|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
1000
(Primary Standard Industrial
Classification Code Number) |
| |
32-0633823
(I.R.S. Employer
Identification Number) |
|
|
Danielle Carbone
James A. Mercadante Reed Smith LLP 599 Lexington Avenue New York, NY 10022 (212) 541-5400 |
|
| Large and accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | | | Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | | | Emerging growth company | | | ☒ | |
| | |
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| | | | F-1 | | |
Domain
|
| |
Classification
|
| |
Tonnes
|
| |
Total
Cu % |
| |
Total Soluble
Cu %(2) |
| |
Total Cu
Tonnes |
| |
Acid Soluble
Cu Tonnes |
| ||||||||||||||||||
Total
|
| | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Total
|
| | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Name
|
| |
Title
|
| |
Experience
|
|
Taylor Melvin
|
| |
President and Chief Executive Officer
|
| |
•
Finance executive with over 20 years of experience in the natural resources sector as a senior corporate development professional and investment banker
|
|
| | | | | |
•
Formerly, Vice President, Corporate Development for Freeport and Executive Director in J.P. Morgan’s Natural Resources investment banking group
|
|
Eric Finlayson
|
| |
Chief of Global Exploration
|
| |
•
Geologist with almost 40 years of global multi-commodity experience and extensive industry contacts
|
|
| | | | | |
•
Served as Senior Advisor, Business Development of HPX from 2013 until 2015, then President of HPX from 2015 until 2022
|
|
| | | | | |
•
Appointed as President of Ivanhoe Electric in 2020
|
|
| | | | | |
•
Previously, spent 24 years with Rio Tinto, including 5 years as Global Head of Exploration
|
|
| | | | | |
•
Led teams at Rio Tinto responsible for discovery of major copper, nickel, iron ore, bauxite and diamond deposits
|
|
Charles Forster
|
| |
SVP,
Exploration |
| |
•
Professional geoscientist with more than 45 years of diversified mineral exploration in Canada, the United States, Sub-Saharan Africa, Portugal, China, and Mongolia
|
|
| | | | | |
•
Formerly, SVP Exploration at Oyu Tolgoi in Mongolia for Ivanhoe Mines
|
|
| | | | | |
•
Led a team of multi-national and Mongolian geologists in the discovery and delineation of the world-class Oyu Tolgoi copper-gold porphyry deposits
|
|
Mark Gibson
|
| |
COO
|
| |
•
Professional geoscientist with more than 32 years of wide-ranging experience as a geoscientist and manager in the natural resources sector
|
|
| | | | | |
•
Joined HPX in 2011 as the founding CEO
|
|
| | | | | |
•
Held previous positions at Anglo American and founded a geophysical services company focused on managing seismic surveys Geologist with over 16 years of base and precious metals experience
|
|
Graham Boyd
|
| |
SVP, U.S.
Projects |
| |
•
Held various senior roles at HPX and several Ivanhoe companies
•
Worked with Ivanhoe Australia in 2008, where he was part of the discovery team for Merlin, the world’s highest-grade molybdenum-rhenium deposit
|
|
| | | | | |
•
A key contributor to delineation and resource development of the Mount Dore Cu, and Mt Elliott-SWAN Cu-Au deposits
|
|
Glen Kuntz
|
| |
SVP, Mine
Development |
| |
•
Professional geologist and mining executive with over 30 years of experience in exploration, project development, open pit and underground mining operations and business development across a variety of commodities and mining types/methods
|
|
| | | | | |
•
Formerly director of exploration projects at Yamana Gold Inc. (“Yamana Gold”)
|
|
| | | | | |
•
Formerly President and CEO of Mega Precious Metals Inc., a successful junior exploration company, which was acquired by Yamana Gold
|
|
| | | | | |
•
Managed over 200 technical studies on various projects and mines around the world over the past 10 years
|
|
Name
|
| |
Title
|
| |
Experience
|
|
Jordan Neeser
|
| |
Chief Financial Officer
|
| |
•
Finance executive with 18 years of experience in financial reporting, corporate development and corporate finance, primarily in the mining sector
|
|
| | | | | |
•
Formerly, CFO and Corporate Secretary of Gold Standard Ventures and CFO of Conifex Timber
|
|
Quentin Markin
|
| |
EVP, Business Development and Strategy Execution
|
| |
•
Seasoned mining lawyer with 24 years’ experience
•
Practice focused on M&A, project development and financing matters for mining companies globally; has acted for Ivanhoe Electric since its inception, as well as other Ivanhoe group companies, including Ivanhoe Mines
|
|
| | |
1-Year as of
December 1, 2021 |
| |
5-Year as of
December 1, 2017 |
| |
10-Year as of
December 1, 2012 |
| |||||||||
Copper
|
| | | | (10.2)% | | | | | | 24.4% | | | | | | 5.1% | | |
Gold
|
| | | | 1.1% | | | | | | 40.8% | | | | | | 5.3% | | |
Silver
|
| | | | 1.5% | | | | | | 38.9% | | | | | | (31.8)% | | |
Nickel
|
| | | | 37.1% | | | | | | 144.7% | | | | | | 56.1% | | |
Oil
|
| | | | 23.9% | | | | | | 39.2% | | | | | | (8.6)% | | |
S&P 500
|
| | | | (9.7)% | | | | | | 54.3% | | | | | | 187.9% | | |
FTSE 100 Index
|
| | | | 5.4% | | | | | | 3.5% | | | | | | 28.8% | | |
Nikkei Index
|
| | | | 1.0% | | | | | | 23.7% | | | | | | 198.8% | | |
MSCI World Index
|
| | | | (11.2)% | | | | | | 32.5% | | | | | | 108.4% | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Revenue
|
| | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | | | | $ | 8,172 | | | | | $ | 4,099 | | |
Cost of sales
|
| | | | (1,520) | | | | | | (1,785) | | | | | | (1,806) | | | | | | (1,042) | | | | | | (1,172) | | |
Gross profit
|
| | | | 3,132 | | | | | | 2,848 | | | | | | 1,946 | | | | | | 7,130 | | | | | | 2,927 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exploration expenses
|
| | | | 39,505 | | | | | | 14,094 | | | | | | 12,906 | | | | | | 75,157 | | | | | | 24,563 | | |
General and administrative expenses
|
| | | | 20,402 | | | | | | 11,651 | | | | | | 10,768 | | | | | | 16,738 | | | | | | 14,108 | | |
Research and development expenses
|
| | | | 3,825 | | | | | | 3,629 | | | | | | 4,171 | | | | | | 3,728 | | | | | | 2,719 | | |
Net loss attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent
|
| | | | 59,320 | | | | | | 25,234 | | | | | | 24,634 | | | | | | 110,206 | | | | | | 33,034 | | |
Comprehensive loss attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent .
|
| | | | 59,284 | | | | | | 25,477 | | | | | | 24,368 | | | | | | 116,053 | | | | | | 39,728 | | |
Basic and diluted loss per share attributable to common stockholders or parent
|
| | | $ | 0.96 | | | | | $ | 0.42 | | | | | $ | 0.41 | | | | | $ | 1.50 | | | | | $ | 0.54 | | |
Total assets
|
| | | | 153,531 | | | | | | 71,721 | | | | | | 52,777 | | | | | | 192,416 | | | | | | 145,619 | | |
Total non-current liabilities
|
| | | | 85,134 | | | | | | 7,805 | | | | | | 4,469 | | | | | | 31,018 | | | | | | 78,240 | | |
| | |
Nine months ended September 30,
|
| |
Percentage
change year over year |
| ||||||||||||
| | |
2022
|
| |
2021
|
| | | | | | | ||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | |
Software licensing and data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 7,545 | | | | | $ | 3,993 | | | | | | 89% | | |
Cost of sales
|
| | | | (444) | | | | | | (1,091) | | | | | | (59)% | | |
Gross profit
|
| | | $ | 7,101 | | | | | $ | 2,902 | | | | | | 147% | | |
VRB: Energy storage systems: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 627 | | | | | $ | 106 | | | | | | 491% | | |
Cost of sales
|
| | | | (598) | | | | | | (81) | | | | | | (638)% | | |
Gross profit
|
| | | $ | 29 | | | | | $ | 25 | | | | | | 16% | | |
| | |
2021
|
| |
2020
|
| |
Percentage
change year-over-year |
| |||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | |
Data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 4,512 | | | | | $ | 4,212 | | | | | | +7% | | |
Cost of sales
|
| | | | (1,427) | | | | | | (1,508) | | | | | | -5% | | |
Gross profit
|
| | | $ | 3,085 | | | | | $ | 2,704 | | | | | | +14% | | |
| | |
2020
|
| |
2019
|
| |
Percentage
change year-over-year |
| |||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | |
Data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 4,212 | | | | | $ | 3,032 | | | | | | +39% | | |
Cost of sales
|
| | | | (1,508) | | | | | | (1,035) | | | | | | +45% | | |
Gross profit
|
| | | $ | 2.704 | | | | | $ | 1,997 | | | | | | +35% | | |
Mineral Project
|
| |
Commitment
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026-2032
|
| |
Total
|
| | ||||||||||||||||||||
Santa Cruz (USA)
|
| | Discretionary | | | | $ | — | | | | | | 6,550 | | | | | | 10,300 | | | | | | 596 | | | | | $ | — | | | | | $ | 17,446 | | | | ||
Santa Cruz (USA)
|
| | Non-discretionary | | | | | — | | | | | | 800 | | | | | | 920 | | | | | | — | | | | | | — | | | | | | 1,720 | | | | ||
Total Santa Cruz (USA)
|
| | | | | | | — | | | | | | 7,350 | | | | | | 11,220 | | | | | | 596 | | | | | | — | | | | | | 19,166 | | | | ||
Tintic (USA)
|
| | Discretionary | | | | | — | | | | | | 5,288 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,288 | | | | ||
Hog Heaven (Montana)
|
| | Discretionary | | | | | — | | | | | | 3,500 | | | | | | 500 | | | | | | 500 | | | | | | 39,000 | | | | | | 43,500 | | | | ||
Ivory Coast (Ivory Coast)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,762 | | | | | | 7,762 | | | | ||
South Voisey’s Bay (Canada)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | 4,416 | | | | | | — | | | | | | — | | | | | | 4,416 | | | | ||
Crystal Haven (Australia)
|
| | Discretionary | | | | | — | | | | | | 7,000 | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | 42,000 | | | | ||
Unity (USA)
|
| | Discretionary | | | | | — | | | | | | 2,000 | | | | | | 2,250 | | | | | | — | | | | | | — | | | | | | 4,250 | | | | ||
Cave & Lincoln (USA)
|
| | Discretionary | | | | | — | | | | | | 150 | | | | | | 200 | | | | | | 250 | | | | | | 2,250 | | | | | | 2,850 | | | | ||
Carolina Mining (USA)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | 20,000 | | | | | | 25,000 | | | | ||
Total
|
| | | | | | $ | — | | | | | $ | 25,288 | | | | | $ | 18,586 | | | | | $ | 41,346 | | | | | $ | 69,012 | | | | | $ | 154,232 | | | | | |
| | |
Currency by Denomination (in USD Equivalents)
|
| | | | | | | |||||||||||||||||||||
| | |
US dollars
|
| |
Canadian
dollars |
| |
Chinese
Renminbi |
| |
Other
|
| |
Total
|
| |||||||||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jurisdiction of Entity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USA
|
