Mr. Taylor Melvin reports

IVANHOE ELECTRIC'S 90%-OWNED SUBSIDIARY VRB ENERGY ACHIEVES MILESTONE GLOBAL SAFETY CERTIFICATION FOR ITS THIRD GENERATION VANADIUM REDOX FLOW BATTERIES ("VRB-ESS(R)")

After months of rigorous testing, Ivanhoe Electric Inc.'s 90-per-cent-owned subsidiary, VRB Energy Inc., has obtained Underwriters Laboratories (UL) 1973 certification for its third-generation energy storage system (Gen3 VRB-ESS). UL 1973 is recognized as a global standard for commercially available battery energy storage.

This milestone third party certification provides validation that the Gen3 VRB-ESS product is a viable solution for utility-scale energy storage of renewable power.

The UL 1973 certification paves the way for VRB Energy and the Gen3 VRB-ESS to meet the growing demand for large-scale energy storage as part of the energy transition.

Executive chairman Robert Friedland commented: "Countries around the world are committed to net-zero carbon solutions, which will require vast capital investment over the next 25 years in energy storage. Meeting global carbon dioxide emission reduction goals will require large-scale, safe and cost-effective energy storage solutions to store the power generated from renewables for use when the wind is not blowing or the sun is not shining. Achieving this globally recognized safety certification for VRB Energy's new generation of vanadium redox flow batteries validates the technology as a safe and reliable component of the global energy transition."

President and chief executive officer Taylor Melvin commented: "VRB Energy's newest generation of vanadium redox flow batteries is the result of a tremendous amount of hard work by the dedicated team at VRB Energy, and an important advancement in the company's proven battery storage platform. Achieving UL 1973 certification is a critical step in VRB-ESS becoming a key component to meet global demand for large-scale battery storage."

Charles Ge, CEO of VRB Energy, commented: "I am proud of our engineering team and the commitment of the entire company to safety and quality. We adhere to the highest international standards and are committed to delivering the most reliable commercial product in the grid-scale energy storage market."

The Gen3 VRB-ESS is the only system currently available that is certified to the UL 1973 standard for a one-megawatt power module

VRB Energy's current generation of its utility-scale energy storage system, the Gen3 VRB-ESS, is based on a 60-kilowatt cell stack and a one-megawatt power module building block. This is the largest cell stack and the largest and most efficient commercial product in the industry.

CSA Group (formerly known as Canadian Standards Association) is a global organization dedicated to safety, social good and sustainability, and is a leader in testing, inspection and certification. CSA Group successfully completed a series of safety tests under UL 1973:2018 for the 60 kW nominal (75 kW maximum) power cell stacks. Testing included material, vibration, high-temperature, physical drop and short-circuit tests.

More rigorous tests of the full one MW Gen3 system included overcharge, overdischarge, short-circuit, voltage limit, ground fault and high-temperature tests, as well as functional safety tests based on International Organization for Standardization (ISO) 13849-1 2015 and ISO 13849-2 2012 standards.

Vanadium redox flow batteries are superior to lithium-ion batteries for grid-scale energy storage

VRB Energy's core technology uses vanadium pentoxide (V2O5) in a proprietary formulation of a water-based battery electrolyte. The vanadium electrolyte in VRB-ESS can be charged and discharged over an almost unlimited number of cycles without wearing out. This means that vanadium flow batteries have distinct and inherent advantages for long-duration and long-life applications, which means they are the ideal solution for large-scale integration of solar and wind power onto utility grids around the world.

Vanadium flow batteries have significant advantages over lithium batteries for the daily deep-cycling needs of solar and wind power. VRB-ESS has lower degradation, full depth of discharge and lower replacement costs compared with lithium batteries that result in a lower levelized cost of energy (LCOE), which is an industry measure for total cost of ownership.

In addition, VRB Energy's proprietary electrolyte formula used in VRB-ESS contains no heavy metals and the liquid electrolyte is non-flammable and 100 per cent reusable, making VRB-ESS fundamentally safer and superior to lithium-ion batteries for grid-scale energy storage.

About VRB Energy

VRB Energy is engaged in the design, manufacture, installation and operation of large-scale energy storage systems using vanadium redox batteries, VRB-ESS. Vanadium redox batteries are a type of rechargeable flow battery that employ vanadium ions as the charge carriers. VRB Energy believes they are safe, scalable and have the lowest life cycle cost of energy compared with other types of batteries, making them ideal for grid-scale energy storage. VRB Energy's goal is to deliver the best technology at the lowest cost to large-scale utility energy storage projects globally. VRB Energy has over 500 megawatt-hours of energy storage capacity installed or in development, and has completed over one million hours of testing and operation. Continuing research and development and project experience have allowed VRB Energy to produce larger, more cost-effective and more efficient systems in each successive battery generation.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. The company uses its accurate and powerful Typhoon geophysical surveying system, together with advanced data analytics provided by its subsidiary, Computational Geosciences Inc., to accelerate and derisk the mineral exploration process as it seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivanhoe believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. The company's mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of its portfolio of electric metals exploration projects, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah, as well as other exploration projects in the United States, Ivanhoe intends to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. The company also operates a 50/50 joint venture with Saudi Arabian mining company Ma'aden to explore for minerals on approximately 48,500 kilometres of underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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