Mr. Robert Friedland reports

IVANHOE ELECTRIC AND SAUDI ARABIAN MINING COMPANY MA'ADEN COMMENCE JOINT VENTURE EXPLORATION ACTIVITIES IN SAUDI ARABIA

Ivanhoe Electric Inc. have commenced exploration activities in Saudi Arabia by the 50/50-owned joint venture company established between Ivanhoe Electric and Saudi Arabian mining company Ma'aden. Ma'aden and Ivanhoe Electric established the joint venture to unlock the significant mineral potential in the Kingdom of Saudi Arabia. The joint venture has exclusive access to explore approximately 48,500 square kilometres of underexplored land on the Arabian Shield that Ma'aden will make available to the joint venture.

The joint venture was formally established in July, 2023, and was financed with its initial working capital of approximately $66-million from Ma'aden's initial $127.1-million investment into Ivanhoe Electric common stock. Ma'aden became a 9.9-per-cent shareholder in Ivanhoe Electric and subsequently exercised its top-up right in October, 2023, investing an additional $20.4-million as part of Ivanhoe Electric's September, 2023, follow-on equity offering, maintaining its 9.9-per-cent ownership interest.

Mr. Friedland commented: "It has been a little over a year since we initiated discussions with Ma'aden, resulting in Ma'aden's significant investment in Ivanhoe Electric and the establishment of our Saudi Arabian exploration joint venture in July. Only a few months later, our joint venture commenced the most ambitious metallic minerals exploration program the Kingdom of Saudi Arabia has ever seen. We are deploying Ivanhoe Electric's proprietary Typhoon surveying technology, supported by the combined expertise of our joint exploration and geophysical teams on the ground, to find new sources of critical minerals and support Vision 2030, which aims to position mining as a third pillar of the Saudi Arabian economy. We have a talented team of professionals and the technologies necessary to conduct a transformational exploration program for electric and precious metals in the Kingdom of Saudi Arabia. The potential for future discoveries is extraordinary."

Taylor Melvin, Ivanhoe Electric's chief executive officer, continued: "Commencing exploration activities in Saudi Arabia with our joint venture partner, Ma'aden, is a significant milestone for Ivanhoe Electric and a tremendous achievement by our joint venture team. The initial exploration activities under way at Al Amar are the first steps in an extensive, multiyear mineral exploration campaign across a vast area of underexplored lands in Saudi Arabia. Our team has identified Al Amar, Wadi Bidah and Bir Umq as high-priority targets for our first-year exploration efforts. We are excited to deploy our highly experienced joint venture team of exploration geologists and geophysical professionals, along with Ivanhoe Electric's Typhoon surveying systems to search for new sources of critical and precious minerals required to support the global transition to cleaner energy and Vision 2030."

Overview of the joint venture exploration program in Saudi Arabia

The joint venture will have exclusive access to approximately 48,500 square kilometres of land for exploration in Saudi Arabia. The area comprises a combination of granted exploration licences (EL) and exploration licence applications (ELA). Ma'aden will make available substitute land for exploration by the joint venture if an ELA is not converted to an EL.

Ivanhoe Electric is the operator during the exploration phase. Ma'aden will assume operatorship if an economically viable deposit is found and is designated by the joint venture for further development.

Given the vast amount of land available, the joint venture's technical committee and geological staff conducted an extensive site visit in September, 2023. The purpose of the site visit was to review the land package and prioritize the prospective areas for Typhoon surveys. The technical committee is responsible for supervising the exploration activities of the joint venture, including at this initial land identification stage. Geological, geochemical and airborne geophysical surveys will further guide the deployment of Typhoon. The joint venture will follow surveying activities, with targeted exploration drilling to identify potential mineral resources in areas where Typhoon indicates the presence of geophysical anomalies.

Based on the site visit and review of existing geological data, the technical committee determined to focus the joint venture's initial exploration activities on three exploration licence areas: the Al Amar belt (initially around Ma'aden's existing Al Amar mine), and the Wadi Bidah and Bir Umq belts. The Typhoon survey, now in progress, is on joint venture land that adjoins and encompasses Ma'aden's Al Amar gold and copper mine.

The Al Amar belt

The 24 Al Amar belt exploration licences cover 1,934 square km. The area is considered highly prospective for volcanic massive sulphide (VMS) and epithermal deposit types, with historical drilling intersecting mineralization close to Ma'aden's operating Al Amar gold and copper mine (which is not part of the joint venture). The area comprises steep hills with flat valleys (wadis) providing good access.

The Al Amar area has several known mineral VMS occurrences. There are also known occurrences of zinc, copper, lead, silver and gold.

