Mr. Taylor Melvin reports

IVANHOE ELECTRIC ANNOUNCES PRICING AND UPSIZING OF PUBLIC OFFERING

Ivanhoe Electric Inc. has priced an underwritten public offering of 10,256,411 units at a public offering price of $5.85 (U.S.) per unit. Each unit consists of: (i) one share of Ivanhoe Electric's common stock; and (ii) one accompanying warrant. Each whole warrant is exercisable to purchase one share of Ivanhoe Electric's common stock at a price of $7 (U.S.) per share, exercisable for a period of 12 months. The shares of common stock and warrants will be issued separately, but can only be purchased together in the offering. The gross proceeds from the offering are expected to be approximately $60-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 1,538,461 units, shares of common stock and/or warrants.

The offering is expected to close on Feb. 14, 2025, subject to customary closing conditions.

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

BMO Capital Markets is acting as sole book-running manager 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, 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 Feb. 11, 2025, 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 Corp., attention: equity syndicate department, 151 West 42nd St., 32nd floor, New York, N.Y., 10036, e-mail: bmoprospectus@bmo.com.

A preliminary 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 Feb. 11, 2025, 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 above 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 metal 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. It 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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