Ivanhoe Electric Inc.

The Company and its business, operations and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stage of exploration of its mineral properties. Certain of these risks and uncertainties are disclosed in Part I, Item 1A. “Risk Factors” of our 2025 Form 10-K.

With the exception of the addition of the below, there have been no material changes to the risk factors set forth in our 2025 Form 10-K.

We may be adversely affected by current or future military conflicts in the Middle East, Ukraine/Russia or other jurisdictions

We operate a joint venture in Saudi Arabia. Saudi Arabia has been impacted by the military action occurring in the region between the United States, Israel and Iran, and certain attacks on Saudi Arabia’s airports and other infrastructure facilities have occurred. Such military action, and the responses to it, may result in our having to halt, suspend or cease exploration activities and other operations in Saudi Arabia in whole or in part, owing to the potential risks to our personnel and assets. Activities closer to the border with Yemen in southern Saudi Arabia are at greater risk of being halted, suspended or terminated given their proximity to hostilities in Yemen. The occurrence of any of these events may have an adverse effect on our business. In addition, constraints on shipping routes such as through the Strait of Hormuz and the Bab el-Mandeb Strait may limit our ability to sea transport into Saudi Arabia the supplies and equipment necessary to continue mineral exploration activities. Such hostilities have also restricted air travel to airports in Saudi Arabia frequented by our personnel and contractors, which has delayed the ability of our personnel and contractors to enter and exit Saudi Arabia. As well, should an employee or contractor leave the joint venture, or should we seek to expand mineral exploration activities in Saudi Arabia, we may be unable to find the necessary qualified personnel who are willing to travel to Saudi Arabia during such military action.

These ongoing military actions (as well as rising geopolitical tensions more generally), may also adversely affect our financial condition and results of operations. Heightened geopolitical instability in the Middle East has contributed to uncertainty in global economic and financial conditions, and increased volatility in energy, fuel, and transportation markets, as well as contributing to volatility in labor, financial, and commodity markets. Disruptions to fuel and energy supply, including as a result of government-imposed restrictions, sanctions, export controls, or other regulatory actions, could materially increase our operating costs or require the temporary suspension or shutdown of certain mineral exploration activities where reliable access to fuel or power is essential to safe and continuous operations. Heightened geopolitical tensions may also increase costs associated with insurance, air travel and shipping, thereby increasing our costs and adversely affecting our financial condition and results of operations.

Our Crossover XRE Tunnel Boring Machine may not be delivered as anticipated or work as expected which would delay or halt underground development of the Santa Cruz Copper Project.

The Company has entered into an agreement to acquire the TBM from Robbins to be used for decline development at the Santa Cruz Copper Project in Arizona. Delays in the delivery or assembly of the TBM and failure of the TBM to function as expected may create material delays or add material additional costs related to the construction and development of the Santa Cruz Copper Project.