| | | $ | 159,733 | | | | | $ | 582 | | | | | $ | — | | | | | $ | — | | | | | $ | 160,315 | | |
Cayman Islands
|
| | | | 9,398 | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 9,407 | | |
Canada
|
| | | | 3,046 | | | | | | 2,654 | | | | | | — | | | | | | — | | | | | | 5,700 | | |
China
|
| | | | — | | | | | | — | | | | | | 1,607 | | | | | | — | | | | | | 1,607 | | |
British Virgin Islands
|
| | | | 451 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 453 | | |
Other
|
| | | | 62 | | | | | | 1 | | | | | | — | | | | | | 121 | | | | | | 184 | | |
Total
|
| | | | 172,690 | | | | | | 3,248 | | | | | | 1,607 | | | | | | 121 | | | | | | 177,666 | | |
| | |
Currency by Denomination (in USD Equivalents)
|
| | | | | | | |||||||||||||||||||||
| | |
US dollars
|
| |
Canadian
dollars |
| |
Chinese
Renminbi |
| |
Other
|
| |
Total
|
| |||||||||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jurisdiction of Entity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USA
|
| | | $ | 20,314 | | | | | $ | 392 | | | | | $ | — | | | | | $ | — | | | | | $ | 20,706 | | |
Cayman Islands
|
| | | | 15,212 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,212 | | |
Canada
|
| | | | 2,585 | | | | | | 7,432 | | | | | | — | | | | | | — | | | | | | 10,017 | | |
China
|
| | | | — | | | | | | — | | | | | | 3,192 | | | | | | — | | | | | | 3,192 | | |
British Virgin Islands
|
| | | | 449 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 451 | | |
Other
|
| | | | 136 | | | | | | 1 | | | | | | — | | | | | | 135 | | | | | | 272 | | |
Total
|
| | | $ | 38,696 | | | | | $ | 7,827 | | | | | $ | 3,192 | | | | | $ | 135 | | | | | $ | 49,850 | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (47,832) | | | | | $ | (22,984) | | | | | $ | (22,979) | | | | | $ | (77,777) | | | | | $ | (20,523) | | |
Investing activities
|
| | | | (22,632) | | | | | | (16,746) | | | | | | (9,495) | | | | | | (38,343) | | | | | | (8,803) | | |
Financing activities
|
| | | | 110,976 | | | | | | 44,087 | | | | | | 33,957 | | | | | | 245,508 | | | | | | 109,355 | | |
Effect of foreign exchange on cash
|
| | | | (3) | | | | | | 285 | | | | | | 124 | | | | | | (572) | | | | | | (183) | | |
Total change in cash
|
| | | $ | 40,509 | | | | | $ | 4,642 | | | | | $ | 1,607 | | | | | $ | 127,816 | | | | | $ | 70,846 | | |
| | |
Payments due by period (in thousands)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
4-5 years
|
| |
More than
5 years |
| |||||||||||||||
Long-term debt obligations(a)
|
| | | $ | 24,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,000 | | | | | $ | — | | |
Leases
|
| | | | 1,347 | | | | | | 353 | | | | | | 991 | | | | | | 2 | | | | | | — | | |
Other long-term contractual liabilities(b)
|
| | | | 363 | | | | | | — | | | | | | 363 | | | | | | — | | | | | | — | | |
Total contractual obligations
|
| | | $ | 25,710 | | | | | $ | 353 | | | | | $ | 1,354 | | | | | $ | 24,002 | | | | | $ | — | | |
| | |
Payments due by period (in thousands)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
4-5 years
|
| |
More than
5 years |
| |||||||||||||||
Long-term debt obligations(1)
|
| | | $ | 74,000 | | | | | $ | — | | | | | $ | 50,000 | | | | | $ | 24,000 | | | | | $ | — | | |
Leases
|
| | | | 399 | | | | | | 342 | | | | | | 57 | | | | | | — | | | | | | — | | |
Deferred consideration payable(2)
|
| | | | 26,562 | | | | | | 26,562 | | | | | | — | | | | | | — | | | | | | — | | |
Other long-term contractual liabilities(3)
|
| | | | 865 | | | | | | — | | | | | | 865 | | | | | | — | | | | | | — | | |
Total contractual obligations
|
| | | $ | 101,826 | | | | | $ | 26,904 | | | | | $ | 50,922 | | | | | $ | 24,000 | | | | | $ | — | | |
| | |
Grant Date
|
|
Risk-free interest rate
|
| |
0.23%
|
|
Dividend yield
|
| |
nil
|
|
Estimated Volatility
|
| |
73.7%
|
|
Expected option life
|
| |
2.6 years
|
|
| | |
1-Year as of
December 1, 2021 |
| |
5-Year as of
December 1, 2017 |
| |
10-Year as of
December 1, 2012 |
| |||||||||
Copper
|
| | | | (10.2)% | | | | | | 24.4% | | | | | | 5.1% | | |
Gold
|
| | | | 1.1% | | | | | | 40.8% | | | | | | 5.3% | | |
Silver
|
| | | | 1.5% | | | | | | 38.9% | | | | | | (31.8)% | | |
Nickel
|
| | | | 37.1% | | | | | | 144.7% | | | | | | 56.1% | | |
Oil
|
| | | | 23.9% | | | | | | 39.2% | | | | | | (8.6)% | | |
S&P 500
|
| | | | (9.7)% | | | | | | 54.3% | | | | | | 187.9% | | |
FTSE 100 Index
|
| | | | 5.4% | | | | | | 3.5% | | | | | | 28.8% | | |
Nikkei Index
|
| | | | 1.0% | | | | | | 23.7% | | | | | | 198.8% | | |
MSCI World Index
|
| | | | (11.2)% | | | | | | 32.5% | | | | | | 108.4% | | |
Type
|
| |
Short title
|
| |
Country
|
| |
Grant Date
|
| |
Grant Number
|
| |
Expiration
Date |
|
Patent
|
| |
Current signal generator and method of implementing such a generator
|
| |
France
|
| |
16/02/2018
|
| |
FR2980653
|
| |
21/09/2031
|
|
| International (PCT) | | | | | | | | | 20/09/2032 | | |||||
| Australia | | | 05/01/2017 | | | AU2012311429 | | | 20/09/2032 | | |||||
| Brazil | | | 19/01/2021 | | | BR112014006276 | | | 20/09/2032 | | |||||
| Canada | | | 22/05/2018 | | | CA2849558 | | | 20/09/2032 | | |||||
| Indonesia | | | | | | | | | 20/09/2032 | | |||||
| Turkey | | | 21/04/2015 | | | TR201403350B | | | 20/09/2032 | | |||||
| USA | | | 28/02/2017 | | | US9584037 | | | 20/09/2032 | | |||||
Patent
|
| |
Current generator and method for generating current pulses
|
| |
France
|
| |
04/04/2014
|
| |
FR2988933
|
| |
29/03/2032
|
|
| International (PCT) | | | | | | | | | 28/03/2033 | | |||||
| Australia | | | 20/10/2016 | | | AU2013241675 | | | 28/03/2033 | | |||||
| Canada | | | 08/09/2020 | | | CA2869170 | | | 28/03/2033 | | |||||
| Chile | | | 30/10/2018 | | | 56649 | | | 28/03/2033 | | |||||
| Peru | | | 20/05/2019 | | | PE9489 | | | 28/03/2033 | | |||||
| USA | | | 28/06/2016 | | | US9379636 | | | 28/03/2033 | | |||||
Patent | | | Switch and system to inject current | | | France | | | 25/01/2022 | | | FR3105446 | | | 19/12/2039 | |
Domain
|
| |
Classification
|
| |
Tonnes
|
| |
Total
Cu% |
| |
Total Soluble
Cu %(2) |
| |
Total
Cu Tonnes |
| |
Acid Soluble
Cu Tonnes |
| ||||||||||||||||||
Total
|
| | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Total
|
| | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Name
|
| |
Title
|
| |
Experience
|
|
Taylor Melvin
|
| |
President and Chief Executive Officer
|
| |
•
Finance executive with over 20 years of experience in the natural resources sector as a senior corporate development professional and investment banker
•
Formerly, Vice President, Corporate Development for Freeport and Executive Director in J.P. Morgan’s Natural Resources investment banking group
|
|
Name
|
| |
Title
|
| |
Experience
|
|
Eric Finlayson
|
| |
Chief of Global Exploration
|
| |
•
Geologist with almost 40 years of global multi-commodity experience and extensive industry contacts
•
Served as Senior Advisor, Business Development of HPX from 2013 until 2015, then President of HPX from 2015 until 2022
•
Appointed as President of Ivanhoe Electric in 2020
•
Previously, spent 24 years with Rio Tinto, including 5 years as Global Head of Exploration
•
Led teams at Rio Tinto responsible for discovery of major copper, nickel, iron ore, bauxite and diamond deposits
|
|
Charles Forster
|
| |
SVP, Exploration
|
| |
•
Professional geologist with more than 45 years of diversified mineral exploration in Canada, the United States, Sub-Saharan Africa, Portugal, China, and Mongolia
•
Formerly, SVP Exploration at Oyu Tolgoi in Mongolia for Ivanhoe Mines
•
Led a team of multi-national and Mongolian geologists in the discovery and delineation of the world-class Oyu Tolgoi copper-gold porphyry deposits
|
|
Mark Gibson
|
| |
COO
|
| |
•
Professional geologist with more than 32 years of wide-ranging experience as a geoscientist and manager in the natural resources sector
•
Joined HPX in 2011 as the founding CEO
•
Held previous positions at Anglo American and founded a geophysical services company focused on managing seismic surveys
|
|
Graham Boyd
|
| |
SVP, U.S. Projects
|
| |
•
Geologist with over 16 years of base and precious metals experience
•
Held various senior roles at HPX and roles with Ivanhoe Mines
•
Worked with Ivanhoe Australia in 2008, where he was part of the discovery team for Merlin, the world’s highest-grade molybdenum-rhenium deposit
•
Formerly worked with Ivanhoe Mines in Mongolia in 2006
•
A member of the discovery team in 2008 at Ivanhoe Australia for Merlin, the world’s highest-grade molybdenum-rhenium deposit
•
A key contributor to delineation and resource development of the Mount Dore Cu, and Mt Elliott-SWAN Cu-Au deposits
|
|
Glen Kuntz
|
| |
SVP, Mine Development
|
| |
•
Professional Geologist and mining executive with over 30 years of experience in exploration, project development, open pit and underground mining operations and business development across a variety of commodities and mining types/methods
•
Formerly director of exploration projects at Yamana Gold Inc. (“Yamana Gold”)
•
Formerly President and CEO of Mega Precious Metals Inc., a successful junior exploration company, which was acquired by Yamana Gold
•
Managed over 200 technical studies on various projects and mines around the world over the past 10 years
|
|
Jordan Neeser
|
| |
Chief Financial Officer
|
| |
•
Finance executive with 18 years of experience in financial reporting, corporate development and corporate finance, primarily in the mining sector
•
Formerly, CFO and Corporate Secretary of Gold Standard Ventures and CFO of Conifex Timber
|
|
Name
|
| |
Title
|
| |
Experience
|
|
Quentin Markin
|
| |
EVP, Business Development and Strategy Execution
|
| |
•
Seasoned mining lawyer with 24 years’ experience
•
Practice focused on M&A, project development and financing matters for mining companies globally; has acted for Ivanhoe Electric since its inception, as well as other Ivanhoe group companies, including Ivanhoe Mines
|
|
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
Category
|
| |
Tonnes
|
| |
Total
Cu (%) |
| |
Ni (%)
|
| |
Au (g/t)
|
| |
Ag (g/t)
|
| |
Contained
Cu (tonnes) |
| |
Contained
Ni (tonnes) |
| |
Contained
Au (oz.) |
| |
Contained
Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| | | ||||||||||||||||||||||||||||||||||
100% Project Basis
|
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ivanhoe Electric
|
| |
Santa Cruz
|
| | 12/8/2021 | | | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,539,000 | | | | | | — | | | | | | — | | | | | | — | | | |
Arizona, U.S.
