Ivanhoe Electric : February 2026 Corporate Presentation February 2026

ivanhoeelectric.com NYSE American / TSX: IE

CORPORATE PRESENTATION

FEBRUARY 2026

AMERICAN COPPER FOR A STRONGER FUTURE

ivanhoeelectric.com

NYSE American / TSX: IE

AMERICAN COPPER FOR A STRONGER FUTURE

SCIENTIFIC AND TECHNICAL INFORMATION

The Preliminary Feasibility Study (Study), entitled "S-K 1300 Preliminary Feasibility & Technical Report Summary, Santa Cruz Copper Project, Arizona," is dated June 23, 2025, and was prepared in accordance with Subpart 1300 and Item 601 of Regulation S-K. The Study was prepared by the following firms: Fluor Canada Ltd. (Fluor), BBA USA Inc. (BBA), KCB Consultants Ltd. (KCB), Met Engineering, LLC (Met), INTERA Incorporated (INTERA), Burns & McDonnell Engineering Company, Inc. (Burns & McDonnell), Geosyntec Consultants, Inc. (Geosyntec), Haley & Aldrich, Inc. (Haley & Aldrich), Life Cycle Geo, LLC (Life Cycle Geo), Paterson & Cooke USA, Ltd. (Paterson & Cooke), Stantec Consulting Services Inc. (Stantec) and Tetra Tech, Inc. (Tetra Tech).

The Study is available on the SEC's EDGAR website as an exhibit to the Current Report on Form 8-K filed by Ivanhoe Electric with the SEC on June 23, 2025. Ivanhoe Electric has also prepared and filed an independent technical report prepared under Canadian National Instrument 43-101 within 45 days of the June 23, 2025 news release. This report is available on Ivanhoe Electric's website and on its SEDAR+ profile.

For the purposes of Canadian National Instrument 43-101, the independent Qualified Persons responsible for preparing the scientific and technical information disclosed in this Presentation regarding the Study are Todd McCracken, Shane Ghouralal, and David Willock (BBA), Ulises Arvayo (Burns & McDonnell), Subhamoy Dasgupta and Ivan Sanchez (Fluor), Kirk Craig (Geosyntec), Rick Frechette (Haley & Aldrich), Annelia Tinklenberg (INTERA), Jim Casey (KCB), Tom Meuzelaar (Life Cycle Geo), James Moore (Met), Casey Schmitt (Paterson & Cooke), Kim Trapani (Stantec), and Daryl Longwell (Tetra Tech). Each Qualified Person has reviewed and approved the information in this Presentation relevant to the portion of the scientific and technical information for which they are responsible.

Other disclosures of a scientific or technical nature included in this Presentation regarding the Santa Cruz Copper Project, have been reviewed, verified, and approved by Glen Kuntz, P.Geo., who is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Kuntz is an employee of Ivanhoe Electric.

The Study and 43-101 technical report include relevant information regarding the assumptions, parameters and methods of the mineral resource and mineral reserve estimates on the Santa Cruz Copper Project, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this Presentation. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Disclosures of a scientific or technical nature included in this Presentation pertaining to the Maaden Joint Venture in Saudi Arabia have been reviewed, verified and approved by Charles N. Forster, P.Geo., who is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Forster is a Senior Advisor to Ivanhoe Electric.

Disclosures of a scientific or technical nature included in this Presentation pertaining to Tintic and Hog Heaven Projects in the USA have been reviewed, verified and approved by Shawn Vandekerkhove, P.Geo., who is a Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the SEC and by Canadian National Instrument 43-101. Mr. Vandekerkhove is Director, New Opportunities of Ivanhoe Electric.

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CORPORATE OVERVIEW

Advanced U.S. Copper Project with Strong Economics

Powerful Technologies Accelerate Mineral Exploration

Exploration Partnerships with Leading Global Mining Companies

Dynamic Portfolio of Critical Minerals Exploration Projects in U.S.

Experienced Leadership with Proven Track Record

U.S. Company Headquartered

in Arizona (NYSE

American: IE)

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EXPERIENCED LEADERSHIP TEAM

ROBERT FRIEDLAND

Founder and Executive Chairman

TAYLOR MELVIN

President and Chief Executive Officer

QUENTIN MARKIN

EVP, Business Development and Strategy Execution

JORDAN NEESER

Chief Financial Officer

CASSANDRA JOSEPH

General Counsel and Corporate Secretary

GLEN KUNTZ

SVP, Mine Development

GRAHAM BOYD

SVP, Exploration

LEE SAMPSON

VP, Geophysics

MIKE PATTERSON

VP, Investor Relations & Business Development

LARA SIMS

VP, Health & Safety

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COMPANY OVERVIEW

PUBLIC MARKET OVERVIEW

Primary U.S. Listing: NYSE AMERICAN ("IE")

Pro Forma Shares Outstanding: 144.7 MILLION

Significant Institutional and Insider Ownership

T. Rowe Price 10.2%

Other

Market Capitalization at January 31: $2.5 BILLION

Pro Forma Cash and Equivalents1: $235 MILLION

ANALYST COVERAGE

1.Pro Forma as of September 30, 2025, 10-Q financial statements, including October 2025 public offering.

