# Ivanhoe Electric's Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona Defines a High-Quality Underground Mining Operation with Strong Economics

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81

Original source: https://money.tmx.com/en/quote/IE/news/7721584815545193/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje

Publisher: tmx

Original announcement: 2025-06-23T10:45:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Ivanhoe Electric Inc.

- Ticker: IE

- Exchange: TSX

- Region: Arizona

- Primary commodity: Copper

- Secondary commodities: Gold, Silver

- Document categories: Resource update, Production, Metallurgy

- Extracted: 2026-08-21 08:01:30 UTC

Narrative sentiment: 1.00 · Bullish

## Minestarters Atlas summary

Ivanhoe Electric's Preliminary Feasibility Study for the Santa Cruz Copper Project in Arizona outlines a high-quality underground mining operation with strong economics, including an after-tax NPV8% of $1.9 billion and an IRR of 24.0% at current COMEX copper prices. The study defines probable mineral reserves of 136 million tonnes at 1.08% copper, supporting a 23-year mine life with a conventional heap leach process yielding 92.2% copper recovery. With low initial capital of $1.24 billion and first quartile C1 cash costs of $1.32 per pound of copper, the project targets initial construction in H1 2026 and first copper cathode production in 2028.

Reasoning: The Preliminary Feasibility Study for the Santa Cruz Copper Project demonstrates robust economics with a high after-tax NPV and IRR, supported by significant probable reserves, high copper recoveries via heap leach, and low operating costs. The project benefits from a streamlined permitting process due to its private land location and is backed by a highly engineered study with multiple Qualified Persons.

- Positive factor: Strong economics

- Positive factor: Low capital intensity

- Positive factor: Low operating costs

- Positive factor: High copper recoveries

- Positive factor: Significant probable reserves

- Positive factor: Streamlined permitting

- Positive factor: QP/CP Signed

- Positive factor: NI 43-101 Compliant

- Positive factor: S-K 1300 Compliant

- Positive factor: PFS-Supporting

- Positive factor: Maiden Reserve

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 40

## Classification and evidence

**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, which is a key stage in project development.

Evidence · text

> Preliminary Feasibility Study

**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: The document explicitly lists multiple Qualified Persons responsible for preparing the scientific and technical information.

Evidence · text

> Qualified Persons

**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 NI 43-101 Technical Report will be co-filed in Canada.

Evidence · text

> The NI 43-101 Technical Report co-filed in Canada

**S-K 1300 Compliant**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document states that the study was prepared in accordance with Subpart 1300 and Item 601 of Regulation S-K.

Evidence · text

> prepared in accordance with Subpart 1300 and Item 601 of Regulation S-K

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: The study defines Probable Mineral Reserves of 136 million tonnes.

Evidence · text

> Probable Mineral Reserves of 136 million tonnes

**Maiden Reserve**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The study includes an 'initial Mineral Reserve Estimate' for the project.

Evidence · text

> The Study includes an initial Mineral Reserve Estimate for the Santa Cruz Copper Project

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The copper recovery of 92.2% over the life of mine for a heap leach operation is exceptional based on rubrics.

Evidence · text

> high copper recoveries of 92.2% over the life of mine

**Heap Leach Route**

Polarity: neutral

Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected.

Why it applies: The processing method is described as a 'conventional chloride-assisted on/off heap leaching flowsheet'.

Evidence · text

> conventional chloride-assisted on/off heap leaching flowsheet

**Underground Mining**

Polarity: neutral

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The study defines a 'High-Quality Underground Mining Operation'.

Evidence · text

> High-Quality Underground Mining Operation

**Low Capital Intensity**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The initial capital of $1.24 billion is highlighted as 'Low Initial Capital'.

Evidence · text

> Low Initial Capital of $1.24 Billion

**Low Operating Costs**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The project reports 'First Quartile Unit Cash Costs of $1.32 Per Pound of Copper'.

Evidence · text

> First Quartile Unit Cash Costs of $1.32 Per Pound of Copper

**Permitting Progress**

Polarity: positive

Story-specific tag

Definition: No canonical definition is currently available.

Why it applies: The document details the status and timeline for multiple permits, indicating active progress.

Evidence · text

> Private Land Enables Streamlined Permitting Process

## Extracted facts

Stored fact records: 40. Some facts used in scoring do not have a stored record.

