Mr. Robert Friedland reports

IVANHOE ELECTRIC REPORTS BEST COPPER-GOLD-SILVER INTERSECTION TO DATE AT ITS HOG HEAVEN PROJECT IN MONTANA

Ivanhoe Electric Inc. has provided an update on a significant intersection of copper in high-sulphidation epithermal mineralization at the Hog Heaven project, located on private land approximately 50 miles southwest of Kalispell, Mont.

Mr. Friedland commented: "Since our earliest drill holes at Hog Heaven, we have been struck by the widespread sulfide mineralization containing a wide variety of both base and precious metals seen throughout the system. This is the smoke to a potentially special porphyry system. Today's results are a great endorsement of our faith in this special part of the earth's crust. We will continue to drill deep, and around the clock at our Hog Heaven and Tintic projects."

Mr. Melvin commented: "We are pleased to report the positive results seen in recent assays from the ongoing drilling at our Hog Heaven Project on private land in Montana. The high-grade, increasingly copper-rich intercepts at drill hole HHD-014 are the latest evidence of the potential for a significant discovery at Hog Heaven. Mineralization continues to be open in several directions, and we are actively drilling to identify the underlying porphyry source of the high-sulfidation system. We are using the results of our recent TyphoonTM survey at Hog Heaven to guide our exploration drilling activities."

Drill hole HHD-014 intersected several zones of copper, gold and silver-rich mineralization hosted in both the volcanic diatreme and surrounding sediments. Mineralization manifests as both enargite and pyrite in disseminations and diffuse veins within the volcanic rocks. Significant thicknesses of this disseminated and vein-hosted mineralization have been intersected:

• 82 metres at 0.63 per cent copper, 0.32 g/t gold and 37.8 g/t silver from 568 metres;
• This interval includes some exceptional grades, best represented by a series of enargite-pyrite veins at 5.78 per cent copper, 2.2 g/t gold and 264.7 g/t silver over 3.95 metres from 631 metres;
• The highest single assay in this vein zone returned 21.7 per cent copper, 3.94 g/t gold and 510 g/t silver over 1.1 metres from 632 metres.

The single 21.7 per cent copper assay was capped to 10 per cent to avoid overestimation and grade smearing within the reported intervals. If this capping is removed, the 82 metre interval runs 0.79 per cent copper, 0.32 g/t gold and 37.8 g/t silver from 568 metres, and the 3.95 metre vein interval runs 9.13 per cent copper, 2.2 g/t gold and 264.7 g/t silver from 631 metres.

Our drilling at Hog Heaven demonstrates the system has significant scale, and these recent results show an increase in copper-dominated mineralization. The intersection featured in HHD-014 reflects a 500 metre step out to the west of the areas mined at the historical Flathead Mine. Taken together with Ivanhoe Electric drilling beneath the Flathead Mine, the mineralized system now has a strike length of over 800 metres and is open in multiple directions.

The copper-rich intersection in HHD-014 is focused near the margin of the diatreme volcanic pipe with the host sediments, which remains untested along much of its extent, as is evidenced in Figure 1.

Shallower in HHD-014, a significant intersection in the sedimentary rocks outside of the diatreme ran 28 metres at 0.30 per cent copper, 0.59 g/t gold and 69.7 g/t silver from 528 metres. This includes a sulfide cemented breccia containing 0.58 per cent copper, 1.84 g/t gold and 184.3 g/t silver over 5.3 metres from 544 metres. This intersection demonstrates that the sediments outside of the diatreme complex can also host significant mineralization.

Drill hole HHD-014 targeted the area where a corridor of conductive rocks, identified by TyphoonTM, intersects the diatreme margin at the junction of an interpreted north-south structure, which is known to focus mineralization at the nearby Flathead Mine.

Drill program updateDrilling at Hog Heaven continues with one diamond drill rig on HHD-016 to test for porphyry mineralization at depth between drill holes HHD-014 and HHD-010, which both intersected evidence for proximity to a porphyry system. The next phase of drilling, which includes a minimum of three holes over 3,000 metres, is intended to step out widely to test for the transition to a porphyry copper system below and/or adjacent to the high-sulfidation epithermal mineralization.

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, P.Geo, 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.

Other Technical Information

Ivanhoe Electric employs industry standard 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 at 2 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.

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 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

We are a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. We use our accurate and powerful TyphoonTM geophysical surveying system, together with advanced data analytics provided by our subsidiary, Computational Geosciences Inc., to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Our 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 our 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, we intend to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. We also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden to explore for minerals on ~48,500 km2 of underexplored Arabian Shield in the Kingdom of Saudi Arabia. Website: www.ivanhoeelectric.com.

We seek Safe Harbor.