopyrite that occur dominantly as a chemical cement within a magmatic-hydrothermal breccia. The breccia may resemble collapse breccias observed as late-stage features in many porphyry copper deposits. The breccia clasts are dominated by a Laramide-aged porphyritic diorite with lesser Oracle Granite and Laramide-age aplite, each with sparse quartz-sulfide veining; the clasts have been moderately to intensely potassically altered. Gangue minerals within the breccia cement include quartz, gypsum, and locally, anhydrite.

***6.3.9.2 Supergene Mineralization***

Supergene mineralization has not been encountered in the Southwest Exploration Area with diamond drilling. The bedrock contact was a faulted contact, and thus any supergene mineralization was displaced. Supergene mineralization may occur higher within the structural block.

**6.4 Deposit Types**

The Santa Cruz Project consists of a series of porphyry copper systems exhibiting typical features of porphyry copper deposits. Porphyry copper deposits form in areas of shallow magmatism within subduction-related tectonic environments (Sillitoe, 2010). The Santa Cruz Project has typical characteristics of a porphyry copper deposit defined by Berger et al. (2008) as follows (Figure 6-5):

&nbsp;&nbsp;&nbsp;&nbsp;• Copper-bearing
 sulfides are localized in a network of fracture-controlled stockwork veinlets and as
 disseminated grains in the adjacent altered rock matrix.

&nbsp;&nbsp;&nbsp;&nbsp;• Alteration
 and mineralization at 1 km to 4 km depth are genetically related to magma reservoirs
 emplaced into the shallow crust (6 km to over 8 km), predominantly intermediate
 to silicic in composition, in magmatic arcs above subduction zones.

&nbsp;&nbsp;&nbsp;&nbsp;• Intrusive
 rock complexes associated with porphyry Cu mineralization and alteration are predominantly
 in the form of upright-vertical cylindrical stocks and/or complexes of dykes.

&nbsp;&nbsp;&nbsp;&nbsp;• Zones
 of phyllic-argillic and marginal propylitic alteration overlap or surround a potassic
 alteration assemblage.

&nbsp;&nbsp;&nbsp;&nbsp;• Cu
 may also be introduced during overprinting phyllic-argillic alteration events.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 58 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img012.jpg)

Figure 6-5: Simplified alteration and mineralization zonation model of a porphyry Cu deposit, after Lowell and Guilbert, 1970.

Hypogene (or primary) mineralization occurs as disseminations and in stockworks of veins, in hydrothermally altered, shallow intrusive complexes and their adjacent country rocks (Berger, Ayuso, Wynn, & Seal, 2008). Sulfides of the hypogene zone are dominantly chalcopyrite and pyrite, with minor bornite. The hydrothermal alteration zones and vein paragenesis of porphyry copper deposits is well known and provide an excellent tool for advancing exploration. Schematic cross sections of typical alteration zonations and associated minerals are presented in Figure 6-6.

Supergene enrichment processes are a common feature of many porphyry copper systems located in certain physiogeographical regions (semi-arid). It can result in upgrading of low-grade porphyry copper sulfide mineralization into economically significant accumulations of supergene copper species (copper oxides, halides, carbonates, etc.). This is particularly important in the southwestern United States. Supergene enrichment occurs when a porphyry system is uplifted to shallow depths and is exposed to surface oxidation processes. This leads to the copper being leached from the hypogene mineralization during weathering of primarily pyrite, which generates significant sulfuric acid in oxidizing conditions, and redeposits the copper below the water table as supergene copper sulfides such as chalcocite and covellite. Figure 6-6 illustrates a schematic section through a secondary enriched porphyry copper deposit, identifying the main mineral zones formed as an overprint from weathering of the hypogene system.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 59 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img013.jpg)

Figure 6-6: Schematic representation of an exotic Cu deposit and its relative position to an exposed porphyry Cu system (Fernandez-Mote et al., 2018; modified after Münchmeyer 1996; Sillitoe 2005).

The Santa Cruz Project has a history of oxidation and leaching that resulted in the formation of enriched chalcocite horizons, and later stages of oxidation and leaching, which modified the supergene Cu mineralization by oxidizing portions of it in place and mobilizing some of the chalcocite to a greater depth (Figure 6-7). This process is associated with descending water tables and or erosion and uplift of the system, or changes in climate, or hydrogeological systematics.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 60 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img014.jpg)

Figure 6-7: Typical Cu porphyry cross-section displaying hypogene and supergene mineralization processes and associated minerals (modified from Asmus, B., 2013)

These processes are also known to be associated with the generation of exotic copper deposits. Exotic copper mineralization is a complex hydrochemical process linking supergene enrichment, lateral copper transport, and precipitation of copper-oxide minerals in the drainage network of a porphyry copper deposit (Mote et al., 2001).

**6.5 Nordmin QP Opinion**

The Nordmin QP is of the opinion that the structure, geology, and mineralization of the Santa Cruz Project is well understood and has been derived from the interpretation of drilling and the work of several authors over multiple decades.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 61 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**7 EXPLORATION**

**7.1 IE Geophysical Exploration**

IE has completed several geophysical exploration surveys over the Santa Cruz Project area including ground gravity, ground magnetics, seismic, and proprietary Typhoon™ 3D PPD IP.

**7.1.1 Ground Gravity Survey**

Phase 1 of the Santa Cruz ground gravity survey was completed in January 2022. 615 stations were collected within the property boundaries. Phase 2 of the survey was done in August 2022 with 307 more gravity stations collected (Figure 7-1).

Topographic surveying was performed simultaneously with gravity data acquisition. The gravity stations were surveyed in WGS84 UTM Zone 12 North coordinates in meters. The GEOID18 geoid model was used to calculate North American Vertical Datum of 1988 (NAVD88) elevations from ellipsoid heights. The coordinate system parameters used on this survey are summarized in Table 7-1.

**Table 7-1: Ground gravity topographic survey coordinate system parameters.**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Coordinate System Parameters** | &nbsp;&nbsp;**Coordinate System Parameters** |
| &nbsp;&nbsp;**Datum Name** | &nbsp;&nbsp;**WGS84** |
| &nbsp;&nbsp;Ellipsoid | &nbsp;&nbsp;World Geodetic System 1984 |
| &nbsp;&nbsp;Semi-Major Axis | &nbsp;&nbsp;6378137.000 m |
| &nbsp;&nbsp;Inverse Flattening | &nbsp;&nbsp;298.257223563 |
| &nbsp;&nbsp;Transformation |  |
| &nbsp;&nbsp;Projection Type | &nbsp;&nbsp;Universal Transverse Mercator |
| &nbsp;&nbsp;Zone | &nbsp;&nbsp;UTM 12 North |
| &nbsp;&nbsp;Origin Latitude | &nbsp;&nbsp;00º 00' 00.00000'' N |
| &nbsp;&nbsp;Central Meridian | &nbsp;&nbsp;111º 00' 00.00000'' W |
| &nbsp;&nbsp;Scale Factor | &nbsp;&nbsp;0.9996 |
| &nbsp;&nbsp;False Northing | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;False Easting | &nbsp;&nbsp;500000 m |
| &nbsp;&nbsp;Geoid Model | &nbsp;&nbsp;GEOID18 (CONUS) |

---

Relative gravity measurements were made with Scintrex CG-5 Autograv gravity meters. Topographic surveying was performed with Trimble Real-Time Kinematic (RTK) and Fast-Static (FS) GPS. The gravity survey is tied to a gravity base established in January 2022 and was designated "CASA". The CASA base is tied to the U.S. Department of Defense gravity base in Florence, AZ; designated "FLORENCE" (DoD reference number 3213-1). The integer value 9999 was used in the CG-5 gravity meters as the identifier for CASA and 8888 was used for FLORENCE. The coordinates in WGS84/NAVD88 on these bases is in Table 7-2.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 62 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 7-2: Ground gravity base information**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Base ID** | &nbsp;&nbsp;**CG5 ID** | &nbsp;&nbsp;**Absolute Gravity** | &nbsp;&nbsp;**Latitude** | &nbsp;&nbsp;**Longitude** | &nbsp;&nbsp;**Elevation (m)** |
| &nbsp;&nbsp;FLORENCE | &nbsp;&nbsp;8888 | &nbsp;&nbsp;979 393.50 mGal | &nbsp;&nbsp;33.03114 | &nbsp;&nbsp;-111.37930 | &nbsp;&nbsp;459.3 |
| &nbsp;&nbsp;CASA | &nbsp;&nbsp;9999 | &nbsp;&nbsp;979 393.522 mGal | &nbsp;&nbsp;32.87787 | &nbsp;&nbsp;-111.70788 | &nbsp;&nbsp;399.59 |

---

Gravity data processing was performed with the *Gravity and Terrain Correction* module of Seequent's Oasis montaj (Version 2021.2 [20211201.32]) The raw ASCII text files were edited to remove unwanted records prior to data processing in Oasis montaj. Editing consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;1. Removal
 of incomplete integration records (i.e. <90 sec)

&nbsp;&nbsp;&nbsp;&nbsp;2. Removal
 of assumed additional low frequency noise likely associated with elastic relaxation,
 instabilities in the sensor and/or high tilt susceptibility introduced during transport
 between stations.

Local slope measurements were also entered into the *Line* column of the ASCII text file during this stage. A residual drift correction was then applied to produce observed gravity. Gravity data were then processed to Complete Bouguer Anomaly (CBA) over a range of densities from 2.00 g/cc through 3.00 g/cc at steps of 0.05 g/cc using standard procedures and formulas.

![](tm236266d1_ex96-1img015.jpg)

Figure 7-1: Gravity survey stations (left), and complete gravity survey results(right).

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 63 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**7.1.2 Ground Magnetics Survey**

A 243 line-kilometer (line-km) ground magnet survey was carried out between January 22-27, 2022. Data was collected on lines spaced 50 m apart with an orientation of 33 degrees from true north. Results and lines used can be seen in Figure 7-2. The survey was completed by Magee Geophysical services of Reno, Nevada, using geometrics G858 Cesium vapor magnetometers for both base station and rover data collection. G858 magnetometers can sample the earth's magnetic field at a 10Hz frequency. GPS data is collected synchronously during data acquisition at a rate of 1Hz and is embedded in the data for accurate positioning of the transects. Data from the rover and base were downloaded daily and diurnal variations were corrected for in Geometric's own MagMap software. Final data processing was completed in Seequent's Oasis montaj software. Artifacts from cultural noise were removed and a narrow non-linear filter was used to smooth very short wavelength near surface features.

![](tm236266d1_ex96-1img016.jpg)

Figure 7-2: Ground magnetics survey lines (left), and ground TMI RTP ground magnetics results (right).

**7.1.3 Typhoon™ Survey**

The Santa Cruz Project Typhoon™ 3D PPD IP survey was conducted by IE using the Typhoon™ 2 high power geophysical system. Acquisition of 50 line-km of 3D PPD time domain IP data was completed over an area of 27 km<sup>2</sup> from May to July 2022 (Figure 7-3).

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 64 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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The survey was designed as a 3D PPD array with 32 East-West receiver lines spaced 200 m apart with electrodes spaced at 100 m intervals along the lines. Current injections were performed at 136 transmitter pits spaced 500 m apart East-West and 400 m apart North-South (Figure 7-3). The remote electrode was installed approximately 4 km south of the center of the grid for the first half of the survey and then moved to a pit at the Northwest corner of the survey for receiver lines south of Clayton Road.

![](tm236266d1_ex96-1img017.jpg)

Figure 7-3: Layout of the Santa Cruz 3D IP survey. Green dots are receiver electrodes and red dots are transmitter points.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 65 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 7-3: Santa Cruz Typhoon™ 3D PPD IP survey specifications.**

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| | |
|:---|:---|
| &nbsp;&nbsp;Survey type | &nbsp;&nbsp;Time domain 3D IP |
| &nbsp;&nbsp;Survey design | &nbsp;&nbsp;Pole-dipole IP 200m receiver line spacing; 100m electrode spacing |
| &nbsp;&nbsp;Survey area | &nbsp;&nbsp;27 km<sup>2</sup> |
| &nbsp;&nbsp;Transmitter | &nbsp;&nbsp;Typhoon™ 2 |
| &nbsp;&nbsp;Planned number of Tx poles | &nbsp;&nbsp;154 |
| &nbsp;&nbsp;Transmit frequencies | &nbsp;&nbsp;1/12 Hz (= 0.0833 Hz) |
| &nbsp;&nbsp;Injected current | &nbsp;&nbsp;8-26 Amps |
| &nbsp;&nbsp;Receiver sampling rate | &nbsp;&nbsp;150 Hz |
| &nbsp;&nbsp;Recording time | &nbsp;&nbsp;12 minutes |
| &nbsp;&nbsp;Number of cycles for stacking | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;Receiver Type | &nbsp;&nbsp;DIAS 32 |
| &nbsp;&nbsp;Number of receiver dipoles | &nbsp;&nbsp;5,000-7,000 unique dipoles per injection, 1011000 total dipole recordings |
| &nbsp;&nbsp;Line km | &nbsp;&nbsp;128.6 line-km of receivers |
| &nbsp;&nbsp;Receiver dipole lengths | &nbsp;&nbsp;100 m to 1,000 m |
| &nbsp;&nbsp;Receiver electrode station spacing | &nbsp;&nbsp;Grid: 200 m north-south, 100 m east-west |
| &nbsp;&nbsp;Recovered frequency range | &nbsp;&nbsp;0.0833 Hz |
| &nbsp;&nbsp;IP integration window | &nbsp;&nbsp;450 -2,940 ms |
| &nbsp;&nbsp;IP conversion factor | &nbsp;&nbsp;None applied |
| &nbsp;&nbsp;Sensor | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;GPS datum | &nbsp;&nbsp;WGS84 |
| &nbsp;&nbsp;GPS projection | &nbsp;&nbsp;UTM Zone 12N |
| &nbsp;&nbsp;GPS heights | &nbsp;&nbsp;WGS84 |

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**7.1.4 2D Seismic Refraction Tomography**

Two-dimensional (2D) surface seismic refraction tomography surveys were conducted at the Santa Cruz Project. The purpose of the survey was to determine bedrock depth and topography. Surface seismic data were acquired along four lines by Bird Seismic Services, Inc., Globe, Arizona, in a manner suitable for 2D tomographic analyses using a Seistronix EX-6 seismograph, configured with sufficient channels to extend the entire length of each line, in 32-bit floating-point format data, 2 second record length and 0.5 ms sample rate. Geospace SM24 geophones (one per takeout) with 10-Hz natural frequencies were placed at intervals of 12.2 meters along each line and source points were located between geophones at intervals of 36.6 meters. A United Service Alliance AF-450 nitrogen gas accelerated weight-drop seismic source with a 450 lb weight was used. For this project, the seismic data were stacked nominally five to ten times at each source point to increase the signal-to-noise ratio. Stacking, or signal enhancement, involved repeated source impacts at the same point into the same set of geophones.

The seismic tomography data for this project were processed using the Rayfract (version 3.36) computer software program developed by Intelligent Resources Inc. of Vancouver, BC, Canada. The models produced by the Rayfract tomography program use multiple signal propagation paths (e.g., refraction, reflection, transmission, and diffusion) that comprise a first break.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 66 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img018.jpg)

Figure 7-4: Refraction seismic tomography survey results.

**7.1.5 Historical Geophysical Exploration**

IE has historical documents that detail historical geophysical exploration efforts and results over the Santa Cruz – Sacaton system (Table 7-4). To date, none of the original data has been located, but historic interpretations, and results remain valuable.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report Summary | Page 67 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 7-4: Summary of Historical Exploration on the Santa Cruz Project and Surrounding Area.**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Activities** | &nbsp;&nbsp;**Company(s)** | &nbsp;&nbsp;**Prospect/**<br> **Deposit** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;1961 | &nbsp;&nbsp;Prospecting and discovery | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Sacaton | &nbsp;&nbsp;ASARCO geologists Kinnison and Blucher identify *Sacaton Discovery Outcrop,* consisting of weak Cu-oxide mineralization on what will eventually be the margin of the Sacaton pit. | &nbsp;&nbsp;Based on Asarco's recognition that porphyry Cu deposits often have little or no associated Cu staining and on information from surrounding porphyry Cu deposits, Asarco's geologists were looking for other prospects in the area by driving and walking around. There was a faint trace of Cu-stain but not enough to have attracted previous exploration or prospecting. The outcrop was granite with a thin dyke of porphyry – both altered to quartz-sericite-clay with weak but pervasive jarosite-goethite and a few specks of hematite after chalcocite, particularly in the dyke. The outcrop was expected to have originally contained about 2% sulfides as pyrite/chalcocite/chalcopyrite. |
| &nbsp;&nbsp;1961 | &nbsp;&nbsp;Geophysical Surveying | &nbsp;&nbsp;ASARCO | &nbsp;&nbsp;Sacaton | &nbsp;&nbsp;ASARCO Geophysical Dept. report. | &nbsp;&nbsp;Geophysical survey results were used to improve the interpretations of bedrock depth in the Sacaton area. |
| &nbsp;&nbsp;1967 | &nbsp;&nbsp;Ground IP geophysics | &nbsp;&nbsp;ASARCO |  | &nbsp;&nbsp;1967 Internal report indicates eight holes were drilled over a large 13.2 mv/v IP anomaly around 15 miles SW of Sacaton. | &nbsp;&nbsp;None of the drill holes intersected primary sulfides, and the chargeability response was interpreted to have been caused by water-saturated clays in the overlying conglomerate. |
| &nbsp;&nbsp;1988-1991 | &nbsp;&nbsp;Borehole Geophysics | &nbsp;&nbsp;SCJV<br>| &nbsp;&nbsp;Santa Cruz | &nbsp;&nbsp;Downhole geophysical data was collected during the in situ leach test program. | &nbsp;&nbsp;During the SCJV In Situ leach tests (approximately 1988-1991), an undisclosed number of holes were subjected to downhole/borehole geophysical surveying that implemented the collection of caliper, density, resistivity, gamma-ray spectrometer, neutron activation spectrometry, dipmeter, sonic waveform, IP, and magnetic susceptibility data collection methods. |
| &nbsp;&nbsp;1988 | &nbsp;&nbsp;In situ Cu Mining Research Project | &nbsp;&nbsp;USBR, SCJV (ASARCO Santa Cruz Inc., and Freeport McMoRan Copper & Gold Inc.) | &nbsp;&nbsp;Santa Cruz | &nbsp;&nbsp;Santa Cruz selected over other deposits for research site; Field testing begins. | &nbsp;&nbsp;The Santa Cruz Deposit was 1,250 ft to 3,200 ft below the surface and contains 1.0 billion tons of potentially leachable grading 0.55% total Cu. The joint venture owns 7,000 surface acres, with the Cu mineralization under approximately 250 acres. |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 68 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Historical ASARCO documents detail multiple IP surveys over the Sacaton and Santa Cruz Deposits, as well as the historic Santa Rosa Prospect. Historic IP survey reports indicate that extraneous responses in IP surveys at Sacaton and Santa Cruz resulted from groundwater present in the valley fill conglomerates (i.e., W.G. Farley "ASARCO, 1967, Induced Polarization Pinal County" report documents IP response correlating with the water table at Santa Cruz and Sacaton, within the overlying gravels, and well above the basement contact). In 1991, the ASARCO-Hanna-Getty-Bureau of Mines joint venture contracted Zonge Geophysical to implement Controlled Source Audio-frequency Magnetotelluric (CSAMT) tests evaluating the potential to use the application to non-invasively monitor in situ leachate plume activity during in situ leach tests. Results from phase one and two testing from May 1990 through June 1991 were considered promising for tracking leachate detectability with salt doping/tracing. Historic airborne and ground magnetic interpretations are also available, though of lesser value than modern magnetic datasets (Figure 7-5).

![](tm236266d1_ex96-1img019.jpg)

Figure 7-5: ASARCO map illustrating interpreted ground and aeromagnetic data detailed in historic report "Recommended Drilling Santa Cruz Project," M.A.970 Pinal County, Arizona, August 21, 1964, by W.E. Saegart

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 69 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**7.2 Historical Data Compilation**

IE has obtained geological information in the form of historical maps, sections, drill reports, drill logs, and assay result reports. As a significant component of the exploration program, the historical drill logs were interpreted and used to create a 3D (Leapfrog Geo™) geologic model of the Santa Cruz Project. Three-dimensional geological interpretations were derived from historical drill logs and 2D sections containing geologic interpretations. The drill core data was compiled by IE geologists.

The historical drilling within the Project area can be separated into several series: CG (Hanna-Getty), SC (ASARCO), and T and HC drilling (related to the In Situ program described in Section 5.3.2). A plan view map of collar locations is in Figure 7-6 and a summary is provided in Table 7-5.

![](tm236266d1_ex96-1img020.jpg)

Figure 7-6: Plan map of historical drill hole collars.

The CG series drilling comprised 122 drill holes (CG-001 to CG-122) with 102,563 m drilled. Twenty-nine original drill cross-sections from 1978 to 1980 covering 92 holes were digitized. Information collected included elevation, total and rotary depths, basic lithology, assays from the three most predominant Cu minerals (total Cu, acid soluble Cu, and molybdenum), and survey depth. The archived data was originally recorded using a series of numerical codes documented in the "*Casa Grande Copper Company Ore Reserves Study*" for the Hanna Mining Company (Watts Griffis McOuat, 1982).

The SC series drilling, by ASARCO, comprised 80 drill holes (SC-001 to SC-078) with 62,754 m drilled. The archived data was originally logged using a series of numerical codes documented in the Casa Grande Copper Company Ore Reserves Study for the Hanna Mining Company (Watts Griffis McOuat, 1982).

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 70 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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The T and HC drilling were related to the In Situ testing in the 1990's described in Section 5.3.2. The T series drilling comprised five holes (T-1 to T-5) with 2,295 m drilled. The HC series drillings comprised five holes (HC-1 to HC-5) with 3,622 m drilled.

**Table 7-5: Summary of Available Data by Region**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dataset Region** | **Dataset Region** | **Dataset Region** | **Dataset Region** | |
|  | **CG** | **SC** | **HC** | **T** | <br>**Total** |
| Total number of holes | 121 | 80 | 5 | 5 | 211 |
| Total meters drilled | 102563 | 62754 | 3622 | 2295 | 165317 |
| % Collar Survey (holes) | 100 | 100 | 0 | 0 | 100 |
| % Downhole Survey (m drilled) | 62.1 | 65.9 |  |  | 63.4 |
| % Assay (m drilled) | 96.5 | 34.4 |  |  | 73.0 |

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---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 71 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**7.3 Drilling**

**7.3.1 Historical Drilling – Santa Cruz and East Ridge Deposits**

Santa Cruz Deposit diamond drilling consists of 108,301 m of core from 126 NQ drill holes completed between 1965 to 1996. Historically, these two deposits were undifferentiated, thus drilling totals are cumulative for both deposits. The historic diamond drill core is currently unavailable for review. Table 7-6 provides a summary of the drill campaigns by year and operator.

**Table 7-6: Drilling History Within the Santa Cruz Deposit and East Ridge Deposit area**

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| | | |
|:---|:---|:---|
| **Year** | **Operator** | **Total Meters** |
| Unknown | Casa Grande Copper Company, Hanna-Getty Mining | 9083 |
| Unknown | ASARCO/Freeport McMoRan Gold Co. JV | 744 |
| 1965 | ASARCO/Freeport McMoRan Gold Co. JV | 2698 |
| 1974 | ASARCO/Freeport McMoRan Gold Co. JV | 2068 |
| 1975 | Casa Grande Copper Company, Hanna-Getty Mining | 2348 |
| 1975 | ASARCO/Freeport McMoRan Gold Co. JV | 682 |
| 1976 | Casa Grande Copper Company, Hanna-Getty Mining | 16633 |
| 1976 | ASARCO/Freeport McMoRan Gold Co. JV | 513 |
| 1977 | Casa Grande Copper Company, Hanna-Getty Mining | 28147 |
| 1977 | ASARCO/Freeport McMoRan Gold Co. JV | 9184 |
| 1978 | Casa Grande Copper Company, Hanna-Getty Mining | 22301 |
| 1979 | ASARCO/Freeport McMoRan Gold Co. JV | 2468 |
| 1980 | ASARCO/Freeport McMoRan Gold Co. JV | 5516 |
| 1989 | In Situ Testing | 2630 |
| 1996 | In Situ Testing | 3286 |

---

During the initial site assessment, it was determined that historical collar coordinates had variable errors. A program was conducted to check the collar locations of a selection from the drill hole database using a professionally licensed surveying company, D2 land surveying. Based on the transformation for these spot-checked drill holes, nearby hole collar locations were adjusted. All historical drilling is conducted with a vertical dip. For the Santa Cruz Deposit, the drilling has been completed along 100 m spaced section lines with drill holes spaced 90-100 m apart on each section line.

Holes are reverse circulation (RC) drilled through Tertiary sediments until the approximate depth of the Oracle Granite is reached by Major Drilling. Drilling is then switched to diamond drilling through the crystalline basement rocks, and again drilling is executed by Major Drilling.

**7.3.2 Historic Drilling – Texaco Deposit**

The historic Texaco Deposit diamond drilling consists of 23,848 m of core from 27 diamond NQ drill holes completed between 1975 to 1997. The drill holes in this deposit area consist of the SC drill hole series. The historic diamond drill core is currently unavailable for review. Table 7-7 provides a summary of the drill campaigns by year and operator.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 72 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 7-7: Drilling History Within the Texaco Deposit**

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| | | |
|:---|:---|:---|
| **Year** | **Operator** | **Total Meters** |
| 1975 | ASARCO and Freeport McMoRan Gold JV | 1719 |
| 1976 | ASARCO and Freeport McMoRan Gold JV | 5207 |
| 1977 | Casa Grande Copper Co., Hanna-Getty Mining | 2883 |
| 1977 | ASARCO and Freeport McMoRan Gold JV | 5906 |
| 1996 | ASARCO and Freeport McMoRan Gold JV | 5086 |
| 1997 | ASARCO and Freeport McMoRan Gold JV | 3043 |

---

During the initial site assessment, it was determined that historical collar coordinates had variable errors. A program was conducted to check the collar locations of a selection from the drill hole database using a professionally licensed surveying company, D2 land surveying. Based on the transformation for these spot-checked drill holes, nearby hole collar locations were adjusted. All historical drilling is conducted with a vertical dip. For the Texaco Deposit, historical drilling has been completed along 100 m to 200 m spaced section lines with drill holes spaced 200 m apart on each section line. The average drill section and spacing in the Texaco Deposit is approximately 200 m and varies between approximately 90 m and 250 m.

**7.3.3 2021 Twin Hole Drilling – IE**

The company completed five diamond drill holes totaling 4,739 m within the Santa Cruz Deposit at the time of this Technical Report (Table 7-8). The five diamond drill holes were twins of the historical drill holes. All drilling was a mix of rotary and diamond drilling where the first 300 m to 500 m of drilling was rotary to get past the barren tertiary sediments. All samples from within the interpreted mineralized zone were assayed for total Cu (%), acid soluble Cu (%), cyanide soluble Cu (%), and molybdenum (ppm). The collar locations, downhole surveys, logging (lithology, alteration, and mineralization), sampling and assaying between the two sets of drill holes were used to determine if the historical holes had valid information and would not be introducing a bias within the geological model or Mineral Resource Estimate. The comparison included a QA/QC analysis of the historical drill holes (Section 9.2). Plans for infill drilling and drilling of angled holes have been made to test the continuity of mineralization and gain more information.

**Table 7-8: IE 2021 Twin Hole Drilling on the Santa Cruz Deposit**

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| | |
|:---|:---|
| **Year** | **Total Meters** |
| 2021 IE | 4739 |

---

A total of five historical holes were reviewed with the following outcomes (Figure 7-7):

&nbsp;&nbsp;&nbsp;&nbsp;• All
 five historical hole assays aligned with the 2021 diamond drilling assays.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 2021 diamond drilling assays were of higher resolution due to smaller sample sizes.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 recent drilling validated the ASARCO cyanide soluble assays.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 73 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img021.jpg)

Figure 7-7: Plan map of the twinned drill holes and historical drill hole collars.

**7.3.4 2021-2022 Drilling Program – IE**

***7.3.4.1 Core Logging***

Initially, IE Geologists enter information into several tabs within MX Deposit™ while logging, including lithology, alteration, veining, structural zone, structure point, and mineralization. Optional characterizers, including color and grain size, are available for further identification.

The current database has five major rock types, including 47 major lithologies in line with historically logged lithologies, 21 lithological textures, 17 alteration types, and 15 lithological structures. There are 28 unique economic minerals recorded in the current database, including chalcocite, chrysocolla, chalcopyrite, cuprite, molybdenum, and atacamite. X-ray fluorescence (XRF) measurements are taken by IE wherever mineralization of interest is present for internal use.

***7.3.4.2 Surveying***

During 2021-2022 drilling, downhole surveying was conducted using an EZ Gyro single shot taken from the collar and every 30 m afterwards as the tool is being pulled from the hole.

After hole completion, all drill holes were surveyed using borehole geophysics and video through Southwest Exploration Service, LLC. Each borehole was surveyed for 4RX Sonic-Gamma (sampled every 0.06 m), Acoustic Televiewer (sampled every 0.003 m), E-Logs-Gamma (sampled every 0.06 m), and a Gamma Caliper test for fluid temperature conduction (sampled every 0.06 m). This downhole surveying allowed for the calibration of drill hole information post-drilling to ensure that surveying was correct and lithological and mineralogical contacts were logged properly. The downhole surveying has collected very accurate structural measurements.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 74 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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***7.3.4.3 Specific Gravity***

At both the Santa Cruz and Texaco Deposits, no specific gravity (SG) measurements were taken from historical diamond drill core. The 2021 diamond drilling was aimed at twinning CG historical drilling to confirm the historical logging and assays. The 2022 diamond drilling program was aimed at expanding and defining the mineral resource. IE collected 2,639 SG measurements over 74 diamond drill holes across the Santa Cruz Project (Table 7-9). SG measurements are taken every 3 m or at each new lithology to ensure a well-established database of measurements for each rock type. Measurements are taken using a water dispersion method. The samples are weighed in air, and then the uncoated sample is placed in a basket suspended in water and weighed again.

**Table 7-9: Santa Cruz Project SG Measurements**

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| | |
|:---|:---|
| **Lithology** | **Average SG** |
| Alluvium | 1.88 |
| Whitetail Conglomerate | 2.28 |
| Apache Leap Tuff | 2.25 |
| Gila Conglomerate | 2.29 |
| Mafic Conglomerate | 2.37 |
| Basal Conglomerate | 2.43 |
| Diabase | 2.61 |
| Laramide Porphyry | 2.56 |
| Oracle Granite | 2.52 |
| Pinal Schist | 2.65 |
| Unspecified | 2.36 |

---

Due to the overall low SG values, multiple styles of SG measurement were tested, all of which indicated that these values are correct. The low SG values are interpreted to be due to the high porosity from leaching, faulting, and brecciation throughout the mineralized rock.

***7.3.4.4 2021-2022 Drilling Program Summary***

Drilling performed by Ivanhoe Electric over the 2021-2022 calendar years included 6005.18 m from 6 completed drill holes in 2021 and 60,116.54 m from 106 completed drill holes completed in 2022. Drilling during the 2021-2022 drilling campaigns was focused on multiple areas at the Santa Cruz Project including the Southwest Exploration Area, Santa Cruz Deposit, East Ridge Deposit, Texaco Ridge Exploration Area, and Texaco Deposit. Much of the drilling was focused on mineral resource definition within the Santa Cruz Deposit with secondary exploration drilling in the other Project Areas.

Drilling was performed using a variety of drilling equipment and methodologies including reverse circulation, diamond coring, tricone rotary, and shallow sonic boring. Drilling methodology varied across the Santa Cruz Project depending on objective and target depth. The majority of drilling was standard PQ diamond coring from surface to maximize the amount of core sample recovered for use in multiple sampling and testing programs. Non-resource related drilling, particularly focused outside the Santa Cruz Deposit itself was performed using tricone rotary surface as pre-collar parent holes for subsequent HQ size coring at target depths. Tricone rotary with HQ tails was utilized when targets did not require large-diameter coring from surface, allowing for this more cost-efficient technique.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 75 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Reverse circulation and sonic drilling were also used in 2022 for rapid characterization of: bedrock interface underneath sedimentary cover, soil and clay, and overburden sediments and conglomerate units, respectively.

Abandonment procedures for all drilling performed during the 2021 and 2022 campaigns were designed and held to meet or exceed State mandated requirements. The majority of drilling reaching or exceeding depths over 100 m utilized borehole abandonment of State approved methods involving: abandonite to approximately 20 m below the geological contact between bedrock and overburden sediments, if present, then the installation of appropriately sized Bradley plugs, labeled with the associated borehole ID, as the base for pumping and curing State approved cement across the geological contact to seal the interface, followed by additional abandonite to approximately 20 meters below the topographic surface, with an approximately 20 m cement cap, with the hole tagged and labeled for collar demarcation. Shallow drill holes, particularly those drilled utilizing only reverse circulation or sonic drilling methods, were abandoned using cement from total depth to surface with cap, with the hole tagged and labeled for collar demarcation.

**A drill hole summary complete to December 31<sup>st</sup>, 2022 can be seen in Table 7-10. A map of drill hole collar locations can be seen in Figure 7-8.**

**Table 7-10: 2021-2022 Drilling Summary**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole** | **Depth (m)** | **Azimuth (˚)** | **Dip (˚)** | **Assay Status/Comment** |
| &nbsp;&nbsp;SCC-001 | 1274.98 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-002 | 965.30 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-003 | 778.46 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-004 | 926.91 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-005 | 793.70 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-006 | 1344.17 | 235 | -50 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-007 | 1220.27 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-008 | 945.79 | 225 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-009 | 664.46 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-010 | 1099.41 | 225 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-011 | 379.78 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-012 | 855.27 | 0 | -90 | &nbsp;&nbsp;Hole Abandoned, No Assays Taken |
| &nbsp;&nbsp;SCC-013 | 1023.52 | 190 | -84 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-014 | 548.94 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-015 | 931.16 | 0 | -90 | &nbsp;&nbsp;Hole Abandoned, No Assays Taken |
| &nbsp;&nbsp;SCC-016 | 1139.34 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-017 | 848.87 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-018 | 1123.34 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-019 | 284.07 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-020 | 822.35 | 230 | -80 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-021 | 446.83 | 241 | -80 | &nbsp;&nbsp;All Assays Received |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 76 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole** | **Depth (m)** | **Azimuth (˚)** | **Dip (˚)** | **Assay Status/Comment** |
| &nbsp;&nbsp;SCC-022 | 446.80 | 241 | -80 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-022A | 406.50 | 241 | -80 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-023 | 897.94 | 207 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-024 | 309.82 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-025 | 858.77 | 228 | -82 | &nbsp;&nbsp;In Lab, Assays Pending for 494-570;739.5-858.77 m |
| &nbsp;&nbsp;SCC-026 | 741.88 | 209 | -80 | &nbsp;&nbsp;In Lab, Assays Pending for 396-688 m |
| &nbsp;&nbsp;SCC-027 | 550.47 | 259 | -82 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-028 | 369.72 | 230 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-029 | 917.91 | 227 | -78 | &nbsp;&nbsp;In Lab, Assays Pending for 402-453.69; 855-906 m |
| &nbsp;&nbsp;SCC-030 | 280.26 | 230 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-031 | 904.34 | 222 | -85 | &nbsp;&nbsp;In Lab, Assays Pending for 749-900 m |
| &nbsp;&nbsp;SCC-032 | 811.68 | 220 | -78 | &nbsp;&nbsp;In Lab, Assays Pending for 557.63-811.68 |
| &nbsp;&nbsp;SCC-033 | 455.07 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-034 | 201.17 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-035 | 161.54 | 230 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-036 | 181.36 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-037 | 379.78 | 230 | -80 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-038 | 311.81 | 230 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-039 | 252.98 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-040 | 292.60 | 230 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-041 | 323.09 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-042 | 360.58 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-043 | 127.10 | 230 | -60 | &nbsp;&nbsp;Hole Abandoned, No Assays Taken |
| &nbsp;&nbsp;SCC-044 | 304.80 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-045 | 883.76 | 225 | -73 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-046 | 210.31 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-047 | 474.57 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-048 | 915.47 | 259 | -82 | &nbsp;&nbsp;In Lab, Assays Pending for 587-781; 808-829; 869-915.47 m |
| &nbsp;&nbsp;SCC-049 | 274.32 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-050 | 398.22 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-051 | 114.30 | 230 | -60 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-052 | 880.87 | 224 | -75 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-053 | 1041.80 | 224 | -85 | &nbsp;&nbsp;In Lab, Assays Pending for 471-656; 756-951 m |
| &nbsp;&nbsp;SCC-054 | 686.71 | 248 | -85 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-055 | 304.80 | 224 | -85 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-056 | 846.73 | 224 | -78 | &nbsp;&nbsp;In Lab, Assays Pending for 561-846.73 m |
| &nbsp;&nbsp;SCC-057 | 996.70 | 221 | -74 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-058 | 889.25 | 226 | -69 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-059 | 977.18 | 212 | -80 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-060 | 304.80 | 224 | -75 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 77 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole** | **Depth (m)** | **Azimuth (˚)** | **Dip (˚)** | **Assay Status/Comment** |
| &nbsp;&nbsp;SCC-061 | 304.80 | 238 | -75 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-062 | 304.80 | 250 | -82 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-063 | 932.99 | 200 | -80 | &nbsp;&nbsp;In Lab, Assays Pending for 390.31-405; 475-932.99 m |
| &nbsp;&nbsp;SCC-064 | 204.22 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-065 | 577.90 | 0 | -90 | &nbsp;&nbsp;In lab, Assays Pending for 576-577.9 m |
| &nbsp;&nbsp;SCC-066 | 228.60 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-067 | 243.84 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-068 | 1019.09 | 231 | -75 | &nbsp;&nbsp;In Lab, Assays Pending 487-556; 807-890; 917-1,019.1 m |
| &nbsp;&nbsp;SCC-069 | 228.65 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-070 | 246.89 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-071 | 243.84 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-072 | 274.32 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-073 | 916.38 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-074 | 259.08 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-075 | 280.41 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-076 | 152.40 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-077 | 320.04 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-078 | 100.00 | 0 | -90 | &nbsp;&nbsp;Sonic Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-079 | 454.15 | 232 | -75 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-080 | 759.56 | 205 | -85 | &nbsp;&nbsp;In Lab, Assays Pending |
| &nbsp;&nbsp;SCC-081 | 525.17 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-082 | 112.70 | 0 | -90 | &nbsp;&nbsp;Sonic Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-083 | 399.28 | 222 | -85 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-084 | 915.92 | 214 | -80 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-085 | 388.00 | 254 | -78 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-086 | 149.96 | 0 | -90 | &nbsp;&nbsp;Sonic Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-087 | 426.72 | 234 | -80 | &nbsp;&nbsp;RC pre-collar, No Assays Taken |
| &nbsp;&nbsp;SCC-088 | 579.73 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-089 | 100.28 | 0 | -90 | &nbsp;&nbsp;Sonic Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-090 | 712.01 | 0 | -90 | &nbsp;&nbsp;Currently Sampling, All Assays Pending |
| &nbsp;&nbsp;SCC-091 | 457.20 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-092 | 666.60 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-093 | 546.81 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-093A | 959.20 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-094 | 99.06 | 0 | -90 | &nbsp;&nbsp;Sonic Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-095 | 457.20 | 0 | -90 | &nbsp;&nbsp;All Assays Received |
| &nbsp;&nbsp;SCC-096 | 981.76 | 0 | -90 | &nbsp;&nbsp;Currently Sampling, All Assays Pending |
| &nbsp;&nbsp;SCC-097 | 457.20 | 0 | -90 | &nbsp;&nbsp;All Assays Received |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 78 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole** | **Depth (m)** | **Azimuth (˚)** | **Dip (˚)** | **Assay Status/Comment** |
| &nbsp;&nbsp;SCC-098 | ACTIVE | 0 | -90 | &nbsp;&nbsp;Actively Drilling |
| &nbsp;&nbsp;SCC-099 | 884.38 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-100 | 259.08 | 0 | -90 | &nbsp;&nbsp;RC Hole - Not Sampled, No Assays Taken |
| &nbsp;&nbsp;SCC-101 | 413.00 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-102 | 827.37 | 0 | -90 | &nbsp;&nbsp;In Lab, Assays Pending for 270-468; 638.5-827.38m |
| &nbsp;&nbsp;SCC-103 | 60.96 | 0 | -90 | &nbsp;&nbsp;Hole Abandoned, No Assays Taken |
| &nbsp;&nbsp;SCC-105 | 1029.30 | 0 | -90 | &nbsp;&nbsp;In Lab, Assays Pending for 554-637; 756-1,029.31 m |
| &nbsp;&nbsp;SCC-106 | 583.84 | 0 | -90 | &nbsp;&nbsp;Currently Sampling, All Assays Pending |
| &nbsp;&nbsp;SCC-107 | 1074.12 | 0 | -90 | &nbsp;&nbsp;In Lab, All Assays Pending |
| &nbsp;&nbsp;SCC-108 | 858.62 | 0 | -90 | &nbsp;&nbsp;Currently Sampling, All Assays Pending |
| &nbsp;&nbsp;SCC-109 | 859.08 | 0 | -90 | &nbsp;&nbsp;Currently Sampling, All Assays Pending |
| &nbsp;&nbsp;SCC-110 | 864.71 | 0 | -90 | &nbsp;&nbsp;Currently Sampling, All Assays Pending |
| &nbsp;&nbsp;SCC-111 | ACTIVE | 270 | -80 | &nbsp;&nbsp;Actively Drilling |
| &nbsp;&nbsp;SCC-112 | ACTIVE | 0 | -90 | &nbsp;&nbsp;Actively Drilling |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 79 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img022.jpg)

Figure 7-8: Plan map of IE and historical drill hole collars.

**7.4 Geotechnical Data**

IE has used 83 historical and 69 modern drill holes as the basis for analysis supporting geotechnical characterization of the Santa Cruz and East Ridge Deposit. Historical drill holes were selected based on availability of Rock Quality Designation (RQD) data which was validated, processed, and subsequently used to infer Q-prime (Q') data values. Drill core and drill core photos are not available for any of the historical drill holes.

Sixty-four diamond core drill holes were used to collect and process RQD data, Q' data, rock hardness, fracture statistics, and laboratory strength testing. Laboratory strength testing by Call & Nichols Inc., geotechnical consultants, included Point Load Testing, Uniaxial Compressive Strength, Triaxial, Compressive Strength, Small Scale Direct Shear, and Brazilian Disc Tension testing.

Five sonic drill holes were used to assess and characterize the surficial alluvium and sediments through sampling, sediment logging, and Atterburg Limits for clay behavior under the Unified Soils Classification System.

Acoustic borehole image logs from televiewer surveys were also utilized from 23 of the diamond core holes to orient and identify the dominant joint fabric in the overburden and bedrock rock masses.

Geotechnical characterization also included a small-scale seismic survey as above in Section 7.1.4

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 80 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**7.5 Hydrogeological Data**

IE has utilized a total of seven drill holes from the 2021-2022 drill program to characterize the hydrogeology of the Santa Cruz Project in conjunction our hydrogeological consultants Montgomery & Associates Inc. Of Tucson, AZ, USA.