|
| | Copper | | | | ||||
| | | | | | | | | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,255,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Kaizen Discovery Inc.
|
| | Pinaya | | | 4/26/2016 | | | | | Measured | | | | | | 8,204,000 | | | | | | 0.326 | | | | | | | | | | | | 0.600 | | | | | | — | | | | | | 26,767 | | | | | | — | | | | | | 158,000 | | | | | | — | | | | Peru | | |
Copper
Gold |
| | | ||||
| | | | | | | | | | | Indicated | | | | | | 33,487,000 | | | | | | 0.324 | | | | | | — | | | | | | 0.462 | | | | | | — | | | | | | 108,357 | | | | | | — | | | | | | 497,000 | | | | | | — | | | | | | | | | | | ||||
| | | | | | | | | | | Inferred | | | | | | 40,216,000 | | | | | | 0.360 | | | | | | — | | | | | | 0.300 | | | | | | — | | | | | | 144,715 | | | | | | — | | | | | | 388,000 | | | | | | — | | | | | | | | | | | ||||
Sama Resources Inc.
|
| | Samapleu | | | 5/22/2019 | | | | | Indicated | | | | | | 33,180,000 | | | | | | 0.186 | | | | | | 0.238 | | | | | | — | | | | | | — | | | | | | 61,592 | | | | | | 78,968 | | | | | | — | | | | | | — | | | |
Ivory Coast
|
| |
Nickel
Copper |
| | | ||||
| | | | | | | | | | | Inferred | | | | | | 17,780,000 | | | | | | 0.144 | | | | | | 0.224 | | | | | | — | | | | | | — | | | | | | 25,552 | | | | | | 39,827 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Cordoba Mineral Corp
|
| |
San Matias
|
| | 8/3/2021 | | | | | Indicated | | | | | | 19,100,000 | | | | | | 0.28 | | | | | | — | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | — | | | | | | 180,863 | | | | | | 667,926 | | | | Colombia | | |
Copper
Gold Silver |
| | | ||||
| | | | | | | | | | | Inferred | | | | | | 5,100,000 | | | | | | 0.21 | | | | | | — | | | | | | 0.21 | | | | | | 0.94 | | | | | | 9,823 | | | | | | — | | | | | | 32,557 | | | | | | 142,538 | | | | | | | | | | |
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
Category
|
| |
Tonnes
|
| |
Total
Cu (%) |
| |
Ni (%)
|
| |
Au (g/t)
|
| |
Ag (g/t)
|
| |
Contained
Cu (tonnes) |
| |
Contained
Ni (tonnes) |
| |
Contained
Au (oz.) |
| |
Contained
Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| ||||||||||||||||||||||||||||||
Cordoba Mineral Corp
|
| |
San Matias
|
| | 10/21/2021 | | | Probable | | | | | 102,100,000 | | | | | | 0.41 | | | | |
|
—
|
| | | | | 0.260 | | | | | | 2.30 | | | | | | 418,610 | | | | |
|
—
|
| | | | | 853,472 | | | | | | 7,549,949 | | | | | | Colombia | | | |
Copper
Gold Silver |
|
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
%
ownership |
| |
Category
|
| |
Attributable
Tonnes |
| |
Total
Cu (%) |
| |
Ni
(%) |
| |
Au
(g/t) |
| |
Ag
(g/t) |
| |
Attributable
Contained Cu (tonnes) |
| |
Attributable
Contained Ni (tonnes) |
| |
Attributable
Contained Au (oz.) |
| |
Attributable
Contained Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| ||||||||||||||||||||||||||||||
Ivanhoe Electric
|
| |
Santa
Cruz |
| | 12/8/2021 | | | | | 100% | | | | Indicated | | | | | 274,000,000 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,539,000 | | | | | | — | | | | | | — | | | | | | — | | | |
Arizona,
U.S. |
| | Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 248,754,000 | | | | | | 0.91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,255,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Kaizen Discovery Inc.
|
| | Pinaya | | | 4/26/2016 | | | | | 82.68% | | | | Measured | | | | | 6,783,067 | | | | | | 0.326 | | | | | | — | | | | | | 0.600 | | | | | | — | | | | | | 22,131 | | | | | | — | | | | | | 130,634 | | | | | | — | | | | Peru | | |
Copper
Gold |
|
| | | | | | | | | | | | | | | Indicated | | | | | 27,687,052 | | | | | | 0.324 | | | | | | — | | | | | | 0.462 | | | | | | — | | | | | | 89,590 | | | | | | — | | | | | | 410,920 | | | | | | — | | | | | | | | |
| | | | | | | | | | | | | | | Inferred | | | | | 33,250,589 | | | | | | 0.360 | | | | | | — | | | | | | 0.300 | | | | | | — | | | | | | 119,650 | | | | | | — | | | | | | 320,798 | | | | | | — | | | | | | | | |
Sama Resources Inc.
|
| | Samapleu | | | 5/22/2019 | | | | | 46% | | | | Indicated | | | | | 15,262,800 | | | | | | 0.186 | | | | | | 0.238 | | | | | | — | | | | | | — | | | | | | 28,332 | | | | | | 36,325 | | | | | | — | | | | | | — | | | |
Ivory Coast
|
| |
Nickel
Copper |
|
| | | | | | | | | | | | | | | Inferred | | | | | 8,178,800 | | | | | | 0.144 | | | | | | 0.224 | | | | | | — | | | | | | — | | | | | | 11,754 | | | | | | 18,320 | | | | | | — | | | | | | — | | | | | | | | |
Cordoba Mineral Corp
|
| |
San
Matias |
| | 8/3/2021 | | | | | 63.27% | | | | Indicated | | | | | 12,084,570 | | | | | | 0.280 | | | | | | — | | | | | | 0.110 | | | | | | 1.15 | | | | | | 3,363 | | | | | | — | | | | | | 114,432 | | | | | | 422,597 | | | | Colombia | | |
Copper
Gold Silver |
|
| | | | | | | | | | | | | | | Inferred | | | | | 3,226,770 | | | | | | 0.210 | | | | | | — | | | | | | 0.21 | | | | | | 0.94 | | | | | | 6,215 | | | | | | — | | | | | | 20,599 | | | | | | 90,184 | | | | | | | | |
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
%
ownership |
| |
Category
|
| |
Tonnes
|
| |
Total
Cu (%) |
| |
Ni
(%) |
| |
Au
(g/t) |
| |
Ag
(g/t) |
| |
Attributable
Contained Cu (tonnes) |
| |
Attributable
Contained Ni (tonnes) |
| |
Attributable
Contained Au (oz.) |
| |
Attributable
Contained Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| ||||||||||||||||||||||||||||||
Cordoba Mineral Corp
|
| |
San
Matias |
| | 10/21/2021 | | |
63.27%
|
| | | | Probable | | | | | | 64,598,670 | | | | | | 0.41 | | | | | | — | | | | | | 0.260 | | | | | | 2.30 | | | | | | 264,855 | | | | | | — | | | | | | 539,992 | | | | | | 4,776,853 | | | | Colombia | | |
Copper
Gold Silver |
|
Project Name
|
| |
Location and
Project Size |
| |
Stage of
Development |
| |
IVNE Interest
and Nature of Interest |
| |
Title Holders /
Operator |
| |
Minerals
|
| |
Nature of
Mineral Title |
| |
Mineral
Resources/ Reserves |
| |
Production –
Last 3 Fiscal Years |
|
Santa Cruz
|
| |
Arizona, USA
77.59 km2
|
| |
Exploration
|
| |
0% current ownership interest; Option to acquire 100% of the mineral title
|
| |
DRH Energy Inc. (mineral title) Legends Property, LLC (surface rights)
|
| |
Copper
|
| |
Patented and unpatented claims; Arizona State exploration permits
|
| |
Mineral resource
|
| |
Not in production
|
|
Tintic
|
| |
Utah, USA
65 km2
|
| |
Exploration
|
| |
84.3% current ownership interest by acreage; Options and lease rights cover balance aggregating to 100% of the mineral title by acreage
|
| |
Tintic Copper & Gold, Inc.
