What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-06 compared with 2024-11-08 · 136 added, 251 removed, 280 unchanged (58% of the section changed)

3 unchanged sentences

(Expressed in thousands of U.S.

September 30,

2025 December 31,

2 unchanged sentences

Restricted cash 2,433 4,338

Accounts receivable 2,774 3,326

Inventory — 5,013

Accounts and other receivables 11,373 21,569

Prepaid expenses and deposits 2,286 2,408

Assets held for sale 11,161 —

114,255 69,286

2 unchanged sentences

Other investments 1,847 1,745

Exploration mineral interests 225,863 216,290

Exploration properties 225,876 225,876

Property, plant and equipment 10,920 9,667

5 unchanged sentences

Note payable, current 13,169 12,409

Deferred exploration liability 2,204 4,101

Due to related party 10,238 5,001

Lease liabilities, current 797 784

Contract liability — 2,404

Deferred exploration liability 5,812 —

Liabilities held for sale 4,655 —

37,181 33,416

9 unchanged sentences

700,000,000 shares authorized;

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

132.6 million shares issued and outstanding as of March 31, 2025 (December 31, 2024 - 700,000,000 authorized;

120.6 million issued and outstanding)

11 unchanged sentences

Three Months Ended

September 30, Nine months ended

September 30,

2024 2023 2024 2023

Revenue $ 735 $ 360

8 unchanged sentences

Other expenses (income):

Interest expense, net 972 1,717 1,324 2,398

Interest expense (income), net 1,530 ( 35 )

Foreign exchange loss (gain) 12 ( 5 )

Loss (gain) on revaluation of investments 97 ( 44 ) 799 ( 990 )

Share of loss of equity method investees 4,989 3,012

Other expense (income), net 99 337 108 ( 1,500 )

Other expense, net 606 268

Loss before income taxes 34,141 60,121

4 unchanged sentences

Net loss 34,141 60,095

Other comprehensive loss , net of tax:

Other comprehensive (income) loss, net of tax:

Foreign currency translation adjustments ( 12 ) 392

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

Other comprehensive (income) loss ( 12 ) 392

Comprehensive loss $ 34,129 $ 60,487

11 unchanged sentences

dollars, except share amounts)

Three months ended March 31, 2025 and 2024

capital Accumulated

1 unchanged sentence

comprehensive

loss Non-controlling

interest Total

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 income (loss) — — — — 141 ( 8 ) 133

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

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

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

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

income (loss) Non-controlling

interests Total

Shares Amount

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

Net loss — — — ( 55,511 ) — ( 4,584 ) ( 60,095 )

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

Other comprehensive loss — — — — ( 250 ) ( 142 ) ( 392 )

Issuance of common stock;

4 unchanged sentences

Settlement of deferred share units 1,972 — — — — — —

Stock options exercised 136,318 — 829 — — — 829

Stock-based compensation — — 11,231 — — 211 11,442

Share-based compensation — — 3,315 — — 30 3,345

Non-controlling interests investment in subsidiary — — 9,372 — — 20,628 30,000

Other changes in non-controlling interests — — ( 726 ) — — 272 ( 454 )

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

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)

(Expressed in thousands of U.S.

dollars, except share amounts)

capital Accumulated

deficit Accumulated

comprehensive

loss Non-controlling

interest Total

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 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

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

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 March 31, 2024 120,306,414 $ 12 $ 790,824 $ ( 457,015 ) $ ( 2,323 ) $ 18,234 $ 349,732

Balance at January 1, 2025 120,612,112 $ 12 $ 802,032 $ ( 530,127 ) $ ( 3,276 ) $ 11,790 $ 280,431

Net loss — — — ( 30,515 ) — ( 3,626 ) ( 34,141 )

Other comprehensive loss — — — — ( 755 ) ( 430 ) ( 1,185 )

Issuance of common stock;

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

Other comprehensive income — — — — 12 — 12

Issuance of common stock;

public offering, net of issuance costs 11,794,872 1 53,380 — — — 53,381

Issuance of common stock;

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

Issuance of warrants, public offering — — 12,470 — — — 12,470

Settlement of restricted share units 150,000 — — — — — —

Stock options exercised 33,334 — 83 — — — 83

Stock-based compensation — — 16,013 — — 201 16,214

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

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

Share-based compensation — — 2,934 — — 39 2,973

Other changes in non-controlling interests — — ( 35 ) — — 172 137

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

Balance at March 31, 2025 132,590,318 $ 13 $ 870,864 $ ( 560,642 ) $ ( 3,264 ) $ 8,375 $ 315,346

IVANHOE ELECTRIC INC.

