Ivanhoe Electric Inc. is a technology driven minerals exploration and development company based in the United States. The company focuses on copper and other critical metals that are essential for electric transmission and generation manufacturing infrastructure technology and national security. It uses its proprietary Typhoon™ geophysical surveying system together with advanced data analytics from its subsidiary Computational Geosciences Inc. to accelerate and de risk the search for new metal deposits. Ivanhoe Electric also holds a portfolio of exploration projects in the United States and participates in joint ventures and alliances in Saudi Arabia Chile and other regions. In addition the company owns a 90 percent interest in VRB Energy Inc. which develops vanadium redox flow batteries for grid scale energy storage. The Santa Cruz Copper Project in Arizona represents the company's most advanced development asset with a completed preliminary feasibility study that outlines an underground mining operation and a heap leach processing facility. Other United States projects include the Tintic Project in Utah the Hog Heaven Project in Montana and the Gleeson Project in Arizona which are at various stages of exploration. International efforts involve a fifty fifty joint venture with Maaden to explore the Arabian Shield an exploration collaboration with SQM to test for copper beneath caliche cover in northern Chile and equity interests in projects located in Colombia Ivory Coast and Peru.

Ivanhoe Electric generates revenue from the sale of its Typhoon™ geophysical systems from providing data inversion and processing services through CGI and from its interest in VRB Energy which markets vanadium redox flow battery solutions. The company also expects future revenue from mineral production once its development projects such as the Santa Cruz Copper Project reach commercial operation. Joint venture arrangements and exploration alliances provide additional funding that supports ongoing activities. Sales of Typhoon units to partners such as the Saudi joint venture have already contributed to cash flow. CGI earns fees for processing geophysical data collected by Typhoon™ systems in the field. VRB Energy derives income from the sale of battery systems and from technology licensing agreements with third parties.

The company operates through the following segments.

• Mineral Exploration and Development encompasses the company's portfolio of copper and critical metal exploration and development projects. It includes the Santa Cruz Copper Project in Arizona the Tintic Project in Utah the Hog Heaven Project in Montana and numerous other exploration properties in the western United States. Internationally the segment covers joint ventures with Maaden in Saudi Arabia collaboration with SQM in Chile and equity interests in projects in Colombia Ivory Coast and Peru. Activities involve geophysical surveys drilling sampling and preparation of feasibility studies.

• Typhoon Technology consists of the proprietary Typhoon™ geophysical surveying system and associated patents. The system generates high voltage high current pulses to penetrate conductive cover and detect sulfide minerals at depths of up to one and a half kilometers. Ivanhoe Electric sells Typhoon units to partners and uses the technology in its own exploration programs and joint ventures. The system has been deployed in the United States Saudi Arabia Chile and other regions to improve targeting and reduce exploration risk.

• Through its 94.3 percent owned subsidiary Computational Geosciences Inc. the company provides data inversion processing and three dimensional modeling of geophysical data. CGI supplies services to Ivanhoe Electric's exploration projects and to its joint venture partners enabling the interpretation of Typhoon™ survey results and the creation of subsurface models. The subsidiary also maintains a library of algorithms that improve the accuracy of depth estimates and mineral identification from raw geophysical measurements.

• Ivanhoe Electric holds a 90 percent interest in VRB Energy Inc. which focuses on vanadium redox flow battery technology for grid scale energy storage. VRB Energy develops and markets storage systems that integrate with renewable power sources and has a joint venture in China to serve Asian African and Middle Eastern markets. The company's energy storage business benefits from the long cycle life and scalability of vanadium redox batteries which make them suitable for utility scale applications.

Ivanhoe Electric occupies a distinctive niche in the minerals exploration sector by combining deep penetrating geophysical technology with advanced data analytics. The Typhoon™ system offers capabilities that exceed those of conventional airborne or ground based electromagnetic tools allowing detection of deposits hidden beneath resistive cover. This technical edge gives the company an advantage over peers that rely solely on traditional methods. In the energy storage arena VRB Energy competes with other providers of flow battery solutions but benefits from the specific chemistry of vanadium redox batteries which offer long cycle life and scalability for utility applications. The company's focus on critical metals such as copper aligns with global trends toward electrification and renewable energy which increases demand for its exploration services and technology.

The company's customers include mining companies that license or purchase Typhoon™ units and engage CGI for data processing. Key partners in exploration are Maaden in Saudi Arabia BHP in the United States and Chile and SQM in Chile. For its energy storage business VRB Energy sells to utilities renewable power developers and industrial users seeking reliable backup power. Mineral projects generate future customers for refined copper cathodes once production begins. The company also works with government agencies and local communities to secure permits and support responsible development of its assets.