Exploration Joint Venture And Closing Of Strategic Investment

PHOENIX, AZ - Ivanhoe Electric announced the closing of the transactions with Saudi Arabian Mining Company Ma'aden. Ma'aden has invested US$127.1 million in new common stock of Ivanhoe Electric to become a 9.9% shareholder. Ivanhoe Electric will contribute US$66 million of the Ma'aden proceeds into the new Saudi Arabian exploration joint venture company known as "Ma'aden Ivanhoe Electric Exploration and Development Limited Company" (the "Joint Venture") to fund exploration activities and the purchase of three new-generation Typhoon™ machines. The Joint Venture will deploy the disruptive power of TyphoonTM to explore ~48,500 km2 of underexplored lands in the Arabian Shield that Ma'aden has made exclusively available to the Joint Venture.