Ivanhoe Electric Closes $200 Million Bank Credit Facility to Support Santa Cruz Copper Project Development Facility Strengthens Liquidity Ahead of Long-Term Project Financing and Construction Activities in 2026

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December 15, 2025

Ivanhoe Electric Closes $200 Million Bank Credit Facility to

Support Santa Cruz Copper Project Development

Facility Strengthens Liquidity Ahead of Long-Term Project

Financing and Construction Activities in 2026

PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric” or the “Company”)

(NYSE American: IE; TSX: IE) Executive Chairman Robert Friedland and President

and Chief Executive Officer Taylor Melvin are pleased to announce that Ivanhoe

Electric’s wholly-owned subsidiary, Mesa Cobre Holding Corporation, has closed

its previously announced senior secured multi-draw bridge facility of $200 million

(the “Bridge Facility”) (refer to Ivanhoe Electric’s November 13, 2025 news

release). The Banking Syndicate is composed of National Bank of Canada, BMO

Capital Markets, and Societe Generale as Joint-Lead Arrangers.

The Bridge Facility is a significant milestone in Ivanhoe Electric’s long-term

financing strategy for the Santa Cruz Copper Project in Arizona. It provides near-

term balance sheet strength during ongoing project financing discussions as well

as funding for the start of major construction activities at the Santa Cruz Copper

Project in 2026. The facility complements ongoing discussions related to the

broader project financing plan, which includes the potential for project-level

minority equity investment and long-term project debt. On April 15, 2025, Ivanhoe

Electric received a Letter of Interest from the U.S. Export-Import Bank (“EXIM”)

for $825 million of project debt (refer to Ivanhoe Electric’s April 15, 2025 news

release). The full application for funding from EXIM is in process. Ivanhoe Electric

expects to complete the project financing process for the Santa Cruz Copper

Project in mid-2026.

Summary of Key Terms of the Bridge Facility

• $200 million senior secured multi-draw bridge facility

• Two-year maturity term, with a single repayment at maturity

• Three-month Secured Overnight Financing Rate plus a margin of 5.0%,

increasing by 0.5% on each of the 6th, 12th, and 18th month following the

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closing date; the borrowing rate on drawn amounts as at the date of this

news release would be approximately 8.7%

• Customary arrangement fee and commitment fees on undrawn amounts

• Secured by Ivanhoe Electric’s private land holdings and certain physical

assets associated with the Santa Cruz Copper Project

Endeavour Financial acted as financial advisor to Ivanhoe Electric on this

transaction and has been engaged to secure project financing for the

construction of the Santa Cruz Copper Project. Allen Overy Shearman Sterling US

LLP acted as legal counsel to the Company with support from Dorsey & Whitney

LLP in Arizona.

About Ivanhoe Electric

We are a United States domiciled minerals exploration company with a focus on

developing mines from mineral deposits principally located in the United States.

We seek 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. We use our

powerful Typhoon™ geophysical surveying system, together with advanced data

analytics provided by our 94.3% owned subsidiary, Computational Geosciences

Inc. (“CGI”), 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, cobalt, platinum group elements, gold and silver. Through the

advancement of our portfolio of critical metals exploration projects, headlined by

the Santa Cruz Copper Project in Arizona, we intend to contribute to domestic

supply by developing resources that support industrial and strategic sectors. We

also operate a 50/50 joint venture with Saudi Arabian Mining Company

("Maaden") to explore for minerals on ~48,500 km2 of underexplored Arabian

Shield in Saudi Arabia. Finally, in 2024, we established an exploration alliance

with BHP Mineral Resources Inc. (“BHP”), a subsidiary of BHP Group Limited, to

search for critical minerals in the United States.

Website: ivanhoeelectric.com

Contact Information

Mike Patterson

Vice President, Investor Relations and Business Development

Email: [email protected]

Phone: 1-480-601-7878

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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

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 related to:

execution of definitive documentation on the terms currently contemplated for the Bridge

Facility; satisfaction of closing conditions and the closing of the Bridge Facility in

December 2025; satisfaction of drawdown requirements for draw of funds; the

anticipated timing of the initial and subsequent drawdowns of the Bridge Facility; the

obtaining of any other financing for the Santa Cruz Copper Project including from

strategic and/or financial investors, project debt, and asset-level minority interest

partners; the completion of the EXIM project financing process and anticipated timing;

and the development of the Santa Cruz Copper Project.

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

the inability to secure other sources of project financing or deliver on other aspects of

the broader project financing plan; the inability to satisfy drawdown requirements or

other requirements for the draw of funds under the Bridge Facility; changes in the prices

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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 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 filed 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.