|
| |
Copper
Gold |
| |
Patented and unpatented claims; SITLA and BLM claims
|
| |
n/a
|
| |
Not in production
|
|
Hog Heaven
|
| |
Montana, USA
24.2 km2
|
| |
Exploration
|
| |
3% equity ownership of Brixton Metals Corporation Earn-in with Brixton for up to a 75% project interest
|
| |
Brixton USA Corp. (joint venture company), a subsidiary of Brixton (“Brixton JVC”)
|
| |
Copper Silver Gold
|
| |
Fee simple mineral rights, owned and leased
|
| |
n/a
|
| |
Not in production
|
|
Ivory Coast Project
|
| |
Ivory Coast
1125 km2
|
| |
Exploration
|
| |
23% equity ownership of Sama and 30% interest in joint venture with option up to 60% of Sama’s interests in the Ivory Coast Project
|
| |
Société pour le Développement Minier de la Côte d’Ivoire
|
| |
Nickel Copper Cobalt PGE
|
| |
Exploration license
|
| |
Mineral Resource
|
| |
Not in production
|
|
Domain
|
| |
Resource
Category |
| |
Kilotonnes kt
|
| |
Total
Cu % |
| |
Total
Soluble Cu % |
| |
Acid
Soluble Cu % |
| |
Cyanide
Soluble Cu% |
| |
Total Cu kt
|
| |
Total
Soluble Cu kt |
| |
Acid
Soluble Cu kt |
| |
Cyanide
Soluble Cu kt |
| |||||||||||||||||||||||||||
Exotic
|
| | Indicated | | | | | 6,989 | | | | | | 1.05 | | | | | | 0.80 | | | | | | 0.73 | | | | | | 0.07 | | | | | | 73 | | | | | | 56 | | | | | | 51 | | | | | | 5 | | |
| | | Inferred | | | | | 11,680 | | | | | | 1.28 | | | | | | 1.00 | | | | | | 0.98 | | | | | | 0.02 | | | | | | 149 | | | | | | 118 | | | | | | 115 | | | | | | 3 | | |
Oxide
|
| | Indicated | | | | | 52,990 | | | | | | 1.34 | | | | | | 1.27 | | | | | | 0.98 | | | | | | 0.29 | | | | | | 708 | | | | | | 669 | | | | | | 518 | | | | | | 151 | | |
| | | Inferred | | | | | 126,138 | | | | | | 1.06 | | | | | | 1.00 | | | | | | 0.71 | | | | | | 0.29 | | | | | | 1,336 | | | | | | 1,253 | | | | | | 892 | | | | | | 361 | | |
Chalcocite Enriched
|
| | Indicated | | | | | 29,145 | | | | | | 1.25 | | | | | | 1.13 | | | | | | 0.40 | | | | | | 0.73 | | | | | | 364 | | | | | | 328 | | | | | | 115 | | | | | | 213 | | |
| | | Inferred | | | | | 14,838 | | | | | | 1.36 | | | | | | 1.28 | | | | | | 0.52 | | | | | | 0.76 | | | | | | 202 | | | | | | 191 | | | | | | 78 | | | | | | 113 | | |
Primary
|
| | Indicated | | | | | 184,877 | | | | | | 0.75 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 1,394 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
| | | Inferred | | | | | 96,098 | | | | | | 0.59 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 568 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
TOTAL | | | Indicated | | | | | 274,000 | | | | | | 0.93 | | | | | | 0.38 | | | | | | 0.25 | | | | | | 0.13 | | | | | | 2,539 | | | | | | 1,053 | | | | | | 684 | | | | | | 369 | | |
| | | Inferred | | | | | 248,754 | | | | | | 0.91 | | | | | | 0.63 | | | | | | 0.44 | | | | | | 0.19 | | | | | | 2,255 | | | | | | 1,563 | | | | | | 1,085 | | | | | | 478 | | |
Deposit
|
| |
Category
|
| |
Cu Cut-Off
Grade (%) |
| |
Tonnes
(Mt) |
| |
Total Cu
(%) |
| |
Total Soluble
Cu (%)(1) |
| |
Total
Contained Cu (Mt) |
| |
Total
Contained Acid Soluble Cu (Mt) |
| ||||||||||||||||||
Santa Cruz
|
| | Indicated | | | | | 2.0% | | | | | | 22,872,137 | | | | | | 2.58 | | | | | | 1.37 | | | | | | 590,080 | | | | | | 312,528 | | |
| | | | | | | | 1.0% | | | | | | 83,359,021 | | | | | | 1.69 | | | | | | 0.68 | | | | | | 1,407,930 | | | | | | 568,069 | | |
| | | | | | | | 0.8% | | | | | | 117,239,321 | | | | | | 1.46 | | | | | | 0.52 | | | | | | 1,709,776 | | | | | | 610,282 | | |
| | | | | | | | 0.5% | | | | | | 219,131,684 | | | | | | 1.07 | | | | | | 0.30 | | | | | | 2,353,684 | | | | | | 668,114 | | |
| | | | | | | | 0.39% | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Santa Cruz
|
| | Inferred | | | | | 2.0% | | | | | | 28,098,868 | | | | | | 2.66 | | | | | | 1.72 | | | | | | 748,727 | | | | | | 483,315 | | |
| | | | | | | | 1.0% | | | | | | 74,106,551 | | | | | | 1.87 | | | | | | 1.08 | | | | | | 1,383,711 | | | | | | 801,363 | | |
| | | | | | | | 0.8% | | | | | | 98,139,965 | | | | | | 1.63 | | | | | | 0.90 | | | | | | 1,598,724 | | | | | | 879,141 | | |
| | | | | | | | 0.5% | | | | | | 174,941,611 | | | | | | 1.19 | | | | | | 0.60 | | | | | | 2,080,315 | | | | | | 1,050,293 | | |
| | | | | | | | 0.39% | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Category
|
| |
Resources
(Mt) |
| |
NiEq
(%) |
| |
Ni
(%) |
| |||||||||
Measured
|
| | | | — | | | | | | — | | | | | | — | | |
Indicated
|
| | | | 33.18 | | | | | | 0.269 | | | | | | 0.238 | | |
Measured and Indicated
|
| | | | 33.18 | | | | | | 0.269 | | | | | | 0.238 | | |
Inferred
|
| | | | 17.78 | | | | | | 0.248 | | | | | | 0.224 | | |
Project Name
|
| |
Location and
Project Size |
| |
Stage of
Development |
| |
IVNE Interest
and Nature of Interest |
| |
Title Holders /
Operator |
| |
Primary
Minerals |
| |
Nature of
Mineral Title |
| |
Mineral
Resources/ Reserves |
| |
Aggregate
Annual Production – Last 3 Fiscal Years |
|
Bitter Creek
|
| |
Arizona, USA
35.2 km2
|
| |
Exploration
|
| |
100% Ownership
|
| |
Bitter Creek Exploration, Inc., a wholly-owned subsidiary
|
| |
Copper Gold
|
| |
Lode mining claims
|
| |
n/a
|
| |
Not in production
|
|
Carolina
|
| |
North Carolina, USA
1.75 km2
|
| |
Exploration
|
| |
0% current ownership with right to earn up to 85%
|
| |
Carolina Mining Corp.
|
| |
Gold Copper
|
| |
Fee Simple
|
| |
n/a
|
| |
Not in production
|
|
Desert Mountain
|
| |
Utah, USA
13.88 km2
|
| |
Exploration
|
| |
Little Sahara Exploration (“LSE”), a wholly-owned subsidiary of the Company
|
| |
LSE
|
| |
Copper Gold
|
| |
Unpatented mineral claims
|
| |
n/a
|
| |
Not in production
|
|
Grasshopper
|
| |
Montana, USA
7.19 km2
|
| |
Exploration
|
| |
100% Ownership
|
| |
IE Montana Holdings Corp.
|
| |
Copper
|
| |
Unpatented mineral claims
|
| |
n/a
|
| |
Not in production
|
|
Lincoln
|
| |
Utah, USA
50.14 km2
|
| |
Exploration
|
| |
0% current ownership interest;
Option to acquire 100% of the mineral title
|
| |
Lincoln Cave Exploration, Inc. (“LCE”), a wholly-owned subsidiary
|
| |
Copper Lead Zinc Silver Gold
|
| |
Patented mineral claims, unpatented mineral claims and Utah State leases
|
| |
n/a
|
| |
Not in production
|
|
Unity
|
| |
Oregon, USA
38.29 km2
|
| |
Exploration
|
| |
0% current ownership interest;
Option to acquire 100% of the mineral title
|
| |
CMC, a wholly-owned subsidiary
|
| |
Copper
|
| |
Unpatented mineral claims
|
| |
n/a
|
| |
Not in production
|
|
Yangayu
|
| |
Papua New Guinea
1,100 km2
|
| |
Exploration
|
| |
0% current ownership interest;
Option to acquire 100% of the mineral title
|
| |
Goldsearch International
|
| |
Copper Gold
|
| |
Exploration license
|
| |
n/a
|
| |
Not in production
|
|
Company
|
| |
Location of
Incorporation |
| |
Equity
Ownership % Non-Diluted |
| |
Equity
Ownership % Partially-Diluted |
| |
Principal Mineral
Projects |
|
Brixton Metals Corporation
|
| |
British Columbia, Canada
|
| |
2.24%
|
| |
4.37% on exercise of warrants
|
| |
Hog Heaven Project, Montana, USA
|
|
Cordoba Minerals Corp.
|
| |
British Columbia, Canada
|
| |
63.25%
|
| |
64.56% on exercise of warrants
|
| |
San Matias Project, Colombia Perseverance Project, Arizona
|
|
Kaizen Discovery Inc.
|
| |
British Columbia, Canada
|
| |
82.68%
|
| |
83.59% on exercise of warrants
|
| |
Pinaya Project, Peru
|
|
Sama Resources Inc.
|
| |
Canada
|
| |
22.75%
|
| |
22.75%
|
| |
Ivory Coast Project, Ivory Coast
|
|
Fjordland Exploration Inc.
|
| |
British Columbia, Canada
|
| |
16.88%
|
| |
16.88%
|
| |
South Voisey’s Bay Project, Canada
|
|
Project Name
|
| |
Location
|
| |
Stage of
Development |
| |
IVNE
Interest and Nature of Interest |
| |
Title
Holders / Operator |
| |
Minerals
|
| |
Nature of
Mineral Title |
| |
Mineral
Resources/ Reserves |
| |
Aggregate
Annual Production – Last 3 Fiscal Years |
|
San Matias
|
| | Colombia | | | Development | | | Shareholder in Cordoba | | | Cordoba | | | Copper Gold Silver | | |
Construction and Assembly; Exploration licenses
|
| |
Mineral Resource & Mineral Reserve
|
| | Not in production | |
Perseverance
|
| | Arizona, USA | | | Exploration | | |
Shareholder in Cordoba Cordoba owns 51% of Perseverance and has an option to earn an additional 29%
|
| |
MMDEX LLC a joint venture company between Cordoba and Bell Copper Corporation
|
| | Copper | | | Fee simple, Arizona State leases | | | No | | | Not in production | |
Pinaya
|
| | Peru | | | Exploration | | | Shareholder in Kaizen | | | Canper Exploraciones S.A.C. | | |
Copper Gold
|
| | Concession | | | Mineral Resource | | | Not in production | |
Coppermine
|
| | Nunavut, Canada | | | Exploration | | | Shareholder in Kaizen | | | Kaizen | | | Copper Silver | | | Mineral claims | | | No | | | Not in production | |
Aspen Grove
|
| | British Columbia, Canada | | | Exploration | | | Shareholder in Kaizen | | | KZD Aspen Grove Holding Ltd | | |
Copper Gold
|
| | Mineral claims | | | No | | | Not in production | |
South Voisey’s Bay
|
| |
Newfoundland and Labrador, Canada
|
| | Exploration | | |
Shareholder in Fjordland Exploration and option to acquire a 65% interest
|
| | Commander Resources Ltd. | | | Nickel | | | Mineral claims | | | No | | | Not in production | |
Deposit
|
| |
Tonnage
(Mt) |
| |
NSR
($) Marginal Cut-off |
| |
Cu Equiv.
