What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-07 compared with 2025-11-05 · 168 added, 231 removed, 290 unchanged (58% of the section changed)

3 unchanged sentences

(Expressed in thousands of U.S.

September 30,

2026 December 31,

3 unchanged sentences

Accounts and other receivables 5,900 526

Prepaid expenses and deposits 3,127 2,408

Prepaid expenses, deposits and other current assets 3,745 3,394

301,465 180,193

9 unchanged sentences

Accounts payable and accrued liabilities $ 11,463 $ 16,309

Note payable, current 14,690 12,409

Convertible debt 34,458 33,738

Deferred exploration liability 1,809 2,748

Due to related party — 5,001

Lease liabilities, current 498 1,080

1 unchanged sentence

Non-current liabilities:

Note payable 24,163 24,163

Convertible debt — 30,942

Deferred income taxes — 4,751

Lease liabilities, net of current portion 410 1,079

Other non-current liabilities 412 370

Total liabilities 48,638 59,705

2 unchanged sentences

700,000,000 shares authorized;

133.2 million shares issued and outstanding as of September 30, 2025 (December 31, 2024 - 700,000,000 authorized;

158.0 million shares issued and outstanding as of March 31, 2026 (December 31, 2025 - 700,000,000 authorized;

145.5 million issued and outstanding)

7 unchanged sentences

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited)

Condensed Interim Consolidated Statements of (Income) Loss and Comprehensive (Income) Loss (Unaudited)

(Expressed in thousands of U.S.

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Revenue $ 858 $ 735

6 unchanged sentences

Selling and marketing expenses — 23

Impairment — — 2,555 —

Loss from operations 23,589 41,829 76,228 147,256

Gain on divestment of Alacrán project ( 124,723 ) —

Provision for expected credit loss ( 5,000 ) —

(Income) loss from operations ( 96,756 ) 27,004

Other expenses (income):

Interest expense, net 829 1,530

Foreign exchange loss (gain) 262 ( 133 ) 726 554

Share of (income) loss of equity method investees ( 4,384 ) 4,260 2,863 8,725

Other expense, net 1,133 196 1,149 907

Loss before income taxes 21,610 47,124 84,723 158,766

Income tax recovery — — — ( 26 )

Net loss 21,610 47,124 84,723 158,740

Less loss attributable to non-controlling interests ( 4,089 ) ( 3,888 ) ( 12,836 ) ( 13,210 )

Net loss attributable to common stockholders or parent 17,521 43,236 71,887 145,530

Net loss 21,610 47,124 84,723 158,740

Foreign exchange (gain) loss ( 646 ) 12

Share of loss of equity method investees 3,775 4,989

Other (income) expense, net ( 782 ) 606

(Income) loss before income taxes ( 93,580 ) 34,141

Income taxes 12,195 —

Net (income) loss ( 81,385 ) 34,141

(Income) loss attributable to non-controlling interests ( 39,649 ) 3,626

Net (income) loss attributable to common stockholders ( 41,736 ) 30,515

Net (income) loss ( 81,385 ) 34,141

Other comprehensive loss (income), net of tax:

1 unchanged sentence

Other comprehensive loss (income) 1,033 ( 12 )

Comprehensive loss $ 21,693 $ 46,991 $ 84,291 $ 158,950

Comprehensive loss attributable to:

Common stockholders or parent 17,680 43,095 71,709 145,877

Comprehensive (income) loss $ ( 80,352 ) $ 34,129

Comprehensive (income) loss attributable to:

Common stockholders ( 41,057 ) 30,503

Non-controlling interests ( 39,295 ) 3,626

$ ( 80,352 ) $ 34,129

Net loss per share attributable to common stockholders

Basic and diluted $ 0.13 $ 0.36 $ 0.55 $ 1.21

Net (income) loss per share attributable to common stockholders

Basic $ ( 0.27 ) $ 0.24

Diluted $ ( 0.26 ) $ 0.24

Weighted-average common shares outstanding

Basic and diluted 132,909,795 120,406,215 0 130,748,497 120,330,374

Basic 152,224,813 126,664,363

Diluted 158,480,740 126,664,363

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, except share amounts)

