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

October 27, 2025

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

PHOENIX, ARIZONA, October 27, 2025 -- 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 the full exercise and

closing on October 2 7, 2025 , of the underwriters’ option to purchase an additional

1,500,000 shares of Ivanhoe Electric’s common stock at a public offering price of $15.00,

pursuant to the previously announced and completed underwritten public offering of

10,000,000 shares of Ivanhoe Electric’s common stock at a public offering price of $15.00

per share. 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.

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 acted as lead book-running manager of the offering. J.P. Morgan

and National Bank of Canada Capital Markets acted as book-running 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 (the “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 October 22, 2025, and is

available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus

supplement and accompanying prospectus relating to the offering may be obtained from

BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd

Floor, New York, NY 10036, email: [email protected].

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 Québec) on October

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+ at www.sedarplus.ca .

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

listed on the NYSE American and had less than 25% of its overall trading volume

occurring in Canada during the 12 months prior to launch of the Offering.

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 km 2 of underexplored Arabian Shield in the Kingdom of Saudi

Arabia.

Contact Information

Mike Patterson

Vice President, Investor Relations and Business Development

Email: [email protected]

Phone 1-480-601-7878

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 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

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 activiti es, 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 j oint 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 government s; 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 th is 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.