What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-07 compared with 2026-05-07 · 237 added, 119 removed, 339 unchanged (51% of the section changed)

7 unchanged sentences

Restricted cash 1,549 3,010

Accounts and other receivables 5,900 526

Accounts and other receivables, net of provision for expected credit loss 7,740 526

Prepaid expenses, deposits and other current assets 3,960 3,394

21 unchanged sentences

700,000,000 shares authorized;

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

159.6 million shares issued and outstanding as of June 30, 2026 (December 31, 2025 - 700,000,000 authorized;

145.5 million issued and outstanding)

1 unchanged sentence

Accumulated deficit ( 618,917 ) ( 636,001 )

Accumulated other comprehensive income ( 4,292 ) ( 3,613 )

Accumulated other comprehensive loss ( 4,600 ) ( 3,613 )

Equity attributable to common stockholders 525,819 416,112

3 unchanged sentences

IVANHOE ELECTRIC INC.

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

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

(Expressed in thousands of U.S.

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

2026 2025 2026 2025

Revenue $ 724 $ 1,068 $ 1,582 $ 1,803

7 unchanged sentences

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

Provision for expected credit loss ( 5,000 ) —

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

Gain on divestment of Pinaya project ( 8,000 ) — ( 8,000 ) —

Reversal of provision for expected credit loss — — ( 5,000 ) —

Impairment — 2,555 — 2,555

Loss (income) from operations 21,480 25,635 ( 75,276 ) 52,639

Other expenses (income):

Interest expense, net 829 1,530

Interest (income) expense, net ( 243 ) 1,217 586 2,747

Foreign exchange (gain) loss ( 116 ) 452 ( 762 ) 464

1 unchanged sentence

Other (income) expense, net ( 157 ) ( 590 ) ( 939 ) 16

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

Loss (income) before income taxes 25,390 28,972 ( 68,190 ) 63,113

Income taxes ( 51 ) — 12,144 —

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

Net loss (income) 25,339 28,972 ( 56,046 ) 63,113

Loss (income) attributable to non-controlling interests 687 5,121 ( 38,962 ) 8,747

Net loss (income) attributable to common stockholders 24,652 23,851 ( 17,084 ) 54,366

Net loss (income) 25,339 28,972 ( 56,046 ) 63,113

Other comprehensive loss (income), net of tax:

1 unchanged sentence

Other comprehensive loss (income) 406 ( 503 ) 1,439 ( 515 )

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

Comprehensive (income) loss attributable to:

Comprehensive loss (income) $ 25,745 $ 28,469 $ ( 54,607 ) $ 62,598

Comprehensive loss (income) attributable to:

Common stockholders 24,960 23,526 ( 16,097 ) 54,029

1 unchanged sentence

$ 25,745 $ 28,469 $ ( 54,607 ) $ 62,598

Net (income) loss per share attributable to common stockholders

Net loss (income) per share attributable to common stockholders

Basic $ 0.16 $ 0.18 $ ( 0.11 ) $ 0.42

7 unchanged sentences

dollars, except share amounts)

Three months ended March 31, 2026 and 2025

capital Accumulated

deficit Accumulated

comprehensive (loss)

income Non-controlling

comprehensive

loss Non-controlling

interests Total

Shares Amount

Six months ended June 30, 2026

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

Net income — — — 17,084 — 38,962 56,046

Other comprehensive loss — — — — ( 987 ) ( 452 ) ( 1,439 )

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

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

Stock options exercised 1,745,611 — 6,060 — — — 6,060

Issuance of common stock, exploration property acquisition 300,000 — 4,340 — — — 4,340

Share-based compensation — — 5,708 — — 27 5,735

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

Other changes in non-controlling interests — — ( 2,817 ) — — ( 338 ) ( 3,155 )

Balance at June 30, 2026 159,590,259 $ 16 $ 1,149,320 $ ( 618,917 ) $ ( 4,600 ) $ 4,756 $ 530,575

Three months ended June 30, 2026

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

Net loss — — — ( 24,652 ) — ( 687 ) ( 25,339 )

Other comprehensive loss — — — — ( 308 ) ( 98 ) ( 406 )

Stock options exercised 1,298,666 — 3,231 — — — 3,231

Issuance of common stock, exploration property acquisition 300,000 — 4,340 — — — 4,340

Share-based compensation — — 3,154 — — ( 1 ) 3,153

Other changes in non-controlling interests — — ( 223 ) — — 146 ( 77 )

Balance at June 30, 2026 159,590,259 $ 16 $ 1,149,320 $ ( 618,917 ) $ ( 4,600 ) $ 4,756 $ 530,575

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) income Non-controlling

interests Total

Shares Amount

Six months ended June 30, 2025

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

Net loss — — — ( 54,366 ) — ( 8,747 ) ( 63,113 )