Three months ended March 31, 2026 and 2025

capital Accumulated

deficit Accumulated

comprehensive

income (loss) Non-controlling

comprehensive (loss)

income Non-controlling

interests Total

Shares Amount

Three months ended September 30, 2025

Balance at July 1, 2025 132,690,768 $ 13 $ 880,756 $ ( 584,493 ) $ ( 2,939 ) $ 17,440 $ 310,777

Net loss — — — ( 17,521 ) — ( 4,089 ) ( 21,610 )

Other comprehensive (loss) income — — — — ( 159 ) 76 ( 83 )

Settlement of deferred share units 17,532 — — — — — —

Stock options exercised 332,752 — 876 — — — 876

Warrants exercised 125,000 — 875 — — — 875

Share-based compensation — — 2,680 — — 48 2,728

Other changes in non-controlling interests — — 40 — — 158 198

Balance at September 30, 2025 133,166,052 $ 13 $ 885,227 $ ( 602,014 ) $ ( 3,098 ) $ 13,633 $ 293,761

Nine months ended September 30, 2025

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

5 unchanged sentences

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

Settlement of deferred share units 17,532 — — — — — —

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

Warrants exercised 150,000 — 1,050 — — — 1,050

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

Non-controlling interests investment in subsidiary — — 6,129 — — 14,034 20,163

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

Balance at September 30, 2025 133,166,052 $ 13 $ 885,227 $ ( 602,014 ) $ ( 3,098 ) $ 13,633 $ 293,761

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

income (loss) Non-controlling

interests Total

Shares Amount

Three months ended September 30, 2024

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

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

Balance at January 1, 2026 145,508,012 $ 15 $ 1,055,711 $ ( 636,001 ) $ ( 3,613 ) $ 7,456 $ 423,568

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

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

Issuance of common stock;

Kaizen arrangement 116,413 — 952 — — — 952

Issuance of common stock;

earn-in payment 12,765 — 95 — — — 95

Net income — — — 41,736 — 39,649 81,385

Other comprehensive loss — — — — ( 679 ) ( 354 ) ( 1,033 )

Warrants exercised 11,644,872 1 81,513 — — — 81,514

Settlement of restricted share units 391,764 — — — — — —

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

Stock options exercised 446,945 — 2,829 — — — 2,829

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

Non-controlling interests investment in subsidiary — — 9,387 — — 20,992 30,379

Share-based compensation — — 2,554 — — 28 2,582

Distribution to non-controlling shareholders of subsidiary, including taxes — — ( 1,195 ) — — ( 40,899 ) ( 42,094 )

Other changes in non-controlling interests — — ( 2,594 ) — — ( 484 ) ( 3,078 )

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

Balance at March 31, 2026 157,991,593 $ 16 $ 1,138,818 $ ( 594,265 ) $ ( 4,292 ) $ 5,396 $ 545,673

IVANHOE ELECTRIC INC.

1 unchanged sentence

(Expressed in thousands of U.S.

Nine months ended September 30, 2025 and 2024

Three months ended March 31, 2026 and 2025

Operating activities

Net loss $ ( 84,723 ) $ ( 158,740 )

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

Net income (loss) $ 81,385 $ ( 34,141 )

Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:

Depreciation and amortization 564 622

Stock-based compensation 9,076 11,442

Non-cash exploration and research and development expense 300 2,337

Unrealized foreign exchange gain 504 551

Share-based compensation 2,582 2,973

Unrealized foreign exchange (gain) loss ( 678 ) 22

Interest expense 1,443 1,657

Share of loss of equity method investees 3,775 4,989

Impairment 2,555 —

Gain on divestment of Alacrán project ( 124,723 ) —

Provision for expected credit loss ( 5,000 ) —

Other ( 863 ) 587

1 unchanged sentence

Trade accounts receivable ( 374 ) 500

Inventory — ( 1,421 )

Operating lease liabilities ( 246 ) ( 194 )

4 unchanged sentences

Investing activities

Proceeds from divestment of Alacrán project, net of transaction costs and cash disposed 124,804 —

Proceeds from sale of a subsidiary — 9,696

Purchase of mineral interests ( 731 ) ( 10,640 )

