Saudi Arabian Mining Company (Ma'aden) announces an update on signing of a Heads of Terms agreement with Ivanhoe Electric Inc. (IE) to acquire 9.9% shares of common stock & formation of exploration joint venture in the Kingdom of Saudi Arabia.

Saudi Arabian Mining Company (Ma'aden) announces an update on signing of a Heads of Terms agreement with Ivanhoe Electric Inc. (IE) to acquire 9.9% shares of common stock & formation of exploration joint venture in the Kingdom of Saudi Arabia.

|Element List||Explanation|

|Introduction|| Further to the Company’s announcement on 18/06/1444 AH corresponding to 11/01/2023 AD, regarding signing of a Heads of Terms agreement with Ivanhoe Electric Inc. (IE) to acquire 9.9% shares of common stock & formation of exploration joint venture in the kingdom of Saudi Arabia.

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Saudi Arabian Mining Company (Ma’aden) is pleased to announce the signing of the conditional common shares subscription agreement on Monday, 25/10/1444H corresponding 14/05/2023, which will result in the implementation of the acquisition and formation of the exploration joint venture as referred to above after fulfilling certain conditions.

|Previous Announcement||Signing of a Heads of Terms agreement with Ivanhoe Electric Inc. (IE) to acquire 9.9% shares of common stock & formation of exploration joint venture in the Kingdom of Saudi Arabia.|

|Date of Previous Announcement on Tadawul's Website||2023-01-11 Corresponding to 1444-06-18|

|Percentage of fulfilled achievement||NA|

|Event's Expected Completion Date||Third quarter 2023|

|The costs associated with the event, and if they have changed or not with indication of the reasons.||There is no change of the associated costs with the event.|