Ivanhoe Electric Provides Update on Drilling Programs Underway at its U.S. Electric Metals Exploration Projects

Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to provide an update on current exploration activities at the Company's U.S. electric metals exploration projects.

Ivanhoe Electric's experienced exploration teams are operating eight diamond drill rigs at its projects:

In addition to exploration drilling, Ivanhoe Electric recently completed a three-dimensional induced polarization geophysical survey, using our proprietary Typhoon™ technology, over 25 square kilometers at the White Hill Copper Project in western Nevada.

Mr. Friedland commented: "The amount of exploration activity underway at our US projects is impressive. Our team of talented and experienced geologists and geophysics specialists have been hard at work this summer and will remain so well into the fall. We look forward to providing additional updates on our progress as we advance our important exploration activities in the United States."

Mr. Melvin commented: "It is exciting to see our experienced exploration teams simultaneously advancing multiple projects in the United States. We are combining the talents of our teams with our proprietary TyphoonTM geophysical surveying technology to search for the next generation of electric metals supply. In addition to work on our robust exploration portfolio, we are finalizing the Initial Assessment for our Santa Cruz Copper Project in Arizona. We continue to expect that study to be complete by the end of Q3 2023."

Exploration Programs Underway at Multiple U.S. Electric Metals Projects

Santa Cruz Drill Core Being Inspected by Arron Jergensen, Exploration Manager - Santa Cruz (foreground left), Nansen Olson, Ph.D., Senior Geologist (foreground right) and other members of the Geology Team (July 2023)

Ongoing Exploration Drilling at Tintic in Utah Tests the Typhoon-Identified Geophysical Anomalies

At Tintic, our exploration program is focused on identifying porphyry, skarn and carbonate replacement-type mineralization, potentially containing copper, gold, silver and other critical metals.

Ivanhoe Electric's exploration efforts have been guided by the three large-scale geophysical anomalies identified by our 72 square kilometer three-dimensional induced polarization survey completed using Typhoon™.

The current drill program is testing new areas of the historic Main Tintic Mining District that have yet to be explored by modern exploration techniques and will look for the potential porphyry copper-gold systems that may have been the source (or sources) to the significant past-producing silver-gold-copper-lead-zinc mines.

The drill program at Tintic is being conducted on Ivanhoe Electric's private patented mining claims, located near the towns of Eureka and Mammoth, Utah, and 40 miles south of Rio Tinto's Bingham Canyon Porphyry Copper-Gold Mine.