# 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86 Original source: https://www.newsfilecorp.com/release/315570/2026-Preliminary-Feasibility-Study-for-the-Santa-Cruz-Copper-Project-in-Arizona-Confirms-HighGrade-LowCost-Project-with-Strong-Economics Publisher: newsfile Original announcement: 2026-09-23T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T11:05:03.893Z Atlas analysis updated: 2026-09-23T11:05:03.893Z - Company: Ivanhoe Electric Inc. - Ticker: IE - Exchange: Unavailable - Region: Arizona - Primary commodity: Copper - Secondary commodities: Gold, Silver - Document categories: Resource update, Metallurgy - Extracted: 2026-09-23 11:05:04 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary The 2026 Preliminary Feasibility Study for Ivanhoe Electric's Santa Cruz Copper Project in Arizona confirms robust economics, including an after-tax NPV8% of $1.5 billion and an IRR of 19% at a base-case copper price of $4.75/lb. The study highlights a high-grade, low-cost underground copper mining operation with a 24-year mine life, 92.3% copper recovery, and significant additional mineral resources for future expansion. Initial development activities have commenced, targeting first copper cathode production in 2029. Reasoning: The 2026 Preliminary Feasibility Study confirms robust economics for the Santa Cruz Copper Project, demonstrating improved production, high recovery, and low costs, supported by advanced engineering and significant resources, despite some cost escalation. The project is advancing towards production with strong financial metrics. - Positive factor: Strong economics confirmed by PFS \(high NPV, IRR\) - Positive factor: High copper recovery \(92.3%\) for heap leach processing - Positive factor: Low capital intensity and operating costs - Positive factor: Significant mineral resources beyond current mine plan provide expansion potential - Positive factor: Advanced permitting and development readiness with targeted production in 2029 - Positive factor: Use of advanced technology \(Tunnel Boring Machine\) for mine access - Positive factor: Project located in a mining-friendly jurisdiction \(Arizona\) - Positive factor: QP/CP signed off on the study - Positive factor: Compliant with SEC S-K 1300 and NI 43-101 reporting standards - Negative factor: Initial capital and operating costs increased compared to the 2025 PFS due to inflation and scope changes - Negative factor: Inferred resources are not included in the current mine plan, limiting immediate economic contribution Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 27 ## Classification and evidence **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports 'Probable' classification for the Santa Cruz and East Ridge deposits in the Mineral Reserves summary. Evidence · text > Probable **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 'Indicated' classification for Santa Cruz and East Ridge deposits in the Mineral Resource Estimate. Evidence · text > Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The document reports 'Inferred' classification for Santa Cruz, East Ridge, and Texaco deposits in the Mineral Resource Estimate. Evidence · text > Inferred **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons are listed as responsible for preparing and approving the scientific and technical information in the news release and the 2026 Study. Evidence · text > The independent Qualified Persons responsible for preparing the scientific and technical information disclosed in this news release announcing the 2026 Study are Todd McCracken and David Willock \(BBA\), Ulises Arvayo \(Burns & McDonnell\), Eric Mears \(H&A\), Annelia Tinklenberg \(INTERA\), Jim Casey \(KCB\), Tom Meuzelaar \(LCG\), James Moore \(Met Engineering\), Casey Schmitt and Adam House \(P&C\), Kim Trapani \(Stantec\), and Daryl Longwell \(Tetra Tech\), and Manochehr Oliazadeh \(Worley\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The document explicitly states NSR cutoff values for both mineral reserves and resources. Evidence · text > Mineral Reserves are estimated at an NSR cutoff value of US$43.95/t for longhole stoping and US$60.00/t for longitudinal retreat stopes and drift-and-fill. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The document states that an independent technical report will be prepared pursuant to Canadian National Instrument 43-101. Evidence · text > Ivanhoe Electric will prepare and file an independent technical report pursuant to Canadian National Instrument 43-101 within 45 days of this news release. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document is titled '2026 Preliminary Feasibility Study' and refers to the '2025 Preliminary Feasibility Study', indicating an update to a prior estimate. Evidence · text > 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: The document is a Preliminary Feasibility Study \(PFS\) and states it provides necessary engineering studies to support project financing activities. Evidence · text > 2026 Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Confirms High-Grade, Low-Cost Project with Strong Economics **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The reported 92.3% life-of-mine copper recovery for heap leach processing is above the exceptional band for this processing route. Evidence · text > Recovery % 92.3% **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The study includes 'Completion of six-meter column tests', which are considered a moderate to strong scale of metallurgical testwork. Evidence · text > Completion of six-meter column tests support 92.3% life-of-mine copper recovery **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: The study confirms a 'heap leach processing facility' and reports metallurgical recoveries for heap leach. Evidence · text > heap leach processing facility **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The resource estimate notes refer to 'Recoveries for concentrator' and 'NSR cutoff... for concentrator', indicating a mill route for some material. Evidence · text > Recoveries for concentrator are 0% for acid-soluble copper, 90% for cyanide-soluble copper, 90% for residual copper, 59% for gold, and 69% for silver. **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Gold