Ivanhoe Electric and Saudi Arabian Mining Company Ma’aden Commence Joint Venture Exploration Activities in Saudi Arabia Ma’aden and Ivanhoe Electric Formed a 50/50 Joint Venture Earlier this Year to Explore for Copper, Gold, Silver and other Electric

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November 29, 2023

Ivanhoe Electric and Saudi Arabian Mining Company Ma’aden

Commence Joint Venture Exploration Activities in Saudi Arabia

Ma’aden and Ivanhoe Electric Formed a 50/50 Joint Venture Earlier

this Year to Explore for Copper, Gold, Silver and other Electric

Metals over ~48,500 km2 of Underexplored Arabian Shield

Current Exploration Activities are Focused on the Al Amar

Exploration Licenses Around Ma’aden’s Al Amar Mine

The Joint Venture’s First TyphoonTM Survey is Underway at Al Amar

Subsequent Exploration Efforts in 2024 and 2025 will Target the

Wadi Bidah and Bir Umq Belts

PHOENIX, ARIZONA – 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 that exploration activities have

commenced in Saudi Arabia by the 50/50-owned joint venture company (the “Joint

Venture”) established between Ivanhoe Electric and Saudi Arabian Mining Company

Ma’aden (“Ma’aden”) (Saudi Stock Exchange Tadawul: 1211). Ma’aden and Ivanhoe

Electric established the Joint Venture to unlock the significant mineral potential in the

Kingdom of Saudi Arabia. The Joint Venture has exclusive access to explore

approximately 48,500 km2 of underexplored land on the Arabian Shield that Ma’aden will

make available to the Joint Venture.

The Joint Venture was formally established in July 2023 and was funded with its initial

working capital of approximately $66 million from Ma’aden’s initial $127.1 million

investment into Ivanhoe Electric common stock. Ma’aden became a 9.9% shareholder in

Ivanhoe Electric and subsequently exercised its top-up right in October 2023, investing

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an additional $20.4 million as part of Ivanhoe Electric’s September 2023 follow-on equity

offering, maintaining its 9.9% ownership interest.

Mr. Friedland commented: “It has been a little over a year since we initiated discussions

with Ma’aden, resulting in Ma’aden’s significant investment in Ivanhoe Electric and the

establishment of our Saudi Arabian exploration Joint Venture in July. Only a few

months later, our Joint Venture commenced the most ambitious metallic minerals

exploration program the Kingdom of Saudi Arabia has ever seen. We are deploying

Ivanhoe Electric’s proprietary Typhoon™ surveying technology, supported by the

combined expertise of our joint exploration and geophysical teams on the ground, to

find new sources of critical minerals and support Vision 2030, which aims to position

mining as a third pillar of the Saudi Arabian economy. We have a talented team of

professionals and the technologies necessary to conduct a transformational

exploration program for electric and precious metals in the Kingdom of Saudi Arabia.

The potential for future discoveries is extraordinary.”

Ivanhoe Electric’s Chief Executive Officer Taylor Melvin continued, “Commencing

exploration activities in Saudi Arabia with our Joint Venture partner, Ma’aden, is a

significant milestone for Ivanhoe Electric and a tremendous achievement by our Joint

Venture team. The initial exploration activities underway at Al Amar are the first steps in

an extensive, multi-year mineral exploration campaign across a vast area of

underexplored lands in Saudi Arabia. Our team has identified Al Amar, Wadi Bidah and

Bir Umq as high priority targets for our first-year exploration efforts. We are excited to

deploy our highly experienced Joint Venture team of exploration geologists and

geophysical professionals along with Ivanhoe Electric’s Typhoon™ surveying systems

to search for new sources of critical and precious minerals required to support the

global transition to cleaner energy and Vision 2030.”

Overview of the Joint Venture Exploration Program in Saudi Arabia

The Joint Venture will have exclusive access to approximately 48,500 km2 of land for

exploration in Saudi Arabia. The area comprises a combination of granted exploration

licenses (EL) and exploration license applications (ELA), which are shown in Figure 1.

Ma’aden will make available substitute land for exploration by the Joint Venture if an

ELA is not converted to an EL.

Ivanhoe Electric is the operator during the exploration phase. Ma’aden will assume

operatorship if an economically viable deposit is found and is designated by the Joint

Venture for further development.

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Figure 1. Map of 48,500 km2 of exploration land available to the Joint Venture

showing the current Exploration Licenses and Exploration License Applications

available.

Given the vast amount of land available, the Joint Venture’s Technical Committee and

geological staff conducted an extensive site visit in September 2023. The purpose of the

site visit was to review the land package and prioritize the prospective areas for

Typhoon™ surveys. The Technical Committee is responsible for supervising the

exploration activities of the Joint Venture, including at this initial land identification

stage. Geological, geochemical and airborne geophysical surveys will further guide the

deployment of Typhoon™. The Joint Venture will follow surveying activities with

targeted exploration drilling to identify potential mineral resources in areas where

Typhoon™ indicates the presence of geophysical anomalies.

