What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2024-11-08 compared with 2024-08-07 · 144 added, 84 removed, 387 unchanged (37% of the section changed)

3 unchanged sentences

(Expressed in thousands of U.S.

September 30,

2024 December 31,

1 unchanged sentence

Cash and cash equivalents $ 81,073 $ 205,043

Restricted cash 5,998 —

Accounts receivable 2,774 3,326

1 unchanged sentence

Prepaid expenses and deposits 3,731 3,104

Assets held for sale 11,161 —

104,737 216,486

13 unchanged sentences

Contract liability — 2,404

Deferred exploration liability 5,812 —

Liabilities held for sale 4,655 —

41,931 39,723

9 unchanged sentences

700,000,000 shares authorized;

120.4 million shares issued and outstanding as of June 30, 2024 (December 31, 2023 - 700,000,000 authorized;

120.4 million shares issued and outstanding as of September 30, 2024 (December 31, 2023 - 700,000,000 authorized;

120.0 million issued and outstanding)

11 unchanged sentences

Three Months Ended

June 30, Six months ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

22 unchanged sentences

Foreign currency translation adjustments ( 133 ) ( 154 ) 210 1,185

Other comprehensive loss 329 1,271 721 1,339

Other comprehensive loss (income) ( 133 ) ( 154 ) 210 1,185

Comprehensive loss $ 46,991 $ 83,106 $ 158,950 $ 167,872

16 unchanged sentences

interest Total

Three months ended June 30, 2024 Shares Amount

Balance at April 1, 2024 120,306,414 $ 12 $ 790,824 $ ( 457,015 ) $ ( 2,323 ) $ 18,234 $ 349,732

Three months ended September 30, 2024 Shares Amount

Balance at July 1, 2024 120,388,601 $ 12 $ 795,502 $ ( 503,798 ) $ ( 2,561 ) $ 13,969 $ 303,124

Net loss — — — ( 43,236 ) — ( 3,888 ) ( 47,124 )

Other comprehensive loss — — — — ( 238 ) ( 91 ) ( 329 )

Other comprehensive income (loss) — — — — 141 ( 8 ) 133

Stock options exercised 54,131 — 135 — — — 135

Stock-based compensation — — 3,947 — — 81 4,028

Non-controlling interests investment in subsidiary — — 15 — — 364 379

Other changes in non-controlling interests — — ( 68 ) — — 23 ( 45 )

Balance at June 30, 2024 120,388,601 $ 12 $ 795,502 $ ( 503,798 ) $ ( 2,561 ) $ 13,969 $ 303,124

Six months ended June 30, 2024

Balance at September 30, 2024 120,442,732 $ 12 $ 799,516 $ ( 547,034 ) $ ( 2,420 ) $ 10,177 $ 260,251

Nine months ended September 30, 2024

Balance at January 1, 2024 120,025,264 $ 12 $ 777,816 $ ( 401,504 ) $ ( 2,073 ) $ 2,030 $ 376,281

Net loss — — — ( 145,530 ) — ( 13,210 ) ( 158,740 )

Other comprehensive loss — — — — ( 488 ) ( 233 ) ( 721 )

Other comprehensive loss (income) — — — — ( 347 ) 137 ( 210 )

Issuance of common stock;

8 unchanged sentences

Other changes in non-controlling interests — — ( 794 ) — — 17 ( 777 )

Balance at June 30, 2024 120,388,601 $ 12 $ 795,502 $ ( 503,798 ) $ ( 2,561 ) $ 13,969 $ 303,124

Balance at September 30, 2024 120,442,732 $ 12 $ 799,516 $ ( 547,034 ) $ ( 2,420 ) $ 10,177 $ 260,251

IVANHOE ELECTRIC INC.

7 unchanged sentences

interest Total

Three months ended June 30, 2023 Shares Amount

Balance at April 1, 2023 92,971,865 $ 9 $ 414,897 $ ( 238,202 ) $ ( 1,235 ) $ ( 6,387 ) $ 169,082

Three months ended September 30, 2023 Shares Amount

Balance at July 1, 2023 93,463,764 $ 9 $ 439,442 $ ( 276,465 ) $ ( 2,058 ) $ 5,820 $ 166,748

Net loss — — — ( 77,880 ) — ( 5,380 ) ( 83,260 )

Other comprehensive loss — — — — ( 823 ) ( 448 ) ( 1,271 )

