Mr. Taylor Melvin reports

IVANHOE ELECTRIC ANNOUNCES APPLICATION OF LATEST COMPUTATIONAL GEOSCIENCES INC. SOFTWARE AT TINTIC COPPER-GOLD-SILVER PROJECT IN UTAH

Ivanhoe Electric Inc. and its subsidiary, Computational Geosciences Inc. (CGI), have provided an update on CGI's proprietary software applications used to interpret Typhoon data. CGI continually improves its proprietary algorithms, leveraging advanced machine learning data processing technologies, to deliver higher-quality Typhoon geophysical inversion models with quicker turnaround times. Ivanhoe Electric owns 94 per cent of CGI.

Taylor Melvin, president and chief executive officer, commented: "We believe Computational Geosciences has the mining industry's most powerful machine learning software application available. CGI's proprietary algorithms are capable of analyzing the massive amounts of data generated by our ground-based Typhoon geophysical surveying system. We are excited to apply the same cutting-edge version of CGI's software at Tintic that we are currently using in Saudi Arabia and at our other more recent American exploration projects. CGI's latest software improvements allow us to analyze more data, more quickly, and generate clearer models to guide future discovery. We are now beginning to test the refined targets around the historically productive Mammoth copper-gold-silver mine at Tintic, Utah, with directional drilling equipment."

CGI's latest software tools improves processing of Typhoon data

Through continuous research and development, CGI's innovations harnesses the power of machine learning algorithms to improve data processing capacity, processing times and to enhance the signal-to-noise ratio of input data through improved data utilization. This effort has led to faster inversion model delivery times and improved three-dimensional inversion models. CGI continues to lead the transformation of geophysical data processing and three-dimensional inversion.

Updated Typhoon inversion modelling improves processing time, validates exploration targets and supports continued mineral exploration

CGI recently reprocessed the 2019 Tintic Typhoon data, delivering an updated three-dimensional model that validated Ivanhoe Electric's current exploration strategy by ratifying existing target areas and identifying new anomalies for further investigation. The new inversion shows an additional chargeable and conductive response that is associated with the deepest levels of the Mammoth and Grand Central mines, and extends to depth. Ivanhoe Electric is actively exploring the Deep Mammoth area with diamond drilling.

CGI's latest processing technologies are being applied at Ivanhoe Electric's 50/50 joint venture with Ma'aden in Saudi Arabia, and at Ivanhoe Electric's other surveys in the United States. Typhoon data from the Umm Ash Shalahib exploration licences as announced Jan. 9, 2024, identified three chargeability anomalies that correlate very well with known geology and mineralization, representing high-priority targets.

In the United States, Ivanhoe Electric recently conducted an approximately 10-square-kilometre Typhoon survey at its Hog Heaven project in Montana, announced Febl. 22, 2024. CGI completed the inversion utilizing its advanced machine learning algorithms. Continuing exploration drilling continues to intersect high-sulphidation epithermal precious-metals-rich polymetallic mineralization relating to Typhoon anomalies. The updated inversion model validates Ivanhoe Electric's past exploration results and presents new targets for subsequent follow-up.

Ivanhoe Electric will be holding regular site tours throughout the spring and summer months, please contact its senior vice-president of exploration, Graham Boyd, to arrange.

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 U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Vandekerkhove is an employee of Ivanhoe Electric.

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, 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 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 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, Ivanhoe 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 km of underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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