Mr. Taylor Melvin reports

IVANHOE ELECTRIC SECURES 100% OWNERSHIP OF MINERAL RIGHTS AT ITS SANTA CRUZ COPPER PROJECT WITH FINAL OPTION PAYMENT

Ivanhoe Electric Inc., through its wholly owned subsidiary Mesa Cobre Holding Corp., has completed the final $10-million (U.S.) payment to exercise its option to acquire 100-per-cent ownership of the mineral rights at the Santa Cruz copper project in Arizona. Following this transaction, Ivanhoe Electric now owns 100 per cent of the mineral and surface rights for the Santa Cruz copper project.

Taylor Melvin, Ivanhoe Electric's president and chief executive officer, commented: "Completing our option agreement and securing 100-per-cent ownership of the mineral rights at our Santa Cruz copper project in Arizona is an important milestone for our company. We have now completed the consolidation of surface and mineral rights ownership at one of the largest and highest-grade undeveloped copper resources in the United States that is located entirely on private land."

Qualified person

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, who is a qualified person as defined by Regulation S-K, Subpart 1,300, promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Kuntz is an employee of Ivanhoe Electric.

About Ivanhoe Electric Inc.

It is a U.S. company that combines advanced mineral exploration technologies with electric metal 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. It believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Its 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 metal 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, it intends to support U.S. 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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