Ivanhoe Electric provides update on exploration drilling activity

Ivanhoe Electric provided a comprehensive update on the ongoing exploration activities at its projects located in Arizona, Utah, and Montana. As first reported in our January 8th, 2024 news release, infill and technical drilling at Santa Cruz has confirmed the presence of high-grade soluble copper within mineralized Oracle Granite. We refer to this area as the Verde Domain. Drilling within the Verde Domain includes seven drill holes totaling approximately 324 meters. Additional assays have been received from three drill holes. The Verde Domain boasts higher copper grades, better rock mass conditions and lower water flow rates compared to previous modeling of the surrounding sediments. The improved ground characteristics combined with higher copper grades provide significant upside potential in terms of possible mining method, mining rate, and metallurgical recovery compared to what was modeled for this area in the Santa Cruz Initial Assessment. Current exploration drilling at the Tintic Project, in Utah focuses on the source of mineralization of historical mines Eleven diamond drill holes totaling 11,568 meters have been completed since the commencement of exploration drilling in late 2022. Two rigs were operational throughout the spring and summer of 2023. We reduced to one rig for the winter months. Drilling in the Silver City area has intersected part of a porphyry system associated with the Sunbeam Typhoon chargeability anomaly in drill hole TTD-016. Abundant sulfide-bearing veins are present from 800 meters to the end of the hole at 1435 meters. While visible copper mineralization appears low, the features seen in this hole are common on the margins of many large porphyry systems. This is the first hole to have tested the Sunbeam Typhoon anomaly directly, and there is potential to vector towards more copper-rich portions of this large exploration area with future drilling in 2024. This Sunbeam porphyry system is thought to be part of the source of mineralization in the Silver City area and separate from the source of mineralization at Mammoth and Grand Central. Drilling at Hog Heaven, with one rig, continues to step out in search of the porphyry copper source. The drilling continues to intersect high sulfidation epithermal style mineralization while this search continues, steadily expanding the footprint of this system. HHD-012 intersected 157 meters of high sulfidation epithermal mineralization approximately 150 meters to the southwest of the nearest hole. This intercept is of a similar grade and quality to that seen in previously reported holes, and demonstrates that the Hog Heaven epithermal system has growth potential to the west of the Flathead Mine.