Mr. Taylor Melvin reports

IVANHOE ELECTRIC ANNOUNCES PUBLIC OFFERING OF COMMON STOCK

Ivanhoe Electric Inc. intends to sell $125-million (U.S.) of shares of its common stock in an underwritten public offering. In addition, Ivanhoe Electric intends to grant the underwriters a 30-day option to purchase up to an additional $18.75-million (U.S.) of shares of its common stock. 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 intends to use the net proceeds from this offering to complete the remaining payments owed from the purchase of land at its Santa Cruz copper project in Arizona, to finance early development activities at the Santa Cruz copper project, to finance exploration activities at its current projects and joint ventures, and for other working capital and general corporate purposes.

BMO Capital Markets Corp. is acting as lead book-running manager of the offering. J.P. Morgan and National Bank of Canada Capital Markets are acting as book-running managers of 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 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 at no charge on the Securities and Exchange Commission's website or from BMO Capital Markets, attention: equity syndicate department, 151 West 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 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.

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 the underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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