Mr. Taylor Melvin reports

IVANHOE ELECTRIC REPORTS FIRST DRILL RESULTS FROM ITS INITIAL EXPLORATION PROGRAM AT THE HOG HEAVEN PROJECT IN MONTANA

Ivanhoe Electric Inc. has provided an update on the status of continuing exploration efforts, including the initial results of Ivanhoe Electric's exploration drilling, at the Hog Heaven exploration project located on private land approximately 50 miles southwest of Kalispell, Mont.

Executive chairman Robert Friedland commented: "We have a wonderful opportunity at the Hog Heaven project, located on private land in the silver-rich state of Montana, to pick up where legendary miners like Anaconda left off. This region is well known for its long and rich history of silver production, and we believe there is more to the story. Our recent drilling efforts have returned promising initial results, and our geologists see potential for mineralization to continue to great depths."

President and chief executive officer Taylor Melvin commented: "We are excited by the initial results of our exploration drilling program at Hog Heaven, a high-quality exploration project on private land in Montana. The early presence of high-grade precious metal mineralization along with base metal mineralization, at depths much greater than the historical drilling and mining operations in the district, is encouraging as our team advances to the next phases of exploration drilling. The Hog Heaven project is emerging rapidly as one of our most interesting exploration projects in the United States."

The Hog Heaven district consists of several high-sulphidation epithermal mineral deposits and prospects, as well as several now-closed mines, including the Flathead mine.

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 ounces per ton silver. Another operator mined the Flathead mine from 1963 to 1975, producing 49,700 short tons averaging 9.35 troy oz per ton silver. Other previously mined high-sulphidation epithermal mineral deposits within the bounds of the Hog Heaven project include the Ole Hill and West Flathead mines, located one mile west of the Flathead mine; the Margarite mine, south of Flathead Mine; and the Martin mine, just northwest of the 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.

2023 Hog Heaven drilling program

Ivanhoe Electric's 2023 drill program at Hog Heaven commenced in June, 2023. The program to date has consisted of six holes totalling 6,147 metres. Partial assays have been received for the first three holes: HHD-003, HHD-004 and HHD-005, with assays pending for HHD-006, HHD-007 and HHD-008. HHD-001 and HHD-002 were drilled in early winter 2022 for a total of 1,582 metres.

Ivanhoe Electric has been drilling with two rigs at the project over the summer. The current drilling campaign is designed to search for additional silver, gold and copper-rich high-sulphidation epithermal mineralization, which was the focus of these previous mining activities, and to search for potential porphyry copper mineralization located at depth, which may represent the heat and fluid source to this epithermal system.

Ivanhoe Electric's diamond drill hole HHD-005 was collared near the Flathead mine and oriented to test the extent of known mineralization by drilling along the margin of the volcanic pipe to depth. Observations and assay results demonstrate that mineralization is widespread, extending from surface to an over-900-metre depth.

Initial drilling returns encouraging early results with widespread precious and base metal mineralization

Mineralization intersected in HHD-005 is typified by disseminated pyrite typically carrying gold grades of 0.15 to 0.75 gram per tonne, cut by a series of flat-lying 0.05-to-0.5-metre pyrite-sulphosalt veins that carry high-grade silver, copper and other base metal mineralization. This mineralization is interpreted to be outboard to one or more structural feeder zone(s), which may exist laterally to the west or east with potential to contain higher-grade mineralization.

Drilling has been under way with two drill rigs. The drill rigs are currently being exchanged for track-mounted equipment more appropriate for winter conditions. Drilling will continue at the Hog Heaven project with two drill rigs subject to winter conditions, which may necessitate a slowdown in operations. This change in equipment will allow for continued exploration for high-grade feeders and testing porphyry target areas as further assay results and data continue to be received.

Drilling provides increasingly stronger evidence supporting the existence of a deeper porphyry copper system

Mineralization at the Hog Heaven project area is composed of gold-silver-copper-lead-zinc high-sulphidation epithermal replacement, veins and breccia deposits.

One of Ivanhoe Electric's goals, in addition to discovering additional base- and precious-metal-rich high-sulphidation mineralization, is to search for the porphyry copper source believed to be the source of these systems and the deposits that were historically mined.

Diamond drill holes HHD-003, HHD-004 and HHD-005 all intersected increasing copper as a proportion of mineralization with increasing depth. Copper mineralization is dominantly composed of enargite and chalcopyrite, which are approximately 48 per cent and 35 per cent copper by weight, respectively. HHD-004 notably intersected quartz-molybdenite veins at depth. Molybdenite is approximately 59 per cent molybdenum by weight.