The seven drill holes were fitted with up to six vibrating wire piezometers (VWP) to identify hydraulic responses from proximal packer tests and serve as long-term hydrologic monitoring points. The vibrating wire piezometers will provide ongoing water levels and serve as monitoring points for further aquifer testing.

Packer testing was conducted in two of the seven diamond core holes, resulting in data to be used with other characterization work and to inform ongoing groundwater numerical modeling.

There is currently no final delivered hydrogeological data with vibrating wire piezometer and packer testing active and ongoing at the Santa Cruz Project.

**7.6 Nordmin QP Opinion**

In the opinion of the Nordmin QP, the quantity and quality of the historical data compilation and twin hole drilling programs, geophysical surveys, geologic logging, are sufficient to support the MRE.

Core logging completed by IE and previous operators meet industry standards for exploration on replacement and porphyry deposits:

&nbsp;&nbsp;&nbsp;&nbsp;• Collar
 surveys and downhole surveys were performed using industry-standard instrumentation,

&nbsp;&nbsp;&nbsp;&nbsp;• Drill
 hole orientations are appropriate for the mineralized style, and

&nbsp;&nbsp;&nbsp;&nbsp;• Drill
 hole intercepts demonstrate that sampling is representative.

Ongoing collection of geotechnical and hydrogeologic data will be pertinent for future studies.

No other factors were identified with the data collected from the drill programs that could significantly affect the MRE.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 81 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**8 SAMPLE PREPARATION, ANALYSES AND SECURITY**

**8.1 Assay Sample Preparation and Analysis**

From September 2021 to December 2022, IE samples were sent to one of four laboratories: Skyline Laboratories located in Tucson, AZ, USA; SGS Laboratories located in Burnaby, BC, Canada, SGS Lakefield, ON, Canada for SEQ Copper Analysis; or American Assay Laboratories located in Sparks, NV, USA. All samples sent through SGS Laboratories were prepped at SGS Burnaby, BC, Canada. At the time, all assay labs were well established and recognized assay and geochemical analytical services companies and are independent of IE.

All five laboratories are recognized by the International Standard demonstrating technical competence for a defined scope and the operation of a laboratory quality management system (ISO 17025). Additionally, Skyline Laboratories is recognized by ISO 9001, indicating that the quality management system conforms to the requirements of the international standard. SGS Canada Minerals Burnaby conforms to requirements of ISO/IEC 17025 for specific tests as listed on their scope of accreditation. American Assay Laboratories carries approval from the State of Nevada Department of Conservation and Natural Resources Division of Environmental Protection. Due to QA/QC failures at American Assay Laboratories, IE discontinued work with this lab.

**8.1.1 IE Core Sample Preparation and Analysis – 2021-2022**

The diamond drill core from the Santa Cruz and Texaco Deposits were sampled by IE in 2021 under the direct supervision of Santa Cruz Geology Manager Christopher Seligman, MAusIMM CP(Geo) and Eric Castleberry, PG, US Operations Manager. Diamond drill core from the Santa Cruz, East Ridge, and Texaco Deposits sampled by IE in 2022 were completed under the direct supervision of Santa Cruz Geology Manager Christopher Seligman and Santa Cruz Exploration Manager Arron Jergenson.

Samples were cut lengthwise, either in half or in four quarters, using an NTT brand diamond bladed saw or a Husqvarna table saw (Figure 8-1). The sample consisted of one half or one quarter of the core which was placed in a plastic sample bag labeled with the sample number and the sample bag was sealed with a zip tie. That bag was then placed in a burlap sample bag labeled with the sample number and a sample tag added between the plastic and burlap bags. The sample tag corresponded with the tag stapled to the core box where the remaining half or three-quarters of the core was placed for catalog and storage (Figure 8-2). The burlap sample bags were then placed in labeled large plastic bags in batches of 25, that bag was sealed with a zip tie, and those bags were placed in large fold-out plastic bins for transport to the lab facility (Figure 8-3).

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 82 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img023.jpg)

Figure 8-1: NTT diamond bladed automatic core saw used for cutting diamond drill core for sampling.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 83 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img024.jpg)

Figure 8-2: T-street core storage facility.

![](tm236266d1_ex96-1img024a.jpg)

Figure 8-3: (Left) samples placed in burlap and inner plastic bags labeled with sample numbers; (Right) sample batches placed in large plastic bags and bins for shipping to lab

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 84 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

***8.1.1.1 Skyline Laboratories***

Half of the total drill core samples taken during the 2021 and 2022 diamond drilling program were prepared and analyzed at Skyline Laboratories, Tucson, Arizona. The samples were crushed from the split core to prepare a total sample of up to 5 kg at 75% passing 6 mm. Samples were then riffle split, and a 250 g sample was pulverized with a standard steel to plus 95% passing at 150 µm. After sample pulp preparation, the samples were analyzed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 samples were analyzed for total Cu using multi-acid digestions with an atomic absorption
 spectrometry (AAS) finish. The lower limit of detection is 0.01% for total Cu, with an
 upper detection limit of 10%.

&nbsp;&nbsp;&nbsp;&nbsp;• Sequential
 Analysis for cyanide soluble and acid soluble Cu were conducted via multi-acid leaching
 with an AAS finish. For sequential acid leaching (SEQ) Cu analyses, the lower limit of
 detection is 0.005%, with an upper detection limit of 10%.

&nbsp;&nbsp;&nbsp;&nbsp;• Molybdenum
 was prepared using multi-acid digestion and analyzed using inductively coupled plasma
 optical emission spectrometry (ICP-OES). This analysis has a lower detection limit of
 0.001%.

&nbsp;&nbsp;&nbsp;&nbsp;• Samples
 greater than 10% Cu, with a 20% threshold, were analyzed again using a Long Iodine method.

***8.1.1.2 SGS Laboratories***

Half of the total drill core samples taken during the 2022 diamond drilling program were prepared and analyzed at SGS Laboratories in Burnaby, BC, Canada or SGS Lakefield, ON, Canada. The samples were crushed from the split core to prepare a total sample of up to 5 kg at 6 mm. Samples were then riffle split, and a 250 g sample was crushed to 75% passing at 2 mm. The sample was then pulverized with a standard steel to plus 85% passing at 75 µm. After sample pulp preparation, the samples were analyzed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 samples were analyzed for total Cu using a sodium peroxide fusion with an inductively
 coupled plasma atomic emission spectroscopy (ICP-AES) finish. The lower limit of detection
 is 0.001% for total Cu, with an upper detection limit of 5%.

&nbsp;&nbsp;&nbsp;&nbsp;• Sequential
 analysis for cyanide soluble and acid soluble Cu were conducted via multi-acid leaching
 with an AAS finish. For SEQ Cu analyses, the lower limit of detection is 0.005%, with
 an upper detection limit of 100%.

&nbsp;&nbsp;&nbsp;&nbsp;• Molybdenum
 was prepared using multi-acid digestion and analyzed using ICP-OES. This analysis has
 a lower detection limit of 0.05 ppm and an upper detection of 10,000 ppm.

&nbsp;&nbsp;&nbsp;&nbsp;• Samples
 greater than 5% Cu, with a 30% threshold, were analyzed again using sodium peroxide fusion
 overlimit with an ICP-OES finish.

***8.1.1.3 American Assay Laboratories***

A single drill hole from the 2021 drill campaign was prepared and analyzed at American Assay Laboratories in Sparks, Nevada. The samples were crushed from the split core to prepare a total sample of up to 5 kg at 75% passing 10 mm. Samples were then riffle split and pulverized with a standard steel to plus 95% passing at 150 µm. After sample pulp preparation, the samples were analyzed in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 samples were analyzed for total Cu using AAS, total molybdenum with an inductively coupled
 plasma mass spectrometer (ICP-MS), and acid soluble and cyanide soluble Cu with sequential
 leaching with an AAS finish. A measurement for residual Cu was also taken; this is essentially
 the Cu that is measured that cannot be attributed to cyanide soluble, acid soluble, or
 total Cu. The lower detection limit is 0.001%, with an upper limit of 10%. Samples greater
 than or equal to 10% were alternatively measured using Long Iodine analysis, which has
 an upper detection limit of 20%.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 85 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;• The
 detection limit at American Assay Laboratories is an order of magnitude less than at
 Skyline Laboratories; therefore, there is a lower resolution, but during a comparison
 between the two labs, it was found that the results were similar.

&nbsp;&nbsp;&nbsp;&nbsp;• Due
 to QA/QC failures at American Assay Laboratories, IE discontinued work with this lab.

**8.1.2 Historical Core Assay Sample and Analysis**

Historically, samples for both the Texaco and Santa Cruz Deposit drilling were sent to Skyline Laboratories to be assayed for standard total Cu and non-sulfide Cu methods. Samples were crushed and split; a 250-500 mg sample was then prepared in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;• Total
 Cu analysis samples were dissolved using a mixture of hydrochloric acid (HCl), nitric
 acid (HNO<sub>3</sub>) and perchloric acid (HClO<sub>4</sub>) over low heat. The mixture
 was then measured using AAS.

&nbsp;&nbsp;&nbsp;&nbsp;• Non-sulfide
 Cu was dissolved using a mixture of sulfuric acid (H<sub>2</sub>SO<sub>4</sub>) and sulfurous
 acid (H<sub>2</sub>SO<sub>3</sub>) over moderate to high heat. This mixture was then
 filtered, diluted, and measured using AAS.

**8.2 Specific Gravity Sampling**

A combined total of 2,637 specific gravity (SG) measurements for the Santa Cruz, East Ridge, and Texaco Deposits were provided during 2021-2022 on site drill core measurements. SG measurements were taken from representative core sample intervals (approximately 0.1 m to 0.2 m long). SG was measured using a water dispersion method. The samples were weighed in air, and then the uncoated sample was placed in a basket suspended in water and weighed again. SG is calculated by using the weight in air versus the weight in water method (Archimedes), by applying the following formula:

*Specific Gravity* = <u>*Weight in Air*</u> <br> (*Weight in Air - Weight in Water*)

**8.3 Quality Assurance/Quality Control Programs**

Quality assurance and quality control (QA/QC) measures were set in place to ensure the reliability and trustworthiness of exploration data. These measures include written field procedures and independent verifications of aspects such as drilling, surveying, sampling, assaying, data management, and database integrity. Appropriate documentation of QC measures and regular analysis of QC data is essential as a safeguard for Project data and form the basis for the QA program implemented during exploration.

Analytical QC measures involve internal and external laboratory procedures implemented to monitor the precision and accuracy of the sample preparation and assay data. These measures are also important to identify potential sample sequencing errors and to monitor for contamination of samples.

The Company submitted a blank, standard, or duplicate sample on every seventh sample. Sampling and analytical QA/QC protocols typically involve taking duplicate samples and inserting QC samples (certified reference material [CRM] and blanks) to monitor the assay results' reliability throughout the drill program.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 86 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**8.3.1 IE Santa Cruz Sampling**

***8.3.1.1 Standards***

During the 2022 drilling campaign, IE submitted eight different CRMs as a part of their QA/QC protocol across the Santa Cruz, East Ridge, and Texaco Deposits. OREAS 905 was archived by OREAS and was replaced with OREAS 901 by the Company as the new low-grade copper standard. The review of the CRM results identified no laboratory failures at Skyline Laboratories or SGS Laboratories. Table 8-1 shows the eight standards submitted to Skyline by IE and their mean measured values. At the time of writing, not enough results for CRMs measured at SGS Laboratories had been returned to adequately track their progress. Table 8-2 shows the seven internal standards used by Skyline as quality control and tracking of their average results. Figure 8-4 to Figure 8-8 are charts which track the progress of CRM measurements over time. Few measurements go above or below three standard deviations, which is followed by a recalibration at the lab and a re-analysis of the sample.

**Table 8-1: IE submitted standards measured at Skyline Laboratories**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best <br> Cu <br> Total** | **Mean <br> Value <br> Cu <br> Total <br> (%)** | **Bias <br> (%)** | **Best <br> Value <br> CuAs-<br> SEQ <br> (%)** | **Mean <br> Value <br> CuAS-<br> SEQ <br> (%)** | **Bias <br> (%)** | **Best <br> Value <br> CuCN-<br> SEQ <br> (%)** | **Mean <br> Value <br> CuCN-<br> SEQ<br> (%)** | **Bias<br> (%)**  |
| OREAS 908 | 64 | 1.26 | 1.25 | 0.01 | 1.078 | 1.08 | -0.002 | 0.023 | 0.023 | 0.002 |
| OREAS 907 | 28 | 0.6 | 0.649 | 0.049 | 0.531 | 0.55 | 0.019 | 0.018 | 0.012 | 0.006 |
| OREAS 906 | 19 | 0.31 | 0.322 | 0.012 |  |  |  |  |  |  |
| OREAS 905 | 21 | 0.155 | 0.159 | 0.004 |  |  |  |  |  |  |
| OREAS 901 | 55 | 0.141 | 0.140 | -0.71 |  |  |  |  |  |  |
| OREAS 501d | 51 | 0.27 | 0.273 | 0.003 |  |  |  |  |  |  |
| OREAS 503d | 35 | 0.53 | 0.528 | 0.002 |  |  |  |  |  |  |
| OREAS 504c | 44 | 1.13 | 1.108 | 0.022 |  |  |  |  |  |  |

---

**Table 8-2: Skyline internal QAQC CRM samples and their results**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best <br> Value <br> CuT <br> (%)** | **Mean<br> Value**<br> **CuT <br> (%)** | **Bias<br> (%)** | **Best<br> Value<br> Cu-AS-**<br> **SEQ <br> (%)** | **Mean<br> Value** | **Bias <br> (%)** | **Best<br> Value<br> Cu-CN-<br> SEQ <br> (%)** | **Mean <br> Value** | **Bias <br> (%)** |
| SKY5 | 801 |  |  |  | 0.18 | 0.18 | 0 | 0.155 | 0.153 | 0.658 |
| SKY6 | 783 |  |  |  | 0.42 | 0.4 | -4.1 | 0.076 | 0.083 | 6.410 |
| CDN-CM-21 | 221 | 0.54 | 0.53 | 0 |  |  |  |  |  |  |
| CDN-CM-14 | 442 | 1.06 | 1.06 | 0 |  |  |  |  |  |  |
| CDN-CM-29 | 187 | 0.74 | 0.74 | 0 |  |  |  |  |  |  |
| CDN-CM-33 | 185 | 0.35 | 0.35 | 0 |  |  |  |  |  |  |
| CDN-W-4 | 220 | 0.14 | 0.14 | 0.00 |  |  |  |  |  |  |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 87 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img025.jpg)

Figure 8-4: Santa Cruz Deposit, OREAS 501d standard total Cu (g/t), assayed at Skyline Laboratories

![](tm236266d1_ex96-1img026.jpg)

Figure 8-5: Santa Cruz Deposit, OREAS 906 standard total Cu (g/t), assayed at Skyline Laboratories

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 88 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img027.jpg)

Figure 8-6: Santa Cruz Deposit, OREAS 907 standard total Cu (g/t), assayed at Skyline Laboratories

![](tm236266d1_ex96-1img028.jpg)

Figure 8-7: Santa Cruz Deposit, OREAS 908 standard total Cu (g/t), assayed at Skyline Laboratories

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 89 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img029.jpg)

Figure 8-8: Santa Cruz Deposit, OREAS 901 standard total Cu (g/t), assayed at Skyline Laboratories

***8.3.1.2 Blanks***

The Company submitted 725 coarse granite blanks to Skyline Laboratories and 147 coarse granite blanks to SGS Laboratories for the Santa Cruz Deposit drilling in 2022 as part of its QA/QC process. No significant carryover of elevated metals is evident in blanks measured at Skyline Laboratories nor SGS Laboratories. A threshold of +/- 0.02% Cu was accepted for blank samples, if samples did not initially pass. Samples which failed were reanalyzed. Figure 8-9 illustrates the blank performance of Skyline and Figure 8-10 displays the performance of SGS.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 90 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img030.jpg)

Figure 8-9: Blank results from Skyline laboratory analyses from the 2021, 2022 drill program.

![](tm236266d1_ex96-1img031.jpg)

Figure 8-10: SGS blank results from the 2022 drill program

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 91 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

***8.3.1.3 Duplicates***

The Company submitted 737 field duplicates to Skyline Laboratories during the 2021 and 2022 drill campaigns as a part of its QA/QC process. Duplicates were also submitted to SGS Laboratories for the 2022 drill program but not enough samples had been returned to track results at the time of writing. Original versus duplicate sample results for total Cu (%) are present in Figure 8-11. The results of the field duplicates are in good agreement for total Cu (%), acid soluble Cu (%) and cyanide soluble Cu (%).

![](tm236266d1_ex96-1img032.jpg)

Figure 8-11: Field duplicate results, in Cu (%), measured at Skyline Laboratories for the Santa Cruz Deposit.

**8.3.2 2022 East Ridge and Texaco Sampling**

***8.3.2.1 Standards***

During the 2022 drilling campaign IE submitted 5 CRMs for drilling conducted within the Texaco exploration property and 5 CRMs for the drilling within East Ridge. Results for two submitted CRMs were available for East Ridge at the time of writing. A review of the CRM results identified no failures from Skyline Laboratories or SGS laboratories for samples submitted from either deposit. Table 8-3 and Table 8-4 show the CRMs submitted to Skyline and a comparison of the average grade for different measured elements for Texaco and East Ridge, respectively. Figure 8-12 to Figure 8-14 are charts tracking submitted standard results to Skyline Laboratories for the Texaco Deposit. Table 8-5 and Figure 8-16 show the CRM results submitted to SGS Laboratories for East Ridge drilling. Not enough assays were received for standard OREAS 906 or OREAS 503d to create a chart tracking progress. In the rare instance of failure (outside three standard deviations), the lab re-calibrated equipment and re-analyzed the batch.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 92 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

Table 8-5 contains Skyline internal CRM measurements and their results.

**Table 8-3: IE inserted CRMs for Texaco Drilling 2022, available at the time of writing.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best Value Cu (%)** | **Mean Value Cu (%)** | **Bias (%)** |
| Oreas 906 | 3 | 0.32 | 0.31 | 0.00 |
| Oreas 501d | 12 | 0.27 | 0.27 | 0.18 |
| Oreas 503d | 3 | 0.53 | 0.53 | 1.32 |
| Oreas 504c | 28 | 1.13 | 1.082 | -2.54 |
| OREAS 151a | 12 | 0.166 | 0.171 | 2.91 |

---

**Table 8-4: IE inserted CRMs for East Ridge Drilling 2022, measured at Skyline Laboratories** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best Value Cu <br> (%)** | **Mean Value Cu <br> (%)** | **Bias <br> (%)** | **Best Value SEQ <br> (%)** | **Mean Value SEQ <br> (%)** | **Bias <br> (%)** |
| OREAS 901 | 9 | 0.141 | 0.144 | 2.13 |  |  |  |
| OREAS 906 | 2 | 0.31 | 0.31 | -0.13 | 0.259 | 0.263 | 1.54 |

---

**Table 8-5: IE inserted CRMs for East Ridge Drilling 2022, measured at SGS Laboratories** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best Value CuT <br> (%)** | **Mean Value CuT <br> (%)** | **Bias <br> (%)** | **Best Value SEQ Cu <br> (%)** | **Mean <br> Value** | **Bias <br> (%)** |
| OREAS 906 | 3 | 0.31 | 0.309 | 0.32 | 0.259 | 0.266 | -2.63 |

---

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 93 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img033.jpg)

Figure 8-12: Texaco Deposit, OREAS 151a standard total Cu (g/t), assayed at Skyline Laboratories

![](tm236266d1_ex96-1img034.jpg)

Figure 8-13: Texaco Deposit, OREAS 504c standard total Cu (%), assayed at Skyline Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 94 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img035.jpg)

Figure 8-14: Texaco Deposit, OREAS 501d standard total Cu (%), assayed at Skyline Laboratories

![](tm236266d1_ex96-1img036.jpg)

Figure 8-15 East Ridge Deposit, OREAS 901 standard total Cu (%), assayed at Skyline Laboratories.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 95 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img037.jpg)

Figure 8-16: East Ridge Deposit, OREAS 906 standard total Cu (%), assayed at SGS Laboratories

***8.3.2.2 Blanks***

The Company submitted 70 coarse granite blanks for the Texaco Deposit drilling and 13 for East Ridge during the 2022 drill campaign to Skyline Laboratories, at the time of this report, as part of its QA/QC process. Additionally, four blanks were sent to SGS Laboratories for the East Ridge Deposit during the 2022 drill campaign. No significant carryover of elevated metals is evident in blanks measured at Skyline Laboratories. A threshold of +/- 0.02% Cu was accepted for blank samples, if samples did not initially pass. Samples which failed were reanalyzed. Figure 8-17 and Figure 8-18 are charts for blanks inserted into Texaco and East Ridge drilling measured at Skyline Laboratories. Figure 8-19 is a chart for blanks inserted into East Ridge drilling, measured by SGS Laboratories.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 96 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img038.jpg)

Figure 8-17: Texaco Blanks for Total Cu

![](tm236266d1_ex96-1img039.jpg)

Figure 8-18: East Ridge Blanks, total Cu

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 97 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img040.jpg)

Figure 8-19: East Ridge SGS Laboratories Blanks, total Cu (%)

***8.3.2.3 Duplicates***

The Company submitted 14 field duplicates to Skyline Laboratories and five to SGS Laboratories for East Ridge and 74 to Skyline Laboratories for Texaco during the 2022 drilling campaign, at the time of this report, as a part of its QA/QC process. Original versus duplicate sample results for total Cu (%) are present in Figure 8-20 to Figure 8-22. All samples appear to be in reasonable agreement. Slight to moderate differences can be explained by a "nugget" effect and geological inconsistencies in mineralization.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 98 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img041.jpg)

Figure 8-20: Original versus field duplicate sample results for the Texaco Deposit as total Cu (%) from samples submitted to Skyline Laboratories

![](tm236266d1_ex96-1img042.jpg)

Figure 8-21: Original versus field duplicate sample results for the East Ridge Deposit as total Cu (%) from samples submitted to Skyline Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 99 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img043.jpg)

Figure 8-22: Original versus Field Duplicate sample results for East Ridge Deposit as total Cu (%) from samples submitted to SGS Laboratories.

**8.3.3 2021 IE Sampling**

***8.3.3.1 Standards***

During the 2021 drilling campaign IE submitted six different CRMs as a part of their QA/QC protocol, with 33 submitted in total. The review of the CRM results identified no laboratory failures at Skyline Laboratories and seven failures at American Assay Laboratories. OREAS 908 falls within the range of +/- two standard deviations for Cu Total (%) and acid soluble Cu (%) (Table 8-6 and Table 8-7 and Figure 8-23 to Figure 8-28). Skyline Laboratories submitted seven different CRMs, including two inhouse CRMs, as a part of their QA/QC process (Table 8-8), and American Assay Laboratories submitted three different CRMs as a part of their QA/QC process (Table 8-9).

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 100 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 8-6: CRMs Inserted by IE into Sample Batches Sent to Skyline Laboratories** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best <br> Value <br> Cu (%)** | **Mean <br> Value <br> Cu (%)** | **Bias <br> (%)** | **Best <br> Value <br> Cu-AS-<br> SEQ (%)** | **Mean <br> Value <br> Cu-AS-<br> SEQ (%)** | **Bias <br> (%)** | **Best <br> Value <br> CuCN-<br> SEQ (%)** | **Mean <br> Value <br> CuCN-<br> SEQ (%)** | **Bias <br> (%)** |
| OREAS 908 | 9 | 1.26 | 1.256 | 0.004 | 1.078 | 1.067 | 0.011 | 0.022 | 0.024 | 0.002 |
| OREAS 907 | 6 | 0.6 | 0.652 | 0.052 | 0.531 | 0.54 | 0.009 | 0.018 | 0.015 | 0.003 |
| OREAS 906 | 4 | 0.31 | 0.31 | 0 | 0.269 | 1.126 | -0.86 | 0.01 | 0.019- | -0.009 |
| OREAS 501 d | 6 | 0.27 | 0.27 | 0 |  |  |  |  |  |  |
| OREAS 503 d | 4 | 0.53 | 0.524 | 0.006 |  |  |  |  |  |  |
| OREAS 504c | 1 | 1.13 | 1.09 | 0.04 |  |  |  |  |  |  |

---

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 101 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 8-7: CRMs Inserted by IE into Sample Batches Sent to American Assay Laboratories** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best <br> Value <br> Cu (%)** | **Mean <br> Value <br> Cu (%)** | **Bias<br> (%)** | **Best <br> Value <br> CuAS-<br> SEQ <br> (%)** | **Mean <br> Value <br> CuAS-<br> SEQ <br> (%)** | **Bias <br> (%)** | **Best <br> Value <br> CuCN-<br> SEQ <br> (%)** | **Mean <br> Value <br> CuCN-<br> SEQ <br> (%)** | **Bias <br> (%)** |
| OREAS 908 | 10 | 1.26 | 1.299 | 0.039 | 1.078 | 1.067 | 0.64 | 0.022 | 0.023 | 0.001 |
| OREAS 907 | 5 | 0.6 | 0.643 | 0.043 | 0.531 | 0.54 | 1.31 | 0.018 | 0.009 | 0.009 |
| OREAS 906 | 2 | 0.31 | 0.33 | 0.02 |  |  |  |  |  |  |
| OREAS 503c | 1 | 0.27 | 0.545 | 0.275 |  |  |  |  |  |  |
| OREAS 504c | 3 | 1.13 | 1.11 | 0.02 |  |  |  |  |  |  |

---

**Table 8-8: Skyline Laboratory Submitted CRMs** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best <br> Value <br> CuT (%)** | **Mean <br> Value <br> CuT (%)** | **Bias <br> (%)** | **Best <br> Value <br> Cu-AS-<br> SEQ <br> (%)** | **Mean<br> Value** | **Bias <br> (%)** | **Best <br> Value Cu-<br> CN-SEQ <br> (%)** | **Mean <br> Value** | **Bias <br> (%)** |
| SKY5 | 48 |  |  |  | 0.18 | 0.18 | 0.00 | 0.155 | 0.156 | 0.00 |
| SKY6 | 48 |  |  |  | 0.42 | 0.41 | 0.01 | 0.076 | 0.077 | 0.00 |
| CDN-CM-21 | 14 | 0.54 | 0.54 | 0.00 |  |  |  |  |  |  |
| CDN-CM-14 | 34 | 1.06 | 1.07 | -0.01 |  |  |  |  |  |  |
| CDN-CM-29 | 12 | 0.74 | 0.74 | 0.00 |  |  |  |  |  |  |
| CDN-CM-33 | 12 | 0.35 | 0.36 | -0.01 |  |  |  |  |  |  |
| CDN-W-4 | 20 | 0.14 | 0.14 | 0.00 |  |  |  |  |  |  |

---

**Table 8-9: American Assay Laboratory Submitted CRMs** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Standard** | **Count** | **Best Value <br> Cu (%)** | **Mean Value <br> Cu (%)** | **Bias <br> (%)** | **Best Value Cu-<br> AS-SEQ (%)** | **Mean Value Cu-<br> AS-SEQ (%)** | **Bias <br> (%)** |
| OREAS 600b | 3 | 0.05 | 0.051 | 0.00 |  |  |  |
| OREAS 602b | 3 | 0.494 | 0.495 | 0.00 |  |  |  |
| OREAS 905 | 3 | 0.157 | 0.158 | 0.00 | 0.128 | 0.127 | 0.001 |

---

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 102 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img044.jpg)

Figure 8-23: Santa Cruz Deposit, OREAS 908 standard total Cu (g/t), assayed at Skyline Laboratories

![](tm236266d1_ex96-1img045.jpg)

Figure 8-24: Santa Cruz Deposit, OREAS 908 standard cyanide soluble Cu (g/t), assayed at Skyline Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 103 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img046.jpg)

Figure 8-25: *Santa Cruz Deposit, OREAS 908 standard cyanide soluble Cu (g/t), assayed at Skyline Laboratories*

![](tm236266d1_ex96-1img047.jpg)

Figure 8-26: Santa Cruz Deposit, OREAS 908 standard total Cu (g/t), assayed at American Assay Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 104 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img048.jpg)

Figure 8-27: Santa Cruz Deposit, OREAS 908 standard acid soluble Cu (g/t), assayed at American Assay Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 105 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img049.jpg)

Figure 8-28: Santa Cruz Deposit, OREAS 908 standard cyanide soluble Cu (g/t), assayed at American Assay Laboratories

***8.3.3.2 Blanks***

The Company submitted 50 coarse blanks during the 2021 drill campaign, at the time of this report, as part of its QA/QC process. The Company used local granite blanks during the 2021 drill campaign as part of its QA/QC process. One blank was used labeled as Blank. The blank has been tested by Skyline Laboratories to ensure that there is no trace of Cu present. The charts not presented in this section are available in Appendix B. No significant carryover of elevated metals is evident in blanks measured at Skyline Laboratories (Figure 8-29). There is a carryover of metals evident in blanks measured at American Assay Laboratories related to dust control issues at this lab (Figure 8-30). The samples from these batches were re-analyzed by the lab, as set out in the QA/QC protocol.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 106 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img050.jpg)

Figure 8-29: Blanks submitted by IE to Skyline Laboratories as a part of their QA/QC process.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 107 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img051.jpg)

Figure 8-30: Blanks submitted by IE to American Assay Laboratories as a part of their QA/QC process.

***8.3.3.3 Duplicates***

The Company submitted 64 field duplicates during the 2021 drill campaign, at the time of this report, as a part of its QA/QC process. Original versus duplicate sample results for total Cu (%) are present in Figure 8-31 and Figure 8-32. The results of the field duplicates are in good agreement for total Cu (%), acid soluble Cu (%) and cyanide soluble Cu (%). Skyline Laboratories submitted 175 lab duplicates (119 total Cu, 125 Acid Soluble, 125 Cyanide Soluble and 119 Mo) during the 2021 drill campaign as a part of their QA/QC process. The results of the laboratory duplicates versus the original sample measurements for total Cu (%) are presented in Figure 8-33. The results of the laboratory duplicates are in good agreement for total Cu (%), acid soluble Cu (%) and cyanide soluble Cu (%). American Assay Laboratories submitted 21 Lab duplicates (all measured for total Cu, acid soluble Cu, cyanide soluble Cu and molybdenum) during the 2021 drill campaign as a part of their QA/QC process. The results of the laboratory duplicates are in good agreement for total Cu (%), acid soluble Cu (%) and cyanide soluble Cu (%) and molybdenum (ppm). The results of the duplicates versus the original sample measurements for total Cu (%) can be viewed in Figure 8-34.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 108 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img052.jpg)

Figure 8-31: Original versus field duplicate sample results as total Cu (%) from samples submitted to Skyline Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 109 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img053.jpg)

Figure 8-32: Original versus field duplicate sample results as total Cu (%) from samples submitted to American Assay Laboratories

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 110 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img054.jpg)

Figure 8-33: Duplicates completed by Skyline Laboratories as a part of their QA/QC process

![](tm236266d1_ex96-1img055.jpg)

Figure 8-34: Duplicates completed by American Assay Laboratories as a part of their QA/QC process

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 111 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**8.4 Security and Storage**

The Santa Cruz East Ridge, and Texaco core is stored in wax impregnated core boxes and transported to the core logging shack. After being logged, the core boxes are palletized, weatherized, and stored in IE's core storage facilities. The core storage is locked behind bay doors or chain link fencing for security purposes. All samples for analyses are transported by courier to the laboratory in Tucson, Arizona, or Burnaby, BC, Canada.

**8.5 Nordmin QP's Opinion on the Adequacy of Sample Preparation, Security, and Analytical Procedures.**

Nordmin has been supplied with all raw QA/QC data and has reviewed and completed an independent check of the results for all the Santa Cruz Project sampling programs. Nordmin has completed a lab inspection of Skyline Laboratories, and IE has completed a lab inspection of SGS Laboratories and American Assay Laboratories. It is Nordmin's opinion that the sample preparation, security, and analytical procedures used by all parties are consistent with standard industry practices and that the data is suitable for the Mineral Resource Estimate.

Nordmin recommends that IE acquire higher grade standards, and/or create their own standard, to better reflect the grade profile of the expected mineable material. Currently, the highest grade standard in use is OREAS 908 at 1.26% TCu, which is insufficient for QA/QC assurance of the highest grade material (which is closer to ~2% TCu) that is expected to be mined at the three Deposits Nordmin has also identified further recommendations to IE to ensure the continuation of a robust QA/QC program but has noted that there are no material concerns with the geological or analytical procedures used or the quality of the resulting data.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 112 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**9 DATA VERIFICATION**

Nordmin completed several data verification checks throughout the duration of the Mineral Resource Estimate. The verification process included two site visits to the Santa Cruz Project by Nordmin to review surface geology, drill core geology, geological procedures, QA/QC procedures, chain of custody of drill core, and the collection of independent samples for assay verification. The site visits occurred from March 2nd to 6th, 2022 and November 7<sup>th</sup> to 10<sup>th</sup>, 2022. The data verification included:

&nbsp;&nbsp;&nbsp;&nbsp;• survey
 spot check of drill collars;

&nbsp;&nbsp;&nbsp;&nbsp;• spot
 check comparison of assays from the drill hole database against original assay records
 (lab certificates);

&nbsp;&nbsp;&nbsp;&nbsp;• spot
 check of drill core lithologies recorded in the database versus the core located in the
 core processing and storage facilities;

&nbsp;&nbsp;&nbsp;&nbsp;• spot
 check of drill core lithologies in the database versus the lithological model; and,

&nbsp;&nbsp;&nbsp;&nbsp;• review
 of the QA/QC performance of the drill programs.

Nordmin has also completed additional data analysis and validation, as outlined in Section 8.

9.1 Nordmin Site Visit 2022

Nordmin completed a site visit to the Santa Cruz Project from March 2<sup>nd</sup> to March 6<sup>th</sup>, 2022. Nordmin was accompanied by IE management team members and project geologists. Additionally, Nordmin also visited the site on November 7<sup>th</sup> through November 10<sup>th</sup>, 2022.

Activities during the site visits included:

&nbsp;&nbsp;&nbsp;&nbsp;• review
 of the geological and geographical setting of the Santa Cruz Project;

&nbsp;&nbsp;&nbsp;&nbsp;• review
 and inspection of the site geology, mineralization, and structural controls on mineralization;

&nbsp;&nbsp;&nbsp;&nbsp;• review
 of the drilling, logging, sampling, analytical, and QA/QC procedures;

&nbsp;&nbsp;&nbsp;&nbsp;• review
 of the chain of custody of samples from the field to the assay lab;

&nbsp;&nbsp;&nbsp;&nbsp;• review
 of the drill logs, drill core, storage facilities, and independent assay verification
 on selected core samples;

&nbsp;&nbsp;&nbsp;&nbsp;• confirmation
 of several drill hole collar locations;

&nbsp;&nbsp;&nbsp;&nbsp;• review
 of the structural measurements recorded within the drill logs and how they are utilized
 within the 3D structural model; and,

&nbsp;&nbsp;&nbsp;&nbsp;• verification
 of a portion of the drill hole database.

IE geologists completed the geological mapping, core logging, and sampling associated with each drill location, therefore, Nordmin relied on IE's database to review the core logging procedures, collection of samples, and chain of custody associated with the drilling programs. IE provided Nordmin with digital copies of the logging and assay reports; all drilling data, including collars, logs, and assay results, prior to the site visit.

No significant issues were identified during the site visit.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 113 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

IE employs a rigorous QA/QC protocol, including the routine insertion of field duplicates, blanks, and certified reference standards. Nordmin was provided with an excerpt from the database for review.

Currently, IE's core logging scope includes measured sections of fractures, faults, shears, and other structures. Downhole televiewer data is collected and compiled with the logging information. This allows for the accurate measurement of structures.

The geological data collection procedures and the chain of custody were found to be consistent with industry standards and following IE's internal procedural documentation. Nordmin was able to verify the quality of geological and sampling information and develop an interpretation of Cu (primary, acid soluble and cyanide soluble) grade distributions appropriate for the MRE.

9.1.1 Field Collar Validation

Nordmin and a senior IE geologist verified several collar locations during the November site visit using a Garmin GPSMAP 64sx handheld GPS unit. The collars taken by Nordmin are very similar, if not exact, to what IE had for collar locations. Table 9-1 and Figure 9-1 demonstrate the comparison between the collected collar locations for select historical and 2021/2022 IE drill holes to the IE collar locations used in the MRE.

Photos of drill hole collars for historic holes CG-091 and CG-030 can be seen in Figure 9-2.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 114 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 9-1: Check Coordinates for Drilling Within the Santa Cruz, East Ridge, and Texaco Deposits November 9, 2022. *Drill holes beginning with "SCC" are recent holes drilled by IE. All other hole ID's represent historical drill holes throughout the property.***

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Original Coordinates** | **Original Coordinates** | **Check Coordinates** | **Check Coordinates** |
| <br>**Hole ID** | **Easting** | **Northing** | **Easting** | **Northing** |
| CG-021 | 417681.0 | 3640646.1 | 417692.2 | 3640646.4 |
| CG-030 | 417838.1 | 3640036.4 | 417838.5 | 3640036.4 |
| CG-047 | 419086.6 | 3643143.5 | 419086.5 | 3643144.2 |
| CG-055 | 417832.8 | 3639424.9 | 417833.4 | 3639420.8 |
| CG-061 | 417833.9 | 3639581.1 | 417834.5 | 3639579.8 |
| CG-065 | 417844.7 | 3640488.8 | 417844.1 | 3640490.1 |
| CG-068 | 417894.1 | 3639506.3 | 417893.1 | 3639504.3 |
| CG-083 | 417897.0 | 3640118.5 | 417898.2 | 3640118.6 |
| CG-091 | 417861.4 | 3639958.8 | 417862.3 | 3639957.2 |
| CG-092 | 417768.0 | 3640117.3 | 417768.7 | 3640117.6 |
| CG-099 | 417898.7 | 3639661.0 | 417898.5 | 3639660.8 |
| CG-100 | 417758.8 | 3639654.9 | 417758.3 | 3639654.3 |
| CG-101 | 417759.1 | 3640427.4 | 417758.4 | 3640427.4 |
| SC-024 | 417494.1 | 3641007.9 | 417496.6 | 3641006.9 |
| SC-029 | 419648.6 | 3643194.8 | 419648.0 | 3643196.2 |
| SC-036 | 417491.3 | 3641157.6 | 417492.9 | 3641149.2 |
| SC-039 | 417640.6 | 3640854.2 | 417645.0 | 3640860.3 |
| SC-041 | 419369.7 | 3643301.1 | 419369.7 | 3643302.5 |
| SC-042 | 419636.1 | 3643254.0 | 419638.0 | 3643246.7 |
| SC-043 | 419174.8 | 3643173.9 | 419176.4 | 3643173.8 |
| SC-067 | 419422.9 | 3642948.3 | 419420.1 | 3642947.9 |
| SCC-001 | 417838.0 | 3639741.0 | 417837.1 | 3639741.1 |
| SCC-002 | 417683.0 | 3640043.0 | 417696.1 | 3640053.3 |
| SCC-004 | 417536.0 | 3640350.0 | 417534.6 | 3640348.6 |
| SCC-005 | 417837.7 | 3640344.0 | 417840.7 | 3640342.8 |
| SCC-006 | 417863.6 | 3640199.8 | 417864.8 | 3640201.7 |
| SCC-007 | 418341.0 | 3639977.0 | 418342.3 | 3639974.7 |
| SCC-008 | 417937.0 | 3639914.0 | 417937.4 | 3639914.4 |
| SCC-012 | 419564.0 | 3643172.0 | 419562.1 | 3643175.6 |
| SCC-014 | 419175.1 | 3643173.6 | 419176.4 | 3643173.8 |
| SCC-015 | 419378.5 | 3643167.5 | 419379.2 | 3643169.5 |
| SCC-017 | 419378.0 | 3643172.7 | 419378.2 | 3643174.1 |

---

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 115 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img056.jpg)

Figure 9-1: Map of check drill hole collar locations from the November 2022 site visit

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 116 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img057.jpg)

Figure 9-2: Collars for historic diamond drill holes CG-091 and CG-030

9.1.2 Core Logging, Sampling, and Storage Facilities

The Company drill holes are logged, photographed, and sampled on site at the core logging facility (Figure 9-3 and Figure 9-4). No historical core is available. Recently drilled core is palletized, winterized, stored at IE's core storage facilities (Figure 9-3). The core samples, pulps, and coarse rejects are kept at the core logging facility or at IE's core storage facilities.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 117 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img058.jpg)

Figure 9-3: IE core logging facility located in Casa Grande, Arizona

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 118 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img059.jpg)

Figure 9-4: IE's core storage facilities. Core is predominantly stored outside, winterized and on pallets. Further core storage is available with Buildings 1 and 2.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 119 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img060.jpg)

Figure 9-5: Core photography station at the IE core logging facility

MX Deposit<sup>TM</sup> logging software is used for the drill program. The software has been extensively customized, and all core loggers have been very well trained. As a result, the QP found great consistency of logging across all personnel, a rarity in the industry. Geotechnical measurements are also taken in MX Deposit and are equally robust and consistent across personnel.

Documented drilling, logging, and sampling SOPs, including a standardized drill inspection checklist are used to standardize and enforce procedures. QA/QC samples, including blanks, duplicates, and standards, are appropriately selected and applied to the assaying.

Prior to the November site visit by the QP, anomalous SG values were observed in database exports. This included negative values and values less than or close to the SG of water (1.0). Upon inspection of the SG station (Figure 9-6), it was noted that the vessel used for weight in water was not of adequate size and the water contained large amounts of sediment, likely causing erroneous measurements. The QP discussed how to rectify these issues with the on-site team and will be closely monitoring SG values going forward. All suggested changes have since been implemented. The existing SG database was subsequently corrected and validated to the satisfaction of the QP, all incoming SG measurements have been reviewed and were acceptable.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 120 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img061.jpg)

Figure 9-6 Specific gravity measuring station within core logging facility.

Historical drill core has not been preserved; several core dumps can be found around the property, but it is not available for review.

