Ivanhoe Electric and Ma'aden Show Promising Progress in Saudi Exploration Efforts

Ivanhoe Electric Inc., in partnership with Saudi Arabian Mining Company Ma'aden, has successfully completed the first full quarter of exploration activities in Saudi Arabia, marking significant developments in their joint venture. Notably, the team's groundbreaking Typhoon™ survey has identified two high-priority anomalies for drill testing near the Al Amar Gold-Copper-Zinc Mine. This marks a leap forward in leveraging cutting-edge exploration technologies in the region.

Their initial 76 km2 Typhoon™ survey at Umm Ash Shalahib, utilizing Ivanhoe Electric's proprietary geophysical survey system and Computational Geosciences' advanced data analytics, has rapidly processed and interpreted extensive geophysical data, pinpointing potential drill targets. This integration of technology underlines the venture's innovative approach in identifying subsurface anomalies in challenging geological settings.

With two high-priority drill targets now in focus, preparations are underway to commence drilling activities by the end of May 2024. This development underscores the potential for discovering significant mineral deposits within the surveyed area, which could have wide-reaching implications for the local and broader mining sector.

Moreover, the joint venture's exploration activities are set to expand within the Al Amar Belt and into the promising Wadi Bidah Belt, highlighting their commitment to exploring the vast mineral potential of the Arabian Shield. With the delivery of new generation Typhoon™ units, the partnership is well-positioned to advance its exploration efforts and contribute to the region’s mining industry.