Ivanhoe Electric : March 2024 PDAC 2024

NYSE/TSX: IE

PDAC March 3 - 6, 2024

Ivanhoe Electric - US Electric Metals Exploration Company with Significant Technology Platform

Advancing the high-grade underground Santa Cruz Copper Project in Arizona

Proprietary exploration and energy storage technologies

Experienced exploration team focused on portfolio of US electric metals projects

Operator of 50-50 exploration joint venture with Saudi Arabian Mining Company, Ma'aden, on expansive underexplored lands on the Arabian Shield

Strong balance sheet provides liquidity to advance portfolio of high-quality projects

Founded by Executive Chairman, Robert Friedland

Experienced executive management team

Well-positioned to benefit from clean energy transition and strong copper market fundamentals

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Experienced Executive Management Team

Taylor Melvin

President and

Chief Executive Officer

Quentin Markin

EVP, Business Development

and Strategy Execution

Graham Boyd

SVP, Exploration

Robert Friedland

Founder, Executive Chairman

Jordan Neeser

Chief Financial Officer

Glen Kuntz

SVP, Mine Development

Cassandra Joseph

General Counsel and

Corporate Secretary

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Ivanhoe Electric - Delivering Consistent Execution

PDAC 2023

Santa Cruz Resource Update

Ma'aden JV

Announced

Major Achievements and Milestones

Acquired Santa Cruz Land

Closed and Funded Ma'aden JV

Completed ~84k Meters of Drilling at Santa Cruz Project

Published Santa Cruz Initial Assessment

Raised ~$200 Million in Follow-on Common Stock Offering, Including Ma'aden Top-up

Successful Drill Results at Santa Cruz - Verde Domain and Texaco Ridge Sulfides

Commenced TyphoonTM Survey in Saudi Arabia, Identifying Initial Drill Targets

Advanced Exploration Drilling at US Projects

PDAC 2024+

Entered 2024 with Strong Operational Momentum and Financial Strength

Future Surveys

and Drilling in

Saudi Arabia

Advancing Santa Cruz PFS

Exploration Drilling in US

Advancing VRB US Business Plan

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Proprietary Technology Platforms - TyphoonTM, CGI, & VRB

TyphoonTM

Accurate and powerful proprietary geophysical survey technology based on I-Pulse technology

Successfully used to accelerate the exploration process to lower costs

Potential to discover deposits otherwise thought to be undetectable

Computational

Geosciences Inc. (CGI)

Advanced data analytics, geophysical modeling and artificial intelligence for water, oil and minerals discoveries

Only product that can process the full spectrum of geophysical datasets produced by the TyphoonTM system into 3D images

Proven grid-scale proprietary battery technology

Low-costion-exchange membrane, long-life electrolyte formulation and innovative flow cell design

Proven commercial-scale product with over 500 MWh installed or in development

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Santa Cruz Copper Project

High-Grade Underground Project on Private Land in Arizona

5,975 acres of private land encompassing the entire project

Acquired land includes associated water rights

Option to acquire all mineral titles contiguous with surface land

Excellent access to nearby rail, interstate highways and electric transmission lines

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Santa Cruz Initial Assessment ("IA")

IA focuses on 5.9 Mt / year underground copper mine with small surface footprint

• IA only incorporates high-grade exotic, oxide and enriched domains contained in Santa Cruz and East Ridge Deposits

Estimated copper production of 1.6 Mt over 20-year mine life ("LOM")

• ~1.0 Mt pure copper cathode via onsite SX/EW
• ~0.6 Mt copper in concentrate that is 48% copper by weight

Initial project capital estimated at $1.15 BN, $980 MM in LOM sustaining capital Low estimated capital intensity of ~$14k / tonne annual copper production Estimated LOM C1 cash costs of $1.36/lb Cu

After-tax NPV8% of $1.32 BN and IRR of 23.0% at $3.80/lb Cu

IA contemplates 70% renewable energy, resulting in low estimated Scope 1 and 2 emissions of 0.49 t CO2e/t Cu produced

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Santa Cruz Verde Domain - High-Grade Oxide Copper

The Verde Domain has higher copper grades and lower water flow rates compared to previous modeling within the Initial Assessment

Provides upside potential to the project economics presented in the IA

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Each 4.3 km long

Phased Approach Minimizes Initial Capital Requirements

Twin declines to access high- grade copper mineralization

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• 1.9 km extension in Year 8 to access lower portion

LOM 105.2 Mt mineralized material mined at 1.58% copper

• Santa Cruz: 88.6 Mt at 1.60% copper

• Santa Cruz Exotic: 1.9 Mt at 2.66% copper

• 4.9 Mt low-grade (0.56% copper) to access mineralization

Standard longhole stoping and drift and fill methods with paste backfill for support

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Santa Cruz IA: Base Case 70% Renewable Power to Result in Low Estimated CO2e per Tonne Copper - "Clean Copper"

Source: Wood Mackenzie; 2023 (single year 2022 data shown, the Santa Cruz 2023 IA has not been reviewed by Wood Mackenzie)

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