9.1.3 Independent Sampling

Nordmin selected intervals from two Santa Cruz Deposit holes. A total of 14 verification samples were collected (Table 9-2) from the Santa Cruz available diamond drill holes. During the November 2022 site visit an additional 50 samples were selected for verification from the Texaco Deposit diamond drill holes (Table 9-3). Diamond drill core previously sampled (halved) was re-sampled by having the labs re-analyze the coarse reject material. Two assay laboratories were used during the 2021 drill campaign; therefore, the decision was made by Nordmin to send the independent samples to both laboratories to check for any lab bias.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 121 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 9-2: Original Assay Values Versus Nordmin Check Sample Assay Values from the March 2022 Site Visit**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Original Sample** | **Original Sample** | **Original Sample** | **Original Sample** | **Check Sample** | **Check Sample** | **Check Sample** | **Check Sample** |
| **Sample Number** | **From** | **To** | **TCu (%)** | **ASCu-SEQ** | **CNCu-SEQ** | **Mo (%)** | **TCu (%)** | **ASCu-SEQ** | **CNCu-SEQ** | **Mo (%)** |
| SKY5022508 | 582.35 | 583.70 | 0.12 | 0.041 | 0.005 | 0.013 | 0.12 | 0.045 | 0.007 | 0.011 |
| SKY5022513 | 587.70 | 588.70 | 6.05 | 4.535 | 0.014 | 0.012 | 6.03 | 5.544 | 0.012 | 0.012 |
| SKY5022517 | 590.70 | 591.70 | 2.02 | 1.756 | 0.007 | 0.008 | 2.17 | 2.134 | 0.007 | 0.007 |
| SKY5022525 | 591.70 | 600.70 | 1.2 | 1.069 | 0.011 | 0.009 | 1.23 | 1.207 | 0.012 | 0.006 |
| SKY5022601 | 600.70 | 687.23 | 3.99 | 3.803 | 0.039 | 0.005 | 4.05 | 3.947 | 0.039 | 0.005 |
| SKY5022604 | 600.70 | 690.23 | 6.89 | 1.472 | 3.742 | 0.011 | 6.95 | 1.527 | 5.31 | 0.01 |
| SKY5022585 | 664.23 | 666.23 | 1.98 | 1.818 | 0.007 | 0.012 | 1.99 | 1.98 | 0.007 | 0.011 |
| SKY5022565 | 666.23 | 642.10 | 2.63 | 2.348 | 0.012 | 0.007 | 2.62 | 2.621 | 0.014 | 0.005 |
| SKY5022730 | 816.00 | 817.00 | 0.61 | 0.0025 | 0.068 | 0.005 | 0.62 | 0.005 | 0.075 | 0.003 |
| SKY5022754 | 836.00 | 837.00 | 1.99 | 0.0025 | 0.204 | 0.012 | 2.05 | 0.0025 | 0.214 | 0.011 |
| SKY5022823 | 939.00 | 941.00 | 0.62 | 0.007 | 0.064 | 0.002 | 0.64 | 0.009 | 0.066 | 0.002 |
| SKY5022824 | 941.00 | 943.00 | 0.55 | 0.0025 | 0.031 | 0.006 | 0.55 | 0.005 | 0.031 | 0.006 |
| SKY5022823 | 939.00 | 941.00 | 0.62 | 0.007 | 0.064 | 0.002 | 0.65 | 0.0025 | 0.06 | 0.002 |
| SKY5022824 | 941.00 | 943.00 | 0.55 | 0.0025 | 0.031 | 0.006 | 0.55 | 0.0025 | 0.032 | 0.002 |

---

**Table 9-3 Original Assay Values versus Nordmin Check Sample Assay Values from the November 2022 Site Visit.**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Original Sample** | **Original Sample** | **Original Sample** | **Original Sample** | **Check Sample** | **Check Sample** | **Check Sample** | **Check Sample** |
| **Sample Number** | **From** | **To** | **TCu %** | **ASCu %** | **CNCu %** | **Mo %** | **TCu %** | **ASCu %** | **CNCu %** | **Mo %** |
| 695481 | 774.4 | 775 | 0.91 | 0.901 | 0.005 | 0.001 | 1.18 | 1.169 | 0.009 | 0.001 |
| 695482 | 775 | 776 | 2.72 | 2.686 | 0.016 | 0.006 | 2.74 | 2.684 | 0.022 | 0.007 |
| 695483 | 776 | 777 | 0.74 | 0.707 | 0.032 | 0.005 | 0.74 | 0.702 | 0.038 | 0.005 |
| 695484 | 777 | 778 | 1.61 | 1.576 | 0.026 | 0.006 | 1.66 | 1.618 | 0.03 | 0.007 |
| 695514 | 802 | 803 | 3.55 | 0.164 | 3.189 | 0.015 | 3.33 | 0.228 | 3.048 | 0.013 |
| 695517 | 805 | 806 | 3.08 | 0.148 | 2.876 | 0.029 | 3.14 | 0.167 | 2.833 | 0.032 |
| 695518 | 806 | 807 | 2.15 | 0.058 | 1.89 | 0.012 | 2.09 | 0.084 | 1.822 | 0.011 |
| 695670 | 937 | 938 | 0.98 | 0.013 | 0.191 | 0.003 | 0.99 | 0.02 | 0.223 | 0.003 |
| 695671 | 938 | 939 | 1.13 | 0.005 | 0.092 | 0.015 | 1.31 | 0.014 | 0.142 | 0.018 |
| 695672 | 939 | 940 | 1.66 | 0.0025 | 0.403 | 0.009 | 1.71 | 0.019 | 0.418 | 0.01 |
| 695673 | 940 | 941 | 1.34 | 0.005 | 0.21 | 0.009 | 1.36 | 0.013 | 0.254 | 0.009 |
| 695687 | 952 | 953 | 0.25 | 0.0025 | 0.01 | 0.017 | 0.22 | <0.005 | 0.017 | 0.013 |
| 695689 | 953 | 954 | 0.29 | 0.0025 | 0.017 | 0.004 | 0.31 | 0.008 | 0.03 | 0.004 |
| 695690 | 954 | 955 | 0.37 | 0.0025 | 0.014 | 0.003 | 0.39 | 0.008 | 0.025 | 0.003 |
| 695691 | 955 | 956 | 0.18 | 0.0025 | 0.009 | 0.003 | 0.16 | 0.005 | 0.017 | 0.002 |
| 695692 | 956 | 957 | 0.2 | 0.0025 | 0.009 | 0.002 | 0.2 | <0.005 | 0.016 | 0.003 |
| 694625 | 793 | 794 | 0.95 | 0.029 | 0.799 | 0.02 | 0.95 | 0.04 | 0.844 | 0.02 |
| 694626 | 794 | 795 | 0.65 | 0.019 | 0.494 | 0.033 | 0.66 | 0.038 | 0.515 | 0.03 |
| 694627 | 795 | 796 | 1.1 | 0.028 | 0.957 | 0.067 | 1.15 | 0.04 | 0.916 | 0.066 |

---

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 122 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Original Sample** | **Original Sample** | **Original Sample** | **Original Sample** | **Check Sample** | **Check Sample** | **Check Sample** | **Check Sample** |
| **Sample Number** | **From** | **To** | **TCu %** | **ASCu %** | **CNCu %** | **Mo %** | **TCu %** | **ASCu %** | **CNCu %** | **Mo %** |
| 694629 | 796 | 797 | 0.58 | 0.035 | 0.441 | 0.007 | 0.58 | 0.038 | 0.452 | 0.006 |
| 694630 | 797 | 798 | 0.99 | 0.027 | 0.736 | 0.045 | 0.98 | 0.043 | 0.824 | 0.045 |
| 694631 | 798 | 799 | 1.55 | 0.026 | 1.018 | 0.035 | 1.46 | 0.042 | 1.171 | 0.034 |
| 694639 | 805 | 806 | 1.05 | 0.013 | 0.383 | 0.022 | 1.06 | 0.023 | 0.41 | 0.023 |
| 694640 | 806 | 807 | 1.37 | 0.033 | 0.828 | 0.016 | 1.42 | 0.036 | 0.831 | 0.019 |
| 694641 | 807 | 808 | 0.97 | 0.025 | 0.546 | 0.036 | 0.99 | 0.032 | 0.571 | 0.039 |
| 694643 | 808 | 809 | 0.87 | 0.015 | 0.512 | 0.028 | 0.89 | 0.032 | 0.524 | 0.03 |
| 694644 | 809 | 810 | 0.8 | 0.025 | 0.453 | 0.01 | 0.81 | 0.028 | 0.454 | 0.009 |
| 694645 | 810 | 811 | 1.06 | 0.021 | 0.474 | 0.011 | 1.13 | 0.02 | 0.475 | 0.011 |
| 694646 | 811 | 812 | 1.28 | 0.014 | 0.72 | 0.032 | 1.25 | 0.022 | 0.73 | 0.027 |
| 694647 | 812 | 813 | 1.21 | 0.024 | 0.707 | 0.026 | 1.14 | 0.032 | 0.706 | 0.023 |
| 694648 | 813 | 814 | 0.85 | 0.016 | 0.498 | 0.031 | 0.89 | 0.023 | 0.582 | 0.032 |
| 694650 | 814 | 815 | 0.72 | 0.019 | 0.408 | 0.051 | 0.54 | 0.01 | 0.03 | 0.003 |
| 694651 | 815 | 815.9 | 1.13 | 0.022 | 0.467 | 0.037 | 1.15 | 0.025 | 0.448 | 0.036 |
| 694712 | 867 | 868 | 0.82 | 0.006 | 0.038 | 0.074 | 0.82 | 0.012 | 0.034 | 0.061 |
| 694713 | 868 | 869 | 0.41 | 0.0025 | 0.016 | 0.006 | 0.39 | 0.01 | 0.016 | 0.005 |
| 694714 | 869 | 870 | 0.72 | 0.007 | 0.033 | 0.014 | 0.77 | 0.013 | 0.036 | 0.017 |
| 694715 | 870 | 871 | 1.31 | 0.026 | 0.104 | 0.126 | 1.45 | 0.027 | 0.107 | 0.105 |
| 694716 | 871 | 872 | 1 | 0.038 | 0.178 | 0.053 | 1.13 | 0.043 | 0.203 | 0.048 |
| 694717 | 872 | 873 | 1.22 | 0.016 | 0.38 | 0.019 | 1.29 | 0.018 | 0.384 | 0.017 |
| 694718 | 873 | 874 | 3.07 | 0.008 | 0.44 | 0.168 | 3.13 | 0.021 | 0.462 | 0.163 |
| 694720 | 874 | 875 | 1.67 | 0.015 | 0.386 | 0.033 | 1.72 | 0.026 | 0.381 | 0.026 |
| 694721 | 875 | 876 | 2.01 | 0.017 | 0.514 | 0.054 | 1.96 | 0.02 | 0.502 | 0.047 |
| 694722 | 876 | 877 | 1.59 | 0.022 | 0.702 | 0.046 | 1.68 | 0.026 | 0.702 | 0.046 |
| 694723 | 877 | 878 | 2.15 | 0.023 | 1.015 | 0.017 | 2.09 | 0.034 | 0.871 | 0.014 |
| 694724 | 878 | 879 | 2.12 | 0.026 | 0.855 | 0.044 | 2 | 0.028 | 0.812 | 0.042 |
| 694949 | 1070 | 1071 | 1.25 | 0.0025 | 0.091 | 0.008 | 1.26 | 0.007 | 0.075 | 0.007 |
| 694950 | 1071 | 1072 | 0.59 | 0.006 | 0.041 | 0.003 | 0.74 | 0.029 | 0.421 | 0.056 |
| 694952 | 1072 | 1073 | 0.25 | 0.0025 | 0.022 | 0.001 | 0.24 | 0.006 | 0.02 | 0.001 |
| 694953 | 1073 | 1074 | 0.25 | 0.006 | 0.046 | 0.004 | 0.22 | 0.006 | 0.023 | 0.003 |
| 694954 | 1074 | 1075 | 0.5 | 0.005 | 0.028 | 0.003 | 0.44 | 0.008 | 0.026 | 0.002 |

---

IE uses unmineralized material (an alkaline granite from the area), where values of ore minerals are below detection limits or quartz gravel as sample blanks. The blank material was analyzed at Skyline Laboratories to ensure that there was no significant amount of Cu present. Coarse blanks are crushed as normal samples within the sample stream so that contamination during sample preparation can be detected. Blanks are used to assess proper instrument cleaning and instrument detection limits and contaminations within the lab.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 123 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

The Nordmin assay results for verification samples from the Santa Cruz Deposit were compared to IE's database and summarized in the scatter plots for total Cu (%), acid soluble Cu (%), and cyanide soluble Cu (%) (Figure 9-79-7, Figure 9-89-8 and Figure 9-99-9). Assay results for verification samples from the Texaco Deposit are summarized in Figure 9-10:9-10 to Figure 9-12:9-12. Despite some significant sample variances in a few samples, most assays compared within reasonable tolerances for the deposit type and no material bias was evident. No bias was evident among lab analyses.

![](tm236266d1_ex96-1img062.jpg)

Figure 9-7: Nordmin independent sampling total Cu (%) assays from Skyline Laboratories, Santa Cruz Deposit

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 124 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img063.jpg)

Figure 9-8: Nordmin independent sampling acid soluble Cu (%) assays from Skyline Laboratories, Santa Cruz Deposit

![](tm236266d1_ex96-1img064.jpg)

Figure 9-9: Nordmin independent sampling of cyanide soluble (%) assays from Skyline Laboratories, Santa Cruz Deposit

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 125 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img065.jpg)

Figure 9-10: Nordmin independent sampling of total Copper (%) assays from Skyline Laboratories, Texaco Deposit

![](tm236266d1_ex96-1img066.jpg)

Figure 9-11: Nordmin independent sampling of acid soluble Copper (%) assays from Skyline Laboratories, Texaco Deposit

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 126 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img067.jpg)

Figure 9-12: Nordmin independent sampling of cyanide soluble Copper (%) assays from Skyline Laboratories, Texaco Deposit

9.1.4 Audit of Analytical Laboratory

On September 17, 2021, the Nordmin QP and representatives from IE audited the sample preparation and analysis facilities of Skyline Laboratories in Tucson, Arizona. Recommendations from the audit were provided to Skyline Laboratories and follow up was completed by IE representatives to ensure that the recommendations were implemented. An additional audit of Skyline Laboratories, Tuscon, AZ was conducted on June 29, 2022 by members of IE. Recommendations from the 2021 visit were found to have improved (i.e. dust control, air quality). Overall, the lab was found to be clean and organized for sample preparation and analysis. Recommendations from the audit were shared with the lab, follow up audits by IE representatives will be completed to ensure that recommendations were implemented. Another audit of Skyline is planned for 2023.

9.2 Twin Hole Analysis

In the 2021 MRE, Nordmin completed a twin hole analysis between the historical Hanna-Getty and ASARCO diamond drilling versus the 2021 IE drilling to determine if the historical information could be used in the geologic model and Resource Estimate. The analysis compared the collar locations, downhole surveys, logging (lithology, alteration, and mineralization), sampling and assaying between the two groups to determine if the historical holes had valid information and would not be introducing a bias within the geological model or Resource Estimate. The comparison included a QA/QC analysis of the historical drill holes.

A total of five historical holes were reviewed with the following outcomes:

&nbsp;&nbsp;&nbsp;&nbsp;• all
 five historical hole assays aligned with 2021 diamond drilling assays;

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 127 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;• 2021
 diamond drilling assays were of higher resolution due to smaller sample sizes; and,

&nbsp;&nbsp;&nbsp;&nbsp;• recent
 drilling validated the ASARCO cyanide soluble assays.

Figure 9-13 demonstrates that grade variability and location were insignificant between CG-027 and SCC-001 and demonstrated overall grade continuity between the intercepts. Resolution is higher in SCC-001 downhole due to smaller sample sizes compared to historic drilling. Table 9-4 demonstrates good agreement between historic logging and current logging using the same regional lithology types. This provides confidence in the accuracy of the geologic model and that associations made between mineralization and lithology are valid. Similar patterns are observed within the other three historical drill holes used within the Resource Estimate, which included reliable QA/QC data.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 128 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img068.jpg)

Figure 9-13: Comparison of assays from SCC-001 versus CG-027. A) shows the direct comparison of total Cu assays as Cu (%). B) SCC-001 and CG-027 showing downhole charts of acid soluble Cu assays (%) on the left and total Cu (%) assays on the right.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 129 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 9-4: Downhole Lithology Logging Comparison of CG-027 versus SCC-001**

TgcU = Tertiary unconsolidated sediments, TgcL = Tertiary Lithified Sediments, Mixed = breccias, LI = Laramide Intrusives, pC = Precambrian Granites/Diabase Dykes and Aplites

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole ID** | **FROM (m)** | **TO (m)** | **Lithology** | **Hole ID** | **FROM (m)** | **TO (m)** | **Lithology** |
| CG-027 | 0 | 24.38 | Tert. Sediments | SCC-001 | 0 | 514.78 | Conglomerate |
| CG-027 | 24.38 | 85.34 | Tert. Sediments | SCC-001 | 0 | 514.78 | Conglomerate |
| CG-027 | 85.34 | 195.07 | Tert. Sediments | SCC-001 | 0 | 514.78 | Conglomerate |
| CG-027 | 195.07 | 347.47 | Tert. Sediments | SCC-001 | 0 | 514.78 | Conglomerate |
| CG-027 | 347.47 | 542.54 | Tert. Sediments | SCC-001 | 514.78 | 544.03 | Conglomerate |
| CG-027 | 542.54 | 563.88 | Tert. Sediments | SCC-001 | 544.03 | 551.28 | Conglomerate |
| CG-027 | 563.88 | 566.92 | No data | SCC-001 | 551.28 | 556.26 | Fault |
| CG-027 | 566.92 | 576.07 | Tert. Sediments | SCC-001 | 556.26 | 578.76 | Breccia |
| CG-027 | 576.07 | 579.12 | Tert. Sediments | SCC-001 | 578.76 | 600.93 | Quartz Monzonite |
| CG-027 | 579.12 | 585.52 | No data | SCC-001 | 600.93 | 603.35 | Quartz Monzonite |
| CG-027 | 585.52 | 603.5 | Mixed | SCC-001 |  |  |  |
| CG-027 | 603.5 | 606.55 | Tert. Sediments | SCC-001 | 603.35 | 615.03 | Quartz Monzonite |
| CG-027 | 606.55 | 612.64 | Mixed | SCC-001 |  |  |  |
| CG-027 | 612.64 | 615.69 | Tert. Sediments | SCC-001 |  |  |  |
| CG-027 | 615.69 | 621.79 | Mixed | SCC-001 | 615.03 | 660.24 | Granodiorite |
| CG-027 | 621.79 | 640.08 | Laramide Int. | SCC-001 |  |  |  |
| CG-027 | 640.08 | 643.12 | Tert. Sediments | SCC-001 |  |  |  |
| CG-027 | 643.12 | 658.36 | Laramide Int. | SCC-001 |  |  |  |
| CG-027 | 658.36 | 694.94 | Granite | SCC-001 | 660.24 | 705.39 | Granite |
| CG-027 | 694.94 | 697.99 | Granite | SCC-001 | 705.39 | 707.83 | Granodiorite |
| CG-027 | 697.99 | 710.18 | Granite | SCC-001 |  |  |  |
| CG-027 | 710.18 | 713.23 | Laramide Int. | SCC-001 | 707.83 | 724.47 | Granite |
| CG-027 | 713.23 | 719.32 | Granite | SCC-001 | 724.47 | 732.03 | Granodiorite |
| CG-027 | 719.32 | 731.52 | Laramide Int. | SCC-001 |  |  |  |
| CG-027 | 731.52 | 734.56 | Laramide Int. | SCC-001 | 732.03 | 751.71 | Granite |
| CG-027 | 734.56 | 807.72 | Granite | SCC-001 | 751.71 | 769.62 | Granite |
| CG-027 |  |  |  | SCC-001 | 769.62 | 802.66 | Granite |
| CG-027 |  |  |  | SCC-001 | 802.66 | 807.511 | Gabbro |
| CG-027 | 807.72 | 816.86 | Laramide Int. | SCC-001 | 807.511 | 818.39 | Granite |
| CG-027 | 816.86 | 923.54 | Granite | SCC-001 | 818.39 | 820.23 | Fault |
| CG-027 |  |  |  | SCC-001 | 820.23 | 845.75 | Granite |
| CG-027 |  |  |  | SCC-001 | 845.75 | 849.17 | Fault |
| CG-027 |  |  |  | SCC-001 | 849.17 | 891.7 | Granite |
| CG-027 |  |  |  | SCC-001 | 891.7 | 897.94 | Granite |
| CG-027 |  |  |  | SCC-001 | 897.94 | 910 | Granite |
| CG-027 |  |  |  | SCC-001 | 910 | 921.22 | Fault |
| CG-027 | 923.54 | 926.59 | Laramide Int. | SCC-001 | 921.22 | 928.75 | Granodiorite |
| CG-027 | 926.59 | 929.64 | Granite | SCC-001 | 928.75 | 946.09 | Fault |

---

Several holes have been twinned over the course of the exploration work conducted on the Santa Cruz Deposit. Nordmin was able to match most of the intervals for each of the pairs and plotted the grades for Cu, Cu-SEQ, and Mo. In Nordmin's opinion, for most of the pairs, the assay results compared reasonably well; the high-grade (HG) and low-grade (LG) zones were similar, and the grades tended to cluster in the same ranges. In Nordmin's opinion, the twinning has provided a reasonably consistent verification of the earlier Hanna-Getty and ASARCO drill results, particularly considering the differences in the assay, survey methods and QA/QC protocols.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 130 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

9.3 Database Validation

The Nordmin QP completed a spot check verification of the following drill holes:

&nbsp;&nbsp;&nbsp;&nbsp;• Santa
 Cruz Deposit – 5 drill holes which included 89 lithology entries (19%), 388 geotechnical
 measurements (55%), and 328 assay entries (70%).

&nbsp;&nbsp;&nbsp;&nbsp;• Texaco
 Deposit – 2 drill holes were checked which included 78 lithology entries (47%),
 441 geotechnical measurements (44%), and 1059 assays (56%).

&nbsp;&nbsp;&nbsp;&nbsp;• East
 Ridge Deposit – 1 drill hole was checked which included 27 lithology entries (12.7%),
 176 geotechnical measurements (11%), and 306 assays (23%).

The historical geology was validated for lithological units from handwritten logs transcribed into excel tables and historical logs compiled into a database. Lithological units being implemented in current logging were based on the historical description. Detail and interpretation of the lithologic units have developed along with the 2021-2022 drilling and are more robust than earlier descriptions. The geological contacts and lithology aligned with the core contacts and lithology and are acceptable for use. Two assay depth errors from 2021 drilling were brought to the attention of the on-site geologists. These errors were rectified, and the database was updated. The entire database was run through the QGIS validity check to look for errors. No significant errors were found in the database.

Within the database, a portion of historic drill holes is missing the downhole survey and assay data. Holes drilled by Casa Grande Copper Co. have 62.1% of the survey data and 96.5% of the assay data. Holes drilled by ASARCO have 65.9% of the downhole survey data and only 34.4% of the assay data available. Missing data has been well documented by IE, and vertical twins of historic drill holes have been and continue to be drilled to confirm lithology, assay, and geotechnical data (Section 9.1.4).

9.4 Review of Company's QA/QC

The Company has a robust QA/QC process in place, as previously described in Section 8.

9.5 Nordmin QP's Opinion

Upon completion of the data verification process, it is the Nordmin QP's opinion that the geological data collection and QA/QC procedures used by IE are consistent with standard industry practices and that the geological database is of suitable quality to support the Mineral Resource Estimate.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 131 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**10 MINERAL PROCESSING AND METALLURGICAL TESTING**

Metallurgy and processing testwork were directed by Met Engineering LLC and conducted at McClelland Labs in Sparks, Nevada. The studies are ongoing. Study focus has been on:

&nbsp;&nbsp;&nbsp;&nbsp;• Confirming
 total copper recovery of the leach-float flow sheet proposed by historical operator,
 Casa Grande Copper Corp., circa 1980, on Exotic, Oxide, and Chalcocite mineral domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Investigating
 heap leaching of Exotic, Oxide, and Chalcocite mineral domains. The test program for
 heap leaching is at an early stage and will not be reported on until a later stage of
 the project.

10.1 CGCC Studies (1976-1982)

The Casa Grande Copper Corp. (CGCC) studies were conducted by the Hanna Mining Company Research Centre, Minnesota, USA. They evaluated the three distinct processing routes listed below. Detailed reports were prepared for each process. There is a fourth process, heap leach, that was investigated with conceptual studies, but no detailed study was pursued for this process. Approximately 90 mineral processing and metallurgical test programs were conducted. The number of tests conducted in each program ranged from 6 to 40. Three different processes were considered by CGCC:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 Agitated Tank Leach Approach (91% total Cu recovery to cathodes).

&nbsp;&nbsp;&nbsp;&nbsp;• All-Float
 Approach (92% total Cu recovery to cathodes or a mixture of cathodes and saleable Cu
 concentrates).

&nbsp;&nbsp;&nbsp;&nbsp;• Leach
 – Float Process (94% Cu recovery to cathodes or to a mixture of cathodes and saleable
 Cu concentrates).

CGCC selected to move forward with the Leach – Float Process.

10.1.1 Sample Selection

Historical testing in 1979-1980 was performed on drill core coarse rejects. Grinding tests, open cycle and closed cycle bench level flotation tests, and bottle roll leach tests were performed.

Composite samples of seven "ore" types (listed below) were prepared from drill core intervals based on the estimate of mineralized material in the Santa Cruz Deposit developed by Hanna, dated November 15, 1978. The purpose of these ore type composites was to have material readily available for blending to represent different mine plans for various flow sheet development.

&nbsp;&nbsp;&nbsp;&nbsp;• High-grade
 Supergene

&nbsp;&nbsp;&nbsp;&nbsp;• Supergene
 Dilution

&nbsp;&nbsp;&nbsp;&nbsp;• Low-grade
 Supergene

&nbsp;&nbsp;&nbsp;&nbsp;• Mixed
 Chalcocite/Chalcopyrite

&nbsp;&nbsp;&nbsp;&nbsp;• Primary
 Chalcopyrite

&nbsp;&nbsp;&nbsp;&nbsp;• Exotic
 Ore

&nbsp;&nbsp;&nbsp;&nbsp;• Exotic
 Dilution Ore

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 132 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

Mineral processing and metallurgical tests were conducted on blends of each ore type representing the ore expected in each mine plan related to the three flow sheets mentioned in Section 10.1.1.

Table 10-1 through Table 10-19 below are the drill holes, intervals, and sample quantities blended for each ore type composite along with the analyses and copper mineralization. Note that some of the tables lack section data as these were not present in the historical data source. The QP is of the opinion that industry accepted practices were applied in regard to preparing sample blends for each ore type composite, and that the composite samples represent the ore type indicated.

**Table 10-1: Analyses of High-grade Supergene Composite No.79-88 (A&B).**

---

| | | | |
|:---|:---|:---|:---|
| | **Analyses** | **Analyses** | **Analyses** |
| <br>**Composite No.** | **Total Cu (%)** | **ASCu (%)** | **Chloride (%)** |
| &nbsp;&nbsp;**79-88A (-3/8")** | 1.50 | 1.14 | 0.191 |
| &nbsp;&nbsp;**79-88B (-10 Mesh)** | 1.47 | 1.14 | 0.185 |

---

**Table 10-2: Mineralogy of High-grade Supergene Composite No.79-88.**

---

| | | |
|:---|:---|:---|
| | **Mineralogy** | **Mineralogy** |
| <br>**Mineral** | **% Cu** | **% Cu Dist.** |
| &nbsp;&nbsp;**Atacamite** | 0.62 | 41.6 |
| &nbsp;&nbsp;**Chrysocolla, Cuprite** | 0.45 | 30.2 |
| &nbsp;&nbsp;**Copper Clay** | 0.07 | 4.7 |
| &nbsp;&nbsp;**Copper Sulfides** | 0.35 | 23.5 |
| &nbsp;&nbsp;**Total** | **1.49** | **100.0** |

---

**Table 10-3: Drill Holes, Intervals and Sample Weights of High-grade Supergene Composite No. 79-88 (A&B).**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **High-grade supergene composite No.79-88** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** | **Sample Weight (g)** |
| <br>**Section** | **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** | **-10 Mesh** |
| 14500 | 11 | 1620 | 2010 | 390 | 494 | 613 | 119 | 15080 | 15077 |
| 14500 | 12 | 1965 | 2075 | 110 | 599 | 632 | 34 | 6260 | 6260 |
| 14250 | 81 | 1934 | 2068 | 134 | 589 | 630 | 41 | 9782 | 9782 |
| 14250 | 96 | 1537 | 1801 | 264 | 468 | 549 | 80 | 11129 | 11129 |
| 14250 | 96 | 1640 | 1801 | 161 | 500 | 549 | 49 | 11129 | 11129 |
| 14250 | 106 | 1937 | 2127 | 190 | 590 | 648 | 58 | 7810 | 7810 |
| 14000 | 13 | 1960 | 2450 | 490 | 597 | 747 | 149 | 17760 | 17760 |
| 14000 | 29 | 1520 | 1570 | 50 | 463 | 479 | 15 | 795 | 795 |
| 14000 | 40 | 2006 | 2049 | 43 | 611 | 625 | 13 | 366 | 366 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 133 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **High-grade supergene composite No.79-88** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** | **Sample Weight (g)** |
| 13750.0 | 98 | 1633 | 1805 | 172 | 498 | 550 | 52 | 8186 | 8186 |
| 13750.0 | 84 | 1827 | 2118 | 291 | 557 | 646 | 89 | 15128 | 15128 |
| 13750.0 | 77 | 2041 | 2150 | 109 | 622 | 655 | 33 |  |  |
| 13750.0 | 77 | 2199 | 2279 | 80 | 670 | 695 | 24 | 9392 | 9392 |
| 13500.0 | 20 | 1680 | 1860 | 180 | 512 | 567 | 55 | 10433 | 10437 |
| 13500.0 | 18 | 2000 | 2190 | 190 | 610 | 667 | 58 | 5371 | 5378 |
| 13500.0 | 60 | 1592 | 1638 | 46 | 485 | 499 | 14 | 1894 | 1894 |
| 13250.0 | 78 | 1802 | 1927 | 125 | 549 | 587 | 38 | 8913 | 8913 |
| 12750.0 | 93 | 1712 | 1820 | 108 | 522 | 555 | 33 | 5095 | 5095 |
| 12750.0 | 90 | 1682 | 1877 | 195 | 513 | 572 | 59 | 14657 | 14657 |
| 12750.0 | 82 | 1472 | 1566 | 94 | 449 | 477 | 29 |  |  |
| 12750.0 | 82 | 1807 | 1947 | 140 | 551 | 593 | 43 | 19725 | 19725 |
| 12400.0 | 23 | 1840 | 2010 | 170 | 561 | 613 | 52 | 10948 | 10936 |
| 12400.0 | 37 | 1710 | 2270 | 560 | 521 | 692 | 171 | 25922 | 25933 |
| 12400.0 | 38 | 2050 | 2646 | 596 | 625 | 806 | 182 | 24132 | 24063 |
| 12400.0 | 16 | 2410 | 2550 | 140 | 735 | 777 | 43 |  |  |
| 12400.0 | 16 | 2770 | 3170 | 400 | 844 | 966 | 122 | 12898 | 12799 |
| 12250.0 | 88 | 1867 | 2178 | 311 | 569 | 664 | 95 | 13350 | 13350 |
| 12250.0 | 94 | 2225 | 2342 | 117 | 678 | 714 | 36 |  |  |
| 12250.0 | 94 | 2565 | 2758 | 193 | 782 | 841 | 59 | 10447 | 10447 |
| 12250.0 | 87 | 1899 | 1977 | 78 | 579 | 603 | 24 | 874 | 874 |
| 12000.0 | 27A | 1953 | 2667 | 714 | 595 | 813 | 218 | 47272 | 47269 |
| 12000.0 | 57 | 2219 | 2336 | 117 | 676 | 712 | 36 | 14833 | 14833 |
| 12000.0 | 57 | 2582 | 2627 | 45 | 787 | 801 | 14 |  |  |
| 12000.0 | 57 | 2753 | 2870 | 117 | 839 | 875 | 36 |  |  |
| 12000.0 | 24 | 1990 | 2060 | 70 | 607 | 628 | 21 | 2548 | 2548 |
| 12000.0 | 62 | 1972 | 2021 | 49 | 601 | 616 | 15 | 3402 | 3402 |
| 11750.0 | 89 | 2051 | 2104 | 53 | 625 | 641 | 16 | 3494 | 3494 |
| 11500.0 | 31 | 2420 | 2440 | 20 | 738 | 744 | 6 | 1296 | 1296 |
| 11500.0 | 61 | 2484 | 2609 | 125 | 757 | 795 | 38 | 10574 | 10574 |
|  | **32 drill holes** |  |  | **7437** |  |  | **2267** | **349766** | **349602** |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 134 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 10-4: Analyses of Supergene Dilution Composite No.79-99.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** |
| <br>**Composite No.** | **Total Cu (%)** | **ASCu (%)** | **Chloride (%)** | **Sulfur (%)** | **Total Iron (%)** |
| &nbsp;&nbsp;**79-99** | 0.31 | 0.278 | 0.037 | 0.22 | 2.71 |

---

**Table 10-5: Mineralogy of Supergene Dilution Composite No.79-99.**

---

| | | |
|:---|:---|:---|
| | **Mineralogy** | **Mineralogy** |
| <br>**Mineral** | **% Cu** | **% Cu Dist.** |
| &nbsp;&nbsp;**Atacamite** | 0.079 | 25.5 |
| &nbsp;&nbsp;**Chrysocolla, Cuprite** | 0.136 | 44.1 |
| &nbsp;&nbsp;**Copper Clay** | 0.063 | 20.4 |
| &nbsp;&nbsp;**Copper Sulfides** | 0.031 | 10.0 |
| &nbsp;&nbsp;**Total** | **0.309** | **100.0** |

---

**Table 10-6: Drill Holes, Intervals and Sample Weights of Supergene Dilution Composite No.79-99.**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Supergene dilution composite No. 79-99** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** | **Sample Weight (g)** |
| <br>**Section** | **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** | **-10 Mesh** |
| 14500N | 11 | 1550 | 1620 | 70 | 472 | 494 | 21 | 10150 | 10155 |
| 14250N | 76 | 1876 | 1893 | 17 | 572 | 577 | 5 | 2465 | 2470 |
| 14250N | 106 | 1916 | 1937 | 21 | 584 | 590 | 6 | 3045 | 3050 |
| 14250N | 81 | 1919 | 1934 | 15 | 585 | 589 | 5 | 2175 | 2177 |
| 14000N | 13 | 1910 | 1953 | 43 | 582 | 595 | 13 | 6235 | 6250 |
| 13750N | 98 | 1605 | 1633 | 28 | 489 | 498 | 9 | 4060 | 4080 |
| 13750N | 84 | 1798 | 1827 | 29 | 548 | 557 | 9 | 4205 | 4205 |
| 13750N | 77 | 2011 | 2041 | 30 | 613 | 622 | 9 | 4350 | 4355 |
| 13500N | 20 | 1670 | 1700 | 30 | 509 | 518 | 9 | 4350 | 4355 |
| 13500N | 18 | 1970 | 2000 | 30 | 600 | 610 | 9 | 4350 | 4365 |
| 13500N | 18A | 1970 | 2000 | 30 | 600 | 610 | 9 | 4350 | 4359 |
| 13250N | 78 | 1772 | 1802 | 30 | 540 | 549 | 9 | 4350 | 4352 |
| 12750N | 93 | 1697 | 1712 | 15 | 517 | 522 | 5 | 2175 | 2078 |
| 12750N | 82 | 1446 | 1472 | 26 | 441 | 449 | 8 | 3770 | 3777 |
| 12750N | 82 | 1781 | 1807 | 26 | 543 | 551 | 8 | 3770 | 3770 |
| 12400N | 23 | 1800 | 1840 | 40 | 549 | 561 | 12 | 5800 | 5800 |
| 12400N | 37 | 1590 | 1710 | 120 | 485 | 521 | 37 | 17400 | 17596 |
| 12400N | 38 | 2004 | 2050 | 46 | 611 | 625 | 14 | 6670 | 6668 |
| 12400N | 16 | 2380 | 2410 | 30 | 725 | 735 | 9 | 4350 | 4352 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 135 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Supergene dilution composite No. 79-99** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** | **Sample Weight (g)** |
| 12400N | 16 | 2700 | 2770 | 70 | 823 | 844 | 21 | 10150 | 4601 |
| 12250N | 88 | 1747 | 1867 | 120 | 532 | 569 | 37 | 17400 | 17397 |
| 12250N | 94 | 2198 | 2225 | 27 | 670 | 678 | 8 | 3915 | 3910 |
| 12250N | 94 | 2504 | 2565 | 61 | 763 | 782 | 19 | 8845 | 8830 |
| 12000N | 57 | 2168 | 2219 | 51 | 661 | 676 | 16 | 7395 | 7385 |
| 11500N | 61 | 2464 | 2484 | 20 | 751 | 757 | 6 | 2900 | 2915 |
|  | 22 drill holes |  |  | 1025 |  |  | 312 | 148625 | 143252 |

---

**Table 10-7: Analyses of Low-grade Supergene Composite No.79-128**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** |
| <br>**Composite No.** | **Total Cu (%)** | **ASCu (%)** | **Mo(%)** | **Chloride (%)** | **Sulfur (%)** | **Total Iron (%)** |
| &nbsp;&nbsp;**79-128** | 0.486 | 0.140 | 0.011 | 0.020 | 0.24 | 1.45 |

---

**Table 10-8: Mineralogy of Low-grade Supergene Composite No.79-128**

---

| | | |
|:---|:---|:---|
| | **Mineralogy** | **Mineralogy** |
| <br>**Mineral** | **% Cu** | **% Cu Dist.** |
| &nbsp;&nbsp;**Atacamite** | 0.018 | 3.7 |
| &nbsp;&nbsp;**Chrysocolla, Cuprite** | 0.091 | 18.7 |
| &nbsp;&nbsp;**Copper Clay** | 0.031 | 6.4 |
| &nbsp;&nbsp;**Copper Sulfides** | 0.346 | 71.2 |
| &nbsp;&nbsp;**Total** | **0.486** | **100.0** |

---

**Table 10-9: Drill Holes, Intervals and Sample Weights of Low-grade Supergene Composite No.79-128**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Low-grade Supergene composite No. 79-128** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** |
| **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** |
| 12 | 2075 | 2185 | 110 | 632 | 666 | 34 | 12720 |
| 78 | 1927 | 1954 | 27 | 587 | 596 | 8 | 3140 |
| 80 | 1925 | 2173 | 248 | 587 | 662 | 76 | 28710 |
| 98 | 1797 | 2041 | 244 | 548 | 622 | 74 | 28190 |
| 13 | 2500 | 2670 | 170 | 762 | 814 | 52 | 18520 |
| 96 | 1801 | 2061 | 260 | 549 | 628 | 79 | 29770 |
| 81 | 2068 | 2411 | 343 | 630 | 735 | 105 | 39560 |
| 11 | 2010 | 2260 | 250 | 613 | 689 | 76 | 28920 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 136 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Low-grade Supergene composite No. 79-128** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** |
| 23 | 2010 | 2310 | 300 | 613 | 704 | 91 | 34690 |
| 16 | 2550 | 2770 | 220 | 777 | 844 | 67 | 11370 |
| 90 | 1877 | 1917 | 40 | 572 | 584 | 12 | 12670 |
| 90 | 1956 | 2025 | 69 | 596 | 617 | 21 | 12670 |
| 82 | 1947 | 2084 | 137 | 593 | 635 | 42 | 15910 |
| 109 | 2505 | 2598 | 93 | 763 | 792 | 28 | 10810 |
| 91 | 2691 | 2781 | 90 | 820 | 848 | 27 | 21975 |
| 91 | 2896 | 2995 | 99 | 883 | 913 | 30 | 21975 |
| 61 | 2609 | 2679 | 70 | 795 | 817 | 21 | 6605 |
| 100 | 2338 | 2463 | 125 | 713 | 751 | 38 | 14540 |
| 57 | 2486 | 2582 | 96 | 758 | 787 | 29 | 37625 |
| 57 | 2666 | 2733 | 67 | 813 | 833 | 20 | 37625 |
| 57 | 2907 | 3064 | 157 | 886 | 934 | 48 | 37625 |
| 88 | 2178 | 2236 | 58 | 664 | 681 | 18 | 6740 |
| 94 | 2342 | 2565 | 223 | 714 | 782 | 68 | 25225 |
| **19 drill holes** |  |  | **3496** |  |  | **1066** | **387690** |

---

**Table 10-10: Analyses of Mixed Chalcocite / Chalcopyrite Composite No.79-109**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** |
| <br>**Composite No.** | **Total Cu (%)** | **ASCu (%)** | **Mo(%)** | **Chloride (%)** | **Sulfur (%)** | **Total Iron (%)** |
| &nbsp;&nbsp;**79-109** | 0.824 | 0.073 | 0.024 | 0.024 | 0.94 | 1.73 |

---

**Table 10-11: Mineralogy of Mixed Chalcocite / Chalcopyrite Composite No.79-109**

---

| | | |
|:---|:---|:---|
| | **Mineralogy** | **Mineralogy** |
| <br>**Mineral** | **% Cu** | **% Cu Dist.** |
| &nbsp;&nbsp;**Atacamite** | 0.032 | 3.9 |
| &nbsp;&nbsp;**Chrysocolla, Cuprite** | 0.009 | 1.1 |
| &nbsp;&nbsp;**Copper Clay** | 0.032 | 3.9 |
| &nbsp;&nbsp;**Copper Sulfides** | 0.751 | 91.1 |
| &nbsp;&nbsp;**Total** | **0.824** | **100.0** |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 137 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 10-12: Drill Holes, Intervals and Sample Weights of Mixed Chalcocite / Chalcopyrite Composite No.79-109**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mixed chalcocite / chalcopyrite Composite No. 79-109** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** |
| **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** |
| 81 | 2411 | 2663 | 252 | 735 | 812 | 77 | 22750 |
| 78 | 1954 | 2225 | 271 | 596 | 678 | 83 | 24495 |
| 80 | 2284 | 2355 | 71 | 696 | 718 | 22 | 6435 |
| 20 | 2020 | 2080 | 60 | 616 | 634 | 18 | 5440 |
| 84 | 2118 | 2681 | 563 | 646 | 817 | 172 | 50950 |
| 37 | 2270 | 2699 | 429 | 692 | 823 | 131 | 17180 |
| 38 | 2646 | 3041 | 395 | 806 | 927 | 120 | 13840 |
| 90 | 2025 | 2287 | 262 | 617 | 697 | 80 | 23725 |
| 82 | 2084 | 2277 | 193 | 635 | 694 | 59 | 17440 |
| 109 | 2598 | 3003 | 405 | 792 | 915 | 123 | 36585 |
| 91 | 2995 | 3043 | 48 | 913 | 927 | 15 | 4350 |
| 61 | 2679 | 2808 | 129 | 817 | 856 | 39 | 11650 |
| 100 | 2463 | 2702 | 239 | 751 | 824 | 73 | 21585 |
| 99 | 3079 | 3143 | 64 | 938 | 958 | 20 | 5805 |
| 27A | 2667 | 2715 | 48 | 813 | 827 | 15 | 4325 |
| 57 | 3123 | 3180 | 57 | 952 | 969 | 17 | 5170 |
| 88 | 2236 | 2306 | 70 | 681 | 703 | 21 | 6360 |
| 94 | 2832 | 3030 | 198 | 863 | 923 | 60 | 17915 |
| **18 drill holes** |  |  | **3754** |  |  | **1144** | **296000** |

---

**Table 10-13: Analyses of Chalcopyrite Composite No.79-118**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** | **Analyses** |
| <br>**Composite No.** | **Total Cu (%)** | **ASCu (%)** | **Mo(%)** | **Chloride (%)** | **Sulfur (%)** | **Total Iron (%)** |
| &nbsp;&nbsp;**79-118** | 0.740 | 0.020 | 0.01 | 0.015 | 1.23 | 2.34 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 138 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 10-14: Mineralogy of Chalcopyrite Composite No.79-118**

---

| | | |
|:---|:---|:---|
| | **Mineralogy** | **Mineralogy** |
| <br>**Mineral** | **% Cu** | **% Cu Dist.** |
| &nbsp;&nbsp;**Atacamite** | 0.0 | 0.0 |
| &nbsp;&nbsp;**Chrysocolla, Cuprite** | 0.012 | 1.6 |
| &nbsp;&nbsp;**Copper Clay** | 0.008 | 1.1 |
| &nbsp;&nbsp;**Copper Sulfides** | 0.720 | 97.3 |
| &nbsp;&nbsp;**Total** | **0.74** | **100.0** |

---

**Table 10-15: Drill Holes, Intervals and Sample Weights of Chalcopyrite Composite No.79-118**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Primary chalcopyrite Composite No. 79-118** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** |
| **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** |
| 20 | 2080 | 2570 | 490 | 634 | 783 | 149 | 27600 |
| 98 | 2118 | 2390 | 272 | 646 | 728 | 83 | 16320 |
| 78 | 2225 | 2987 | 762 | 678 | 910 | 232 | 45720 |
| 80 | 2355 | 3147 | 792 | 718 | 959 | 241 | 46980 |
| 38 | 3041 | 3193 | 152 | 927 | 973 | 46 | 6080 |
| 90 | 2287 | 3119 | 832 | 697 | 951 | 254 | 49920 |
| 82 | 2227 | 2908 | 681 | 679 | 886 | 208 | 37860 |
| 91 | 3043 | 3215 | 172 | 927 | 980 | 52 | 10320 |
| 57 | 3180 | 3419 | 239 | 969 | 1042 | 73 | 14340 |
| 88 | 2306 | 2607 | 301 | 703 | 795 | 92 | 18060 |
| 87 | 2275 | 2636 | 361 | 693 | 803 | 110 | 21660 |
| 94 | 3030 | 3389 | 359 | 923 | 1033 | 109 | 21540 |
| 61 | 2808 | 3577 | 769 | 856 | 1090 | 234 | 46140 |
| 100 | 2702 | 3250 | 548 | 824 | 991 | 167 | 32340 |
| 99 | 3143 | 3437 | 294 | 958 | 1048 | 90 | 17640 |
| 50 | 2915 | 3459 | 544 | 888 | 1054 | 166 | 32280 |
| 16 drill holes |  |  | **7568** |  |  | **2307** | **444800** |

---

**Table 10-16: Analyses of Exotic Ore and Exotic Dilution Ore Composites Nos. 79-101 and 79-102**

---

| | | | |
|:---|:---|:---|:---|
| | **Analyses** | **Analyses** | **Analyses** |
| <br>**Composite** | **Total Cu (%)** | **ASCu (%)** | **Chloride (%)** |
| &nbsp;&nbsp;**Exotic Ore composite No. 79-101** | 2.210 | 1.980 | 0.365 |
| &nbsp;&nbsp;**Exotic Dilution Ore composite No. 79-102** | 0.379 | 0.227 | 0.015 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 139 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 10-17: Mineralogy of Exotic Ore and Exotic Dilution Ore Composites Nos. 79-101 and 79-102**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Mineralogy** | **Mineralogy** | **Mineralogy** | **Mineralogy** |
| | **Exotic Ore No. 79-101** | **Exotic Ore No. 79-101** | **Exotic Dilution Ore No.79-102** | **Exotic Dilution Ore No.79-102** |
| <br>&nbsp;&nbsp;**Mineral** | **% Cu** | **% Cu Dist.** | **% Cu** | **% Cu Dist.** |
| &nbsp;&nbsp;**Atacamite** | 1.25 | 54.3 | 0.0 | 0.0 |
| &nbsp;&nbsp;**Chrysocolla, Cuprite** | 0.73 | 31.4 | 0.23 | 59.9 |
| &nbsp;&nbsp;**Copper Clay** | 0.23 | 10.0 | 0.11 | 28.8 |
| &nbsp;&nbsp;**Copper Sulfides** | 0.10 | 4.3 | 0.04 | 11.3 |
| &nbsp;&nbsp;**Total** | **2.31** | **100.0** | **0.38** | **100.0** |

---

**Table 10-18:Drill Holes, Intervals and Sample Weights of Exotic Ore Composite No. 79-101**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exotic Ore composite No. 79-101** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (g)** |
| <br>**Section** | **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** |
| 13500N | 52 | 2101 | 2230 | 129 | 640 | 680 | 39 | 11665 |
| 13500N | 18 | 1830 | 1930 | 100 | 558 | 588 | 30 | 9060 |
| 13750N | 77 | 1677 | 1740 | 63 | 511 | 530 | 19 | 5700 |
| 13750N | 85 | 1971 | 2095 | 124 | 601 | 639 | 38 | 11225 |
| 14000N | 22 | 1970 | 2270 | 300 | 600 | 692 | 91 | 27155 |
|  | 5 drill holes |  |  | 716 |  |  | 218 | 64805 |

---

**Table 10-19: Drill Holes, Intervals and Sample Weights of Exotic Dilution Ore Composite No. 79-102**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Exotic Dilution Ore composite No. 79-102** | **Feet** | **Feet** | **Feet** | **Meters** | **Meters** | **Meters** | **Sample Weight (grams)** |
| <br>**Section** | **Drill Hole ID** | **From** | **To** | **Feet** | **From** | **To** | **Meters** | **-3/8 inch** |
| 13500N | 52 | 2088 | 2101 | 13 | 636 | 640 | 4 | 2610 |
| 13500N | 18A | 1820 | 1840 | 20 | 555 | 561 | 6 | 4010 |
| 13750N | 77 | 1658 | 1677 | 19 | 505 | 511 | 6 | 3810 |
| 13750N | 85 | 1952 | 1971 | 19 | 595 | 601 | 6 | 3805 |
|  | 4 drill holes |  |  | 71 |  |  | 22 | 14235 |

---

Figure 10-1 below is a surface map of the locations of 43 drill holes used in the ore type composites and their relative positions in the projected outline of the Mineral Resource of the Santa Cruz Deposit. The distribution of drill holes indicates that the holes selected represent the current defined resource.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 140 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img069.jpg)

Figure 10-1: Surface Map of the Drill Holes Used in the Ore Type Composites

10.1.2 Grinding Studies

Grinding studies were conducted using laboratory size rod mills on 1000 g samples. The initial sample types from the early drilling programs were tested, as were the major composite samples of the Santa Cruz Deposit. Grinding for leaching was investigated separately from grinding for flotation purposes.