Purchase of exploration properties ( 1,494 ) —

Purchase of property, plant and equipment and intangible assets ( 597 ) ( 2 )

Purchase of investments subject to significant influence ( 6,250 ) —

Cash acquired on acquisition of subsidiary — 227

Net cash provided by (used in) investing activities 7,799 ( 12,775 )

Purchase of other non-current assets ( 1,300 ) —

Net cash provided by investing activities 115,163 9,694

Financing activities

Proceeds from exercise of warrants 81,514 —

Proceeds from exercise of stock options 2,829 83

Distribution to non-controlling shareholders of subsidiary ( 40,083 ) —

Debt issuance costs ( 4,585 ) —

Net proceeds from public offering — 65,590

Proceeds from related party loan 2,500 5,000

Repayment of related party loan ( 10,505 ) —

Non-controlling interests investment in subsidiary 818 142

Proceeds from exercise of stock options and warrants 2,197 829

Net cash provided by financing activities 42,993 70,815

Effect of foreign exchange rate changes on cash and cash equivalents ( 299 ) 249

Increase (decrease) in cash and cash equivalents and restricted cash 28,147 ( 117,972 )

Increase in cash and cash equivalents and restricted cash 115,547 55,287

Cash, cash equivalents and restricted cash, beginning of the period 176,273 45,309

4 unchanged sentences

Cash paid for income taxes $ 12,195 $ —

Supplemental disclosure of non-cash investing and financing activities

Issuance of common stock $ — $ 1,047

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

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

IVANHOE ELECTRIC INC.

4 unchanged sentences

Ivanhoe Electric Inc.

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

(“Ivanhoe Electric” or “the Company”) is a United States based minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security.

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

The Company’s portfolio of critical metals exploration projects includes the advanced Santa Cruz Copper Project in Arizona.

The Company’s projects include the Santa Cruz Copper Project in Arizona.

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.

4 unchanged sentences

(“VRB”) is establishing a United States-based grid scale vanadium redox flow battery manufacturing business.

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at September 30, 2025 (December 31, 2024 — 90.0 %).

VRB also holds a 49 % interest (December 31, 2024 - 49 %) in VRB Energy System (Beijing) Co., Ltd.

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at March 31, 2026 (December 31, 2025 — 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, 2025 (December 31, 2024 — 94.3 %).

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

Ivanhoe Electric had an ownership interest in CGI of 94.3 % as at March 31, 2026 (December 31, 2025 — 94.3 %).

• Cordoba Minerals Corp.

(“Cordoba”) holds 50 % of the Alacrán copper-gold-silver deposit located in Colombia ("Alacrán Copper Project") .

Ivanhoe Electric had an ownership interest in Cordoba of 60.8 % as at September 30, 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.

(“Cordoba”) sold the Alacrán copper-gold project in northern Colombia in March 2026 (Note 12) .

Ivanhoe Electric had an ownership interest in Cordoba of 59.3 % as at March 31, 2026 (December 31, 2025 — 60.8 %).

The accompanying unaudited condensed interim 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.

Therefore, this information should be read in conjunction with the Company's consolidated financial statements and notes contained on its Form 10-K for the year ended December 31, 2025.

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 period ended September 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Operating results for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

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.

References to “$” refer to United States dollars and “Cdn$” to Canadian dollars.

During the period, management identified an immaterial misclassification in the condensed interim consolidated statement of cash flows for the three-month and six-month periods ended March 31, 2025 and June 30, 2025.

References to “$” refer to United States dollars.

In a prior period, management identified an immaterial misclassification in the condensed interim consolidated statement of cash flows for the three-month period ended March 31, 2025.

The misclassification related to proceeds of $ 9.7 million received from the disposal of a subsidiary which were incorrectly classified as a cash receipt from operating activities in those periods.

The cash receipt has been appropriately reflected as an investing activity in the condensed interim consolidated statement of cash flows for the nine months ended September 30, 2025.

The reclassification has no impact on the condensed interim consolidated balance sheets and the condensed interim consolidated statements of loss and comprehensive loss.

The cash receipt has been appropriately reflected as an investing activity in the condensed interim consolidated statement of cash flows for the three months ended March 31, 2025.