Other comprehensive income — — — — 114 40 154

Issuance of common stock;

strategic investment, net of issuance costs 10,269,604 1 123,670 — — — 123,671

Issuance of common stock;

public offering, net of issuance costs 13,629,629 2 175,540 — — — 175,542

Stock options exercised 156,118 — 389 — — — 389

Stock-based compensation — — 5,581 — — 70 5,651

Settlement of deferred share units 11,990 — — — — — —

Non-controlling interests investment in subsidiary — — 17,979 — — 19,174 37,153

Other changes in non-controlling interests — — ( 144 ) — — 41 ( 103 )

Balance at June 30, 2023 93,463,764 $ 9 $ 439,442 $ ( 276,465 ) $ ( 2,058 ) $ 5,820 $ 166,748

Six months ended June 30, 2023

Balance at September 30, 2023 117,519,115 $ 12 $ 744,478 $ ( 354,345 ) $ ( 1,944 ) $ 591 $ 388,792

Nine months ended September 30, 2023

Balance at January 1, 2023 92,960,584 $ 9 $ 409,683 $ ( 202,128 ) $ ( 1,189 ) $ ( 3,928 ) $ 202,447

2 unchanged sentences

Issuance of common stock;

strategic investment, net of issuance costs 10,269,604 1 123,670 — — — 123,671

Issuance of common stock;

public offering, net of issuance costs 13,629,629 2 175,540 — — — 175,542

Issuance of common stock;

earn-in payment 10,281 — 150 — — — 150

4 unchanged sentences

Other changes in non-controlling interests — — ( 143 ) — — 44 ( 99 )

Balance at June 30, 2023 93,463,764 $ 9 $ 439,442 $ ( 276,465 ) $ ( 2,058 ) $ 5,820 $ 166,748

Balance at September 30, 2023 117,519,115 $ 12 $ 744,478 $ ( 354,345 ) $ ( 1,944 ) $ 591 $ 388,792

IVANHOE ELECTRIC INC.

1 unchanged sentence

(Expressed in thousands of U.S.

Six months ended June 30, 2024 and 2023

Nine months ended September 30, 2024 and 2023

Operating activities

3 unchanged sentences

Stock-based compensation 11,442 16,214

Non-cash exploration expense 95 1,003

Non-cash research and development expense 565 1,290

Non-cash exploration and research and development expense 2,337 3,621

Unrealized foreign exchange loss (gain) 551 ( 1,411 )

9 unchanged sentences

Accounts payable and accrued liabilities ( 5,879 ) 2,616

Deferred exploration liability 5,812 —

Other operating assets and liabilities ( 858 ) ( 1,345 )

9 unchanged sentences

Proceeds from exercise of stock options 829 1,586

Net proceeds from issuance of common stock — 299,924

Net cash provided by financing activities 27,209 330,964

Effect of foreign exchange rate changes on cash and cash equivalents ( 1,015 ) 40

Decrease in cash and cash equivalents ( 71,232 ) ( 75,859 )

Cash and cash equivalents, beginning of the year 205,043 139,660

(Decrease) increase in cash, cash equivalents and restricted cash ( 117,972 ) 109,385

Cash, cash equivalents and restricted cash, beginning of the year 205,043 139,660

Cash, cash equivalents and restricted cash, end of the period 87,071 249,045

Restricted cash, end of period 5,998 —

Cash and cash equivalents, end of the period $ 81,073 $ 249,045

4 unchanged sentences

Issuance of common stock 1,047 —

Kaizen arrangement 952 —

Issuance of common stock;

earn-in payment 95 —

Non-controlling interests investment in subsidiary 4,000 10,546

16 unchanged sentences

(“VRB”), develops, manufactures and installs vanadium flow batteries for grid-scale energy storage.

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at June 30, 2024 (December 31, 2023 — 90.0 %).

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at September 30, 2024 (December 31, 2023 — 90.0 %).

• Computational Geosciences Inc.

(“CGI”), provides data analytics, geophysical modeling, software licensing and artificial intelligence services for the mineral, oil & gas and water exploration industries.

Ivanhoe Electric had an ownership interest in CGI of 94.3 % as at June 30, 2024 (December 31, 2023 — 94.3 %).

Ivanhoe Electric had an ownership interest in CGI of 94.3 % as at September 30, 2024 (December 31, 2023 — 94.3 %).

• Cordoba Minerals Corp.

(“Cordoba”) holds the San Matias copper-gold-silver project in northern Colombia.

Ivanhoe Electric had an ownership interest in Cordoba of 62.8 % as at June 30, 2024 (December 31, 2023 — 62.8 %).

Ivanhoe Electric had an ownership interest in Cordoba of 62.7 % as at September 30, 2024 (December 31, 2023 — 62.8 %).

