Mr. Robert Friedland reports

IVANHOE ELECTRIC PROVIDES UPDATE ON ACTIVITIES AT ITS SANTA CRUZ COPPER PROJECT IN ARIZONA

Ivanhoe Electric Inc. has provided an update on continuing infill and exploration drilling and technical work at the Santa Cruz copper project, located west of Casa Grande, Arizona.

Executive chairman Robert Friedland commented: "Our extensive exploration and development drilling programs at the Santa Cruz copper project have yielded very strong results and continue to uncover the full potential of the project. By incorporating sustainable technologies and renewable energy into the upcoming prefeasibility study and leveraging cutting-edge underground material handling methods, we are advancing studies at Santa Cruz for a modern, high-grade, underground copper mine with very low projected carbon dioxide equivalent emissions."

President and chief executive officer Taylor Melvin commented: "The fourth quarter of 2023 was an important time for the advancement of our Santa Cruz copper project in Arizona. We significantly increased our development drilling activity and received substantial assays from recent exploration drilling. In addition to raising our level of confidence in the Santa Cruz and East Ridge mineral resource estimates, recent infill drilling identified a large, high-grade oxide domain in the Santa Cruz deposit. This domain contains higher copper grades and is located in better-quality ground conditions than previously modelled in our 2023 initial assessment. Our ongoing development drilling and test work will support the studies required for our Santa Cruz prefeasibility study, which we expect to complete before the end of Q2 2025. Beyond our development drilling at Santa Cruz and East Ridge, assays from recent stepout exploration at Texaco Ridge identified wide zones of primary sulphide mineralization that could provide future growth for our Santa Cruz project. The combined success of our recent development and exploration drilling programs at Santa Cruz provides us with strong momentum as we enter 2024."

37 development drill holes totalling 25,176 metres have been drilled at the Santa Cruz and East Ridge deposits since the release of the September, 2023, initial assessment

The December, 2022, mineral resource estimate that formed the basis for the September, 2023, initial assessment was modelled from 153,000 metres of drilling in 170 diamond drill holes. Since the effective date of the 2022 mineral resource estimate, Ivanhoe Electric has completed an additional 76 drill holes, totalling 55,964 metres, with 25,176 metres drilled since the September, 2023, Initial assessment.

Drilling activity at Santa Cruz ramped up in Q4 2023, with eight rigs drilling nearly 10,000 metres in November alone.

Infill and technical drilling confirm the presence of a high-grade oxide and chalcocite domain

Recent drilling at Santa Cruz has confirmed the presence of high-grade soluble copper within mineralized oracle granite in an area that was previously classified as an exotic domain within the 2022 mineral resource estimate. The company is referring to this domain as the Verde domain.

The Verde domain has higher grades, better rock mass conditions and lower water flow rates compared with previous modelling. The improved ground characteristics combined with higher copper grades provide upside potential in terms of possible mining method, mining rate and metallurgical recovery compared with what was modelled for this area in the initial assessment. The opportunity to mine the Verde domain in the relatively early years is being studied; this has the potential to accelerate capital payback and boost project economics. The mineralization intersected within the Verde domain in drill hole SCC-125 includes:

• 66 metres at 2.85 per cent total copper from 595 metres, including 56.75 metres at 3.22 per cent total copper from 598 metres;
• High-grade intersections within SCC-125 include 17.05 metres at 4.69 per cent total copper from 602 metres and 11 metres at 4.87 per cent total copper from 626 metres.

Infill drilling designed to support the conversion of indicated resources to probable reserves

The initial assessment is based on 105.2 million tonnes of modelled mill feed from the current indicated and inferred mineral resource with an average grade 1.58 per cent total copper. The goal of the current development drilling program is to increase the quality and confidence of the indicated mineral resource in order to convert a greater portion of resources to probable mineral reserves as part of the prefeasibility study. In 2023, Ivanhoe Electric completed 76 drill holes in support of this conversion effort.

Exploration drilling at Texaco and Texaco Ridge provides encouraging results

The Texaco Ridge exploration area was identified by Ivanhoe Electric's proprietary Typhoon 3-D induced polarization survey in September, 2022. Ivanhoe Electric drilled 10 holes totalling 8,606 metres with a single rig at Texaco Ridge during the first half of 2023. The intention of this drilling was to step out into areas beyond the drilled Texaco deposit that showed high mineralization potential based on Typhoon survey results.