The reclassification has no impact on the prior period figures in the condensed interim consolidated balance sheets and the condensed interim consolidated statements of loss and comprehensive loss.

Significant accounting policies:

5 unchanged sentences

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, 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, is required to be disaggregated by federal, state and foreign taxes.

Recent accounting pronouncements not yet adopted:

4 unchanged sentences

Use of estimates:

The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, the related disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses.

The preparation of the condensed interim consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, the related disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses.

Actual results may differ from these estimates.

1 unchanged sentence

Cash and cash equivalents:

Of the total cash and cash equivalents at September 30, 2025 and December 31, 2024, $ 16.5 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.

Of the total cash and cash equivalents at March 31, 2026 and December 31, 2025, $ 19.9 million and $ 9.1 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries.

Accounts receivable:

September 30,

2026 December 31,

1 unchanged sentence

Other receivables (Note a) 11,047 10,816

Provision for expected credit loss (Note a) ( 5,304 ) ( 10,304 )

$ 5,900 $ 526

(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.

Red Sun did not make the second payment of $ 10.0 million by its due date of June 30, 2025 and it remains outstanding.

The Company is continuing discussions with Red Sun on the timing of the receipt of the second $ 10.0 million payment.

(a) As at December 31, 2025, VRB was owed the remaining tranche of $ 10.3 million from its sale of 51 % of the shares in VRB China to China Energy Storage Industry Co., Ltd.

At December 31, 2025, the Company recorded a provision for expected credit loss in the amount of the full second tranche payment as it was due on June 30, 2025 and had not been received.

On April 1, 2026 VRB received $ 5.0 million of the second tranche payment, while the remainder is still outstanding.

At March 31, 2026, the Company reduced the provision for expected credit loss by $ 5.0 million and continues to carry a provision of $ 5.3 million due to prolonged delinquency, an absence of contractual modification and a high degree of risk and uncertainty with cross-border collection risk and contractual remedies.

IVANHOE ELECTRIC INC.

4 unchanged sentences

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

The Company also has a significant influence investment in Sama Resources Inc.

Others include its investments in Sama Resources Inc.

Equity Method Carried at fair value

Maaden Joint Venture VRB China (Note a) Other Sama Total

Maaden Joint Venture VRB China Other Sama Total

Balance at December 31, 2025 $ 8,227 $ 47,156 $ 827 $ 2,189 $ 58,399

Investment 6,250 — — — 6,250

Change in fair value — — — 323 323

1 unchanged sentence

Foreign currency translation — ( 128 ) ( 15 ) — ( 143 )

Balance at September 30, 2025 $ 10,847 $ 47,192 $ 883 $ 1,975 $ 60,897

(a) VRB China:

The Company’s share of income from VRB China for the nine months ended September 30, 2025 includes:

• A $ 10.9 million gain from the Company’s share of the increase in net asset value of VRB China as a result of capital increases of $ 22.3 million from Red Sun pursuant to Red Sun’s acquisition of 51 % of VRB China in October 2024, under which Red Sun is required to make capital increases directly in VRB China totalling $ 35.2 million;

• $ 4.3 million share of loss incurred by VRB China.

VRB China's revenue, gross profit and net loss for the nine months ended September 30, 2025 were $ 0.8 million, $ 0.2 million and $ 8.9 million respectively.

Balance at March 31, 2026 $ 12,154 $ 45,543 $ 845 $ 2,512 $ 61,054

Exploration properties:

2 unchanged sentences

Acquisition costs — — — 1,494 1,494

De-recognition — — — ( 300 ) ( 300 )

Impairment — — — ( 2,537 ) ( 2,537 )

Balance at September 30, 2025 $ 177,523 $ 30,703 $ 15,315 $ 229 $ 223,770

During the period ended September 30, 2025, the Company impaired non-core exploration properties in the amount of $ 2.5 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)

Note payable:

Balance at December 31, 2024 $ 36,572

Interest expense 2,281

Balance at September 30, 2025 $ 38,853

Current portion 14,690

Non-current portion 24,163

Balance at September 30, 2025 $ 38,853

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 Copper Project.

