Mr. Robert Friedland reports

IVANHOE ELECTRIC AND SAUDI ARABIAN MINING COMPANY MA'ADEN RECEIVE INITIAL RESULTS FROM THE FIRST TYPHOON SURVEY IN SAUDI ARABIA

Ivanhoe Electric Inc. executive chairman Robert Friedland and president and chief executive officer Taylor Melvin have released results from the initial Typhoon survey conducted in Saudi Arabia by the 50/50 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.

Mr. Friedland commented: "We are thrilled today to announce these initial results from our ongoing Typhoon survey in Saudi Arabia. Our joint team is deploying Ivanhoe Electric's Typhoon surveying technology and utilizing our Computational Geosciences imaging software to accelerate the exploration process in Saudi Arabia. Our team generated these initial results in just over two months. We have identified three prospective anomalies for follow-up drill testing on the most prospective areas of this survey, which are south of Ma'aden's Al Amar gold-copper-zinc mine. Developing drill targets this quickly is possible because of the combination of our talented exploration team and Ivanhoe Electric's disruptive, proprietary technologies. We are just getting started in the kingdom."

Mr. Melvin commented: "It's a great accomplishment for our joint venture to identify drill targets so quickly after commencing surveying activities at the Al Amar belt. These initial results demonstrate the powerful exploration platform of Ivanhoe Electric's Typhoon surveying system and Computational Geosciences' imaging software. Typhoon's high-voltage specifications are ideal for the resistive rock cover at the Umm Ash Shalahib exploration licence. CGI's machine learning-based software rapidly generated clear chargeability and resistivity data sets that allowed our geological team to start data interpretation and identification of drill targets. The initial results at Umm Ash Shalahib are a testament to Typhoon and CGI's capabilities and the work of the joint venture's exploration team. We look forward to completing our survey and drilling these attractive initial targets."

Initial Typhoon survey yields three prospective chargeability anomalies for subsequent drill testing

The 24 exploration licences that make up the Al Amar belt cover 1,934 square km.

The Al Amar belt is considered highly prospective for volcanic massive sulphide (VMS) and epithermal deposit types with historical work identifying zinc, copper, lead, silver and gold mineralization.

The Arabian shield is more broadly considered highly prospective for both VMS and epithermal styles of mineralization. A notable VMS deposit in the Arabian shield is the Jabal Sayid copper mine operated as a joint venture between Barrick Gold Corp. and Ma'aden that produced 68,492 tonnes of copper in 2022. Ma'aden's Mahd Ad Dhahab Cradle of Gold gold mine is an example of an epithermal deposit on the shield that has been mined since preIslamic times.

As disclosed in the news release on Nov. 29, 2023, the joint venture commenced exploration activities at the Umm Ash Shalahib exploration licence, which largely surrounds Ma'aden's existing Al Amar gold-copper-zinc mine (which is not part of the joint venture). The area comprises steep hills with flat valleys (wadis) providing good access. To date, over 25 square km of the exploration licence area has been surveyed by Typhoon and will continue over the entirety of the 65 square km exploration licence area. The survey of the entire exploration licence is expected to be fully completed by the end of March, 2024.

As the operator during the exploration phase, Ivanhoe Electric is well under way with Typhoon surveying starting at the south of the exploration licence and moving north.

These results have been prepared by Ivanhoe Electric's subsidiary Computational Geosciences Inc. (CGI), which use propriety software and machine learning tools to rapidly invert the raw data produced by Typhoon into geophysical results for interpretation. The data processing and artificial intelligence software developed by CGI complements the company's Typhoon technology and represents the only software product that can efficiently process the full spectrum of geophysical data produced by Typhoon.

These initial results show three zones of interesting chargeability approximately 200 metres below surface:

• The eastern anomaly has a very good correlation with a zone of mineralization historically identified at surface. Based on the government regional geological map, the area is also shown to be underlain by the same volcanic rocks that host the historic mineralization.
• The southern anomaly is also adjacent to an area immediately to the west that was historically trenched and drilled in the 1970s by the Bureau de Recherches Geologiques et Minieres (BRGM), the French state geological survey group, and more recently in 2017 and 2018 by Ma'aden. Both BRGM and Ma'aden report intervals of zinc mineralization of 7.5 metres to 15 metres of 6.2 per cent zinc and 7.7 per cent zinc, respectively, and an interval of 31.5 metres at 2.98 per cent copper. Geological mapping and sampling of trenches have been initiated by the joint venture as well as compiling the historical drill and trench results. Further work is required to assist in this structural interpretation.
• The western anomaly appears to be along the stratigraphic trend from the southern anomaly and is completely unmapped.

The chargeability zones to the southwest are likely caused by wadi fill to the west and a band of serpentinite mapped on the regional geological map and are not expected to represent sulphide mineralization that normally causes chargeability anomalies.

None of these anomalies have been drill tested by the joint venture. This work will follow the interpretation process.

Typhoon sees what other technologies cannot

Typhoon is the brand name for Ivanhoe Electric's proprietary electrical geophysical surveying transmitter, which can survey for the presence of sulfide minerals potentially containing copper, nickel, gold and silver.

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 was developed specifically 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 frequently 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 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 is currently utilizing an existing Typhoon unit from Ivanhoe Electric. In addition, Ivanhoe Electric has also made a second existing unit available to the joint venture. This second Typhoon unit will be displayed at the Future Minerals Forum in Riyadh on Jan. 10 to Jan. 11, 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 units in use will be withdrawn as the new generation units are deployed in the field by the joint venture.

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 who are qualified persons 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. Forster is a senior adviser to Ivanhoe Electric and Mr. Gibson is chief geophysics officer of Ivanhoe Electric. Historical drill results provided by Ma'aden and BRGM have not been independently verified by the qualified persons.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a United States 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, 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.

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