Mr. Robert Friedland reports

IVANHOE ELECTRIC CLOSES $200 MILLION BANK CREDIT FACILITY TO SUPPORT SANTA CRUZ COPPER PROJECT DEVELOPMENT

Ivanhoe Electric Inc.'s wholly owned subsidiary, Mesa Cobre Holding Corp., has closed its previously announced senior secured multidraw bridge facility of $200-million (refer to Ivanhoe Electric's Nov. 13, 2025, news release). The banking syndicate is composed of National Bank of Canada, BMO Capital Markets and Societe Generale as joint lead arrangers.

The bridge facility is a significant milestone in Ivanhoe Electric's long-term financing strategy for the Santa Cruz copper project in Arizona. It provides near-term balance sheet strength during continuing project financing discussions as well as financing for the start of major construction activities at the Santa Cruz copper project in 2026. The facility complements continuing discussions related to the broader project financing plan, which includes the potential for project-level minority equity investment and long-term project debt. On April 15, 2025, Ivanhoe Electric received a letter of interest from the U.S. Export-Import Bank (EXIM) for $825-million of project debt (refer to Ivanhoe Electric's April 15, 2025, news release). The full application for financing from EXIM is in process. Ivanhoe Electric expects to complete the project financing process for the Santa Cruz copper project in mid-2026.

Summary of key terms of the bridge facility:

• $200-million senior secured multidraw bridge facility;
• Two-year maturity term, with a single repayment at maturity;
• Three-month secured overnight financing rate plus a margin of 5.0 per cent, increasing by 0.5 per cent on each of the sixth, 12th and 18th month following the closing date; the borrowing rate on drawn amounts as at the date of this news release would be approximately 8.7 per cent;
• Customary arrangement fee and commitment fees on undrawn amounts;
• Secured by Ivanhoe Electric's private landholdings and certain physical assets associated with the Santa Cruz copper project

Endeavour Financial acted as financial adviser to Ivanhoe Electric on this transaction and has been engaged to secure project financing for the construction of the Santa Cruz copper project. Allen Overy Shearman Sterling U.S. LLP acted as legal counsel to the company with support from Dorsey & Whitney LLP in Arizona.

About Ivanhoe Electric Inc.

The company is a United States-domiciled minerals exploration company with a focus on developing mines from mineral deposits principally located in the United States. Ivanhoe Electric seeks 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. The company uses its powerful Typhoon geophysical surveying system, together with advanced data analytics provided by its 94.3-per-cent-owned subsidiary, Computational Geosciences Inc. (CGI), to accelerate and derisk the mineral exploration process as the company seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. The company believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Ivanhoe's mineral exploration efforts focus on copper as well as other metals, including nickel, cobalt, platinum group elements, gold and silver. Through the advancement of the company's portfolio of critical metals exploration projects, headlined by the Santa Cruz copper project in Arizona, the company intends to contribute to domestic supply by developing resources that support industrial and strategic sectors. Ivanhoe Electric also operates a 50/50 joint venture with Saudi Arabian Mining Company (Maaden) to explore for minerals on approximately 48,500 square kilometres of underexplored Arabian Shield in Saudi Arabia. Finally, in 2024, the company established an exploration alliance with BHP Mineral Resources Inc., a subsidiary of BHP Group Ltd., to search for critical minerals in the United States.

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