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States.

1 unchanged sentence

The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported.

Operating results for the six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

Operating results for the nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024.

The condensed interim consolidated financial statements have been prepared on a going concern basis, which presumes the realization of assets and satisfaction of liabilities in the normal course of business.

26 unchanged sentences

Cash and cash equivalents:

Of the total cash and cash equivalents at June 30, 2024 and December 31, 2023, $ 20.8 million and $ 15.0 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries.

At June 30, 2024, the Company has $ 1.7 million in cash equivalents in the form of redeemable short-term investments (December 31, 2023 - $ 0.0 million ) .

Of the total cash and cash equivalents at September 30, 2024 and December 31, 2023, $ 13.0 million and $ 15.0 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries.

Restricted cash and deferred exploration liability:

On May 7, 2024, the Company entered into an Exploration Alliance Agreement ("the Alliance") with BHP Mineral Resources Inc.

(“BHP”), which sets out the framework for BHP and the Company to explore mutually agreed “Areas of Interest” in the United States to identify copper and other critical metal exploration opportunities within those Areas of Interest that may become 50/50 owned joint ventures following a discovery.

The Agreement is for a term of three years , which may be extended upon mutual agreement.

BHP will provide the initial funding of $ 15 million and thereafter the Company and BHP would provide funding on a 50/50 basis.

The Company will provide the Alliance access to one Typhoon™ system.

On August 19, 2024, BHP provided initial funding in the amount $ 6.0 million, which is solely for funding exploration activities of the Alliance.

The funding has been recorded as restricted cash, with an offsetting credit recorded as a deferred exploration liability.

Investments subject to significant influence:

3 unchanged sentences

("Go2Lithium").

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

Equity Method Carried at fair value

6 unchanged sentences

Acquisition — ( 489 ) — — — ( 489 )

Re-classification to held for sale asset — — — ( 641 ) — ( 641 )

Foreign currency translation — ( 20 ) ( 55 ) 10 — ( 65 )

Balance at June 30, 2024 $ 28,418 $ — $ 1,975 $ 657 $ 4,201 $ 35,251

Balance at September 30, 2024 $ 24,626 $ — $ 1,553 $ — $ 4,260 $ 30,439

(a) Acquisition of Sama Nickel Corporation:

4 unchanged sentences

The cost of the acquisition has been allocated to the assets and liabilities of SNC, including its exploration property in the Ivory Coast.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

Exploration properties:

Cruz Tintic San Matias Other Total

Cruz (Note a) Tintic San Matias Other Total

Balance at December 31, 2023 $ 166,492 $ 30,663 $ 15,315 $ 3,820 $ 216,290

Acquisition costs 10,300 40 — 529 10,869

De-recognition (Note b) — — — ( 1,300 ) ( 1,300 )

Foreign currency translation — — — 4 4

Balance at June 30, 2024 $ 166,792 $ 30,703 $ 15,315 $ 4,356 $ 217,166

Balance at September 30, 2024 $ 176,792 $ 30,703 $ 15,315 $ 3,053 $ 225,863

(a) Acquisition of mineral rights at Santa Cruz:

In August 2024, the Company completed the final $ 10.0 million payment to exercise its option to acquire 100 % ownership of the mineral rights at the Santa Cruz project.

Following this transaction, the Company now owns 100 % of the mineral and surface rights for the Santa Cruz project.

(b) Exploration project terminations:

In August 2024, the Company elected to terminate two exploration projects.

Previously capitalized acquisition costs in the amount of $ 1.3 million have been de-recognized and recorded as exploration expenses in the condensed interim consolidated statement of loss.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

Note payable:

1 unchanged sentence

Interest expense 3,427

Balance at June 30, 2024 $ 51,206

Balance at September 30, 2024 $ 52,343

Current portion 16,099

Non-current portion 36,244

Balance at June 30, 2024 $ 51,206

Balance at September 30, 2024 $ 52,343

In May 2023, the Company issued a secured promissory note in the amount of $ 82.6 million as part of a land acquisition at its Santa Cruz project.

5 unchanged sentences

Interest expense 1,895

Balance at June 30, 2024 $ 29,596

Balance at September 30, 2024 $ 30,267

On July 8, 2021, VRB issued a convertible bond for gross proceeds of $ 24.0 million.

5 unchanged sentences

The Company has accounted for the convertible bond, including its embedded features, as a debt instrument accounted at amortized cost, as it was determined the embedded features are not required to be bifurcated.

Assets and liabilities held for sale:

On September 23, 2024, VRB, a subsidiary of the Company, entered into a binding term sheet with Shanxi Red Sun Co., Ltd.

