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ivanhoeelectric.com NYSE American / TSX: IE AMERICAN COPPER FOR A STRONGER FUTURE ivanhoeelectric.com NYSE American / TSX: IE AMERICAN COPPER FOR A STRONGER FUTURE FEBRUARY 2026 BMO Global Metals, Mining & Critical Minerals Conference
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SAFE HARBOR Forward-Looking Statements Certain statements in this presentation constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable U.S. and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect Ivanhoe Electric’s current expectations regarding future events, performance and results and speak only as of the date of this presentation Such statements in this presentation include, without limitation statements regarding: the projections, assumptions and estimates contained in the Preliminary Feasibility Study related to the Santa Cruz Copper Project, including but not limited to those related to capital and operating costs, metal prices, cash flow, cash costs, revenue, net present value, internal rate of return, mine design and mining techniques and processes, copper production, grade and recoveries, development, throughput, life of mine, illustrative timelines related to mine construction, permitting and copper production, including first copper production in 2028, potential financing, including through Export-Import Bank of the United States, jobs during construction and operations, mine sequencing, mining technology, equipment, staffing and infrastructure, emissions, use of land, water management and estimates regarding groundwater flow, power and other resources, estimates of mineral resources and reserves, potential for expansion of mineral resources, copper grade and cash cost costs relative to other mines, use of renewable energy, use of energy storage technologies, the ability to produce pure copper cathode, the ability to secure permits necessary for construction and operation of the mine, the ability to advance a high-quality, high-grade modern underground copper project, the potential to help meet U.S. demand for copper; the functioning of our technology; the ongoing exploration drilling and potential mineral discoveries at the Tintic and Hog Heaven Projects; the Maaden Joint Venture’s access to explore about 50,000 km 2 of the Arabian Shield in Saudi Arabia; continued exploration drilling and results of that drilling at Umm Ad Dabah and on the Wadi Bidah belt in Saudi Arabia; funding of the Exploration Alliance between Ivanhoe Electric and BHP; the Alliance’s exploration activities in areas of interest; the Alliance’s use of the new generation Typhoon geophysical survey system and CGI inversion software; the formation of joint ventures with BHP based Alliance exploration; SQM’s funding for exploration pursuant to the Ivanhoe Electric and SQM Collaboration (“Collaboration”); Ivanhoe Electric’s ability to provide new generation Typhoon and CGI services for the Collaboration; SQM’s ability to provide access to 2,002 km 2 of mining concessions on major copper belts in Chile; the formation of any joint ventures pursuant to the Collaboration; the ability to secure further exploration partnerships; the potential for new opportunities for Typhoon and CGI; and planned or potential developments in the businesses of Ivanhoe Electric. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the U.S. government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Electric to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric’s Annual Report on Form 10-K and other disclosures filed with the U.S. Securities and Exchange Commission. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this presentation. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this presentation, and Ivanhoe Electric expressly disclaims any requirement to do so. Market and Industry Data This presentation includes market and industry data and forecasts obtained from independent research reports, publicly available information, various industry publications, other published industry sources or internal data and estimates. Independent research reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Although the Company believes that the publications and reports are reliable, the Company has not independently verified the data. Internal data, estimates and forecasts are based on information obtained from trade and business organizations and other contacts in the markets in which we operate and the Company’s understanding of industry conditions. Although the Company believes that such information is reliable, we have not had such information verified by any independent sources. As a result, Recipients of this presentation should be aware that any such information and data set forth in this presentation, and estimates and beliefs based on such information and data, are uncertain and may not be reliable. 2
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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. 3
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CORPORATE OVERVIEW Advanced-Stage Santa Cruz Copper Project in Arizona Technology- Driven Exploration Platform Exploration Partnerships with Leading Global Mining Companies Dynamic Portfolio of Exploration Projects in U.S. Experienced Leadership with Proven Track Record Strong Balance Sheet & Liquidity to Advance Projects 4 Premier U.S.-based Exploration & Development Company Focused on Critical Minerals
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EXPERIENCED LEADERSHIP TEAM ROBERT FRIEDLAND Founder and Executive Chairman JORDAN NEESER Chief Financial Officer QUENTIN MARKIN EVP, Business Development and Strategy Execution TAYLOR MELVIN President and Chief Executive Officer GLEN KUNTZ SVP, Mine Development GRAHAM BOYD SVP, Exploration LEE SAMPSON VP, Geophysics MIKE PATTERSON VP, Investor Relations & Business Development CASSANDRA JOSEPH General Counsel and Corporate Secretary LARA SIMS VP, Health & Safety 5
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PUBLIC MARKET OVERVIEW Primary U.S. Listing: NYSE AMERICAN (“IE”) Pro Forma Shares Outstanding1: 157 MILLION Market Capitalization at Feb. 18: $2.3 BILLION Pro Forma Cash and Equivalents1: $255 MILLION ANALYST COVERAGE BMO Capital Markets Andrew Mikitchook Jefferies Christopher LaFemina, Patricia Hove Raymond James Judith Elliott Scotiabank Orest Wowkodaw J.P. Morgan Bill Peterson Cantor Fitzgerald Puneet Singh National Bank Financial Andrew Dusome Significant Institutional and Insider Ownership Ownership source: Bloomberg, FactSet, Company Filings, February 18, 2026. Blackrock (All) 8.8% T. Rowe 8.0% Maaden 7.5% Fidelity (All) 7.5% Century Vision 6.5% Alyeska 4.8% Vanguard (All) 4.2%BHP Group 3.2% Mirae 2.6% SailingStone 2.4% Founder and Insiders 8.2% Other 36.2% COMPANY OVERVIEW 6 1.Pro Forma as of December 31, 2025, including 2026 Warrants exercised
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TECHNOLOGY-DRIVEN EXPLORATION AND DEVELOPMENT DISRUPTIVE TECHNOLOGIES Typhoon Geophysical Surveying System Computational Geosciences Inc. (“CGI”) Data Inversion Software VRB USA – Grid-scale Vanadium Redox Flow Batteries SANTA CRUZ COPPER PROJECT Advanced, High-Grade Copper Project on Private Land in Arizona Low Projected Capital Intensity and Operating Costs Advanced Development Timetable U.S. Portfolio Focused on Critical Metals Exploration 50/50 Joint Venture with Maaden in Saudi Arabia 50/50 Alliance with BHP in Southwest U.S. 50/50 Collaboration with SQM in Chile MINERAL EXPLORATION ASSETS DISRUPTIVE TECHNOLOGIES MINERAL EXPLORATION ASSETS SANTA CRUZ COPPER PROJECT 7
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STRONG FOUNDATION FOR FUTURE GROWTH 1 3 4 SANTA CRUZ COPPER PROJECT DISRUPTIVE TECHNOLOGIES MINERAL EXPLORATION U.S. Exploration Assets and Partnerships with Leading Mining Companies Provide Global Opportunities for New Discoveries Typhoon and CGI Software Unlocking New Opportunities High-Grade, Advanced U.S. Copper Project Designed to Produce Copper Cathode 2 SANTA CRUZ COPPER RESOURCES Existing Mineral Resources Provide Expansion Potential 8