Ground samples for flotation were subjected to rougher flotation and standard Cu recovery (non-acid soluble Cu) and concentrate grade relationships were developed to determine the best primary grind P<sub>80</sub>. Ground samples for leaching were subjected to bottle roll leaching with sulfuric acid or sulfuric acid and ferric sulfate as lixiviant.

The results of the grinding studies (leaching and flotation) on the major composite sample representing the entire deposit were used to test later blended composites of the listed ore types, to develop a flow sheet. The optimum grind size for whole ore agitated tank leaching, with either type lixiviant mixture, was determined to P<sub>80</sub> 800 µ. The optimum primary grinding size for rougher Cu sulfide flotation was P80 212 µ. The optimum primary grinding size for rougher Cu sulfide flotation was found to be P<sub>80</sub> 212 µ. The estimated SAG mill, ball mill (for leach) and ball mill (for flotation) energy consumption of 7.15 kWh/tonne.

These grinding studies were applied to blended composites for flow sheet development of ore types listed under Sample Selection. There was no variability testing conducted, therefore the test results would be acceptable for an Initial Assessment (IA) level study program under regulation S-K 1300. A prefeasibility level study would require 30 to 40 variability tests of selected drill holes and drill intervals and a feasibility level study would require 100 intervals or more.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 141 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

10.1.3 Flotation Studies

The flotation equipment described is still in use today. All tests were documented as they would be today, with such information as: P<sub>80</sub>'s, float times, reagent names, and consumptions, notes on froth appearance, etc. The regrind test program for the cleaner circuit flotation was vague. However, Cu sulfide concentrate grade and overall Cu recovery (non-acid soluble Cu) results were typical based on the rougher flotation recoveries reported in the mid-90% range, so, the regrind was performed correctly. Cu recovery after cleaning was in the low 90% range and the concentrate grade varied from 25% to 50% Cu depending on Cu sulfide ore mineralogy.

Flotation of atacamite together with Cu sulfides was evaluated and found to be successful in producing a 12% concentrate at recoveries in the mid 90% range for atacamite and Cu sulfide minerals. The chloride in this concentrate was leached out almost completely with a patented NaOH leach leaving behind Cu sulfides and Cu hydroxide. The Cu hydroxide was leached out with weak sulfuric acid solution producing a pregnant leach solution (PLS) for solvent extraction-electrowinning (SX-EW), and remaining Cu sulfides were pH adjusted, reground, and upgraded in a cleaner flotation circuit. Cu recovery of the Cu oxides (excluding atacamite) was poor. Thus, total Cu recovery was in the mid 80% range. An all-float process was developed later where the Cu oxides were economically recovered, and total Cu recovery was raised to the low 90% range in the flow sheet.

Flotation test programs were applied to all the composite blends samples for flow sheet development as described in Sample Selection. The test programs would be acceptable for an IA level program today but not for a PFS or FS level study due to the lack of any significant variability flotation testing of the Santa Cruz Deposit.

10.1.4 Leaching Studies

Leaching test programs were applied to a composite sample blend representing the whole resource, from the samples of the ore types described above under Sample Selection. They were also applied to another ore deposit composite blend that represented mineralization containing principally acid soluble Cu minerals and secondary sulfide Cu minerals.

Industry accepted practices for bottle roll tests were used where PLS samples were withdrawn at timed intervals, and Cu, acid, ferric, and pH levels were measured. Acid was added to maintain pH. Optimum leach time, ferric level, and pH were determined based on plots of Cu extraction rate, acid consumption rate, and ferric consumption rate.

Acid leach test results on the tested composites were generally consistent. Acid soluble Cu recovery was in the mid 90% range for a four hour leach time. Acid consumption ranged from 18.5 to 23 kg of acid per tonne of ore without the SX-EW acid credit on Cu electrowon. The best pH was 1.5.

Acidic ferric sulfate leaching on a composite of acid soluble Cu minerals and secondary sulfide minerals was successful. The best agitated tank leach conditions were determined to be:

&nbsp;&nbsp;&nbsp;&nbsp;• 24-hour
 leach time

&nbsp;&nbsp;&nbsp;&nbsp;• 40<sup>o</sup>C
 leach temperature

&nbsp;&nbsp;&nbsp;&nbsp;• 10
 grams per liter (gpl) ferric concentration

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 142 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

Acid soluble Cu recovery was 95%. Non-acid soluble Cu recovery was 90%. Total Cu recovery was 90-91%.

Test procedures described meet current industry accepted practices for determining the leachability of an ore with sulfuric acid or acidic ferric sulfate at the IA level. Once again, lack of any variability test program prevents use for PFS and FS levels.

Sulfuric acid heap leaching was evaluated on one hole, 27 A, across most of its length using the column cell test method. Nine column cell tests were conducted from selected intervals of core. The calculated head grade was 1.4% total Cu and 1.2% acid soluble Cu. Total Cu extraction was 77% and acid soluble Cu was 89%. Gangue acid consumption (including SX-EW acid credit) was 9.2 kg/tonne ore. The QP is of the opinion that procedures applied during the tests were acceptable industry practices.

10.1.5 Copper Measurement

An important aspect of the test programs described above are the analytical techniques used for measuring total Cu and acid soluble Cu in ores, and total Cu in concentrates. The sequential Cu assaying method had yet to be developed for the CGCC test programs from 1976 to 1982. Thus, secondary sulfide concentrations in the test composite samples were estimated from mineralogy studies on the composites and from drill core mineral logging records. The analytical methods used by CGCC for total copper assaying are still in use today. The method used digestion by aqua regia and measurement after dilution with DI-water with atomic adsorption. The method described by Hanna for "oxide copper" determination is in use today minus the addition of 10 ml of sulfurous acid (digestion at boiling temperature for 5 minutes with 100 ml of 5% sulfuric acid and 10 ml of sulfurous acid) and is considered satisfactory for determination of acid soluble copper content of the sample.

10.1.6 ASARCO Study by Mountain States Engineering (1980)

This study evaluated leaching in place of fragmented acid soluble Cu ore from block cave mining. There were no mineral processing and metallurgical tests associated with this study. Cu recovery factor and column of ore caving factors are used from nearby underground block cave mines and/or that were leaching block cave rubblized ore with dilute sulfuric acid. This study could not be used today at an IA level study due the lack of testwork. This work can be considered conceptual and is referenced as such.

10.1.7 Santa Cruz In Situ Study

As discussed in 45, the Santa Cruz In Situ project was a research project between the Department of the Interior Bureau of Mines (subsequently Bureau of Reclamation) and the landowners, the SCJV between ASARCO Santa Cruz Inc. and Freemont McMoRan Copper & Gold Inc.

Metallurgical studies of core (2-inch diameter by 2.5-inch-long), from the proposed in situ leach zone in the pilot program reported Cu recoveries ranging from 57% to 90%. Total Cu ranged from 2.3% to 9%. Tests were run for 3,000 hours to 3,800 hours (125 days to 158 days), and no extraction rate versus time data was reported, which is unusual because it is critical for the process design and for the well development schedule. Flow volumes varied from two milliliters per day to several liters per day, and pressures ranged from 0 psi to 1000 psi. The studies reported the acid consumption would be 1.2 lbs per 1.0 lb of Cu recovered on atacamite samples and ranged between three to eight pounds per pound of Cu for chrysocolla samples (with some very high consumption rates initially of, 10+ lbs/lb Cu). The initial acid concentration in the feed solution varied from 5 to 40 gpl H<sub>2</sub>SO<sub>4</sub>.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 143 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Leach tests on the core showed that initial permeability rates were very low when the solution initially contacted the core in the test apparatus. Later, as Cu-oxide minerals dissolved from the filled fractures acceptable permeability rates were achieved.

The In Situ leach test program used industry accepted practices. Total Cu and acid soluble analytical methods were satisfactory for the measurement of the core samples. Identification of the core sample by drill hole and interval was performed. Cross sections of the sample location in the proposed ore area for the five-spot injection and test well design was provided. Samples were representative of the proposed test region.

10.2 2022 Test work Studies

The IE studies were directed by Met Engineering LLC and conducted at McClelland Labs in Sparks, Nevada. McClelland Labs is recognized by the International Accreditation Service (IAS) for its technical competence and quality of service and has proven that it meets recognized standards. The studies are in progress currently at an IA level. Study focus has been on:

&nbsp;&nbsp;&nbsp;&nbsp;• Confirming
 total copper recovery of the leach-float flow sheet proposed by CGCC in circa 1980 on
 Exotic, Oxide, and Chalcocite mineral domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Investigating
 heap leaching of Exotic, Oxide and Chalcocite mineral domains. The test program for heap
 leaching is at an early stage and will not be reported on until later in the project.

**10.2.1 Sample Selection**

Testing was performed on a composite of drill core (1/2 core) samples from the 2021 - 2022 drilling program, designated as the mill composite. Details of the mill composite are listed Table 10-21 below. The composite generally characterizes minerals found in the Oxide and Chalcocite mineral domains. A separate composite of Exotic domain mineralization was collected and has just begun testing. Therefore, testing on the Exotic sample will not be reported now.

**Table 10-20: Drill Holes, Intervals and Sample Lengths of the Mill Composite**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **From (m)** | **To (m)** | **Sample Length (m)** | **Mineral Domain** |
| &nbsp;&nbsp;SCC-002 | 615 | 616 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 616 | 617 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 617 | 618 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 618 | 619 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 619 | 620 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 620 | 621 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 621 | 622 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 622 | 623 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 623 | 624 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 625 | 626 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 626 | 627 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 627 | 628 | 1 | Mixed Oxide - Chalcocite |

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 144 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **From (m)** | **To (m)** | **Sample Length (m)** | **Mineral Domain** |
| &nbsp;&nbsp;SCC-002 | 628 | 629 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 629 | 630 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 630 | 631 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 631 | 632 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 632 | 633 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 639 | 640 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 640 | 641 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 641 | 642 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 642 | 643 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 643 | 644 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 644 | 645 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-002 | 709 | 711 | 2 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 721 | 722.4 | 1.41 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 722.4 | 723 | 0.59 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 723 | 724 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 724 | 725 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 725 | 726 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 726 | 727 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 727 | 728 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 728 | 729 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 729 | 730 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 733 | 734 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 737 | 738 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 738 | 739 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 739 | 740 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 740 | 741 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 741 | 742 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 742 | 743 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 743 | 744 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 744 | 745 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 745 | 746 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 746 | 747 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 747 | 748 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 748 | 749 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 749 | 750 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 750 | 751 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 751 | 752 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 752 | 753 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 753 | 754 | 1 | Mixed Chalcocite - Oxide |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 145 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **From (m)** | **To (m)** | **Sample Length (m)** | **Mineral Domain** |
| &nbsp;&nbsp;SCC-002 | 754 | 756 | 2 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 756 | 757 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 757 | 758 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 758 | 759 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 759 | 760 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 760 | 761 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 761 | 762 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 762 | 763 | 1 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-002 | 763 | 765 | 2 | Mixed Chalcocite - Oxide |
| &nbsp;&nbsp;SCC-004 | 595 | 596 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 596 | 597 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 598 | 599 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 599 | 600 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 600 | 601 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 601 | 602 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 602 | 603 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 605 | 606 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 606 | 607 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 607 | 608 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 608 | 609 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 609 | 610 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 613 | 614 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 614 | 615 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 615 | 616 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 616 | 617 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 617 | 618 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 619 | 620 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 620 | 621 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 621 | 622 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 622 | 623 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 623 | 624 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 624 | 625 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 625 | 626 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 626 | 627 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 627 | 628 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 628 | 629.1 | 1.1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 629.1 | 630 | 0.9 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 630 | 631 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 631 | 632 | 1 | Mixed Oxide - Chalcocite |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 146 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Drill Hole ID** | **From (m)** | **To (m)** | **Sample Length (m)** | **Mineral Domain** |
| &nbsp;&nbsp;SCC-004 | 632 | 633 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 635 | 636 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-004 | 636 | 637 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 665 | 666 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 666 | 667 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 667 | 668 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 668 | 669 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 669 | 670 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 670 | 671 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 673 | 674 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 674 | 675 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 675 | 676 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 676 | 677 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 677 | 678 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 678 | 679 | 1 | Mixed Oxide - Chalcocite |
| &nbsp;&nbsp;SCC-006 | 680 | 681 | 1 | Mixed Oxide - Chalcocite |

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**Table 10-21: Analyses of Mill Composite**

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| | | |
|:---|:---|:---|
| **Analysis** | **Unit** | **Value** |
| Total Cu | % | 1.41 |
| **Sequential Cu** |  |  |
| &nbsp;&nbsp;&nbsp;ASCu | % | 0.79 |
| &nbsp;&nbsp;&nbsp;CN-Cu | % | 0.40 |
| &nbsp;&nbsp;&nbsp;Residual Cu | % | 0.18 |
| &nbsp;&nbsp;&nbsp;Calculated Head Cu | % | 1.37 |
| Sulfur (S) LECO | % | 0.35 |
| Chloride (Cl) | mg/kg | 1520 |
| Fluoride (F) | mg/kg | 640 |
| **ICP** |  |  |
| &nbsp;&nbsp;&nbsp;Ag | mg/kg | 1.46 |
| &nbsp;&nbsp;&nbsp;Al | % | 6.46 |
| &nbsp;&nbsp;&nbsp;As | mg/kg | 1.3 |
| &nbsp;&nbsp;&nbsp;Ba | mg/kg | 430 |
| &nbsp;&nbsp;&nbsp;Be | mg/kg | 1.25 |
| &nbsp;&nbsp;&nbsp;Bi | mg/kg | 0.53 |
| &nbsp;&nbsp;&nbsp;Ca | % | 0.08 |
| &nbsp;&nbsp;&nbsp;Cd | mg/kg | 0.47 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 147 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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| | | |
|:---|:---|:---|
| **Analysis** | **Unit** | **Value** |
| &nbsp;&nbsp;&nbsp;Ce | mg/kg | 99.3 |
| &nbsp;&nbsp;&nbsp;Co | mg/kg | 6.6 |
| &nbsp;&nbsp;&nbsp;Cr | mg/kg | 36 |
| &nbsp;&nbsp;&nbsp;Cs | mg/kg | 2.54 |
| &nbsp;&nbsp;&nbsp;Cu | % | 1.4501) |
| &nbsp;&nbsp;&nbsp;Dy | mg/kg | 2.82 |
| &nbsp;&nbsp;&nbsp;Er | mg/kg | 1.19 |
| &nbsp;&nbsp;&nbsp;Eu | mg/kg | 1.04 |
| &nbsp;&nbsp;&nbsp;Fe | % | 1.22 |
| &nbsp;&nbsp;&nbsp;Ga | mg/kg | 13.7 |
| &nbsp;&nbsp;&nbsp;Gd | mg/kg | 4.64 |
| &nbsp;&nbsp;&nbsp;Ge | mg/kg | 0.19 |
| &nbsp;&nbsp;&nbsp;Hf | mg/kg | 0.6 |
| &nbsp;&nbsp;&nbsp;Ho | mg/kg | 0.47 |
| &nbsp;&nbsp;&nbsp;In | mg/kg | 0.141 |
| &nbsp;&nbsp;&nbsp;K | % | 4.79 |
| &nbsp;&nbsp;&nbsp;La | mg/kg | 49.7 |
| &nbsp;&nbsp;&nbsp;Li | mg/kg | 13.4 |
| &nbsp;&nbsp;&nbsp;Lu | mg/kg | 0.17 |
| &nbsp;&nbsp;&nbsp;Mg | % | 0.18 |
| &nbsp;&nbsp;&nbsp;Mn | mg/kg | 36 |
| &nbsp;&nbsp;&nbsp;Mo | mg/kg | 251 |
| &nbsp;&nbsp;&nbsp;Na | % | 0.25 |
| &nbsp;&nbsp;&nbsp;Nb | mg/kg | 4.4 |
| &nbsp;&nbsp;&nbsp;Nd | mg/kg | 36.3 |
| &nbsp;&nbsp;&nbsp;Ni | mg/kg | 5.4 |
| &nbsp;&nbsp;&nbsp;P | mg/kg | 370 |
| &nbsp;&nbsp;&nbsp;Pb | mg/kg | 20.4 |
| &nbsp;&nbsp;&nbsp;Pr | mg/kg | 11.15 |
| &nbsp;&nbsp;&nbsp;Rb | mg/kg | 158 |
| &nbsp;&nbsp;&nbsp;Re | mg/kg | 0.219 |
| &nbsp;&nbsp;&nbsp;S | % | 0.33 |
| &nbsp;&nbsp;&nbsp;Sb | mg/kg | 0.27 |
| &nbsp;&nbsp;&nbsp;Sc | mg/kg | 7 |
| &nbsp;&nbsp;&nbsp;Se | mg/kg | 12 |
| &nbsp;&nbsp;&nbsp;Sm | mg/kg | 6.82 |
| &nbsp;&nbsp;&nbsp;Sn | mg/kg | 8.3 |
| &nbsp;&nbsp;&nbsp;Sr | mg/kg | 304 |

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---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 148 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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---

| | | |
|:---|:---|:---|
| **Analysis** | **Unit** | **Value** |
| &nbsp;&nbsp;&nbsp;Ta | mg/kg | 0.39 |
| &nbsp;&nbsp;&nbsp;Tb | mg/kg | 0.58 |
| &nbsp;&nbsp;&nbsp;Te | mg/kg | 0.13 |
| &nbsp;&nbsp;&nbsp;Th | mg/kg | 35.8 |
| &nbsp;&nbsp;&nbsp;Ti | % | 0.088 |
| &nbsp;&nbsp;&nbsp;Tl | mg/kg | 0.66 |
| &nbsp;&nbsp;&nbsp;Tm | mg/kg | 0.17 |
| &nbsp;&nbsp;&nbsp;U | mg/kg | 6.1 |
| &nbsp;&nbsp;&nbsp;V | mg/kg | 31 |
| &nbsp;&nbsp;&nbsp;W | mg/kg | 5.9 |
| &nbsp;&nbsp;&nbsp;Y | mg/kg | 14 |
| &nbsp;&nbsp;&nbsp;Yb | mg/kg | 1.09 |
| &nbsp;&nbsp;&nbsp;Zn | mg/kg | 11 |
| &nbsp;&nbsp;&nbsp;Zr | mg/kg | 14.1 |
| **PGM** |  |  |
| &nbsp;&nbsp;&nbsp;Au | ppb | 24 |
| &nbsp;&nbsp;&nbsp;Ir | ppb | 1 |
| &nbsp;&nbsp;&nbsp;Os | ppb | <2 |
| &nbsp;&nbsp;&nbsp;Pd | ppb | 6 |
| &nbsp;&nbsp;&nbsp;Pt | ppb | 2 |
| &nbsp;&nbsp;&nbsp;Rh | ppb | <2 |
| &nbsp;&nbsp;&nbsp;Ru | ppb | <3 |

---

10.2.2 Grinding Studies

The Bond Mill Work Index (8.0 kWh/short ton) estimated for the upper body of mineralized material in 1980 by CGCC was applied for predicting the energy consumption per tonne of ore for the flow sheet proposed. The proposed flow sheet employs a SAG and ball mill to grind ore for agitation leaching purposes, followed by a second ball mill to grind the leach residue in preparation for copper sulfide flotation. Finer grinds were determined from the IE studies on the mill composite described above compared to the CGCC studies to achieve the same total copper recovery for the leach-float process flow sheet. The grinding flow sheet reduces primary crushed product at a P<sub>80 </sub>of 150,000 µ to P<sub>80</sub> 300 µ for leaching, requiring an estimated 5.4 kWh/tonne. Leached residue needs to be reduced from P<sub>80</sub> 300 µ to P<sub>80</sub> 106 µ to achieve optimal rougher flotation recovery, requiring 3.5 kWh/tonne. Combined grinding circuit energy requirements are 8.9 kWh/tonne.

10.2.3 Leaching Studies

Testing was conducted in the summer of 2022 to confirm that high ASCu recovery (plus 93% recovery) achieved in the circa 1980 test programs by the Case Grande Copper Corporation (CGCC) were achievable on the mill composite described above. After some experimentation with particle size distribution, similar results were achieved to those reported by CCGC. ASCu recovery of 92% was achieved consistently at a grind size of P<sub>80</sub> 300 µ and leach conditions of pH 1.6, ambient temperature and five hours of residence time. The next step was to confirm that 94% total copper recovery was achievable by the leach – float circuit.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 149 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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10.2.4 Flotation Studies

In December 2022, the same mill composite sample as used above was subjected to the standard leach procedure developed in the summer of 2022 (leach after P<sub>80</sub> 300 µ grind). Neutralized residue was then subjected to conventional froth floatation (rougher flotation stage, only) utilizing parameters and reagents utilized in the CGCC studies. However, because some experimentation on particle size distribution was needed earlier in the leach phase of testing, three standard leach tests was run and the neutralized residue from each was subject to different grind sizes. The results are illustrated in Figure 10-2 below that shows total copper recovery for each test. These test results are also shown in more detail Table 10-22 below.

![](tm236266d1_ex96-1img070.jpg)

Figure 10-2: Leach – float testing results at different leach residue grinds

**Table 10-22: Results of Leach – Float Tests at Different Leach Residue Grinds**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Test Description** | **Head Grade (%Cu)** | **Calculated Head Grade (%Cu)** | **Leach Recovery (%)** | **Flotation Recovery (%)** | **Total Copper Recovery (%)** | **Rougher Con %Cu** | **Rougher Con %S** |
| Test 1, standard leach, grind residue to P<sub>80</sub> 212 microns | 1.43 | 1.38 | 54.3 | 38.6 | 92.9 | 9.91 | 4.71 |
| Test 2, standard leach, grind residue to P<sub>80</sub> 150 microns | 1.43 | 1.36 | 59.7 | 34.4 | 94.1 | 10.00 | 5.36 |
| Test 3, standard leach, grind residue to P<sub>80</sub> 106 microns | 1.43 | 1.38 | 58.8 | 36.7 | 95.5 | 6.83 | 3.09 |

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---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 150 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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The test program demonstrated that total copper recovery increases with finer grinding of the leach residue. Grinding the leach residue to P<sub>80</sub> 106 µ seems optimal with the current data, producing a total copper recovery of 95.5%. Total copper recovery in the flotation test improved to 89.1% for the P<sub>80</sub> 106 µ grind from 85.3% for the P<sub>80</sub> 150 µ grind. Recovery of non-ASCu copper in the P<sub>80</sub> 106 µm grind was the highest at approximately 93.9%. Factoring in process losses a total copper recovery of 94% is probable. This total copper recovery at the P<sub>80</sub> 106 µ grind confirms the total copper recovery results predicted by the CGCC test programs.

More testing regarding cleaner flotation grade and recovery is in progress and will be reported later.

10.2.5 Copper Measurement

McClelland Labs used modern copper measurement methods on ore grade material for total copper and sequential copper assays that are acceptable in the QP's opinion.

10.3 Process Factors and Deleterious Elements

There are no processing factors or deleterious elements that could have a significant effect on economic extraction. The processes proposed in the CGCC, ASARCO, and Santa Cruz In Situ studies for extraction of Cu from the ore are all conventional in design and have been used economically for many decades. There have been significant advances in most of these technologies since 1980, when most of the studies were conducted, which have improved the economics of these processes. Some examples are:

&nbsp;&nbsp;&nbsp;&nbsp;• Materials
 for construction of SX plants are cheaper and more resistant to chlorides in solution
 from leaching atacamite. SX wash circuits and/or organic coalescers eliminate the concern
 of chloride carryover to the EW.

&nbsp;&nbsp;&nbsp;&nbsp;• SX
 reagents are much more selective for Cu extraction, react faster, separate faster from
 the aqueous media they are mixed with and are more robust today.

&nbsp;&nbsp;&nbsp;&nbsp;• SAG
 and ball mill grinding circuits are designed much more efficiently today and the liner
 and grinding media used last much longer than in 1980.

&nbsp;&nbsp;&nbsp;&nbsp;• Flotation
 cell designs are more efficient now and have raised recovery and concentrate grades.

&nbsp;&nbsp;&nbsp;&nbsp;• Environmental
 controls for dust, volatile organic compounds (VOC), and aerosol mists are much more
 efficient compared to 1980.

10.4 QP Opinion

After completion of the review of mineral processing and metallurgical testing by The Hanna Mining Company, the United States Bureau of Mines, and the IE metallurgical test program in 2022, it is the opinion of the QP that the testing procedures, results, interpretations, and reporting meet standard industry practices, except where noted.

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**11 MINERAL RESOURCE ESTIMATES**

11.1 Drill Hole Database

The work on the Mineral Resource Estimates included a detailed geological and structural re-examination of the Santa Cruz Deposit along with the East Ridge and Texaco Deposits.

The Santa Cruz Deposit Mineral Resource Estimate benefits from approximately 116,388 m of diamond drilling in 129 drill holes, while Texaco has 23 drill holes totaling 21,289 m, and East Ridge has 18 holes totaling 15,448 m. All holes were drilled between 1964 to 2022 (Table 11-1, Figure 11-1:).

![](tm236266d1_ex96-1img071.jpg)

Figure 11-1: Plan view of Santa Cruz Project diamond drilling by deposit

Diamond drill hole samples were analyzed for total Cu and acid soluble Cu using AAS. A decade after initial drilling, ASARCO re-analyzed select samples for cyanide soluble Cu (AAS) and molybdenum (ICP). The Company currently analyzes all samples for total Cu, acid soluble Cu, cyanide soluble Cu, and molybdenum. Due to the re-analyses to determine cyanide soluble Cu within the historic samples, there are instances where cyanide soluble Cu is greater than total Cu. It has been determined that the historic cyanide soluble assays are valid as they align with recent assays in 2022 drill holes. Therefore, a cap has been applied to historic cyanide soluble assays such that they must be equal to or less than the associated total Cu value for each sample. A breakdown of the drill hole summary is in Table 11-1, and the number of assays used within each Mineral Resource Estimate is provided in Table 11-2.

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**Table 11-1: Drill Hole Summary** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total Drilling** | **Total Drilling** | **Total Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** |
| <br>&nbsp;&nbsp;**Deposit** | **Number of<br> Drill Holes** | **Meters** | **Meters<br> Intersecting**<br> **the Deposit** | **Number of<br> Drill Holes** | **Meters** | **Meters<br> Intersecting**<br> **the Deposit** |
| &nbsp;&nbsp;**Santa Cruz** | 129 | 116388 | 57326 | 41 | 34769 | 14172 |
| &nbsp;&nbsp;**East Ridge** | 18 | 15448 | 1501 | 0 | 0 | 0 |
| &nbsp;&nbsp;**Texaco** | 23 | 21289 | 2661 | 3 | 3286 | 685 |
| &nbsp;&nbsp;**Total** | **170** | **153125** | **61488** | **44** | **38055** | **14857** |

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**Table 11-2: Mineral Resource Estimate Number of Assays by Assay Type**

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| | | | |
|:---|:---|:---|:---|
| **Assay Type** | **Santa Cruz Deposit Assays** | **Texaco Deposit Assays** | **East Ridge Deposit Assays** |
| &nbsp;&nbsp;Total Cu | 21898 | 1403 | 1389 |
| &nbsp;&nbsp;Acid Soluble Cu | 15859 | 787 | 0 |
| &nbsp;&nbsp;Cyanide Soluble Cu | 10278 | 893 | 0 |
| &nbsp;&nbsp;Molybdenum | 13193 | 712 | 86 |

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11.2 Domaining

11.2.1 Geological Domaining

Geological domains were developed within the Santa Cruz Project based upon geographical, lithological, and mineralogical characteristics, along with incorporating both regional and local structural information. Local D2 fault structures separate the mineralization at the Santa Cruz, Texaco, and East Ridge Deposits. Local fault zones were created and/or extrapolated by Rogue Consulting using Seequent's Leapfrog Geo<sup>™</sup> ("Leapfrog") geological software. The three Deposits were divided into two main geological domains consisting of the weathered supergene enrichment and the primary hypogene mineralization domain, each of which were further subdivided based upon their type of Cu speciation, specifically acid soluble-rich (Oxide Domain), cyanide soluble-rich (Chalcocite Enriched Domain), primary Cu sulfide (Primary Domain), and Cu oxides in overlying Tertiary sediments (Exotic Domain). Collectively, each of these domains was further Sub-Domained based upon their individual grade profiles. A schematic for Santa Cruz, Texaco, and East Ridge Deposit hierarchies is outlined in Figure 11-2Figure 11-2 and Table 11-3. The following terms are assigned to the Sub-Domains; these represent a local definition of the grade profile: high-grade ("HG"), medium grade ("MG"), and low grade ("LG").

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![](tm236266d1_ex96-1img072.jpg)

Figure 11-2: Santa Cruz, Texaco, and East Ridge Geological Domains.

**Table 11-3: Santa Cruz, Texaco, and East Ridge Geological Domains**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Santa Cruz Deposit** | &nbsp;&nbsp;**Santa Cruz Deposit** |
| &nbsp;&nbsp;Weathered Supergene Enrichment | &nbsp;&nbsp;Oxide Domain (Primarily Acid Soluble Cu) |
| &nbsp;&nbsp;Weathered Supergene Enrichment | &nbsp;&nbsp;Chalcocite Enriched Domain (Primarily Cyanide Soluble Cu) |
| &nbsp;&nbsp;Weathered Supergene Enrichment | &nbsp;&nbsp;Exotic Domain (Tertiary-Hosted "Exotic" Cu) |
| &nbsp;&nbsp; Hypogene Mineralization | &nbsp;&nbsp;Primary Domain (Primary Sulfide Cu) |
| &nbsp;&nbsp;**Texaco Deposit** | &nbsp;&nbsp;**Texaco Deposit** |
| &nbsp;&nbsp;Weathered Supergene Enrichment | &nbsp;&nbsp;Oxide Domain (Primarily Acid Soluble Cu) |
| &nbsp;&nbsp;Weathered Supergene Enrichment | &nbsp;&nbsp;Chalcocite Enriched Domain (Primarily Cyanide Soluble Cu) |
| &nbsp;&nbsp; Hypogene Mineralization | &nbsp;&nbsp;Primary Domain (Primary Sulfide Cu) |
| &nbsp;&nbsp;**East Ridge Deposit** | &nbsp;&nbsp;**East Ridge Deposit** |
| &nbsp;&nbsp;Weathered Supergene Enrichment | &nbsp;&nbsp;Oxide Domain (Primarily Acid Soluble Cu) |

---

Exotic Cu is primarily present within the CG2 and CG3 D2 fault structures. All other Cu styles of mineralization hosted within the Oracle Granite lithology terminate at the contact of the Tertiary sediments. The current drilling indicates that the Cu mineralization is truncated at depth by the basal faults within the region.

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The Oracle Granite hosts both the Laramide Porphyry and Diabase dykes, both of which are associated with brecciation and Cu mineralization. Secondary supergene Cu mineralization is separated from the primary hypogene mineralization by a Cu-oxide boundary layer called the Chalcocite Enriched Domain. This domain is defined by a 2:1 relationship of acid soluble to total Cu and follows the dip of the contact of the Oracle Granite-Tertiary sediments contact. The Chalcocite Enriched Domain was formed by two different enrichment events. High-grade ("HG") Cu oxides follow the trend of the Laramide porphyries closely and likely contain significant amounts of primary mineralization. Cyanide soluble Cu can be found within both the supergene Cu and hypogene Cu domains as a form of secondary enrichment of chalcocite. Figure 11-3 is a conceptual example of the Santa Cruz Deposit domaining. Figure 11-4 and Figure 11-5 are examples of Texaco and East Ridge domaining.

![](tm236266d1_ex96-1img073.jpg)

Figure 11-3: Santa Cruz Deposit domain idealized cross-section.

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![](tm236266d1_ex96-1img074.jpg)

Figure 11-4: Texaco Deposit domain idealized cross-section.

![](tm236266d1_ex96-1img075.jpg)

Figure 11-5: East Ridge Deposit domain idealized cross-section with structural control, comprised solely of oxide mineralization. Another discrete oxide domain exists to the south but has little interpretation due to lack of data.

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The current mineral domains have been significantly revised based on improved understanding of the deposition mechanisms for each mineral type. The high-grade oxide domain has been revised to better reflect the supergene enrichment process. Subsequent drilling has confirmed the new interpretation, as in Figure 11-6 and Figure 11-7.

![](tm236266d1_ex96-1img076.jpg)

Figure 11-6: Revised Santa Cruz high-grade domains for Exotic, Oxide, and Primary mineralization. The three displayed drill holes were completed after the revision in interpretation and confirm the new wireframes as they intersected high grade copper mineralization

The oxide domains consider the acid soluble copper assay to total copper assay ratio, while the chalcocite zone considers the cyanide soluble assay to total copper assay ratio. This is important as an additional level of interpretation considers possible ore type mixing and gradational zones between oxide, chalcocite, and primary ore types.

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![](tm236266d1_ex96-1img077.jpg)

Figure 11-7: Santa Cruz cross section showing acid soluble copper assay to total copper assay ratio, confirming that the oxide domains are based not only on high acid soluble copper assays but also a high ratio, which aids in understanding ore types and mixing.

11.2.2 Regression

Cyanide soluble and acid soluble assays were measured approximately a decade after initial diamond drilling by ASARCO, therefore assay data is not available for all sample intervals within the drill holes. A regression analysis was conducted to infill the downhole intervals that are missing relevant acid soluble and cyanide soluble data. The analysis used the relationships between all applicable data available to determine the most appropriate regression calculations using Orange Data Mining™ Software (version 3.34) and Microsoft Excel™. Regression formulas were created and applied in a recursive manner to the assays for all three Deposits using the total Cu assays, flagged Sub-Domains, and lithology to calculate acid soluble and/or cyanide soluble values. Because internal correlations differ for all Domains, Sub-Domains, and lithologies, regression contains formulas up to five levels deep to allow the most accurate correlation formula to be applied. All further references to acid soluble and cyanide soluble Cu grades apply to the full regression-applied values.

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**Table 11-4: Regression Analysis for Acid Soluble Cu**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sub-characterization** | **ID** | **Linear Formula** *(y=mx+b)* | **Formula m** | **Formula b** |
| **General** | **General** | **General** | **General** | **General** |
| All | AA | (0.4868 \* TCu) – 0.0619 | 0.4868 | 0.0619 |
| **STEP 1 – Domain** | **STEP 1 – Domain** | **STEP 1 – Domain** | **STEP 1 – Domain** | **STEP 1 – Domain** |
| Exotic | 1EA | (0.5502 \* TCu) + 0.2338 | 0.5502 | 0.2338 |
| Oxide | 1OA | (0.5895 \* TCu) + 0.0958 | 0.5895 | 0.0958 |
| Chalcocite | 1CA | (0.2285 \* TCu) + 0.0532 | 0.2285 | 0.0532 |
| Primary | 1PA | (0.0912 \* TCu) + 0.116 | 0.0912 | 0.116 |
| Background | 1BA | (0.5823 \* TCu) – 0.0551 | 0.5823 | -0.0551 |
| **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** |
| Exotic LG | 2ELA | (0.7962 \* TCu) – 0.0358 | 0.7962 | -0.0358 |
| Exotic HG | 2EHA | (0.4261 \* TCu) + 1.0446 | 0.4261 | 1.0446 |
| Oxide LG | 2PLA | (0.1186 \* TCu) – 0.0022 | 0.1186 | -0.0022 |
| Oxide HG | 2OHA | (0.629 \* TCu) + 0.3405 | 0.629 | 0.3405 |
| Chalcocite LG | 2CLA | (0.4529 \* TCu) – 0.0642 | 0.4529 | -0.0642 |
| Chalcocite MG | 2CHA | (0.1625 \* TCu + 0.0703 | 0.1625 | 0.0703 |
| Background | 2BGA | 1BA | 1BA | 1BA |
| **STEP 3 – Lithology** | **STEP 3 – Lithology** | **STEP 3 – Lithology** | **STEP 3 – Lithology** | **STEP 3 – Lithology** |
| Alluvium | 3MA1 | (0.9458 \* TCu) – 0.0275 | 0.9458 | -0.0275 |
| Igneous | 3MA2 | (0.4594 \* TCu) – 0.0611 | 0.4594 | -0.0611 |
| Conglomerates | 3MA3 | (0.8871 \* TCu) – 0.0329 | 0.8871 | -0.0329 |
| Diabase | 3MA4 | AA | AA | AA |
| Mafic Conglomerate | 3MA5 | (0.8073 \* TCu + 0.0666 | 0.8073 | 0.0666 |
| Pinal Schist | 3MA6 | AA | AA | AA |
| Porphyries | 3MA7 | (0.5782 \* TCu) – 0.0557 | 0.5782 | -0.0557 |
| **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** |
| Background Porphyries | 4MBA1 | (0.7503 \* TCu) – 0.066 | 0.7503 | -0.066 |

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SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 159 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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**Table 11-5: Regression Analysis for Cyanide Soluble Cu**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Characterization** | **ID** | **Formula** *(y=mx+b)* | **Formula m** | **Formula b** |
| **General** | **General** | **General** | **General** | **General** |
| All | AC | (0.4408 \* TCu) – 0.0337 | 0.4408 | -0.0337 |
| **STEP 1 – Domain** | **STEP 1 – Domain** | **STEP 1 – Domain** | **STEP 1 – Domain** | **STEP 1 – Domain** |
| Exotic | 1EC | (0.3154 \* TCu) – 0.2166 | 0.3154 | -0.2166 |
| Oxide | 1OC | (0.4369 \* TCu) – 0.0722 | 0.4369 | -0.0722 |
| Chalcocite | 1CC | (0.8295 \* TCu) – 0.1311 | 0.8295 | -0.1311 |
| Primary | 1PC | (0.7766 \* TCu) – 0.2052 | 0.7766 | -0.2052 |
| Background | 1BC | (0.0565 \* TCu) + 0.0047 | 0.0565 | 0.0047 |
| **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** | **STEP 2 – Sub-Domain** |
| Exotic LG | 2ELC | (0.0475 \* TCu) + 0.0026 | 0.0475 | 0.0026 |
| Exotic HG | 2EHC | (0.398 \* TCu) – 0.787 | 0.398 | -0.787 |
| Oxide LG | 2OLC | (0.7541 \* TCu) – 0.1051 | 0.7541 | -0.1051 |
| Oxide HG | 2OHC | (0.3682 \* TCu) – 0.3011 | 0.3682 | -0.3011 |
| Chalcocite LG | 2CLC | (0.591 \* TCu) – 0.0551 | 0.591 | -0.0551 |
| Chalcocite MG | 2CHC | (0.8391 \* TCu) – 0.0549 | 0.8391 | -0.0549 |
| Primary LG | 2PLC | (0.6232 \* TCu) – 0.1344 | 0.6232 | -0.1344 |
| Primary HG | 2PHC | (1.0344 \* TCu) – 0.3695 | 1.0344 | -0.3695 |
| Background | 2BGC | 1BC | BC | 1BC |
| **Step 3 – Lithology** | **Step 3 – Lithology** | **Step 3 – Lithology** | **Step 3 – Lithology** | **Step 3 – Lithology** |
| Alluvium | 3MC1 | (0.229 \* TCu + 0.008 | 0.229 | 0.008 |
| Igneous | 3MC2 | (0.5312 \* TCu) – 0.0631 | 0.5312 | -0.0631 |
| Conglomerates | 3MC3 | AC | AC | AC |
| Diabase | 3MC4 | (0.826 \* TCu) – 0.2475 | 0.826 | -0.2475 |
| Mafic Conglomerate | 3MC5 | (0.0467 \* TCu + 0.0049 | 0.0467 | 0.0049 |
| Pinal Schist | 3MC6 | AC | AC | AC |
| Porphyries | 3MC7 | (0.3385 \* TCu) – 0.0221 | 0.3385 | -0.0221 |
| **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** | **STEP 4 – Individual Lithology** |
| Background Conglomerates | 4MBC1 | (0.0211 \* TCu + 0.0038 | 0.0211 | 0.0038 |

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11.2.3 Mineralization Domaining

Mineralization within the Santa Cruz, Texaco, and East Ridge Deposits is hosted within crystalline basement rocks, including the Oracle Granite, Laramide Porphyry, and Diabase Dykes.