(“Red Sun”) that outlines the binding framework for the formation of a joint venture in VRB's existing operation in China, with Red Sun owning 51 % and VRB owning 49 % of the joint venture.

Red Sun will purchase shares of VRB Energy System (Beijing) Co., Ltd.

(“VRB China”), a wholly-owned subsidiary of VRB, from VRB for $ 20.0 million and will complete a capital increase directly in VRB China in the amount of $ 35.0 million, which will be received over the course of the next 14 months.

After closing, Red Sun will own 51 % and VRB will own 49 % of VRB China.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

The Company has determined that the criteria in determining if the disposal group is an asset held for sale have been met as at September 30, 2024.

The assets and liabilities held for sale as at September 30, 2024 are as follows:

Cash and cash equivalents $ 212

Accounts receivable 1,640

Inventory 6,509

Prepaid expenses and deposits 688

Investments subject to significant influence 641

Property, plant and equipment 1,471

Total assets held for sale $ 11,161

Accounts payable and accrued liabilities $ 1,017

Lease liabilities 668

Contract liability 2,970

Total liabilities held for sale $ 4,655

Red Sun completed its 51 % acquisition of VRB China on October 31, 2024.

(a) Common stock transactions:

7 unchanged sentences

Stock-based payment compensation was allocated to operations as follows:

Three Months Ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

2024 2023 2024 2023

4 unchanged sentences

$ 4,028 $ 5,651 $ 11,442 $ 16,214

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

(i) Stock options:

During the six months ended June 30, 2024 Company granted stock options to certain directors, officers and employees of the Company.

During the nine months ended September 30, 2024, the Company granted stock options to certain directors, officers and employees of the Company.

The options have a seven-year term and comprise three equal tranches vesting in one-third annual increments beginning one year from the grant date.

Information related to stock options granted during the six months ended June 30, 2024 is presented below.

Information related to stock options granted during the nine months ended September 30, 2024 is presented below.

March 11, 2024 April 8, 2024

7 unchanged sentences

Weighted average grant-date fair value (per option) $ 3.46 $ 4.72

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

The Company recognized revenue from the following sources:

Three Months Ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

Revenue type 2024 2023 2024 2023

3 unchanged sentences

Total $ 671 $ 239 $ 1,569 $ 2,232

(a) At June 30, 2024, the Company had a contract liability of $ 2.7 million (December 31, 2023 — $ 2.4 million) relating to the sale of renewable energy storage systems.

(a) At September 30, 2024, the Company did not have a contract liability relating to the sale of renewable energy storage systems as it was classified as a liability held for sale (December 31, 2023 — $ 2.4 million) .

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

Exploration expense:

Three Months Ended June 30, Six months ended June 30,

Three months ended September 30, Nine months ended September 30,

Project 2024 2023 2024 2023

Santa Cruz, USA $ 15,141 $ 11,079 $ 63,456 $ 40,804

Tintic, USA 3,681 1,954 7,201 3,075

San Matias, Colombia (Cordoba) 4,063 7,292 10,817 22,059

Tintic, USA 2,343 6,030 9,544 9,105

Hog Heaven, USA 2,645 3,512 8,482 4,566

Unity, USA 1,396 107 3,046 128

Samapleu Project, Ivory Coast (Note 5(a)) 1,414 — 1,414 —

Carolina, USA 300 790 1,195 1,028

Bitter Creek, USA 528 15 1,186 42

White Hill, USA 1,294 618 1,625 1,368

Bitter Creek, USA 102 76 1,288 118

Carolina, USA 7 158 1,202 1,186

Lincoln, USA 340 1,641 478 2,118

4 unchanged sentences

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

The following table summarizes transactions between the Company and significant related parties.

1 unchanged sentence

three months ended

June 30, Transactions for the

six months ended

September 30, Transactions for the

nine months ended

September 30,

2024 December 31,

4 unchanged sentences

I-Pulse (Note c) 1,527 1,395 482 1,131 1,308 3,446

JCHX Mining Management Co., Ltd (Note e) 1,000 — 990 — 990 —

Total 2,849 1,619 2,805 3,655 6,512 15,683

5 unchanged sentences

JCHX Mining Management Co., Ltd (Note e) — 4,000 — — — —

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

Transactions for the

three months ended

June 30, Transactions for the six

September 30, Transactions for the nine

September 30,

2024 2023 2024 2023

6 unchanged sentences

(“Global Mining”) is a private company based in Vancouver, Canada, that provides administration, accounting, and other office services to the Company on a cost-recovery basis.

