Mr. Robert Friedland reports

IVANHOE ELECTRIC ANNOUNCES FULL EXERCISE AND CLOSING OF UNDERWRITERS' OPTION FOR $22.5 MILLION IN PUBLIC OFFERING OF COMMON STOCK, INCREASING GROSS PROCEEDS TO $172.5 MILLION

On Oct. 27, 2025, the underwriters' option to purchase an additional 1.5 million shares of Ivanhoe Electric Inc.'s common stock at a public offering price of $15, pursuant to the previously announced and completed underwritten public offering of 10 million shares of Ivanhoe Electric's common stock at a public offering price of $15 per share, was fully exercised and closed. The gross proceeds from the offering, including the proceeds from the exercise of the underwriters' option, were $172.5-million, before deducting underwriting discounts and commissions, and estimated offering expenses payable by Ivanhoe Electric.

The company 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 acted as lead bookrunning manager of the offering. J.P. Morgan and National Bank of Canada Capital Markets acted as bookrunning managers of 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 (SEC) and was automatically declared effective on July 10, 2023. The shares being offered in this offering were offered by means of a prospectus supplement and accompanying prospectus relating to the offering that form a part of the registration statement. The final prospectus supplement relating to the offering was filed with the SEC on Oct. 22, 2025, and is available on the SEC's website. 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 42nd St. W (32nd floor), New York, N.Y., 10036, e0mail: bmoprospectus@bmo.com.

The final MJDS prospectus supplement relating to and describing the terms of 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 Oct. 22, 2025, and copies of the final MJDS prospectus supplement and accompanying final base MJDS prospectus relating to the offering may be obtained from the underwriters and will be available 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 interlisted issuers, since Ivanhoe Electric's common stock is listed on the NYSE American and had less than 25 per cent of its overall trading volume occurring in Canada during the 12 months prior to launch of 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 metals exploration projects predominantly located in the United States, headlined by the Santa Cruz copper project in Arizona. The company's mineral exploration efforts focus on copper, as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold and silver. 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 underexplored Arabian Shield in the Kingdom of Saudi Arabia.

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