Ivanhoe Electric Inc. provided this update following the completion of the first full quarter of exploration activities in Saudi Arabia by 50/50-owned joint venture company (the "Joint Venture") established between Ivanhoe Electric and Saudi Arabian Mining Company Ma'aden ("Ma'aden"). Initial Typhoon? survey on the Umm Ash Shalahib Exploration License near the Al Amar Gold-Copper-Zinc Mine was successfully completed and identified promising anomalies for drill testing: The Joint Venture's initial Typhoon?

survey commenced in late November 2023 and was completed in March 2024. The survey covered 76 km2 of the Umm Ash Shalahib exploration license which largely surrounds Ma'aden's Al Amar Gold-Copper-Zinc mine (which is not part of the Joint Venture). Ivanhoe Electric's subsidiary, Computational Sciences Inc. ("CGI"), utilized its latest inversion software to produce three-dimensional subsurface images that extend to depths of up to 1 km below ground surface.

CGI's proprietary software technology includes complex algorithmic codes and artificial intelligence tools that are used to process geophysical data generated by Typhoon?. CGI is uniquely capable of rapidly processing and interpreting the large volumes of data created by Typhoon? surveys.

CGI's inversion of the chargeability and conductivity data produced by Typhoon? across the entirety of the exploration license has ultimately yielded two high priority drill targets. Earlier survey results disclosed in news release dated January 9, 2024 had identified three high priority targets south of the Al Amar mine.

However, subsequent verification work and Typhoon? results has now refined those drill targets to ?Area B' and ?Umm Ad Dabah'. The first high priority area is called ?Area B', an area previously explored by France's Bureau de Recherches Géologiques et Minières ("BRGM") in the 1970s.

The BRGM identified several areas at surface with geological alteration and mineralization, including Area B. Typhoon? survey results correlate very closely with the previous work but extend and expand the results to greater depth, providing an attractive target for follow-up drilling. Area B is an area that also features ancient artisanal vein mining for gold at surface, attesting to the presence of historical near-surface mineralization.

The second high priority area is called ?Umm Ad Dabah', which is located to the north of the Umm Ash Shalahib exploration license at the northern limit of the recently completed survey grid. Previous mapping and drilling by the BRGM in the 1980s had identified an area showing Volcanogenic Massive Sulfide ("VMS") mineralization in their drill holes. The Typhoon?

survey results show these as both conductivity and chargeability anomalies extending to the northeast and southwest of the surface outcrop and historic drill holes. The altered zone is about 360 m long and consists of very intense epidote-chlorite-actinolite alteration with disseminated iron oxide boxworks, presumably after pyrite.Copper oxides are locally observed in fractures and rock cleavage at surface. Drilling of these two high priority targets is expected to commence before the end of May 2024.

As the survey at Umm Ash Shalahib encompassed the Al Amar Gold-Copper-Zinc Mine site, identification of on-mine or near-mine geological targets is also a priority. As a result, a joint interpretation team has been assigned from the Al Amar mine geology team, Ma'aden, and Ivanhoe Electric to help guide this interpretation. Typhoon?

survey work has now moved to the Al Amar Exploration License 11 which is to the immediate north of Umm Ad Dabah and was chosen because the Umm Ad Dabah geophysical anomalies trend onto this license. In addition, while initial exploration activities have focused on the Al Amar Belt, early exploration work will start in the second quarter at the ?Gehab' prospect in the Wadi Bidah Belt area located between 220 km and 270 km southeast of Jeddah. Gehab was identified as an outcropping gossan related to the surface exposure of VMS by the BRGM in their work in the 1970s.

Limited drilling was completed but was not expanded beyond the limited surface expression. Gehab is a high priority for Typhoon? survey work once the first new generation Typhoon?

unit arrives in Saudi Arabia. Ahead of that, geological mapping and sampling work will start in the second quarter to provide geological and geochemical data for incorporation into the Typhoon? model that will potentially provide significant down dip and strike extension of known surface mineralized exposures.

As the subsequent new generation Typhoon? units arrive in Saudi Arabia, they will be deployed to the other high priority areas in the Al Amar Belt where satellite imagery and historical work has identified surface alteration potentially associated with mineralization. The Joint Venture purchased three new generation Typhoon?

units, the first of which completed acceptance testing at the manufacturing facility in Toulouse, France in March 2024, and is currently en route to Saudi Arabia. The next two new generation units will be completed in the first half of 2024. In the interim, the Joint Venture is currently utilizing two Typhoon?

units owned by Ivanhoe Electric.