Ivanhoe Electric Announces Public Offering of Common Stock

Ivanhoe Electric Inc. (NYSE American: IE) (TSX: IE) ("Ivanhoe Electric") Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to announce that Ivanhoe Electric intends to sell US$125 million 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 US$18.75 million 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.

We intend to use the net proceeds from this offering to complete the remaining payments owed from the purchase of land at our Santa Cruz Copper Project in Arizona, to fund early development activities at the Santa Cruz Copper Project, to fund exploration activities at our current projects and joint ventures, and for other working capital and general corporate purposes.

BMO Capital Markets 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 (the "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, www.sec.gov, or from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, email: bmoprospectus@bmo.com.

Ivanhoe Electric also obtained a receipt for a final base prospectus filed pursuant to the multi-jurisdictional disclosure system ("MJDS") with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada (except Québec) 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+ at www.sedarplus.ca.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ivanhoe Electric

We are a U.S. 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. Our mineral exploration efforts focus on copper as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold, and silver. We also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden to explore for minerals on ~48,500 km² of underexplored Arabian Shield in the Kingdom of Saudi Arabia.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking information" and "forward-looking statements" within the meaning of U.S. and Canadian securities laws. All statements other than statements of historical facts contained in this press release, including statements regarding the expected terms and consummation of the offering and the use of proceeds from the offering are forward-looking statements. Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including risks and uncertainties related to market conditions and the ability to consummate the offering, the ability to satisfy the closing conditions to the offering; management's discretion over the use of proceeds of the offering; we will require substantial additional capital investment in the future; our mineral projects are all at the exploration or development stage and are subject to the significant risks and uncertainties associated with mineral exploration and development; we have inferred resources that may never be upgraded to a higher category of resource or reserve; we have a limited operating history on which to base an evaluation of our business and prospects; we depend on our material projects for our future operations; our mineral resource and reserve calculations and economic projections relating to our properties are only estimates; actual capital costs, operating costs, production and economic returns may differ significantly from those we have anticipated; the title to some of the mineral properties may be uncertain or defective; our business is subject to changes in the prices of copper, gold, silver, nickel, cobalt, vanadium and platinum group metals; we have claims and legal proceedings against one of our subsidiaries; our business is subject to significant risk and hazards associated with exploration activities, mine development, construction and future mining operations; we may fail to identify attractive acquisition candidates or joint ventures with strategic partners or be unable to successfully integrate acquired mineral properties or successfully manage joint ventures; our success is dependent in part on our joint venture partners and their compliance with our agreements with them; our business is extensively regulated by the United States and foreign governments as well as local governments; we may be adversely affected by tariff and trade actions; we and the VRB China Joint Venture may not receive the anticipated payments from Red Sun in connection with the VRB China Joint Venture transaction in full or in a timely manner; our subsidiary Cordoba's sale of its interest in the Alacrán project may not be completed; the requirements that we obtain, maintain and renew environmental, construction and mining permits are often a costly and time-consuming process; our non-U.S. operations are subject to additional political, economic and other uncertainties not generally associated with domestic operations; and our operations may be impacted by public health emergencies, pandemics, epidemics, or similar events. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements described in or incorporated by reference in Ivanhoe Electric's preliminary prospectus supplement relating to this offering and accompanying base prospectus that form a part of the registration statement on Form S-3, as amended, filed with the SEC and preliminary MJDS prospectus supplement relating to this offering and accompanying final base MJDS prospectus filed with Canadian securities commissions. Ivanhoe Electric expressly disclaims any obligation or undertaking to update the forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which such statements are based unless required to do so by applicable law. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this press release. We caution you not to place undue reliance on these forward-looking statements.

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