The promissory note includes an annual interest rate of prime plus 1 % and is to be paid in installments, as follows:

• $ 34.3 million, plus accrued interest, paid in November 2023;

• 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.

Divestment (Note 12) — — ( 13,607 ) — ( 13,607 )

Balance at March 31, 2026 $ 177,523 $ 30,703 $ — $ 3,806 $ 212,032

Convertible debt:

1 unchanged sentence

Interest expense 720

Balance at September 30, 2025 $ 33,002

Balance at March 31, 2026 $ 34,458

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.

(a) Common stock transactions:

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.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

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

(a) Common stock transactions:

As at December 31, 2025, the Company had 11.6 million warrants outstanding, exercisable to purchase one share of Ivanhoe Electric stock at $ 7.00 per share.

In January and February 2026, all of the warrants were exercised for proceeds of $ 81.5 million.

(b) Stock-based compensation:

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

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

General and administrative expenses $ 2,107 $ 2,560

18 unchanged sentences

Canada risk-free interest rate 2.6 %

Expected dividend rate 0 %

Weighted average grant-date fair value (per unit) $ 17.56

6 unchanged sentences

The Company recognized revenue from the following sources:

Three Months Ended September 30, Nine Months Ended September 30,

Three months ended

Revenue type 2026 2025

2 unchanged sentences

Exploration expense:

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

Three months ended

Project 2026 2025

Santa Cruz, USA $ 9,500 $ 6,504

Alacrán, Colombia (Cordoba) 5,564 4,063 13,255 10,817

Tintic, USA 634 2,343 1,819 9,544

Alacrán, Colombia

Hog Heaven, USA 3,203 873

Gleeson, USA 2,630 96

Tintic, USA 234 712

Project generation and other 4,305 4,264

Total $ 23,206 $ 15,785

Related party transactions:

Related parties include entities with common direct or indirect shareholders and/or directors.

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.

Divestment of the Alacrán project:

On May 8, 2025, Cordoba entered into a framework agreement to sell its remaining 50 % interest in the Alacrán Project to JCHX Mining Management Co., Ltd ("JCHX"), through the divestment of Cordoba's wholly owned Colombian subsidiaries, Minerales Cordoba S.A.S.

and Exploradora Cordoba S.A.S.

On February 10, 2026, Cordoba and JCHX agreed to amend various terms of the agreement.

The purchase price was increased to $ 128.0 million in cash, paid in lump sum on closing of the transaction.

In addition, certain conditions to closing were waived including the approval of the Environmental Impact Assessment for the Alacrán project.

The transaction closed on March 5, 2026.

Net proceeds from the divestment, after settling outstanding liabilities and amounts held for future corporate activities, were distributed to shareholders of Cordoba.

On March 25, 2026, Cordoba distributed $ 40.0 million in cash to non-controlling shareholders of Cordoba.

On the closing date, the carrying value of net assets and non-controlling interest associated with the divested subsidiaries were derecognized, and the cumulative currency translation adjustments previously recognized in other comprehensive income was recognized as profit or loss.

The net gain on the Alacrán divestment was calculated as follows:

Gross proceeds received on closing $ 128,000

transaction costs ( 2,465 )

Net proceeds 125,535

Net assets of disposed subsidiaries ( 538 )

Reclassification of historical currency translation

Gain on divestment of Alacrán

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

The carrying amount of net assets related to the disposed of subsidiaries on the closing date were as follows:

Assets March 5, 2026

Prepaid expenses and deposits 815

Exploration properties 13,608

Property, plant and equipment 2,455

Accounts payable and accrued liabilities ( 3,285 )

Due to related parties ( 4,074 )

Lease liability ( 1,065 )

Deferred income taxes ( 4,751 )

Net carrying amount 4,434

Non-controlling interest ( 3,896 )

Net assets attributable to common shareholders $ 538

Related party transactions:

Related parties include entities with common direct or indirect shareholders and/or directors.