and silver grades and contained metal are reported alongside copper in the resource estimate, indicating they are byproducts. Evidence · table > Gold \(grams per tonne\) ## Extracted facts Stored fact records: 27. Some facts used in scoring do not have a stored record. ## Resource Estimates (24) ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-0) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: reserve - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:19e6062f8be57a0131ce - Deposit or zone: Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 140129000 - Grade: 1.08 - Grade Unit: % - Contained Metal: 1519 - Contained Unit: kt - Cutoff Grade: 43.95 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The total probable reserve of 140.1 million tonnes at 1.08% copper represents a substantial and high-grade foundation for the project's economics. - Positive factor: Large probable reserve tonnage - Positive factor: High copper grade for a probable reserve - Positive factor: Significant contained copper metal Evidence · table > 1.08 Context: 140,129 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-1) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: reserve - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:5b23c8ad84b2802c3a8a - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 136022000 - Grade: 1.09 - Grade Unit: % - Contained Metal: 1477 - Contained Unit: kt - Cutoff Grade: 43.95 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Santa Cruz deposit contributes the majority of the high-grade probable reserves, underpinning the project's economic viability. - Positive factor: Large probable reserve tonnage for the Santa Cruz deposit - Positive factor: High copper grade for a probable reserve - Positive factor: Significant contained copper metal Evidence · table > 1.09 Context: 136,022 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-2) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: reserve - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:df1e0a20a4d9eafa6c81 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 4107000 - Grade: 1.03 - Grade Unit: % - Contained Metal: 42 - Contained Unit: kt - Cutoff Grade: 43.95 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The East Ridge deposit adds a smaller but still high-grade component to the overall probable reserves. - Positive factor: High copper grade for a probable reserve Evidence · table > 1.03 Context: 4,107 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-3) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:943a2e01cb3cb5dbad1b - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 182959000 - Grade: 0.79 - Grade Unit: % - Contained Metal: 1444 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The combined indicated resources provide a strong base for future reserve conversion and project expansion. - Positive factor: Significant indicated resource tonnage across all deposits - Positive factor: Good copper grade for an indicated resource - Positive factor: Substantial contained copper metal Evidence · table > 0.79 Context: 182,959 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-4) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:943a2e01cb3cb5dbad1b - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 182959000 - Grade: 0.024 - Grade Unit: grams per tonne - Contained Metal: 143 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The indicated gold resource, while low grade, provides additional byproduct value to the copper project. - Positive factor: Contained gold adds byproduct value - Negative factor: Low gold grade Evidence · table > 0.024 Context: 182,959 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-5) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:943a2e01cb3cb5dbad1b - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 182959000 - Grade: 1.43 - Grade Unit: grams per tonne - Contained Metal: 8380 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The indicated silver resource, while low grade, contributes additional byproduct value to the copper project. - Positive factor: Significant contained silver adds byproduct value - Negative factor: Low silver grade Evidence · table > 1.43 Context: 182,959 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-6) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:01f61a6300013b539839 - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 422020000 - Grade: 0.79 - Grade Unit: % - Contained Metal: 3332 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The large inferred copper resource provides significant long-term potential for the project, though it requires further drilling to upgrade confidence. - Positive factor: Very large inferred resource tonnage across all deposits - Positive factor: Good copper grade for an inferred resource - Positive factor: Substantial contained copper metal provides future expansion potential - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.79 Context: 422,020 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-7) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:01f61a6300013b539839 - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 422020000 - Grade: 0.025 - Grade Unit: grams per tonne - Contained Metal: 333 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred gold resource, while low grade and in a lower confidence category, provides additional byproduct potential. - Positive factor: Contained gold adds byproduct value - Negative factor: Low gold grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.025 Context: 422,020 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-8) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:01f61a6300013b539839 - Deposit or zone: All Deposits - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 422020000 - Grade: 0.83 - Grade Unit: grams per tonne - Contained Metal: 11304 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred silver resource, while low grade and in a lower confidence category, contributes additional byproduct potential. - Positive factor: Significant contained silver adds byproduct value - Negative factor: Low silver grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.83 Context: 422,020 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-9) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:9f318413d72b0deec0c7 