Mr. Taylor Melvin reports

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

Ivanhoe Electric Inc.'s Robert Friedland, executive chairman, and Taylor Melvin, president and chief executive officer, have released recent drill results from the continuing exploration program at the Hog Heaven project located on private land approximately 50 miles southwest of Kalispell, Mont.

Mr. Melvin commented: "We are encouraged by the recent drill results at our Hog Heaven project in Montana. Our team continues to find widespread mineralization, which appears to remain open in several directions. We believe the data obtained from recent drilling provides evidence of a nearby porphyry source. Additionally, we recently completed a Typhoon geophysical survey over parts of the district. The results of the survey, which we will receive in late February, will assist our team in targeting future exploration efforts."

Hog Heaven exploration drilling continues to intersect broad zones of precious and base metal mineralization

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

The continuing drill program, which began in June, 2023, is designed to search for additional silver-, gold- and copper-rich high-sulphidation epithermal mineralization, which was the focus of historical mining activities. The company's program is also intended to search for porphyry copper mineralization at depth.

Ivanhoe Electric's current exploration drill program at Hog Heaven, as first reported in its October, 2023, news release, has now completed 12 drill holes totalling 10,905 metres. Exploration drilling has stepped out to the west and southwest, where mineralization remains open. One diamond drill rig is currently on site and will operate through the winter, as weather permits. Assays have been received for nine holes, with assays pending for three holes, in addition to HHD-013, which is currently being drilled.

In November, 2023, Ivanhoe Electric conducted a Typhoon geophysical survey covering approximately 10 square kilometres of land, which was designed to cover the core areas of known prospectivity. The company will receive its Typhoon survey results in February.

Drilling results to date expand high-sulphidation mineralization and provide evidence to support the existence of a porphyry deposit

Ivanhoe Electric's drilling around the Flathead mine has intersected precious-and-base metal-bearing high-sulphidation epithermal mineralization over broad zones, generally as intersected in HHD-005, through to HHD-009 (see assay results in the table entitled "Recent drill hole intercepts for the Hog Heaven project"). These results are punctuated by narrow veins and massive sulphides, often with exceptional silver and gold grades, including in hole HHD-007, which returned a one-metre vein containing 2,180 grams per tonne (g/t) silver and 5.16 g/t gold. High-sulphidation mineralization is generally strongest along the permeable margin of a diatreme pipe that cuts the belt supergroup sediments, but is also influenced by latite porphyry intrusions.

Ivanhoe Electric's drilling efforts continue to intersect the geological features commonly associated with porphyry deposits. In addition to observations previously reported in drill holes HHD-003 and HHD-004 (see October, 2023, news release), recent drill hole HHD-010 (assays pending), completed in early December, 2023, intersected an intrusive with numerous fragments of various compositions containing porphyry vein stockwork. At shallower levels, the intrusion itself is altered and mineralized by the high-sulphidation assemblage, as seen at the Flathead mine, but at depth the alteration gives way to higher-temperature white micas, providing an important vector toward higher temperature, potentially copper-rich mineralization below, or laterally.

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 up to a 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 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 Shawn Vandekerkhove, PGeo, who is a qualified person as defined by Regulation S-K, Subpart 1300, promulgated by the United States Securities and Exchange Commission (SEC) 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 (QA/QC) 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 m 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 (inductively coupled plasma mass spectrometry) finish. A standard gold fire assay package was used to analyze for gold. Silver content was assessed using either HCl (hydrochloric acid) leach and ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish or fire assay with gravimetric finish, depending on silver concentrations. ALS Minerals Twin Falls is an independent laboratory 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 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.

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