Ivanhoe Electric and Ma’aden Joint Venture Commences Drilling Activities in Saudi Arabia Initial Program Testing Chargeability Anomaly Identified by Typhoon™ and Computational Ge osciences’ Inversion Software Typhoon™ Survey Near Ma’aden’s Al Amar Gold-Copper-Zinc Mine

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August 19, 2024

Ivanhoe Electric and Ma’aden Joint Venture Commences Drilling

Activities in Saudi Arabia

Initial Program Testing Chargeability Anomaly Identified by

Typhoon™ and Computational Ge osciences’ Inversion Software

Typhoon™ Survey Near Ma’aden’s Al Amar Gold-Copper-Zinc Mine

Now Exceeds 155 km2

RIYADH, SAUDI ARABIA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American:

IE; TSX: IE) Executive Chairman Robert Friedland, and President and Chief Executive

Officer Taylor Melvin, are pleased to announce the commencement of drilling in Saudi

Arabia by the Joint Venture established between Ivanhoe Electric and Saudi Arabian

Mining Company Ma’aden (“Ma’aden”) (Saudi Stock Exchange Tadawul: 1211).

Ivanhoe Electric’s Founder and Executive Chairman Robert Friedland commented:

“Today’s announcement marks an important milestone for our exploration Joint

Venture with Ma’aden in the Kingdom of Saudi Arabia. We are drilling our first

Typhoon™-identified anomaly in the Al Amar Be lt less than ten months from when our

first machine arrived in Saudi Arabia. We are thankful for the support of our partners at

Ma’aden to achieve such rapid progress in our initial survey. We look forward to

reporting on our results and accelerating our exploration efforts as we work together to

unlock the mineral potential in Saudi Arabia.”

Ivanhoe Electric’s President and Chief Executive Officer Taylor Melvin commented:

“Drilling at Umm Ad Dabah is the culmination of a strong collective effort by our Joint

Venture team and an important step in our exploration process. We have been able to

survey large areas quickly at Al Amar to identify areas for drill testing. With the arrival

of the Joint Venture’s third new generation Typhoon™ machine in September, we will

be expanding and accelerating our exploration efforts.”

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Initial Typhoon™ survey near Ma’aden’s Al Amar Gold-Copper-Zinc Mine covered

155 km2 and identified two chargeability anomalies for drill testing

The initial Typhoon™ survey, which bega n in November 2023, identified two

chargeability anomalies: Umm Ad Dabah and Area B (Figure 1). Current drilling is

focused on Umm Ad Dabah. A second rig is scheduled to begin drilling at Area B later

in August.

At Umm Ad Dabah, Typhoon™ and Computati onal Geosciences’ software have imaged

a chargeability anomaly that begins approximately 200 meters below the surface and

extends to a depth of more than 1,000 meters.

The initial drill program includes eight holes intended to test the anomaly over the next

two months. The first drill hole is planned for a depth of approximately 250 meters to

test the top of the anomaly, with subsequent drill holes planned to test progressively

deeper sections as shown on Figure 2.

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Figure 1. Location of chargeability anomalies from initial Typhoon™ survey.

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Figure 2. Cross-section of the Umm Ad Dabah area with Typhoon™ chargeability and

conductivity anomaly and planned drill holes.

Joint Venture exploration activities to expand into Bir Umq, Wadi Bidah and

platform license applications over the remainder of 2024 and into 2025

The Joint Venture has over 48,500 km2 of exploration licenses and applications in Saudi

Arabia. These areas are in the Al Amar Belt, the Wadi Bidah and Bir Umq Belts, and an

area known as the Carbonate Platform on the eastern boundary of the Arabian Shield

(Figure 3).

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The next survey will start at the ‘Gehab’ prospect in the Wadi Bidah Belt, which is

located between 220 and 270 kilometers southeast of Jeddah. Geological mapping and

sampling work has been undertaken to provide geological and geochemical data ahead

of Typhoon™ survey.

Figure 3. Map of the approximately 48,500 km2 of exploration land available to the Joint

Venture and the location of current and planned exploration activities.

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Photo 1. Joint Venture drill rig in operation at Umm Ad Dabah.

Qualified Persons

Disclosures of a scientific or technical nature included in this news release have been

reviewed, verified and approved by Charles N. Forster, P.Geo., and Mark Gibson,

P.Geo., both who are Qualified Persons 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 Advisor to Ivanhoe Electric and Mr.

Gibson is Chief Geophysics Officer of Ivanhoe Electric.

About Ivanhoe Electric

We are a U.S. company that combines advanced mineral exploration technologies with

electric metals exploration projects predominantly located in the United States. We use

our accurate and powerful Typhoon™ geophysi cal surveying system, together with

advanced data analytics provided by our subsidiary, Computational Geosciences Inc.,

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to accelerate and de-risk the mineral exploration process as we seek to discover 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. Our 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 our 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, we intend to support United States supply chain

independence by finding and delivering the critical metals necessary for the

electrification of the economy. We also operate a 50/50 joint venture with Saudi Arabian

Mining Company Ma’aden to explore for minerals on ~48,500 km2 of underexplored

Arabian Shield in the Kingdom of Saudi Arabia. Website: www.ivanhoeelectric.com.

About Ma’aden

Ma’aden is the largest multi-commodity mining and metals company in the Middle East

and among the fastest-growing mining companies in the world, with revenues of SAR

40.2 billion (US$10.7 billion) in 2022. Ma’aden is developing the mining industry into the

third pillar of the Saudi economy in line with Vision 2030 and aims to be a role model in

responsible and sustainable operations. Ma’aden operates 17 mines and sites, has

6,000+ direct employees and exports products to over 30 countries. Ma’aden is

embarking on massive growth over the next 18 years across phosphate, aluminum,

gold, copper and new minerals. Ma’aden is also Ivanhoe Electric’s second largest

stockholder holding approximately 9.9% of the currently issued common stock.

Website https://www.maaden.com.sa/

Contact Information

Ivanhoe Electric:

Email: [email protected]

Follow us on

Ivanhoe Electric’s Executive Chairman Robert Friedland: @robert_ivanhoe

Ivanhoe Electric: @ivanhoeelectric

Ivanhoe Electric’s investor relations website located at www.ivanhoeelectric.com should be

considered Ivanhoe Electric’s recognized distribution channel for purposes of the Securities

and Exchange Commission’s Regulation FD.

Forward-Looking Statements

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Certain statements in this news release constitute “forward-looking statements” or “forward-

looking information” within the meaning of applicable US 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”

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 regarding the

arrival of Typhoon™ units in Saudi Arabia, the continuation, timing, location and depth of

drilling activities and the number of drill rigs operating in Saudi Arabia, and the timing, location

and results of survey work in Saudi Arabia.

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 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 US 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 the COVID-19 pandemic 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 documents filed 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. 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