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SANTA CRUZ COPPER PROJECT 9
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SANTA CRUZ COPPER PROJECT HIGHLIGHTS 10 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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1The NI 43-101 Technical Report co-filed in Canada included the Study as a Feasibility Study as defined by the Canadian Institute of Mining, Metallurgy and Petroleum; 22024 cash operating costs on a co-product basis for global copper mines, excluding processing facilities as defined by S&P Global Market Intelligence; 3Initial capital expenditures per average tonne of annual paid copper produced during first 15 years of mining; 4Payback period post-construction. $17.2 k/tonne CAPITAL INTENSITY3 23 Years MINE LIFE 20.0% AFTER-TAX IRR $1.4B AFTER-TAX NPV8% 11 ~92% LIFE OF MINE AVERAGE COPPER RECOVERIES 4.4 Years AFTER-TAX PAYBACK PERIOD4 ~1.4MT LIFE-OF-MINE COPPER PRODUCTION $240M AFTER-TAX NPV PER $0.25/LB CHANGE IN Cu $5.0B LIFE-OF-MINE AFTER- TAX FREE CASHFLOW PRELIMINARY FEASIBILITY STUDY HIGHLIGHTS ~$100 Million Study Completed in 20251 Low Initial Capital and Operating Costs Accelerated Timetable Targeting First Copper Production in 2H 2028 Modern Underground Mine @ ~20,000 Tonnes per Day On-off Heap Leach Process Producing 99.99% Pure Copper Cathode 1.1% Life of Mine Copper Grade After-tax NPV8% at $5.00 copper: ~$2.1B After-tax IRR at $5.00 copper: 25% Summary Economics at $4.25/pound Copper ~72kt 1st 15-YEARS’ AVERAGE COPPER PRODUCTION $1.24B INITIAL CAPITAL EXPENDITURES $1.32 PER POUND UNIT CASH OPERATING COSTS 2
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IDEAL LOCATION ON PRIVATE LAND 12 5,975 Acres Owned by Ivanhoe Electric with Associated Mineral and Water Rights Located Between Phoenix and Tucson at the Center of Arizona’s Rapidly Growing Industrial Corridor Access to Existing Infrastructure – Rail, Electricity, Interstate and State Highways, Natural Gas Pipeline, and Water Premier Mining Jurisdiction in “The Copper State”
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CONVENTIONAL MINE DESIGN SUPPORTED BY HIGH GRADE RESERVES 1Inclusive of Reserves. 13 Mineral Reserves: ~1.5 million tonnes contained copper at average grade of 1.08% Cu Updated Mineral Resource Estimate (contained Cu): • Indicated1: ~3.1 million tonnes @ 0.95% Cu • Inferred: ~3.3 million tonnes @ 0.79% Cu Accessed by conventional twin decline drifts Underground mining will primarily use longhole stoping and local drift-and-fill Design utilizes the latest mining equipment, including Railveyor, a tele-remote-operated electric fleet, mine telemetry, and grade control technologies
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ORGANIC EXPANSION POTENTIAL 1Inclusive of Reserves. 2Exclusive of Reserves. East Ridge Santa Cruz Texaco Indicated Resources1 Oxide Chalcocite Primary Inferred Resource Domain 14 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 0.5 million tonnes of copper in primary sulfide Indicated Resources at Santa Cruz deposit provide near-mine expansion potential
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INDICATIVE DEVELOPMENT PLAN 15 2026 2027 2028 2029 Permitting Construction & Development Plan (PFS) First Copper Cathode Timeline Subject to Receipt of Permits and Project Financing
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PROJECT FINANCING OVERVIEW 16 Advanced Project Financing Process Supported by Highly Engineered Project Strong Interest from Commercial Banks • Secured $200 million bank credit facility in December 2025 U.S. Export-Import Bank Letter of Interest for $825 Million Received in April 2025 • Advancing through full application process Active Dialogues with Potential Financing Partners Targeting Completion of Project Financing in 2026 ~$5001 Million of Liquidity Added Since September 2025 to Fund Early Project Construction 1Includes proceeds from warrant exercise and pro forma estimated after-tax proceeds from sale of stake in non-core asset.
