Mr. Taylor Melvin reports

IVANHOE ELECTRIC RECEIVES PRELIMINARY PROJECT LETTER FROM THE EXPORT-IMPORT BANK OF THE UNITED STATES FOR $1.1 BILLION IN POTENTIAL DEBT FINANCING FOR THE SANTA CRUZ COPPER PROJECT

Ivanhoe Electric Inc. has received a preliminary project letter from Export-Import Bank of the United States for potential debt financing of $1.1-billion to support development of Ivanhoe Electric's advanced-stage Santa Cruz copper project in Arizona. The PPL is an increase from U.S. EXIM's original $825-million of potential financing support stated in its April, 2025, letter of interest (refer to Ivanhoe Electric's April 15, 2025, news release).

The PPL marks the completion of U.S. EXIM's preliminary due diligence on the Santa Cruz copper project and is a key step in U.S. EXIM's financing process that commenced with the April, 2025, letter of interest.

Executive chairman Robert Friedland commented: "Following President Donald J. Trump's supportive announcement at the American Mining Roundtable in Washington on Aug. 7, 2026, we are grateful to receive U.S. EXIM's preliminary project letter in support of our Santa Cruz copper project. Our country has entered an extraordinary era of demand growth for copper, which is central to all forms of electricity generation, transmission and consumption, as well as advanced manufacturing, artificial intelligence and our national security. At Santa Cruz, we are building a modern American copper mine capable of producing 99.99-per-cent-pure-copper metal, without a smelting process, to support American industry and supply chain security. We appreciate U.S. EXIM's strong support and will continue to work together as we develop our Santa Cruz project into America's next major copper producer."

President and chief executive officer Taylor Melvin Melvin commented: "Receiving our PPL from U.S. EXIM is a major milestone in our project financing process, following a period of strong collaboration and due diligence since we received our initial letter of interest from U.S. EXIM in April, 2025. We appreciate the resources that U.S. EXIM has devoted to our financing process and look forward to working together with the outstanding team at U.S. EXIM towards completion of our debt financing facility."

Ivanhoe Electric applied for debt financing under U.S. EXIM's make more in America initiative, which supports qualifying domestic projects to expand U.S. production capacity and strengthen critical domestic supply chains.

The PPL does not constitute a financing commitment, and any financing remains subject to completion of EXIM Bank's review and approval process. The company is anticipating final U.S. EXIM board consideration during the spring of 2027.

Updated Santa Cruz preliminary feasibility study expected in September, 2026

Ivanhoe Electric expects to complete the updated preliminary feasibility study for the Santa Cruz copper project in September, 2026. The updated study will incorporate the plans for underground mine access using the Robbins Crossover XRE tunnel boring machine, manufactured by The Robbins Company of Solon, Ohio, and associated material handling system, together with other engineering and development work completed since publication of the 2025 preliminary feasibility study.

About Ivanhoe Electric Inc.

It is a United States-based, technology-driven mineral exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security. Its wholly owned assets are located in the United States, led by its advanced-stage Santa Cruz copper project on private land in Arizona. The company operates exploration joint ventures and alliances in Saudi Arabia with Maaden, in Chile with Sociedad Quimica y Minera de Chile and in the United States with BHP. It uses its powerful Typhoon geophysical surveying system, together with advanced data analytic software provided by its subsidiary, Computational Geosciences Inc., to accelerate and derisk the mineral exploration process in the search for new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. It believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals.

The company is committed to the establishment of strong relationships with local communities and the responsible development of its projects by incorporating best practices for health, safety and environmental standards, water management, protection of local cultural heritage, and biodiversity, and minimizing its environmental footprint.

We seek Safe Harbor.