Ivanhoe Electric : May 2024 Corporate Presentation May 2024

NYSE/TSX: IE

Corporate Presentation | May 2024

Ivanhoe Electric - US Electric Metals Exploration Company with Significant Technology Platform

Advancing the high-grade underground Santa Cruz Copper Project in Arizona

Proprietary exploration and energy storage technologies

Experienced exploration team focused on portfolio of US electric metals projects

Operator of 50-50 exploration joint venture with Saudi Arabian Mining Company, Ma'aden, on expansive underexplored lands on the Arabian Shield

Strong balance sheet provides liquidity to advance portfolio of high-quality projects

Founded by Executive Chairman, Robert Friedland

Experienced executive management team

Well-positioned to benefit from clean energy transition and strong copper market fundamentals

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Experienced Executive Management Team

Taylor Melvin

President and

Chief Executive Officer

Quentin Markin

EVP, Business Development

and Strategy Execution

Graham Boyd

SVP, Exploration

Robert Friedland

Founder, Executive Chairman

Jordan Neeser

Chief Financial Officer

Glen Kuntz

SVP, Mine Development

Cassandra Joseph

General Counsel and

Corporate Secretary

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Ivanhoe Electric - Delivering Consistent Execution

Q1 2023

Santa Cruz Resource Update

Ma'aden JV

Announced

Major Achievements and Milestones

Acquired Santa Cruz Land

Closed and Funded Ma'aden JV

Completed ~84k Meters of Drilling at Santa Cruz Project

Published Santa Cruz Initial Assessment

Raised ~$200 Million in Follow-on Common Stock Offering, Including Ma'aden Top-up

Successful Drill Results at Santa Cruz - Verde Domain and Texaco Ridge Sulfides

Commenced TyphoonTM Survey in Saudi Arabia, Identifying Initial Drill Targets

Advanced Exploration Drilling at US Projects

Q1 2024+

Entered 2024 with Strong Operational Momentum and Financial Strength

Future Surveys

and Drilling in

Saudi Arabia

Advancing Santa Cruz PFS

Exploration Drilling in US

Advancing VRB US Business Plan

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Proprietary Technology Platforms - TyphoonTM, CGI, & VRB

TyphoonTM

Accurate and powerful proprietary geophysical survey technology based on I-Pulse technology

Successfully used to accelerate the exploration process to lower costs

Potential to discover deposits otherwise thought to be undetectable

Computational

Geosciences Inc. (CGI)

Advanced data analytics, geophysical modeling and artificial intelligence for water, oil and minerals discoveries

Only product that can process the full spectrum of geophysical datasets produced by the TyphoonTM system into 3D images

Proven grid-scale proprietary battery technology

Low-costion-exchange membrane, long-life electrolyte formulation and innovative flow cell design

Proven commercial-scale product with over 500 MWh installed or in development

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Santa Cruz Project

High-Grade Copper Resource Entirely on Private Land in Arizona

4.7 Mt contained resource at average grade of 1.24% copper

5,975 acres of private land encompassing the entire project

Acquired land includes associated water rights

Ivanhoe Electric controls all mineral titles contiguous with surface land

Project has excellent access to existing infrastructure including rail, highways and electric transmission lines

Located just west of Casa Grande,

Arizona, a growing industrial corridor

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Santa Cruz Project

Modern Underground Mining Project with Small Surface Footprint

Current project design requires ~1/3 of land package

• Mine access, processing and tailings storage facilities

Incorporates modern mining technologies to reduce operating costs and carbon dioxide emissions

Includes provision for on-site

solar power to supply up to 70% of Project's electricity

demand

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Santa Cruz Initial Assessment:

Focused on High-Grade Oxide and Chalcocite Zones

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Santa Cruz Initial Assessment ("IA") - September 2023

IA focuses on 5.9 Mt / year underground copper mine with small surface footprint

• IA only incorporates high-grade exotic, oxide and enriched domains contained in Santa Cruz and East Ridge Deposits

Estimated copper production of 1.6 Mt over 20-year mine life ("LOM")

•

•

~1.0 Mt pure copper cathode via onsite SX/EW

~0.6 Mt copper in concentrate that is 48% copper by weight

Initial project capital estimated at $1.15 BN, $980 MM in LOM sustaining capital Low estimated capital intensity of ~$14k / tonne annual copper production Estimated LOM C1 cash costs of $1.36/lb Cu

After-tax NPV8% of $1.32 BN and IRR of 23.0% at $3.80/lb Cu

IA contemplates 70% renewable energy, resulting in low estimated Scope 1 and 2 emissions of 0.49 t CO2e/t Cu produced

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Phased Development Approach Minimizes Initial Capital Requirements

Initial Assessment focuses on high-grade, oxide and soluble copper domains

Study includes twin 4.3 km declines to access copper mineralization

• ~2 km extension in Year 8 to access lower portion of mineralization

LOM 105.2 Mt mineralized material mined at 1.58% copper

• Santa Cruz: 88.6 Mt at 1.60% copper

• Santa Cruz Exotic: 1.9 Mt at

2.66% copper, excluding recent drilling at Verde Domain

Standard longhole stoping and drift and fill methods with paste

backfill for support

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