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

Balance outstanding as at Transactions for the

three months ended September 30, Transactions for the

nine months ended September 30,

September 30,

three months ended

2026 December 31,

3 unchanged sentences

Ivanhoe Capital Aviation (Note b) — — — 250

High Water Holding Company (Note b) — 250 250 —

I-Pulse (Note c) — — — 617

6 unchanged sentences

I-Pulse (Note c) $ 1,573 $ 1,573 $ — $ —

JCHX Mining Management Co., Ltd (Note e) $ — $ 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 months ended September 30,

2025 2024 2025 2024

three months ended

Expense classification

1 unchanged sentence

General and administrative expenses 250 732

Research and development expenses — 344 — 934

$ 250 $ 1,638

(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 shares at September 30, 2025 (December 31, 2024 — 7.1 %).

Effective October 31, 2025, the Company ended its service relationship with GMM and is no longer a shareholder.

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

ICA provides use of its aircraft to the Company.

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

Effective October 31, 2025, the Company ended its service relationship with Global Mining and is no longer a shareholder.

(b) Ivanhoe Capital Aviation (“ICA”) and High Water Holding Company (“High Water”) are entities beneficially owned by the Company’s Executive Chairman.

ICA and High Water provided use of an aircraft to the Company.

1 unchanged sentence

The total purchase price for the six Typhoon™ transmitters is $ 12.4 million.

In October 2022, the Company made deposit payments totaling $ 7.1 million.

The remaining payments will be made as each

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

Typhoon™ transmitter system is delivered.

As at September 30, 2025, the Company has received four of the Typhoon™ transmitters that are deliverable under the agreement.

(d) CGI provides geophysical data processing services to the Maaden Joint Venture.

As at September 30, 2025, the Maaden Joint Venture owes the Company $ 0.2 million for costs that the Company incurred on behalf of the Maaden Joint Venture related to exploration work in Saudi Arabia.

(e) JCHX Mining Management Co., Ltd (“JCHX") held 19.2 % of Cordoba’s issued and outstanding common stock as at September 30, 2025 (December 31, 2024 - 19.7 %).

On May 8, 2025, Cordoba entered into an agreement with JCHX to sell Cordoba's remaining 50 % interest in the Alacrán Copper Project, related exploration properties, and certain intercompany receivables, for consideration of up to $ 128 million, consisting of:

• $ 88 million in cash on closing;

• $ 12 million in a deferred payment, to be paid within fifteen business days after the earlier of the commencement of commercial production as defined in the Agreement, or the third anniversary of the closing date;

• a contingent payment if the average daily London Metal Exchange spot copper price during the first twelve months of commercial production is greater than $ 12,000 per tonne, consisting of $ 8 million if the price is between $ 12,000 and $ 13,000 per tonne, and $ 28 million if the price is over $ 13,000 per tonne.

JCHX acquired its first 50 % of the Alacrán Copper Project in May 2023.

The closing of the sale is subject to the Environmental Impact Assessment for the Alacrán Copper Project being approved by the Autoridad Nacional de Licencias Ambientales (the environmental regulator in Colombia), as well as customary conditions, including, without limitation, the entering into of certain ancillary agreements, conditional approval of the TSX Venture Exchange (“TSXV”), which has been received, and Cordoba shareholder approval by two thirds of those shareholders that vote at a special meeting of shareholders, which has been received.

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.

On June 25, 2025, JCHX completed the third and final installment of $ 20.0 million in relation to its acquisition of the initial 50 % interest in the Alacrán Copper Project.

On June 26, 2025 the bridge loan was repaid in full using the proceeds from the third installment.

JCHX also provides engineering services to Cordoba at the Alacrán Copper Project.

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

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

As at March 31, 2026, 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 Maaden joint venture and recognized revenue totaling $ 0.5 million.

At March 31, 2026 the Maaden Joint Venture owes the Company $ 0.2 million for costs that the Company incurred on behalf of the Maaden Joint Venture related to exploration work in Saudi Arabia.

(e) JCHX held 18.2 % of Cordoba’s issued and outstanding common stock as at March 31, 2026 (December 31, 2025 - 19.2 %).

In February 2026, JCHX provided bridge loans to CMH Colombia S.A.S (“CMH”), a subsidiary of Cordoba, totalling $ 2.5 million.

The loan was derecognized upon the Alacrán divestment (Note 12).

Earnings per share:

Basic net income per share of common stock was computed by dividing net income attributable to common stockholders by the weighted-average shares of common stock outstanding during the period.

Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be anti-dilutive.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

Reconciliations of net income or loss and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share are as follows:

Three months ended

Net (income) loss $ ( 81,385 ) $ 34,141

(Income) loss attributable to non-controlling interests ( 39,649 ) 3,626

Net (income) loss attributable to common stockholders $ ( 41,736 ) $ 30,515

Basic weighted-average common shares outstanding 152,224,813 126,664,363

Add shares issuable upon exercise or vesting of equity awards 6,255,927 —

Diluted weighted-average common shares outstanding 158,480,740 126,664,363

Net (income) loss per share attributable to common stockholders:

Basic $ ( 0.27 ) $ 0.24

Diluted $ ( 0.26 ) $ 0.24

Equity awards with anti-dilutive effects have been excluded from the calculations.

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:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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 March 31, 2026.

Segment reporting:

3 unchanged sentences

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

The Santa Cruz Copper Project and critical metals segments are focused on mineral exploration and developing mines from mineral deposits principally located in the United States.

The Santa Cruz Copper 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 Copper 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 large scale industrial uses.

IVANHOE ELECTRIC INC.

2 unchanged sentences

dollars, unless otherwise indicated)

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.

Segment information for the periods presented is as follows:

As at and for the three months ended September 30, 2025

Santa Cruz Copper Project Critical

Processing Energy

Storage Total

Revenue $ — $ — $ 545 $ — $ 545

Intersegment revenues — — 11 — 11

Loss (income) from operations 4,461 18,798 ( 101 ) 431 23,589

Segment assets 179,126 140,457 2,598 63,970 386,151

As at and for the nine months ended September 30, 2025

Santa Cruz Copper Project Critical

Processing Energy

Storage Total

Revenue $ — $ — $ 2,348 $ — $ 2,348

Intersegment revenues — — 21 — 21

Loss (income) from operations 16,380 58,440 ( 876 ) 2,284 76,228

Segment assets 179,126 140,457 2,598 63,970 386,151

As at and for the three months ended September 30, 2024

Santa Cruz Copper Project Critical

As at and for the three months ended March 31, 2026

Santa Cruz Project Critical

Processing Energy

4 unchanged sentences

Segment assets 188,722 347,403 2,580 55,606 594,311

As at and for the nine months ended September 30, 2024

Santa Cruz Copper Project Critical

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

Santa Cruz Project Critical

Processing Energy

6 unchanged sentences

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

As at September 30, 2025, the Company has received four of the Typhoon™ transmitters that are deliverable under the agreement.

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)

Subsequent event:

On October 23, 2025, Ivanhoe Electric completed a public offering and issued 10.0 million shares of common stock at a price of $ 15.00 per share for gross proceeds of $ 150 million.

On October 27, 2025, pursuant to the exercise in full of the underwriters option, Ivanhoe Electric issued an additional 1.5 million shares of common stock for gross proceeds of $ 22.5 million, increasing the total gross proceeds to $ 172.5 million.

On April 27, 2026, the Company sold its interest in the Pinaya Gold-Copper Project to Panam Copper Corp., (“Panam Copper”), for $ 11.0 million in consideration, consisting of:

(i) $ 8.0 million in cash, of which $ 1.5 million was paid on closing, and the remainder is payable in installments of $ 1.5 million after six months, $ 2.5 million after one year and $ 2.5 million after eighteen months;

(ii) $ 3.0 million in Panam Copper shares, with a deemed value per share using the 10 -day volume weighted average price immediately prior to the issuance date or financing price for the initial issuance, with $ 1.5 million issuable on the date of Panam Copper’s listing on a recognized exchange and $ 1.5 million issuable 12 months thereafter;

(iii) the grant at closing of a one percent net smelter return royalty on all minerals produced from the Pinaya Gold-Copper Project.

Panam Copper may repurchase 50 % of the royalty for $ 1.0 million prior to the commencement of commercial production.

Subject to certain conditions, the Company will have the right to nominate one director of Panam Copper.

The disposal group met held for sale criteria as at March 31, 2026 however there was no impact to the condensed interim consolidated financial statements for the period ended March 31, 2026 as the net assets of the disposal group were zero .

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