Mr. Robert Friedland reports

IVANHOE ELECTRIC ANNOUNCES SIGNING OF SUBSCRIPTION AGREEMENT BY SAUDI ARABIAN MINING COMPANY MA'ADEN TO EXERCISE ITS TOP-UP RIGHT

Ivanhoe Electric Inc.'s Robert Friedland, executive chairman, and Taylor Melvin, president and chief executive officer, have noted that Ma'aden, the company's joint venture partner in Saudi Arabia and a 9.9-per-cent shareholder, has formally subscribed under its top-up right, as described in the joint venture closing news release on July 6, 2023. By exercising its top-up right, Ma'aden maintains its 9.9-per-cent ownership in Ivanhoe Electric common stock following the company's follow-on equity offering in September.

Ma'aden will purchase an additional 1,513,650 common shares at $13.50 per share for total gross proceeds of $20,434,275. There are no fees or commissions payable on the Ma'aden subscription, which is expected to close on Oct. 31, 2023, subject to customary closing conditions, including receipt of stock exchange approvals.

Ivanhoe Electric intends to use the proceeds to advance its United States mineral projects, for working capital and general corporate purposes.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a United States company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the U.S. The company uses its accurate and powerful Typhoon geophysical surveying system, together with advanced data analytics provided by its subsidiary, Computational Geosciences Inc., to accelerate and derisk the mineral exploration process as the company seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivanhoe Electric believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. The company's mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of Ivanhoe Electric's portfolio of electric metals exploration projects, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah, as well as other exploration projects in the United States, it intends to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. 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 the underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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