Other comprehensive income — — — — 337 178 515

4 unchanged sentences

Stock options exercised 108,784 — 271 — — — 271

Warrants exercised 25,000 — 175 — — — 175

Share-based compensation — — 6,272 — — 76 6,348

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

Other changes in non-controlling interests — — 36 — — 109 145

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 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 — — — — — —

Balance at June 30, 2025 132,690,768 $ 13 $ 880,756 $ ( 584,493 ) $ ( 2,939 ) $ 17,440 $ 310,777

Three months ended June 30, 2025

Balance at April 1, 2025 132,590,318 $ 13 $ 870,855 $ ( 560,642 ) $ ( 3,264 ) $ 8,375 $ 315,337

Net loss — — — ( 23,851 ) — ( 5,121 ) ( 28,972 )

Other comprehensive income — — — — 325 178 503

Stock options exercised 75,450 — 188 — — — 188

Warrants exercised 25,000 — 175 — — — 175

Share-based compensation — — 3,338 — — 37 3,375

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

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

Other changes in non-controlling interests — — 71 — — ( 63 ) 8

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

Balance at June 30, 2025 132,690,768 $ 13 $ 880,756 $ ( 584,493 ) $ ( 2,939 ) $ 17,440 $ 310,777

IVANHOE ELECTRIC INC.

1 unchanged sentence

(Expressed in thousands of U.S.

Three months ended March 31, 2026 and 2025

Six Months Ended June 30, 2026 and 2025

Operating activities

7 unchanged sentences

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

Provision for expected credit loss ( 5,000 ) —

Gain on divestment of Pinaya project ( 8,000 ) —

Reversal of provision for expected credit loss ( 5,000 ) —

Impairment — 2,555

Other ( 571 ) ( 43 )

Changes in other operating assets and liabilities:

Trade accounts receivable ( 374 ) 500

Operating lease liabilities ( 246 ) ( 194 )

Accounts receivable ( 714 ) 622

Accounts payable and accrued liabilities 6,860 ( 1,008 )

5 unchanged sentences

Proceeds from sale of a subsidiary 5,000 9,696

Proceeds from divestment of Pinaya project 1,500 —

Deposits paid for property, plant and equipment ( 20,869 ) —

Purchase of exploration properties ( 3,138 ) ( 731 )

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

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

Purchase of property, plant and equipment ( 824 ) ( 1,258 )

Investment in significant influence investee ( 6,250 ) —

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

2 unchanged sentences

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 ) —

Proceeds from exercise of stock options 6,060 271

Net proceeds from public offering — 65,842

Proceeds from related party loan 2,500 5,000

Repayment of related party loan — ( 10,505 )

Debt issuance costs ( 4,585 ) —

Non-controlling interests investment in subsidiary 740 20,163

8 unchanged sentences

Cash paid for income taxes $ 12,195 $ 29

Supplemental disclosure of non-cash financing activities

Issuance of common stock $ 4,340 $ —

IVANHOE ELECTRIC INC.

9 unchanged sentences

mineral projects, and in proprietary mineral exploration and minerals-based technologies.

The Company holds a 50 % interest in a joint venture with Saudi Arabian Mining Company Maaden (“Maaden”) to explore prospective land in Saudi Arabia.

The Company holds a 50 % interest in a joint venture with Saudi Arabian Mining Company (“Maaden”) to explore prospective land in Saudi Arabia.

The Company conducts the following business activities through certain subsidiaries:

1 unchanged sentence

(“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 March 31, 2026 (December 31, 2025 — 90.0 %).

Ivanhoe Electric had an ownership interest in VRB of 90.0 % as at June 30, 2026 (December 31, 2025 — 90.0 %).

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

1 unchanged sentence

• Computational Geosciences Inc.

(“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 %).

(“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, 2026 (December 31, 2025 — 94.3 %).

• Cordoba Minerals Corp.

(“Cordoba”) sold the Alacrán copper-gold project in northern Colombia in March 2026 (Note 13) .

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

Ivanhoe Electric had an ownership interest in Cordoba of 59.3 % as at June 30, 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.

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 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.

Operating results for the six-month period ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

The unaudited 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.

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.

In a prior period, management identified an immaterial misclassification in the unaudited condensed interim consolidated statement of cash flows for the six-month period ended June 30, 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 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.

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

The reclassification has no impact on the prior period figures in the unaudited 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.

Recently adopted accounting pronouncements:

The Company adopted ASU 2024-04 on January 1, 2026, which clarifies the accounting for certain induced conversions of convertible debt instruments.

The adoption of ASU 2024-04 did not have a material impact.

Recent accounting pronouncements not yet adopted:

4 unchanged sentences

Use of estimates:

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.