1 unchanged sentence

(Expressed in thousands of U.S.

Nine months ended September 30, 2024 and 2023

Three months ended March 31, 2025 and 2024

Operating activities

2 unchanged sentences

Depreciation and amortization 622 622

Stock-based compensation 11,442 16,214

Share-based compensation 2,973 3,345

Non-cash exploration and research and development expense — 491

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

Unrealized foreign exchange gain 22 ( 3 )

Interest expense 1,657 1,816

Income taxes — ( 200 )

Loss (gain) on revaluation of investments 799 ( 990 )

Share of loss of equity method investees 4,989 3,012

15 unchanged sentences

Financing activities

Net proceeds from public offering 65,590 —

Proceeds from related party loan 5,000 —

Non-controlling interests investment in subsidiary 142 26,000

Proceeds from exercise of stock options 83 —

Net proceeds from issuance of common stock — 299,924

Net cash provided by financing activities 70,815 26,000

Effect of foreign exchange rate changes on cash and cash equivalents 249 ( 256 )

(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

Increase (decrease) in cash and cash equivalents and restricted cash 55,287 ( 25,682 )

Cash, cash equivalents and restricted cash, beginning of the period 45,309 205,043

Cash, cash equivalents and restricted cash, end of the period 100,596 179,361

Restricted cash, end of period 5,998 —

Restricted cash, end of the period 2,433 —

Cash and cash equivalents, end of the period $ 98,163 $ 179,361

Supplemental cash flow information

Cash paid for income taxes $ 1,143 $ 1,188

Supplemental disclosure of non-cash investing and financing activities

Note payable issued as consideration for land purchase $ — $ 82,590

Issuance of common stock $ — $ 1,047

Non-controlling interests investment in subsidiary $ — $ 4,000

Settlement of loan upon issuance of shares of subsidiary — ( 10,546 )

Settlement of related party loan $ — $ ( 4,000 )

5 unchanged sentences

Ivanhoe Electric Inc.

(“Ivanhoe Electric” or “the Company”) is a United States domiciled company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States.

(“Ivanhoe Electric” or “the Company”) is a United States company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States.

The Company’s mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver.

The Company’s portfolio of electric metals exploration projects include the Santa Cruz Project in Arizona and the Tintic Project in Utah, as well as other exploration projects in the United States.

The Company’s portfolio of electric metals exploration projects include the Santa Cruz Project in Arizona, as well as other exploration projects in the United States.

In addition to mineral projects in the United States, the Company also holds direct and indirect ownership interests, and in some cases controlling financial interests, in other non-U.S.

3 unchanged sentences

• VRB Energy Inc.

(“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 September 30, 2024 (December 31, 2023 — 90.0 %).

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

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at March 31, 2025 (December 31, 2024 — 90.0 %).

VRB also holds a 49 % interest in VRB Energy System (Beijing) Co., Ltd.

(“VRB China”) which operates in the same industry in China.

• 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 September 30, 2024 (December 31, 2023 — 94.3 %).

Ivanhoe Electric had an ownership interest in CGI of 94.3 % as at March 31, 2025 (December 31, 2024 — 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 62.7 % as at September 30, 2024 (December 31, 2023 — 62.8 %).

Ivanhoe Electric had an ownership interest in Cordoba of 62.3 % as at March 31, 2025 (December 31, 2024 — 62.5 %).

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

Operating results for the three month period ended March 31, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

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.

3 unchanged sentences

There have been no material changes to, or in the application of, the accounting policies previously identified and described in the Company’s consolidated financial statements for the year ended December 31, 2024.

Recent accounting pronouncements not yet adopted:

In August 2023, the FASB issued ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60):

Recognition and Initial Measurement.

The update was issued to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements.

Upon formation, a joint venture will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance).

This update is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025.

Income taxes:

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

This update was issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

The Company adopted ASU 2023-09 on January 1, 2025 and will be required to disclose specific categories in the rate reconciliation if quantitative thresholds are met.

The amount of income taxes paid, if any, will be required to be disaggregated by federal, state and foreign taxes.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.

The update was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The Company is required to adopt ASU 2023-07 on January 1, 2025 and is currently evaluating the expected impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.