Based on the site visit and review of existing geological data, the Technical Committee

determined to focus the Joint Venture’s initial exploration activities on three exploration

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license areas: the Al Amar Belt (initially around Ma’aden’s existing Al Amar Mine), and

the Wadi Bidah and Bir Umq Belts. The Typhoon™ survey, now in progress, is on Joint

Venture land that adjoins and encompasses Ma’aden’s Al Amar gold and copper mine.

The Al Amar Belt

The twenty-four Al Amar Belt exploration licenses cover 1,934 km2. The area is

considered highly prospective for Volcanic Massive Sulfide (VMS) and epithermal

deposit types with historical drilling intersecting mineralization close to Ma’aden’s

operating Al Amar gold and copper mine (which is not part of the Joint Venture). The

area comprises steep hills with flat valleys (wadis) providing good access.

The Al Amar area has several known mineral VMS occurrences. There are also known

occurrences of zinc, copper, lead, silver and gold.

Typhoon™ crew working at the Al Amar Belt, Saudi Arabia.

The exploration license immediately targeted for initial exploration activities, including

the Typhoon™ survey in progress, is known as Umm Ash Shalahib (identified in green

below), which largely surrounds Ma’aden’s existing Al Amar mine (identified in yellow

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below). Umm Ash Shalahib is approximately 8 km south of the Al Amar gold mine and

covers 65 km2 (the same size as Ivanhoe Electric’s Tintic Project in Utah) with a number

of precious and base metal occurrences reported by Ma’aden. Umm Ash Shalahib has

been the subject of 29 shallow historical drill holes with the best intercept of 10m at

1.13% Cu and 12.9% Zn. There are several existing walk-up drill targets in the area.

Figure 2. Umm Ash Shalahib EL Surrounding the Al Amar Mine.

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The Al Amar Belt exploration licenses are considered to have the best overall data

package. Historical exploration work was conducted by France’s Bureau de Recherches

Géologiques et Minières (BRGM) in 1966, 1972, 1981 and 1992, which included soil

sampling and ground geophysics. BRGM’s work suggests a deep-rooted feeder that

formed polymetallic vein arrays. Ma’aden also completed exploration works between

2010 and 2012, which included airborne geophysical surveys and additional soil and

rock sampling.

Given this work, the initial Typhoon™ survey to be conducted by the Joint Venture will

be over the entirety of the Umm Ash Shalahib EL and the Al Amar mining license with

the intention to produce first data inversions by the end of 2023.

The first two Typhoon™ systems sent to Saudia Arabia will be utilized on the Al Amar

Belt.

The Wadi Bidah and Bir Umq Belts

Wadi Bidah is located between 220 km and 270 km southeast of Jeddah and about 50

km north of Ma’aden’s Al Hijar gold mine (not included in the Joint Venture). The

eighteen exploration licenses available to the Joint Venture cover 978 km2. The area has

relatively limited data with its more challenging topography and local communities

impacting both airborne and groundwork.

The Bir Umq Belt has fifteen exploration licenses covering approximately 1,229 km2.

Extensive recent harrat (basalt) lavas (<2,000 years) form a shallow cover over much of

the area, with occasional roads and camel tracks providing access. As a result, the area

is largely unmapped and unexplored and hence well suited to Typhoon’s

reconnaissance survey capabilities.

These belts will become the focus of the Joint Venture’s exploration activities in mid-

2024. Initial exploration work would include sourcing and reviewing previous BRGM

work and drilling in the areas. Mapping and geochemical sampling would also start at

the gossans currently identified at Wadi Bidah.

The third Typhoon™ system delivered in Saudi Arabia will be deployed at Wadi Bidah,

which is expected to occur in the first half of 2024.

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Ivanhoe Electric’s Charlie Forster, P.Geo. and Senior Advisor to Ivanhoe Electric

at the Bir Umq Belt.

Ivanhoe Electric’s Proprietary Typhoon™ Geophysical Survey System

Active in the Al Amar Area

Under the terms of the agreement with Ma’aden, Ivanhoe Electric deployed one of its

current Typhoon™ units to Saudi Arabia. This unit arrived in October 2023 and is now

active at Al Amar.

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The first Typhoon™ unit arriving in Saudi Arabia.

In addition, Ivanhoe Electric has also made a second existing unit available to the Joint

Venture. This second Typhoon™ unit will arrive in early December in Saudi Arabia and

will be displayed at the Future Minerals Forum in Riyadh in January 2024 before being

deployed to Al Amar.

The Joint Venture has also purchased three new generation Typhoon™ units. The first

of these new generation Typhoon™ units is expected to be delivered in Q1 2024, with

the balance in the first half of 2024. The current units will be withdrawn as the new

generation units are deployed in the field by the Joint Venture.

Typhoon™ is the brand name for Ivanhoe Electric’s proprietary electrical geophysical

surveying transmitter, which can survey for the presence of sulfide minerals potentially

containing copper, nickel, gold and silver (as well as water and oil).

Typhoon™ achieves its results through its unique specifications, which include a

current output of up to 200 amps and a voltage output of up to 10,000 volts. The

transmitter uses switches and capacitance systems, which generate a very pure and

stable transmitted signal, resulting in an extremely high signal-to-noise ratio.