Marginal Cut-Off (%) |
| |
Cu
Equiv. Grade (%) |
| |
Cu
Grade (%) |
| |
Au
Grade (g/t) |
| |
Ag
Grade (g/t) |
| |
Contained
Cu (tonnes) |
| |
Contained
Cu (Mlb) |
| |
Contained
Au (oz) |
| |
Contained
Ag (oz) |
| |||||||||||||||||||||||||||||||||
| | |
Indicated Resources
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alacran
|
| | | | 2.8 | | | | | | 1.78/8.85 | | | | | | 0.03/0.17 | | | | | | 0.17 | | | | | | 0.19 | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | 11.7 | | | | | | 10,263 | | | | | | 105,126 | | |
Montiel East
|
| | | | 4.3 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.70 | | | | | | 0.46 | | | | | | 0.35 | | | | | | 1.53 | | | | | | 19,800 | | | | | | 43.7 | | | | | | 48,800 | | | | | | 211,200 | | |
Montiel West
|
| | | | 4.6 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.52 | | | | | | 0.24 | | | | | | 0.49 | | | | | | 1.32 | | | | | | 11,200 | | | | | | 24.8 | | | | | | 72,600 | | | | | | 195,800 | | |
Costa Azul
|
| | | | 7.4 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.40 | | | | | | 0.24 | | | | | | 0.21 | | | | | | 0.65 | | | | | | 20,300 | | | | | | 44.8 | | | | | | 49,200 | | | | | | 155,800 | | |
Total Indicated
|
| | | | 19.1 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 0.28 | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | 125.0 | | | | | | 180,863 | | | | | | 667,926 | | |
Inferred Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alacran
|
| | | | 2.2 | | | | | | 1.78/8.85 | | | | | | 0.03/0.17 | | | | | | 0.12 | | | | | | 0.20 | | | | | | 0.17 | | | | | | 0.86 | | | | | | 5,228 | | | | | | 11.5 | | | | | | 14,531 | | | | | | 72,308 | | |
Montiel East
|
| | | | 1.8 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.34 | | | | | | 0.25 | | | | | | 0.15 | | | | | | 0.88 | | | | | | 4,400 | | | | | | 9.6 | | | | | | 8,500 | | | | | | 50,300 | | |
Montiel West
|
| | | | 0.6 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.39 | | | | | | 0.07 | | | | | | 0.54 | | | | | | 0.96 | | | | | | 400 | | | | | | 1.0 | | | | | | 11,100 | | | | | | 19,000 | | |
Costa Azul
|
| | | | 0.1 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.39 | | | | | | 0.29 | | | | | | 0.16 | | | | | | 0.60 | | | | | | 400 | | | | | | 0.8 | | | | | | 600 | | | | | | 2,400 | | |
Total Inferred
|
| | | | 5.1 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.94 | | | | | | 9,823 | | | | | | 21.6 | | | | | | 32,557 | | | | | | 142,538 | | |
Category
|
| | | | |
NSR Value
Marginal Cut-off Grade |
| |
Tonnage
(thousands) |
| |
Diluted Cu
Grade (%) |
| |
Diluted Au
Grade (g/t) |
| |
Diluted Ag
Grade (g/t) |
| ||||||||||||
Probable Mineral Reserve
|
| |
Saprolite
|
| |
1.78 $/t
|
| | | | 10,135 | | | | | | — | | | | | | 0.21 | | | | | | — | | |
Probable Mineral Reserve
|
| |
Transition
|
| |
8.85 $/t
|
| | | | 2,011 | | | | | | 0.62 | | | | | | 0.22 | | | | | | 3.11 | | |
Probable Mineral Reserve
|
| |
Fresh
|
| |
8.85 $/t
|
| | | | 89,954 | | | | | | 0.45 | | | | | | 0.27 | | | | | | 2.54 | | |
Probable Mineral Reserve
|
| |
Fresh + Transition
|
| |
8.85 $/t
|
| | | | 91,165 | | | | | | 0.45 | | | | | | 0.27 | | | | | | 2.56 | | |
Probable Mineral Reserve
|
| |
Overall Total
|
| |
—
|
| | | | 102,100 | | | | | | 0.41 | | | | | | 0.26 | | | | | | 2.30 | | |
Class
|
| |
Tonnes
‘000’s |
| |
Average Grades
|
| |
Contained Metal
|
| |||||||||||||||||||||
|
% Cu
|
| |
g/t Au
|
| |
lbs Cu’000’s
|
| |
oz Au ‘000’s
|
| ||||||||||||||||||||
Measured
|
| | | | 8,204 | | | | | | 0.326 | | | | | | 0.600 | | | | | | 59,011 | | | | | | 158 | | |
Indicated
|
| | | | 33,487 | | | | | | 0.324 | | | | | | 0.462 | | | | | | 238,886 | | | | | | 497 | | |
Inferred
|
| | | | 40,216 | | | | | | 0.360 | | | | | | 0.300 | | | | | | 319,041 | | | | | | 388 | | |
Mineral Project
|
| |
Commitment
|
| |
2022
Total |
| |
2023
Total |
| |
2024
Total |
| |
2025
Total |
| ||||||||||||
Santa Cruz (DRHE)
|
| | Discretionary | | | | | — | | | | | | 6,250 | | | | | | 10,000 | | | | | | — | | |
Santa Cruz (Legends)
|
| | Non-discretionary | | | | | — | | | | | | 800 | | | | | | 920 | | | | | | — | | |
Santa Cruz (Other)
|
| | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Santa Cruz (Other)
|
| | Discretionary | | | | | — | | | | | | 300 | | | | | | 300 | | | | | | 596 | | |
Santa Cruz (Total)
|
| | | | | | | — | | | | | | 7,350 | | | | | | 11,220 | | | | | | 596 | | |
Tintic (Utah)
|
| | Discretionary | | | | | — | | | | | | 5,288 | | | | | | — | | | | | | — | | |
Hog Heaven (Montana)
|
| | Discretionary | | | | | — | | | | | | 3,500 | | | | | | 500 | | | | | | 500 | | |
Ivory Coast
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
South Voisey’s Bay (Canada)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | 4,416 | | | | | | — | | |
Crystal Haven (Australia)
|
| | Discretionary | | | | | — | | | | | | 7,000 | | | | | | — | | | | | | 35,000 | | |
Unity (Oregon)
|
| | Discretionary | | | | | — | | | | | | 2,000 | | | | | | 2,250 | | | | | | — | | |
Cave & Lincoln (Utah)
|
| | Discretionary | | | | | — | | | | | | 150 | | | | | | 200 | | | | | | 250 | | |
Carolina Mining (North Carolina)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Total
|
| | | | | | | — | | | | | | 25,288 | | | | | | 18,586 | | | | | | 41,346 | | |
Mineral Project
|
| |
Commitment
|
| |
2026
Total |
| |
2027
Total |
| |
2030
Total |
| |
2032
Total |
| |
2022–2032
Total |
| |||||||||||||||
Santa Cruz (DRHE)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,250 | | |
Santa Cruz (Legend)
|
| | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,720 | | |
Santa Cruz (Other)
|
| | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Santa Cruz (Other)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,196 | | |
Santa Cruz (Total)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,166 | | |
Tintic (Utah)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,288 | | |
Hog Heaven (Montana)
|
| | Discretionary | | | | | 1,000 | | | | | | 13,000 | | | | | | 10,000 | | | | | | 15,000 | | | | | | 43,500 | | |
Ivory Coast
|
| | Discretionary | | | | | 7,762 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,762 | | |
South Voisey’s Bay (Canada)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,416 | | |
Crystal Haven (Australia)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42,000 | | |
Unity (Oregon)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,250 | | |
Cave & Lincoln (Utah)
|
| | Discretionary | | | | | 750 | | | | | | 1,500 | | | | | | — | | | | | | — | | | | | | 2,850 | | |
Carolina Mining (North Carolina). . .