This update was issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information.

Recent accounting pronouncements not yet adopted:

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses.

This update was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions.

The Company is required to adopt ASU 2024-03 on January 1, 2027 and is currently evaluating the expected impact on the consolidated financial statements.

4 unchanged sentences

Cash and cash equivalents:

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.

Of the total cash and cash equivalents at March 31, 2025 and December 31, 2024, $ 19.3 million and $ 11.2 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries.

Accounts receivable:

2025 December 31,

Trade accounts receivable $ 111 $ 762

Other receivables (Note a) 11,262 20,807

$ 11,373 $ 21,569

(a) As at December 31, 2024, VRB was owed $ 20.0 million from its sale of 51 % of the shares in VRB China to China Energy Storage Industry Co., Ltd.

The amount is payable in two tranches.

On October 28, 2024, $ 10.0 million was deposited to an account in China jointly controlled by Red Sun and VRB.

Following receipt of several regulatory approvals required to transfer the funds outside of China, on February 11, 2025, VRB received the first tranche payment with the balance being due in June 2025.

Investments subject to significant influence:

The Company’s principal investment subject to significant influence is its investment in Ma'aden Ivanhoe Electric Exploration and Development Limited Company ("Ma'aden Joint Venture").

The Company’s principal investments subject to significant influence are its investment in Ma'aden Ivanhoe Electric Exploration and Development Limited Company ("Ma'aden Joint Venture") and VRB China.

Others include its investments in Sama Resources Inc.

(“Sama”) and Go2Lithium Inc.

("Go2Lithium").

IVANHOE ELECTRIC INC.

3 unchanged sentences

Equity Method Carried at fair value

Ma'aden Joint Venture SNC

(Note a) Go2Lithium Other Sama Total

Ma'aden Joint Venture VRB China Other Sama Total

Balance at December 31, 2024 20,389 40,600 769 3,129 64,887

Change in fair value — — — ( 693 ) ( 693 )

Investment — 440 — 689 — 1,129

Share of loss ( 3,664 ) ( 1,325 ) — — ( 4,989 )

Acquisition — ( 489 ) — — — ( 489 )

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

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

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

(a) Acquisition of Sama Nickel Corporation:

On March 11, 2024, the Company completed its earn-in and acquired an additional 30 % in Sama Nickel Corporation ("SNC") bringing its total ownership interest in SNC to 60 %.

SNC owns the Samapleu-Grata Nickel-Copper Project ("Samapleu Project") in the Ivory Coast.

The Company determined that it acquired control of SNC and commenced consolidating the results of SNC from March 11, 2024 under the voting interest entity model.

The acquisition was accounted for as an asset acquisition as SNC did not meet the definition of a business.

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

Balance at March 31, 2025 $ 16,725 $ 39,275 $ 769 $ 2,436 $ 59,205

Exploration properties:

Cruz (Note a) Tintic San Matias Other Total

Cruz Tintic San Matias Other Total

Balance at December 31, 2024 $ 176,792 $ 30,703 $ 15,315 $ 3,066 $ 225,876

Acquisition costs 10,300 40 — 529 10,869

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

Foreign currency translation — — — 4 4

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)

Balance at March 31, 2025 $ 176,792 $ 30,703 $ 15,315 $ 3,066 $ 225,876

Note payable:

1 unchanged sentence

Interest expense 760

Balance at September 30, 2024 $ 52,343

Balance at March 31, 2025 $ 37,332

Current portion 13,169

Non-current portion 24,163

Balance at September 30, 2024 $ 52,343

Balance at March 31, 2025 $ 37,332

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.

2 unchanged sentences

• four equal principal payments of $ 12.1 million on the first, second, third and fourth anniversaries of the November 2023 payment, plus applicable accrued interest.

A payment of $ 12.1 million plus accrued interest was paid in November 2024.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

Convertible debt:

1 unchanged sentence

Interest expense 660

Balance at September 30, 2024 $ 30,267

Balance at March 31, 2025 $ 31,602

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

The bond has a five-year term and interest accrues at a rate of 8 % per annum.

Prior to the maturity date, the convertible bond is automatically converted into equity of VRB upon an equity financing or sale event, at a price per share equal to the lower of:

Prior to the maturity date of July 8, 2026, the convertible bond is automatically converted into equity of VRB upon an equity financing or sale event, at a price per share equal to the lower of:

• the transaction price of the equity financing or sale event;

2 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.