## Resource Estimates (40)

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: probable
- Tonnes: 132061000
- Grade: 1.08
- Grade Unit: %
- Contained Metal: 1430000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Probable reserves of 132.06 million tonnes at 1.08% copper for the Santa Cruz deposit represent a significant, high-grade, and well-defined portion of the project's economic foundation, reported under S-K 1300.

- Positive factor: High-grade

- Positive factor: Probable Reserve

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

- Positive factor: Maiden Reserve

Evidence · table

> 1.08

Context: 132,061

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: probable
- Tonnes: 4112000
- Grade: 1.03
- Grade Unit: %
- Contained Metal: 42000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Probable reserves of 4.11 million tonnes at 1.03% copper for the East Ridge deposit contribute to the overall project economics, reported under S-K 1300.

- Positive factor: High-grade

- Positive factor: Probable Reserve

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

- Positive factor: Maiden Reserve

Evidence · table

> 1.03

Context: 4,112

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: probable
- Tonnes: 136173000
- Grade: 1.08
- Grade Unit: %
- Contained Metal: 1472000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total probable reserves of 136.17 million tonnes at 1.08% copper, containing 1.47 million tonnes of copper, form the basis for the project's 23-year mine life and strong economics.

- Positive factor: High-grade

- Positive factor: Probable Reserve

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

- Positive factor: Maiden Reserve

Evidence · table

> 1.08

Context: 136,173

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 178451000
- Grade: 0.8
- Grade Unit: %
- Contained Metal: 1435000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.80

Context: 178,451

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 178451000
- Grade: 0.024
- Grade Unit: g/t
- Contained Metal: 139000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources for gold at 0.024 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.024

Context: 178,451

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 178451000
- Grade: 1.43
- Grade Unit: g/t
- Contained Metal: 8211000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources for silver at 1.43 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 1.43

Context: 178,451

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 31998000
- Grade: 0.73
- Grade Unit: %
- Contained Metal: 232000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.73

Context: 31,998

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 31998000
- Grade: 0.021
- Grade Unit: g/t
- Contained Metal: 21000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources for gold at 0.021 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.021

Context: 31,998

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 31998000
- Grade: 1.78
- Grade Unit: g/t
- Contained Metal: 1832000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources for silver at 1.78 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 1.78

Context: 31,998

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 4407000
- Grade: 0.94
- Grade Unit: %
- Contained Metal: 41000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 4.40 million tonnes at 0.94% copper for the East Ridge deposit contribute to the project's overall resource base, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.94

Context: 4,407

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 4407000
- Grade: 0.015
- Grade Unit: g/t
- Contained Metal: 2000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources for gold at 0.015 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.015

Context: 4,407

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 4407000
- Grade: 0.71
- Grade Unit: g/t
- Contained Metal: 101000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources for silver at 0.71 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.71

Context: 4,407

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 48676000
- Grade: 0.89
- Grade Unit: %
- Contained Metal: 436000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 48.67 million tonnes at 0.89% copper for the East Ridge deposit represent future potential, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.89

Context: 48,676

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 48676000
- Grade: 0.006
- Grade Unit: g/t
- Contained Metal: 9000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources for gold at 0.006 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.006

Context: 48,676

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 48676000
- Grade: 0.4
- Grade Unit: g/t
- Contained Metal: 623000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources for silver at 0.40 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.40

Context: 48,676

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 341345000
- Grade: 0.78
- Grade Unit: %
- Contained Metal: 2664000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 341.34 million tonnes at 0.78% copper for the Texaco deposit represent a large future potential, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.78

Context: 341,345

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 341345000
- Grade: 0.028
- Grade Unit: g/t
- Contained Metal: 302000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources for gold at 0.028 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.028

Context: 341,345

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 341345000
- Grade: 0.81
- Grade Unit: g/t
- Contained Metal: 8850000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources for silver at 0.81 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.81

Context: 341,345

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 182859000
- Grade: 0.81
- Grade Unit: %
- Contained Metal: 1476000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total indicated resources of 182.85 million tonnes at 0.81% copper provide a substantial base for future expansion, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.81

