Mr. Robert Friedland reports

IVANHOE ELECTRIC CONFIRMS EAST RIDGE DISCOVERY AT SANTA CRUZ COPPER PROJECT IN ARIZONA

Ivanhoe Electric Inc. has discovered the East Ridge oxide copper zone at the Santa Cruz copper project located west of Casa Grande, Ariz. These exploration results have demonstrated the effectiveness of Ivanhoe Electric's proprietary Typhoon surveying system for identifying hidden copper deposits in the American southwest. In addition, the company is beginning to receive high-grade copper assay results from the extensive drilling campaign in the Santa Cruz deposit area. These results will be incorporated into the updated mineral resource estimate for the Santa Cruz project expected in January, 2023.

Chairman and chief executive officer Robert Friedland commented: "The discovery of copper mineralization at East Ridge is exciting in that it appears to be open for expansion in all directions. This area, identified by our Typhoon surveying system and backed by detailed geological analysis, has proved the effectiveness of our ability to discover new copper deposits in areas hidden under gravel cover within the Basin and Range province of the western United States.

"In addition, the results from our drill campaign at Santa Cruz have confirmed the spectacular grade of the known Santa Cruz deposit. With the steady pace of new information being received from our work at Santa Cruz, we are increasing our understanding of this enriched copper deposit. Using our Typhoon technology and now with the knowledge of the Santa Cruz fingerprint' we are encouraged by the prospect of additional copper discoveries in the area."

Graham Boyd, vice-president of U.S. projects, commented: "Drilling at East Ridge has returned impressive oxide copper mineralization in our first stepout exploration holes. In particular, hole SCC-105 has returned strong visual results, intersecting over 100 metres of consistent copper oxides. Further, at the Santa Cruz deposit area, the assays received for infill hole SCC-084 have demonstrated a broad zone of soluble oxide copper in exotic, oxide and chalcocite mineralization. These results suggest that we have only begun to uncover the potential of this district."

Atacamite is a deep green, leachable copper-chloride mineral which is 60 per cent copper by weight. Chrysocolla is a bright blue, leachable copper oxide mineral which is approximately 30 per cent copper by weight. Chalcanthite is a dark blue, leachable copper-sulphate mineral which is approximately 25 per cent copper by weight. These leachable minerals are amenable to a solvent extraction/electrowinning (SX/EW) process allowing for direct copper cathode production.

Stepout exploration drilling at East Ridge confirms discovery by Typhoon

As previously announced on Sept. 15, 2022, its proprietary Typhoon technology identified multiple large-scale anomalies at the Santa Cruz copper project. In addition to the significant chargeability anomaly identified by Typhoon, the East Ridge exploration area displayed abundant geological evidence, including hints of copper mineralization in widely spaced historic drill holes.

The initial exploration results from East Ridge are promising and appear to confirm exactly what Typhoon had indicated -- which is that additional sulphide bodies exist and appear to be associated with new zones of enriched soluble copper mineralization. Additionally, the East Ridge discovery area is only 300 metres from the Santa Cruz deposit, indicating the potential for nearby additions to the resource.

The Texaco Ridge exploration area

Texaco Ridge is part of the greater Texaco exploration target, located approximately three kilometres northeast of the Santa Cruz deposit. Ivanhoe Electric previously disclosed drill hole SCC-019 on the southern margin of the Texaco exploration target, which intersected 73 metres of 2.21 per cent total copper (refer to the Santa Cruz technical report dated June 7, 2022). Typhoon has identified a large zone of chargeable material in a shallower ridge environment in the subsurface basement topography. This area has been very sparsely drilled and is another area with the potential for the discovery of additional enriched copper mineralization. The company plans to start drilling in this area in the near future.

Santa Cruz drill program

The Santa Cruz drill program currently consists of six diamond drill rigs from Major Drilling America of Salt Lake City, Utah. Cutting and sampling efforts are currently averaging approximately 250 metres per day, and there are currently 7,200 metres of drill core at both Skyline Assayers & Laboratories of Tucson, Ariz., and Societe Generale de Surveillance SA (SGS) of Vancouver, B.C., Canada.