The Company held 6.7 % of Global Mining’s outstanding common stock at June 30, 2024 (December 31, 2023 — 7.1 %).

The Company held 7.1 % of Global Mining’s outstanding common stock at September 30, 2024 (December 31, 2023 — 7.1 %).

The advance provided to Global Mining is included in other non-current assets.

7 unchanged sentences

In October 2022, the Company made deposit payments totaling $ 7.1 million, representing 50 % of each component of the agreement and recorded in other non-current assets.

The remaining payments will be made as each Typhoon™ transmitter system is

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

In December 2023, the Company received the first Typhoon™ transmitter that was deliverable under the agreement.

The remaining payments will be made as each Typhoon™ transmitter system is delivered.

(d) The Company's majority owned subsidiary, CGI, provides geophysical data processing services to the Ma'aden joint venture and recognized revenue totaling $ 1.0 million.

At June 30, 2024 the Company has $ 0.9 million in accounts receivable owed by the Ma'aden joint venture for costs that the Company incurred on behalf of the Ma’aden Joint Venture related to exploration work in Saudi Arabia.

(e) JCHX Mining Management Co., Ltd (“JCHX") held 19.8 % of Cordoba’s issued and outstanding common stock as at June 30, 2024 (December 31, 2023 - 19.8 %).

At September 30, 2024 the Company has $ 1.8 million in accounts receivable owed by the Ma'aden joint venture for costs that the Company incurred on behalf of the Ma’aden Joint Venture related to exploration work in Saudi Arabia.

(e) JCHX Mining Management Co., Ltd (“JCHX") held 19.8 % of Cordoba’s issued and outstanding common stock as at September 30, 2024 (December 31, 2023 - 19.8 %).

In November 2023, $ 4.0 million was advanced to Cordoba by JCHX.

1 unchanged sentence

The $ 4.0 million loan was settled in full by applying it towards the second installment received as a payment in kind.

During the quarter ended September 30, 2024 JCHX provided engineering services to Cordoba totaling $ 1.0 million.

Fair value measurement:

The following table provides the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the combined balance sheets:

June 30, 2024 December 31, 2023

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

September 30, 2024 December 31, 2023

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3

5 unchanged sentences

Total financial liabilities $ — $ — $ — $ — $ — $ —

There were no movements in level three instruments for the three months ended June 30, 2024.

There were no movements in level three instruments for the three months ended September 30, 2024.

Segment reporting:

5 unchanged sentences

The data processing segment provides data analytics, geophysical modeling and artificial intelligence services for the mineral, oil & gas and water exploration industries.

The energy storage segment develops, manufactures and installs vanadium flow batteries for grid-scale energy storage.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

The energy storage segment develops, manufactures and installs vanadium flow batteries for grid-scale energy storage and includes the assets and liabilities held for sale (Note 10).

Segment information for the periods presented is as follows:

Three Months Ended June 30, 2024 Six months ended June 30, 2024

Three months ended September 30, 2024 Nine months ended September 30, 2024

Processing Energy

6 unchanged sentences

Segment assets 359,118 4,633 11,677 375,428 359,118 4,633 11,677 375,428

Three Months Ended June 30, 2023 Six months ended June 30, 2023

Three months ended September 30, 2023 Nine months ended September 30, 2023

Processing Energy

4 unchanged sentences

Intersegment revenues — 37 — 37 — 100 — 100

Loss (income) from operations 44,648 746 1,991 47,385 80,807 1,145 4,022 85,974

Loss from operations 44,764 1,151 2,056 47,971 125,572 1,296 6,078 132,946

Segment assets 509,887 3,810 19,209 532,906 509,887 3,810 19,209 532,906

Commitments and contingencies:

The Company has entered into a contractual arrangement to purchase six Typhoon™ transmitters from I-Pulse (Note 12).

In June 2022, the Company entered into a contractual arrangement to purchase six Typhoon™ transmitters from I-Pulse (Note 14).

As at September 30, 2024, one Typhoon™ transmitter had been delivered.

In the ordinary course of business, the Company may be involved in various legal proceedings and subject to claims that arise.

Although the results of litigation and claims are inherently unpredictable and uncertain, the Company is not currently a party to any legal proceedings the outcome of which, if determined adversely to it, are believed to, either individually or taken together, have a material adverse effect on the Company’s business, financial condition or results of operations.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

(Unaudited - Tabular amounts expressed in thousands of U.S.

dollars, unless otherwise indicated)

individually or taken together, have a material adverse effect on the Company’s business, financial condition or results of operations.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements