Ivanhoe Electric provides update on drilling programs underway

Ivanhoe Electric Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to provide an update on current exploration activities at the Company’s U.S. electric metals exploration projects. Ivanhoe Electric’s experienced exploration teams are operating eight diamond drill rigs at its projects: Two drill rigs are exploring the Tintic Copper-Gold-Silver Project, located 60 miles south of Salt Lake City, Utah. Two drill rigs are exploring the Hog Heaven Copper-Gold-Silver Project, located 50 miles southwest of Kalispell, Montana. One drill rig is exploring the Lincoln Copper-Gold-Silver Project, located in southern Utah. Three drill rigs are actively supporting technical work at the Santa Cruz Copper Project, located west of Casa Grande, Arizona. In addition to exploration drilling, Ivanhoe Electric recently completed a three-dimensional induced polarization geophysical survey, using our proprietary Typhoon technology, over 25 square kilometers at the White Hill Copper Project in western Nevada. Mr. Friedland commented: “The amount of exploration activity underway at our US projects is impressive. Our team of talented and experienced geologists and geophysics specialists have been hard at work this summer and will remain so well into the fall. We look forward to providing additional updates on our progress as we advance our important exploration activities in the United States. It is exciting to see our experienced exploration teams simultaneously advancing multiple projects in the United States. We are combining the talents of our teams with our proprietary Typhoon geophysical surveying technology to search for the next generation of electric metals supply. In addition to work on our robust exploration portfolio, we are finalizing the Initial Assessment for our Santa Cruz Copper Project in Arizona. We continue to expect that study to be complete by the end of Q3 2023.”