BMO Capital Markets Andrew Mikitchook Jefferies Christopher LaFemina,

Patricia Hove

Raymond James Judith Elliott

Scotiabank Orest Wowkodaw

J.P. Morgan Bill Peterson

30.1%

Founders and Insiders

9.0%

PRIMECAP 2.0%

BHP Group

BlackRock (All) 10.0%

Maaden 8.1%

Fidelity (All) 7.8%

Century Vision 7.1%

Vanguard

Cantor Fitzgerald Puneet Singh

3.5%

SailingStone 3.6%

State Street Corp 4.0%

4.5%

National Bank Financial Andrew Dusome

Ownership source: Bloomberg, FactSet, Company Filings, January 31, 2026. 6

IVANHOE ELECTRIC: TECHNOLOGY-DRIVEN EXPLORATION AND DEVELOPMENT

SANTA CRUZ COPPER PROJECT

Advanced, High-Grade Copper Project on Private Land in Arizona

Low Projected Capital Intensity and Operating Costs

Advanced Development Timetable

SANTA CRUZ COPPER PROJECT

DISRUPTIVE TECHNOLOGIES

Typhoon Geophysical Surveying System

Computational Geosciences Inc. ("CGI") Data Inversion Software

VRB USA - Grid-scale Vanadium Redox Flow Batteries

DISRUPTIVE TECHNOLOGIES

MINERAL EXPLORATION ASSETS

U.S. Portfolio Focused on Critical Metals Exploration

50/50 Exploration Joint Venture with Maaden in Saudi Arabia

50/50 Exploration Alliance with BHP in Southwest U.S. 50/50 Exploration Collaboration with SQM in Chile

MINERAL EXPLORATION ASSETS

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STRONG FOUNDATION FOR FUTURE GROWTH

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SANTA CRUZ COPPER PROJECT

High-Grade, Advanced U.S. Copper Project Designed to Produce Copper Cathode

SANTA CRUZ COPPER RESOURCES

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Expansion Potential at Santa Cruz Supported by Existing Mineral Resources

DISRUPTIVE TECHNOLOGIES

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Unlocking New Opportunities Powered by Typhoon and Computational Geosciences Inc.

MINERAL EXPLORATION

Dynamic Portfolio of U.S. Exploration Assets and Partnerships to Unlock New World-Class Discoveries in America and Abroad

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SANTA CRUZ COPPER PROJECT

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SANTA CRUZ COPPER PROJECT HIGHLIGHTS High-quality, High-grade Advanced Copper Project on Private Land in Arizona Modern Underground Mining Operation with a Heap-Leach Process Designed to Produce 99.99% Pure Copper Cathode - No Smelting Located in the Heart of Arizona's Industrial Corridor with Excellent Access to Existing Infrastructure Short Development Timeline Experienced Internal Project Team Supported by World-Class Consultants Copper Cathode Production will Support U.S. Industry and Improve U.S. Supply Chain Security

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PRELIMINARY FEASIBILITY STUDY HIGHLIGHTS

~$100 million study completed in June 2025 supported by >250 trade-off studies and advanced engineering

Low initial capital and low unit operating costs1 of

$1.32 per pound of copper support attractive economics

$1.9B

PRE-TAX NPV8% @

$4.25/LB COPPER

22.0%

$1.4B

AFTER-TAX NPV8% @

$4.25/LB COPPER

20.0%

$240M

AFTER-TAX NPV PER

$0.25/LB CHANGE IN Cu

~ 1.4MT

After-tax Net Present Value8% of ~$2.1 billion and

PRE-TAX IRR @

$4.25/LB COPPER

AFTER-TAX IRR @

$4.25/LB COPPER

LIFE-OF-MINE COPPER PRODUCTION

~25% Internal Rate of Return at $5.00 per pound

of copper

Modern underground mine operation moving up to 20,000 tonnes per day with average LOM copper grade of 1.1% and ~92% copper recoveries

On-off heap leach process producing ~72,000 tonnes per year copper cathode (1st 15-year average)

~3 billion pounds of copper cathode produced over initial 23-year mine life

12024 cash operating costs on a co-product basis for global copper mines, excluding processing facilities as defined by S&P Global Market Intelligence;2Initial capital expenditures per average tonne of annual paid copper produced during first 15 years of mining; 3Payback period post-construction.

