The Flathead Mine was mined by Anaconda Mining Inc. from 1929 to 1946, producing approximately 241,000 short tons of direct-ship ore averaging 26.6 troy oz/ton silver. Another operator mined the Flathead Mine from 1963 to 1975 producing 49,700 short tons averaging 9.35 troy oz/ton silver. Other previously mined high sulfidation epithermal mineral deposits within the bounds of the Hog Heaven Project include the Ole Hill and West Flathead Mines located 1 mile west of the Flathead Mine; the Margarite Mine, south of Flathead Mine; and the Martin Mine just northwest of Margarite Mine. Ivanhoe Electric’s exploration team believes that the Flathead Mine is part of a much larger mineralized system that has remained unrecognized by past miners and explorers.

Ivanhoe Electric and Brixton Metals Corporation (“Brixton”) entered into an earn-in agreement in 2021 covering an area of approximately 24 km² of the Hog Heaven Project. Under the earn-in agreement, Ivanhoe Electric may earn up to a 75% interest in the Brixton land constituting the Hog Heaven Project by making cash payments totaling $4.5 million and incurring an aggregate of $40 million in exploration expenditures by 2032. Ivanhoe Electric will earn an initial a 51% interest by making a total of $4.5 million in cash payments and incurring $15 million in exploration expenditures.