Mr. Robert Friedland reports

RECENT INFILL DRILLING AT IVANHOE ELECTRIC'S SANTA CRUZ COPPER PROJECT IN ARIZONA IDENTIFIES NEW HIGH-GRADE SOLUBLE COPPER MINERALIZATION AND CONTINUES TO VALIDATE MINERAL RESOURCE MODEL

Ivanhoe Electric Inc. has provided an update on the drilling operations under way at the Santa Cruz copper project, located west of Casa Grande, Ariz. Ivanhoe Electric controls private surface land, the patented mineral rights and the associated water rights encompassing the entire Santa Cruz project (refer to Ivanhoe Electric's May 24, 2024, news release).

Executive chairman Robert Friedland commented: "Our hardworking team of women and men have been making steady progress at the Santa Cruz copper project, uncovering high-grade copper mineralization in areas that were previously unknown and expanding our technical knowledge in underground areas near conceptual development. We remain on track to deliver an important initial assessment of the project by the end of Q3 2023. This first detailed study will provide us with valuable insights into the economic potential at Santa Cruz, moving us closer to building a modern, underground copper mine in Arizona. By doing so, we are aiming not only to support United States supply chain independence for electric metals but also create quality jobs for Arizonans."

President and chief executive officer Taylor Melvin commented: "We continue to advance our understanding of the Santa Cruz copper discovery through our extensive drilling program. Our ongoing infill and geotechnical drilling have provided us with important information about the geologic features that control high-grade copper mineralization and rock mechanics. This knowledge plays a vital role in the preparation of our initial assessment. Our Q3 activities will include large-diameter pump tests that will further support our understanding of the hydrogeology of the Santa Cruz project. With the continued success of our drilling campaigns, the completion of our large surface land acquisition in May and the continued advancement of our initial assessment, we are excited about the future at Santa Cruz."

Infill drilling continues to support the current mineral resource model

The infill and development drilling program continues to characterize key geotechnical, hydrogeological and metallurgical characteristics of the Santa Cruz deposit. Multipurpose infill and development drill holes, not previously included in the Dec. 31, 2022, mineral resource estimate, have intersected high-grade copper oxide and chalcocite mineralization, some in areas where copper mineralization was previously undefined.

Drill hole SCC-125 targeted definition and expansion of the high-grade Exotic copper domain in the current mineral resource estimate and intersected visible atacamite, chrysocolla and chalcocite mineralization starting at a downhole depth of approximately 586 metres.

Drill hole SCC-136, located in the northwestern region of the Santa Cruz deposit, targeted a mineralized and resource controlling fault, but also intersected visible copper oxide and chalcocite mineralization starting at a downhole depth of approximately 432 metres in an area undefined by previous drilling.

These recent intersections continue to demonstrate and provide valuable insights into the extent and consistency of the mineral resource and areas for potential additions. The assay results for drill holes SCC-125 and SCC-136 are pending.

Core sample from Santa Cruz deposit drill hole SCC-136 at 587.77 metres depth showing steely-grey chalcocite (a leachable mineral that is approximately 80 per cent copper by weight) mineralization along a vein.

Exploration and stepout drilling supports the Texaco Ridge exploration area for potential expansion

Texaco Ridge exploration area was previously identified by Ivanhoe Electric's proprietary Typhoon 3-D induced polarization survey (refer to Ivanhoe Electric's Sept. 15, 2022, news release). Exploration drilling at Texaco Ridge has methodically stepped out from mineralization intersected in drill hole SCC-122.

Drill holes SCC-129 and SCC-133, located approximately 200 metres to the southeast and northeast of drill hole SCC-122, respectively, intersected visible copper oxide, chalcocite and chalcopyrite mineralization. These observations support geologically consistent mineralization between these drill holes and the Texaco mineral resource located to the northeast. Both the Texaco Ridge exploration area and the Texaco deposit remain open for expansion in multiple directions, and exploration drilling will continue to leverage the company's proprietary Typhoon-generated data sets for efficient targeting. Assay results from recent drilling at Texaco Ridge are pending.

Highlighted drill intercepts not previously disclosed from the Santa Cruz project area (assays for drill holes SCC-122, SCC-125, SCC-129, SCC-133 and SCC-136 mentioned herein are pending; refer to the Santa Cruz drill results page on Ivanhoe Electric's website for complete details of all reported drill holes).

The Santa Cruz initial assessment will outline the potential for a high-grade, modern, underground copper mine situated entirely on private land in Arizona

The initial assessment for the Santa Cruz project is evaluating the potential for a high-grade modern underground copper mining operation, which will focus on minimizing the surface footprint of the mine while at the same time incorporating leading technologies to improve efficiencies and costs. The technologies being evaluated in the initial assessment include the use of electric mining fleet vehicles, various renewable energy sources supported by leading-edge battery storage as well as modern, efficient material handling technologies.

Ivanhoe Electric is designing a modern, responsible mine that is less reliant on carbon-dioxide-emitting fossil fuels and old technologies in its operation, all to further its goal of eventually producing a cathode copper product with much lower carbon dioxide emissions per pound than a more conventional mine run entirely on fossil fuels using decades old conventional mining equipment and technologies. Minimizing the surface footprint is intended to reduce the overall environmental impact of the Santa Cruz project and limit surface-level disruptions and visual impact on the surrounding area.

The Santa Cruz initial assessment remains on schedule for completion by the end of Q3 2023.

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 (geology), each of whom is a qualified person as defined by Regulation S-K, Subpart 1300, promulgated by the U.S. Securities and Exchange Commission and by National Instrument 43-101. Each of Mr. Kuntz and Mr. Seligman is an employee of Ivanhoe Electric.

Ivanhoe Electric has prepared an independent technical report summary for the Santa Cruz project, prepared under SEC Regulation S-K, Subpart 1300, and an independent technical report prepared under NI 43-101. The reports are available on the company's website, on EDGAR and on the company's SEDAR profile:

• "Mineral Resource Estimate Update and S-K 1300 Technical Report Summary for the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA," written by Nordmin Engineering Ltd. and Met Engineering LLC; current to Dec. 31, 2022, and dated Feb. 14, 2023;
• "Mineral Resource Estimate Update and NI 43-101 Technical Report for The Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA," prepared by Nordmin and Met Engineering with an effective date of Dec. 31, 2022, and an issue date of March 14, 2023.

The technical report summary and technical report include relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Santa Cruz project 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 Inc., 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, Nevada, 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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