Mr. Robert Friedland reports

IVANHOE ELECTRIC AND MA'ADEN FORMALLY ESTABLISH EXPLORATION JOINT VENTURE AND CLOSE PREVIOUSLY ANNOUNCED STRATEGIC INVESTMENT

Ivanhoe Electric Inc. has closed the transactions with Saudi Arabian mining company Ma'aden previously announced in Ivanhoe Electric's May 15, 2023, and Jan. 11, 2023, news releases.

Ma'aden has invested $127.1-million (U.S.) in new common stock of Ivanhoe Electric to become a 9.9-per-cent shareholder. Ivanhoe Electric will contribute $66-million (U.S.) of the Ma'aden proceeds into the new Saudi Arabian exploration joint venture company known as Ma'aden Ivanhoe Electric Exploration and Development Ltd. Company, to finance exploration activities and the purchase of three new-generation Typhoon machines. The joint venture will deploy the disruptive power of Typhoon to explore approximately 48,500 square kilometres of underexplored lands in the Arabian Shield that Ma'aden has made exclusively available to the joint venture.

Robert Friedland, executive chairman, commented: "Through the formation of this important joint venture with our partner, Ma'aden, we will begin the most extensive exploration program for metals ever conducted in the Kingdom of Saudi Arabia. The Arabian Shield is an area rich in mineral potential, but considerably underexplored for metals. With our proprietary and powerful Typhoon geophysical survey technology and the data analysis provided by our 94-per-cent-owned subsidiary, Computational Geosciences Inc., we aim to uncover new discoveries of critical metals in Saudi Arabia."

Taylor Melvin, chief executive officer, commented: "Closing our transactions with Ma'aden marks another major milestone for Ivanhoe Electric. We are honoured to have Ma'aden as a significant shareholder in our company and welcome Sofia Bianchi to our board of directors. We are excited to work with our partners at Ma'aden to deploy the disruptive power of Typhoon on 48,500 square kilometres of underexplored, highly prospective land in the Arabian Shield. Having exclusive access to explore an area that is roughly equivalent in size to the country of Switzerland for copper, nickel, gold, silver and other important minerals is an incredible opportunity for our joint venture and for Ivanhoe Electric stakeholders."

Robert Wilt, Ma'aden chief executive officer, commented: "Here in the kingdom, we inaugurate the Ma'aden Ivanhoe Electric Exploration and Development Ltd. Company, which will soon receive the first Typhoon machine. Bringing this cutting-edge technology will be the beginning of significantly accelerating our exploration efforts in the kingdom, while levelling up safety and efficiency -- a great achievement we are proud of. We are also happy to announce Sofia Bianchi's joining the Ivanhoe Electric board of directors as the Ma'aden nominee. This is yet another milestone in our partnership with Ivanhoe Electric."

Ivanhoe Electric's proprietary Typhoon technology en route to Saudi Arabia

One of Ivanhoe Electric's existing three proprietary Typhoon geophysical surveying systems is expected to arrive in Saudi Arabia in August. Surveying programs could commence as soon as September of this year. Once Typhoon arrives in country, the joint technical committee will begin the extraordinary task of surveying for geophysical anomalies, potentially indicative of sulphide mineral deposits containing copper, nickel, gold and silver, over approximately 48,500 square kilometres of underexplored Arabian Shield. The technical committee has been working ahead of closing in order to prioritize targets for initial Typhoon surveys so that survey work can commence as soon as possible.

Typhoon was specifically developed to conduct large surveys and identify deep geophysical anomalies in environments that have highly resistive surface conditions, such as those seen in the Arabian Shield. Typhoon is well suited to detect the presence of sulphide minerals containing copper, nickel, gold and silver in areas where potential deposits are hidden by cover, and where target depths exceed the range of conventional geophysical surveying systems. The Arabian Shield's bedrock is hidden by sand and gravel cover that can exceed one kilometre in depth, similar to the conditions at Ivanhoe Electric's Santa Cruz project in Arizona, United States.

Typhoon achieves its results through its unique specifications, which include an electrical output of up to 200 amps and 10,000 volts. The transmitter uses switches and capacitance systems in a proprietary platform that generates a very pure and stable transmitted signal, resulting in an extremely high signal-to-noise ratio. Typhoon is also capable of transmitting both induced polarization and electromagnetic signals, meaning that the same transmitter can be used to search for a wide variety of mineral deposit types.

The new Typhoon units are being constructed by I-Pulse Inc. of Toulouse, France.

Ma'aden completes strategic investment and becomes a 9.9-per-cent shareholder of Ivanhoe Electric

Ivanhoe Electric has today issued 10,269,604 shares of common stock to Ma'aden, representing 9.9 per cent of the common stock outstanding following the issuance of the new shares to Ma'aden. The new shares were issued at a purchase price of $12.38 per share for gross proceeds of $127.1-million (U.S.).

Ivanhoe Electric will contribute $66-million (U.S.) of the proceeds to the joint venture to finance its activities. The remaining $61.1-million, net of appliable fees and expenses, will be used by Ivanhoe Electric to advance its U.S. mineral projects, and for working capital and general corporate purposes.

Ivanhoe Electric has granted Ma'aden a top-up right allowing Ma'aden to maintain its 9.9-per-cent ownership. Ma'aden has agreed to a five-year standstill limiting its shareholding to a maximum of 19.9 per cent, subject to certain exceptions.

The strategic investment by Ma'aden has been approved by the Toronto Stock Exchange in reliance upon the exemption described in Section 602.1 of the TSX company manual, which is available to certain eligible interlisted issuers that have less than 25 per cent of their overall trading volume on Canadian marketplaces.

Ms. Bianchi joins the board of directors as Ma'aden's nominee

Ms. Bianchi has today been appointed as Ma'aden's nominee to Ivanhoe Electric's board of directors, bringing the company's board size to nine members.

Ms. Bianchi has over 28 years of finance experience, including several executive positions at Pricewaterhouse Coopers, European Bank for Reconstruction and Development, Emerging Africa Infrastructure Fund, BlueCrest Capital Management, and Commonwealth Development Corp. Group PLC -- all of London, United Kingdom. She is the chief executive officer and founding partner at Atlante Capital Partners of Zug, Switzerland. Ms. Bianchi is also currently chair of Canagold Resources Ltd. of Vancouver, Canada, and a non-executive director of Ma'aden of Riyadh, Saudi Arabia, and Yellow Cake PLC of Jersey, Channel Islands. Ms. Bianchi holds a master's degree in finance from the University of Pennsylvania -- Wharton Business School, and a bachelor of arts degree in economics from George Washington University.

About Ma'aden

Ma'aden is the largest multicommodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world, with revenues of 40.4 billion riyals ($10.7-billion (U.S.)) in 2022. Ma'aden is developing the mining industry into the third pillar of the Saudi economy in line with vision 2030, and aims to be a role model in responsible and sustainable operations. Ma'aden operates 17 mines and sites, has 6,500-plus direct employees and exports products to over 30 countries. Ma'aden is embarking on massive growth over the next 18 years across phosphate, aluminum, gold, copper and new minerals.

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 metals 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 metals 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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