Mr. Robert Friedland reports

IVANHOE ELECTRIC ANNOUNCES PRICING AND UPSIZING OF PUBLIC OFFERING

Ivanhoe Electric Inc. executive chairman Robert Friedland and president and chief executive officer Taylor Melvin have provided an update on the pricing of an underwritten public offering of 11,851,852 shares of Ivanhoe Electric's common stock at a public offering price of $13.50 (U.S.) per share. The gross proceeds from the offering are expected to be approximately $160-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 1,777,777 shares of common stock at the public offering price, less underwriting discounts and commissions.

The offering is expected to close on Sept. 18, 2023, subject to customary closing conditions.

Ivanhoe Electric intends to use the net proceeds of the offering for a preliminary feasibility study on the Santa Cruz project, mineral rights payments, drilling and other exploration activities, and for other working capital and general corporate purposes.

BMO Capital Markets Corp. and J.P. Morgan Securities LLC are acting as the joint book-running managers for the offering.

A registration statement on Form S-3 (No. 333-273195) relating to these securities has been filed with the U.S. Securities and Exchange Commission (SEC) and was automatically declared effective on July 10, 2023. The shares being offered in this offering are being offered by means of a prospectus supplement and accompanying prospectus relating to the offering that form a part of the registration statement. A preliminary prospectus supplement relating to the offering was filed with the SEC on Sept. 13, 2023, and is available on the SEC's website. The final prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will also be available on the SEC's website. Before investing in the offering, you should read each prospectus supplement and the accompanying prospectus relating to the offering in their entirety as well as the other documents that Ivanhoe Electric has filed with the SEC that are incorporated by reference in the prospectus supplement and the accompanying prospectus. Copies of the final prospectus supplement, when available, and accompanying prospectus relating to the offering may be obtained from BMO Capital Markets, attention: equity syndicate department, 151 W 42nd St., 32nd floor, New York, N.Y., 10036 (e-mail: bmoprospectus@bmo.com); or J.P. Morgan Securities, attention: Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, N.Y., 11717, or by telephone at 866-803-9204 or by e-mail at prospectus-eq_fi@jpmchase.com.

A preliminary MJDS (multijurisdictional disclosure system) prospectus supplement relating to the offering was filed with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada (except Quebec) on Sept. 13, 2023, and is available under Ivanhoe Electric's SEDAR+ profile. The final MJDS prospectus supplement relating to and describing the terms of the offering will be filed with the Canadian regulators and copies of the final MJDS prospectus supplement, when available, and accompanying final base MJDS prospectus relating to the offering may be obtained from the underwriters at the addresses set out herein and will be available under Ivanhoe Electric's profile on SEDAR+.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies (Typhoon and Computational Geosciences Inc.) with electric metals exploration projects predominantly located in the United States, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah. The company's mineral exploration efforts focus on copper as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold and silver. Ivanhoe Electric also operates a 50/50 joint venture with Saudi Arabian mining company Ma'aden to explore for minerals on approximately 48,500 square kilometres of underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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