Context: 182,859

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 182859000
- Grade: 0.024
- Grade Unit: g/t
- Contained Metal: 141000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total indicated resources for gold at 0.024 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.024

Context: 182,859

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: indicated
- Tonnes: 182859000
- Grade: 1.41
- Grade Unit: g/t
- Contained Metal: 8312000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total indicated resources for silver at 1.41 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 1.41

Context: 182,859

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 422020000
- Grade: 0.79
- Grade Unit: %
- Contained Metal: 3332000
- Contained Unit: t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total inferred resources of 422.02 million tonnes at 0.79% copper represent a large future potential for the project, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.79

Context: 422,020

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 422020000
- Grade: 0.025
- Grade Unit: g/t
- Contained Metal: 333000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total inferred resources for gold at 0.025 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.025

Context: 422,020

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#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 Data

- Category: inferred
- Tonnes: 422020000
- Grade: 0.83
- Grade Unit: g/t
- Contained Metal: 11304000
- Contained Unit: oz

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Total inferred resources for silver at 0.83 g/t are very low, indicating it is a minor byproduct, reported under S-K 1300.

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.83

Context: 422,020

### Fact 25

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-24)

Santa Cruz Copper Project · copper

#### Identity

- Project: Santa Cruz Copper Project
- Commodity: copper
- Region: usa\_az
- Reported Region: Arizona
- Ticker: IE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: An all-in-sustaining cost of $1.99 per pound of copper for the first 15 years is very competitive, indicating strong early operational efficiency.

- Positive factor: Low operating costs

Evidence · table

> 1.99

Context: All-in-sustaining Cost

### Fact 26

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-25)

Santa Cruz Copper Project

#### Identity

- Project: Santa Cruz Copper Project
- Region: usa\_az
- Reported Region: Arizona
- Ticker: IE

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Detailed engineering is required for the Recycled Water Discharge permit application, with a Q1 2027 submittal timeline.

- Positive factor: Permitting Progress

Evidence · text

> Arizona Department of Environmental Quality Recycled Water Discharge permit Detailed engineering required for application, if necessary Q1 2027

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-26)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: indicated
- Tonnes: 178451000
- Grade: 0.024
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.024

Context: 178,451

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-27)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: indicated
- Tonnes: 178451000
- Grade: 1.43
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 1.43

Context: 178,451

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-28)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 31998000
- Grade: 0.021
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.021

Context: 31,998

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-29)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 31998000
- Grade: 1.78
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 1.78

Context: 31,998

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-30)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: indicated
- Tonnes: 4407000
- Grade: 0.015
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.015

Context: 4,407

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-31)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: indicated
- Tonnes: 4407000
- Grade: 0.71
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.71

Context: 4,407

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-32)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 48676000
- Grade: 0.006
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.006

Context: 48,676

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-33)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 48676000
- Grade: 0.4
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.40

Context: 48,676

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-34)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 341345000
- Grade: 0.028
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.028

Context: 341,345

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-35)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 341345000
- Grade: 0.81
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.81

Context: 341,345

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-36)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: indicated
- Tonnes: 182859000
- Grade: 0.024
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.024

Context: 182,859

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-37)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: indicated
- Tonnes: 182859000
- Grade: 1.41
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Indicated resources of 178.45 million tonnes at 0.80% copper for the Santa Cruz deposit provide a substantial base for future expansion, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Indicated Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 1.41

Context: 182,859

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-38)

gold

#### Identity

- Commodity: gold
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 422020000
- Grade: 0.025
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.025

Context: 422,020

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/ivanhoe-electric-s-preliminary-feasibility-study-for-the-santa-cruz-copper-proje--9ba3326f-f6dd-47b4-8738-80fc3428fe81#fact-resource-facts-39)

silver

#### Identity

- Commodity: silver
- Ticker: IE

#### Resource Data

- Category: inferred
- Tonnes: 422020000
- Grade: 0.83
- Grade Unit: grams per tonne

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2025-06-23T00:00:00.000Z

Reasoning: Inferred resources of 31.99 million tonnes at 0.73% copper for the Santa Cruz deposit represent future potential, reported under S-K 1300. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: Inferred Resource

- Positive factor: S-K 1300 Compliant

- Positive factor: QP/CP Signed

Evidence · table

> 0.83

Context: 422,020

## 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.