The preparation of the unaudited 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 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:

Of the total cash and cash equivalents at June 30, 2026 and December 31, 2025, $ 23.5 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 and other receivables:

2026 December 31,

6 unchanged sentences

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.

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.

2 unchanged sentences

dollars, unless otherwise indicated)

As of June 30, 2026, other receivables also include $ 6.5 million from the divestment of the Pinaya project (Note 14).

Investments subject to significant influence:

2 unchanged sentences

Equity Method Carried at fair value

Maaden Joint Venture VRB China Other Sama Total

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

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

1 unchanged sentence

Change in fair value — — — 450 450

Share of (loss) income ( 2,323 ) ( 1,485 ) 33 — ( 3,775 )

Share of loss ( 5,234 ) ( 2,916 ) ( 51 ) — ( 8,201 )

Foreign currency translation — ( 182 ) ( 11 ) — ( 193 )

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

Balance at June 30, 2026 $ 9,243 $ 44,058 $ 765 $ 2,639 $ 56,705

(a) In July 2026, the Company provided funding to the Maaden Joint Venture in the amount of $ 6.3 million.

Exploration properties:

3 unchanged sentences

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

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

Balance at June 30, 2026 $ 177,523 $ 30,703 $ — $ 9,790 $ 218,016

Other non-current assets:

2026 December 31,

Deposits (Note a) $ 25,242 $ 4,373

Other 5,878 5,653

$ 31,120 $ 10,026

(a) Deposits are amounts paid in advance for capital asset acquisitions that have not yet been received or placed in service.

In May 2026, the Company entered into an agreement to acquire a tunnel boring machine ("TBM") and material handling system for mine access development at the Santa Cruz Copper Project.

The total purchase price is $ 64.7 million, payable in installments over a two-year period upon the achievement of specified contractual milestones.

As of June 30, 2026, the Company had made an initial deposit of $ 13.8 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)

As of June 30, 2026, the Company has also made deposit payments totalling $ 9.8 million relating to upgrading the electrical power at the Santa Cruz Copper Project.

Convertible debt:

1 unchanged sentence

Interest expense 1,448

Balance at March 31, 2026 $ 34,458

Balance at June 30, 2026 $ 35,186

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

On July 1, 2026, VRB entered into an agreement to extend the maturity date of the convertible bond to December 31, 2026.

All other terms and conditions of the convertible bond are unchanged.

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:

• 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.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

(a) Common stock transactions:

3 unchanged sentences

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

General and administrative expenses $ 2,450 $ 2,636 $ 4,557 $ 5,196

6 unchanged sentences

The total grant date fair value of these RSU's was $ 6.0 million based on a grant date share price of $ 13.13 per share.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

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

13 unchanged sentences

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.

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

Three Months Ended June 30, Six Months Ended June 30,

Revenue type 2026 2025 2026 2025

2 unchanged sentences

Exploration expense:

Three months ended

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

Project 2026 2025 2026 2025

Santa Cruz, USA $ 10,537 $ 5,425 $ 20,037 $ 11,929

Alacrán, Colombia

Hog Heaven, USA 3,203 873

Gleeson, USA 3,985 180 6,615 276

Hog Heaven, USA 1,161 394 4,364 1,267

Alacrán, Colombia

— 4,354 3,334 7,691

Ivory Coast Project, Ivory Coast 739 331 1,093 656

Chile Exploration Collaboration, Chile — — 664 —

Tintic, USA 193 474 427 1,185

1 unchanged sentence

Total $ 21,408 $ 14,078 $ 44,614 $ 29,863

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

Divestment of the Alacrán project:

2 unchanged sentences

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.

The purchase price was increased to $ 128.0 million in cash and paid in a 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.

10 unchanged sentences

Gain on divestment of Alacrán

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

10 unchanged sentences

Net assets attributable to common shareholders $ 538

Divestment of the Pinaya project:

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;

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

(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.

At the time of the transaction, the carrying value of the disposal group was zero and the Company recognized a gain on the divestment of $ 8.0 million based on the fair value of consideration received.

Related party transactions:

3 unchanged sentences

Balance outstanding as at Transactions for the

three months ended

three months ended June 30, Transactions for the

six months ended June 30,

2026 December 31,

17 unchanged sentences

Transactions for the

three months ended

three months ended June 30, Transactions for the

six months ended June 30,

2026 2025 2026 2025

Expense classification

1 unchanged sentence

General and administrative expenses 250 631 500 1,363

Research and development expenses — — — —

$ 2,252 $ 697 $ 2,502 $ 1,718

7 unchanged sentences

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, 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 October 2022, the Company made deposit payments totaling $ 7.1 million, The remaining payments will be made as each Typhoon™ transmitter system is delivered.

As at June 30, 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.

As at June 30, 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 June 30, 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 13).

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.

