Mr. Taylor Melvin reports

IVANHOE ELECTRIC AND MAADEN ADD 1,345 SQUARE KILOMETERS OF NEW EXPLORATION LICENSES TO STRENGTHEN EXPLORATION PIPELINE IN SAUDI ARABIAN JOINT VENTURE

Saudi Arabian mining company Maaden has made available an additional 1,345 square kilometres of exploration licences to Ivanhoe Electric Inc.'s 50/50 joint venture with Maaden.

The Musayna'ah licences demonstrate a significant footprint of iron oxide copper/gold-type alteration and mineralization. The Mahd area licences are adjacent to Maaden's Mahd Ad Dhahab gold mine, and host shallow gold mineralization with the potential for precious and base metal mineralization beneath the limits of shallow historical drilling.

Executive chairman Robert Friedland commented: "The Kingdom of Saudi Arabia has now become one of the most prospective and active frontiers for mineral exploration anywhere on the planet. That is a result of its dynamic leadership and its vision 2030, which looks to make mining a key pillar of the Saudi economy through creating extraordinary opportunities to explore for critical metals in one of the most underexplored, yet richly endowed, geological terrains on Earth. We are proud to be at the forefront of this opportunity with our joint venture partner, Maaden. Together with Maaden, we have already explored hundreds of square kilometres of ground with our powerful Typhoon geophysical surveying technology. We are thrilled that Maaden is today making available to our joint venture further prospective lands as we work together with our talented teams of professionals to unlock the vast mineral potential in Saudi Arabia."

President and chief executive officer Taylor Melvin commented: "Maaden's contribution of new, prospective exploration licences to our joint venture is a testament to their confidence in our technology-driven exploration platform, and our joint venture's success in efficiently deploying that technology across large areas in Saudi Arabia. Our joint venture's team of experienced geologists and geophysicists is actively surveying new areas in the Arabian Shield, rapidly converting data into drill-ready targets. The addition of these new exploration licences enhances our outlook for future discoveries."

The Musayna'ah licences, totalling 946 square kilometres, encompass an area exhibiting the characteristics and widespread mineralization and alteration assemblages typical of IOCG deposits. Exploration work by Maaden has defined several large areas of highly anomalous copper-in-soil geochemistry, where earlier exploration drilling intersected widespread low-grade copper mineralization and localized higher-grade domains associated with structures. Only a small portion of the approximately seven-kilometre-long main anomalous footprint has been explored.

The La Huf, Mahd and Baara exploration licences (the Mahd area licences) comprise 399 square kilometres adjacent to Maaden's Mahd Ad Dhahab gold mine, known as the cradle of gold, and which has been in production for over 3,000 years. Historical exploration by Maaden included shallow drilling primarily aimed at defining near-surface gold deposits, which intersected gold mineralization with associated copper and zinc. The licences are prospective for additional precious and base metal mineralization beneath the limits of shallow historical drilling.

Multiple Typhoon units are active across the Arabian Shield with 4,000 metres of additional drilling planned for the rest of 2025.

To date in 2025, the joint venture has completed approximately 510 square kilometres of geophysical surveys using Ivanhoe Electric's advanced Typhoon system and drilled four holes totalling approximately 2,100 metres across the Al Amar belt. Drilling at Al Amar hit narrow intervals of low- to high-grade base and precious metal mineralization associated with Typhoon-identified anomalies at depths of up to one kilometre.

For the balance of 2025, the joint venture currently plans continuous Typhoon surveying at the Wadi Bidah and Musayna'ah licences, with the Mahd area licences already having received the first 31 square kilometres of Typhoon surveying at La Huf licence. This surveying is in addition to continuing geological work, geochemical sampling, ground gravity and ground magnetic surveying.

Detailed planning is under way for a drill program of up to 4,000 metres at the Wadi Bidah area, where fieldwork and Typhoon surveys have identified a multikilometre trend prospective for volcanic-hosted-massive-sulphide-type mineralization.

Qualified person

Disclosures of a scientific or technical nature included in this news release have been reviewed, verified and approved by Charles N. Forster, 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. Forster is a senior adviser to Ivanhoe Electric.

About Ivanhoe Electric Inc.

The company is a United States-domiciled mineral 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. It uses its powerful Typhoon geophysical surveying system, together with advanced data analytics provided by its 94.3-per-cent-owned 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, cobalt, platinum group elements, gold and silver. Through the advancement of its portfolio of critical metal exploration projects, headlined by the Santa Cruz copper project in Arizona, it 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 kilometres of the underexplored Arabian Shield in Saudi Arabia. Finally, in 2024, it established an exploration alliance with BHP Mineral Resources Inc., a subsidiary of BHP Group Ltd., to search for critical minerals in the United States.

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