The company expects a steady return of assay results from both labs currently processing samples for the Santa Cruz copper project drill core over the next several weeks.

These results demonstrate significant copper grades over continuous intervals of enriched mineralization, both contained within the current underground mineral resource blocks and outside of the resource area. These results will be incorporated into the updated mineral resource estimate expected in January, 2023.

Santa Cruz infill drill hole SCC-084 assayed 3.94 per cent copper (3.92 per cent total soluble copper) and forms part of 144.00 metres grading 1.38 per cent copper (1.31 per cent total soluble copper) beginning at a depth of 661.00 metres downhole.

Ivanhoe Electric is currently drilling an area known as the Newmont parcel. This is an 80-acre parcel immediately contiguous to both the highest-grade zones of the Santa Cruz deposit and the East Ridge discovery.

The Newmont parcel was not drilled by previous operators during any of the major exploration campaigns completed by David Lowell (Hanna-Getty of Cleveland, Ohio, and East Meadow, New York, respectively) or Asarco of Tucson, Ariz., in the 1970s. This specific parcel of land was owned by Newmont Corp. of Denver, Colo., at the time, but Newmont never drilled the area. The parcel subsequently was consolidated by previous project owners, but was also never drilled. It now forms part of its 100-per-cent-owned interests and is an important exploration area.

Ivanhoe Electric has drilled three holes on the Newmont parcel, SCC-008 and SCC-011 (refer to the Santa Cruz technical report dated June 7, 2022) and SCC-105. All three holes have intersected significant zones of oxide copper mineralization that remain open in all directions.

As previously described, SCC-105 demonstrates that the East Ridge discovery is open in multiple directions for expansion.

SCC-005, which intersected 57 metres grading 3.52 per cent copper (2.77 per cent total soluble copper) at a downhole depth of 636 metres (refer to the Santa Cruz technical report dated June 7, 2022), was collared just 60 metres from the western boundary of the Newmont parcel, and mineralization remains open into the Parcel area.

SCC-099 is currently being drilled on the western boundary of the Newmont parcel.

Qualified persons

Disclosures of a scientific or technical nature included in this news release, including the sampling, analytical and technical data underlying the information, have been reviewed, verified and approved by Glen Kuntz, PGeo, and Christopher Seligman, MAusIMM CP (geo), each of whom is a qualified person as defined by Regulation S-K, Subpart 1,300, promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Each of Mr. Kuntz and Mr. Seligman is an employee of Ivanhoe Electric.

Ivanhoe Electric has had prepared an independent technical report summary for the Santa Cruz project prepared under SEC Regulation S-K, Subpart 1,300, and an independent technical report prepared under Canadian National Instrument 43-101. The reports are available on the company's website, on EDGAR and on the company's SEDAR profile:

• "Technical report summary on the Santa Cruz project, Arizona, USA," prepared by Nordmin Engineering Ltd. with an effective date of June 7, 2022;
• "NI 43-101 technical report and mineral resource estimate for the Santa Cruz project, Arizona, USA," prepared by Nordmin with an effective date of June 7, 2022.

The technical report summary and technical report include relevant information regarding the assumptions and methods of the mineral resource estimates on the Santa Cruz project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Electric Inc.

Ivanhoe Electric is an American technology and mineral exploration company that is reinventing mining for the electrification of everything by combining advanced mineral exploration technologies, renewable energy storage solutions and electric metal projects predominantly located in the United States. Ivanhoe Electric uses its Typhoon transmitter, an accurate and powerful geophysical survey system, together with advanced data analytics provided by its subsidiary, Computational Geosciences, to accelerate and derisk the mineral exploration process, as well as to potentially discover deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Through its controlling interest in VRB Energy, Ivanhoe Electric also develops and manufactures advanced grid-scale vanadium redox battery storage systems. Finally, through advancing its portfolio of electric metal projects located primarily in the United States, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah, as well as projects in Montana, Oregon and North Carolina, Ivanhoe Electric is also well positioned to support American supply chain independence by delivering the critical metals necessary for electrification of the economy.

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