Notes to the Condensed Interim Consolidated Financial Statements

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

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:

March 31, 2026 December 31, 2025

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 consolidated balance sheets:

June 30, 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.

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 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 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 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 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.

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 March 31, 2026

Santa Cruz Project Critical

As at and for the three months ended June 30, 2026

Santa Cruz Copper Project Critical

Processing Energy

1 unchanged sentence

Revenue $ — $ — $ 724 $ — $ 724

Intersegment revenues — — — — —

Exploration Expenses 10,537 10,871 — — 21,408

General and administrative expenses — 7,578 154 534 8,266

Other segment items 1

— ( 8,003 ) 415 118 ( 7,470 )

Total segment operating expenses 10,537 10,446 569 652 22,204

Loss (income) from operations 10,537 10,446 ( 155 ) 652 21,480

Depreciation and amortization 44 447 12 — 459

Segment assets 208,981 319,646 2,656 53,537 584,820

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

Santa Cruz Project Critical

Expenditures for segment assets 19,800 1,644 — 196 21,640

Investments subject to significant influence — 11,882 765 44,058 56,705

As at and for the six months ended June 30, 2026

Santa Cruz Copper Project Critical

Processing Energy

1 unchanged sentence

Revenue $ — $ — $ 1,582 $ — $ 1,582

Exploration Expenses 20,037 24,577 — — 44,614

General and administrative expenses — 16,607 422 1,099 18,128

Other segment items 1

— ( 132,722 ) 1,109 ( 4,823 ) ( 136,436 )

Total segment operating expenses 20,037 ( 91,538 ) 1,531 ( 3,724 ) ( 73,694 )

Loss (income) from operations 20,037 ( 91,538 ) ( 51 ) ( 3,724 ) ( 75,276 )

Depreciation and amortization 74 970 23 — 1,067

Segment assets 208,981 319,646 2,656 53,537 584,820

Expenditures for segment assets 20,991 3,138 — 702 24,831

Investments subject to significant influence — 11,882 765 44,058 56,705

1 The composition of ‘Other segment items’ varies by segment.

For the six months ended June 30, 2026 it consists primarily of gains from the divestment of the Alacrán and Pinaya projects in critical metals, cost of sales in data processing and provision for expected credit loss in energy storage.

For the three months ended June 30, 2026 it consists primarily of gains from the divestment of the Pinaya project in critical metals and cost of sales in data processing.

IVANHOE ELECTRIC INC.

Notes to the Condensed Interim Consolidated Financial Statements

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

dollars, unless otherwise indicated)

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

Santa Cruz Copper Project Critical

Processing Energy

Storage Total

Revenue from external customers $ — $ — $ 1,068 $ — $ 1,068

Intersegment revenues — — — — —

Elimination of intersegment revenue — — — — —

Revenue — — 1,068 — 1,068

Exploration Expenses 5,425 8,653 — — 14,078

General and administrative expenses — 8,853 162 706 9,721

Other segment items 1

— 2,555 348 1 2,904

Total segment operating expenses 5,425 20,061 510 707 26,703

Loss (income) from operations 5,425 20,061 ( 558 ) 707 25,635

Depreciation and amortization 38 690 12 — 702

Segment assets 179,264 161,856 2,351 57,000 400,471

Expenditures for segment assets 731 661 — — 661

Investments subject to significant influence — 15,988 844 39,921 56,753

As at and for the six months ended June 30, 2025

Santa Cruz Copper Project Critical

Processing Energy

Storage Total

Revenue from external customers $ — $ — $ 1,803 $ — $ 1,803

Intersegment revenues — — 10 — 10

Elimination of intersegment revenue — — ( 10 ) — ( 10 )

Revenue — — 1,803 — 1,803

Exploration Expenses 11,929 17,934 — — 29,863

General and administrative expenses — 19,143 335 1,829 21,307

Other segment items 1

— 2,555 693 24 3,272

Total segment operating expenses 11,929 39,632 1,028 1,853 54,442

Loss (income) from operations 11,929 39,632 ( 775 ) 1,853 52,639

Depreciation and amortization 76 1,262 24 — 1,362

Segment assets 179,264 161,856 2,351 57,000 400,471

Expenditures for segment assets 731 1,258 — — 1,989

Investments subject to significant influence — 15,988 844 39,921 56,753

1 The composition of ‘Other segment items’ varies by segment.

For the three and six months ended June 30, 2025 it consists primarily of impairment charges in critical metals and cost of sales in data processing.

Commitments and contingencies:

In October 2022, the Company entered into a contractual arrangement to purchase six Typhoon™ transmitters from I-Pulse (Note 15).

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 May 2026, the Company entered into a contractual agreement to acquire a TBM for mine access development at the Santa Cruz Copper Project (Note 8).

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.

Subsequent event:

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:

(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