Ivanhoe Electric Makes Final Land Acquisition Payment at the Santa Cruz Copper Project in Arizona Final Payment Clears Way for Initial Mine Construction Activities Subject to Receipt of Permits

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November 19, 2025

Ivanhoe Electric Makes Final Land Acquisition Payment at the Santa

Cruz Copper Project in Arizona

Final Payment Clears Way for Initial Mine Construction Activities

Subject to Receipt of Permits

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 Ivanhoe Electric has accelerated and

completed the final three land acquisition payments, totaling $39.3 million, at the Santa

Cruz Copper Project in Arizona, satisfying all remaining terms of the Purchase and Sale

Agreement with Wolff-Harvard Ventures LLC (refer to Ivanhoe Electric’s May 11, 2023

news release). The promissory note previously issued, and now repaid, required the full

outstanding balance to be paid by Ivanhoe Electric prior to commencement of major

mine construction activities.

Mr. Melvin commented: “Accelerating our final land payments is a key step in the

development of our Santa Cruz Copper Project. With a strong balance sheet and

experienced project team, we are well-positioned to commence initial construction at

Santa Cruz in early 2026 subject to receipt of necessary permits. We remain on track to

achieve our goal of delivering first copper cathode production by late 2028.”

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

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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: www.ivanhoeelectric.com

Contact Information

Mike Patterson

Vice President, Investor Relations and Business Development

Email: [email protected]

Phone: 1-480-601-7878

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

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

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“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:

commencement of initial construction at the Santa Cruz Copper Project in early 2026, receipt

of permits to commence construction at Santa Cruz Copper Project, and the ability to produce

copper cathode by late 2028.

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 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.