IE.TO · 2024-04-02 12:00:00

Ivanhoe Electric Reports Best Copper-Gold-Silver Intersection To Date at Its Hog Heaven Project in Montana Drill Hole HHD-014 Intersects 82 Meters Containing 0.63% Copper, 0.32 g/t Gold and 37.8 g/t Silver from 568 Meters

Drill Results

April 2, 2024

Ivanhoe Electric Reports Best Copper-Gold-Silver Intersection

To Date at Its Hog Heaven Project in Montana

Drill Hole HHD-014 Intersects 82 Meters Containing

0.63% Copper, 0.32 g/t Gold and 37.8 g/t Silver from 568 Meters

High-Grade Vein Zone Includes 3.95 Meters Containing 5.78%

Copper, 2.2 g/t Gold and 264.7 g/t Silver

Mineralization in Drill Hole HHD-014 Intersected over 500 Meters

West of Flathead Mine, and Remains Open in Several Directions

Drilling To Date Demonstrated the High-Sulfidation Epithermal

Mineralization has a Strike Length of at least 800 Meters

Around the Northern Edge of the Flathead Diatreme

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 a significant intersection of copper in

high-sulfidation epithermal mineralization at the Hog Heaven Project located on private

land approximately 50 miles southwest of Kalispell, Montana.

Mr. Friedland commented: "Since our earliest drill holes at Hog Heaven, we have been

struck by the widespread sulfide mineralization containing a wide variety of both base

and precious metals seen throughout the system. This is the smoke to a potentially

special porphyry system. Today’s results are a great endorsement of our faith in this

special part of the earth’s crust. We will continue to drill deep, and around the clock at

our Hog Heaven and Tintic projects.”

Mr. Melvin commented: “We are pleased to report the positive results seen in recent

assays from the ongoing drilling at our Hog Heaven Project on private land in Montana.

The high-grade, increasingly copper-rich intercepts at drill hole HHD-014 are the latest

evidence of the potential for a significant discovery at Hog Heaven. Mineralization

continues to be open in several directions, and we are actively drilling to identify the

underlying porphyry source of the high-sulfidation system. We are using the results of

our recent TyphoonTM survey at Hog Heaven to guide our exploration drilling activities.”

Drill hole HHD-014 intersected several zones of copper, gold and silver-rich

mineralization hosted in both the volcanic diatreme and surrounding sediments.

Mineralization manifests as both enargite and pyrite in disseminations and diffuse veins

within the volcanic rocks. Significant thicknesses of this disseminated and vein-hosted

mineralization have been intersected:

• 82 meters at 0.63% copper, 0.32 g/t gold and 37.8 g/t silver from 568 meters;

• This interval includes some exceptional grades, best represented by a series of

enargite-pyrite veins at 5.78% copper, 2.2 g/t gold and 264.7 g/t silver over 3.95

meters from 631 meters;

• The highest single assay in this vein zone returned 21.7% copper, 3.94 g/t gold

and 510 g/t silver over 1.1 meters from 632 meters.

The single 21.7% copper assay was capped to 10% to avoid overestimation and grade

smearing within the reported intervals. If this capping is removed, the 82 meter interval

runs 0.79% copper, 0.32 g/t gold and 37.8 g/t silver from 568 meters, and the 3.95 meter

vein interval runs 9.13% copper, 2.2 g/t gold and 264.7 g/t silver from 631 meters.

Our drilling at Hog Heaven demonstrates the system has significant scale, and these

recent results show an increase in copper-dominated mineralization. The intersection

featured in HHD-014 reflects a 500 meter step out to the west of the areas mined at the

historical Flathead Mine. Taken together with Ivanhoe Electric drilling beneath the

Flathead Mine, the mineralized system now has a strike length of over 800 meters and is

open in multiple directions.

The copper-rich intersection in HHD-014 is focused near the margin of the diatreme

volcanic pipe with the host sediments, which remains untested along much of its extent,

as is evidenced in Figure 1.

Shallower in HHD-014, a significant intersection in the sedimentary rocks outside of the

diatreme ran 28 meters at 0.30% copper, 0.59 g/t gold and 69.7 g/t silver from 528

meters. This includes a sulfide cemented breccia containing 0.58% copper, 1.84 g/t gold

and 184.3 g/t silver over 5.3 meters from 544 meters. This intersection demonstrates

that the sediments outside of the diatreme complex can also host significant

mineralization.

Drill hole HHD-014 targeted the area where a corridor of conductive rocks, identified by

TyphoonTM, intersects the diatreme margin at the junction of an interpreted north-south

structure, which is known to focus mineralization at the nearby Flathead Mine.

