Mr. Robert Friedland reports

IVANHOE ELECTRIC ON-TRACK TO DELIVER SANTA CRUZ COPPER PROJECT PRELIMINARY FEASIBILITY STUDY IN Q2 2025

Ivanhoe Electric Inc. has provided an update on the continuing progress at the company's Santa Cruz copper project in Arizona.

President and chief executive officer Taylor Melvin commented: "We are encouraged by the ongoing progress at our Santa Cruz copper project. Our preliminary feasibility study remains on track and on budget for completion in the second quarter of 2025. We are pleased to have received approval by the City of Casa Grande for our general plan amendment, and we look forward to submitting key permit applications in early 2025."

The Santa Cruz copper project preliminary feasibility study will define an underground mining operation supported by a mine plan and an updated mineral resource and reserve estimate

Ivanhoe's preliminary feasibility study (PFS) is being conducted under the standards of U.S. Regulation S-K 1300. The study will include a detailed mine plan that will be supported by an updated mineral resource and reserve estimate resulting from the company's infill drilling and test work activities. The study will be used by Ivanhoe Electric to make an investment decision and pursue long-term project financing.

The Santa Cruz copper project preliminary feasibility study is now 50 per cent complete, with several significant milestones achieved, and on track for completion in Q2 2025:

• 120,000 metres of new drilling completed since December, 2022, mineral resource estimate (MRE) to support preliminary feasibility study;
• Significant advancements in metallurgy, mine engineering, processing, tailings trade-off studies and mine access planning;
• Studies focused on process design and optimization, power, water management, and environmental/permitting are continuing.

Metallurgical studies, conducted by Blue Coast Research Ltd. of British Columbia, Canada, showing high copper recoveries and presence of recoverable precious metal byproducts:

• Up to 98-per-cent recoveries of acid-soluble copper for production of copper cathode;
• Up to 92-per-cent recoveries of flotable copper to produce high-grade copper concentrate;
• Expected to produce a high-grade copper concentrate grading up to 51 per cent copper by weight and high-purity copper cathode meeting London Metal Exchange Grade A standards;
• Identified recoverable precious metal byproducts expected to average two grams per tonne gold and 145.9 g/t silver in the high-grade copper concentrate.

Permitting milestone achieved and major permits in preparation for submittal

In June, 2024, Ivanhoe Electric received approval from the City of Casa Grande for the major general plan amendment for the Santa Cruz copper project, a major milestone for the project. The City of Casa Grande Council unanimously approved amending nearly 3,000 acres of land use designation from neighbourhoods to manufacturing/industry. Key permitting applications are being prepared for submittal in the first half of 2025 in connection with the PFS.

Infill drilling at Santa Cruz deposit demonstrates presence of high-grade domains within the mineral resource estimate

The development drill program at the Santa Cruz copper project included drill holes completed to support metallurgical studies, resource definition and infill, hydrogeology, and geotechnical studies, all of which support the PFS. Infill drill holes were completed to support the conversion of resources from the inferred category to the higher-confidence indicated category.

Infill drill hole SCC-234, completed in the Santa Cruz deposit, intersected higher-than-expected copper grades, with mineralization present as strong chalcocite, atacamite and chrysocolla in bedrock Oracle granite; and porphyry as disseminations, veins and fracture fillings.

Assays from the recently completed development drill program continue to be received and will be added to an updated MRE to support the PFS delivery in Q2 2025. Recent intercepts include:

• 99.4 metres of 2.39 per cent total copper from 738.0 metres, including 46.1 metres of 3.99 per cent total copper from 755.9 metres (hole SCC-234);
• 140.1 metres of 1.56 per cent total copper from 753.4 metres, including 29.0 metres of 2.92 per cent total copper from 799.0 metres (hole SCC-228);
• 101.9 metres of 1.65 per cent total copper from 678.1 metres, including 17.6 metres of 2.37 per cent total copper from 702.7 metres (hole SCC-232);
• 70.2 metres of 1.44 per cent total copper from 551.0 metres and 115.8 metres of 1.12 per cent total copper from 630.2 metres (hole SCC-219A).

Highlighted drill intercepts not previously disclosed from the Santa Cruz copper project (refer to the Santa Cruz drill results page on Ivanhoe Electric's website for further details of all reported drill holes).

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 1300, promulgated by the U.S. Securities and Exchange Commission and by National Instrument 43-101. Mr. Kuntz is an employee of Ivanhoe Electric.

Ivanhoe Electric had prepared an independent technical report summary for the Santa Cruz project prepared under SEC Regulation S-K, Subpart 1300, and an independent technical report prepared under NI 43-101. The reports are available on the company's website, on EDGAR and on the company's SEDAR+ profile:

• "Mineral Resource Estimate Update and S-K 1300 Technical Report Summary for the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA," written by Nordmin Engineering Ltd. and Met Engineering LLC; current to Dec. 31, 2022, and dated Feb. 14, 2023;
• "Mineral Resource Estimate Update and NI 43-101 Technical Report for the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA," prepared by Nordmin and Met Engineering with an effective date of Dec. 31, 2022, and an issue date of March 14, 2023.

The technical report summary and technical report include relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Santa Cruz project, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metal exploration projects predominantly located in the United States. Ivanhoe Electric 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 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 copper project in Arizona and the Tintic copper-gold project in Utah as well as other exploration projects in the United States, Ivanhoe Electric intends to support U.S. supply chain independence by finding and delivering the 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 the Kingdom of Saudi Arabia.

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