Nordmin and IE examined and modelled the grade distributions for the hypogene and supergene Cu domains and their corresponding Domains. Each Domain was further domained into Sub-Domains based upon their Cu grade distribution, with grade distributions created for the Exotic, Oxides, Chalcocite Enriched, and Primary Domains. Analysis confirmed that the changes in mineralization and corresponding grade are associated with the type of Cu mineralization. The higher-grade mineralization is a result of secondary supergene enrichment and is near the contact between the Oracle Granite and Tertiary sediments. While the Primary Domain consists of moderate grade hypogene Cu that is predominately hosted within the Laramide porphyry, Diabase dykes, and associated breccias at greater depth. As such, Nordmin and IE created grade shells for each of the Cu types at multiple grade cut-offs to reflect the mineralogical and geochemical differences.

Mineralization wireframes were initially created to honor the known controls on each mineralization type, such as paleowater table for Cu-oxide mineralization and dike orientation for primary mineralization. When not cut-off by drilling, the wireframes terminate at either the contact of the Cu-oxide boundary layer, the Tertiary sediments/Oracle Granite contact, or the D2 fault structure. There is overlap of the Chalcocite Enriched Domain with the Oxide Domain in the weathered supergene or with the Primary Domain in the primary hypogene mineralization; no wireframe overlapping exists within a given Sub-Domain and no other Sub-Domain or Domain wireframe overlapping exists. Implicit modeling was completed in Leapfrog which produced reasonable mineral domains that represent the known controls on high-grade and low-grade mineralization. Leapfrog performs implicit modeling via their proprietary FastRBF<sup>™</sup> technology, which is a mathematical algorithm developed from radial basis functions allowing the use of variables provided to create wireframes.

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Grade domain wireframes were modelled for four domains: Oxide, Primary, Chalcocite Enriched, and Exotic Domains. Each Domain consists of Sub-Domains, that are based on the following grade distributions outlined in Table 14-6.

**Table 11-6: Santa Cruz, East Ridge, and Texaco Deposit Domain Wireframes**

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| | |
|:---|:---|
| **Santa Cruz Domains** | **Grade Bin** |
| Exotic LG | Total Cu 0.5-2.0% |
| Exotic HG | Total Cu >= 2.0% |
| Oxide LG | Acid Soluble Cu 0.5-2.0% |
| Oxide HG | Acid Soluble Cu >= 2.0% |
| Chalcocite Enriched LG | Cyanide Soluble Cu 0.5-1.0% |
| Chalcocite Enriched MG | Cyanide Soluble Cu >= 1.0% |
| Primary LG | Total Cu 0.5-1.0% |
| Primary HG | Total Cu >= 1.5% |

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| | |
|:---|:---|
| **Texaco Domains** | **Grade Bin** |
| Oxide LG | Total Cu 0.5 -1.0% |
| Oxide MG | Total Cu >= 1.0% |
| Chalcocite Enriched MG | Total Cu >= 1.0% |
| Primary LG | Total Cu 0.5 -1.0% |

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| | |
|:---|:---|
| **East Ridge Domains** | **Grade Bin** |
| Oxide LG | Total Cu 0.5 -1.0% |
| Oxide MG | Total Cu >= 1.0% |

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**11.3 Exploratory Data Analysis**

The exploratory data analysis was conducted on raw drill hole data to determine the nature of the element distribution, correlation of grades within individual lithologic units, and the identification of high-grade outlier samples. Nordmin used a combination of descriptive statistics, histograms, probability plots, and XY scatter plots to analyze the grade population data using X10 Geo<sup>TM</sup> (V1.4.18). The findings of the exploratory data analysis were used to help define modeling procedures and parameters used in the Mineral Resource Estimate.

Descriptive statistics were used to analyze the grade distribution and continuity of each sample population, determine the presence of outliers, and identify correlations between grade and rock types for each mineral Sub-Domain.

The following are some data errors which were identified and rectified:

&nbsp;&nbsp;&nbsp;&nbsp;• One
 drill hole, SC-013, contained assay interval errors. The interval from 0 m to 696.77
 m was removed from the flagging process and was not used in the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;• CG-018
 had historical collar and survey errors. This drill hole was historically re-drilled
 and named CG-018A. Relevant data for CG-018 can be found in CG-018A. Because all appropriate
 drilling data can be found in the re-drilled hole, CG-018 was removed from the database
 and was not used in the estimate.

Individual drill hole tables (collar, survey, assay, etc.) were merged to create one single master de-surveyed drill hole file in Datamine Studio RM<sup>TM</sup>. The processing to create this file splits assay intervals to allow for all records in all drilling tables to be included in one single file. Values in Table 11-7 are based on analysis of this master file; counts will differ when compared with the original data due to these splits.

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**Table 11-7: Santa Cruz Deposit Domain, Assays by Cu Grade Sub-Domain**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Santa Cruz Domain** | **Sub-Domain** | **Sample Count** | **Total Cu** | **Acid Soluble Cu** | **Cyanide Soluble Cu** | **Mo** |
| Exotic | LG (0.5%) | 555 | 555 | 322 | 211 | 292 |
| Exotic | HG (2.0%) | 136 | 136 | 136 | 78 | 106 |
| Oxide | LG (0.5%) | 4765 | 4765 | 3588 | 2662 | 2949 |
| Oxide | HG (2.0%) | 1315 | 1315 | 1301 | 835 | 913 |
| Chalcocite Enriched | LG (0.5%) | 828 | 828 | 770 | 692 | 609 |
| Chalcocite Enriched | MG (1.0%) | 751 | 751 | 746 | 704 | 491 |
| Primary | LG (0.5%) | 5988 | 5988 | 5208 | 2817 | 3370 |
| Primary | HG (1.5%) | 351 | 351 | 351 | 209 | 184 |
| Background | Background | 8783 | 8783 | 4920 | 3423 | 5349 |
| Total | Total | 23472 | 23472 | 17342 | 11631 | 14263 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Texaco Domain** | **Sub-Domain** | **Sample Count** | **Total Cu** | **Acid Soluble Cu** | **Cyanide Soluble Cu** | **Mo** |
| Oxide | LG (0.5%) | 190 | 190 | 106 | 98 | 86 |
| Oxide | MG (1.0%) | 32 | 32 | 11 | 4 | 4 |
| Chalcocite Enriched | MG (1.0%) | 194 | 194 | 75 | 122 | 60 |
| Primary | LG (0.5%) | 842 | 842 | 463 | 454 | 427 |
| Primary | MG (1.0%) | 150 | 150 | 135 | 128 | 135 |
| Total | Total | 1408 | 1408 | 790 | 806 | 712 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **East Ridge Domain** | **Sub-Domain** | **Sample Count** | **Total Cu** | **Acid Soluble Cu** | **Cyanide Soluble Cu** | **Mo** |
| Oxide | LG (0.5%) | 1078 | 1078 | n/a | n/a | 67 |
| Oxide | MG (1.0%) | 310 | 310 | n/a | n/a | 18 |
| Total | Total | 1388 | 1388 | n/a | n/a | n/a |

---

Figure 11-8 to Figure 11-13 provide the data analysis for the total Cu for all low-grade (LG) domains at Santa Cruz, the primary LG domain at Texaco, and the oxide LG domain at East Ridge.

![](tm236266d1_ex96-1img078.jpg)

Figure 11-8: Histogram and log probability plots for Santa Cruz Exotic Cu LG Sub-Domain

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 163 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img079.jpg)

Figure 11-9: Histogram and log probability plots for Santa Cruz Oxide Cu LG Sub-Domain

![](tm236266d1_ex96-1img080.jpg)

Figure 11-10: Histogram and log probability plots for Santa Cruz Chalcocite Enriched Cu LG Sub-Domain

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 164 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img081.jpg)

Figure 11-11: Histogram and log probability plots for Santa Cruz Primary Cu LG Sub-Domain

![](tm236266d1_ex96-1img082.jpg)

Figure 11-12: Histogram and log probability plots for Texaco Primary Cu LG Sub-Domain

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 165 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img083.jpg)

Figure 11-13: Histogram and log probability plots for East Ridge Oxide Cu LG Sub-Domain

11.4 Data Preparation

Prior to grade estimation, the data was prepared in the following matter:

&nbsp;&nbsp;&nbsp;&nbsp;• All
 drill hole assays that intersected a wireframe within each domain were assigned a set
 of codes representative of the domain, wireframe number, and mineralization type.

&nbsp;&nbsp;&nbsp;&nbsp;• The
 drill hole assay data was combined by Datamine Studio RM<sup>TM</sup> to a single static
 drill hole file, which was then "flagged" to intersecting Cu mineralization
 Sub-Domains outlined by the wireframe coding process.

&nbsp;&nbsp;&nbsp;&nbsp;• HG
 outlier assays in each domain were reviewed, and top cutting (capping) was applied where
 necessary and applicable.

11.4.1 Assay Intervals at Minimum Detection Limits

Table 11-8 summarizes the assays at minimum detection in the drill hole database. The assay database provided to Nordmin by IE contained appropriately substituted half-minimum detection assay values for the current lab and analytical method.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 166 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 11-8: Assays at Minimum Detection**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Field** | **Count** | **Minimum<br> Detection Limit** | **Count at <br> Minimum<br> Detection Limit** | **% at Minimum<br> Detection Limit** |
| **Santa Cruz Deposit** | **Santa Cruz Deposit** | **Santa Cruz Deposit** | **Santa Cruz Deposit** | **Santa Cruz Deposit** |
| Cu Total (%) | 21898 | 0.0005/0.0025 | 8 | 0.04% |
| Acid Soluble Cu (%) | 15859 | 0.0005 | 155 | 0.98% |
| Cyanide Soluble Cu (%) | 10278 | 0.0005 | 343 | 3.34% |
| Mo (%) | 13193 | 0.0002 | 566 | 4.29% |
| **East Ridge and Texaco Deposit** | **East Ridge and Texaco Deposit** | **East Ridge and Texaco Deposit** | **East Ridge and Texaco Deposit** | **East Ridge and Texaco Deposit** |
| Cu Total (%) | 1792 | 0.0002/0.0005 | 11 | 0.61% |
| Acid Soluble Cu (%) | 787 | 0.0025 | 171 | 21.72% |
| Cyanide Soluble Cu (%) | 893 | 0.0025 | 20 | 2.24% |
| Mo (%) | 798 | 0.0002/0.0005 | 9 | 1.13% |

---

11.4.2 Outlier Analysis and Capping

Grade outliers that are much higher than the general population of assays have the potential to bias (inflate) the quantity of metal estimated in a block model. Geostatistical analysis using X-Y scatter plots, cumulative probability plots, and decile analysis was used by Nordmin to analyze the raw drill hole assay data for each domain to determine appropriate grade capping. Statistical analysis was performed independently on all Sub-Domains. After capping, the resulting change to the overall mean grades is insignificant at the Santa Cruz Deposit. Cap values for each deposit are described in Table 11-9.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 167 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 11-9: Santa Cruz, Texaco, and East Ridge Capping Values.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Santa Cruz Deposit** | &nbsp;&nbsp;**Santa Cruz Deposit** | &nbsp;&nbsp;**Santa Cruz Deposit** | &nbsp;&nbsp;**Santa Cruz Deposit** | &nbsp;&nbsp;**Santa Cruz Deposit** |
| &nbsp;&nbsp;**Domains** | &nbsp;&nbsp;**Total Copper %** | &nbsp;&nbsp;**Acid-Soluble Cu %** | &nbsp;&nbsp;**Cyanide-Soluble Cu %** | &nbsp;&nbsp;**Mo** |
| &nbsp;&nbsp;**Exotic** &nbsp;&nbsp;**LG** | &nbsp;&nbsp;10.00 | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Exotic** &nbsp;&nbsp;**HG** | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Oxide** &nbsp;&nbsp;**LG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Oxide** &nbsp;&nbsp;**HG** | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Chalcocite Enriched** &nbsp;&nbsp;**LG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Chalcocite Enriched** &nbsp;&nbsp;**MG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Primary** &nbsp;&nbsp;**LG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Primary** &nbsp;&nbsp;**HG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Background** | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Texaco Deposit** | &nbsp;&nbsp;**Texaco Deposit** | &nbsp;&nbsp;**Texaco Deposit** | &nbsp;&nbsp;**Texaco Deposit** | &nbsp;&nbsp;**Texaco Deposit** |
| &nbsp;&nbsp;**Domains** | &nbsp;&nbsp;**Total Copper %** | &nbsp;&nbsp;**Acid-Soluble Cu %** | &nbsp;&nbsp;**Cyanide-Soluble Cu %** | &nbsp;&nbsp;**Mo** |
| &nbsp;&nbsp;**Oxide** &nbsp;&nbsp;**LG** | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;No cap | &nbsp;&nbsp;9.00 | &nbsp;&nbsp;0.10 |
| &nbsp;&nbsp;**Oxide** &nbsp;&nbsp;**MG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Chalcocite** &nbsp;&nbsp;**MG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Primary** &nbsp;&nbsp;**LG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;3.50 | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Primary** &nbsp;&nbsp;**MG** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**East Ridge Deposit** | &nbsp;&nbsp;**East Ridge Deposit** | &nbsp;&nbsp;**East Ridge Deposit** | &nbsp;&nbsp;**East Ridge Deposit** | &nbsp;&nbsp;**East Ridge Deposit** | &nbsp;&nbsp;**East Ridge Deposit** |
| &nbsp;&nbsp;**Domains** | &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Total Copper %** | &nbsp;&nbsp;**Acid-Soluble Cu %** | &nbsp;&nbsp;**Cyanide-Soluble Cu %** | &nbsp;&nbsp;**Mo** |
| &nbsp;&nbsp;**Oxide** | &nbsp;&nbsp;**LG1** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Oxide** | &nbsp;&nbsp;**LG2** | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;5.00 | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Oxide** | &nbsp;&nbsp;**LG3** | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap | &nbsp;&nbsp;No cap |
| &nbsp;&nbsp;**Background** |  | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;No cap |

---

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 168 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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11.4.3 Compositing

Compositing of assays is a technique used to give each assay a relatively equal length and therefore reduce the potential for bias due to uneven assay lengths; it prevents the potential loss of assay data and reduces the potential for grade bias due to the possible creation of short and potentially high-grade composites that tend to be situated along the edge of a wireframe contact when using a fixed length.

The raw assay data was found to have a relatively narrow range of assay lengths. Assays captured within all wireframes were composited to 3.0 m regular intervals based on the observed modal distribution of assay lengths, which supports a 5.0 m x 5.0 m x 5.0 m block model (with sub-blocking). An option to use a slightly variable composite length was chosen to allow for backstitching shorter composites that are located along the edges of the composited interval. All composite assays were generated within each mineral lens with no overlaps along boundaries. The composite assays were validated statistically to ensure there was no loss of data or change to the mean grade of each assay population (Table 11-10).

**Table 11-10: Santa Cruz Deposit Composite Analysis**

---

| | | |
|:---|:---|:---|
| **Santa Cruz Domains** | **Sub-Domain** | **Number of Composites** |
| Exotic | LG | 526 |
| Exotic | HG | 83 |
| Oxide | LG | 4064 |
| Oxide | HG | 821 |
| Chalcocite Enriched | LG | 483 |
| Chalcocite Enriched | MG | 493 |
| Primary | LG | 4332 |
| Primary | HG | 251 |
| Background | n/a | 9883 |

---

---

| | | |
|:---|:---|:---|
| **Texaco Domains** | **Sub-Domain** | **Number of Composites** |
| Oxide | LG | 141 |
| Oxide | MG | 29 |
| Chalcocite Enriched | MG | 147 |
| Primary | LG | 598 |
| Primary | MG | 69 |

---

---

| | | |
|:---|:---|:---|
| **East Ridge Domains** | **Sub-Domain** | **Number of Composites** |
| Oxide | LG | 1087 |
| Oxide | MG | 309 |

---

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 169 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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11.4.4 Specific Gravity

A total of 2,639 SG measurements from seventy-four diamond drill holes exist from the Santa Cruz Deposit. Measurements were calculated using the weight in air versus the weight in water method (Archimedes), by applying the following formula:

![](tm236266d1_ex96-1img083a.jpg)

Nordmin determined that the required amount and distribution of SG measurements for direct estimation within the block model was not met. SG values were assigned to blocks based on Sub-Domains as seen in East Ridge and Texaco employ SG values from Santa Cruz as the two deposits lacked sufficient samples to calculate a local average.

**Table 11-11: SG values measured for the Santa Cruz Deposit by geologic domain**

---

| | | |
|:---|:---|:---|
| **Santa Cruz Domain** | **Sub-Domain** | **Average SG** |
| Exotic | LG | 2.52 |
| Exotic | HG | 2.38 |
| Oxide | LG | 2.48 |
| Oxide | HG | 2.53 |
| Chalcocite Enriched | LG | 2.49 |
| Chalcocite Enriched | MG | 2.54 |
| Primary | LG | 2.53 |
| Primary | HG | 2.51 |
| Background | Background | 2.50 |

---

11.4.5 Block Model Strategy and Analysis

A series of upfront test modeling was completed to define an estimation methodology to meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;• Representative
 of the Santa Cruz Deposit geological and structural controls.

&nbsp;&nbsp;&nbsp;&nbsp;• Accounts
 for the variability of grade, orientation, and continuity of mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;• Controls
 the smoothing (grade spreading) or grades and the influence of outliers.

&nbsp;&nbsp;&nbsp;&nbsp;• Accounts
 for most of the mineralization within the Santa Cruz Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;• Is
 robust and repeatable within the mineral domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Supports
 multiple domains.

Multiple test scenarios were evaluated to determine the optimum processes and parameters to use to achieve the stated criteria. Each scenario was based on Nearest Neighbour (NN), inverse distance squared (ID2), inverse distance cubed (ID3), and ordinary kriging (OK) interpolation methods (only for the Santa Cruz Deposit). All test scenarios were evaluated based on global statistical comparisons, visual comparisons of composite assays versus block grades, and the assessment of overall smoothing. Based on the results of the testing, it was determined that the final resource estimation methodology would constrain the mineralization by using hard wireframe boundaries to control the spread of mineralization. OK was selected as the best and most applicable interpolation method for the Santa Cruz Deposit, and ID3 was selected as the best and most applicable interpolation method for the East Ridge and Texaco Deposits.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 170 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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11.4.6 Assessment of Spatial Grade Continuity

Datamine, Leapfrog Geo<sup>™</sup>, and Leapfrog Edge<sup>™</sup> were used to determine the geostatistical relationships of the Santa Cruz Deposit. Texaco and East Ridge Deposits did not have sufficient data density to perform variography. Independent variography was performed on composite data for each domain. Experimental grade variograms were calculated from the capped/composited assay data for each element to determine the approximate search ellipse dimensions and orientations.

The following was considered for each analysis:

&nbsp;&nbsp;&nbsp;&nbsp;• Downhole
 variograms were created and modelled to define the nugget effect.

&nbsp;&nbsp;&nbsp;&nbsp;• Experimental
 semi-variograms were calculated to determine directional variograms for the strike and
 down dip orientations.

&nbsp;&nbsp;&nbsp;&nbsp;• Variograms
 were modelled using an exponential model with practical range.

&nbsp;&nbsp;&nbsp;&nbsp;• Directional
 variograms were modelled using the nugget defined in the downhole variography, and the
 ranges for the along strike, perpendicular to strike, and down dip directions.

&nbsp;&nbsp;&nbsp;&nbsp;• Variograms
 outputs were re-oriented to reflect the orientation of the mineralization.

Six search ellipsoids were applied to estimation, one for each type of Cu mineralization (primary supergene, secondary Cu-oxide (HG, LG), exotic Cu, chalcocite, and background). The search parameters used for the estimation are provided in Table 11-14 (Santa Cruz Deposit), Table 11-15 (Texaco Deposit), and Table 11-16 (East Ridge Deposit)**Error! Reference source not found.** Some domains share variography parameters due to similar behavior. The variography used for Santa Cruz is provided in Table 11-12. Semi-variograms for several Cu domains are provided in Figure 11- to Figure 11-17.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 171 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 11-12: Santa Cruz Deposit Variography Parameters** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Rotation Angles** | **Rotation Angles** | **Rotation Angles** | **Rotation Angles** | | | **Structure 1** | **Structure 1** | **Structure 1** | | **Structure 2** | **Structure 2** | **Structure 2** |
| <br>&nbsp;&nbsp;**Domain** | <br>**Type** | **1** | **2** | **3** | **Axes** | <br>**Nugget** | <br>**C1** | **Range 1** | **Range 2** | **Range 3** | <br>**C2** | **Range 1** | **Range 2** | **Range 3** |
|  | TCu | 30 | 90 | 140 | Z-Y-Z | 0.2 | 0.26 | 130 | 90 | 35 | 0.54 | 300 | 130 | 50 |
| &nbsp;&nbsp;Exotic | ASCu | 30 | 90 | 140 | Z-Y-Z | 0.2 | 0.26 | 190 | 100 | 20 | 0.54 | 233 | 125 | 44 |
|  | CNCu | 30 | 90 | 140 | Z-Y-Z | 0.25 | 0.75 | 290 | 125 | 35 | 0 |  | n/a |  |
|  | TCu | 90 | 40 | 60 | Z-Y-Z | 0.15 | 0.52 | 15 | 126 | 60 | 0.33 | 175 | 200 | 95 |
| &nbsp;&nbsp;Oxide | ASCu | 90 | 40 | 30 | Z-Y-Z | 0.15 | 0.5 | 40 | 30 | 40 | 0.35 | 145 | 100 | 100 |
|  | CNCu | 90 | 30 | 20 | Z-Y-Z | 0.13 | 0.32 | 150 | 30 | 10 | 0.55 | 150 | 230 | 70 |
|  | TCu | 35 | 60 | 75 | Z-Y-Z | 0.25 | 0.75 | 210 | 200 | 45 | 0 |  | n/a |  |
| &nbsp;&nbsp;Chalcocite Enriched | ASCu | 35 | 60 | 135 | Z-Y-Z | 0.13 | 0.87 | 250 | 245 | 35 | 0 |  | n/a |  |
|  | CNCu | 35 | 60 | 80 | Z-Y-Z | 0.2 | 0.8 | 295 | 225 | 21 | 0 |  | n/a |  |
|  | TCu | 30 | 180 | 45 | Z-Y-Z | 0.2 | 0.37 | 130 | 160 | 80 | 0.43 | 470 | 195 | 200 |
| &nbsp;&nbsp;Primary | ASCu | 30 | 0 | 120 | Z-Y-Z | 0.2 | 0.37 | 200 | 100 | 50 | 0.43 | 420 | 200 | 100 |
|  | CNCu | 20 | 150 | 135 | Z-Y-Z | 0.12 | 0.45 | 100 | 55 | 45 | 0.43 | 370 | 310 | 265 |
|  | TCu | 90 | 30 | 150 | Z-Y-Z | 0.12 | 0.35 | 20 | 133 | 35 | 0.53 | 780 | 800 | 430 |
| &nbsp;&nbsp;Background | ASCu | 90 | 30 | 150 | Z-Y-Z | 0.13 | 0.87 | 330 | 195 | 45 | 0 |  | n/a |  |
|  | CNCu | 90 | 30 | 20 | Z-Y-Z | 0.11 | 0.89 | 355 | 220 | 32 | 0.53 |  | n/a |  |

---

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| | | |
|:---|:---|:---|
| Technical Report Summary – June 7, 2022 | 172.0 | Nordmin Engineering Ltd. |
| Santa Cruz Project, Arizona, USA |  | Project # 21115-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img084.jpg)

Figure 11-14: Exotic Domain total Cu variogram

![](tm236266d1_ex96-1img085.jpg)

Figure 11-15: Oxide Domain total Cu variogram

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 173 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img086.jpg)

Figure 11-16: Oxide Domain acid soluble Cu variogram

![](tm236266d1_ex96-1img087.jpg)

Figure 11-17: Chalcocite Enriched Domain Acid Soluble Cu Variogram

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 174 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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![](tm236266d1_ex96-1img088.jpg)

Figure 11-18: Primary Domain Total Cu Variogram

11.4.7 Block Model Definition

The block model shape and size are typically a function of the geometry of the deposit, the density of assay data, drill hole spacing, and the selected mining unit. Taking this into consideration, the block model was defined with parent blocks at 5.0 m x 5.0 m x 5.0 m (N-S x E-W x Elevation). All three deposits use the same model definition parameters. The block model prototype parameters are listed in Table 11-13. All three deposits employed the same prototype parameters.

**Table 11-13: Santa Cruz, Texaco, and East Ridge Block Model Definition Parameters** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Item** | **Block Origin (m)** | **Block Origin (m)** | **Block Max (m)** | **Block Max (m)** | **Block Dimension (m)** | **Block Dimension (m)** | **Number of Parent Blocks** | **Number of Parent Blocks** | **Minimum Sub-Block (m)** | **Minimum Sub-Block (m)** |
| Easting |  | 414200 |  | 421500 |  | 5 |  | 1460 |  | 1.25 |
| Northing |  | 3637800 |  | 3644800 |  | 5 |  | 1400 |  | 1.25 |
| Elevation |  | -1200 |  | 500 |  | 5 |  | 340 |  | 1.25 |

---

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 175 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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All mineral Sub-Domain wireframe volumes were filled with blocks using the parameters described in Table 11-13. Block volumes were compared to the mineral Sub-Domain wireframe volumes to confirm there were no significant differences. Block volumes for all Sub-Domains were found to be within reasonable tolerance limits for all mineral Sub-Domain volumes. Sub-blocking was allowed to maintain the geological interpretation and accommodate the HG, MG, and LG Sub-Domains (wireframes), the lithological SG, and the category application. Sub-blocking has been allowed to the following minimums:

&nbsp;&nbsp;&nbsp;&nbsp;• 5.0
 m x 5.0 m x 5.0 m blocks are sub-blocked two-fold to 1.25 m x 1.25 m in the N to S and
 E to W directions with a variable elevation calculated based on the other sizes.

The block models were not rotated, and it was not necessary to clip them to topography due to their depth. The resource estimation was conducted using Datamine Studio RM<sup>TM</sup> version 1.12.113.0 within the NAD 83 UTM Zone 12 N projection grid.

11.4.8 Interpolation Method

The Santa Cruz Deposit block model was estimated using NN, ID2, ID3, and OK interpolation methods for global comparisons and validation purposes. The OK method was used for the Mineral Resource Estimate; it was selected over ID2, ID3, and NN as the OK method was the most representative approach to controlling the smoothing of grades. The Santa Cruz Deposit was estimated using NN, ID2, ID3, OK, and the OK method was used for the Mineral Resource Estimate. The Texaco and East Ridge block models were estimated using NN, ID2, and ID3, and the ID3 method was used for the mineral estimate for the Texaco and East Ridge Deposits.

11.4.9 Search Strategy

Zonal controls for all three deposits were used to constrain the grade estimates to within each LG, MG, and HG wireframe. These controls prevented the assays from individual domain wireframes from influencing the block grades of one another, acting as a "hard boundary" between the Sub-Domains. For instance, the composites identified within the Background total Cu wireframe were used to estimate the Background total Cu, and all other composites were ignored during the estimation. A "soft boundary" was used in the LG Oxide Sub-Domain, where composites from the HG model were included with the LG composites for the purposes of LG Oxide Sub-Domain estimation.

Search orientations for each deposit were used for estimation of the block model and were based on the shape of the modelled mineral domains; see Table 11-14 (Santa Cruz Deposit), Table 11-15 (Texaco Deposit), and Table 11-16 (East Ridge Deposit). A total of three nested searches were performed on all Sub-Domains. Table 11-14 to Table 11-16 display search parameters used in the estimation of the Santa Cruz, Texaco, and East Ridge Deposit mineral resource estimates. The search distances were based upon the variography ranges outlined in Table 11-12. The search radius of the first search was based upon the first structure of the variogram, the second search is generally two times the first search pass, and the third search pass is 8 times the initial search for the purposes of block model filling – note that this third-pass material was not considered for anything other than Inferred Categorization. Search strategies used an ellipsoidal search with a defined overall minimum and maximum number of composites as well as a maximum number of composites per hole for each block. Blocks which did not meet these criteria did not estimate and do not appear in the MRE.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 176 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-14: Santa Cruz Block Model Search Parameters** 

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** | **SANTA CRUZ DEPOSIT** |
| **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole**  |
| &nbsp;&nbsp;Exotic (LG/HG) | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Oxide LG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 2 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Oxide HG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 10 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Chalcocite (LG/MG) | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Primary LG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Primary HG | -12 | 12 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Background | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max** <br> **Per Hole** |
| &nbsp;&nbsp;Exotic (LG/HG) | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Oxide LG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 2 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Oxide HG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 10 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Chalcocite (LG/MG) | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 300 | 480 | 180 | 2 | 8 | 2 |
| &nbsp;&nbsp;Primary LG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Primary HG | -12 | 12 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Background | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 300 | 480 | 180 | 2 | 8 | 2 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Exotic (LG/HG) | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Oxide LG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Oxide HG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 10 | 2 | 100 | 160 | 60 | 2 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Chalcocite (LG/MG) | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Primary LG | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Primary HG | -12 | 12 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |
| &nbsp;&nbsp;Background | -12 | -11 | -5 | 3 | 2 | 3 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 400 | 640 | 240 | 2 | 8 | 2 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 177 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-15: Texaco Block Model Search Parameters**

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** | **TEXACO DEPOSIT** |
| **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Oxide (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Chalcocite (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Primary LG | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 87.5 | 140 | 52.5 | 3 | 8 | 2 | 150 | 240 | 90 | 3 | 8 | 2 |
| &nbsp;&nbsp;Primary MG | 85 | 17 | -8 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Background | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Oxide (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 2 | 10 | 2 | 100 | 160 | 60 | 2 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Chalcocite (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 60 | 45 | 30 | 3 | 8 | 2 | 120 | 90 | 60 | 3 | 8 | 2 | 360 | 270 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Primary LG | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 75 | 120 | 45 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 |
| &nbsp;&nbsp;Primary MG | 75 | 12 | 10 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Background | 60 | 8 | 15 | 3 | 2 | 1 | 60 | 45 | 30 | 3 | 8 | 2 | 120 | 90 | 60 | 3 | 8 | 2 | 360 | 270 | 180 | 3 | 8 | 2 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Oxide (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Chalcocite (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 40 | 50 | 20 | 3 | 8 | 2 | 60 | 75 | 30 | 3 | 8 | 2 | 240 | 350 | 120 | 3 | 8 | 2 |
| &nbsp;&nbsp;Primary LG | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 |  |  |  |  |  |  |
| &nbsp;&nbsp;Primary MG | 60 | 12 | 10 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Background | 60 | 8 | 15 | 3 | 2 | 1 | 40 | 50 | 20 | 3 | 8 | 2 | 75 | 120 | 30 | 3 | 8 | 2 | 240 | 350 | 120 | 3 | 8 | 2 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 178 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-16: East Ridge Block Model Search Parameters** 

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** | **EAST RIDGE DEPOSIT** |
| **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** | **TOTAL COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Oxide (LG/MG) | -40 | 10 | -9 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 450 | 640 | 240 | 3 | 8 | 2 |
| &nbsp;&nbsp;Background | -40 | 10 | -9 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 600 | 960 | 360 | 3 | 8 | 2 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** | **ACID SOLUBLE COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max** <br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Oxide (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Background | 60 | 8 | 15 | 3 | 2 | 1 | 60 | 45 | 30 | 3 | 8 | 2 | 120 | 90 | 60 | 3 | 8 | 2 | 360 | 270 | 180 | 3 | 8 | 2 |

---

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** | **CYANIDE SOLUBLE COPPER** |
| | | | | | | | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 1** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 2** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** | **Pass 3** |
| | **Search Rotation** | **Search Rotation** | **Search Rotation** | **Search Axes** | **Search Axes** | **Search Axes** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** | **Search Distances** | **Search Distances** | **Search Distances** | **Comps** | **Comps** | **Comps** |
| <br>**Domain** | **Rot 1** | **Rot 2** | **Rot 3** | **Axis 1** | **Axis 2** | **Axis 3** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** | **Dist 1** | **Dist 2** | **Dist 3** | **Min** | **Max** | **Max**<br> **Per Hole** |
| &nbsp;&nbsp;Oxide (LG/MG) | 60 | 8 | 15 | 3 | 2 | 1 | 50 | 80 | 30 | 3 | 8 | 2 | 100 | 160 | 60 | 3 | 8 | 2 | 350 | 480 | 180 | 3 | 8 | 2 |
| &nbsp;&nbsp;Background | 60 | 8 | 15 | 3 | 2 | 1 | 40 | 50 | 20 | 3 | 8 | 2 | 60 | 75 | 30 | 3 | 8 | 2 | 240 | 350 | 120 | 3 | 8 | 2 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 179 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.5 Block Model Validation

The Santa Cruz Deposit block model was estimated using NN, ID2, ID3, and OK interpolation methods for global comparisons and validation purposes. The OK method was used for the MRE; it was selected over ID2, ID3, and NN as the OK method was the most representative approach to controlling the smoothing of grades. The Texaco and East Ridge Deposit block models were estimated using NN, ID2, and ID3. The ID3 method was used for the mineral estimate for the Texaco and East Ridge Deposits and was used in the MRE.

11.5.1 Visual Comparison

The validation of the interpolated block model was assessed by using visual assessments and validation plots of block grades versus capped assay grades and composites. The review demonstrated a good comparison between local block estimates and nearby samples without excessive smoothing in the block model.

Figure 11-19 through Figure 11-30 are the block model validation images, displaying total Cu, acid soluble Cu, or cyanide soluble Cu grades in the block model and drill holes for Santa Cruz, Texaco, and East Ridge.

![](tm236266d1_ex96-1img089.jpg)

Figure 11-19: Santa Cruz block model validation, total Cu, cross-section.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 180 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img090.jpg)

Figure 11-20: Santa Cruz block model validation, acid soluble Cu, cross-section, +/-50m width.

![](tm236266d1_ex96-1img091.jpg)

Figure 11-21: Santa Cruz block model validation, cyanide soluble Cu, cross-section +/-50m width.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 181 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img092.jpg)

Figure 11-22: Santa Cruz block model validation, total Cu, cross-section +-/50m width

![](tm236266d1_ex96-1img093.jpg)

Figure 11-23: Santa Cruz block model validation, acid soluble Cu, cross-section +/-50m width.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 182 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img094.jpg)

Figure 11-24: Santa Cruz block model validation, cyanide soluble Cu, cross-section +/-50m width.

![](tm236266d1_ex96-1img095.jpg)

Figure 11-25: Texaco block model validation, total Cu, cross-section +/-50m width.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 183 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img096.jpg)

Figure 11-6: Texaco block model validation, acid soluble Cu, cross-section +/-50m width.

![](tm236266d1_ex96-1img097.jpg)

Figure 11-27: Texaco block model validation, cyanide soluble Cu, cross-section +/-50m width.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 184 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img098.jpg)

Figure 11-28: East Ridge block model validation, total Cu, cross-section +/-50m width.

![](tm236266d1_ex96-1img099.jpg)

Figure 11-29: East Ridge block model validation, acid soluble Cu, cross-section +/-50m width.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 185 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img100.jpg)

Figure 11-30: East Ridge block model validation, cyanide soluble Cu, cross-section +/- 50m width.

11.5.1 Swath Plots

A series of swath plots were generated for total Cu, acid soluble Cu, and cyanide soluble Cu from slices throughout each deposit for various domains. They compare the block model grades for NN, ID2, ID3, and OK to the drill hole composite grades to evaluate any potential local grade bias. A review of the swath plots did not identify bias in the model that is material to the Mineral Resource Estimate, as there was a strong overall correlation between the block model grade and the capped composites used in the Mineral Resource Estimate. Figure 11-31 and Figure 11-26 are the swath plots for Santa Cruz Deposit total Cu, acid soluble Cu, and cyanide soluble Cu, Figure 11-27 is for the Texaco Deposit, and Figure 11-28 is for the East Ridge Deposit.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 186 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img101.jpg)

Figure 11-31: Santa Cruz Oxide domain swath plots, total Cu % in X, Y, and Z directions.

![](tm236266d1_ex96-1img102.jpg)

Figure 11-32: Santa Cruz Oxide and Chalcocite domain swath plots, acid soluble and cyanide soluble Cu %.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 187 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img103.jpg)

Figure 11-33: Texaco Primary Domain Swath plot, Total Cu %.

![](tm236266d1_ex96-1img104.jpg)

Figure 11-34: East Ridge Oxide Domain Total Cu, Acid Soluble, and Cyanide Soluble Swath Plots.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 188 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.6 Mineral Resource Classification

The Mineral Resource Estimate was classified in accordance with S-K 1300 definitions. Mineral Resource classifications were assigned to broad regions of the block model based on the Nordmin QP's confidence and judgment related to geological understanding, continuity of mineralization in conjunction with data quality, spatial continuity based on variography, estimation parameters, data density, and block model representativeness.

Classification (Indicated and Inferred) was applied to the Santa Cruz, Texaco, and East Ridge Deposits based on a full review that included the examination of drill spacing, visual comparison, kriging variance, distance to nearest composite, and search volume estimation (the estimation pass in which each block was populated) along with the search ellipsoid ranges. Collectively this information was used to produce an initial classification script followed by manual wireframes application to further limit the mineral resource classification.

Figure 11-35 and Figure 11-36 demonstrate the resource classification in section throughout the Santa Cruz, Texaco, and East Ridge Deposits.

The areas of greatest uncertainty are attributed to Inferred Resources. These are areas with limited drilling or very large drill spacing (greater than 100 m). Due to lack of drilling density it is difficult to be confident in the continuity of mineralization and is therefore classified as Inferred and may be upgraded via infill drilling to support mineralization continuity. Indicated Resources are resources that have consistent drill spacing, low to moderate kriging variance and a visual comparison. In the Santa Cruz Deposit the drill spacing that supports the Indicated Resource classification constitutes approximately 80 m to 100 m. There is the possibility for Indicated Resources to be upgraded to Measured Resources via additional infill drilling that would reduce the drill spacing to < 25 m. Currently, none of the deposits have a Measured Resource. Additional uncertainty lies in the historical drill measurements including logging, assaying, and surveying. The 2021 twin drilling program conducted by IE outlined in Section 7.3.3 and 9.2 has demonstrated overall grade continuity, location, and continuity between intercepts. There is the potential for unknown errors within the database which could affect the size and quantity of Indicated, and Inferred Mineral Resources.

While most of the Texaco Deposit is classified as Inferred, there is a small portion of Indicated Resource. There are three IE drilled holes in Texaco which have served to prove depth, continuity, and grade of the historic drilling. The East Ridge Deposit is currently classified as Inferred as the area is defined by historical drilling which has yet to be validated with modern drilling. This work is forthcoming and will help to improve resource class confidence in subsequent iterations.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 189 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img105.jpg)

Figure 11-35: Plan section demonstrating resource classification,-250 m, -350 m, and -450 m depth, with north upward

![](tm236266d1_ex96-1img106.jpg)

Figure 11-36: Texaco (left) and East Ridge (right) plan sections demonstrating resources classification, with north upward.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 190 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.7 Copper Pricing

11.7.1 Energy Transition and the Global Demand for Copper

Driven by the demands of consumers, corporations, governments, investors and regulatory agencies, there is a global shift and increasing momentum away from fossil fuel-based systems of energy production to renewable energy sources to reduce global greenhouse gas emissions.

According to BloombergNEF's "Global Copper Outlook — 2022-2040", October 11, 2022 (the "October Copper Outlook Report"), the green energy transition is the key driver for future copper demand. BloombergNEF sees significant demand growth for this critical metal, increasing by 58% from 2022 to 2040, to 40 million tonnes.

11.7.2 Global Copper Supply

BloombergNEF projects a copper mine supply deficit of over 20 million tonnes by 2040, driven by a lack of near-term, large-scale permitted copper projects and growing demand (Figure 11-37).

BloombergNEF's best-case scenario, the "Best primary supply forecast scenario", forecasts that mined copper production will need to increase by 1 million tonnes annually to keep up with growing demand and grade declines at existing copper operations. The long lead times associated with new mine development contributes to the challenging outlook for copper supply growth.

![](tm236266d1_ex96-1img107.jpg)

Source: The October Copper Outlook Report.

Figure 11-37: Estimated Long-Term Copper Supply and Demand

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 191 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.7.3 Copper Markets and Pricing

Copper trades on global metals exchanges, such as the London Metal Exchange ("LME") and COMEX (a division of the Chicago Mercantile Exchange). Most copper is produced in either copper cathode or copper concentrate. Copper cathodes are sheets made of 99.99% pure copper. Copper concentrates are powder containing 25-40% copper metal and sold to smelters or refiners that refine the concentrate into saleable products. Concentrates are often transported across the globe from miners to countries with smelting capacity that can refine the concentrate into cathode.