$13.2B

LIFE-OF-MINE REVENUE

$17.2

k/tonne

CAPITAL INTENSITY2

$5.0B

LIFE-OF-MINE AFTER-TAX FREE CASHFLOW

23 Years

MINE LIFE

$1.24B

INITIAL CAPITAL EXPENDITURES

4.4 Years

AFTER-TAX PAYBACK PERIOD3

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IDEAL LOCATION ON PRIVATE LAND

5,975 Acres Owned by Ivanhoe Electric Includes Associated Mineral and Water Rights

Santa Cruz is Located Between Phoenix and Tucson at the Center of Arizona's Rapidly Growing Industrial Corridor

Excellent Access to Existing Infrastructure - Rail, Electricity, Interstate and State Highways, Natural Gas Pipeline, Water

Arizona is a Premier Mining Jurisdiction - "The Copper State"

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CONVENTIONAL MINE DESIGN SUPPORTED BY HIGH GRADE RESERVES

Mineral Reserves: ~1.5 million tonnes @ 1.08% contained Cu

Updated Mineral Resource Estimate:

• Indicated1: ~3.1 million tonnes @ 0.95% contained Cu

• Inferred: ~3.3 million tonnes @ 0.79% contained Cu

  Accessed by conventional twin decline drifts

  Underground mining will primarily use longhole stoping and local drift-and-fill

  Will utilize the latest mining equipment, including Railveyor, a tele-remote-operated electric fleet, mine telemetry, and grade control technologies

  1Inclusive of Reserves. 13

  
  
  
  
  
  
  ORGANIC EXPANSION POTENTIAL

  Significant expansion potential through large existing Mineral Resources beyond the current mine plan

• 1.5 million tonnes of copper in Indicated Resources2

• 3.3 million tonnes of copper in Inferred Resources

If converted to Mineral Reserves, represents near-mine expansion potential

East Ridge

Santa Cruz

Texaco

Indicated Resources1

Inferred Resource Domain

Oxide Chalcocite Primary

1Inclusive of Reserves. 2Exclusive of Reserves 14

INDICATIVE DEVELOPMENT PLAN 2025 2026 2027 2028

Detailed Engineering Initial Construction Permits

Secure Project Financing

Final Construction / Operating Permits

Equipment Procurement

Initial Construction: Box Cut & Decline

Surface Infrastructure Construction

Mining & Stockpiling Heap Leach Processing

LEGEND:

Key Milestones

TARGET WINDOW

Initial Cathode Production

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FINANCING MOMENTUM

~$360M in Liquidity Added Since October 2025 to Fund Early Project Construction Activities

Long-Term Project Financing Underway Supported by Highly Engineered Preliminary Feasibility Study

Strong Interest from Commercial Banks

Secured Credit Approval for $200 Million Bank Credit Facility Ahead of Project Finance

U.S. Export-Import Bank Letter of Interest for $825 Million of Project

Debt Received April 15, 2025

Full Application in Process

Active Dialogues with Potential Equity Investors / Partners

Management Team with Extensive Financing Experience and Investor Relationships

Closed $172.5 Million Equity Offering in October 2025

Targeting Completion of Project Financing in 2026

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PRIVATE LAND - STREAMLINED PERMITTING TIMELINE

16 Permits/Rights Completed Indicative Permitting Timeline:

ANTICIPATED SUBMITTAL DATE

Q4 2025

Q1 2026

Q2 2026+

LEGEND:

Federal

State of Arizona

Pinal County City of Casa Grande

Submitted

(Permitting Agency)

AZ Encroachment Permit (Submitted)

CG Site Development Plan (Submitted)

Class V Underground

AZ Injection Control Permit -

Paste Backfill

AZ Mobile Batch Plant Permit

Class II Air Quality

PC Control - Phase II

Areawide Aquifer

AZ Protection Permit

AZ Mined Land Reclamation Plan - Phase II

AZ 513 Dewatering Permit

Site Development Plan -

CG Phase II

Public Improvements

CG Plan

1Timing of Class V Silica Gel Permit for full application is dependent on results

Major Site Plan -

CG Phase II

Class V Underground

AZ Injection Control Permit -Silica Gel1

from the pilot program. 17

DISRUPTIVE TECHNOLOGIES

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POWERFUL TECHNOLOGY-DRIVEN EXPLORATION PLATFORM

TyphoonTM

TYPHOON GEOPHYSICAL SURVEY TECHNOLOGY

High power and clean signal enables larger and deeper surveys

Able to detect the presence of sulfide mineralization to depths of over 1.5 kilometers

Effectively accelerates the exploration process

COMPUTATIONAL GEOSCIENCES INC. DATA INVERSION SOFTWARE

Industry-leading algorithms for 3D subsurface modeling, and optimized inversions for Typhoon data

Powerful machine-learning software capable of generating rapid inversions (~1 day)

Guides real-time decision-making in field

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VANADIUM REDOX FLOW BATTERIES

VRB Energy, 90%-owned subsidiary of Ivanhoe Electric VRB USA is 100%-owned by VRB Energy

IP owned by Ivanhoe Electric and VRB Energy

Proven large-scale vanadium flow battery cell stacks and power modules

Able to stabilize isolated microgrids, integrating solar and wind power in a safe, reliable, low-maintenance, and environmentally friendly manner

$20 million proceeds from sale of VRB Asia funding development of VRB USA

MADE IN AMERICA FOR AMERICAN ENERGY STORAGE SOLUTIONS

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