Ivanhoe Electric (TSX:IE) Provides Update on Santa Cruz Copper Project

Ivanhoe Electric Inc. (NYSE American: IE) (TSX:IE) has shared a positive update on its Santa Cruz Copper Project in Arizona, highlighting significant progress and key milestones achievedExecutive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are both enthusiastic about the advancements made at this promising site.

Ongoing Progress and Study Status

Taylor Melvin commented on the project's progress, stating, “We are encouraged by the ongoing progress at our Santa Cruz Copper ProjectOur Preliminary Feasibility Study (PFS) remains on track and on budget for completion in the second quarter of 2025We are pleased to have received approval by the City of Casa Grande for our General Plan Amendment, and we look forward to submitting key permit applications in early 2025.”

The PFS, a critical step in defining the project's potential, will outline an underground mining operation supported by a comprehensive mine plan and an updated mineral resource and reserve estimateThe study, conducted under U.SRegulation S-K 1300 standards, will incorporate findings from infill drilling and extensive testwork activities.

Drilling and Metallurgical Advancements

The Santa Cruz Copper Project’s Preliminary Feasibility Study is currently 50% completeSince December 2022, 120,000 meters of new drilling have been conducted to support the PFSThis drilling has revealed significant advancements in several areas, including metallurgy, mine engineering, processing, and tailings trade-off studies.

Metallurgical studies performed by Blue Coast Research Ltdof British Columbia have shown promising results:

- Up to 98% recoveries of acid-soluble copper, facilitating the production of copper cathode.

- Up to 92% recoveries of floatable copper, leading to the production of high-grade copper concentrate.

- Expected high-grade copper concentrate with up to 51% copper by weight and high-purity copper cathode meeting London Metal Exchange Grade A standards.

- Identified recoverable precious metal by-products expected to average 2.0 g/t gold and 145.9 g/t silver in the copper concentrate.

Permitting and Environmental Approvals

A significant milestone was achieved in June 2024 when Ivanhoe Electric received approval from the City of Casa Grande for the Major General Plan AmendmentThe City Council unanimously approved changing nearly 3,000 acres of land use designation from "Neighborhoods" to "Manufacturing/Industry," a crucial step for the project's development.

The company is now preparing major permitting applications for submission in early 2025These permits are vital for advancing the project to the next phase, which includes further development and eventual construction.

Infill drilling at the Santa Cruz Deposit has demonstrated the presence of high-grade domains within the Mineral Resource Estimate, reinforcing the project's potentialThe combination of favorable drilling results, advancements in metallurgy, and successful permitting milestones positions the Santa Cruz Copper Project as a key asset in Ivanhoe Electric’s portfolio.

As the PFS progresses towards its completion in Q2 2025, Ivanhoe Electric remains focused on finalizing the study and securing long-term project financingThe results so far underline the project's robust potential and highlight its importance in Ivanhoe Electric’s strategic growth plans.