Mr. Robert Friedland reports

IVANHOE ELECTRIC PROVIDES UPDATE ON EXPLORATION DRILLING ACTIVITY AT SANTA CRUZ, TINTIC AND HOG HEAVEN PROJECTS

Ivanhoe Electric Inc. has provided a comprehensive update on the continuing exploration activities at its projects located in Arizona, Utah and Montana.

• Recent drilling at the Santa Cruz project in Arizona confirms continuity of high-grade copper mineralization within the Verde Domain;
• Drilling at Tintic intersects widespread porphyry-style sulphide mineralization at Sunbeam exploration area;
• Stepout drilling at Hog Heaven extends mineralization 150 metres to the west of nearest drilling;
• Results of Typhoon geophysical survey at Hog Heaven guiding future drilling plans.

Infill and stepout drilling at the Verde Domain within the Santa Cruz deposit confirms continuity of the Verde Domain and provides encouragement for additional similar discoveries

As first reported in the company's Jan. 8, 2024, news release, infill and technical drilling at Santa Cruz has confirmed the presence of high-grade soluble copper within mineralized oracle granite. The company refers to this area as the Verde Domain.

Drilling within the Verde Domain includes seven drill holes totalling approximately 324 metres. Additional assays have been received from three drill holes, as noted in the first attached table.

The Verde Domain boasts higher copper grades, better rock mass conditions and lower water flow rates compared with previous modelling of the surrounding sediments. The improved ground characteristics combined with higher copper grades provide significant upside potential in terms of possible mining method, mining rate and metallurgical recovery compared with what was modelled for this area in the Santa Cruz initial assessment.

New highlighted assay intercepts at the Verde Domain include:

• Drill hole SCC-150 intersected: 6.43 metres at 5.99 per cent total copper (5.90 per cent total soluble copper) composed of intense atacamite mineralization (from 632.89 metres depth);
• Drill hole SCC-183 intersected: 19.81 metres at 2.64 per cent total copper (2.66 per cent total soluble copper) composed of strong to intense atacamite mineralization (from 641 metres depth);
• Drill hole SCC-186 intersected: 59.26 metres at 2.60 per cent total copper (2.67 per cent total soluble copper) composed of strong to intense atacamite mineralization (from 625 metres depth).

Recent Verde Domain drilling has intersected additional visual mineralization including:

• Drill hole SCC-192: 34 metres (645-679 metres) of strong atacamite mineralization;
• Drill hole SCC-196: 68 metres (613-681 metres) of strong atacamite mineralization.

Assays for the holes 192 and 196 are pending.

Previously released intercepts at the Verde Domain include:

• Drill hole SCC-005 intersected: 57.00 metres at 3.52 per cent total copper (2.77 per cent total soluble copper) composed of strong to intense chrysocolla, atacamite and locally chalcocite mineralization (from 636.00 metres depth);
• Drill hole SCC-125 intersected: 56.60 metres at 3.22 per cent total copper (3.16 per cent total soluble copper) composed of strong to intense atacamite and locally intense chalcocite mineralization (from 598.00 metres depth).

A total of seven drill holes have intersected the Verde Domain. New assays from the three recent drill holes combined with previously reported intercepts, continue to support the high-grade continuity and potential for extension to the northwest and southeast.

Current exploration drilling at the Tintic project in Utah focuses on the source of mineralization of historical mines

Eleven diamond drill holes totalling 11,568 metres have been completed since the commencement of exploration drilling in late 2022. Two rigs were operational throughout the spring and summer of 2023. The company reduced to one rig for the winter months.

Drilling at Sunbeam intersects porphyry system, drilling continues at Mammoth

Drilling in the Silver City area has intersected part of a porphyry system associated with the Sunbeam Typhoon chargeability anomaly in drill hole TTD-016 (assays pending). Abundant sulphide-bearing veins are present from 800 metres to the end of the hole at 1,435 metres. While visible copper mineralization appears low, the features seen in this hole are common on the margins of many large porphyry systems. This is the first hole to have tested the Sunbeam Typhoon anomaly directly, and there is potential to vector toward more copper-rich portions of this large exploration area with future drilling in 2024.

This Sunbeam porphyry system is thought to be part of the source of mineralization in the Silver City area and separate from the source of mineralization at Mammoth and Grand Central.

Exploration drilling over the winter has moved to test below the Mammoth mine, where a vertical copper- and gold-rich breccia pipe was mined from the 1870s to the 1930s and produced significant high-grade ore. The deposit may extend below the water table, where historical mining stopped, but mineralization is believed to continue, as described in the company's September, 2022, news release. The goal of the company's drilling efforts, beginning with TTD-017, is to intersect this mineralization at depth, and provides support for a potential porphyry source in the Mammoth area.

Typhoon results and additional assays received from the Hog Heaven project, Montana

Drilling at Hog Heaven, with one rig, continues to step out in search of the porphyry copper source. The drilling continues to intersect high sulphidation epithermal style mineralization while this search continues, steadily expanding the footprint of this system.

HHD-012 intersected 157 metres of high sulphidation epithermal mineralization approximately 150 metres to the southwest of the nearest hole (HHD-010). This intercept is of a similar grade and quality to that seen in previously reported holes, and demonstrates that the Hog Heaven epithermal system has growth potential to the west of the Flathead mine.

HHD-012 intersected:

• 156.88 metres at 0.34 gram per tonne Au (gold), 18.77 g/t Ag (silver), 0.09 per cent Cu (copper), 0.24 per cent Pb (lead) and 0.22 per cent Zn (zinc) (from 282.12 metres);
• Including 49.92 metres at 0.40 g/t Au, 29.51 g/t Ag, 0.11 per cent Cu, 0.40 per cent Pb and 0.22 per cent Zn (from 282.12 metres).

Drill hole HHD-012 has been successful in opening a large new area prospective for additional shallow high sulphidation epithermal mineralization and the underlying porphyry source. Mineralization intersected by HHD-012 remains open in multiple directions and to depth.

One rig remains in operation through the winter where drilling will focus to the west to determine how far the system extends. Drill hole HHD-014, currently under way, has intersected additional high sulphidation epithermal mineralization and alteration an additional 250 metres to the west.

In November, 2023, the company conducted a Typhoon geophysical survey covering approximately 10 square kilometres of land, which was designed to cover the core areas of known prospectivity. The Typhoon data, as inverted by CGI, has extended the depth of investigation compared with prior surveys, and given greater confidence in deep targets. A review of these results and target prioritization is under way.

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 (Santa Cruz), and Shawn Vandekerkhove, PGeo (Tintic and Hog Heaven), each of whom is a qualified persons as defined by Regulation S-K, Subpart 1300, promulgated by the United States' Securities and Exchange Commission and by Canadian National Instrument 43-101. Both Mr. Kuntz and Mr. Vandekerkhove are employees of Ivanhoe Electric.

Other technical information

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.

Ivanhoe Electric employs industry-standard QA/QC (quality assurance/quality control) and data verification protocols at the Tintic and Hog Heaven projects. The diamond drill holes were completed using PQ, HQ and NQ 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.

Tintic core samples were shipped to ALS Laboratories in Twin Falls, Idaho, and ALS Laboratories in Elko, Nev., for sample preparation and analysis. Hog Heaven core 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 gold. Silver content was assessed using either HCl leach and ICP-AES finish or fire assay with gravimetric finish depending on silver concentrations. ALS Minerals Twin Falls and ALS Laboratories in Elko, Nev., 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 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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