Photo 1: HHD-014 at 632.07 meters, massive enargite-pyrite infill and

replacement. Enargite (black) is a copper sulfosalt normally containing 48%

copper by weight and the dominant copper-bearing mineral species at several

world-class high-sulfidation epithermal deposits, such as Lepanto in the

Philippines.

Photo 2: HHD-014 544.35 meters, a pyrite-enargite cemented breccia with

fragments of sedimentary rock in a matrix of massive sulfide. The specimen

shows replacement textures of the sedimentary rock fragments.

Figure 1: Hog Heaven plan map showing Ivanhoe Electric drill hole locations,

historical mine workings, historical drilling, and the interpreted margin of the

diatreme complex.

Figure 2: East-west cross section from the Flathead Mine to HHD-014 to the west.

The intersection in HHD-014 extends mineralization over 500 meters west of the

Flathead Mine, demonstrating a system that is currently greater than 800 meters

in strike length and open in multiple directions.

Drill program update

Drilling at Hog Heaven continues with one diamond drill rig on HHD-016 to test for

porphyry mineralization at depth between drill holes HHD-014 and HHD-010, which both

intersected evidence for proximity to a porphyry system. The next phase of drilling,

which includes a minimum of three holes over 3,000 meters, is intended to step out

widely to test for the transition to a porphyry copper system below and/or adjacent to

the high-sulfidation epithermal mineralization.

Table 1: Recent drill hole intercepts for the Hog Heaven Project (refer to Hog

Heaven Drill Results on Ivanhoe Electric’s website for complete details of all

reported drill holes).

DRILL FROM TO INTERVAL CuEq* AuEq* Au Ag Cu Pb Zn

HOLE (M) (M) LENGTH (%) (g/t) (g/t) (g/t) (%) (%) (%)

(M)

HHD-010 219.20 296.00 76.80 0.66 1.05 0.22 18.63 0.03 0.53 0.61

Including 260.70 278.00 17.30 1.12 1.71 0.37 41.38 0.13 0.74 0.67

And 396.00 416.00 20.00 0.69 1.06 0.38 37.02 0.03 0.10 0.21

And 513.80 589.39 75.59 0.68 1.03 0.52 22.50 0.10 0.06 0.08

And 647.00 770.00 123.00 0.35 0.53 0.16 7.22 0.13 0.07 0.10

HHD-011 241.00 451.00 210.00 0.59 0.90 0.49 17.37 0.05 0.12 0.14

Including 407.00 435.00 28.00 1.05 1.60 0.97 32.95 0.08 0.12 0.06

HHD-012 282.12 439.00 156.88 0.61 0.93 0.34 18.77 0.09 0.24 0.22

Including 282.12 330.04 49.92 0.85 1.30 0.40 29.52 0.11 0.40 0.42

HHD-013 Assays Pending

HHD-014 528.00 556.00 28.00 1.34 2.05 0.59 69.70 0.30 0.06 0.14

Including 544.00 549.25 5.25 3.48 5.31 1.84 184.31 0.58 0.19 0.19

And 568.00 650.00 82.00 1.22 1.87 0.32 37.76 0.63 0.06 0.15

Uncapped 568.00 650.00 82.00 - - 0.32 37.76 0.79 0.06 0.15

Including 630.55 646.30 15.75 3.40 5.18 0.72 97.06 1.97 0.10 0.28

Including 630.55 634.50 3.95 9.65 14.73 5.78 264.73 2.20 0.13 0.36

Uncapped 630.55 634.50 3.95 - - 5.78 264.73 9.13 0.13 0.36

Including 631.55 632.68 1.13 17.24 26.31 3.94 519.00 21.70 0.24 0.67

*The following long term metal prices were used: 3.80$/lb Cu, 1,707$/oz Au, 22.42$/oz Ag, 0.93$/lb Pb, and 1.19$/lb Zn.

*The specific formula used to report CuEq (%) is Cu% + ((0.655098368532259) * Au(g/t)) + ((0.00860416501017281) * Ag(g/t)) +

(0.244736842105263) * Pb (%)) + ((0.313157894736842) * Zn (%))

**The specific formula used to report AuEq (g/t) is Au(g/t) + ((1.52648830776436) * Cu (%)) + ((0.013134157286104) * Ag(g/t)) +

((0.373417847087258) * Pb (%)) + ((0.478031065946989) * Zn (%))

*Flat recoveries of 100% were used for the purposes of metal equivalency calculations.

*Intervals were derived on a AuEq basis with a cutoff of 0.25g/t AuEq

*Maximum internal dilution of 5 meters was applied

*Copper assays were capped to 10% for the purposes of interval calculations

*These are not true widths

Photo 3: Geologist, Renata Smoke, collecting hyperspectral readings of drill core

at the Hog Heaven Project, Montana.

Photo 4: Exploration team inspecting core samples at the Hog Heaven Project,

Montana.

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