Ivanhoe Electric J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

Ivanhoe Electric J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

23 June 2026

Ivanhoe Electric

J.P. Morgan Natural Resources Conference Takeaways

We hosted Ivanhoe Electric’s CEO, Taylor Melvin, at our 2026 Natural Metals & Mining

ACResources Conference. Discussions primarily focused on: 1) future exploration Bill Peterson

upside outside of Santa Cruz, 2) permitting progress, and 3) capital allocation/ (1-415) 315-6766

financing structure and timing. While Melvin did not provide a view on refined bill.peterson@jpmchase.com

copper’s inclusion under Section 232 tariffs, we note that if included under a Bennett Moore

phased approach, as expected by JPM’s Commodities Research team (link), and if (1-212) 622-0188

an extended COMEX premium emerges, IE’s US-based footprint would be a clear bennett.moore@jpmchase.com

beneficiary. Rock Hoffman

(1-212) 259-5055

• Exploration upside: Melvin highlighted meaningful exploration upside at the rock.hoffman@jpmchase.com

nearby Texaco Deposit (not included in the PFS), but noted this would require J.P. Morgan Securities LLC

construction of a concentrator line, suggesting engineering required and

financing efforts would need to begin immediately after Santa Cruz ramped. It

IE, IE US

was also suggested that using the recently announced tunnel boring machine

(TBM) could streamline exploration underground directly from Santa Cruz to Overweight

Texaco. However, with the TBM expected to arrive by early 2027, this has Price (23 Jun 26): $10.07

marginally pushed back Santa Cruz’s expected first production to mid-2029

(link). We also sense that exploration potential at Hog Heaven and Tintic may IE.TO, IE CN

not be as attractive on a large scale vs.