Mr. Mike Patterson reports

IVANHOE ELECTRIC RECEIVES INDICATION FOR UP TO $825 MILLION IN FINANCING FROM EXPORT-IMPORT BANK OF THE UNITED STATES FOR SANTA CRUZ COPPER PROJECT

Ivanhoe Electric Inc. has received a letter of interest from the Export-Import Bank (EXIM Bank) of the United States outlining the potential to provide up to $825-million in debt financing with a 15-year repayment tenor for the development of Ivanhoe Electric's Santa Cruz copper project in Arizona through EXIM Bank's Make More in America initiative.

EXIM Bank is the official export credit agency of the United States. It is a government agency that offers financial support to companies through means such as direct loans and loan guarantees, working capital guarantees, and export credit insurance. EXIM Bank's Make More in America initiative and its China and Transformational Exports Program are designed to boost United States' competitiveness, strengthen supply chains and reduce strategic vulnerabilities.

The Santa Cruz copper project aligns with the EXIM Bank's Make More in America initiative, which is intended to increase the United States' supply of critical minerals to foster economic growth and strengthen national security through domestic resource production.

Executive chairman Robert Friedland commented: "Receipt of the Export-Import Bank of the United States letter of interest underscores the importance of our Santa Cruz copper project to grow domestic copper production. The United States urgently needs more domestically produced copper to support the rapid expansion and rebuilding of its electric transmission and transportation infrastructure, national defence capabilities, and technologies of the future. Santa Cruz is positioned perfectly to be a source of pure copper cathode to help the United States achieve its strategic mission of greater self-reliance on domestic production of critical metals."

President and chief executive officer Taylor Melvin commented: "We are grateful for this strong show of support by the Export-Import Bank of the United States for the development of our Santa Cruz copper project. The people of the EXIM Bank have devoted significant time to learning about our project and are committed to supporting the growth of U.S. critical metals production. We look forward to working together with the EXIM Bank to advance this significant financing opportunity as we rapidly progress our final engineering and permitting efforts at Santa Cruz towards initial construction in 2026. As an advanced-stage copper project on private land in the United States, 100 per cent owned by a United States company and with the ability to produce pure copper cathode on-site, our Santa Cruz copper project is uniquely positioned to meet rising U.S. demand for domestically sourced copper."

Ivanhoe Electric continues to pursue additional government support programs, including the EXIM Bank's Supply Chain Resilience Initiative and the Section 45X advanced manufacturing production tax credit. The Supply Chain Resilience Initiative provides financing tools to strengthen and diversify U.S. access to critical mineral supply chains while Section 45X offers direct tax incentives for the domestic production and processing of those minerals.

Ivanhoe Electric is assessing EXIM Bank's interest together with other financing alternatives available to it for the development of the Santa Cruz copper project. In the event Ivanhoe Electric proceeds with a formal application, EXIM Bank will need to conduct all requisite due diligence necessary to determine if a final lending commitment would be made. Any final lending commitment will be dependent on meeting EXIM Bank's underwriting criteria, authorization process, and finalization and satisfaction of terms and conditions. All final lending commitments must be in compliance with EXIM Bank policies as well as program, legal and eligibility requirements.

Santa Cruz copper project advancing rapidly toward construction, poised to strengthen U.S. copper supply chain independence

The team at Santa Cruz, which includes Fluor Inc. as project lead, remains on schedule to deliver the Santa Cruz copper project preliminary feasibility study in June, 2025. The preliminary feasibility study will support project financing activities. Permitting and detailed engineering work are being aggressively advanced throughout 2025. Ivanhoe Electric anticipates that permits will be received and initial construction activities will begin in the first half of 2026.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metals 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. In 2024, Ivanhoe Electric also launched an exploration alliance with BHP, the world's largest mining company, to explore for new critical metal deposits across six target areas in the southwestern United States.

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