|
| | Discretionary | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | 25,000 | | |
Total
|
| | | | | | | 9,512 | | | | | | 34,500 | | | | | | 10,000 | | | | | | 15,000 | | | | | | 154,232 | | |
|
Major Permits or Approvals
|
| |
Issuing Agency
|
|
| Exploration Permit | | |
Utah Division of Oil, Gas and Mining
|
|
| Large Mine Operation Approval | | |
Utah Division of Oil, Gas and Mining
|
|
| Water Appropriations | | | Utah Division of Water Rights | |
| Air Quality Permit | | | Utah Division of Air Quality | |
| General Multi-Sector Industrial Storm Water Permit | | | Utah Division of Water Quality | |
| 3809 Plan of Operation Approval | | | US Bureau of Land Management | |
| Army Corps of Engineers Jurisdictional Waters Concurrence | | | US Army Corps of Engineers | |
| County Conditional Use Permit and Other Permits | | | Juab County and Utah County | |
|
Major Permits or Approvals
|
| |
Issuing Agency
|
|
|
Underground Injection Control Permit
|
| |
U.S. Environmental Protection Agency
|
|
|
Dust Control and Air Quality Permits
|
| |
Pinal County Air Quality Control District
|
|
|
Aquifer Protection Permit
|
| |
Arizona Department of Environmental Quality
|
|
|
AZPDES Industrial Stormwater Mining Multi-Sector General Permit
|
| |
Arizona Department of Environmental Quality
|
|
|
Reclamation Plan Approval
|
| |
Arizona State Mine Inspector
|
|
|
Water Appropriation Permits
|
| |
Arizona Department of Water Resources
|
|
Name
|
| |
Age
|
| |
Position
|
|
Robert Friedland | | |
72
|
| | Executive Chairman of the Board of Directors | |
Taylor Melvin | | |
53
|
| | Chief Executive Officer, President and Director | |
Jordan Neeser | | |
40
|
| | Chief Financial Officer | |
Quentin Markin | | |
50
|
| | Executive Vice President, Business Development and Strategy Execution | |
Eric Finlayson | | |
62
|
| | Chief of Global Exploration | |
Catherine Barone | | |
47
|
| | Senior Vice President, Finance | |
Charles Forster | | |
75
|
| | Senior Vice President of Exploration | |
Mark Gibson | | |
53
|
| | Chief Operating Officer | |
Graham Boyd | | |
37
|
| | Senior Vice President, U.S. Projects | |
Glen Kuntz | | |
54
|
| | Senior Vice President, Mine Development | |
Evan Young | | |
38
|
| | Vice President, Corporate Development | |
Cassandra Joseph | | |
51
|
| | Vice President, General Counsel and Corporate Secretary | |
Russell Ball | | |
54
|
| | Director | |
Victoire de Margerie | | |
59
|
| | Director | |
Francis Fannon | | |
49
|
| | Director | |
Hirofumi Katase | | |
63
|
| | Director | |
Oskar Lewnowski | | |
57
|
| | Director | |
Priya Patil | | |
60
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Non-Equity
Incentive Plan ($) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(3) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| |||||||||||||||||||||
Taylor Melvin(1)
President and Chief Executive Officer |
| | | | 2022 | | | | | $ | 57,051 | | | | | $ | — | | | | | $ | 7,485,000 | | | | | $ | 2,541,667 | | | | | $ | — | | | | | $ | 10,083,718 | | |
| | | 2021 | | | | | | nil | | | | | | nil | | | | | | nil | | | | | | nil | | | | | | nil | | | | | | nil | | | ||
Robert Friedland
Executive Chair (former Chief Executive Officer) |
| | | | 2022 | | | | | $ | — | | | | | $ | — | | | | | $ | 97,787 | | | | | $ | 3,005,690 | | | | | $ | — | | | | | | 3,103,476 | | |
| | | 2021 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,046,875 | | | | | $ | — | | | | | $ | 1,046,875 | | | ||
Jordan Neeser(2)
Chief Financial Officer |
| | | | 2022 | | | | | $ | 26,305 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,541,667 | | | | | $ | — | | | | | $ | 2,567,972 | | |
| | | 2021 | | | | | | nil | | | | | | nil | | | | | | nil | | | | | | nil | | | | | | nil | | | | | | nil | | |
| | |
Ivanhoe
Electric RSUs Issued |
| |
Ivanhoe
Electric – ASC 718 Value |
| |
Cordoba
Minerals RSUs Issued |
| |
Cordoba
Minerals – ASC 718 Value |
| |
Kaizen
Discovery RSUs Issued |
| |
Kaizen
Discovery – ASC 718 Value |
| |
Total –
ASC 718 Value |
| |||||||||||||||||||||
Taylor Melvin
|
| | | | 750,000 | | | | | $ | 7,485,000 | | | | | | nil | | | | | $ | — | | | | | | nil | | | | | $ | — | | | | | $ | 7,485,000 | | |
Robert Friedland
|
| | | | — | | | | | $ | — | | | | | | 100,000 | | | | | $ | 40,729 | | | | | | 150,000 | | | | | $ | 57,058 | | | | | $ | 97,787 | | |
| | |
Ivanhoe
Electric Options Issued |
| |
Ivanhoe
Electric – ASC 718 Value |
| |
Cordoba
Minerals Options Issued |
| |
Cordoba
Minerals – ASC 718 Value |
| |
Kaizen
Discovery Options Issued |
| |
Kaizen
Discovery – ASC 718 Value |
| |
Total –
ASC 718 Value |
| |||||||||||||||||||||
Taylor Melvin
|
| | | | 500,000 | | | | | $ | 2,541,667 | | | | | | nil | | | | | $ | — | | | | | | nil | | | | | $ | — | | | | | $ | 2,541,667 | | |
Robert Friedland
|
| | | | 583,334 | | | | | $ | 2,965,281 | | | | | | 100,000 | | | | | $ | 25,974 | | | | | | 50,000 | | | | | $ | 14,434 | | | | | $ | 3,005,690 | | |
Jordan Neeser
|
| | | | 500,000 | | | | | $ | 2,541,667 | | | | | | nil | | | | | $ | — | | | | | | nil | | | | | $ | — | | | | | $ | 2,541,667 | | |
| | | | | |
Option awards
|
| |
Stock awards
|
| |||||||||||||||||||||||||||
Entity
|
| |
Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#) |
| |
Market
value of shares or units of stock that have not vested (#) |
| |||||||||||||||
Ivanhoe Electric Awards(1): | | ||||||||||||||||||||||||||||||||||||
| | | Taylor Melvin | | | | | — | | | | | | 500,000 | | | |
$ 11.75
|
| | | | 21-Nov-29 | | | | | | 750,000(2) | | | | | $ | 9,112,500(3) | | |
| | |
Robert Friedland
|
| | | | — | | | | | | 583,334 | | | |
$ 11.75
|
| | | | 21-Nov-29 | | | | | | — | | | | | | — | | |
| | |
Robert Friedland
|
| | | | 458,332 | | | | | | 458,334 | | | |
$ 2.49
|
| | | | 30-Jun-26 | | | | | | — | | | | | | — | | |
| | | Jordan Neeser | | | | | — | | | | | | 500,000 | | | |
$ 11.75
|
| | | | 21-Nov-29 | | | | | | — | | | | | | — | | |
Cordoba Minerals Awards: | | ||||||||||||||||||||||||||||||||||||
| | |
Robert Friedland
|
| | | | — | | | | | | 100,000 | | | |
Cdn$ 0.53
|
| | | | 1/8/2027 | | | | | | 137,745 | | | | | $ | 52,885(4) | | |
| | |
Robert Friedland
|
| | | | 75,490 | | | | | | 37,745 | | | |
Cdn$1.615
|
| | | | | | | | | | | | | | | | | | |
Kaizen Discovery Awards: | | ||||||||||||||||||||||||||||||||||||
| | |
Robert Friedland
|
| | | | 16,666 | | | | | | 33,334 | | | |
Cdn$0.495
|
| | | | 2/7/2027 | | | | | | 150,000 | | | | | $ | 13,290(5) | | |
| | |
Robert Friedland
|
| | | | 200,000 | | | | | | — | | | |
Cdn$ 0.50
|
| | | | 11/26/2025 | | | | | | | | | | | | | | |
VRB Energy Awards: | | ||||||||||||||||||||||||||||||||||||
| | |
Robert Friedland
|
| | | | 2,000,000 | | | | | | 3,000,000 | | | |
$ 0.165
|
| | | | 3/30/2026 | | | | | | — | | | | | | — | | |
| | |
Termination
without Cause |
| |
Termination
following a Change in Control |
| |
Death or
Disability of Employee |
| |||||||||
Taylor Melvin | | | | | | | | | | | | | | | | | | | |
Lump Sum Payment: Base Salary
|
| | | $ | 750,000 | | | | | $ | 750,000 | | | | | $ | — | | |
Lump Sum Payment: Bonus(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Restricted Stock Units (Unvested and Accelerated)(9)
|
| | | $ | 464,057(3) | | | | | $ | 9,112,500(5) | | | | | $ | 9,112,500(7) | | |
Stock Option Awards (Unvested and Accelerated)(10)
|
| | | $ | 10,185(4) | | | | | $ | 200,000(6) | | | | | $ | 200,000(8) | | |
| | | | $ | 1,224,242 | | | | | $ | 10,062,500 | | | | | $ | 9,312,500 | | |
Robert Friedland(2) | | | | | | | | | | | | | | | | | | | |
Restricted Stock Units (Unvested and Accelerated)(13)
|
| | | $ | — | | | | | $ | 67,192(11) | | | | | $ | 67,192(12) | | |
Stock Option Awards (Unvested and Accelerated)(10)
|
| | | $ | 11,882(4) | | | | | $ | 233,334(6) | | | | | $ | 233,334(8) | | |
| | | | $ | 11,882 | | | | | $ | 300,526 | | | | | $ | 300,526 | | |
Jordan Neeser | | | | | | | | | | | | | | | | | | | |
Lump Sum Payment: Base Salary
|
| | | $ | 450,000 | | | | | $ | 450,000 | | | | | $ | — | | |
Lump Sum Payment: Bonus(1)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Stock Option Awards (Unvested and Accelerated)(10)
|
| | | $ | 10,185(4) | | | | | $ | 200,000(6) | | | | | $ | 200,000(8) | | |
| | | | $ | 460,185 | | | | | $ | 650,000 | | | | | $ | 200,000 | | |
Name(1)
|
| |
Fees
Earned or Paid in Cash ($) |
| |
Stock
Awards ($)(5) |
| |
All Other
Compensation($) |
| |
Total ($)
|
| ||||||||||||
Russell Ball(2)
|
| | | $ | 25,753 | | | | | $ | 51,507 | | | | | $ | — | | | | | $ | 77,260 | | |
Victorie De Margerie(2)
|
| | | $ | 15,452 | | | | | $ | 51,507 | | | | | $ | — | | | | | $ | 66,959 | | |
Francis Fannon(3)
|
| | | $ | 15,452 | | | | | $ | 51,507 | | | | | $ | — | | | | | $ | 66,959 | | |
Hirofumi Katase(3)
|
| | | $ | 15,452 | | | | | $ | 51,507 | | | | | $ | — | | | | | $ | 66,959 | | |
Oskar Lewnowski(2)(6)
|
| | | $ | 18,027 | | | | | $ | 51,507 | | | | | $ | — | | | | | $ | 69,534 | | |
Priya Patil(2)(7)
|
| | | $ | — | | | | | $ | 74,685 | | | | | $ | — | | | | | $ | 74,685 | | |
Laurent Frescaline(4)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Kenneth Lau(4)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Ian Plimer(4)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Patrick On Yip Tsang(4)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Name
|
| |
Aggregate
Principal Amount of Series 2 Convertible Notes |
| |||
Orion Mine Finance Fund III LP
|
| | | $ | 6,200,000 | | |
Name
|
| |
Number of
Shares of Common Stock Purchased |
| |
Aggregate
Principal Amount of Series 1 Convertible Notes |
| |
Aggregate
Purchase Price |
| |||||||||
THISBE & CO fbo Fidelity NorthStar Fund
|
| | | | 39,500 | | | | | $ | 491,775 | | | | | $ | 590,130 | | |
THISBE & CO fbo Fidelity True North Fund
|
| | | | 116,500 | | | | | $ | 1,450,425 | | | | | $ | 1,740,510 | | |
BHP Manganese Australia Pty Ltd.
