Ivanhoe Electric Announces Pricing and Upsizing of Public Offering

Executive Summary

• Ivanhoe Electric Inc. has priced an underwritten public offering of 10,000,000 shares of common stock at US$15.00 per share, raising approximately US$150 million in gross proceeds.
• The company has granted underwriters a 30-day option to purchase up to an additional 1,500,000 shares.
• Net proceeds are designated for completing land payments at the Santa Cruz Copper Project, funding early development and exploration activities, and general corporate purposes.

Key Details

• Offering Size: 10,000,000 shares of common stock.
• Price: US$15.00 per share.
• Gross Proceeds: Approximately US$150 million (before deducting underwriting discounts, commissions, and estimated offering expenses).
• Over-Allotment Option: Underwriters have a 30-day option to purchase up to 1,500,000 additional shares at the public offering price.
• Expected Closing Date: October 23, 2025, subject to customary closing conditions.
• Use of Proceeds:
  • Complete remaining payments for land at the Santa Cruz Copper Project in Arizona.
  • Fund early development activities at the Santa Cruz Copper Project.
  • Fund exploration activities at current projects and joint ventures.
  • Working capital and general corporate purposes.
• Underwriters:
  • Lead Book-Running Manager: BMO Capital Markets.
  • Book-Running Managers: J.P. Morgan and National Bank of Canada Capital Markets.
• Regulatory Filings:
  • Registration statement on Form S-3 (No. 333-273195) filed with the SEC and automatically declared effective on July 10, 2023.
  • Preliminary prospectus supplement filed with the SEC on October 21, 2025.
  • Preliminary MJDS prospectus supplement filed with Canadian securities commissions on October 21, 2025.
• Exchange Listing: Relying on TSX Company Manual Section 602.1 exemption for "Eligible Interlisted Issuers" as common stock is listed on NYSE American and less than 25% of trading volume occurred in Canada over the prior 12 months.