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 177547000 - Grade: 0.79 - Grade Unit: % - Contained Metal: 1403 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Santa Cruz deposit holds a significant indicated copper resource, contributing strongly to the project's overall resource base. - Positive factor: Large indicated resource tonnage for the Santa Cruz deposit - Positive factor: Good copper grade for an indicated resource - Positive factor: Substantial contained copper metal Evidence · table > 0.79 Context: 177,547 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-10) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:9f318413d72b0deec0c7 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 177547000 - Grade: 0.025 - Grade Unit: grams per tonne - Contained Metal: 140 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The indicated gold resource for Santa Cruz, while low grade, provides additional byproduct value. - Positive factor: Contained gold adds byproduct value - Negative factor: Low gold grade Evidence · table > 0.025 Context: 177,547 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-11) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:9f318413d72b0deec0c7 - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 177547000 - Grade: 1.45 - Grade Unit: grams per tonne - Contained Metal: 8279 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The indicated silver resource for Santa Cruz, while low grade, contributes additional byproduct value. - Positive factor: Significant contained silver adds byproduct value - Negative factor: Low silver grade Evidence · table > 1.45 Context: 177,547 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-12) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:518b57b97e43c6f762ba - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31998000 - Grade: 0.73 - Grade Unit: % - Contained Metal: 232 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred copper resource for Santa Cruz adds to the overall resource base, but requires further work to upgrade confidence. - Positive factor: Good copper grade for an inferred resource - Positive factor: Contained copper metal provides future expansion potential - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.73 Context: 31,998 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-13) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:518b57b97e43c6f762ba - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31998000 - Grade: 0.021 - Grade Unit: grams per tonne - Contained Metal: 21 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred gold resource for Santa Cruz, while low grade and in a lower confidence category, provides additional byproduct potential. - Positive factor: Contained gold adds byproduct value - Negative factor: Low gold grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.021 Context: 31,998 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-14) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:518b57b97e43c6f762ba - Deposit or zone: Santa Cruz - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 31998000 - Grade: 1.78 - Grade Unit: grams per tonne - Contained Metal: 1832 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred silver resource for Santa Cruz, while low grade and in a lower confidence category, contributes additional byproduct potential. - Positive factor: Contained silver adds byproduct value - Negative factor: Low silver grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 1.78 Context: 31,998 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-15) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:98ff2b8c626d44fbbe3a - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4412000 - Grade: 0.94 - Grade Unit: % - Contained Metal: 41 - Contained Unit: kt - Cutoff Grade: 40 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The East Ridge deposit contributes a smaller but high-grade indicated copper resource. - Positive factor: Good copper grade for an indicated resource Evidence · table > 0.94 Context: 4,412 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-16) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:98ff2b8c626d44fbbe3a - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4412000 - Grade: 0.015 - Grade Unit: grams per tonne - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The indicated gold resource for East Ridge is very low grade, offering minimal byproduct value. - Positive factor: Contained gold adds byproduct value - Negative factor: Very low gold grade Evidence · table > 0.015 Context: 4,412 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-17) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:98ff2b8c626d44fbbe3a - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 4412000 - Grade: 0.71 - Grade Unit: grams per tonne - Contained Metal: 101 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The indicated silver resource for East Ridge is very low grade, offering minimal byproduct value. - Positive factor: Contained silver adds byproduct value - Negative factor: Very low silver grade Evidence · table > 0.71 Context: 4,412 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-18) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:f66b49b9ceb7a20fb865 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 48676000 - Grade: 0.89 - Grade Unit: % - Contained Metal: 436 - Contained Unit: kt - Cutoff Grade: 40 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred copper resource for East Ridge adds to the overall resource base, but requires further work to upgrade confidence. - Positive factor: Good copper grade for an inferred resource - Positive factor: Significant contained copper metal provides future expansion potential - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.89 Context: 48,676 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-19) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:f66b49b9ceb7a20fb865 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 48676000 - Grade: 0.006 - Grade Unit: grams per tonne - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred gold resource for East Ridge is extremely low grade, offering negligible byproduct potential. - Positive factor: Contained gold