Ivanhoe Electric and Saudi Arabian Mining Company Ma'aden Complete First Full Quarter of Exploration Activities in Saudi Arabia

• Initial 76 km² Typhoon Survey on the Umm Ash Shalahib Exploration License Surrounding Ma'aden's Al Amar Gold-Copper-Zinc Mine is Complete
• Computational Geosciences Rapidly Processed the Initial Typhoon Results and Identified Two High Priority Anomalies for Drill Testing
• Construction and Delivery of the First of Three New Generation Typhoon Units Ordered by the Joint Venture is Complete
• Next Stage Mapping and Sampling Commencing on Additional Joint Venture Lands in the Al Amar and Wadi Bidah Belts

RIYADH, SAUDI ARABIA / ACCESSWIRE / April 11, 2024 / Ivanhoe Electric Inc. ("Ivanhoe Electric") (NYSE American:IE)(TSX:IE) is pleased to provide this update following the completion of the first full quarter of exploration activities in Saudi Arabia by our 50/50-owned joint venture company (the "Joint Venture") established between Ivanhoe Electric and Saudi Arabian Mining Company Ma'aden ("Ma'aden") (Saudi Stock Exchange Tadawul: 1211).

Foto: Accesswire

Ivanhoe Electric's President and Chief Executive Officer Taylor Melvin commented: "We had an exceptional first quarter of exploration activities in Saudi Arabia with our partners at Ma'aden. Our dedicated joint team completed the first Typhoon survey at Umm Ash Shalahib and identified our first drill targets which we expect to start drilling by the end of May. We demonstrated the disruptive capabilities of Typhoon together with the machine learning-based inversion software of our subsidiary, Computational Geosciences, to rapidly identify subsurface geophysical anomalies in a challenging geologic environment. With large areas of resistive rock exposed at surface, several portions of our survey required transmission voltages of over 5,000 volts, which Typhoon is capable of achieving while maintaining a high signal quality. We are excited to continue our Joint Venture's exploration activities across the Al Amar and Wadi Bidah belts as we deploy a new generation of Typhoon units into the field."

Initial Typhoon survey on the Umm Ash Shalahib Exploration License near the Al Amar Gold-Copper-Zinc Mine was successfully completed and identified promising anomalies for drill testing

The Joint Venture's initial Typhoon survey commenced in late November 2023 and was completed in March 2024. The survey covered 76 km² of the Umm Ash Shalahib exploration license which largely surrounds Ma'aden's Al Amar Gold-Copper-Zinc mine (which is not part of the Joint Venture).

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