Notes to the Condensed Interim Consolidated Financial Statements

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

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:

On February 6, 2024, Ivanhoe Electric acquired all of the issued and outstanding common shares of Kaizen Discovery Inc.

(“Kaizen”) not already beneficially owned by Ivanhoe Electric pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).

Immediately prior to the closing of the Arrangement, Ivanhoe Electric beneficially owned 82.5 % of the issued and outstanding common shares of Kaizen on a non-diluted basis.

Following the closing of the Arrangement, Ivanhoe Electric beneficially owns 100 % of the issued and outstanding common shares of Kaizen on a fully diluted basis.

Ivanhoe Electric acquired the common shares in consideration for the issuance of one share of common stock of Ivanhoe Electric for every 127 Common Shares issued and outstanding immediately prior to the closing of the Arrangement.

A total of 116,413 shares of Ivanhoe Electric were issued.

On February 14, 2025, Ivanhoe Electric completed a public offering where it issued 11,794,872 units (the “Units”) at a price of $ 5.85 per Unit for gross proceeds of $ 69.0 million.

Each Unit consists of (i) one share of Ivanhoe Electric’s common stock and (ii) one accompanying warrant (the "Warrants").

Each whole Warrant is exercisable to purchase one share of Ivanhoe Electric’s common stock at a price of $ 7.00 per share, exercisable until February 17, 2026.

Directly attributable issuance costs of $ 3.1 million incurred in conjunction with the public offering were recorded as a reduction in paid in capital.

(b) Stock-based compensation:

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

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

2024 2023 2024 2023

Three Months Ended March 31,

General and administrative expenses $ 2,560 $ 2,690

Exploration expenses 413 655

Research and development expenses — 6 — 11

Cost of sales — — — 5

$ 2,973 $ 3,345

(i) Stock-settled restricted stock units ("RSU’s"):

On March 6, 2025, the Company granted 776,557 stock settled RSU's to certain officers and employees of the Company.

The RSU’s vest in three equal tranches beginning one year from the grant date.

The fair value of the stock-settled RSU’s is amortized over the vesting period.

The total grant date fair value of these RSU's was $ 4.5 million based on a grant date share price of $ 5.84 per share.

(ii) Performance share units ("PSU's"):

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

(i) Stock options:

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 nine months ended September 30, 2024 is presented below.

March 11, 2024 April 8, 2024

Exercise price $ 13.50 $ 13.50

Number of options granted 1,801,234 415,170

Weighted average assumptions used to value stock option awards:

On March 6, 2025, the Company granted PSU's to certain officers and employees of the Company.

The PSU's vest on December 31, 2027, with the number of units to vest determined by Ivanhoe Electric’s share price performance against constituents from a Base Metals Index.

The number of units to vest ranges between zero times to two times the target number of PSU's.

The total target number of PSU's is 714,822 , which is one times the target.

The grant date fair value of these PSU's was $ 5.1 million.

Monte Carlo valuation methodology was used to determine the fair value of the PSU's, which required the input of the following assumptions.

March 6, 2025

Expected volatility 63.4 %

Expected life of options (in years) 4 4

Expected life of PSU's (in years) 2.8

USA risk-free interest rate 4.0 %

Canada risk-free interest rate 2.6 %

Expected dividend rate 0 %

Risk-free interest rate 4.23 % 4.56 %

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

Weighted average grant-date fair value (per unit) $ 7.07

Expected volatility is based on the historical volatility of the Company's share price over a term commensurate with the remaining life of the PSU's.

The USA risk-free interest rate was based on the yield observed on the US Dollar treasury curve as at the grant date, while the Canadian risk-free rate was based on the yield observed on the Canadian dollar government bond curve as at the grant date.

The Company recognized revenue from the following sources:

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

Three months ended

Revenue type 2025 2024

Software licensing $ — $ — $ — $ 400

Data processing services $ 735 $ 360

Renewable energy storage systems (Note a) — 10 — 1,282

Total $ 735 $ 360

(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 September 30, Nine months ended September 30,

Three months ended

Project 2025 2024

1 unchanged sentence

San Matias, Colombia (Cordoba) 3,336 3,518

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

Hog Heaven, USA 873 3,307

Unity, USA 1,396 107 3,046 128

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

Generative exploration and other 3,128 3,695 11,418 11,866

Tintic, USA 712 3,520

Project generation and other 4,360 5,461

Total $ 15,785 $ 43,643

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

Related party transactions:

4 unchanged sentences

three months ended

September 30, Transactions for the

nine months ended

September 30,

2025 December 31,

2024 2025 2024

Total expenses and accounts payable

Total Expenses

Global Mining (Note a) 530 643 771 1,363

9 unchanged sentences

JCHX Mining Management Co., Ltd (Note e) 10,238 5,001 — —

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

September 30, Transactions for the nine

September 30,

2024 2023 2024 2023

Expense classification

2 unchanged sentences

Research and development expenses — 283

2,805 3,655 6,512 15,683

(a) Global Mining Management Corp.

