Ivanhoe Electric Inc. announced results from the initial Typhoon survey conducted in Saudi Arabia by the 50/50-owned joint venture company (Joint Venture) established between Ivanhoe Electric and Saudi Arabian Mining Company Ma'aden. Ma'aden and Ivanhoe Electric established the Joint Venture to unlock the significant mineral potential in the Kingdom of Saudi Arabia. The Joint Venture has exclusive access to explore approximately 48,500 km2 of underexplored land on the Arabian Shield that Ma'aden will make available to the Joint Venture.

Initial Typhoon survey yields three prospective chargeability anomalies for subsequent drill testing. The Al Amar Belt is considered highly prospective for Volcanic Massive Sulfide (VMS) and epithermal deposit types with historical work identifying zinc, copper, lead, silver and gold mineralization. The Arabian Shield is more broadly considered highly prospective for both VMS and epithermal styles of mineralization.

A notable VMS deposit in the Arabian Shield is the Jabal Sayid copper mine operated as a joint venture between Barrick Gold Corporation and Ma'aden that produced 68,492 tonnes of copper in 2022. Ma'aden's Mahd Ad Dhahab `Cradle of Gold' gold mine is an example of an epithermal deposit on the shield that has been mined since pre-Islamic times. These results have been prepared by Ivanhoe Electric's subsidiary Computational Geosciences Inc. (CGI), who use propriety software and machine learning tools to rapidly invert the raw data produced by Typhoon into geophysical results for interpretation.

The data processing and artificial intelligence software developed by CGI complements its Typhoon technology and represents the only software product that can efficiently process the full spectrum of geophysical data produced by Typhoon. These initial results show three zones of interesting chargeability approximately 200 meters below surface: The Eastern anomaly has a very good correlation with a zone of mineralization historically identified at surface. Based on the government regional geological map, the area is also shown to be underlain by the same volcanic rocks that host the historic mineralization.

The Southern anomaly is also adjacent to an area immediately to the west that was historically trenched and drilled in the 1970s by the Bureau de Recherches Géologiques et Minières (BRGM), the French state geological survey group, and more recently in 2017 and 2018 by Ma'aden. Both BRGM and Ma'aden report intervals of zinc mineralization of 7.5 meters to 15 meters of 6.2% zinc and 7.7% zinc, respectively, and an interval of 31.5 meters @ 2.98% copper. Geological mapping and sampling of trenches has been initiated by the Joint Venture as well as compiling the historical drill and trench results.

Further work is required to assist in this structural interpretation. The Western anomaly appears to be along the stratigraphic trend from the Southern anomaly and is completely unmapped. The chargeability zones to the southwest are likely caused by wadi fill to the west and a band of serpentinite mapped on the regional geological map and are not expected to represent sulfide mineralization that normally causes chargeability anomalies.

None of these anomalies have been drill tested by the Joint Venture. This work will follow the interpretation process.