Hole SCC-122 at Texaco Ridge intersected broad primary sulphides with an intercept of 327 metres at 0.81 per cent total copper (from 564 metres), using a 0.39 per cent total copper cut-off. This intercept includes several zones at the same 0.8 per cent total copper cut-off grade as the nearby Texaco mineral resource:

• A chalcocite-enriched zone of 18 metres at 1.65 per cent total copper (from 564 metres);
• A primary sulphide zone of 28 metres at 0.91 per cent total copper (from 604 metres depth);
• A primary sulphide zone of 49 metres at 0.86 per cent total copper (from 682 metres depth);
• A primary sulphide zone of 63 metres at 0.89 per cent total copper (from 797 metres depth).

Stepout drilling to the southwest has intersected high-grade soluble copper that remains open. Drill hole SCC-135 includes several zones of soluble copper mineralization at the same 0.8 per cent total copper cut-off grade as the nearby Texaco mineral resource:

• 12.75 metres at 2.02 per cent total copper (1.97 per cent total soluble copper) from 649 metres depth;
• 6.37 metres at 2.50 per cent total copper (2.48 per cent total soluble copper) from 667 metres depth.

Stepout drilling to the northeast, highlighted by drill hole SCC-133, has intersected a broad intercept of enriched sulphide material containing 67 metres at 0.90 per cent total copper (0.57 per cent total soluble copper) from 615 metres.

SCC-122 and its stepout drill holes have demonstrated that the primary sulphide system remains open in several directions, while drill holes SCC-133 and SCC-135 show the potential for additional soluble copper mineralization.

All Texaco Ridge drill holes lie entirely outside the December, 2022, Texaco resource boundary.

Exploratory drilling at the Texaco deposit area has also demonstrated the potential expansion of the primary sulphide area. Drill hole SCC-144, drilled just outside the edge of the December, 2022, Texaco mineral resource, intersected a thick intercept dominated by primary sulphides, including 191.75 metres at 0.73 per cent total copper (from 619 metres depth) using a 0.39 per cent total copper cut-off. This includes several intercepts at the same 0.8 per cent cut-off grade of the nearby Texaco Resource:

• A soluble zone of 22.36 metres at 0.92 per cent total copper (0.88 per cent soluble copper) from 625 metres depth;
• A primary sulphide zone of 40 metres at 1.09 per cent total copper from 712 metres depth;
• A primary sulphide zone of 13.64 metres at 0.99 per cent total copper from 768.80 metres depth.

SCC-144's position over 300 metres southwest from SCC-019, and outside the Texaco indicated and inferred resources, demonstrates the potential for new zones of high-grade primary sulphide in the Texaco deposit area.

Santa Cruz project prefeasibility study expected by end of Q2 2025

Since completing the initial assessment in September, 2023, work on the Santa Cruz prefeasibility study has commenced and is continuing. This includes infill drilling and supporting technical and trade-off studies which seek to identify opportunities to improve upon the operational and economic results of the September, 2023, initial assessment.

In particular, the company has completed several large-diameter test wells to further assess and refine the hydrogeological model. It is also assessing alternative tailings technology and methodologies seeking to maximize underground tailings storage. Importantly, Ivanhoe Electric is also continuing to assess various programs to support renewable energy technologies aimed at potentially providing 100 per cent of the electricity needs for the project.

Ivanhoe Electric acquires approximately 6,900 acres of exploration permits, bringing the Santa Cruz project mineral rights to over 18,739 acres

The mineral exploration permits are managed by the Arizona State Land Department. The permits are renewable annually in five-year term increments, with subsequent five-year terms available upon application.

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, 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. Kuntz is an employee of Ivanhoe Electric.

Ivanhoe Electric has had 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 Canadian National Instrument 43-101. The reports are available on the company's website, on EDGAR and on the company's SEDAR profile.

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 a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. It 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. The company believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Ivanhoe'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, the company intends to support United States 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 underexplored Arabian Shield in the Kingdom of Saudi Arabia.

We seek Safe Harbor.