Ivanhoe Electric Announces Completion of Earn-In to Acquire a 60% Interest in the Samapleu-Grata Nickel-Copper Project in the Ivory Coast

Joint Venture Partner Sama Resources Announced a New Preliminary Economic Assessment for the Project Delivering a Pre-tax NPV₈ of US$463M and a Pre-tax IRR of 28.2%, with an Estimated Initial Capital Cost of US$338M

The Project has the Potential for a 16-Year Mine Life Producing a Conventional 26% Copper Concentrate and a 13% Nickel Concentrate, with Associated Platinum, Palladium and Cobalt By-Products

PHOENIX, AZ / ACCESSWIRE / March 25, 2024 / Ivanhoe Electric Inc. ("Ivanhoe Electric") (NYSE American:IE);(TSX:IE) Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to announce today that Ivanhoe Electric has completed its earn-in to acquire a 60% interest in the Samapleu-Grata Nickel-Copper Project in the Ivory Coast ("Project"). On March 21, 2024, Ivanhoe Electric's joint venture partner at the Project, Sama Resources Inc. ("Sama") (TSXV:SME), disclosed a new 2024 preliminary economic assessment for the Project ("2024 PEA") in accordance with National Instrument 43-101.

The Samapleu-Grata Nickel-Copper Project is now a 60/40 joint venture between Ivanhoe Electric and Sama. In addition to a 60% interest at the Project level, Ivanhoe Electric also owns 22.7% of the common shares of Sama.

Mr. Taylor Melvin, President and CEO of Ivanhoe Electric commented: "We are pleased to have completed our earn-in to 60% of the Samapleu-Grata Nickel-Copper Project. We are particularly encouraged by the significant improvement in both the quality and quantity of potential future copper concentrate production at the Project compared to earlier studies. The results announced by our joint venture partner, Sama, are a product of the hard work by our dedicated joint team. We look forward to working together with Sama on the next steps for our high-quality nickel-copper Project."

A full copy of Sama's press release for the 2024 PEA can be found here.

The Samapleu-Grata Nickel-Copper Project
The Samapleu-Grata Nickel-Copper Project is located in western Ivory Coast approximately 600 km from the capital Abidjan. The total area of the Project is approximately 835 km².

Ivanhoe Electric entered into a binding term sheet for an earn-in and joint venture agreement with Sama which was subsequently formalized in March 2021. Ivanhoe Electric satisfied the terms of its 60% earn-in by spending C$25 million by March 2024.

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