Mr. Robert Friedland reports

IVANHOE ELECTRIC TO ACQUIRE ROBBINS TUNNEL BORING MACHINE AND MATERIAL HANDLING SYSTEM FOR MINE ACCESS DEVELOPMENT AT THE SANTA CRUZ COPPER PROJECT

Ivanhoe Electric Inc. intends to acquire a purpose-built, Crossover XRE tunnel boring machine (Robbins TBM or TBM) and material handling system from The Robbins Company, of Solon, Ohio. Robbins is a United States-based, global leader in tunnel boring machines and associated technology. Ivanhoe Electric initially will use the Robbins TBM for decline development at the Santa Cruz copper project in Arizona. Robbins recently reacquired the TBM from a division of Anglo American PLC, which originally purchased the machine for use at its Grosvenor coal mine in Queensland, Australia, where it successfully completed two declines totalling 1.8 kilometres in 1,000 hours of total use underground.

• State-of-the-art mechanized tunneling derisks the project by providing proven mine access method through variable ground conditions;
• Development includes 9.3-metre diameter steel-reinforced concrete tunnel and conveyor system for material handling;
• Application of made-in-the-United States mechanical excavation technology enhances safety and efficiency;
• Ownership of Crossover TBM enhances future access options for nearby Texaco deposit.

In late 2025, Ivanhoe Electric identified the opportunity to acquire the Robbins TBM that was on care and maintenance at the Grosvenor coal mine in Queensland, Australia. After a review of the machine's specifications and history and extensive discussions with Robbins, Ivanhoe Electric secured a legally binding option to acquire the TBM from Robbins in March, 2026, subject to completion of due diligence and tradeoff studies. Robbins entered into a separate binding agreement to acquire the machine from Anglo. Upon completion of due diligence, including two site visits accompanied by representatives from Robbins to inspect the condition of the machine and critical components, Ivanhoe Electric notified Robbins on May 8 of its intent to exercise its option to acquire the Robbins TBM. The final purchase is subject to completion of definitive agreements, which are expected before the end of this month.

The acquisition of the TBM also provides Ivanhoe Electric with the tunnel boring technology assets to pursue future expansion opportunities at the Santa Cruz copper project, including the nearby Texaco deposit, located approximately two kilometres to the northeast of the Santa Cruz deposit. Significant extensions were identified using Ivanhoe Electric's proprietary Typhoon surveying technology. Texaco received an initial mineral resource estimate in 2023, with subsequent drilling at the edge of the deposit confirming broad zones of high-grade copper mineralization that remain open. The 2025 preliminary feasibility study (PFS) outlined an inferred resource at Texaco totalling 2.7 million tonnes of contained copper at 0.8 per cent copper, not included in the current mine plan but supporting meaningful future expansion potential on Ivanhoe Electric's 100-per-cent-owned private land package in one of America's most established copper mining districts.

Mr. Friedland commented: "Tunnel boring machines are state-of-the-art tools custom built for incredibly safe and efficient development of underground tunnels through all types of ground conditions. Robbins is an American company that pioneered the modern TBM and remains at the forefront of tunneling innovation. TBMs have been deployed globally for more than half a century in mining and countless civil engineering projects. This specific crossover TBM is perfectly suited for accessing our high-grade orebodies at Santa Cruz and continues the derisking of our mine development with the best tunnelling technology America has to offer. Santa Cruz continues its journey to become the next large-scale 99.99-per-cent pure copper cathode producer in the United States, delivering the copper that America needs to support industry, technology and national defence. In addition, owning the TBM gives our engineers the ability to pursue a future phased expansion of the project, including the high-grade Texaco deposit, a mere two kilometres away."

Mr. Melvin commented: "Our team became aware in late 2025 of the potential availability of the Robbins TBM at Grosvenor. Since that time, we have been engaged in extensive due diligence with Robbins while advancing the detailed engineering of our project. We commend the exhaustive work by our team of engineers over the past few months, in co-operation with Robbins, to arrive at this decision. Acquiring the Robbins Crossover XRE TBM will marry America's best tunnel boring technology to America's next great underground porphyry copper producer."

Proven crossover tunnel boring technology ideally suited for Santa Cruz copper project mine access development

This specific Robbins Crossover XRE TBM is purpose built to operate in variable ground conditions encountered in underground infrastructure development. The Robbins TBM can move through hard rock, wet and mixed-face ground within a single drive, eliminating cost, schedule and safety risks associated with machine swaps or remobilization. The company's extensive testwork indicates these mixed ground conditions are present through the decline development phase at Santa Cruz.

The Robbins TBM's earth pressure balance capability pressurizes the cutterhead chamber against prevailing groundwater, directly controlling face stability, and mitigating inflow through water-bearing zones and aquifer intersections. A bidirectional cutterhead is utilized for excavation in soft soils, mixed-face and hard rock geology, while a high-torque/high-speed cutterhead drive system delivers the needed power to pass through challenging geology and structures.

