Phoenix, Arizona--(Newsfile Corp. - August 24, 2026) - Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman Robert Friedland and President and Chief Executive Officer Taylor Melvin are pleased to announce that Ivanhoe Electric has received a Preliminary Project Letter ("PPL") from the Export-Import Bank of the United States ("US EXIM") for potential debt financing of $1.1 billion to support development of Ivanhoe Electric's advanced-stage Santa Cruz Copper Project in Arizona. The PPL is an increase from US EXIM's original $825 million of potential funding support stated in its April 2025 Letter of Interest (refer to Ivanhoe Electric's April 15, 2025, news release).

The PPL marks the completion of US EXIM's preliminary due diligence on the Santa Cruz Copper Project and is a key step in US EXIM's financing process that commenced with the April 2025 Letter of Interest.

Mr. Friedland commented: "Following President Donald J. Trump's supportive announcement at the American Mining Roundtable in Washington on August 7, 2026, we are grateful to receive US EXIM's Preliminary Project Letter in support of our Santa Cruz Copper Project. Our country has entered an extraordinary era of demand growth for copper, which is central to all forms of electricity generation, transmission and consumption as well as advanced manufacturing, artificial intelligence, and our national security. At Santa Cruz, we are building a modern American copper mine capable of producing 99.99% pure copper metal, without a smelting process, to support American industry and supply chain security. We appreciate US EXIM's strong support and will continue to work together as we develop our Santa Cruz Project into America's next major copper producer."

Mr. Melvin commented: "Receiving our PPL from US EXIM is a major milestone in our project financing process, following a period of strong collaboration and due diligence since we received our initial Letter of Interest from US EXIM in April 2025. We appreciate the resources that US EXIM has devoted to our financing process and look forward to working together with the outstanding team at US EXIM towards completion of our debt financing facility."

Ivanhoe Electric applied for debt funding under US EXIM's Make More in America Initiative, which supports qualifying domestic projects to expand U.S. production capacity and strengthen critical domestic supply chains.

The PPL does not constitute a financing commitment, and any financing remains subject to completion of EXIM Bank's review and approval process. The Company is anticipating final US EXIM Board consideration during the spring of 2027.

Updated Santa Cruz Preliminary Feasibility Study Expected in September 2026

Ivanhoe Electric expects to complete the updated Preliminary Feasibility Study for the Santa Cruz Copper Project in September 2026. The updated study will incorporate the plans for underground mine access using the Robbins Crossover XRE tunnel boring machine, manufactured by The Robbins Company of Solon, Ohio, and associated material handling system, together with other engineering and development work completed since publication of the 2025 Preliminary Feasibility Study.

About Ivanhoe Electric

We are a United States-based, technology-driven minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Our wholly owned assets are located in the United States, led by our advanced-stage Santa Cruz Copper Project on private land in Arizona. We operate exploration joint ventures and alliances in Saudi Arabia with Maaden, in Chile with Sociedad Química y Minera de Chile ("SQM"), and in the United States with BHP. We use our powerful Typhoon™ geophysical surveying system, together with advanced data analytics software provided by our subsidiary, Computational Geosciences Inc. ("CGI"), to accelerate and de-risk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals.

We are committed to the establishment of strong relationships with our local communities and the responsible development of our projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage and biodiversity, and minimizing our environmental footprint.

Website: www.ivanhoeelectric.com

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Forward-Looking Statements

Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", "target", "project" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect Ivanhoe Electric's current expectations regarding future events, performance and results and speak only as of the date of this news release.

Such statements in this news release include, without limitation, statements relating to: the timing and amount of any potential financing of the Santa Cruz Copper Project by EXIM Bank; the timing of the EXIM Board's consideration for a final commitment regarding financing; the Company's ability to meet conditions to any financing by EXIM Bank; the anticipated dates of obtaining permits for the operation and construction of the Santa Cruz Copper Project; the completion of the updated Preliminary Feasibility Study for the Santa Cruz Copper Project in September 2026; future growth in demand for and uses of copper; plans and expectations relating to development and production at the Santa Cruz Copper Project; and potential new discoveries of critical metals.

Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including EXIM Bank's completion of its review and approval process; EXIM Bank's commitment to finance the Santa Cruz Copper Project; the ability of the Company to meet conditions required for any EXIM Bank financing; the need for additional financing; changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Electric to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of pandemics and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric's Annual Report on Form 10-K and other disclosures with the U.S. Securities and Exchange Commission.

No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/310961