Mr. Robert Friedland reports

IVANHOE ELECTRIC MAKES FINAL LAND ACQUISITION PAYMENT AT THE SANTA CRUZ COPPER PROJECT IN ARIZONA

Ivanhoe Electric Inc. has accelerated and completed the final three land acquisition payments, totalling $39.3-million, at the Santa Cruz copper project in Arizona, satisfying all remaining terms of the purchase and sale agreement with Wolff-Harvard Ventures LLC (refer to Ivanhoe Electric's May 11, 2023, news release). The promissory note previously issued, and now repaid, required the full outstanding balance to be paid by Ivanhoe Electric prior to commencement of major mine construction activities.

President and chief executive officer Taylor Melvin commented: "Accelerating our final land payments is a key step in the development of our Santa Cruz copper project. With a strong balance sheet and experienced project team, we are well positioned to commence initial construction at Santa Cruz in early 2026 subject to receipt of necessary permits. We remain on track to achieve our goal of delivering first copper cathode production by late 2028."

About Ivanhoe Electric Inc.

The company is a U.S. domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States. It seeks to support American supply chain independence by finding and delivering copper and other critical metals vital to advanced manufacturing, infrastructure development, technology and national security. The company uses its 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 it seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. It believes the U.S. 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, cobalt, platinum group elements, gold and silver. Through the advancement of its portfolio of critical metals exploration projects, headlined by the Santa Cruz copper project in Arizona, the company intends to contribute to domestic supply by developing resources that support industrial and strategic sectors. It also operates a 50/50 joint venture with Saudi Arabian Mining Company (Maaden) to explore for minerals on approximately 48,500 square kilometres (km) of underexplored Arabian Shield in Saudi Arabia. Finally, in 2024, the company established an exploration alliance with BHP Mineral Resources Inc., a subsidiary of BHP Group Ltd., to search for critical minerals in the U.S.

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