The exploration licence immediately targeted for initial exploration activities, including the Typhoon survey in progress, is known as Umm Ash Shalahib, which largely surrounds Ma'aden's existing Al Amar mine. Umm Ash Shalahib is approximately eight km south of the Al Amar gold mine and covers 65 square km (the same size as Ivanhoe Electric's Tintic project in Utah) with a number of precious and base metal occurrences reported by Ma'aden. Umm Ash Shalahib has been the subject of 29 shallow historical drill holes, with the best intercept of 10 metres at 1.13 per cent copper (Cu) and 12.9 per cent zinc (Zn). There are several existing walk-up drill targets in the area.

The Al Amar belt exploration licences are considered to have the best overall data package. Historical exploration work was conducted by France's Bureau de Recherches Geologiques et Minieres (BRGM) in 1966, 1972, 1981 and 1992, which included soil sampling and ground geophysics. BRGM's work suggests a deep-rooted feeder that formed polymetallic vein arrays. Ma'aden also completed exploration works between 2010 and 2012, which included airborne geophysical surveys, and additional soil and rock sampling.

Given this work, the initial Typhoon survey to be conducted by the joint venture will be over the entirety of the Umm Ash Shalahib EL and the Al Amar mining licence, with the intention to produce first data inversions by the end of 2023.

The first two Typhoon systems sent to Saudia Arabia will be utilized on the Al Amar belt.

The Wadi Bidah and Bir Umq belts

Wadi Bidah is located between 220 km and 270 km southeast of Jeddah, and about 50 km north of Ma'aden's Al Hijar gold mine (not included in the joint venture). The 18 exploration licences available to the joint venture cover 978 square km. The area has relatively limited data, with its more-challenging topography and local communities impacting both airborne and ground work.

The Bir Umq belt has 15 exploration licences covering approximately 1,229 square km. Extensive recent harrat (basalt) lavas (less than 2,000 years) form a shallow cover over much of the area, with occasional roads and camel tracks providing access. As a result, the area is largely unmapped and unexplored, and, hence, well suited to Typhoon's reconnaissance survey capabilities.

These belts will become the focus of the joint venture's exploration activities in mid-2024. Initial exploration work would include sourcing and reviewing previous BRGM work, and drilling in the areas. Mapping and geochemical sampling would also start at the gossans currently identified at Wadi Bidah.

The third Typhoon system delivered in Saudi Arabia will be deployed at Wadi Bidah, which is expected to occur in the first half of 2024.

Ivanhoe Electric's proprietary Typhoon geophysical survey system active in the Al Amar area

Under the terms of the agreement with Ma'aden, Ivanhoe Electric deployed one of its current Typhoon units to Saudi Arabia. This unit arrived in October, 2023, and is now active at Al Amar.

In addition, Ivanhoe Electric has also made a second existing unit available to the joint venture. This second Typhoon unit will arrive in early December in Saudi Arabia and will be displayed at the Future Minerals Forum in Riyadh in January, 2024, before being deployed to Al Amar.

The joint venture has also purchased three new-generation Typhoon units. The first of these new-generation Typhoon units is expected to be delivered in Q1 2024, with the balance in the first half of 2024. The current units will be withdrawn as the new generation units are deployed in the field by the joint venture.

Typhoon is the brand name for Ivanhoe Electric's proprietary electrical geophysical surveying transmitter, which can survey for the presence of sulphide minerals potentially containing copper, nickel, gold and silver (as well as water and oil).

Typhoon achieves its results through its unique specifications, which include a current output of up to 200 amps and a voltage output of up to 10,000 volts. The transmitter uses switches and capacitance systems, which generate 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, including VMS copper and gold deposits, as well as epithermal gold, and porphyry copper and gold deposits.

The joint venture's deployment of Typhoon is made possible with its contracted partners, including DIAS Geophysical Ltd. of Canada and Saudi seismic services firm ARGAS, whose personnel are being trained in conducting Typhoon surveys.

Qualified persons

Disclosures of a scientific or technical nature included in this news release have been reviewed, verified and approved by Charles N. Forster, PGeo, and Mark Gibson, PGeo, both of whom are qualified persons as defined by Regulation S-K, Subpart 1300, promulgated by the U.S. Securities and Exchange Commission (SEC) and by Canadian National Instrument 43-101. Mr. Forster is a senior adviser to Ivanhoe Electric and Mr. Gibson is chief geophysics officer of Ivanhoe Electric. Historical drill results at the Umm Ash Shalahib prospect have been provided by Ma'aden and not independently verified by the qualified persons.

About Ivanhoe Electric

Ivanhoe Electric is a United States company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the U.S. 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 the company seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivanhoe Electric 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 Ivanhoe Electric's 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, it intends to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy.

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 40.2 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 6,000-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. Ma'aden is also Ivanhoe Electric's second-largest stockholder, holding approximately 9.9 per cent of the currently issued common stock.

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