adds byproduct value - Negative factor: Extremely low gold grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.006 Context: 48,676 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-20) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:f66b49b9ceb7a20fb865 - Deposit or zone: East Ridge - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 48676000 - Grade: 0.4 - Grade Unit: grams per tonne - Contained Metal: 623 - Contained Unit: koz - Cutoff Grade: 40 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred silver resource for East Ridge is very low grade, offering minimal byproduct potential. - Positive factor: Contained silver adds byproduct value - Negative factor: Very low silver grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.40 Context: 48,676 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-21) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: sec\_sk1300, ni\_43\_101 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:0e221a977d890b15184b - Deposit or zone: Texaco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 341345000 - Grade: 0.78 - Grade Unit: % - Contained Metal: 2664 - Contained Unit: kt - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Texaco deposit hosts a very large inferred copper resource, representing significant long-term potential for the project. - Positive factor: Very large inferred resource tonnage for the Texaco deposit - Positive factor: Good copper grade for an inferred resource - Positive factor: Substantial contained copper metal provides future expansion potential - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.78 Context: 341,345 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-22) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:0e221a977d890b15184b - Deposit or zone: Texaco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 341345000 - Grade: 0.028 - Grade Unit: grams per tonne - Contained Metal: 302 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred gold resource for Texaco, while low grade and in a lower confidence category, provides additional byproduct potential. - Positive factor: Contained gold adds byproduct value - Negative factor: Low gold grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.028 Context: 341,345 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-resource-facts-23) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Resource scope - Estimate type: resource - Effective date: 2026-09-23T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Todd McCracken, David Willock, Ulises Arvayo, Eric Mears, Annelia Tinklenberg, Jim Casey, Tom Meuzelaar, James Moore, Casey Schmitt, Adam House, Kim Trapani, Daryl Longwell, Manochehr Oliazadeh, Glen Kuntz - Resource group id: resource:0e221a977d890b15184b - Deposit or zone: Texaco - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 341345000 - Grade: 0.81 - Grade Unit: grams per tonne - Contained Metal: 8850 - Contained Unit: koz - Cutoff Grade: 32 - Cutoff Unit: $/t NSR #### Prior Estimate - Resource Date: 2026-09-23 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The inferred silver resource for Texaco, while low grade and in a lower confidence category, contributes additional byproduct potential. - Positive factor: Significant contained silver adds byproduct value - Negative factor: Low silver grade - Negative factor: Inferred category has lower geological confidence Evidence · table > 0.81 Context: 341,345 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-metallurgical-facts-24) Santa Cruz Copper Project · copper #### Identity - Project: Santa Cruz Copper Project - Commodity: copper - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Test Work - Program Status: detailed - Processing Route: concentrator #### Recovery - Recovery: 90 % - Recovery Basis: unspecified #### Lab - Laboratory: BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc. - Consultant: BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The 90% recovery for residual copper via concentrator indicates efficient extraction for this ore type. - Positive factor: High recovery for residual copper via concentrator Evidence · text > 90% for residual copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-metallurgical-facts-25) Santa Cruz Copper Project · gold #### Identity - Project: Santa Cruz Copper Project - Commodity: gold - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Test Work - Program Status: detailed - Processing Route: concentrator #### Recovery - Recovery: 59 % - Recovery Basis: unspecified #### Lab - Laboratory: BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc. - Consultant: BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The 59% gold recovery via concentrator provides a moderate level of byproduct gold extraction. - Positive factor: Moderate gold recovery adds byproduct value Evidence · text > 59% for gold #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 59% is below the weak band \(80%\) ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/2026-preliminary-feasibility-study-for-the-santa-cruz-copper-project-in-arizona--f08a1ed0-e5fe-4c82-b9c5-dcf4b0ba2e86#fact-metallurgical-facts-26) Santa Cruz Copper Project · silver #### Identity - Project: Santa Cruz Copper Project - Commodity: silver - Region: usa\_az - Reported Region: Arizona - Ticker: IE #### Test Work - Program Status: detailed - Processing Route: concentrator #### Recovery - Recovery: 69 % - Recovery Basis: unspecified #### Lab - Laboratory: BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc. - Consultant: BBA Consultants USA LP, Worley Group Inc., Burns & McDonnell Engineering Company, Inc., Haley & Aldrich, Inc., INTERA Incorporated, KCB Consultants Ltd., Life Cycle Geo, LLC, Met Engineering, LLC, Paterson & Cooke USA, Ltd., Stantec Consulting Services Inc., Tetra Tech, Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The 69% silver recovery via concentrator provides a moderate level of byproduct silver extraction. - Positive factor: Moderate silver recovery adds byproduct value Evidence · text > 69% for silver #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the mill\_cil signal **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 69% is below the weak band \(75%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.