During decline development, the TBM system installs a continuous, fully supported and sealed segmental steel-reinforced concrete lining, preserving geotechnical integrity, enhancing long-term safety, and producing a permanent, flat-bottomed decline structure suitable for life-of-mine design. The integrated process also includes the construction of a permanent conveyor system for material handling during development and ore handling during production.

As part of Ivanhoe Electric's purchase, Robbins will perform a substantial overhaul of the machine, which includes a fully refurbished 9.3-metre diameter cutterhead manufactured in Ohio. During refurbishment, Robbins will upgrade the machine with current technology, including customized features designed for the geological conditions at the Santa Cruz copper project.

Benefits of TBM acquisition to the Santa Cruz copper project

Capital

The acquisition cost of the Robbins TBM and material handling system, including refurbishment, is approximately $64.7-million. The TBM replaces capital associated with road header decline development, silica gel grouting and the Railveyor material handling system included in the 2025 PFS, providing further certainty around mine access development costs. The net impact to initial project capital of implementing the TBM system is projected to be less than $20-million.

Permitting

Under the new decline development method, Ivanhoe Electric no longer requires a Class V underground injection control (UIC) permit for silica gel.

Ivanhoe Electric received approval of the site development plan from the City of Casa Grande in March, 2026, and has all necessary permits to commence initial construction activities. The company's project team continues to advance all other required permitting activities for required for future production.

Development timeline

Arrival and assembly of the TBM is expected to begin on site in Arizona in the first quarter of 2027. Following assembly, decline development is scheduled to begin in the third quarter of 2027. The TBM is designed to excavate a four-kilometre-long single decline in approximately 12 months. The TBM requires a smaller box cut design, and excavation of the box cut is scheduled to commence in the third quarter of 2026. Underground mine development is scheduled to commence in the third quarter of 2028, with first oxide copper ore placed on the heap leach pads expected in the fourth quarter of 2028.

While underground development is ongoing, major surface infrastructure construction is scheduled to take place from the third quarter of 2027 through 2028. First copper cathode production is now anticipated to commence in the second quarter of 2029. The company's team of engineers and consultants continue to work on optimization scenarios. The company is advancing site preparation activities, including interior road access construction and preparations for commencement of the box cut.

The TBM decline development plan does not impact the rest of the Santa Cruz copper project design, including the mining method, mining rates and surface processing as described in the 2025 PFS.

The company's engineers are preparing an updated Santa Cruz copper project S-K 1300 preliminary feasibility and technical report summary and National Instrument 43-101 feasibility study and technical report to incorporate the engineering details of the TBM and material handling system. The company expects to complete this study during the third quarter of 2026.

Project financing process

Ivanhoe Electric is in the advanced stages of the application process for project debt financing with the Export-Import Bank of the United States. The company also continues to advance discussions with a group of leading commercial banks, as well as potential sources for non-debt funding.

Santa Cruz is a high-quality, advanced-stage U.S. copper project located entirely on private land in Arizona, with direct access to established infrastructure and a clear pathway toward near-term production. Santa Cruz is designed to produce 99.99-per-cent pure copper cathode on site for U.S. markets, without smelting and remains positioned to become a significant source of refined copper for American industry.

Ivanhoe Electric to host conference call on the Santa Cruz copper project

Date:  Monday, May 11, 2026

Time:  11 a.m. Eastern Time/8 a.m. Pacific Time

A replay of the webcast, together with supporting presentation slides, will be made available on Ivanhoe Electric's website following the event.

Qualified persons

Disclosures of a scientific or technical nature included in this news release regarding the Santa Cruz copper project, have been reviewed, verified and approved by Glen Kuntz, PGeo, who is a qualified person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Kuntz is an employee of Ivanhoe Electric.

For the Texaco mineral resource estimate, refer to the S-K 1300 preliminary feasibility and technical report summary, Santa Cruz copper project, Arizona, available on the SEC's EDGAR website, and the NI 43-101 feasibility study and technical report, Santa Cruz copper project, Arizona, available on SEDAR+.

About Robbins

The manufacturer of the TBM, The Robbins Company, is a leading global manufacturer of tunnel boring machines with 70 years of engineering experience and over 1,000 projects completed worldwide. Robbins holds close to 90 per cent of all TBM production world records across machine diameters from three metres to over 13 metres, and holds first-mover status on the industry's most consequential technical advances.

Robbin's TBMs have been used in the United States mining industry for projects such as the San Manuel mine tunnel to extend the life of the mine in Arizona, as well as globally significant projects including the Dulles Airport Train System in Virginia, the Niagara tunnel project in Canada, and the Channel tunnel linking the United Kingdom and France.

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 the company's 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. Ivanhoe believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. The company'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 Ivanhoe'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. The company also operates a 50/50 joint venture with Saudi Arabian Mining Company (Maaden) to explore for minerals on approximately 50,000 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. In 2026, the company entered into a Typhoon-driven mineral exploration and collaboration agreement with Sociedad Quimica y Minera de Chile (SQM) in Chile to explore 2,002 square km of mining concessions for new copper deposits beneath electrically resistive caliche.

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