|
| | | | 150,500 | | | | | $ | 1,873,725 | | | | | $ | 2,248,470 | | |
BlackRock World Mining Trust plc
|
| | | | 1,004,000 | | | | | $ | 12,499,800 | | | | | $ | 14,999,760 | | |
Name
|
| |
Number of
Shares of Common Stock Purchased |
| |
Aggregate
Principal Amount of Series 1 Convertible Notes |
| |
Aggregate
Purchase Price |
| |||||||||
Robert Friedland
|
| | | | 502,000 | | | | | $ | 6,249,900 | | | | | $ | 7,499,880 | | |
Orion Mine Finance Fund III LP
|
| | | | 803,166 | | | | | $ | 9,999,425 | | | | | $ | 11,999,490 | | |
Eric Finlayson
|
| | | | 10,000 | | | | | $ | 124,500 | | | | | $ | 149,400 | | |
| | |
Shares of Common Stock
Beneficially Owned Prior To The Offering |
| |
Number of
Shares Underlying I-Pulse Convertible Notes |
| |
Maximum
Number of Shares That May Be Offered |
| |
Shares of Common Stock
Beneficially Owned After The Offering (assuming all shares that are registered hereunder are sold) |
| ||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||
Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert Friedland(1)(2)(12)(13)
|
| | |
|
10,397,617
|
| | | |
|
11.1%
|
| | | |
|
—
|
| | | |
|
1,094,348
|
| | | |
|
9,303,269
|
| | | |
|
10.0%
|
| |
Taylor Melvin(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jordan Neeser(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Finlayson(5)
|
| | | | 492,867 | | | | | | * | | | | | | — | | | | | | — | | | | | | 492,867 | | | | | | * | | |
Quentin Markin(6)
|
| | | | 49,950 | | | | | | * | | | | | | — | | | | | | — | | | | | | 49,950 | | | | | | * | | |
Graham Boyd(7)
|
| | | | 169,177 | | | | | | * | | | | | | — | | | | | | — | | | | | | 169,177 | | | | | | * | | |
Russell Ball(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Victoire de Margerie(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Francis Fannon(8)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hirofumi Katase(8)
|
| | | | 44,055 | | | | | | * | | | | | | — | | | | | | — | | | | | | 44,055 | | | | | | * | | |
Oskar Lewnowski(8)(9)(14)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Priya Patil(8)(10)
|
| | | | 1,972 | | | | | | * | | | | | | — | | | | | | — | | | | | | 1,972 | | | | | | * | | |
All executive officers and directors as a group (12 people)
|
| | | | 11,155,638 | | | | | | 11.9% | | | | | | — | | | | | | 1,094,348 | | | | | | 10,061,290 | | | | | | 10.7% | | |
Greater than 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Century Vision Holdings Limited(11)
|
| | | | 13,673,178 | | | | | | 14.7% | | | | | | — | | | | | | — | | | | | | 13,673,178 | | | | | | 14.7% | | |
I-Pulse, Inc.(2)(12)(13) | | | | | 9,257,515 | | | | | | 9.9% | | | | | | — | | | | | | — | | | | | | 9,257,515 | | | | | | 9.9% | | |
Orion Mine Finance Fund III LP(13)(14)
|
| | | | 7,426,991 | | | | | | 8.0% | | | | | | — | | | | | | 7,426,991 | | | | | | — | | | | | | — | | |
Fidelity Contrafund entities(15)
|
| | | | 6,330,606 | | | | | | 6.8% | | | | | | — | | | | | | 6,330,606 | | | | | | — | | | | | | — | | |
BlackRock and its managed funds(16)
|
| | | | 5,788,600 | | | | | | 6.2% | | | | | | 1,107,920 | | | | | | 5,788,600 | | | | | | — | | | | | | — | | |
BHP and its affiliates(17)
|
| | | | 5,280,822 | | | | | | 5.7% | | | | | | 165,829 | | | | | | 5,280,822 | | | | | | — | | | | | | — | | |
Other Selling Stockholders (less than 5%):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fidelity Canada managed funds(18)
|
| | | | 1,980,264 | | | | | | 2.1% | | | | | | 171,879 | | | | | | 1,980,264 | | | | | | — | | | | | | — | | |
Sailing Stone Capital Partners LLC as Investment manager on behalf of Victory Global Energy Transition Fund, a series of Victory
Portfolios(19) |
| | | | 611,625 | | | | | | * | | | | | | — | | | | | | 611,625 | | | | | | — | | | | | | — | | |
CPG Investments LLC(20)
|
| | | | 595,686 | | | | | | * | | | | | | — | | | | | | 595,686 | | | | | | — | | | | | | — | | |
The Trustees of the University of Pennsylvania(21)
|
| | | | 507,201 | | | | | | * | | | | | | — | | | | | | 83,298 | | | | | | 423,903 | | | | | | * | | |
AD Capital LLC(22)
|
| | | | 380,656 | | | | | | * | | | | | | — | | | | | | 148,548 | | | | | | 232,108 | | | | | | * | | |
Gold Coast Mining Inc.(23)
|
| | | | 209,964 | | | | | | * | | | | | | — | | | | | | 209,964 | | | | | | — | | | | | | — | | |
Sailing Stone Global Natural Resources Fund LP(24)
|
| | | | 177,937 | | | | | | * | | | | | | — | | | | | | 36,883 | | | | | | 141,054 | | | | | | * | | |
Ceiba Holdings Ltd.(25)
|
| | | | 173,248 | | | | | | * | | | | | | — | | | | | | 67,723 | | | | | | 105,525 | | | | | | * | | |
Russell Mining Corp.(26)
|
| | | | 139,976 | | | | | | * | | | | | | — | | | | | | 139,976 | | | | | | — | | | | | | — | | |
Investment Opportunities SPC for the account of Investment Opportunities 3 Segregated Portfolio(27)
|
| | | | 125,000 | | | | | | * | | | | | | — | | | | | | 125,000 | | | | | | — | | | | | | — | | |
PWCM Master Fund Ltd.(28)
|
| | | | 107,083 | | | | | | * | | | | | | — | | | | | | 107,083 | | | | | | — | | | | | | — | | |
Oceana Master Fund Ltd.(29)
|
| | | | 95,000 | | | | | | * | | | | | | — | | | | | | 95,000 | | | | | | — | | | | | | — | | |
| | |
Shares of Common Stock
Beneficially Owned Prior To The Offering |
| |
Number of
Shares Underlying I-Pulse Convertible Notes |
| |
Maximum
Number of Shares That May Be Offered |
| |
Shares of Common Stock
Beneficially Owned After The Offering (assuming all shares that are registered hereunder are sold) |
| ||||||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||||||||
Nairbo Investments Inc.(30)
|
| | | | 86,336 | | | | | | * | | | | | | — | | | | | | 33,749 | | | | | | 52,587 | | | | | | * | | |
Rubylous Limited(31)
|
| | | | 69,795 | | | | | | * | | | | | | — | | | | | | 27,449 | | | | | | 42,346 | | | | | | * | | |
The Trustees of the University of Pennsylvania Retiree Medical and Death Benefits Trust(32)
|
| | | | 65,493 | | | | | | * | | | | | | — | | | | | | 10,106 | | | | | | 55,387 | | | | | | * | | |
Pentwater Equity Opportunities Master Fund Ltd.(33)
|
| | | | 60,417 | | | | | | * | | | | | | — | | | | | | 60,417 | | | | | | — | | | | | | — | | |
Gothic Corporation(34)
|
| | | | 33,164 | | | | | | * | | | | | | — | | | | | | 13,049 | | | | | | 20,115 | | | | | | * | | |
Inna O’Brian(35)
|
| | | | 28,777 | | | | | | * | | | | | | — | | | | | | 11,249 | | | | | | 17,528 | | | | | | * | | |
Giant Sable Corporation(36)
|
| | | | 17,266 | | | | | | * | | | | | | — | | | | | | 6,749 | | | | | | 10,517 | | | | | | * | | |
LMA SPC for and on behalf of the MAP
98 Segregated Portfolio(37) |
| | | | 14,583 | | | | | | * | | | | | | — | | | | | | 14,583 | | | | | | — | | | | | | — | | |
Pentwater Unconstrained Master Fund Ltd.(38) .