(“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 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.

The Company held 7.1 % of Global Mining’s outstanding common shares at March 31, 2025 (December 31, 2024 — 7.1 %).

(b) Ivanhoe Capital Aviation (“ICA”) is an entity beneficially owned by the Company’s Executive Chairman.

3 unchanged sentences

The total purchase price for the six Typhoon™ transmitters is $ 12.4 million, which includes research and development costs of $ 2.8 million.

The agreement also includes maintenance costs of $ 1.7 million.

The Company is recognizing the research and development costs and annual maintenance costs on a straight line basis in the consolidated statement of loss over the applicable term.

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.

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 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.

In January 2024, Cordoba announced receipt of the second installment of $ 40.0 million relating to the strategic arrangement entered into with JCHX in May 2023.

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:

The agreement also includes annual maintenance costs of $ 1.7 million.

In October 2022, the Company made deposit payments totaling $ 7.1 million, representing 50 % of each

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

September 30, 2024 December 31, 2023

component of the agreement.

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

As at March 31, 2025, the Company has received four of the Typhoon™ transmitters that are deliverable under the agreement.

(d) The Company's majority owned subsidiary, CGI, provides geophysical data processing services to the Ma'aden joint venture and recognized revenue totaling $ 0.6 million.

At March 31, 2025 the Ma’aden Joint Venture owes the Company $ 0.4 million 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 19.7 % of Cordoba’s issued and outstanding common stock as at March 31, 2025 (December 31, 2024 - 19.7 %).

In December 2024, Cordoba obtained a $ 10.0 million bridge loan from JCHX, of which $ 5.0 million was received in December 2024 and $ 5.0 million in January 2025.

The loan bears simple interest at 10 % per annum for the first six months of the agreement, and 12 % per annum thereafter.

The loan is payable on the maturity date, which is the earlier of 36 months after the date of the loan agreements or the date the third installment of $ 20.0 million becomes payable by JCHX under the strategic arrangement with Cordoba.

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:

March 31, 2025 December 31, 2024

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 September 30, 2024.

There were no movements in level three instruments for the three months ended March 31, 2025.

Segment reporting:

1 unchanged sentence

The CODM evaluates how the Company allocates resources, assesses performance and makes strategic and operational decisions.

Based upon such evaluation, the Company has determined that it has three reportable segments.

The Company’s reportable segments are critical metals, data processing and energy storage.

Critical metals is focused on mineral project exploration and development with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification.

Based upon such evaluation, the Company has determined that it has four reportable segments.

The Company’s reportable segments are the Santa Cruz Project, critical metals, data processing and energy storage.

The Santa Cruz Project and critical metals segments are focused on mineral project exploration and development with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification.

The Santa Cruz project is at a more advanced stage relative to most of the Company’s other mineral exploration projects and its discrete financial information and operating results are regularly reviewed by the CODM in order to make decisions about resource allocation and assess performance.

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 and includes the assets and liabilities held for sale (Note 10).

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)

Segment information for the periods presented is as follows:

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

Processing Energy

Storage Total Critical

As at and for the three months ended March 31, 2025

Santa Cruz Project Critical

Processing Energy

4 unchanged sentences

Segment assets 178,478 176,618 2,012 57,280 414,388

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

Processing Energy

Storage Total Critical

As at and for the three months ended March 31, 2024

Santa Cruz Project Critical

Processing Energy

2 unchanged sentences

Intersegment revenues — — 119 — 119

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

Loss (income) from operations 27,882 27,183 ( 57 ) 1,873 56,881

Segment assets 172,376 270,355 4,941 13,484 461,156

Commitments and contingencies:

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 October 2022, the Company entered into a contractual arrangement to purchase six Typhoon™ transmitters from I-Pulse (Note 13).

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

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.

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.

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