Copper prices have increased from a COVID-19 pandemic low of $2.12/lb on March 23, 2020, reaching a high of $4.93/lb in March 2022. The price of copper was $3.81/lb as on December 30, 2022. Copper prices are volatile and are affected by several factors. Copper prices are seen as a proxy for global economic activity and more recently have been influenced by prospects for new demand supporting a global transition to clean energy and enhanced electrification.

The graph in Figure 11-38 demonstrates the variability of the copper price over the last century, while Figure 11-39 shows the price over the past ten years.

![](tm236266d1_ex96-1img108.jpg)

Source: US Federal Reserve, Roskill.

Figure 11-38: A century of copper prices

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 192 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img109.jpg)

Source: Copper prices from HG1 Commodity Quote reported by Bloomberg.

Figure 11-39: December 2002 — December 2022 Copper Price ($/lb).

Research analysts apply various assumptions on what the future holds when performing their copper price forecast analysis. Analysts consensus copper price forecast is shown in Table 11-17 below, noting their long-term forecasts range from $3.15/lb to $4.25/lb with a median of $3.75/lb.

**Table 11-17: Consensus Copper Pricing 2023-2028 and Long Term.**

Source: Bank of Montreal

STREET CONSENSUS COPPER PRICE ESTIMATES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Broker Name | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | LT |
|  | (US$/lb) | (US$/lb) | (US$/lb) | (US$/lb) | (US$/lb) | (US$/lb) | (US$/lb) |
| Bank of America Merrill Lynch | $3.29 | $4.03 | $3.88 | $3.73 | $3.59 | n.a. | $3.59 |
| Barclays | 3.03 | 3.00 | 3.10 | n.a. | n.a. | n.a. | 3.15 |
| BMO Capital Markets | 3.28 | 3.40 | 3.63 | 3.97 | 3.75 | 3.75 | 3.75 |
| Canaccord Genuity | 3.94 | 4.25 | 4.50 | 4.50 | 4.25 | n.a. | 4.25 |
| CIBC World Markets | 3.95 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 |
| Cormark Securities | 3.85 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 |
| Credit Suisse | 3.00 | 3.00 | 3.50 | 3.49 | n.a. | n.a. | 3.50 |
| Desjardins Securities | 3.50 | 3.80 | n.a. | n.a. | n.a. | n.a. | n.a. |
| Deutsche Bank | 3.31 | 3.99 | 4.22 | n.a. | n.a. | n.a. | 3.95 |
| Echelon | 3.90 | 3.90 | n.a. | n.a. | n.a. | n.a. | n.a. |
| Eight Capital | 4.00 | 4.25 | 4.50 | 4.25 | 3.75 | n.a. | 3.75 |
| Haywood Securities | 3.75 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| HSBC Securities | 3.45 | 3.40 | 3.50 | n.a. | n.a. | n.a. | 3.15 |
| Jefferies | 3.29 | 4.31 | 5.00 | 5.50 | 5.50 | n.a. | 4.00 |
| JP Morgan | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | 3.50 |
| Laurentian Bank Securities | 3.88 | 4.25 | 3.75 | 3.75 | 3.75 | 3.75 | 3.75 |
| Macquarie Research | 3.28 | 3.45 | 3.61 | 3.88 | n.a. | n.a. | 3.49 |
| Morgan Stanley | 3.35 | 3.97 | 4.08 | 4.08 | 4.08 | 4.08 | 4.08 |
| National Bank Financial | 3.40 | 3.50 | 3.60 | 3.50 | 3.50 | 3.50 | 3.50 |
| Paradigm Capital | 4.00 | 4.00 | n.a. | n.a. | n.a. | n.a. | 3.50 |
| PI Financial | 3.75 | n.a. | n.a. | n.a. | n.a. | n.a. | 3.75 |
| Raymond James | 4.25 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 |
| RBC Capital Markets | 3.75 | 3.75 | 4.00 | 4.00 | 3.50 | 3.50 | 3.50 |
| Scotia Capital | 3.75 | 4.00 | 4.50 | 5.00 | n.a. | n.a. | 3.50 |
| Societe Generale | 3.40 | 4.54 | 5.67 | n.a. | n.a. | n.a. | n.a. |
| Stifel Canada | 4.00 | 4.50 | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| TD Securities | 3.75 | 4.00 | 4.25 | 4.50 | 3.75 | 3.75 | 3.75 |
| UBS | 3.75 | 3.75 | 3.75 | 3.90 | 3.50 | 3.50 | 3.50 |
| High | $4.25 | $4.54 | $5.67 | $5.50 | $5.50 | $4.08 | $4.25 |
| **Median** | **3.75** | **3.94** | **3.88** | **3.97** | **3.75** | **3.75** | **3.75** |
| Average | 3.62 | 3.85 | 4.00 | 4.06 | 3.87 | 3.74 | 3.68 |
| Low | 3.00 | 3.00 | 3.10 | 3.49 | 3.50 | 3.50 | 3.15 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 193 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.7.4 Commodity Price Projections

Mineral Resources were estimated based on a long-term copper price of $3.70/lb.

11.8 Reasonable Prospects of Economic Extraction

The Mineral Resource was created using Datamine Studio RMTM version 1.7.100.0 software to create the block models for the Santa Cruz, Texaco, and East Ridge Deposits, and Deswik.CADTM 2022.1 and Deswik.SOTM 4.1 for stope optimization.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 194 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-18: Input Parameter Assumptions**

<sup>1</sup> See Section 11.7 for Copper Pricing Assumptions and Justification

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **December 2022 MRE** | **December 2022 MRE** | **December 2022 MRE** |
| <br>**\* All prices in US$** | <br>**Units** | **Santa Cruz 30m Longhole Flotation** | **Texaco 20m Longhole Flotation** | **East Ridge Room & Pillar Flotation** |
| **Key Criteria and Inputs** |  |  |  |  |
| Assumed Production | &nbsp;&nbsp;tonnes/day | 15000 | 7000 | 3500 |
| Annual Tonnage | &nbsp;&nbsp;tonnes/year | 5250000 | 2450000 | 1225000 |
| Annual Cathode Production | &nbsp;&nbsp;tonnes Cu/year | 30104 | 4836 | 7945 |
|  | &nbsp;&nbsp;lbs Cu/year | 66366176 | 10662107 | 17516319 |
| % of Total | &nbsp;&nbsp;% | 49.6% | 17.4% | 50.7% |
| Annual Copper in Concentrate | &nbsp;&nbsp;tonnes Cu/year | 30597 | 23030 | 7715 |
|  | &nbsp;&nbsp;lbs Cu/year | 67454146 | 50771938 | 17008599 |
| % of Total | &nbsp;&nbsp;% | 50.4% | 82.6% | 49.3% |
| Copper Price | &nbsp;&nbsp;US$/lb | $3.70 | $3.70 | $3.70 |
| Payable Copper | &nbsp;&nbsp;% | 96.0% | 96.0% | 96.0% |
| **On-site Costs** |  |  |  |  |
| Mining Costs - Direct | &nbsp;&nbsp;$/tonne Proc. | $24.50 | $31.50 | $40.00 |
| Mining Costs - G&A | &nbsp;&nbsp;$/tonne Proc. | $4.00 | $4.00 | $4.00 |
| Processing - Concentrator | &nbsp;&nbsp;$/tonne Proc. | $8.40 | $8.40 | $8.40 |
| Refining - SX-EW | &nbsp;&nbsp;$/lb Cu Cath | $0.180 | $0.180 | $0.180 |
|  | &nbsp;&nbsp;$/tonne Proc. | $2.28 | $1.50 | $2.57 |
| Processing - Laboratory/Water Treatment | &nbsp;&nbsp;$/tonne Proc. | $0.50 | $0.50 | $0.50 |
| Processing - G&A Costs | &nbsp;&nbsp;$/tonne Proc. | $3.00 | $3.00 | $3.00 |
| **Total On-site Costs** | &nbsp;&nbsp;**$/tonne Proc.** | $**42.68** | $**48.90** | $**58.47** |
| **Off-site and Downstream Costs** |  |  |  |  |
| Cathode Shipping | &nbsp;&nbsp;$/tonne Proc. | $0.51 | $0.17 | $0.57 |
| Concentrate Shipping | &nbsp;&nbsp;$/tonne Proc. | $1.259 | $2.031 | $1.361 |
| Concentrate Smelting & Refining | &nbsp;&nbsp;$/tonne Proc. | $1.529 | $2.466 | $1.652 |
| **Total Off-site and Downstream Costs** | &nbsp;&nbsp;**$/tonne Proc.** | $**3.29** | $**4.67** | $**3.58** |
| **Royalties** |  |  |  |  |
| **Average Royalties** | &nbsp;&nbsp;**%NSR** | **6.96%** | **6.06%** | **5.00%** |
|  | &nbsp;&nbsp;**$/tonne Proc.** | $**5.95** | $**5.08** | $**4.72** |
| **Recoveries/Dilution** |  |  |  |  |
| Mining Dilution | &nbsp;&nbsp;% | 0.0% | 0.0% | 0.0% |
| Mining Recovery | &nbsp;&nbsp;% | 100.0% | 100.0% | 100.0% |
| Processing Recovery | &nbsp;&nbsp;% | 94.0% | 94.0% | 94.0% |
| **MRE Selected Copper Insitu Cut-off** | &nbsp;&nbsp;**%** | **0.70%** | **0.80%** | **0.90%** |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 195 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.9 Mineral Resource Estimate

Due to a lack of sample data as well as a bias in sampling for acid soluble Cu and cyanide soluble Cu within the Primary Domain, it was determined that the acid soluble Cu and cyanide soluble Cu estimation within the Primary Domain was not representative of the actual cyanide soluble Cu within the domain and has been removed from all reports and totals. Acid soluble Cu and cyanide soluble Cu was determined to be accurate within the Exotic Domain, Oxide Domain, and Chalcocite Enriched Domain. The Mineral Resource Estimate can be found in Table 11-19.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 196 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.9.1 Mineral Resource Estimate

**Table 11-19: Mineral Resource Estimate**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Mineralized Material (ktonne)** | **Mineralized Material (kton)** | **Total Cu (%)** | **Total Soluble Cu (%)** | **Acid Soluble Cu (%)** | **Cyanide Soluble Cu (%)** | **Total Cu (ktonne)** | **Total Soluble Cu (ktonne)** | **Acid Soluble Cu (ktonne)** | **Cyanide Soluble Cu (ktonne)** | **Total Cu (Mlb)** |
| | | **Mineralized Material (ktonne)** | **Mineralized Material (kton)** | **Total Cu (%)** | **Total Soluble Cu (%)** | **Acid Soluble Cu (%)** | **Cyanide Soluble Cu (%)** | **Total Cu (ktonne)** | **Total Soluble Cu (ktonne)** | **Acid Soluble Cu (ktonne)** | **Cyanide Soluble Cu (ktonne)** | **Total Cu (Mlb)** |
| <br>**Classification** | <br>**Deposit** | **Mineralized Material (ktonne)** | **Mineralized Material (kton)** | **Total Cu (%)** | **Total Soluble Cu (%)** | **Acid Soluble Cu (%)** | **Cyanide Soluble Cu (%)** | **Total Cu (ktonne)** | **Total Soluble Cu (ktonne)** | **Acid Soluble Cu (ktonne)** | **Cyanide Soluble Cu (ktonne)** | **Total Cu (Mlb)** |
| **Indicated** | Santa Cruz (0.70% COG) | 223155 | 245987 | 1.24 | 0.82 | 0.58 | 0.24 | 2759 | 1824 | 1292 | 533 | 6083 |
| **Indicated** | Texaco (0.80% COG) | 3560 | 3924 | 1.33 | 0.97 | 0.25 | 0.73 | 47 | 35 | 9 | 26 | 104 |
| **Indicated** | East Ridge (0.90% COG) | 0 | 0 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Inferred** | Santa Cruz (0.70% COG) | 62709 | 69125 | 1.23 | 0.92 | 0.74 | 0.18 | 768 | 576 | 462 | 114 | 1694 |
| **Inferred** | Texaco (0.80% COG) | 62311 | 68687 | 1.21 | 0.56 | 0.21 | 0.35 | 753 | 348 | 132 | 215 | 1660 |
| **Inferred** | East Ridge (0.90% COG) | 23978 | 26431 | 1.36 | 1.26 | 0.69 | 0.57 | 326 | 302 | 164 | 137 | 718 |
| **TOTAL** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Indicated** | **All Deposits** | **226715** | **249910** | **1.24** | **0.82** | **0.57** | **0.25** | **2807** | **1859** | **1300** | **558** | **6188** |
| **Inferred** | **All Deposits** | **148998** | **164242** | **1.24** | **0.82** | **0.51** | **0.31** | **1847** | **1225** | **759** | **466** | **4072** |

---

**Notes on Mineral Resources**

1. The
 Mineral Resources in this Estimate were independently prepared, including estimation
 and classification, by Nordmin Engineering Ltd. and in accordance with the definitions
 for Mineral Resources in S-K 1300.

2. Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.
 This estimate of Mineral Resources may be materially affected by environmental, permitting,
 legal, title, taxation, sociopolitical, marketing, or other relevant issues.

3. Verification
 included multiple site visits to inspect drilling, logging, density measurement procedures
 and sampling procedures, and a review of the control sample results used to assess laboratory
 assay quality. In addition, a random selection of the drill hole database results was
 compared with the original records.

4. The
 Mineral Resources in this estimate for the Santa Cruz, East Ridge, and Texaco Deposits
 used Datamine Studio RM<sup>TM</sup> software to create the block models.

5. The
 Mineral Resources are current to December 31, 2022.

6. Underground-constrained
 Mineral Resources for the Santa Cruz Deposit are reported at a cut-off grade of 0.70%
 total copper, Texaco Deposit are reported at a cut-off grade of 0.80% total copper and
 East Ridge Deposit are reported at a cut-off grade of 0.90% total copper. The cut-off
 grade reflects total operating costs to define reasonable prospects for eventual economic
 extracted by conventional underground mining methods with a maximum production rate of
 15,000 tonnes/day. All material within mineable shape-optimized wireframes has been included
 in the Mineral Resource.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 197 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

7. Underground mineable shape optimization parameters include a long term copper price of $3.70/lb, process recovery of 94%, direct mining
costs between $24.50-$40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and
administration cost of $4.00/tonne processed, onsite processing and SX/EW costs between $13.40-$14.47/tonne processed, offsite costs between
$3.29 – $4.67/tonne processed, along with variable royalties between 5.00-6.96% NSR and a mining recovery of 100%.

8. Specific
 Gravity was applied using weighted averages by Deposit Sub-Domain.

9. All
 figures are rounded to reflect the relative accuracy of the estimates, and totals may
 not add correctly.

10. Excludes
 unclassified mineralization located along edges of the Santa Cruz, East Ridge, and Texaco
 Deposits where drill density is poor.

11. Report
 from within a mineralization envelope accounting for mineral continuity.

12. Total
 soluble copper means the addition of sequential acid soluble copper and sequential cyanide
 soluble copper assays. Total soluble copper is not reported for the Primary Domain.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 198 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.9.2 Santa Cruz Mineral Resource Estimate

The Santa Cruz Deposit Mineral Resource Estimate is presented in Table 11-20.

**Table 11-20: Santa Cruz Deposit Mineral Resource Estimate, 0.70% Total Cu CoG**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Santa Cruz Deposit**<br> **0.70% Cu COG**  | **Santa Cruz Deposit**<br> **0.70% Cu COG**  | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Classification** | **Domain** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Indicated** | Exotic | 4993 | 5504 | 1.79 | 1.59 | 1.46 | 0.13 | 90 | 79 | 73 | 6 | 198 |
| **Indicated** | Oxide | 96746 | 106644 | 1.44 | 1.29 | 1.10 | 0.19 | 1388 | 1244 | 1064 | 179 | 3061 |
| **Indicated** | Chalcocite Enriched | 45247 | 49877 | 1.34 | 1.11 | 0.34 | 0.77 | 608 | 501 | 154 | 347 | 1341 |
| **Indicated** | Primary | 76169 | 83962 | 0.88 | N/A | N/A | N/A | 673 | N/A | N/A | N/A | 1484 |
| **Inferred** | Exotic | 5690 | 6273 | 1.61 | 1.28 | 1.17 | 0.11 | 91 | 73 | 67 | 6 | 201 |
| **Inferred** | Oxide | 43252 | 47678 | 1.23 | 1.02 | 0.88 | 0.14 | 532 | 411 | 379 | 62 | 1172 |
| **Inferred** | Chalcocite Enriched | 5779 | 6371 | 1.25 | 1.07 | 0.28 | 0.79 | 72 | 62 | 16 | 46 | 159 |
| **Inferred** | Primary | 7987 | 8804 | 0.92 | N/A | N/A | N/A | 73 | N/A | N/A | N/A | 161 |
| **TOTAL** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Indicated** | **All Domains** | **223155** | **245987** | **1.24** | **0.82** | **0.58** | **0.24** | **2759** | **1824** | **1292** | **533** | **6083** |
| **Inferred** | **All Domains** | **62709** | **69125** | **1.23** | **0.92** | **0.74** | **0.18** | **768** | **576** | **462** | **114** | **1694** |

---

**Notes on Mineral Resources**

1. Refer
 to notes on Table 11-19

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 199 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.9.3 Texaco Mineral Resource Estimate

The Texaco Deposit Mineral Resource Estimate is presented in Table 11-21.

**Table 11-21: Texaco Deposit Mineral Resource Estimate, 0.80% Total Cu CoG**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Texaco Deposit**<br> **0.80% Cu COG** | **Texaco Deposit**<br> **0.80% Cu COG** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Classification** | **Domain** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Indicated** | Exotic | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Indicated** | Oxide | 747 | 823 | 1.09 | 1.00 | 0.62 | 0.38 | 8 | 7 | 5 | 3 | 18 |
| **Indicated** | Chalcocite Enriched | 1944 | 2143 | 1.55 | 1.40 | 0.21 | 1.18 | 30 | 27 | 4 | 23 | 66 |
| **Indicated** | Primary | 869 | 958 | 1.05 | N/A | N/A | N/A | 9 | N/A | N/A | N/A | 20 |
| **Inferred** | Exotic | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Inferred** | Oxide | 7536 | 8307 | 1.27 | 1.24 | 1.09 | 0.14 | 96 | 93 | 82 | 11 | 211 |
| **Inferred** | Chalcocite Enriched | 19763 | 21785 | 1.44 | 1.29 | 0.25 | 1.03 | 285 | 254 | 50 | 204 | 628 |
| **Inferred** | Primary | 35012 | 38594 | 1.06 | N/A | N/A | N/A | 372 | N/A | N/A | N/A | 821 |
| **TOTAL** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Indicated** | **All Domains** | **3560** | **3924** | **1.33** | **0.97** | **0.25** | **0.73** | **47** | **35** | **9** | **26** | **104** |
| **Inferred** | **All Domains** | **62311** | **68687** | **1.21** | **0.56** | **0.21** | **0.35** | **753** | **348** | **132** | **215** | **1660** |

---

**Notes on Mineral Resources** 

1. Refer
 to notes on Table 11-19

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 200 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.9.4 East Ridge Mineral Resource Estimate

The East Ridge Deposit Mineral Resource Estimate is presented in Table 11-22.

**Table 11-22 East Ridge Deposit Mineral Resource Estimate, 0.<u>90</u>% Total Cu CoG**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **East Ridge Deposit**<br> **0.90% Cu COG** | **East Ridge Deposit**<br> **0.90% Cu COG** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Classification** | **Domain** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Indicated** | Exotic | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Indicated** | Oxide | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Indicated** | Chalcocite Enriched | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Indicated** | Primary | 0 | 0 | 0.00 | N/A | N/A | N/A | 0 | N/A | N/A | N/A | 0 |
| **Inferred** | Exotic | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Inferred** | Oxide | 23978 | 26431 | 1.36 | 1.26 | 0.69 | 0.57 | 326 | 302 | 164 | 137 | 718 |
| **Inferred** | Chalcocite Enriched | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Inferred** | Primary | 0 | 0 | 0.00 | N/A | N/A | N/A | 0 | N/A | N/A | N/A | 0 |
| **TOTAL** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Indicated** | **All Domains** | **0** | **0** | **0.00** | **0.00** | **0.00** | **0.00** | **0** | **0** | **0** | **0** | **0** |
| **Inferred** | **All Domains** | **23978** | **26431** | **1.36** | **1.26** | **0.69** | **0.57** | **326** | **164** | **164** | **137** | **718** |

---

**Notes on Mineral Resources**

1. Refer
 to notes on Table 11-19

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 201 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.10 Mineral Resource Sensitivity to Reporting Cut-off

The updated Santa Cruz, Texaco, and East Ridge Mineral Resource Estimates to a Cu (%) cut-off are summarized in Table 11-23, Table 11-24, and Table 11-25 across all interpolation methods.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 202 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-25 across all interpolation methods.**

**Table 11-23: Mineral Resource Sensitivity for Santa Cruz Total Cu**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Santa Cruz Deposit** | **Santa Cruz Deposit** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu (ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu (ktonne)** | **Total**<br> **Cu (Mlb)** |
| **Classification** | **COG** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu (ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu (ktonne)** | **Total**<br> **Cu (Mlb)** |
| Indicated | 0.30% | 438378 | 483228 | 0.88 | 0.34 | 0.14 | 3862 | 1483 | 608 | 8514 |
| Inferred | 0.30% | 277102 | 305452 | 0.60 | 0.22 | 0.06 | 1659 | 613 | 154 | 3658 |
| Indicated | 0.40% | 387905 | 427592 | 0.95 | 0.37 | 0.15 | 3682 | 1448 | 598 | 8118 |
| Inferred | 0.40% | 169542 | 186888 | 0.76 | 0.34 | 0.08 | 1288 | 572 | 143 | 2839 |
| Indicated | 0.50% | 338866 | 373536 | 1.02 | 0.41 | 0.17 | 3458 | 1404 | 583 | 7623 |
| Inferred | 0.50% | 104653 | 115360 | 0.96 | 0.51 | 0.13 | 1005 | 534 | 133 | 2215 |
| Indicated | 0.60% | 279596 | 308201 | 1.12 | 0.48 | 0.20 | 3126 | 1353 | 562 | 6892 |
| Inferred | 0.60% | 78033 | 86016 | 1.11 | 0.64 | 0.16 | 864 | 498 | 124 | 1904 |
| **Indicated** | **0.70%** | **223155** | **245987** | **1.24** | **0.58** | **0.24** | **2759** | **1292** | **533** | **6083** |
| **Inferred** | **0.70%** | **62709** | **69125** | **1.23** | **0.74** | **0.18** | **768** | **462** | **114** | **1694** |
| Indicated | 0.80% | 179905 | 198312 | 1.35 | 0.69 | 0.27 | 2432 | 1233 | 491 | 5362 |
| Inferred | 0.80% | 51794 | 57093 | 1.33 | 0.82 | 0.20 | 689 | 426 | 101 | 1519 |
| Indicated | 0.90% | 144115 | 158860 | 1.48 | 0.81 | 0.30 | 2128 | 1171 | 436 | 4692 |
| Inferred | 0.90% | 42840 | 47223 | 1.43 | 0.91 | 0.21 | 614 | 389 | 88 | 1355 |
| Indicated | 1.00% | 119293 | 131497 | 1.59 | 0.93 | 0.32 | 1892 | 1106 | 386 | 4172 |
| Inferred | 1.00% | 36856 | 40627 | 1.52 | 0.97 | 0.22 | 559 | 357 | 79 | 1232 |
| Indicated | 1.20% | 83837 | 92415 | 1.79 | 1.14 | 0.37 | 1502 | 958 | 310 | 3312 |
| Inferred | 1.20% | 26055 | 28721 | 1.70 | 1.10 | 0.24 | 443 | 287 | 61 | 977 |
| Indicated | 1.50% | 53218 | 58663 | 2.05 | 1.33 | 0.45 | 1089 | 705 | 241 | 2401 |
| Inferred | 1.50% | 14892 | 16416 | 1.99 | 1.29 | 0.30 | 296 | 193 | 44 | 652 |
| Indicated | 2.00% | 21736 | 23960 | 2.51 | 1.53 | 0.65 | 547 | 332 | 142 | 1205 |
| Inferred | 2.00% | 5935 | 6542 | 2.43 | 1.59 | 0.37 | 144 | 95 | 22 | 318 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 203 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-24: Mineral Resource Sensitivity for Texaco Total Cu**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Texaco Deposit** | **Texaco Deposit** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu (ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu (ktonne)** | **Total**<br> **Cu (Mlb)** |
| **Classification** | **COG** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu (ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu (ktonne)** | **Total**<br> **Cu (Mlb)** |
| Indicated | 0.30% | 9609 | 10592 | 0.83 | 0.12 | 0.31 | 80 | 11 | 30 | 177 |
| Inferred | 0.30% | 182697 | 201389 | 0.77 | 0.10 | 0.17 | 1411 | 176 | 303 | 3111 |
| Indicated | 0.40% | 8564 | 9440 | 0.89 | 0.12 | 0.34 | 77 | 11 | 29 | 169 |
| Inferred | 0.40% | 162879 | 179543 | 0.82 | 0.10 | 0.18 | 1342 | 167 | 290 | 2958 |
| Indicated | 0.50% | 7441 | 8202 | 0.96 | 0.14 | 0.39 | 71 | 10 | 29 | 158 |
| Inferred | 0.50% | 135652 | 149530 | 0.90 | 0.12 | 0.20 | 1218 | 158 | 273 | 2685 |
| Indicated | 0.60% | 5688 | 6270 | 1.09 | 0.17 | 0.49 | 62 | 10 | 28 | 136 |
| Inferred | 0.60% | 105215 | 115979 | 1.00 | 0.14 | 0.24 | 1051 | 147 | 249 | 2317 |
| Indicated | 0.70% | 4297 | 4737 | 1.23 | 0.22 | 0.62 | 53 | 9 | 27 | 117 |
| Inferred | 0.70% | 82390 | 90819 | 1.10 | 0.17 | 0.28 | 903 | 140 | 232 | 1991 |
| **Indicated** | **0.80%** | **3560** | **3924** | **1.33** | **0.25** | **0.73** | **47** | **9** | **26** | **104** |
| **Inferred** | **0.80%** | **62311** | **68687** | **1.21** | **0.21** | **0.35** | **753** | **132** | **215** | **1660** |
| Indicated | 0.90% | 3106 | 3423 | 1.40 | 0.26 | 0.80 | 44 | 8 | 25 | 96 |
| Inferred | 0.90% | 47899 | 52799 | 1.32 | 0.26 | 0.41 | 631 | 124 | 198 | 1391 |
| Indicated | 1.00% | 2705 | 2982 | 1.47 | 0.28 | 0.87 | 40 | 7 | 24 | 88 |
| Inferred | 1.00% | 37071 | 40863 | 1.43 | 0.31 | 0.48 | 528 | 115 | 179 | 1165 |
| Indicated | 1.20% | 2037 | 2246 | 1.59 | 0.28 | 1.00 | 32 | 6 | 20 | 71 |
| Inferred | 1.20% | 22788 | 25119 | 1.63 | 0.42 | 0.61 | 372 | 96 | 138 | 821 |
| Indicated | 1.50% | 932 | 1027 | 1.88 | 0.20 | 1.26 | 18 | 2 | 12 | 39 |
| Inferred | 1.50% | 12162 | 13406 | 1.90 | 0.54 | 0.65 | 231 | 65 | 79 | 509 |
| Indicated | 2.00% | 251 | 276 | 2.26 | 0.08 | 1.21 | 6 | 0 | 3 | 13 |
| Inferred | 2.00% | 4239 | 4672 | 2.25 | 0.74 | 0.65 | 95 | 32 | 27 | 210 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 204 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-25: Mineral Resource Sensitivity for East Ridge Total Cu**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **East Ridge Deposit** | **East Ridge Deposit** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu (ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu (ktonne)** | **Total**<br> **Cu (Mlb)** |
| **Classification** | **COG** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(kton)** | **Total**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu (ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu (ktonne)** | **Total**<br> **Cu (Mlb)** |
| Indicated | 0.30% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 0.30% | 159015 | 175284 | 0.62 | 0.25 | 0.25 | 987 | 392 | 397 | 2175 |
| Indicated | 0.40% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 0.40% | 107999 | 119049 | 0.75 | 0.31 | 0.31 | 809 | 338 | 334 | 1785 |
| Indicated | 0.50% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 0.50% | 75452 | 83172 | 0.88 | 0.39 | 0.37 | 664 | 292 | 277 | 1464 |
| Indicated | 0.60% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 0.60% | 56069 | 61806 | 1.00 | 0.46 | 0.42 | 558 | 255 | 234 | 1230 |
| Indicated | 0.70% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 0.70% | 41496 | 45741 | 1.12 | 0.53 | 0.47 | 464 | 221 | 195 | 1023 |
| Indicated | 0.80% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 0.80% | 31172 | 34361 | 1.24 | 0.61 | 0.52 | 387 | 190 | 163 | 852 |
| **Indicated** | **0.90%** | **0** | **0** | **0.00** | **0.00** | **0.00** | **0** | **0** | **0** | **0** |
| **Inferred** | **0.90%** | **23978** | **26431** | **1.36** | **0.69** | **0.57** | **326** | **164** | **137** | **718** |
| Indicated | 1.00% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 1.00% | 18886 | 20818 | 1.47 | 0.76 | 0.62 | 277 | 143 | 117 | 612 |
| Indicated | 1.20% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 1.20% | 11995 | 13223 | 1.69 | 0.90 | 0.71 | 202 | 108 | 86 | 446 |
| Indicated | 1.50% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 1.50% | 6142 | 6771 | 2.02 | 1.11 | 0.87 | 124 | 68 | 53 | 274 |
| Indicated | 2.00% | 0 | 0 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 |
| Inferred | 2.00% | 2223 | 2450 | 2.58 | 1.44 | 1.12 | 57 | 32 | 25 | 127 |

---

11.11 Interpolation Comparison

Global statistical comparisons between the composite samples, NN estimates, ID2 estimates, ID3 estimates, and OK for various cut-off grades were compared to assess global bias, where the NN model estimates represent de-clustered composite data. Clustering of the drill hole data can result in differences between the global means of the composites and NN estimates. The OK method was used as the reporting estimation interpolation method for the Santa Cruz Deposit and the ID3 method was used for the East Ridge and Texaco Deposits. NN, ID2, ID3, and OK were estimated for validation purposes for all block models, as described in Section 11.4.8.

Table 11-26 (Santa Cruz Deposit), Table 11-27 (Texaco Deposit), Table 11-28 (East Ridge Deposit) demonstrate the total Cu interpolation comparison across ID2, ID3, NN, and OK (in the Santa Cruz Deposit) interpolation methods.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 205 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-26: Santa Cruz Interpolation Comparison**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cut-Off**<br> **Total**<br>**Cu %** | **Total**<br> **Cu**<br> **OK** | **Total**<br> **Cu**<br> **ID2** | **Total**<br> **Cu**<br> **ID3** | **Total**<br> **Cu**<br> **NN** | **Acid**<br> **Soluble**<br> **Cu**<br> **OK** | **Acid**<br> **Soluble**<br> **Cu**<br> **ID2** | **Acid**<br> **Soluble**<br> **Cu**<br> **ID3** | **Acid**<br> **Soluble**<br> **Cu**<br> **NN** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **OK** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **ID2** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **ID3** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **NN** |
| 0.30 | 0.82 | 0.81 | 0.81 | 0.82 | 0.31 | 0.31 | 0.31 | 0.35 | 0.11 | 0.12 | 0.12 | 0.16 |
| 0.60 | 1.26 | 1.24 | 1.25 | 1.27 | 0.59 | 0.60 | 0.60 | 0.63 | 0.21 | 0.22 | 0.22 | 0.27 |
| 0.70 | 1.45 | 1.42 | 1.42 | 1.45 | 0.74 | 0.74 | 0.74 | 0.77 | 0.26 | 0.27 | 0.27 | 0.32 |
| 0.80 | 1.61 | 1.58 | 1.58 | 1.61 | 0.87 | 0.88 | 0.88 | 0.91 | 0.29 | 0.31 | 0.31 | 0.35 |
| 1.00 | 1.90 | 1.85 | 1.85 | 1.90 | 1.13 | 1.14 | 1.13 | 1.16 | 0.33 | 0.35 | 0.35 | 0.39 |
| 1.50 | 2.27 | 2.21 | 2.21 | 2.28 | 1.41 | 1.41 | 1.41 | 1.44 | 0.38 | 0.39 | 0.39 | 0.44 |
| 2.00 | 2.66 | 2.57 | 2.58 | 2.62 | 1.70 | 1.70 | 1.70 | 1.71 | 0.47 | 0.48 | 0.48 | 0.53 |

---

**Table 11-27: Texaco Interpolation Comparison**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cut-Off**<br> **Total**<br> **Cu %** | **Total**<br> **Cu**<br> **ID2** | **Total**<br> **Cu**<br> **ID3** | **Total**<br> **Cu**<br> **NN** | **Acid**<br> **Soluble**<br> **Cu**<br> **ID2** | **Acid**<br> **Soluble**<br> **Cu**<br> **ID3** | **Acid**<br> **Soluble**<br> **Cu**<br> **NN** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **ID2** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **ID3** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **NN** |
| 0.30 | 0.84 | 0.84 | 0.86 | 0.11 | 0.11 | 0.11 | 0.19 | 0.19 | 0.20 |
| 0.50 | 0.96 | 0.97 | 1.01 | 0.12 | 0.13 | 0.13 | 0.23 | 0.23 | 0.24 |
| 0.70 | 1.21 | 1.23 | 1.31 | 0.18 | 0.19 | 0.19 | 0.34 | 0.34 | 0.36 |
| **0.80** | 1.34 | 1.37 | 1.47 | 0.22 | 0.23 | 0.23 | 0.41 | 0.41 | 0.44 |
| 0.90 | 1.45 | 1.50 | 1.61 | 0.26 | 0.27 | 0.28 | 0.47 | 0.48 | 0.52 |
| 1.00 | 1.57 | 1.63 | 1.77 | 0.31 | 0.32 | 0.32 | 0.54 | 0.55 | 0.59 |
| 1.50 | 2.19 | 2.34 | 2.73 | 0.56 | 0.58 | 0.57 | 0.86 | 0.90 | 1.05 |
| 2.00 | 2.69 | 2.94 | 3.70 | 0.76 | 0.79 | 0.79 | 0.95 | 1.01 | 1.26 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 206 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**Table 11-28: East Ridge Deposit Interpolation Comparison**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cut-Off**<br> **Total** <br> **Cu %** | **Total** <br> **Cu**<br> **ID2** | **Total** <br> **Cu**<br> **ID3** | **Total** <br> **Cu**<br> **NN** | **Acid**<br> **Soluble**<br> **Cu**<br> **ID2** | **Acid** <br> **Soluble** <br> **Cu**<br> **ID3** | **Acid** <br> **Soluble** <br> **Cu**<br> **NN** | **Cyanide**<br> **Soluble** <br> **Cu**<br> **ID2** | **Cyanide** <br> **Soluble**<br> **Cu**<br> **ID3** | **Cyanide** <br> **Soluble** <br> **Cu**<br> **NN** |
| 0.30 | 0.69 | 0.71 | 0.73 | 0.27 | 0.27 | 0.27 | 0.28 | 0.29 | 0.29 |
| 0.50 | 0.97 | 1.00 | 1.05 | 0.42 | 0.42 | 0.43 | 0.41 | 0.43 | 0.45 |
| 0.70 | 1.20 | 1.24 | 1.29 | 0.56 | 0.57 | 0.58 | 0.51 | 0.53 | 0.56 |
| 0.80 | 1.31 | 1.35 | 1.40 | 0.64 | 0.64 | 0.65 | 0.56 | 0.58 | 0.60 |
| **0.90** | 1.42 | 1.47 | 1.52 | 0.71 | 0.72 | 0.72 | 0.60 | 0.63 | 0.65 |
| 1.00 | 1.51 | 1.56 | 1.63 | 0.77 | 0.78 | 0.79 | 0.64 | 0.67 | 0.70 |
| 1.50 | 2.04 | 2.15 | 2.17 | 1.16 | 1.17 | 1.13 | 0.88 | 0.93 | 0.94 |
| 2.00 | 2.59 | 2.75 | 2.71 | 1.53 | 1.55 | 1.43 | 1.13 | 1.20 | 1.18 |

---

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 207 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

11.12 Factors That May Affect the Mineral Resources

Areas of uncertainty that may materially impact the Mineral Resource Estimates include:

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to long term metal price assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to the input values for mining, processing, and G&A costs to constrain the estimate;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to local interpretations of mineralization geometry and continuity of mineralized Sub-Domains;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to the density values applied to the mineralized zones;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to metallurgical recovery assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 in assumptions of marketability of the final product;

&nbsp;&nbsp;&nbsp;&nbsp;• variations
 in geotechnical, hydrogeological and mining assumptions;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to assumptions with an existing agreement or new agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• changes
 to environmental, permitting, and social license assumptions; and

&nbsp;&nbsp;&nbsp;&nbsp;• Logistics
 of securing and moving adequate services, labor, and supplies could be affected by epidemics,
 pandemics and other public health crises, including COVID-19, or similar such viruses.

11.13 Comparison to Previous Mineral Resource Estimates

A previous Mineral resource estimate was completed for the Santa Cruz Deposit on December 8, 2021. This mineral resource estimate did not include resource estimates for the East Ridge and Texaco Deposit. The updated Santa Cruz project mineral resource estimate is the result of a significant ongoing drilling program at each of the Santa Cruz, East Ridge, and Texaco Deposits. The drilling program was focused on the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Target
 the higher-grade areas (greater than 1.2% copper) to confirm copper grades outlined within
 the 2021 Mineral Resource

&nbsp;&nbsp;&nbsp;&nbsp;• Expand
 the higher-grade copper areas with a strong focus on the Exotic, Oxide and Chalcocite
 domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Target
 the structural controls that influence the higher-grade copper domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Complete
 various "twin holes" in proximity to historical drilling which can be compared
 (geologically, structurally, geochemically, etc.) to each other to determine if significant
 geological and sampling bias exists.

&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade
 high-grade Inferred Mineral Resources to the Indicated category.

&nbsp;&nbsp;&nbsp;&nbsp;• At
 East Ridge and Texaco, confirm the higher-grade historical intercepts and determine if
 the higher-grade areas could be expanded.

Figure 11-40 below outlines the differences between the December 8, 2021, mineral resource estimate and the December 31, 2022 Mineral Resource Estimate.

---

| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 208 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

---

---

| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

![](tm236266d1_ex96-1img110.jpg)

Figure 11-40: Santa Cruz Project comparing the December 8, 2021 Mineral resource estimate and the December 31, 2022 Mineral Resource Estimate.

11.14 Nordmin's QP Opinion

Nordmin is not aware of any environmental, legal, title, taxation, socioeconomic, marketing, political, or other relevant factors that would materially affect the estimation of Mineral Resources that are not discussed in this Technical Report.

Nordmin is of the opinion that the Mineral Resources for the Project, which were estimated using industry accepted practices, have been prepared and reported using S-K 1300 definitions.

Technical and economic parameters and assumptions applied to the Mineral Resource Estimate are based on parameters received from IE and reviewed within the Nordmin technical team to determine if they were appropriate.

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| SK-1300 Technical Report | Page 209 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**12 MINERAL RESERVE ESTIMATES**

This section is not relevant to this Technical Report.

**13 MINING METHODS**

This section is not relevant to this Technical Report.

**14 PROCESSING AND RECOVERY METHODS**

This section is not relevant to this Technical Report.

**15 INFRASTRUCTURE**

This section is not relevant to this Technical Report.

**16 MARKET STUDIES**

This section is not relevant to this Technical Report.

**17 ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS**

This section is not relevant to this Technical Report.

**18 CAPITAL AND OPERATING COSTS**

This section is not relevant to this Technical Report.

**19 ECONOMIC ANALYSIS**

This section is not relevant to this Technical Report.

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| SK-1300 Technical Report | Page 210 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**20 ADJACENT PROPERTIES**

20.1 Cactus Project

The Cactus Project in Pinal County, Arizona, is owned by the Arizona Sonoran Copper Company (ASCU). The Project includes the past producing Sacaton open pit mine and stockpile and further land holdings. The Cactus Project is located approximately 9.4 km northeast of IE's Santa Cruz Project.

The QP has been unable to verify the geology and mineralization on the adjacent Cactus Project.

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| SK-1300 Technical Report | Page 211 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**21 OTHER RELEVANT DATA AND INFORMATION**

This section is not relevant to this Technical Report.

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| SK-1300 Technical Report | Page 212 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**22 INTERPRETATION AND CONCLUSIONS**

22.1 Introduction

Nordmin notes the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this Technical Report.

22.2 Mineral Tenure, Surface Rights, Royalties, and Agreements

The Santa Cruz Project is located 11 km west of the town of Casa Grande, Arizona, and is approximately a one hour drive south of the capital city, Phoenix. The centroid is approximately -111.88212, 32.89319 (WGS84) in Township 6 S, Range 4E, Section 13, Quarter C.

The Santa Cruz exploration area covers 47.71 km<sup>2,</sup> including 25.79 km<sup>2</sup> of private land, 2.6 km<sup>2</sup> of Stockraising Homestead Act (SRHA) lands, and 238 unpatented claims, or 19.32 km<sup>2</sup> of BLM land.

The Santa Cruz Project lies primarily on private land, which is dominantly split estate surface and minerals. IE holds an option on the purchase of the mineral estate, while holding an exclusive agreement on surface use. Additional lands and rights were acquired by IE as options on private parcels and staking unpatented federal lode mining claims.

The agreement with DRHE provides that IE (by way of assignment from CAR) has the right, but not the obligation, to earn 100% of the mineral title in the fee simple mineral estate, 39 Federal Unpatented mining claims, and three small approximately 10-acre surface parcels, in cash or IE shares at DRHE election, over the course of three years, and is subject to the stipulations outlined in Section 3.3.

The agreement with DRHE also provides IE with a Right of First Refusal (ROFR) on certain surface parcels owned by Legend. This ROFR, reserved by DRHE when the property was sold to Legend in 2007, and this right is now part of the rights being sold to IE and affords a great deal of control on the destiny of the surface estate overlying the Santa Cruz Project.

The SUA with Legend Property Group allows for the exclusive use of the property for the purposes of drilling and geophysical testing, as well as granting a Right of First Offer (ROFO) on the sale of the property. Legend has granted these rights to IE (by way of assignment from CAR) for up to four years.

IE, by way of assignment and deed from CAR, holds 238 unpatented Federal Mining claims (Appendix A).

DRHE also holds 39 Federal unpatented mining claims in T06S R04E in N/2 Section 12, W/2 Section 23 and W/2 Section 24, which are subject to the option described in Section 4.1.1.

Royalties on future mineral development of the project are summarized in Section 3.3.

Current exploration is conducted on private land under the SUA with Legend. Disturbance to date has been minimal and permitting has consisted of filing Notices of Intent to Drill and to Abandon with the Arizona Department of Water Resources for each section of land on which drilling takes place. IE will obtain additional permits as required. Specific permits to construct and operate mine facilities would be determined as the design of the Project advances.

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| SK-1300 Technical Report | Page 213 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Existing and past land uses in the Project area and immediately surrounding areas include agriculture, residential home development, light industrial facilities, and mineral exploration, and development. Some dispersed recreation occurs in the area. The climate is dry and most of the Project area is flat, sandy, and sparsely vegetated. Portions of the Project area are in the 100-year flood plain of the North Branch of Santa Cruz Wash. Within the Project area, approximately 85 acres of land located approximately ¾ mile north of the intersection of N. Spike Road and W. Clayton Road was used during an in situ leaching project in 1991. A Phase 1 ESA was conducted on the Project area (Civil & Environmental Consultants 2021).

There is a large private land package covering the Project area and area of known mineralization. This private land position could result in reduced permitting time relative to projects that are required to undergo the NEPA process. The precise list of permits required to authorize construction and operation of this Project will be determined as the mining and processing methods are designed. If NEPA and other federal permitting is avoided, required permits would be administered by Arizona State, Pinal County, and Casa Grande authorities.

The permit approval process for some permits includes review and approval of the process design. Thus, the project design must be substantially advanced to support application for those permits. These technical permits typically represent the "longest lead" permits. Technical permits with substantial technical design needed as part of their applications, and the issuing agencies are anticipated to include:

- Reclamation Plan approval (Arizona State Mine Inspector)

- Water permits

- Aquifer Protection Permit (ADEQ)

- Air Quality Operating Permit (Pinal County)

The 2021 Phase 1 ESA study found no previously unmitigated environmental liabilities associated with the Santa Cruz Project. At the effective date of this Technical Report, IE held access agreements for diamond drilling. Further permitting will be acquired as necessary.

22.3 Geology and Mineral Resource Modeling

The Santa Cruz Project is comprised of five 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, the Texaco Ridge Exploration Area, and the Texaco Deposit, all of which represent a portion of a large porphyry copper system 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.

The bedrock geology at the Santa Cruz Project is dominated by Oracle Granite with lesser Proterozoic Diabase intrusions and Laramide porphyry intrusions. There are three main types of copper mineralization found within the Santa Cruz Project: primary hypogene sulfide mineralization which consists of primary cu-sulfide minerals; secondary supergene sulfide mineralization which consists of dominantly chalcocite; and secondary supergene oxide mineralization which consists of mainly atacamite and chrysocolla. Modeling of the Santa Cruz Deposit was divided into four main Cu domains which represent different subcategories of Cu mineralization: the Exotic Domain, Oxide Domain, Chalcocite Enriched Domain, and Primary Domain. The Santa Cruz Deposit contains all 4 domains, whereas the Texaco Deposit contains no exotic copper, and the East Ridge Deposit only consists of the Oxide Domain (primarily acid soluble Cu).

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|:---|:---|:---|
| SK-1300 Technical Report | Page 214 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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The Santa Cruz Deposit Mineral Resource Estimate was created from the main drill hole database containing 116,388 m of diamond drilling in 129 drill holes, while the Texaco MRE was created from 23 drill holes totaling 21,289 m, and the East Ridge MRE comprises of 18 holes totaling 15,448 m. All drill holes were drilled between 1964 and 2022. Table 22-1 displays the total drilling by deposit. Historic diamond drill hole samples were analyzed for total Cu and acid soluble Cu using AAS. Later samples were re-analyzed for cyanide soluble Cu (AAS) and molybdenum (ICP). The Company currently analyzes all samples for total Cu, acid soluble Cu, cyanide soluble Cu, and molybdenum. Due to the re-analyses to determine cyanide soluble Cu within historic samples, there are instances where cyanide soluble Cu is greater than total Cu. It has been determined that the historic cyanide soluble assays are valid as they align with recent assays in 2022 drill holes.

**Table 22-1: Drill Hole Summary**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total Drilling** | **Total Drilling** | **Total Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** |
| <br>**Deposit** | **Number of**<br> **Drill Holes**  | **Meters** | **Meters**<br> **Intersecting**<br> **the Deposit** | **Number of**<br> **Drill Holes**  | **Meters** | **Meters**<br> **Intersecting**<br> **the Deposit** |
| **Santa Cruz** | 129 | 116388 | 57326 | 41 | 34769 | 14172 |
| **East Ridge** | 18 | 15448 | 1501 | 0 | 0 | 0 |
| **Texaco** | 23 | 21289 | 2661 | 3 | 3286 | 685 |
| **Total** | **170** | **153125** | **61488** | **44** | **38055** | **14857** |

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Geological domains were developed within the Santa Cruz project based upon geographical, lithological, and mineralogical characteristics, along with incorporating both regional and local structural information; local D2 fault structures separate the mineralization at the adjacent Santa Cruz and Texaco Deposits. The Santa Cruz, Texaco, and East Ridge Deposits were divided into four main geological domains based upon their type of Cu speciation, specifically acid soluble (Oxide Domain), cyanide soluble (Chalcocite Enriched Domain), primary Cu sulfide (Primary Domain), and exotic Cu (Cu oxides in overlying Tertiary sediments).

Once a geologic interpretation was established, wireframes were created. When not cut-off by drilling, the wireframes terminate at either the contact of the Cu-oxide boundary layer, the Tertiary sediments/Oracle Granite contact, or the D2 fault. There is an overlap of the Chalcocite Enriched Domain with both the Oxide Domain in the weathered supergene and with the Primary Domain in the primary hypogene mineralization. Otherwise, no wireframe overlapping exists within a given grade domain. Implicit modeling was completed in Leapfrog Geo<sup>TM</sup> which produced reasonable mineral domains that appropriately represent the known controls on grade mineralization.

A block model for each deposit was created that incorporated lithological, structural, and mineralization trends. Each block model was fully validated.

Nordmin feels that the interpreted geological and mineralization domains produced accurately represents the deposit style of the Santa Cruz, Texaco, and East Ridge Deposits.

The Mineral Resource Estimate was classified in accordance with S-K 1300 definitions. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

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|:---|:---|:---|
| SK-1300 Technical Report | Page 215 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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22.4 Exploration, Drilling, and Analytical Data Collection in Support of Mineral Resource Estimation

The exploration programs completed by IE, and previous operators are appropriate for the deposit style. The programs delineated the Santa Cruz, Texaco, and East Ridge Deposits. Diamond drilling indicates the potential to further define and potentially expand on known exploration targets.

The quantity and the quality of lithological, collar, and downhole survey data collected in the various exploration programs by various operators are sufficient to support the Mineral Resource Estimate. The sampling is representative of total Cu, acid soluble Cu, cyanide soluble Cu, and molybdenum data in the Santa Cruz, Texaco, and East Ridge Deposits reflecting areas of higher and lower grades, which has been confirmed by 2021 and 2022 diamond drill hole twinning of historic, high-grade drill holes. The twin-hole analysis compared the collar locations, downhole surveys, logging (lithology, alteration, and mineralization), sampling, and assaying between the two groups to determine if the historical holes had valid information and would not be introducing a bias within the geological model or Resource Estimate. Nordmin was able to match most of the intervals for each of the pairs and plotted the grades for Cu, Cu-SEQ, and Mo. In Nordmin's opinion, for most of the pairs, the assay results compared very well; the high-grade (HG) and low-grade (LG) zones were similar, and the grades tended to cluster in the same local ranges. In Nordmin's opinion, the twinning has provided a reasonably consistent verification of the earlier Hanna-Getty and ASARCO drill results across all deposits, particularly considering the differences in the assay, survey methods, and QA/QC protocols. Nordmin considered the QA/QC protocols in place for the Project to be acceptable and in line with standard industry practice. Based on the data validation and results of standard, blank, and duplicate analyses, Nordmin is of the opinion that the assay and SG databases are of sufficient quality for the creation of a Mineral Resource Estimate for the Project.

Nordmin is not aware of any drilling, sampling, or recovery factors that could materially impact the accuracy and reliability of the results. In Nordmin's opinion the drilling, core handling, logging, and sampling procedures meet or exceed industry standards, and are adequate for the purpose of Mineral Resource Estimation.

22.5 Metallurgy and Processing

Mineralized material from the Santa Cruz Deposit was evaluated by the CGCC Hanna-Getty JV, by the SCJV in conjunction with the Department of the Interior Bureau of Mines (subsequently Bureau of Reclamation). Currently and by IE in 2022/2023.

The Hanna Mining Company, a large miner of iron ore and coking coal, began feasibility studies on the Santa Cruz Deposit in 1976. Their studies continued until 1982 and consisted of flotation, grinding, and leaching studies. Tests consisted of all agitated tank leach approach (91% total Cu recovery to cathodes), all-float approach (92% total Cu recovery to cathodes or a mixture of cathodes and saleable Cu concentrates), and a leach float process (94% Cu recovery to cathodes or to a mixture of cathodes and saleable Cu concentrates). Hanna Mining selected to move forward with the latter of these methods. This flow sheet was evaluated using a blended composite sample based on the developed mine plan. The blended composite was produced from composite samples of the major ore types in the resource that represented the resource at the time (high-grade supergene, supergene dilution, low-grade supergene, mixed chalcocite/chalcopyrite, primary chalcopyrite, exotic ore, and exotic ore dilution types.)

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|:---|:---|:---|
| SK-1300 Technical Report | Page 216 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Leach-float testing was performed on this composite and design parameters estimating operating and capital costs were produced. The test programs would be acceptable for an IA level program, but not for a PFS or FS level study due to lack of significant variability flotation testing of the Santa Cruz Deposit.

BLM, ASARCO, and Freeport McMoRan conducted an in situ sulphuric acid leach study with 2-inch diameter by 2.5-inch-long pieces of diamond drill core from the proposed in situ leach zone in the pilot program. Reported Cu recoveries ranged from 57% to 90%. Total Cu ranged from 2.3% to 9%. The conclusion from this program, that was completed in 1996-1997, demonstrated that in situ leaching was not economically practical using the Cu price in 1996 for this type of mineralization. With the increased geological and geochemical understanding of the mineralization, further in situ leaching studies are warranted with Project progression.

IE is performing testing at a PEA level to investigate the leach-float and heap leach flow sheets. Progress has been made on the leach-float flow sheet. A composite sample of new drill core from Oxide and Chalcocite Mineral Domains was collected. Testing on this composite in 2022-2023 has confirmed the 94% total copper recovery from the leach-float flow sheet developed in 1980 is practical with some minor changes in the material grind sizes for leaching and flotation from the 1980 flow sheet. A heap leach testing program was developed; heap leach column cell composite samples (2) of material from the Oxide and Chalcocite mineral domains have been collected and some preliminary bottle roll testing has been conducted to establish potential parameters to test in the column cells.

There are no processing factors or deleterious elements that could significantly affect economic extraction. Current and historically proposed processes for the extraction of Cu ore are all conventional in design and have been used economically for many decades. Advances in most technology since the 1980s when these studies were conducted has improved the economics of the proposed methods.

22.6 Mineral Resource Estimate

The Mineral Resource Estimate was classified in accordance with S-K 1300 definitions. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

Mineral Resource Classification was assigned to broad regions of the Santa Cruz, Texaco, and East Ridge Deposit block models based on the Nordmin QP's confidence and judgment related to several factors as defined in Section 11.

To demonstrate reasonable prospects for eventual economic extraction for the Santa Cruz, Texaco, and East Ridge Mineral Resource Estimates, representational minimum mining unit shapes were created using Deswik's minimum mining unit shape optimizer (MSO) tool.

The Santa Cruz Project Mineral Resource Estimate is presented in Table 22-2.

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|:---|:---|:---|
| SK-1300 Technical Report | Page 217 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**Table 22-2: Mineral Resource Estimate for Santa Cruz, Texaco, and East Ridge Deposits.**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Deposit** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Mineralized**<br> **Material**<br> **(ktonne)** | **Total Cu**<br> **(%)** | **Total**<br> **Soluble**<br> **Cu (%)** | **Acid**<br> **Soluble**<br> **Cu (%)** | **Cyanide**<br> **Soluble**<br> **Cu (%)** | **Total Cu**<br> **(ktonne)** | **Total**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Acid**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Cyanide**<br> **Soluble**<br> **Cu**<br> **(ktonne)** | **Total**<br> **Cu**<br> **(Mlb)** |
| **Indicated** | Santa Cruz (0.70% COG) | 223155 | 245987 | 1.24 | 0.82 | 0.58 | 0.24 | 2759 | 1824 | 1292 | 533 | 6083 |
| **Indicated** | Texaco (0.80% COG) | 3560 | 3924 | 1.33 | 0.97 | 0.25 | 0.73 | 47 | 35 | 9 | 26 | 104 |
| **Indicated** | East Ridge (0.90% COG) | 0 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0 | 0 | 0 |
| **Inferred** | Santa Cruz (0.70% COG) | 62709 | 69125 | 1.23 | 0.92 | 0.74 | 0.18 | 768 | 576 | 462 | 114 | 1694 |
| **Inferred** | Texaco (0.80% COG) | 62311 | 68687 | 1.21 | 0.56 | 0.21 | 0.35 | 753 | 348 | 132 | 215 | 1660 |
| **Inferred** | East Ridge (0.90% COG) | 23978 | 26431 | 1.36 | 1.26 | 0.69 | 0.57 | 326 | 302 | 164 | 137 | 718 |
| **TOTAL** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Indicated** | **All Deposits** | **226715** | **249910** | **1.24** | **0.82** | **0.57** | **0.25** | **2807** | **1859** | **1300** | **558** | **6188** |
| **Inferred** | **All Deposits** | **148998** | **164242** | **1.24** | **0.82** | **0.51** | **0.31** | **1847** | **1225** | **759** | **466** | **4072** |

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**Notes on Mineral Resources**

1. The
 Mineral Resources in this Estimate were independently prepared, including estimation
 and classification, by Nordmin Engineering Ltd. and in accordance with the definitions
 for Mineral Resources in S-K 1300.

2. Mineral
 Resources that are not Mineral Reserves do not have demonstrated economic viability.
 This estimate of Mineral Resources may be materially affected by environmental, permitting,
 legal, title, taxation, sociopolitical, marketing, or other relevant issues.

3. Verification
 included multiple site visits to inspect drilling, logging, density measurement procedures
 and sampling procedures, and a review of the control sample results used to assess laboratory
 assay quality. In addition, a random selection of the drill hole database results was
 compared with the original records.

4. The
 Mineral Resources in this estimate for the Santa Cruz, East Ridge, and Texaco Deposits
 used Datamine Studio RM<sup>TM</sup> software to create the block models.

5. The
 Mineral Resources are current to December 31, 2022.

6. Underground-constrained
 Mineral Resources for the Santa Cruz Deposit are reported at a cut-off grade of 0.70%
 total copper, Texaco Deposit are reported at a cut-off grade of 0.80% total copper and
 East Ridge Deposit are reported at a cut-off grade of 0.90% total copper. The cut-off
 grade reflects total operating costs to define reasonable prospects for eventual economic
 extracted by conventional underground mining methods with a maximum production rate of
 15,000 tonnes/day. All material within mineable shape-optimized wireframes has been included
 in the Mineral Resource.

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| SK-1300 Technical Report | Page 218 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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7. Underground mineable shape optimization parameters include a long term copper price of $3.70/lb, process recovery of 94%, direct mining
costs between $24.50-$40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and
administration cost of $4.00/tonne processed, onsite processing and SX/EW costs between $13.40-$14.47/tonne processed, offsite costs between
$3.29 – $4.67/tonne processed, along with variable royalties between 5.00-6.96% NSR and a mining recovery of 100%.

8. Specific
 Gravity was applied using weighted averages by Deposit Sub-Domain.

9. All
 figures are rounded to reflect the relative accuracy of the estimates, and totals may
 not add correctly.

10. Excludes
 unclassified mineralization located along edges of the Santa Cruz, East Ridge, and Texaco
 Deposits where drill density is poor.

11. Report
 from within a mineralization envelope accounting for mineral continuity.

12. Total
 soluble copper means the addition of sequential acid soluble copper and sequential cyanide
 soluble copper assays. Total soluble copper is not reported for the Primary Domain.

There is a potential to increase the Mineral Resource by using infill drilling to expand and increase the Mineral Resource category.

Areas of uncertainty that may materially impact the Mineral Resource Estimate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to long term metal price assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to the input values for mining, processing, and G&A costs to constrain the estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to local interpretations of mineralization geometry and continuity of mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to the density values applied to the mineralized zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to metallurgical recovery assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 in assumption of marketability of the final product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variations
 in geotechnical, hydrogeological, and mining assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to assumptions with an existing agreement or new agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes
 to environmental, permitting, and social license assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Logistics
 of securing and moving adequate services, labor, and supplies could be affected by epidemics,
 pandemics and other public health crises including COVID-19 or similar viruses.

These risks and uncertainties may cause delays in economic resource extraction and/or cause the resource to become economically non-viable.

22.7 Comparison to Previous Mineral Resource Estimates

A previous Mineral resource estimate was completed for the Santa Cruz Deposit on December 8, 2021. This mineral resource estimate did not include resource estimates for the Texaco and East Ridge Deposits. The cut-off grade from the 2021 Santa Cruz Deposit MRE was raised from 0.39% to 0.70%, resulting in a drop in indicated resources from 274,000 ktonnes to 223,155 ktonnes. Inferred resources for Santa Cruz went from 248,754 ktonnes at 0.39% to 62,709 ktonnes at 0.70%. The updated Santa Cruz project mineral resource estimate is the result of a significant ongoing drilling program at each of the Santa Cruz, Texaco, and East Ridge Deposits. The drilling program was focused on the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Target
 the higher-grade areas (greater than 1.2% copper) to confirm copper grades outlined within
 the December 2021 Mineral resource.

&nbsp;&nbsp;&nbsp;&nbsp;• Expand
 the higher-grade copper areas with a strong focus on the Exotic, Oxide, and Chalcocite
 domains.

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| SK-1300 Technical Report | Page 219 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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&nbsp;&nbsp;&nbsp;&nbsp;• Target
 the structural controls that influence the higher-grade copper domains.

&nbsp;&nbsp;&nbsp;&nbsp;• Complete
 various twin holes in proximity to historical drilling which can be compared (geologically,
 structurally, geochemically, etc.) to each other to determine if significant geological
 and sampling bias exists.

&nbsp;&nbsp;&nbsp;&nbsp;• Upgrade
 high-grade Inferred Mineral Resources into the Indicated category.

&nbsp;&nbsp;&nbsp;&nbsp;• At
 the Texaco and East Ridge Deposits, confirm the higher-grade historical intercepts and
 determine if the higher-grade areas could be expanded.

22.8 Conclusions

Under the assumptions presented in this Technical Report, and based on the available data, the Mineral Resource shows reasonable prospects of economic extraction. Exploration activities have shown that the Santa Cruz project (Santa Cruz, Texaco, and East Ridge Deposits) retains significant potential.

A recommended work program focused on infill and step out drilling, analytical, metallurgical test work, geological modeling, resource estimation, and environmental baseline studies to support the permitting efforts is recommended.

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| | | |
|:---|:---|:---|
| SK-1300 Technical Report | Page 220 of 226 | Nordmin Engineering Ltd. |
| Santa Cruz, East Ridge, and Texaco Deposits |  | Project # 22203-01 |
| Ivanhoe Electric Inc. |  |  |

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**23 RECOMMENDATIONS**

The recommended program is for the company to complete an IA of the project before the end of 2023. The work program required to complete an IA will consist of associated infill and exploration drilling, analytical and metallurgical test work, hydrogeological and geotechnical drilling, geological modeling, and environmental baseline studies to support permitting efforts.

The recommendations are estimated to require a budget of approximately $26 million.

The budget to achieve the recommendations is presented in Table 23-1.

**Table 23-1: Initial Assessment Budget** 

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| | |
|:---|:---|
| **Item** | **Budget (US$ Millions)** |
| External Consultants for Initial Assessment | $2.0 |
| Drilling and Assays | $20.0 |
| Geophysics | $2.0 |
| Initial Assessment Study work | $2.0 |
| **Total** | $**26** |

---

Advancing to subsequent phases of exploration or development is contingent on the results of the Initial Assessment.

SK-1300 Technical Report SummarySanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 221 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**24 REFERENCES**

Anderson, T. H., (2015). Jurassic (170–150 Ma) basins: The tracks of a continental-scale fault, the Mexico-Alaska megashear, from the Gulf of Mexico to Alaska.

Asmus, B., (2013). Gossan or the iron cap. Retrieved from https://en.archaeometallurgie.de/gossan-iron-cap/

Balla, J. C., (1972). The relationship of Laramide stocks to regional structure in central Arizona.

Banks, N. G., Cornwall, H. R., Silberman, M. L., Creasey, S. C., & Marvin, R. F.,(1972). Chronology of Intrusion and Ore Deposition at Ray, Arizona; Part I, K-Ar Ages. Economic Geology, 67(7), 864-878.

Berger, B., Ayuso, R., Wynn, J., & Seal, R., (2008). Preliminary Model of Porphyry Copper Deposits. USGS Open-File Report 2008-1321. Retrieved from http://pubs.er.usgs.gov/usgspubs/ofr/ofr20081321

Chávez, W. X., (2021). Weathering of Copper Deposits and Copper Mobility: Mineralogy, Geochemical Stratigraphy, and Exploration Implications. SEG Discovery, (126), 16-27.

Dilles, John H., et al., (2000). Overview of the Yerington porphyry copper district: Magmatic to nonmagmatic sources of hydrothermal fluids, their flow paths, alteration affects on rocks, and Cu-Mo-Fe-Au ores.

Cook III, S. S. (1994)., The geologic history of supergene enrichment in the porphyry copper deposits of southwestern North America (Doctoral dissertation, The University of Arizona).

Cummings, R. B., & Titley, S. R., (1982). Geology of the Sacaton porphyry copper deposit. Advances in Geology of the Porphyry Copper Deposits, Southwest North America, 507-521.

Fernández-Mort, A., & Riquelme, R. A.-Z., (2018). genetic model based on evapoconcentration for sediment-hosted exotic-copper mineralization in arid environments: the case of the El Tesoro Central copper deposit, Atacama Desert, Chile. Miner Deposita, 53, 775-795. Retrieved from https://doi.org/10.1007/s00126-017-0780-2

Harlan, S. S., (1993). Paleomagnetism of Middle Proterozoic diabase sheets from central Arizona. Canadian Journal of Earth Sciences, 30(7), 1415-1426.

Kreis, (1978). A Structural and Related Mineral Reinterpretation of the Santa Cruz Horst Block. Internal report.

Leveille, R. A., & Stegen, R. J., (2012). The southwestern North America porphyry copper province.

Lipske, J. L., & Dilles, J. H., (2000). Advanced argillic and sericitic alteration in the subvolcanic environment of the Yerington porphyry copper system, Buckskin Range, Nevada.

Lowell, J., & Guilbert, J., (1970). Lateral and vertical alteration-mineralization zoning in porphyry ore deposits. Economic Geology, 65, 373-408.

Mote, T., Becker, T., Renne, P., & Brimhall, G., (2001). Chronology of Exotic Mineralization at El Salvador, Chile, by 40Ar/39Ar Dating of Copper Wad and Supergene Alunite. Economic Geology, 351-366. doi:10.2113/96.2.351

Münchmeyer, C., (1998). Exotic Deposits - Products of Lateral Migration of Supergene Solutions from Porphyry Copper Deposits. Andean Copper Deposits: New Discoveries, Mineralization, Styles and Metallogeny. Francisco Camus, Richard M. Sillitoe, Richard Petersen.

Tosdal, R. M., & Wooden, J. L., (2015). Construction of the Jurassic magmatic arc, southeast California and southwest Arizona. Geological Society of America Special Papers, 513, 189-221.

Scarborough, R., & Meader, N., (1989). Geologic Map of the Northern Plomosa Mountains, Yuma [La Paz] County, Arizona.

Sell, J.D., (1976). A Structural and Related Mineral Reinterpretation of the Santa Cruz Horst Block - Santa Cruz Project Studies, Pinal County, Arizona, internal report from Sell to F.T. Greybeal.

Sillitoe, R. H., (2010). Porphyry Copper Systems. Economic Geology. Retrieved from https://doi.org/10.2113/gsecongeo.105.1.3

Vikre, P., Graybeal, F., & Koutz, F., (2014). Concealed Basalt-Matrix Diatremes with Cu-Au-Ag-(Mo)-Mineralized Xenoliths, Santa Cruz Porphyry Cu-(Mo) System, Pinal County, Arizona. Economic Geology. doi:10.2113/econgeo.109.5.1271

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 222 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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Watts, A. B., Karner, G., & Steckler, M. S., (1982). Lithospheric flexure and the evolution of sedimentary basins. Philosophical Transactions of the Royal Society of London. Series A, Mathematical and Physical Sciences, 305(1489), 249-281.

Watts Griffis McQuat, Evoy, E.F., (1982). Casa Grande Copper Company Ore Reserve Study for the Hanna Mining Company.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 223 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

---

**25 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT**

This Technical Report Summary has been prepared by Nordmin for IE. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;• Information
 available to Nordmin at the time of preparation of this report,

&nbsp;&nbsp;&nbsp;&nbsp;• Assumptions,
 conditions, and qualifications as set forth in this report, and

&nbsp;&nbsp;&nbsp;&nbsp;• Data,
 reports, and other information supplied by IE.

For the purpose of the Summary and Section 3 of this report, Nordmin has relied on ownership information provided in an internal Title Opinion and Reliance letter by Marian Lalonde dated February 10, 2023, of Fennemore Law, Tucson, Arizona.

Nordmin has not researched property title or mineral rights for the Santa Cruz Project and consider it reasonable to rely on IEs legal counsel and Land Manager whose responsibility is the maintenance of this information.

Nordmin has taken all appropriate steps, in their professional opinion, to ensure that the above information from IE is accurate.

Except for the purposes legislated under US federal securities laws and the Canadian provincial securities laws, any use of this Technical Report Summary by any third party is at that party's sole risk.

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 224 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

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| | |
|:---|:---|
| ![](tm236266d1_ex96-1img003.jpg) | Nordmin Engineering Ltd.<br> 160 Logan Avenue<br> Thunder Bay, ON P7A 6R1 |

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**26 DATE AND SIGNATURE PAGE**

This report titled "Technical Report Summary on the Santa Cruz Project, Arizona, USA" is current to December 31, 2022 and was prepared and signed by:

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| | |
|:---|:---|
| February 14, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed |
| **Nordmin Engineering Ltd.** | **(Signed) Nordmin Engineering Ltd.** |
| Dated at Thunder Bay, ON |  |
| February 14, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signed |
| **Met Engineering LLC.** | **(Signed) Met Engineering LLC.** |
| Dated at Tucson, AZ |  |

---

SK-1300 Technical ReportSanta Cruz, East Ridge, and Texaco DepositsIvanhoe Electric Inc. Page 225 of 226 Nordmin Engineering Ltd.<br> Project # 22203-01

**Appendix A: Property and Rights**

Technical Report SummarySanta Cruz Project, Arizona, USAIvanhoe Electric Inc. Page 226 of 226 Nordmin Engineering Ltd.<br> Appendix A

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Owner** | **Claim Name** | **Serial Number** | **Dispostion** | **Case Type** | **Last Assmt Year** | **Location Date** | **Acreage** | **Meridian Township Range Section** | **Subdiv** | **Active Serial Count** | **Lead Case Serial Number** |
| Central Arizona Resources LLC | SCX 1 | AMC460163 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | NW,SW | AMC460163 | AMC460163 |
| Central Arizona Resources LLC | SCX 2 | AMC460164 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | NW,SW | AMC460164 | AMC460163 |
| Central Arizona Resources LLC | SCX 3 | AMC460165 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | NW,SW | AMC460165 | AMC460163 |
| Central Arizona Resources LLC | SCX 4 | AMC460166 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | NW,SW | AMC460166 | AMC460163 |
| Central Arizona Resources LLC | SCX 5 | AMC460167 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | NE,NW,SW,SE | AMC460167 | AMC460163 |
| Central Arizona Resources LLC | SCX 6 | AMC460168 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0060S 0040E 003 | NE,SE | AMC460168 | AMC460163 |
| Central Arizona Resources LLC | SCX 7 | AMC460169 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0060S 0040E 003 | NE,SE | AMC460169 | AMC460163 |
| Central Arizona Resources LLC | SCX 8 | AMC460170 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0060S 0040E 003 | NE,SE | AMC460170 | AMC460163 |
| Central Arizona Resources LLC | SCX 9 | AMC460171 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0060S 0040E 003 | NE,SE | AMC460171 | AMC460163 |
| Central Arizona Resources LLC | SCX 10 | AMC460172 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 004 | SE | AMC460172 | AMC460163 |
| Central Arizona Resources LLC | SCX 11 | AMC460173 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | SW,SE | AMC460173 | AMC460163 |
| Central Arizona Resources LLC | SCX 12 | AMC460174 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 003 | SW | AMC460174 | AMC460163 |
| Central Arizona Resources LLC | SCX 13 | AMC460175 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 010 | NE,NW | AMC460175 | AMC460163 |
| Central Arizona Resources LLC | SCX 14 | AMC460176 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0060S 0040E 003 | SE | AMC460176 | AMC460163 |
| Central Arizona Resources LLC | SCX 15 | AMC460177 | ACTIVE | LODE | 2020 | 3/1/2020 | 12.4 | 14 0060S 0040E 003 | SE | AMC460177 | AMC460163 |
| Central Arizona Resources LLC | SCX 16 | AMC460178 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0060S 0040E 003 | SE | AMC460178 | AMC460163 |
| Central Arizona Resources LLC | SCX 17 | AMC460179 | ACTIVE | LODE | 2020 | 3/1/2020 | 12.4 | 14 0060S 0040E 002 | SW | AMC460179 | AMC460163 |
| Central Arizona Resources LLC | SCX 18 | AMC460180 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0060S 0040E 034 | SE | AMC460180 | AMC460163 |
| Central Arizona Resources LLC | SCX 19 | AMC460181 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0070S 0040E 002 | NE,SE | AMC460181 | AMC460163 |
| Central Arizona Resources LLC | SCX 20 | AMC460182 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0070S 0040E 002 | SE | AMC460182 | AMC460163 |
| Central Arizona Resources LLC | SCX 21 | AMC460183 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0070S 0040E 001 | SW | AMC460183 | AMC460163 |
| Central Arizona Resources LLC | SCX 22 | AMC460184 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0070S 0040E 001 | NW,SW | AMC460184 | AMC460163 |
| Central Arizona Resources LLC | SCX 23 | AMC460185 | ACTIVE | LODE | 2020 | 2/26/2020 | 12.4 | 14 0070S 0040E 001 | SW | AMC460185 | AMC460163 |
| Central Arizona Resources LLC | SCX 24 | AMC460186 | ACTIVE | LODE | 2020 | 2/26/2020 | 20.66 | 14 0070S 0040E 001 | SW,SE | AMC460186 | AMC460163 |
| Central Arizona Resources LLC | SCX 25 | AMC460187 | ACTIVE | LODE | 2020 | 2/26/2020 | 12.4 | 14 0070S 0040E 001 | SW,SE | AMC460187 | AMC460163 |
| Central Arizona Resources LLC | SCX 26 | AMC460188 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NW | AMC460188 | AMC460163 |
| Central Arizona Resources LLC | SCX 27 | AMC460189 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 032 | NE | AMC460189 | AMC460163 |
| Central Arizona Resources LLC | SCX 28 | AMC460190 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NW | AMC460190 | AMC460163 |
| Central Arizona Resources LLC | SCX 29 | AMC460191 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NW | AMC460191 | AMC460163 |
| Central Arizona Resources LLC | SCX 30 | AMC460192 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 032 | NE,SE | AMC460192 | AMC460163 |
| Central Arizona Resources LLC | SCX 31 | AMC460193 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NW | AMC460193 | AMC460163 |
| Central Arizona Resources LLC | SCX 32 | AMC460194 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NW,SW | AMC460194 | AMC460163 |
| Central Arizona Resources LLC | SCX 33 | AMC460195 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NE,NW | AMC460195 | AMC460163 |
| Central Arizona Resources LLC | SCX 34 | AMC460196 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0060S 0030E 033 | NE,NW,SW,SE | AMC460196 | AMC460163 |
| Central Arizona Resources LLC | SCX 35 | AMC460197 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 032 | SE | AMC460197 | AMC460163 |
| Central Arizona Resources LLC | SCX 36 | AMC460198 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0070S 0030E 003 | NW | AMC460198 | AMC460163 |
| Central Arizona Resources LLC | SCX 37 | AMC460199 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SW | AMC460199 | AMC460163 |
| Central Arizona Resources LLC | SCX 38 | AMC460200 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0070S 0030E 003 | NW | AMC460200 | AMC460163 |
| Central Arizona Resources LLC | SCX 39 | AMC460201 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SW | AMC460201 | AMC460163 |
| Central Arizona Resources LLC | SCX 40 | AMC460202 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0070S 0030E 003 | NW | AMC460202 | AMC460163 |
| Central Arizona Resources LLC | SCX 41 | AMC460203 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SW | AMC460203 | AMC460163 |
| Central Arizona Resources LLC | SCX 42 | AMC460204 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SW | AMC460204 | AMC460163 |
| Central Arizona Resources LLC | SCX 43 | AMC460205 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SW,SE | AMC460205 | AMC460163 |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Owner** | **Claim Name** | **Serial Number** | **Dispostion** | **Case Type** | **Last Assmt Year** | **Location Date** | **Acreage** | **Meridian Township Range Section** | **Subdiv** | **Active Serial Count** | **Lead Case Serial Number** |
| Central Arizona Resources LLC | SCX 44 | AMC460206 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0070S 0030E 003 | NE,NW | AMC460206 | AMC460163 |
| Central Arizona Resources LLC | SCX 45 | AMC460207 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SE | AMC460207 | AMC460163 |
| Central Arizona Resources LLC | SCX 46 | AMC460208 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0070S 0030E 003 | NE | AMC460208 | AMC460163 |
| Central Arizona Resources LLC | SCX 47 | AMC460209 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SE | AMC460209 | AMC460163 |
| Central Arizona Resources LLC | SCX 48 | AMC460210 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0070S 0030E 003 | NE | AMC460210 | AMC460163 |
| Central Arizona Resources LLC | SCX 49 | AMC460211 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SE | AMC460211 | AMC460163 |
| Central Arizona Resources LLC | SCX 50 | AMC460212 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SE | AMC460212 | AMC460163 |
| Central Arizona Resources LLC | SCX 51 | AMC460213 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 034 | SW | AMC460213 | AMC460163 |
| Central Arizona Resources LLC | SCX 52 | AMC460214 | ACTIVE | LODE | 2020 | 3/9/2020 | 20.66 | 14 0060S 0030E 033 | SE | AMC460214 | AMC460163 |
| Central Arizona Resources LLC | SCX 53 | AMC460215 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | NW,SW | AMC460215 | AMC460163 |
| Central Arizona Resources LLC | SCX 54 | AMC460216 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460216 | AMC460163 |
| Central Arizona Resources LLC | SCX 55 | AMC460217 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | NW,SW | AMC460217 | AMC460163 |
| Central Arizona Resources LLC | SCX 56 | AMC460218 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460218 | AMC460163 |
| Central Arizona Resources LLC | SCX 57 | AMC460219 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | NW,SW | AMC460219 | AMC460163 |
| Central Arizona Resources LLC | SCX 58 | AMC460220 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460220 | AMC460163 |
| Central Arizona Resources LLC | SCX 59 | AMC460221 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | NW,SW | AMC460221 | AMC460163 |
| Central Arizona Resources LLC | SCX 60 | AMC460222 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | SW | AMC460222 | AMC460163 |
| Central Arizona Resources LLC | SCX 61 | AMC460223 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | NE,NW,SW,SE | AMC460223 | AMC460163 |
| Central Arizona Resources LLC | SCX 62 | AMC460224 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE,NW | AMC460224 | AMC460163 |
| Central Arizona Resources LLC | SCX 63 | AMC460225 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 003 | NE,SE | AMC460225 | AMC460163 |
| Central Arizona Resources LLC | SCX 64 | AMC460226 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE | AMC460226 | AMC460163 |
| Central Arizona Resources LLC | SCX 65 | AMC460227 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0030E 003 | NE,SE | AMC460227 | AMC460163 |
| Central Arizona Resources LLC | SCX 66 | AMC460228 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0030E 010 | NE | AMC460228 | AMC460163 |
| Central Arizona Resources LLC | SCX 67 | AMC460229 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0030E 003 | NE,SE | AMC460229 | AMC460163 |
| Central Arizona Resources LLC | SCX 68 | AMC460230 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0030E 003 | SE | AMC460230 | AMC460163 |
| Central Arizona Resources LLC | SCX 69 | AMC460231 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0030E 003 | NE,SE | AMC460231 | AMC460163 |
| Central Arizona Resources LLC | SCX 70 | AMC460232 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0030E 002 | SW | AMC460232 | AMC460163 |
| Central Arizona Resources LLC | SCX 71 | AMC460233 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460233 | AMC460163 |
| Central Arizona Resources LLC | SCX 72 | AMC460234 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW,SW | AMC460234 | AMC460163 |
| Central Arizona Resources LLC | SCX 73 | AMC460235 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460235 | AMC460163 |
| Central Arizona Resources LLC | SCX 74 | AMC460236 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW,SW | AMC460236 | AMC460163 |
| Central Arizona Resources LLC | SCX 75 | AMC460237 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460237 | AMC460163 |
| Central Arizona Resources LLC | SCX 76 | AMC460238 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW,SW | AMC460238 | AMC460163 |
| Central Arizona Resources LLC | SCX 77 | AMC460239 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW | AMC460239 | AMC460163 |
| Central Arizona Resources LLC | SCX 78 | AMC460240 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NW,SW | AMC460240 | AMC460163 |
| Central Arizona Resources LLC | SCX 79 | AMC460241 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE,NW | AMC460241 | AMC460163 |
| Central Arizona Resources LLC | SCX 80 | AMC460242 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE,NW,SW,SE | AMC460242 | AMC460163 |
| Central Arizona Resources LLC | SCX 81 | AMC460243 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE | AMC460243 | AMC460163 |
| Central Arizona Resources LLC | SCX 82 | AMC460244 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE,SE | AMC460244 | AMC460163 |
| Central Arizona Resources LLC | SCX 83 | AMC460245 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE | AMC460245 | AMC460163 |
| Central Arizona Resources LLC | SCX 84 | AMC460246 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE,SE | AMC460246 | AMC460163 |
| Central Arizona Resources LLC | SCX 85 | AMC460247 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE | AMC460247 | AMC460163 |
| Central Arizona Resources LLC | SCX 86 | AMC460248 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE,SE | AMC460248 | AMC460163 |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Owner** | **Claim Name** | **Serial Number** | **Dispostion** | **Case Type** | **Last Assmt Year** | **Location Date** | **Acreage** | **Meridian Township Range Section** | **Subdiv** | **Active Serial Count** | **Lead Case Serial Number** |
| Central Arizona Resources LLC | SCX 87 | AMC460249 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 010 | NE | AMC460249 | AMC460163 |
| Central Arizona Resources LLC | SCX 88 | AMC460250 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW,SW | AMC460250 | AMC460163 |
| Central Arizona Resources LLC | SCX 89 | AMC460251 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW | AMC460251 | AMC460163 |
| Central Arizona Resources LLC | SCX 90 | AMC460252 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW,SW | AMC460252 | AMC460163 |
| Central Arizona Resources LLC | SCX 91 | AMC460253 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW | AMC460253 | AMC460163 |
| Central Arizona Resources LLC | SCX 92 | AMC460254 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW,SW | AMC460254 | AMC460163 |
| Central Arizona Resources LLC | SCX 93 | AMC460255 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW | AMC460255 | AMC460163 |
| Central Arizona Resources LLC | SCX 94 | AMC460256 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW,SW | AMC460256 | AMC460163 |
| Central Arizona Resources LLC | SCX 95 | AMC460257 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW | AMC460257 | AMC460163 |
| Central Arizona Resources LLC | SCX 96 | AMC460258 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NW,SW | AMC460258 | AMC460163 |
| Central Arizona Resources LLC | SCX 97 | AMC460259 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE,NW | AMC460259 | AMC460163 |
| Central Arizona Resources LLC | SCX 98 | AMC460260 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE,NW,SW,SE | AMC460260 | AMC460163 |
| Central Arizona Resources LLC | SCX 99 | AMC460261 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE | AMC460261 | AMC460163 |
| Central Arizona Resources LLC | SCX 100 | AMC460262 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE,SE | AMC460262 | AMC460163 |
| Central Arizona Resources LLC | SCX 101 | AMC460263 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE | AMC460263 | AMC460163 |
| Central Arizona Resources LLC | SCX 102 | AMC460264 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE | AMC460264 | AMC460163 |
| Central Arizona Resources LLC | SCX 103 | AMC460265 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE | AMC460265 | AMC460163 |
| Central Arizona Resources LLC | SCX 104 | AMC460266 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE | AMC460266 | AMC460163 |
| Central Arizona Resources LLC | SCX 105 | AMC460267 | ACTIVE | LODE | 2020 | 2/29/2020 | 20.66 | 14 0070S 0030E 011 | NE,SE | AMC460267 | AMC460163 |
| Central Arizona Resources LLC | SCX 106 | AMC460268 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 003 | SW | AMC460268 | AMC460163 |
| Central Arizona Resources LLC | SCX 107 | AMC460269 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW | AMC460269 | AMC460163 |
| Central Arizona Resources LLC | SCX 108 | AMC460270 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 010 | NW | AMC460270 | AMC460163 |
| Central Arizona Resources LLC | SCX 109 | AMC460271 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW | AMC460271 | AMC460163 |
| Central Arizona Resources LLC | SCX 110 | AMC460272 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 003 | SW | AMC460272 | AMC460163 |
| Central Arizona Resources LLC | SCX 111 | AMC460273 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW | AMC460273 | AMC460163 |
| Central Arizona Resources LLC | SCX 112 | AMC460274 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 010 | NW | AMC460274 | AMC460163 |
| Central Arizona Resources LLC | SCX 113 | AMC460275 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW | AMC460275 | AMC460163 |
| Central Arizona Resources LLC | SCX 114 | AMC460276 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 003 | SW,SE | AMC460276 | AMC460163 |
| Central Arizona Resources LLC | SCX 118 | AMC460277 | ACTIVE | LODE | 2020 | 3/6/2020 | 18.6 | 14 0070S 0040E 021 | SW | AMC460277 | AMC460163 |
| Central Arizona Resources LLC | SCX 119 | AMC460278 | ACTIVE | LODE | 2020 | 3/6/2020 | 18.6 | 14 0070S 0040E 021 | SW | AMC460278 | AMC460163 |
| Central Arizona Resources LLC | SCX 120 | AMC460279 | ACTIVE | LODE | 2020 | 3/6/2020 | 18.6 | 14 0070S 0040E 020 | SE | AMC460279 | AMC460163 |
| Central Arizona Resources LLC | SCX 121 | AMC460280 | ACTIVE | LODE | 2020 | 3/6/2020 | 18.6 | 14 0070S 0040E 021 | SW | AMC460280 | AMC460163 |
| Central Arizona Resources LLC | SCX 122 | AMC460281 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 020 | SE | AMC460281 | AMC460163 |
| Central Arizona Resources LLC | SCX 123 | AMC460282 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 029 | NE | AMC460282 | AMC460163 |
| Central Arizona Resources LLC | SCX 124 | AMC460283 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 029 | NE | AMC460283 | AMC460163 |
| Central Arizona Resources LLC | SCX 125 | AMC460284 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | NW | AMC460284 | AMC460163 |
| Central Arizona Resources LLC | SCX 126 | AMC460285 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | NW,SW | AMC460285 | AMC460163 |
| Central Arizona Resources LLC | SCX 127 | AMC460286 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | SW | AMC460286 | AMC460163 |
| Central Arizona Resources LLC | SCX 128 | AMC460287 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | SW | AMC460287 | AMC460163 |
| Central Arizona Resources LLC | SCX 129 | AMC460288 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | SW | AMC460288 | AMC460163 |
| Central Arizona Resources LLC | SCX 130 | AMC460289 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | SW | AMC460289 | AMC460163 |
| Central Arizona Resources LLC | SCX 131 | AMC460290 | ACTIVE | LODE | 2020 | 3/6/2020 | 9.99 | 14 0070S 0040E 028 | NW | AMC460290 | AMC460163 |
| Central Arizona Resources LLC | SCX 132 | AMC460291 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | NW | AMC460291 | AMC460163 |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Owner** | **Claim Name** | **Serial Number** | **Dispostion** | **Case Type** | **Last Assmt Year** | **Location Date** | **Acreage** | **Meridian Township Range Section** | **Subdiv** | **Active Serial Count** | **Lead Case Serial Number** |
| Central Arizona Resources LLC | SCX 133 | AMC460292 | ACTIVE | LODE | 2020 | 3/6/2020 | 9.99 | 14 0070S 0040E 028 | NE,NW | AMC460292 | AMC460163 |
| Central Arizona Resources LLC | SCX 134 | AMC460293 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | NE,NW | AMC460293 | AMC460163 |
| Central Arizona Resources LLC | SCX 135 | AMC460294 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | NW,SW | AMC460294 | AMC460163 |
| Central Arizona Resources LLC | SCX 136 | AMC460295 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | SW | AMC460295 | AMC460163 |
| Central Arizona Resources LLC | SCX 137 | AMC460296 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | NE,NW,SW,SE | AMC460296 | AMC460163 |
| Central Arizona Resources LLC | SCX 138 | AMC460297 | ACTIVE | LODE | 2020 | 3/6/2020 | 20.66 | 14 0070S 0040E 028 | SW,SE | AMC460297 | AMC460163 |
| Central Arizona Resources LLC | SCX 139 | AMC460298 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW | AMC460298 | AMC460163 |
| Central Arizona Resources LLC | SCX 140 | AMC460299 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW,SW | AMC460299 | AMC460163 |
| Central Arizona Resources LLC | SCX 141 | AMC460300 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW | AMC460300 | AMC460163 |
| Central Arizona Resources LLC | SCX 142 | AMC460301 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW,SW | AMC460301 | AMC460163 |
| Central Arizona Resources LLC | SCX 143 | AMC460302 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW | AMC460302 | AMC460163 |
| Central Arizona Resources LLC | SCX 144 | AMC460303 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW,SW | AMC460303 | AMC460163 |
| Central Arizona Resources LLC | SCX 145 | AMC460304 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW | AMC460304 | AMC460163 |
| Central Arizona Resources LLC | SCX 146 | AMC460305 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | NW,SW | AMC460305 | AMC460163 |
| Central Arizona Resources LLC | SCX 147 | AMC460306 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE,NW | AMC460306 | AMC460163 |
| Central Arizona Resources LLC | SCX 148 | AMC460307 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE,NW,SW,SE | AMC460307 | AMC460163 |
| Central Arizona Resources LLC | SCX 149 | AMC460308 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE | AMC460308 | AMC460163 |
| Central Arizona Resources LLC | SCX 150 | AMC460309 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE,SE | AMC460309 | AMC460163 |
| Central Arizona Resources LLC | SCX 151 | AMC460310 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE | AMC460310 | AMC460163 |
| Central Arizona Resources LLC | SCX 152 | AMC460311 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE,SE | AMC460311 | AMC460163 |
| Central Arizona Resources LLC | SCX 153 | AMC460312 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE | AMC460312 | AMC460163 |
| Central Arizona Resources LLC | SCX 154 | AMC460313 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | NE,SE | AMC460313 | AMC460163 |
| Central Arizona Resources LLC | SCX 155 | AMC460314 | ACTIVE | LODE | 2020 | 3/3/2020 | 16.7 | 14 0070S 0040E 026 | NW | AMC460314 | AMC460163 |
| Central Arizona Resources LLC | SCX 156 | AMC460315 | ACTIVE | LODE | 2020 | 3/3/2020 | 16.7 | 14 0070S 0040E 027 | NE,SE | AMC460315 | AMC460163 |
| Central Arizona Resources LLC | SCX 157 | AMC460316 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW | AMC460316 | AMC460163 |
| Central Arizona Resources LLC | SCX 158 | AMC460317 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW | AMC460317 | AMC460163 |
| Central Arizona Resources LLC | SCX 159 | AMC460318 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW | AMC460318 | AMC460163 |
| Central Arizona Resources LLC | SCX 160 | AMC460319 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW | AMC460319 | AMC460163 |
| Central Arizona Resources LLC | SCX 161 | AMC460320 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW | AMC460320 | AMC460163 |
| Central Arizona Resources LLC | SCX 162 | AMC460321 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW | AMC460321 | AMC460163 |
| Central Arizona Resources LLC | SCX 163 | AMC460322 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW | AMC460322 | AMC460163 |
| Central Arizona Resources LLC | SCX 164 | AMC460323 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW | AMC460323 | AMC460163 |
| Central Arizona Resources LLC | SCX 165 | AMC460324 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SW,SE | AMC460324 | AMC460163 |
| Central Arizona Resources LLC | SCX 166 | AMC460325 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE,NW | AMC460325 | AMC460163 |
| Central Arizona Resources LLC | SCX 167 | AMC460326 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SE | AMC460326 | AMC460163 |
| Central Arizona Resources LLC | SCX 168 | AMC460327 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SE | AMC460327 | AMC460163 |
| Central Arizona Resources LLC | SCX 169 | AMC460328 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 027 | SE | AMC460328 | AMC460163 |
| Central Arizona Resources LLC | SCX 170 | AMC460329 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE | AMC460329 | AMC460163 |
| Central Arizona Resources LLC | SCX 171 | AMC460330 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | SE | AMC460330 | AMC460163 |
| Central Arizona Resources LLC | SCX 172 | AMC460331 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 027 | SE | AMC460331 | AMC460163 |
| Central Arizona Resources LLC | SCX 173 | AMC460332 | ACTIVE | LODE | 2020 | 3/3/2020 | 16.7 | 14 0070S 0040E 027 | SE | AMC460332 | AMC460163 |
| Central Arizona Resources LLC | SCX 174 | AMC460333 | ACTIVE | LODE | 2020 | 3/3/2020 | 10.02 | 14 0070S 0040E 026 | SW | AMC460333 | AMC460163 |
| Central Arizona Resources LLC | SCX 175 | AMC460334 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW | AMC460334 | AMC460163 |

---

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Owner** | **Claim Name** | **Serial Number** | **Dispostion** | **Case Type** | **Last Assmt Year** | **Location Date** | **Acreage** | **Meridian Township Range Section** | **Subdiv** | **Active Serial Count** | **Lead Case Serial Number** |
| Central Arizona Resources LLC | SCX 176 | AMC460335 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW | AMC460335 | AMC460163 |
| Central Arizona Resources LLC | SCX 177 | AMC460336 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW | AMC460336 | AMC460163 |
| Central Arizona Resources LLC | SCX 178 | AMC460337 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW,SW | AMC460337 | AMC460163 |
| Central Arizona Resources LLC | SCX 179 | AMC460338 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW | AMC460338 | AMC460163 |
| Central Arizona Resources LLC | SCX 180 | AMC460339 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW,SW | AMC460339 | AMC460163 |
| Central Arizona Resources LLC | SCX 181 | AMC460340 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW | AMC460340 | AMC460163 |
| Central Arizona Resources LLC | SCX 182 | AMC460341 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW,SW | AMC460341 | AMC460163 |
| Central Arizona Resources LLC | SCX 183 | AMC460342 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW | AMC460342 | AMC460163 |
| Central Arizona Resources LLC | SCX 184 | AMC460343 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NW,SW | AMC460343 | AMC460163 |
| Central Arizona Resources LLC | SCX 185 | AMC460344 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE,NW | AMC460344 | AMC460163 |
| Central Arizona Resources LLC | SCX 186 | AMC460345 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE,NW,SW,SE | AMC460345 | AMC460163 |
| Central Arizona Resources LLC | SCX 187 | AMC460346 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE | AMC460346 | AMC460163 |
| Central Arizona Resources LLC | SCX 188 | AMC460347 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE,SE | AMC460347 | AMC460163 |
| Central Arizona Resources LLC | SCX 189 | AMC460348 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE | AMC460348 | AMC460163 |
| Central Arizona Resources LLC | SCX 190 | AMC460349 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE,SE | AMC460349 | AMC460163 |
| Central Arizona Resources LLC | SCX 191 | AMC460350 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE | AMC460350 | AMC460163 |
| Central Arizona Resources LLC | SCX 192 | AMC460351 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE,SE | AMC460351 | AMC460163 |
| Central Arizona Resources LLC | SCX 193 | AMC460352 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 034 | NE | AMC460352 | AMC460163 |
| Central Arizona Resources LLC | SCX 194 | AMC460353 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 035 | NW,SW | AMC460353 | AMC460163 |
| Central Arizona Resources LLC | SCX 195 | AMC460354 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW | AMC460354 | AMC460163 |
| Central Arizona Resources LLC | SCX 196 | AMC460355 | ACTIVE | LODE | 2020 | 3/4/2020 | 20.66 | 14 0070S 0040E 035 | NW,SW | AMC460355 | AMC460163 |
| Central Arizona Resources LLC | SCX 197 | AMC460356 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW | AMC460356 | AMC460163 |
| Central Arizona Resources LLC | SCX 198 | AMC460357 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW,SW | AMC460357 | AMC460163 |
| Central Arizona Resources LLC | SCX 199 | AMC460358 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW | AMC460358 | AMC460163 |
| Central Arizona Resources LLC | SCX 200 | AMC460359 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW,SW | AMC460359 | AMC460163 |
| Central Arizona Resources LLC | SCX 201 | AMC460360 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW | AMC460360 | AMC460163 |
| Central Arizona Resources LLC | SCX 202 | AMC460361 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | NW,SW | AMC460361 | AMC460163 |
| Central Arizona Resources LLC | SCX 203 | AMC460362 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SW | AMC460362 | AMC460163 |
| Central Arizona Resources LLC | SCX 204 | AMC460363 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SW | AMC460363 | AMC460163 |
| Central Arizona Resources LLC | SCX 205 | AMC460364 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SW | AMC460364 | AMC460163 |
| Central Arizona Resources LLC | SCX 206 | AMC460365 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SW | AMC460365 | AMC460163 |
| Central Arizona Resources LLC | SCX 207 | AMC460366 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SW,SE | AMC460366 | AMC460163 |
| Central Arizona Resources LLC | SCX 208 | AMC460367 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SE | AMC460367 | AMC460163 |
| Central Arizona Resources LLC | SCX 209 | AMC460368 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SE | AMC460368 | AMC460163 |
| Central Arizona Resources LLC | SCX 210 | AMC460369 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 034 | SE | AMC460369 | AMC460163 |
| Central Arizona Resources LLC | SCX 211 | AMC460370 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 035 | SW | AMC460370 | AMC460163 |
| Central Arizona Resources LLC | SCX 212 | AMC460371 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 035 | SW | AMC460371 | AMC460163 |
| Central Arizona Resources LLC | SCX 213 | AMC460372 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 035 | SW | AMC460372 | AMC460163 |
| Central Arizona Resources LLC | SCX 214 | AMC460373 | ACTIVE | LODE | 2020 | 3/5/2020 | 20.66 | 14 0070S 0040E 035 | SW | AMC460373 | AMC460163 |
| Central Arizona Resources LLC | SCX 215 | AMC460374 | ACTIVE | LODE | 2020 | 3/3/2020 | 20.66 | 14 0070S 0040E 035 | SW | AMC460374 | AMC460163 |
| Central Arizona Resources LLC | SCX 216 | AMC460375 | ACTIVE | LODE | 2020 | 4/6/2020 | 20.66 | 14 0050S 0050E 022 | SE | AMC460375 | AMC460163 |
| Central Arizona Resources LLC | SCX 217 | AMC460376 | ACTIVE | LODE | 2020 | 4/6/2020 | 9.64 | 14 0050S 0050E 022 | SE | AMC460376 | AMC460163 |
| Central Arizona Resources LLC | SCX 218 | AMC460377 | ACTIVE | LODE | 2020 | 4/6/2020 | 9.7 | 14 0050S 0050E 022 | SE | AMC460377 | AMC460163 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Owner** | **Claim Name** | **Serial Number** | **Dispostion** | **Case Type** | **Last Assmt Year** | **Location Date** | **Acreage** | **Meridian Township Range Section** | **Subdiv** | **Active Serial Count** | **Lead Case Serial Number** |
| Central Arizona Resources LLC | SCX 219 | AMC460378 | ACTIVE | LODE | 2020 | 3/1/2020 | 20.66 | 14 0050S 0050E 022 | SE | AMC460378 | AMC460163 |
| Central Arizona Resources LLC | SCX 220 | AMC460379 | ACTIVE | LODE | 2020 | 3/1/2020 | 9.64 | 14 0050S 0050E 022 | SE | AMC460379 | AMC460163 |
| Central Arizona Resources LLC | SCX 221 | AMC460380 | ACTIVE | LODE | 2020 | 3/1/2020 | 9.7 | 14 0050S 0050E 022 | SE | AMC460380 | AMC460163 |
| Central Arizona Resources LLC | SCX 222 | AMC460381 | ACTIVE | LODE | 2020 | 4/6/2020 | 16.53 | 14 0070S 0040E 010 | NE | AMC460381 | AMC460163 |
| Central Arizona Resources LLC | SCX 223 | AMC460382 | ACTIVE | LODE | 2020 | 3/8/2020 | 17.22 | 14 0070S 0040E 003 | SE | AMC460382 | AMC460163 |
| Central Arizona Resources LLC | SCX 224 | AMC460383 | ACTIVE | LODE | 2020 | 4/6/2020 | 13.77 | 14 0070S 0040E 010 | NE | AMC460383 | AMC460163 |
| Central Arizona Resources LLC | SCX 225 | AMC460384 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW,SW | AMC460384 | AMC460163 |
| Central Arizona Resources LLC | SCX 226 | AMC460385 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW,SW | AMC460385 | AMC460163 |
| Central Arizona Resources LLC | SCX 227 | AMC460386 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW,SW | AMC460386 | AMC460163 |
| Central Arizona Resources LLC | SCX 228 | AMC460387 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 010 | NW,SW | AMC460387 | AMC460163 |
| Central Arizona Resources LLC | SCX 229 | AMC460388 | ACTIVE | LODE | 2020 | 3/31/2020 | 8.61 | 14 0070S 0040E 010 | NE,NW,SW,SE | AMC460388 | AMC460163 |
| Central Arizona Resources LLC | SCX 230 | AMC460389 | ACTIVE | LODE | 2020 | 3/31/2020 | 20.66 | 14 0070S 0040E 009 | SE | AMC460389 | AMC460163 |
| Central Arizona Resources LLC | SCX 231 | AMC460390 | ACTIVE | LODE | 2020 | 3/31/2020 | 15.84 | 14 0070S 0040E 010 | SW,SE | AMC460390 | AMC460163 |
| Central Arizona Resources LLC | SCX 232 | AMC460391 | ACTIVE | LODE | 2020 | 3/31/2020 | 17.22 | 14 0070S 0040E 010 | SW | AMC460391 | AMC460163 |
| Central Arizona Resources LLC | SCX 233 | AMC460392 | ACTIVE | LODE | 2020 | 3/31/2020 | 13.2 | 14 0070S 0040E 010 | SW,SE | AMC460392 | AMC460163 |
| Central Arizona Resources LLC | SCX 244 | AMC460393 | ACTIVE | LODE | 2020 | 4/7/2020 | 20.66 | 14 0070S 0040E 010 | SW | AMC460393 | AMC460163 |
| Central Arizona Resources LLC | SCX 245 | AMC460394 | ACTIVE | LODE | 2020 | 4/7/2020 | 15.84 | 14 0070S 0040E 010 | SW | AMC460394 | AMC460163 |
| Central Arizona Resources LLC | SCX 246 | AMC460395 | ACTIVE | LODE | 2020 | 4/6/2020 | 20.66 | 14 0070S 0040E 010 | NE,NW | AMC460395 | AMC460163 |
| Central Arizona Resources LLC | SCX 247 | AMC460396 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 003 | SE | AMC460396 | AMC460163 |
| Central Arizona Resources LLC | SCX 248 | AMC460397 | ACTIVE | LODE | 2020 | 4/6/2020 | 16.53 | 14 0070S 0040E 010 | NE | AMC460397 | AMC460163 |
| Central Arizona Resources LLC | SCX 249 | AMC460398 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 003 | SE | AMC460398 | AMC460163 |
| Central Arizona Resources LLC | SCX 250 | AMC460399 | ACTIVE | LODE | 2020 | 4/6/2020 | 16.53 | 14 0070S 0040E 010 | NE | AMC460399 | AMC460163 |
| Central Arizona Resources LLC | SCX 251 | AMC460400 | ACTIVE | LODE | 2020 | 3/8/2020 | 20.66 | 14 0070S 0040E 003 | SE | AMC460400 | AMC460163 |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm236266d1_ex99-1img001.jpg)

February 14, 2023

**Ivanhoe Electric Announces Significant Resource Upgrade at the Santa Cruz Copper Project in Arizona, Including Resource Additions at the East Ridge and Texaco Deposits**

![](tm236266d1_ex99-1img002.jpg)

**65% Increase in Tonnage and 82% Increase in Total Contained Copper in Indicated Resources Across Exotic, Oxide and Enriched Domains at Santa Cruz Deposit**

![](tm236266d1_ex99-1img002.jpg)

**Total Contained Copper in Indicated Resources Across all Deposits and Domains Increases by 11%, with a Near-Doubling of the Copper Cut-Off Grade to a Minimum of 0.70%**

![](tm236266d1_ex99-1img002.jpg)

**Initial Mineral Resource Declarations at East Ridge and Texaco Deposits Confirm Expansion Potential of the Project Resource Base**

![](tm236266d1_ex99-1img002.jpg)

**Increased Resource Base Will Form the Foundation of Initial Assessment Expected by the End of Q3 2023**

![](tm236266d1_ex99-1img002.jpg)

**Recent Metallurgical Testwork Confirms up to 94% Total Copper Recovery with a Leach-Float Circuit is Achievable at the Santa Cruz Deposit**

![](tm236266d1_ex99-1img002.jpg)

**Ivanhoe Electric to Host Investor Conference Call Today at 12pm ET**

**PHOENIX, ARIZONA – Ivanhoe Electric (NYSE American: IE; TSX: IE) Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to provide an updated Mineral Resource Estimate for the Santa Cruz Copper Project ("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%.**

**Mr. 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 (6,500-acre) 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."**

**Mr. Melvin commented: "This resource update is the culmination of a tremendous effort by our team at Santa Cruz. The drilling to date increases our confidence in the high copper grades at the Santa Cruz Deposit and confirms the growth potential at the nearby East Ridge and Texaco Deposits. The updated resource provides an excellent foundation for our initial economic assessment, which we expect before the end of Q3 2023."**

**Highlights of the Updated Santa Cruz Project Mineral Resource Estimate**

**Using a 0.70% copper cut-off grade** **, Indicated Mineral Resources at the Santa Cruz Project total 226.7 million tonnes grading 1.24% total copper (2.8 million tonnes of contained copper), and Inferred Resources total 149.0 million tonnes grading 1.24% total copper (1.8 million tonnes of contained copper).**

***Click to View Mineral Resource Video (https://vimeo.com/798541269/87ddccde9a)***

**Table 1: Updated Mineral Resource Estimate including the Santa Cruz, East Ridge and Texaco Deposits, using a 0.70% copper cut-off at Santa Cruz, 0.90% at East Ridge and 0.80% at Texaco (December 31, 2022 Mineral Resource Estimate).**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Tonnage<br> (millions of<br> tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total<br> Soluble<br> Copper Grade<br> (%)** | **Total<br> Contained<br> Copper<br> (millions of<br> tonnes)** | **Total<br> Contained<br> Soluble <br> Copper<br> (millions of<br> tonnes)** |
| **All Deposits: Indicated** | **226.7** | **1.24%** | **0.82%** | **2.8** | **1.9** |
| **All Deposits: Inferred** | **149.0** | **1.24%** | **0.82%** | **1.8** | **1.2** |

---

Refer to Notes on Mineral Resources following Table 5.

**The Santa Cruz Deposit remains the largest deposit at the Santa Cruz Project with Indicated Mineral Resources totaling 223.2 million tonnes grading 1.24% total copper and Inferred Mineral Resources totaling 62.7 million tonnes grading 1.23% total copper.**

**Importantly, the Santa Cruz Deposit now includes 78% Indicated Resources at higher average grades than the previous estimate, which will form the base for the upcoming Initial Assessment/ Preliminary Economic Assessment ("Santa Cruz IA/PEA"). For comparison, the December 8, 2021 Santa Cruz Mineral Resource Estimate had only 52% classified as Indicated Mineral Resources at an average grade of 0.93% copper.**

**Figure 1: Santa Cruz Project Updated Mineral Resource Estimate (December 31, 2022 Mineral Resource Estimate)**

**The initial East Ridge and Texaco Mineral Resource Estimates reflect limited portions of the historically defined areas of mineralization and represent what Ivanhoe Electric has delineated within the past six months. Both East Ridge and Texaco Deposits exhibit significant potential for high-grade copper additions within the structural corridors that control the mineralization. Project-wide, Ivanhoe Electric currently has six diamond drill rigs active on site.**

**Table 2: Initial Mineral Resource Estimates for the East Ridge and Texaco Deposits (December 31, 2022 Mineral Resource Estimate).**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category** | **Tonnage<br> (millions of<br> tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total Soluble<br> Copper Grade<br> (%)** | **Total Contained<br> Copper<br> (millions of<br> tonnes)** | **Total Contained<br> Soluble Copper <br> (millions of<br> tonnes)** |
| **Indicated** Texaco<sup>1</sup> | 3.6 | 1.33 | 0.97 | 0.05 | 0.03 |
| **Inferred** Texaco<sup>1</sup> | 62.3 | 1.21 | 0.56 | 0.8 | 0.3 |
| **Inferred** East Ridge<sup>2</sup> | 24.0 | 1.36 | 1.26 | 0.3 | 0.3 |

---

1. Texaco Deposit cut-off grade is 0.80% total copper.

2. East Ridge Deposit cut-off grade is 0.90% total copper.

Refer to Notes on Mineral Resources following Table 5.

**The Updated Santa Cruz Project Mineral Resource Estimate is the Result of a Highly Successful Drill Program**

**The primary focus of the ongoing drilling program at each of the Santa Cruz, East Ridge and Texaco Deposits was to:**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Target the higher-grade areas (greater than 1.2% copper) to confirm if the December 8, 2021 Mineral Resource Estimate grade was as outlined in the estimate.** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Expand the higher-grade copper areas with a strong focus on the Exotic, Oxide and Chalcocite domains.** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Target the structural controls that influence the higher-grade copper domains.** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Complete various "twin holes" in proximity to historical drilling which can be compared (geologically, structurally, geochemically, etc.) to each other to determine if significant geological and sampling bias exists.** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Upgrade high-grade Inferred Mineral Resources into the Indicated category.** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **At East Ridge and Texaco, confirm the higher-grade historical intercepts and determine if the higher-grade areas could be expanded.** 

***Collectively, the Santa Cruz drill program delivered on all six of these points.***

**Ivanhoe Electric's Infill Drill Program at the Santa Cruz Deposit Successfully Expands the Higher-Grade and Leachable Exotic, Oxide and Enriched Domains**

**With a specific focus on expanding the higher-grade areas of the Santa Cruz Deposit (greater than 1.2% total copper within the Exotic, Oxide, and Chalcocite Enriched domains), Ivanhoe Electric successfully improved the Indicated Resources tonnage in these domains within the Santa Cruz Deposit by 65%. The average copper grade of Indicated Resources in these domains at the Santa Cruz Deposit increased by 10%, contributing to an 82% increase in contained copper metal. These important domains host the high-grade soluble copper minerals that will be the central focus of the Santa Cruz IA/PEA expected in Q3 2023.**

**Figure 2: Santa Cruz Deposit Indicated Mineral Resource Estimate Comparison between December 8, 2021 and December 31, 2022 within the Exotic, Oxide, and Chalcocite Enriched Domains.**

**Comparison to the December 8, 2021 Santa Cruz Deposit Mineral Resource Estimate**

**The updated Mineral Resource Estimate includes a higher copper cut-off grade of 0.70% as the base case, reflective of a higher-grade, more-selective and lower-impact mining method. This compares to the December 8, 2021 Mineral Resource Estimate which applied a "bulk tonnage mining method" 0.39% copper cut-off grade as the base case.**

**When the updated Mineral Resource sensitivity is compared to the December 8, 2021 Mineral Resource Estimate using the same 0.39% copper cut-off grade, infill drilling at the Santa Cruz Deposit has successfully added 46% more contained copper in the Indicated category.**

**Figure 3: Comparison between the December 8, 2021 and December 31, 2022 Mineral Resource Estimates for the Santa Cruz Deposit using the 2021 Cut-Off Grade of 0.39% Total Copper.**

**Table 3: The December 8, 2021 Mineral Resource Estimate for the Santa Cruz Deposit Compared to the December 31, 2022 Mineral Resource: Sensitivity at a 0.39% copper cut-off grade.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 8, 2021<br> Mineral Resource Estimate<br> at 0.39% copper cut-off** | **December 8, 2021<br> Mineral Resource Estimate<br> at 0.39% copper cut-off** | **December 8, 2021<br> Mineral Resource Estimate<br> at 0.39% copper cut-off** | **December 31, 2022<br> Mineral Resource Sensitivity<br> at 0.39% copper cut-off** | **December 31, 2022<br> Mineral Resource Sensitivity<br> at 0.39% copper cut-off** | **December 31, 2022<br> Mineral Resource Sensitivity<br> at 0.39% copper cut-off** |
| <br>**Category** | **Tonnage<br> (millions of<br> tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total<br> Contained<br> Copper<br> (millions of<br> tonnes)** | **Tonnage<br> (millions of<br> tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total<br> Contained<br> Copper<br> (millions of<br> tonnes)** |
| **Santa Cruz Deposit: Indicated** | **274.0** | **0.93%** | **2.5** | **392.5** | **0.94%** | **3.7** |
| **Santa Cruz Deposit: Inferred** | **248.8** | **0.91%** | **2.3** | **179.6** | **0.74%** | **1.3** |

---

Refer to Notes on Mineral Resources following Table 5.

**Increased Understanding of Distinct Mineralized Domains at Santa Cruz is Critical to Unlocking the Deposit**

• **Exotic oxide mineralization (Exotic) is of more limited known occurrence and tends to form very high-grade mineralization in paleo-valleys at the contact of the mineralized bedrock and the overlying gravel cover. This mineralization formed in basal gravels through the precipitation of copper that was transported in solution by migrating groundwater. These zones have shown to contain spectacularly high-grade copper.** 

• **Supergene oxide mineralization (Oxide) forms the uppermost zone of mineralization and is dominated by chrysocolla (a copper oxide that is 34% copper by weight) and atacamite (a copper chloride that is 60% copper by weight).** 

• **Supergene sulfide mineralization (Chalcocite Enriched) underlies the supergene oxide zone and is comprised primarily of enriched chalcocite (a copper sulfide that is 80% copper by weight), with accessory chalcopyrite and pyrite that is partially or completely replaced by chalcocite.** 

• **Hypogene sulfide mineralization (Primary) underlies the supergene sulfide zone and consists of chalcopyrite (a copper sulfide that is 35% copper by weight), pyrite, molybdenite, and minor bornite and covellite, hosted within porphyry-style phyllic alteration. Intensity of mineralization is highest around Laramide-age dyke intrusions that cut the mineralized Proterozoic-age Oracle Granite country rock.** 

**Figure 4: Santa Cruz Deposit Mineralized Domains Shown at 0.70% Copper Cut-Off Grade.**

**Figure 5: Santa Cruz Deposit Mineralized Domains Shown at 1.50% Copper Cut-Off Grade.**

**Figure 6: The Santa Cruz Deposit Compares Favorably to Other Undeveloped United States Copper Projects (Contained Copper in Millions of Tonnes).**

Source: Company filings.

**Table 4. The December 31, 2022 Mineral Resource Estimate Incorporates both Historical and Ivanhoe Electric Drilling.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total Drilling** | **Total Drilling** | **Total Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** | **Ivanhoe Electric Drilling** |
| <br>**Deposit** | **Number of Drill<br> Holes** | **Meters** | **Meters<br> Intersecting the<br> Deposit** | **Number of Drill<br> Holes** | **Meters** | **Meters<br> Intersecting the<br> Deposit** |
| **Santa Cruz** | 129 | 116388 | 57326 | 41 | 34769 | 14172 |
| **East Ridge** | 18 | 15448 | 1501 | 0 | 0 | 0 |
| **Texaco** | 23 | 21289 | 2661 | 3 | 3286 | 685 |
| **Total** | **170** | **153125** | **61488** | **44** | **38055** | **14857** |

---

**Recent Metallurgical Test Results Indicate Potential for High Copper Recovery Rates of up to 94%**

**The Santa Cruz Deposit has a high copper grade averaging 1.42% copper in the combined Indicated Resource Exotic, Oxide and Chalcocite Enriched Domains.**

**Ivanhoe Electric believes that the preferred mineral processing method for the higher-grade mineralization will be a combination of agitation leaching and copper sulfide flotation that will recover most of the soluble copper in the Exotic, Oxide and Chalcocite Enriched Domains.**

**Agitation leach tests undertaken in mid-2022 verified historical test results and after adjusting the particle size distribution, acid-soluble copper recovery of 92% was achieved.**

**Ivanhoe Electric subsequently conducted a leach-float test program in which the same mill composite sample used in prior testing was subjected to the standard leach procedure developed earlier in the year. Three standard leach tests were conducted, followed by flotation of the leach residue at different grind sizes. Ivanhoe Electric successfully confirmed that up to 94% total copper recovery with the leach-float circuit was achievable at the Santa Cruz Deposit.**

**Figure 7. Total Copper Recovery, Before Processing Losses, for Combined Agitation Leach Followed by Flotation.**

**Ivanhoe Electric will host a conference call to discuss the Santa Cruz Project Mineral Resource Update**

**The Company will hold an investor conference call to discuss the Mineral Resource Update on Tuesday, February 14<sup>th</sup>, at 12:00 pm Eastern. The North American toll-free dial-in number is 888-664-6383; International callers, please dial: 416-764-8650 Confirmation number is 72608350.**

**Link to join the live audio webcast: <u>https://app.webinar.net/aL8w53Vmn6l</u>**

**Qualified Persons**

**The December 31, 2022 Mineral Resource Estimate and other scientific and technical information in this news release related thereto has been prepared and approved by Christian Ballard, P.Geo. Nordmin Engineering Ltd. and James J. Moore (P.E.)., Met Engineering, LLC. Both individuals are Qualified Persons within the meaning of National Instrument 43-101 ("NI 43-101**") **and Regulation S-K, subpart 1300 promulgated by the U.S. Securities Exchange Commission ("Reg S-K"). Both are considered independent under both standards.**

**Glen Kuntz, P.Geo, Senior Vice President of Mine Development of Ivanhoe Electric has reviewed and approved other scientific and technical information contained in this news release. Mr. Kuntz is a Qualified Person under both NI 43-101 and S-K 1300. Mr. Kuntz is not independent of Ivanhoe Electric as he is an employee of the corporation.**

**Ivanhoe Electric has prepared an independent technical report summary for the Santa Cruz Project prepared under Reg S-K titled Mineral Resource Estimate Update and S-K 1300 Technical Report Summary for the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA. Current to December 31, 2022 and dated February 14<sup>th</sup>. The report is authored by Nordmin Engineering Ltd. and Met Engineering LLC.**

**Ivanhoe Electric will have prepared and filed an updated NI 43-101 technical report for the Santa Cruz Project including the December 31, 2022 Mineral Resource Estimate within 45 days of this press release. The existing NI 43-101 technical report for the Santa Cruz Project titled "NI 43-101 Technical Report and Mineral Resource Estimate for the Santa Cruz Project, Arizona, USA" prepared by Nordmin with an effective date of June 7, 2022 is available on the company's website, on EDGAR and on the company's SEDAR profile.**

**The existing technical report includes relevant information regarding the assumptions, parameters and methods of the December 8, 2021 mineral resource estimates on the Santa Cruz Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.**

**About Ivanhoe Electric**

**Ivanhoe Electric is an American technology and mineral exploration company that is re-inventing mining for the electrification of everything by combining advanced mineral exploration technologies, renewable energy storage solutions and electric metals projects predominantly located in the United States. Ivanhoe Electric uses its Typhoon™ transmitter, an accurate and powerful geophysical survey system, together with advanced data analytics provided by its subsidiary, Computational Geosciences, to accelerate and de-risk the mineral exploration process as well as to potentially discover deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Through its controlling interest in VRB Energy, Ivanhoe Electric also develops and manufactures advanced grid-scale vanadium redox battery storage systems. Finally, through advancing its portfolio of electric metals projects located primarily in the United States, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as projects in Montana, Oregon and North Carolina, Ivanhoe Electric is also well positioned to support American supply chain independence by delivering the critical metals necessary for electrification of the economy.**

**Contact Information**

**Valerie Kimball, Director, Investor Relations**

**720-933-1150**

**Forward-looking statements**

Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable U.S. 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 the company, 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 the company's current expectations regarding future events, performance and results and speak only as of the date of this news release.

Such statements include without limitation statements regarding: (i) that the Santa Cruz PEA is expected to be completed by the end of Q3 2023; and (ii) the potential for copper recoveries of 94%; (iii) the potential for the growth of the Mineral Resources at the Santa Cruz Project including at nearby East Ridge and Texaco deposits; and (iv) and the development of the Santa Cruz Project.

This news release also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on: (i) fluctuations in copper, gold or other metal prices; (ii) results of drilling and other exploration activities; (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation and re-evaluation of mine plans subsequent to the date of any estimates and/or changes in mine plans; (vi) the possible failure to receive required permits, approvals and licenses; and (vii) changes in law or regulation.

Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. 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 changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of the COVID-19 pandemic and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements described in Ivanhoe Electric's registration statement on Form S-1, as amended, filed with the U.S. Securities and Exchange Commission and base PREP prospectus filed with Canadian securities commissions.

No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so.

**Appendix**

**Table 5: Updated Mineral Resource Estimate by Deposit (All Domains, December 31, 2022).**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Deposit** | **Tonnage<br> (millions of tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total Soluble<br> Copper Grade<br> (%)** | **Total Contained<br> Copper <br> (millions of<br> tonnes)** | **Total Contained<br> Soluble Copper<br> (millions of<br> tonnes)** |
| **Indicated** | Santa Cruz | 223.2 | 1.24 | 0.82 | 2.8 | 1.8 |
| **Indicated** | Texaco | 3.6 | 1.33 | 0.97 | 0.05 | 0.03 |
|  | Santa Cruz | 62.7 | 1.23 | 0.92 | 0.8 | 0.6 |
| **Inferred** | Texaco | 62.3 | 1.21 | 0.56 | 0.8 | 0.3 |
|  | East Ridge | 24.0 | 1.36 | 1.26 | 0.3 | 0.3 |
| **TOTAL** |  |  |  |  |  |  |
| **Indicated** | **All Deposits** | **226.7** | **1.24** | **0.82** | **2.8** | **1.9** |
| **Inferred** | **All Deposits** | **149.0** | **1.24** | **0.82** | **1.8** | **1.2** |
| **TOTAL LESS PRIMARY** |  |  |  |  |  |  |
| **Indicated** | **All Exclude Primary** | **149.7** | **1.42** | **1.24** | **2.1** | **1.9** |
| **Inferred** | **All Exclude Primary** | **106.0** | **1.32** | **1.16** | **1.4** | **1.2** |

---

**Notes on Mineral Resources**

1. The Mineral Resources in this Estimate were
 independently prepared, including estimation and classification, by Nordmin Engineering Ltd.
 and in accordance with the definitions for Mineral Resources in S-K 1300.

2. Mineral Resources that are not Mineral Reserves
 do not have demonstrated economic viability. This estimate of Mineral Resources may be materially
 affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing,
 or other relevant issues.

3. Verification included multiple site visits
 to inspect drilling, logging, density measurement procedures and sampling procedures, and
 a review of the control sample results used to assess laboratory assay quality. In addition,
 a random selection of the drill hole database results was compared with the original records.

4. The Mineral Resources in this estimate for
 the Santa Cruz, East Ridge, and Texaco Deposits used Datamine Studio RM<sup>TM</sup> software
 to create the block models.

5. The Mineral Resources are current to December 31,
 2022.

6. Underground-constrained Mineral Resources for the Santa Cruz Deposit are
 reported at a cut-off grade of 0.70% total copper, Texaco Deposit are reported at a cut-off
 grade of 0.80% total copper and East Ridge Deposit are reported at a cut-off grade of 0.90%
 total copper. The cut-off grade reflects total operating costs to define reasonable prospects
 for eventual economic extracted by conventional underground mining methods with a maximum
 production rate of 15,000 tonnes/day. All material within mineable shape-optimized wireframes
 has been included in the Mineral Resource.

7. Underground mineable shape optimization parameters include a long term copper price of $3.70/lb, process recovery of 94%, direct mining
costs between $24.50-$40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and
administration cost of $4.00/tonne processed, onsite processing and SX/EW costs between $13.40-$14.47/tonne processed, offsite costs between
$3.29 – $4.67/tonne processed, along with variable royalties between 5.00-6.96% NSR and a mining recovery of 100%.

8. Specific Gravity was applied using weighted averages by Deposit Sub-Domain.

9. All figures are rounded to reflect the relative accuracy of the estimates,
 and totals may not add correctly.

10. Excludes unclassified mineralization located along edges of the Santa
 Cruz, East Ridge, and Texaco Deposits where drill density is poor.

11. Report from within a mineralization envelope accounting for mineral continuity.

12. Total soluble copper means the addition of sequential acid soluble copper
 and sequential cyanide soluble copper assays. Total soluble copper is not reported for the
 Primary Domain.

**Table 6: Updated Mineral Resource Estimate by Domain Type (All Deposits, December 31, 2022).**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Domain** | **Tonnage<br> (millions of<br> tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total Soluble<br> Copper Grade<br> (%)** | **Total Contained<br> Copper<br> (millions of<br> tonnes)** | **Total Contained<br> Soluble Copper<br> (millions of<br> tonnes)** |
| **Indicated** | Exotic | 5 | 1.79 | 1.59 | 0.1 | 0.1 |
| **Indicated** | Oxide | 97.5 | 1.43 | 1.28 | 1.4 | 1.3 |
| **Indicated** | Chalcocite Enriched | 47.2 | 1.35 | 1.12 | 0.6 | 0.5 |
| **Indicated** | Primary | 77 | 0.89 | N/A | 0.7 | N/A |
| **Inferred** | Exotic | 5.7 | 1.61 | 1.28 | 0.1 | 0.1 |
| **Inferred** | Oxide | 74.8 | 1.27 | 1.12 | 1 | 0.8 |
| **Inferred** | Chalcocite Enriched | 25.5 | 1.40 | 1.24 | 0.4 | 0.3 |
| **Inferred** | Primary | 43 | 1.04 | N/A | 0.4 | N/A |
| **TOTAL** |  |  |  |  |  |  |
| **Indicated** | **All Domains** | **226.7** | **1.24** | **0.82** | **2.8** | **1.9** |
| **Inferred** | **All Domains** | **149.0** | **1.24** | **0.82** | **1.8** | **1.2** |
| **TOTAL LESS PRIMARY** |  |  |  |  |  |  |
| **Indicated** | **All Domains** | **149.7** | **1.42** | **1.24** | **2.1** | **1.9** |
| **Inferred** | **All Domains** | **106.0** | **1.32** | **1.16** | **1.4** | **1.2** |

---

Refer to Notes on Mineral Resources following Table 5.

**Table 7: Updated Mineral Resource Estimate Sensitivity to Cut-Off Grade (Santa Cruz Deposit Only, All Domains, December 31, 2022).**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Cut-Off<br> Grade** | **Tonnage<br> (millions of <br> tonnes)** | **Total Copper<br> Grade<br> (%)** | **Total Soluble<br> Copper Grade<br> (%)** | **Total Contained<br> Copper<br> (millions of<br> tonnes)** | **Total Contained<br> Soluble Copper<br> (millions of<br> tonnes)** |
| Indicated | 0.30% | 438.4 | 0.88 | 0.48 | 3.9 | 2.1 |
| Inferred | 0.30% | 277.1 | 0.60 | 0.28 | 1.7 | 0.8 |
| Indicated | 0.40% | 387.9 | 0.95 | 0.53 | 3.7 | 2 |
| Inferred | 0.40% | 169.5 | 0.76 | 0.42 | 1.3 | 0.7 |
| Indicated | 0.50% | 338.9 | 1.02 | 0.59 | 3.5 | 2 |
| Inferred | 0.50% | 104.7 | 0.96 | 0.64 | 1 | 0.7 |
| Indicated | 0.60% | 279.6 | 1.12 | 0.68 | 3.1 | 1.9 |
| Inferred | 0.60% | 78 | 1.11 | 0.80 | 0.9 | 0.6 |
| **Indicated** | **0.70%** | **223.2** | **1.24** | **0.82** | **2.8** | **1.8** |
| **Inferred** | **0.70%** | **62.7** | **1.23** | **0.92** | **0.8** | **0.6** |
| Indicated | 0.80% | 179.9 | 1.35 | 0.96 | 2.4 | 1.7 |
| Inferred | 0.80% | 51.8 | 1.33 | 1.02 | 0.7 | 0.5 |
| Indicated | 0.90% | 144.1 | 1.48 | 1.11 | 2.1 | 1.6 |
| Inferred | 0.90% | 42.8 | 1.43 | 1.11 | 0.6 | 0.5 |
| Indicated | 1.00% | 119.3 | 1.59 | 1.25 | 1.9 | 1.5 |
| Inferred | 1.00% | 36.9 | 1.52 | 1.18 | 0.6 | 0.4 |
| Indicated | 1.20% | 83.8 | 1.79 | 1.51 | 1.5 | 1.3 |
| Inferred | 1.20% | 26.1 | 1.70 | 1.34 | 0.4 | 0.3 |
| Indicated | 1.50% | 53.2 | 2.05 | 1.78 | 1.1 | 0.9 |
| Inferred | 1.50% | 14.9 | 1.99 | 1.59 | 0.3 | 0.2 |
| Indicated | 2.00% | 21.7 | 2.51 | 2.18 | 0.5 | 0.5 |
| Inferred | 2.00% | 5.9 | 2.43 | 1.97 | 0.1 | 0.1 |

---

Refer to Notes on Mineral Resources following Table 5.

**Figure 8. Santa Cruz, East Ridge and Texaco Mineral Resources with Ivanhoe Electric and Historic Drill Collars Identified.**