Mr. Taylor Melvin reports

IVANHOE ELECTRIC AND BHP EXPLORATION ALLIANCE ADVANCE EXPLORATION ACTIVITIES IN THE SOUTHWEST UNITED STATES

Ivanhoe Electric Inc. has provided an update on the activities of the BHP exploration alliance in the southwestern United States.

Executive chairman Robert Friedland commented: "The basin and range province of the southwest U.S. remains one of the most promising frontiers for porphyry exploration. Together with BHP, we have deployed a new-generation Typhoon system to look for potential world-class deposits that are hidden from the surface by younger cover rocks."

President and chief executive officer Taylor Melvin commented: "We are pleased with the rapid progress made by our exploration alliance with BHP and look forward to completing our first Typhoon survey at an area of interest located in Arizona. Our alliance is proving to be an effective platform to pursue exploration opportunities that are well suited for Ivanhoe Electric's exploration technologies, looking deep below the surface for new sources of copper and other critical metals in the southwest U.S."

The alliance is focused on exploring mineral deposits hidden under postmineral cover. It received an initial financing commitment of $15-million from BHP and is operated by Ivanhoe Electric's exploration team (refer to Ivanhoe Electric's May 8, 2024, news release).

The alliance is actively exploring six designated areas of interest within Arizona, New Mexico and Utah. Any joint venture that is agreed to be established within these areas will operate under a 50/50 ownership structure.

The first Typhoon survey of the alliance has commenced, exploring a major porphyry copper trend in Arizona

A new-generation Typhoon unit was mobilized in early December to commence the alliance's first deep-penetrating geophysical survey. The initial Typhoon survey is being completed along a major porphyry copper trend, with a significant production history, and a large endowment of copper in current reserves and resources in the region.

During the first phase of the alliance, exploration teams have been deployed to advance reconnaissance work, geochemical sampling and detailed geological mapping programs across the AOIs in Arizona, New Mexico and Utah. In addition, over 5,600 line kilometres of airborne magnetic surveying and 1,500 line kilometres of hyperspectral surveying have been completed so far.

The results of exploration fieldwork and 3-D inversion of geophysical data were used to inform subsequent land acquisition and Typhoon planning. So far, over 110 square kilometres of unpatented mining claims have been staked across Arizona and New Mexico.

Once the initial survey is complete, the Typhoon results will be processed by Computational Geosciences Inc. The resulting data will then be integrated with other data sets to develop the alliance's first drill targets.

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 Shawn Vandekerkhove, 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 Canadian National Instrument 43-101. Mr. Vandekerkhove is an employee of Ivanhoe Electric.

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. 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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