Ms. Valerie Kimball reports

IVANHOE ELECTRIC ANNOUNCES CLOSING OF PUBLIC OFFERING AND EXERCISE OF UNDERWRITERS' OPTION

On Sept. 18, 2023, Ivanhoe Electric Inc. closed the previously announced 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. In addition, Ivanhoe Electric received notice from the underwriters on Sept. 18, 2023, of the full exercise of their option to purchase an additional 1,777,777 shares of common stock from the company.

The aggregate gross proceeds from the offering and the exercise of the underwriters' option will be approximately $184-million, before deducting underwriting discounts and commissions, and estimated offering expenses payable by Ivanhoe Electric. The sale of the underwriters' option shares is expected to close on Sept. 21, 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 United States 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 final prospectus supplement relating to the offering was filed with the SEC on Sept. 14, 2023, and is available on the SEC's website. Before investing in this 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 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, by telephone at 866-803-9204, or by e-mail at prospectus-eq_fi@jpmchase.com.

A final 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. 14, 2023, and is available under Ivanhoe Electric's SEDAR+ profile. Copies of the final MJDS prospectus supplement and accompanying final base MJDS prospectus relating to the offering may be obtained from the underwriters at the addresses set out above and under Ivanhoe Electric's profile on SEDAR+.

In obtaining the approval of the Toronto Stock Exchange for the offering, Ivanhoe Electric relied on the exemption set forth in Section 602.1 of the TSX company manual available to eligible interlisted issuers, since Ivanhoe Electric's common stock is also listed on the NYSE American and had less than 25 per cent of the overall trading volume of its listed securities occurring on all Canadian marketplaces in the period between Feb. 28, 2023, and the date on which application was made to TSX to approve the offering.

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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