Ivanhoe Electric Announces Pricing and Upsizing of Public Offering
October 21, 2025
Ivanhoe Electric Announces Pricing and Upsizing of Public
Offering
PHOENIX, ARIZONA, October 21, 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 pricing of an
underwritten public offering of 10,000,000 shares of Ivanhoe Electric’s common stock at
a public offering price of US$15.00 per share. The gross proceeds from the offering are
expected to be approximately US$150 million, before deducting underwriting discounts
and commissions and estimated offering expenses payable by Ivanhoe Electric. In
addition, Ivanhoe Electric has granted the underwriters a 30-day option to purchase up to
an additional 1,500,000 shares of common stock at the public offering price, less
underwriting discounts and commissions.
The offering is expected to close on October 23, 2025, subject to customary closing
conditions.
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 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
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 preliminary
prospectus supplement relating to the offering was filed with the SEC on October 21,
2025, and is available on the SEC’s website at http://www.sec.gov. The final prospectus
supplement relating to and describing the terms of the offering will be filed with the SEC
and will also be available on the SEC’s website. Before investing in the 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, when available,
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].
A preliminary 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 Québec) (the “Canadian Regulators”) on October 21,
2025 and is available under Ivanhoe Electric's SEDAR+ profile at www.sedarplus.ca.
The final MJDS prospectus supplement relating to and describing the terms of the
offering will be filed with the Canadian Regulators and copies of the final 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 .
In seeking the approval of the Toronto Stock Exchange of the Offering, Ivanhoe
Electric is relying 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 expected closing date 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 and sale of shares,
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.