Furthermore, copper-molybdenum mineralization was observed as early stockwork veins present within clasts hosted in breccia, which were subsequently mineralized by later gold-silver-copper-lead-zinc-rich fluids. These relationships point to multiple mineralizing events over extended periods of time, reflecting the potential for a robust mineralizing system at depth. Stockwork quartz, chalcopyrite and molybdenite veins are common features of porphyry copper systems globally. These observed geological features support the potential for porphyry copper mineralization at depth at the Hog Heaven project.

Typhoon deployed at the Hog Heaven project to advance the search for deep porphyry sources

In late September, 2023, Ivanhoe Electric deployed Typhoon at the Hog Heaven project site to conduct surface electromagnetic surveys to better map the semi-massive and massive sulphide epithermal mineralization that contains the precious and base metal mineralization down to over 700 metres below surface. Typhoon will continue surface electromagnetic survey loops, which will be followed by additional 3-D induced polarization surveying and the downhole electromagnetics.

Typhoon is Ivanhoe Electric's proprietary electrical geophysical surveying transmitter system. The Typhoon system can detect the presence of sulphide minerals containing copper, nickel, gold and silver (as well as water and oil), and was specifically developed to conduct large surveys and identify deep geophysical anomalies in environments that have highly resistive surface conditions, where potential deposits are hidden by gravel cover and where target depths exceed one kilometre (0.62 mile), considerably deeper than the range of conventional geophysical surveying systems.

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.

Typhoon's ability to identify mineralization at these depths has already been proved in the United States. In November, 2022, Ivanhoe Electric announced that it had identified deep copper mineralization at the Far Southwest anomaly (now known as the Southwest exploration area) at the Santa Cruz project near Casa Grande, Ariz. The anomaly was identified by Typhoon and confirmed by exploration drilling with the exploration hole collared approximately 1,000 metres (0.62 mile) southwest of the nearest drill hole in the Santa Cruz resource area. At 1,059 metres deep (over 3,400 feet) of basin-fill gravel cover, Ivanhoe Electric's drill crossed a fault and entered primary chalcopyrite and pyrite mineralization within intrusive rocks in the anomaly identified by Typhoon.

Ivanhoe Electric is earning into a 75-per-cent interest in the Hog Heaven project

Ivanhoe Electric and Brixton Metals Corp. entered into an earn-in agreement in 2021 covering an area of approximately 24 square kilometres of the Hog Heaven project. Under the earn-in agreement, Ivanhoe Electric may earn an up-to-75-per-cent interest in the Brixton land constituting the Hog Heaven project by making cash payments totalling $4.5-million and incurring an aggregate of $40-million in exploration expenditures by 2032. Ivanhoe Electric will earn an initial 51-per-cent interest by making a total of $4.5-million in cash payments and incurring $15-million in exploration expenditures.

Qualified person

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 Shawn Vandekerkhove, PGeo, who is a qualified person as defined by Regulation S-K, Subpart 1300, promulgated by the U.S. Securities and Exchange Commission, and by Canadian National Instrument 43-101. Mr. Vandekerkhove is an employee of Ivanhoe Electric.

Other technical information

Ivanhoe Electric employs industry standard quality assurance/quality control and data verification protocols. The diamond drill holes were completed using PQ and HQ diameters. The drill core was cut lengthwise into halves using a diamond-bladed saw, with one-half used for the assay sample and the other half retained in core boxes and archived at site. Pulps and rejects are also stored on site for archival purposes. Mineralized zones were generally sampled on two-metre intervals. Each core sample was placed into a bag with a unique numbered sample identification tag. Quality control samples were inserted between core samples using the same numbering sequence. Then samples were grouped into batches for shipping and laboratory submissions. Chain of custody records are maintained for sample shipments, and the custody is transferred from Ivanhoe Electric expeditor to the laboratory upon delivery.

Samples were shipped to ALS Laboratories in Twin Falls, Idaho, for sample preparation and analysis. Samples were analyzed using customary four-acid digestion and ICP-MS finish. A standard gold fire assay package was used to analyze for gold. Silver content was assessed using either HCl leach and ICP-AES finish, or fire assay with gravimetric finish was performed depending on silver values.

A limited amount of core was shipped, logged, cut and sampled at Ivanhoe Electric's Santa Cruz project in Casa Grande, Ariz. Sampling methods were identical at both the Hog Heaven and Santa Cruz locations. Samples were then shipped to ALS Laboratories in Tucson, Ariz., where they were subjected to the same preparation and analytical methods. ALS Minerals Tucson and ALS Minerals Twin Falls are both independent laboratories certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005 by the Standards Council of Canada.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metal exploration projects predominantly located in the United States. Ivanhoe Electric 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. It believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Its 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 metal 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, it intends to support the U.S. supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. It also operates a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden to explore for minerals on approximately 48,500 square kilometres of the underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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