Mr. Evan Young reports

IVANHOE ELECTRIC ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING

Ivanhoe Electric Inc. has priced its initial public offering of 14,388,000 shares of its common stock at a price of $11.75 (U.S.) per share. The gross proceeds from the offering are expected to be approximately $169.1-million (U.S.) before deducting underwriting discounts and commissions and estimated offering expenses payable by Ivanhoe Electric. In addition, Ivanhoe Electric has granted the underwriters a 30-day option to purchase up to an additional 2,158,200 shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the NYSE American and the Toronto Stock Exchange on June 28, 2022, under the ticker symbol IE. The offering is expected to close on June 30, 2022, subject to customary closing conditions.

Ivanhoe Electric intends to use the net proceeds of the offering to finance certain payments to acquire or maintain its mineral and property rights to its material and key mineral properties, to further its metal exploration activities at all of its mineral properties, and to construct and deploy additional sets of its Typhoon electrical pulse-powered geophysical surveying transmitter technology, as well as working capital and general and administrative costs.

BMO Capital Markets Corp. and Jefferies LLC are acting as the lead bookrunners for the offering. J.P. Morgan is acting as a joint bookrunner for the offering. Raymond James, RBC Capital Markets and Scotiabank are acting as co-managers for the offering.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from BMO Capital Markets, attention: equity syndicate department, 151 West 42nd St., 32nd floor, New York, N.Y., 10036, telephone: 800-414-3627 or e-mail: bmoprospectus@bmo.com; or Jefferies, attention: equity syndicate prospectus department, 520 Madison Ave., New York, N.Y., 10022, telephone: 1-877-821-7388 or e-mail: Prospectus_Department@Jefferies.com.

A registration statement relating to these securities has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. Ivanhoe Electric has also obtained a receipt for a final base PREP prospectus filed with the securities commissions or similar securities regulatory authorities in each of the provinces of Canada (except Quebec) on the date hereof. A copy of the supplemented PREP prospectus containing pricing information and other important information relating to the shares of common stock may, when available, be obtained from the underwriters at the addresses set out above and will be available on the SEDAR website and the EDGAR website under Ivanhoe Electric's profile.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a United States-domiciled technology and metal company that is reinventing mining for the electrification of everything. Ivanhoe Electric represents the confluence of advanced exploration technologies (Typhoon and Computational Geosciences Inc.), electric metal projects focused on the United States and renewable energy storage solutions (VRB Energy Inc. -- vanadium flow batteries). Ivanhoe Electric is uniquely positioned to support American supply chain independence by delivering the critical metals necessary for electrification of the economy.

We seek Safe Harbor.