Mr. Evan Young reports

IVANHOE ELECTRIC ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING

Ivanhoe Electric Inc. has closed 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 were 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 commenced trading on the NYSE American and the Toronto Stock Exchange on June 28, 2022, under the ticker symbol IE.

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, to construct and deploy additional sets of its Typhoon electrical pulse-powered geophysical surveying transmitter technology, as well as for working capital and general and administrative costs.

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

The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from BMO Capital Markets Corp., attention: equity syndicate department, 151 W 42nd St., 32nd floor, New York, N.Y., 10036; telephone: 800-414-3627; e-mail: bmoprospectus@bmo.com; or Jefferies LLC, attention: equity syndicate prospectus department, 520 Madison Ave., New York, N.Y., 10022; telephone: 1-877-821-7388; 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 (postreceipt pricing) prospectus filed with the securities commissions or similar securities regulatory authorities in each of the provinces of Canada (except Quebec). A copy of the U.S. prospectus and supplemented PREP prospectus containing pricing information and other important information relating to the shares of common stock may be obtained from the underwriters at the addresses set out herein and are available on SEDAR and EDGAR, as applicable, under Ivanhoe Electric's profile.

About Ivanhoe Electric Inc.

Ivanhoe Electric is an American technology and mineral exploration company that is reinventing mining for the electrification of everything by combining advanced mineral exploration technologies, renewable energy storage solutions and electric metal projects predominantly located in the United States. Ivanhoe Electric uses its Typhoon transmitter, an accurate and powerful geophysical survey system, together with advanced data analytics provided by its subsidiary, Computational Geosciences, to accelerate and derisk the mineral exploration process as well as to potentially discover deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Through its controlling interest in VRB Energy, Ivanhoe Electric also develops and manufactures advanced grid-scale vanadium redox battery storage systems. Finally, through advancing its portfolio of electric metals projects located primarily in the United States, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah, as well as projects in Montana, Oregon and North Carolina, Ivanhoe Electric is also well positioned to support American supply chain independence by delivering the critical metals necessary for electrification of the economy.

We seek Safe Harbor.