Mr. Robert Friedland reports

IVANHOE ELECTRIC ANNOUNCES CLOSING OF PUBLIC OFFERING AND EXERCISE OF UNDERWRITER'S OPTION

Ivanhoe Electric Inc. closed on Feb. 14, 2025, the previously announced underwritten public offering of 11,794,872 units at a public offering price of $5.85 per unit, less underwriting discounts and commissions, which includes the full exercise of the underwriter's option to purchase an additional 1,538,461 units. Each unit consists of (i) one share of Ivanhoe Electric's common stock and (ii) one warrant to purchase an additional share of Ivanhoe Electric's common stock for 12 months at an exercise price of $7.00 per share.

The aggregate gross proceeds from the offering and the exercise of the underwriters' option are approximately $69-million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Ivanhoe Electric.

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 for other working capital and general corporate purposes.

BMO Capital Markets acted 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 (the SEC) and was automatically declared effective on July 10, 2023. The units 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 Feb. 12, 2025, 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 Corp., attention: Equity Syndicate Department, 151 W 42nd St., 32nd floor, New York, N.Y., 10036, e-mail: bmoprospectus@bmo.com.

A final MJDS 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. 12, 2025, 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 underwriter at the address set out above and under Ivanhoe Electric's profile on SEDAR+.

In obtaining the approval of the Toronto Stock Exchange of the offering, Ivanhoe Electric relied on the exemption set forth in Section 602.1 of the TSX Company Manual available to "eligible lnterlisted 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. 10, 2024, and the date on which application was made to TSX to approve the offering.

About Ivanhoe Electric Inc.

Ivanhoe Electric is a United States 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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