Mr. Robert Friedland reports

IVANHOE ELECTRIC ANNOUNCES PUBLIC OFFERING OF UNITS

Ivanhoe Electric Inc. intends to sell $50-million (U.S.) of units in an underwritten public offering. Each unit consists of: (i) one share of Ivanhoe Electric's common stock; and (ii) one accompanying warrant, with each whole warrant exercisable to purchase one whole share of Ivanhoe Electric's common stock. In addition, Ivanhoe Electric intends to grant the underwriters a 30-day option to purchase up to an additional $7.5-million (U.S.) of units. The offering is subject to market and other conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.

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 is acting as sole bookrunning manager for the offering.

A registration statement (including a prospectus) 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. This offering will be made only by means of a prospectus. Before investing in the offering, you should read the prospectus relating to the offering in its entirety, as well as the other documents that Ivanhoe Electric has filed with the SEC that are incorporated by reference in the prospectus. Copies of the preliminary prospectus supplement, when available, and accompanying prospectus relating to the offering may be obtained for free on the SEC's website or from BMO Capital Markets Corp., attention: Equity Syndicate Department, 151 W 42nd St., 32nd Floor, New York, N.Y., 10036, e-mail: bmoprospectus@bmo.com.

Ivanhoe Electric also obtained a receipt for a final base prospectus filed pursuant to the multijurisdictional disclosure system (MJDS) with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada (except Quebec) on July 20, 2023. Copies of the preliminary 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 above and will be available under Ivanhoe Electric's profile on SEDAR+.

About Ivanhoe Electric Inc.

The company is a United States 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. Its mineral exploration efforts focus on copper, as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold and silver. The company 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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