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AZ AZ AZ AZ Areawide Aquifer Protection Permit Mined Land Reclamation Plan – Phase II Encroachment Permit (Submitted) Class V Underground Injection Control Permit – Paste Backfill Mobile Batch Plant Permit 513 Dewatering Permit PRIVATE LAND SUPPORTS STREAMLINED PERMITTING TIMELINE 16 Permits/Rights Completed Indicative Timeline for Remaining Permit Applications / Submittals: Q4 2025 Q1 2026 Q2 2026+ Public Improvements Plan Site Development Plan (Submitted) Class II Air Quality Control – Phase II Major Site Plan – Phase II Site Development Plan – Phase II CG CG CGPC LEGEND: (Permitting Agency) State of Arizona Pinal County City of Casa Grande Submitted AZ AZ CG AZ Class V Underground Injection Control Permit – Silica Gel 17
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DISRUPTIVE TECHNOLOGIES 18
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TYPHOON GEOPHYSICAL SURVEY TECHNOLOGY COMPUTATIONAL GEOSCIENCES INC. DATA INVERSION SOFTWARE 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 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 Typhoon TM POWERFUL TECHNOLOGY-DRIVEN EXPLORATION PLATFORM 19
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VANADIUM REDOX FLOW BATTERIESVANADIUM REDOX FLOW BATTERIES 20 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 VRB USA assembly facility in Mesa, Arizona currently in advanced design phase MADE IN THE UNITED STATES FOR AMERICAN ENERGY STORAGE SOLUTIONS
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MINERAL EXPLORATION 21
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SANTACRUZ COPPER PROJECT, AZ US A USA SAUDI ARABIA CHILE GLOBAL PROJECT PORTFOLIO 22 Technology-driven exploration platform powered by Typhoon and CGI Actively advancing opportunities across key regions Global Exploration Partnerships with Leading Mining Companies BHP, Maaden and SQM Enhance Global Opportunities for New Discoveries
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MAADEN JOINT VENTURE 23 50/50 Joint Venture with exclusive access to explore ~50,000 km2 of the Arabian Shield in Saudi Arabia ~1,300 km2 of Typhoon surveys completed with three Typhoon systems now operating Maaden has added new licenses to the Joint Venture in 2025, and new licenses are being granted that are prospective for significant copper systems 2026 exploration activities include Typhoon surveys at multiple areas with up to 9,000 meters of drilling across six distinct project areas
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BHP EXPLORATION ALLIANCE BHP committed $15 million to fund Alliance exploration activities Alliance focused initially on six areas of interest in the Southwestern U.S. Alliance has access to a new generation Typhoon system and Computational Geosciences Inc. inversion software Ivanhoe Electric is the operator during the exploration phase, with any joint ventures formed owned 50/50 Typhoon surveys have been completed in two areas of interest in Arizona and Utah First drilling commenced in October 2025 at an area of interest in Arizona, exploring for porphyry copper systems 24
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SQM EXPLORATION AND COLLABORATION Typhoon driven collaboration in Chile to explore for copper deposits beneath electrically resistive caliche SQM to fund at least $9 million for exploration during the collaboration’s initial three-year term Ivanhoe Electric provides new generation Typhoon geophysical survey system and Computational Geosciences Inc. inversion software SQM provides access to 2,000 km2 of prospective mining concessions on major copper belts Ivanhoe Electric has option to form 50/50 joint venture upon making a discovery with potential for at least one million tonnes of copper (or equivalent) Ivanhoe Electric is not required to provide any funding prior to the formation of a 50/50 joint venture 25
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U.S. PORTFOLIO – HOG HEAVEN PROJECT Located on private land 50 miles southwest of Kalispell, Montana Initial expansion drilling of historic epithermal mineralization returned significant intercepts • HHD-014, 82 meters at 0.63% copper, 0.32 g/t gold, and 37.8 g/t silver from 568 meters Discovery of the Battle Butte porphyry copper system • HHD-018, 286 meters at 0.14% copper, 0.14 g/t gold, 1.70 g/t silver, and 0.01% molybdenum from 947 meters 22 drill holes and 24,400 meters completed since drilling announced In 2025, detailed geologic studies and additional geophysics have led to new porphyry targets being drilled in 2026 26
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CORPORATE OVERVIEW Advanced-Stage Santa Cruz Copper Project in Arizona Technology- Driven Exploration Platform Exploration Partnerships with Leading Global Mining Companies Dynamic Portfolio of Exploration Projects in U.S. Experienced Leadership with Proven Track Record Strong Balance Sheet & Liquidity to Advance Projects 27 Premier U.S.-based Exploration & Development Company Focused on Critical Minerals
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ivanhoeelectric .com NYSE American / TSX: IE ivanhoeelectric .com NYSE American / TSX: IE