Mr. Robert Friedland reports

IVANHOE ELECTRIC SUBSIDIARY CORDOBA MINERALS CORP. SIGNS DEFINITIVE AGREEMENT TO SELL REMAINING 50% STAKE IN ALACRAN COPPER PROJECT IN COLOMBIA

Ivanhoe Electric Inc.'s 63-per-cent-owned subsidiary, Cordoba Minerals Corp., has signed a definitive framework agreement for the sale of the remaining 50 per cent of the Alacran copper project to a consortium of investors, including JCHX Mining Management Co. Ltd., a 19.8-per-cent shareholder of Cordoba, for $88-million (U.S.) in cash on closing, $12-million (U.S.) in a deferred payment and up to $28-million (U.S.) in a contingent payment. JCHX acquired its initial 50 per cent of the Alacran copper project in May, 2023, for total cash consideration of $100-million (U.S.) (refer to Ivanhoe Electric's May 8, 2023, news release).

Ivanhoe Electric president and chief executive officer Taylor Melvin commented: "Today's announcement is an excellent outcome for Cordoba and all of its shareholders. Upon closing, JCHX and its consortium partners will be in a strong position to finance and advance the development of the Alacran copper project. This transaction will be an important milestone for Ivanhoe Electric towards the monetization of our long-term investment in the Alacran copper project. Proceeds received from the transaction will be used to support our U.S.-based projects and other exploration initiatives."

The agreement was signed on May 8, 2025. Ivanhoe Electric has completed an 8-K filing of the agreement with the U.S. Securities and Exchange Commission.

A consortium, including JCHX, will acquire the remaining 50-per-cent ownership in the Alacran copper project for total cash consideration of up to $128-million (U.S.).

The transaction will be completed through the sale of two of Cordoba's indirect, wholly owned subsidiaries, Minerales Cordoba SAS and Exploradora Cordoba SAS, to Veritas Resources AG, an entity that currently holds the other 50-per-cent interest in the Alacran copper project.

Terms of the transaction include:

1. Initial cash payment of $88-million (U.S.) payable by the consortium upon closing;
2. Deferred cash payment of $12-million (U.S.) on the earlier of:
   1. Commencement of commercial production at the Alacran copper project;
   2. Or 36 months from the closing date;
3. A potential contingent cash payment based on the prevailing copper price at the time of commercial production at the Alacran copper project:
   1. $8-million (U.S.) if the copper price is between $12,000 (U.S.) and $13,000 (U.S.) per tonne;
   2. Or $28-million (U.S.) if the copper price is greater than $13,000 (U.S.) per tonne.

After retaining a $5-million (U.S.) working capital reserve, the payment of taxes, fees and other costs associated with negotiating and closing the transaction, and after settling all outstanding liabilities and obligations, it is estimated that approximately $65-million (U.S.) to $70-million (U.S.) in cash will be available for distribution to Cordoba shareholders, of which Ivanhoe Electric's share would be over $40-million (U.S.).

It is a requirement of the agreement that the transaction is completed by Dec. 31, 2025. Closing of the transaction is subject to certain conditions, including, but not limited to:

1. Approval by the TSX Venture Exchange;
2. Approval by Cordoba shareholders at a special meeting of shareholders held in or around August, 2025, but in no event later than Sept. 15, 2025;
3. Approval of the environmental impact assessment for the Alacran copper project by Colombia's Autoridad Nacional de Licencias Ambientales.

Following the closing of the transaction, Cordoba will continue to be a publicly listed company on the TSX-V with its 51-per-cent-owned Perseverance copper project, located in Arizona. Cordoba can earn up to 80-per-cent interest in the Perseverance copper project by completing a total of $14.2-million in exploration expenditures by April, 2026. In addition, Cordoba will search for business development opportunities. Ivanhoe Electric will continue to hold the majority of the company's shares.

The disclosure of the transactions in this press release is necessarily of a summary nature and is qualified by text of the agreement itself, which will be filed with the U.S. Securities and Exchange Commission.

About Cordoba Minerals Corp.

Cordoba Minerals is a publicly traded copper-gold developer with high-potential projects in underexplored, world-class porphyry copper belts. Cordoba has a management team with a demonstrated record of acquiring, exploring and developing mineral projects in the Americas and around the world and the strong financial and technical backing of cornerstone investors, Ivanhoe Electric and JCHX. Cordoba trades on the TSX-V under the symbol CDB and on the OTCQB exchange under the symbol CDBMF.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S.-domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States. Ivanhoe Electric seeks to support American supply chain independence by finding and delivering the critical metals necessary for electrification of the economy, with a focus on copper. Ivanhoe Electric uses its accurate and powerful Typhoon geophysical surveying system, together with advanced data analytics provided by its 94.3-per-cent-owned subsidiary, Computational Geosciences Inc. (CGI), to accelerate and derisk the mineral exploration process as Ivanhoe Electric seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivanhoe Electric believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Ivanhoe Electric'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 the company's portfolio of electric metals exploration projects, headlined by the Santa Cruz project in Arizona as well as other exploration projects in the United States, Ivanhoe Electric intends to support the United States' supply chain independence by finding and delivering critical metals necessary for the electrification of the economy. Ivanhoe Electric 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 Saudi Arabia.

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