Ivanhoe Electric and Ma’aden Joint Venture begin drilling operations in Saudi Arabia

Initial Program Testing: Charging Anomaly Identified by Computational Geosciences’ Typhoon™ and Inversion Software

Typhoon™ survey near Al Amar gold, copper and zinc mine in Ma’aden now exceeds 155 km²

RIYADH, SAUDI ARABIA / ACCESSWIRE / August 19, 2024 / Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American:IE)(TSX:IE) Executive Chairman Robert Friedland and President and CEO Taylor Melvin are pleased to announce the commencement of drilling in Saudi Arabia under a joint venture between Ivanhoe Electric and Saudi Arabian mining company Ma’aden (“Ma’aden”) (1211).

Ivanhoe Electric Founder and Executive Chairman, Robert Friedland, commented, “Today’s announcement represents a significant milestone for our exploration joint venture with Ma’aden in the Kingdom of Saudi Arabia. We are drilling the first Typhoon™ anomaly in the Al Amar Belt less than ten months since our first drill arrived in Saudi Arabia. We are grateful for the support of our partners at Ma’aden, which has enabled us to make such rapid progress on our initial study. We look forward to reporting our results and accelerating our exploration efforts as we work together to unlock the mineral potential in Saudi Arabia.”

Ivanhoe Electric President and CEO, Taylor Melvin, commented, “The drilling at Umm Ad Dabah is the culmination of a strong collaborative effort by our Joint Venture team and an important step in our exploration process. We were able to quickly survey large areas at Al Amar to identify areas for drill testing. With the arrival of the Joint Venture’s third generation Typhoon™ rig in September, we will continue to expand and accelerate our exploration efforts.”

Initial Typhoon™ survey of the Al Amar gold, copper and zinc mine in Ma’aden covered an area of ​​155 km² and two anomalies were identified regarding the loading capacity in the drill tests

The initial Typhoon™ survey, which began in November 2023, identified two recharge anomalies: Umm Ad Dabah and Area B (Figure 1). Current drilling is focused on Umm Ad Dabah. A second drill rig is scheduled to begin drilling Area B in late August.

In Umm Ad Dabah, Typhoon™ and Computational Geosciences software detected a chargeability anomaly that begins about 200 meters below the surface and extends to a depth of more than 1,000 meters.

The initial drilling program includes eight holes to test the anomaly over the next two months. The first drill hole is planned to a depth of approximately 250 meters to test the top of the anomaly, with subsequent drill holes planned to test progressively deeper sections, as shown in Figure 2.

Figure 1. Location of charging anomalies based on preliminary Typhoon™ probe survey.

Figure 2. Cross section of the Umm Ad Dabah area with the Typhoon™ chargeability and conductivity anomaly and planned drill holes.

The Joint Venture’s exploration activities will expand to Bir Umq, Wadi Bidah and platform licence applications during the remainder of 2024 and into 2025.

The joint venture covers over 48,500 km² exploration licenses and applications in Saudi Arabia. These areas are located in the Al Amar belt, the Wadi Bidah and Bir Umq belts, and an area known as the carbonate platform on the eastern boundary of the Arabian Shield (Figure 3).

The next survey will begin at the Gehab prospect in the Wadi Bidah belt, which is located 220-270 kilometers southeast of Jeddah. Geological mapping and sampling work has been carried out to obtain geological and geochemical data prior to the Typhoon™ survey.

Figure 3. Map covering approximately 48,500 km² the area of ​​exploration area available to the Joint Venture and the locations of current and planned exploration activities.

Photo 1. Joint Venture drilling rig in action in Umm Ad Dabah.

Qualified Persons

The scientific or technical information contained in this press release has been reviewed, verified and approved by Charles N. Forster, P.Geo., and Mark Gibson, P.Geo., who are qualified persons under Regulation SK, Subchapter 1300 of the U.S. Securities and Exchange Commission and Canadian National Instrument 43-101. Mr. Forster is a Senior Advisor to Ivanhoe Electric and Mr. Gibson is Principal Geophysical Officer of Ivanhoe Electric.

About Ivanhoe Electric

We are an American company that combines advanced mineral exploration technologies with electrical metals exploration projects primarily located in the United States. We utilize our accurate and efficient Typhoon™ geophysical survey system, along with advanced data analysis provided by our subsidiary, Computational Geosciences Inc., to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe that the United States is significantly underexplored and has the potential to yield new discoveries of critical metals. Our mineral exploration efforts focus on copper, as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the development of our portfolio of electric metals exploration projects, led by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as other exploration projects across the United States, we intend to support the independence of the United States supply chain by finding and delivering the critical metals necessary to electrify the economy. We also have a 50/50 joint venture with Saudi Arabian mining company Ma’aden to explore for minerals in an area of ​​~48,500 km² underexplored Arabian Shield in the Kingdom of Saudi Arabia. Website: www.ivanhoeelectric.com.

About Ma’aden

Ma’aden is the largest multi-sector mining and metals company in the Middle East and one of the fastest growing mining companies in the world, with revenues of SAR 40.2 billion (US$10.7 billion) in 2022. Ma’aden is developing the mining industry into a third pillar of the Saudi economy in line with its Vision 2030 and aims to be a role model for responsible and sustainable operations. Ma’aden operates 17 mines and facilities, employs over 6,000 direct employees and exports products to over 30 countries. Ma’aden is embarking on a massive growth trajectory over the next 18 years in phosphates, aluminium, gold, copper and new minerals. Ma’aden is also the second largest shareholder in Ivanhoe Electric, owning approximately 9.9% of the current outstanding common shares.

Website https://www.maaden.com.sa/

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E-mail address: [email protected]

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Forecast statements

Certain statements in this press release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable U.S. and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may,” “could,” “will,” “intends,” “expects,” “believes,” “plans,” “anticipates,” “estimates,” “scheduled,” “forecasts,” “predicts” and other similar terms or state that certain actions, events or results “may,” “could,” “might,” “might” or “will” be taken, occur or be achieved. These statements reflect Ivanhoe Electric’s current expectations regarding future events, results and performance and speak only as of the date of this press release.

Statements in this press release include, but are not limited to, statements regarding the arrival of the Typhoon™ units in Saudi Arabia, the continuation, timing, location and depth of drilling operations and the number of drill rigs operating in Saudi Arabia, and the timing, location and results of survey operations in Saudi Arabia.

Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties and actual results could differ materially from those expressed or implied in the forward-looking statements due to various factors, including changes in the prices of copper or other metals sought by Ivanhoe Electric; the results of exploration and drilling activities and/or the failure of exploration or testing programs to provide expected results or results that would justify and support further exploration, research, development or operations; the ultimate evaluation of exploration results and information that is preliminary; significant risks and hazards associated with any future mining operations; extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations or their enforcement by competent authorities; the failure of the parties to Ivanhoe Electric’s contracts to perform under the contracts as set out in the contract; and the impact of political, economic and other uncertainties related to operations in foreign countries and the impact of the COVID-19 pandemic and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric’s Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission.

No assurance can be given that such future results will be achieved. The forward-looking statements speak only as of the date of this press release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric assumes no obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release, and Ivanhoe Electric expressly disclaims any requirement to do so. No assurance can be given that such future results will be achieved. The forward-looking statements speak only as of the date of this press release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not undertake any obligation to update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release, and Ivanhoe Electric expressly disclaims any requirement to do so.

SOURCE: Ivanhoe Electric Inc.

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