|
| | | | 14,583 | | | | | | * | | | | | | — | | | | | | 14,583 | | | | | | — | | | | | | — | | |
Gothic JBD LLC(39)
|
| | | | 12,007 | | | | | | * | | | | | | — | | | | | | 4,724 | | | | | | 7,283 | | | | | | * | | |
Gothic HSP Corporation(40)
|
| | | | 11,435 | | | | | | * | | | | | | — | | | | | | 4,499 | | | | | | 6,936 | | | | | | * | | |
BMO Nesbitt Burns ITF Jesse Pearlstein and Lynsey Pearlstein(41)
|
| | | | 8,577 | | | | | | * | | | | | | — | | | | | | 3,374 | | | | | | 5,203 | | | | | | * | | |
Gothic ERP LLC(42)
|
| | | | 6,288 | | | | | | * | | | | | | — | | | | | | 2,474 | | | | | | 3,814 | | | | | | * | | |
Kevin Howard Colborne
|
| | | | 5,721 | | | | | | * | | | | | | — | | | | | | 2,249 | | | | | | 3,472 | | | | | | * | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | | |
| | | | | F-35 | | | |
| | | | | F-36 | | | |
| | | | | F-37 | | |
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | |
$
|
49,850
|
| | | | $ | 9,341 | | |
Accounts receivable
|
| | |
|
1,385
|
| | | | | 2,841 | | |
Inventory
|
| | |
|
5,878
|
| | | | | 3,538 | | |
Prepaid expenses and deposits
|
| | |
|
1,152
|
| | | | | 1,106 | | |
| | | |
|
58,265
|
| | | | | 16,826 | | |
Non-current assets: | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | |
|
7,701
|
| | | | | 7,727 | | |
Other investments
|
| | |
|
1,802
|
| | | | | 1,196 | | |
Exploration mineral interests
|
| | |
|
73,039
|
| | | | | 32,015 | | |
Property, plant and equipment
|
| | |
|
2,523
|
| | | | | 2,385 | | |
Intangible assets
|
| | |
|
4,340
|
| | | | | 7,451 | | |
Other non-current assets
|
| | |
|
5,861
|
| | | | | 4,121 | | |
Total assets
|
| | |
$
|
153,531
|
| | | | $ | 71,721 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | |
$
|
10,195
|
| | | | $ | 6,458 | | |
Deferred consideration payable
|
| | |
|
26,562
|
| | | | | — | | |
Loan from parent
|
| | |
|
—
|
| | | | | 5,756 | | |
Lease liabilities, current
|
| | |
|
342
|
| | | | | 585 | | |
Contract liability
|
| | |
|
3,484
|
| | | | | 2,425 | | |
| | | |
|
40,583
|
| | | | | 15,224 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Deferred income taxes
|
| | |
|
5,382
|
| | | | | 6,309 | | |
Convertible debt
|
| | |
|
78,832
|
| | | | | — | | |
Lease liabilities, net of current portion
|
| | |
|
55
|
| | | | | 143 | | |
Other non-current liabilities
|
| | |
|
865
|
| | | | | 1,353 | | |
Total liabilities
|
| | |
|
125,717
|
| | | | | 23,029 | | |
Commitments and contingencies (Note 29) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Net parent investment
|
| | |
|
—
|
| | | | | 43,520 | | |
Common stock, par value $0.0001; 750,000,000 shares authorized; 63.9 million shares issued and outstanding as of December 31, 2021
|
| | |
|
6
|
| | | | | — | | |
Additional paid-in capital
|
| | |
|
75,743
|
| | | | | — | | |
Accumulated deficit
|
| | |
|
(52,314)
|
| | | | | — | | |
Accumulated other comprehensive income
|
| | |
|
(1,502)
|
| | | | | (1,538) | | |
Equity attributable to the Company / Parent Equity
|
| | |
|
21,933
|
| | | | | 41,982 | | |
Non-controlling interests
|
| | |
|
5,881
|
| | | | | 6,710 | | |
Total equity
|
| | |
|
27,814
|
| | | | | 48,692 | | |
Total liabilities and equity
|
| | |
$
|
153,531
|
| | | | $ | 71,721 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Revenue
|
| | |
$
|
4,652
|
| | | | $ | 4,633 | | | | | $ | 3,752 | | |
Cost of sales
|
| | |
|
(1,520)
|
| | | | | (1,785) | | | | | | (1,806) | | |
Gross profit
|
| | |
|
3,132
|
| | | | | 2,848 | | | | | | 1,946 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Exploration expenses
|
| | |
|
39,505
|
| | | | | 14,094 | | | | | | 12,906 | | |
General and administrative expenses
|
| | |
|
20,402
|
| | | | | 11,651 | | | | | | 10,768 | | |
Research and development expenses
|
| | |
|
3,825
|
| | | | | 3,629 | | | | | | 4,171 | | |
Selling and marketing expenses
|
| | |
|
149
|
| | | | | 75 | | | | | | 281 | | |
Loss from operations
|
| | |
|
60,749
|
| | | | | 26,601 | | | | | | 26,180 | | |
Other expenses (income): | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | |
|
1,534
|
| | | | | 175 | | | | | | 114 | | |
Foreign exchange (gain) loss
|
| | |
|
(254)
|
| | | | | (502) | | | | | | 265 | | |
Share of loss of equity method investees
|
| | |
|
213
|
| | | | | 71 | | | | | | 90 | | |
Loss on revaluation of investments
|
| | |
|
634
|
| | | | | 2,909 | | | | | | 2,452 | | |
Loss on revaluation of convertible debt
|
| | |
|
4,571
|
| | | | | — | | | | | | — | | |
Other expenses, net
|
| | |
|
580
|
| | | | | 217 | | | | | | 360 | | |
Loss before income taxes
|
| | |
|
68,027
|
| | | | | 29,471 | | | | | | 29,461 | | |
Income taxes
|
| | |
|
484
|
| | | | | 381 | | | | | | (717) | | |
Net loss
|
| | |
|
68,511
|
| | | | | 29,852 | | | | | | 28,744 | | |
Less loss attributable to non-controlling interests
|
| | |
|
(9,191)
|
| | | | | (4,618) | | | | | | (4,110) | | |
Net loss attributable to common stockholders or parent
|
| | |
|
59,320
|
| | | | | 25,234 | | | | | | 24,634 | | |
Net loss
|
| | |
|
68,511
|
| | | | | 29,852 | | | | | | 28,744 | | |
Other comprehensive loss (income), net of tax: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | |
|
(89)
|
| | | | | 361 | | | | | | (230) | | |
Other comprehensive loss (income)
|
| | |
|
(89)
|
| | | | | 361 | | | | | | (230) | | |
Comprehensive loss
|
| | |
$
|
68,422
|
| | | | $ | 30,213 | | | | | $ | 28,514 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent
|
| | |
|
59,284
|
| | | | | 25,477 | | | | | | 24,368 | | |
Non-controlling interests
|
| | |
|
9,138
|
| | | | | 4,736 | | | | | | 4,146 | | |
| | | |
$
|
68,422
|
| | | | $ | 30,213 | | | | | $ | 28,514 | | |
Net loss per share attributable to common stockholders or parent
|
| | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
$
|
0.96
|
| | | | $ | 0.42 | | | | | $ | 0.41 | | |
Weighted-average common shares outstanding
|
| | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
|
61,502,094
|
| | | | | 59,909,344 | | | | | | 59,909,344 | | |
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Net
parent investment |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income (loss) |
| |
Non-
controlling interest |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 28,103 | | | | | $ | — | | | | | $ | (1,561) | | | | | $ | 763 | | | | | $ | 27,305 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (24,634) | | | | | | — | | | | | | — | | | | | | (4,110) | | | | | | (28,744) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 266 | | | | | | (36) | | | | | | 230 | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 28,666 | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,666 | | |
Other changes in non-controlling
interests |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,148 | | | | | | 3,148 | | |
Balance at December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | 32,135 | | | | | | — | | | | | | (1,295) | | | | | | (235) | | | | | | 30,605 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (25,234) | | | | | | — | | | | | | — | | | | | | (4,618) | | | | | | (29,852) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (243) | | | | | | (118) | | | | | | (361) | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 36,619 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,619 | | |
Other changes in non-controlling
interests |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,681 | | | | | | 11,681 | | |
Balance at December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | 43,520 | | | | | | — | | | | | | (1,538) | | | | | | 6,710 | | | | | | 48,692 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (7,006) | | | | | | (52,314) | | | | | | — | | | | | | (9,191) | | | | | | (68,511) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 36 | | | | | | 53 | | | | | | 89 | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 29,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,140 | | |
Restructuring upon spin off (Note 1)
|
| | | | 59,909,344 | | | | | | 6 | | | | | | 65,648 | | | | | | (65,654) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock, net of issuance costs
|
| | | | 4,015,990 | | | | | | — | | | | | | 9,678 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,678 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | 406 | | | | | | 3,206 | | |
Other changes in non-controlling
interests |
| | | | — | | | | | | — | | | | | | (2,383) | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,903 | | | | | | 5,520 | | |
Balance at December 31, 2021
|
| | | | 63,925,334 | | | | | $ | 6 | | | | | $ | 75,743 | | | | | $ | — | | | | | $ | (52,314) | | | | | $ | (1,502) | | | | | $ | 5,881 | | | | | $ | 27,814 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operating activities | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | |
$
|
(68,511)
|
| | | | $ | (29,852) | | | | | $ | (28,744) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation of property, plant and equipment
|
| | |
|
375
|
| | | | | 403 | | | | | | 486 | | |
Amortization of intangible assets
|
| | |
|
3,169
|
| | | | | 2,985 | | | | | | 3,022 | | |
Amortization of operating lease right-of-use-assets
|
| | |
|
706
|
| | | | | 652 | | | | | | 368 | | |
Share-based compensation
|
| | |
|
3,667
|
| | | | | 1,145 | | | | | | 382 | | |
Unrealized foreign exchange (gain) loss
|
| | |
|
(376)
|
| | | | | (502) | | | | | | 265 | | |
Finance expense
|
| | |
|
1,405
|
| | | | | 415 | | | | | | 436 | | |
Share of loss of equity method investees
|
| | |
|
213
|
| | | | | 71 | | | | | | 90 | | |
Income taxes
|
| | |
|
495
|
| | | | | (267) | | | | | | (717) | | |
Loss on revaluation of convertible debt
|
| | |
|
4,571
|
| | | | | — | | | | | | — | | |
Loss on revaluation of investments
|
| | |
|
634
|
| | | | | 2,909 | | | | | | 2,452 | | |
Other
|
| | |
|
210
|
| | | | | 69 | | | | | | 316 | | |
Changes in other operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Trade accounts receivable
|
| | |
|
1,456
|
| | | | | (312) | | | | | | (568) | | |
Inventory
|
| | |
|
(2,340)
|
| | | | | (1,016) | | | | | | (9) | | |
Operating lease liabilities
|
| | |
|
(781)
|
| | | | | (714) | | | | | | (431) | | |
Accounts payable and accrued liabilities
|
| | |
|
6,262
|
| | | | | 184 | | | | | | 38 | | |
Other operating assets and liabilities
|
| | |
|
1,013
|
| | | | | 846 | | | | | | (365) | | |
Net cash used in operating activities
|
| | |
|
(47,832)
|
| | | | | (22,984) | | | | | | (22,979) | | |
Investing activities | | | | | | | | | | | | | | | | | | | |
Purchase of mineral interests
|
| | |
|
(14,400)
|
| | | | | (14,634) | | | | | | (3,805) | | |
Purchase of property, plant and equipment and intangible assets
|
| | |
|
(3,992)
|
| | | | | (2,092) | | | | | | (201) | | |
Purchase of investments subject to significant influence
|
| | |
|
(870)
|
| | | | | — | | | | | | (5,318) | | |
Purchase of other investments
|
| | |
|
(1,607)
|
| | | | | — | | | | | | — | | |
Other
|
| | |
|
(1,763)
|
| | | | | (20) | | | | | | (171) | | |
Net cash used in investing activities
|
| | |
|
(22,632)
|
| | | | | (16,746) | | | | | | (9,495) | | |
Financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of common stock, net of issuance costs
|
| | |
|
9,677
|
| | | | | — | | | | | | — | | |
Proceeds from Ivanhoe Electric convertible notes
|
| | |
|
49,999
|
| | | | | — | | | | | | — | | |
Proceeds from VRB convertible bond, net of issuance costs
|
| | |
|
22,857
|
| | | | | — | | | | | | — | | |
Net transfer from parent
|
| | |
|
23,152
|
| | | | | 30,367 | | | | | | 30,011 | | |
Proceeds from subsidiary financings
|
| | |
|
5,291
|
| | | | | 16,301 | | | | | | 1,461 | | |
Repayment of loan from parent
|
| | |
|
—
|
| | | | | (2,773) | | | | | | — | | |
Loan from parent
|
| | |
|
—
|
| | | | | 192 | | | | | | 2,525 | | |
Other
|
| | |
|
—
|
| | | | | — | | | | | | (40) | | |
Net cash provided by financing activities
|
| | |
|
110,976
|
| | | | | 44,087 | | | | | | 33,957 | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | |
|
(3)
|
| | | | | 285 | | | | | | 124 | | |
Increase in cash and cash equivalents
|
| | |
|
40,509
|
| | | | | 4,642 | | | | | | 1,607 | | |
Cash and cash equivalents, beginning of the year
|
| | |
|
9,341
|
| | | | | 4,699 | | | | | | 3,092 | | |
Cash and cash equivalents, end of the year
|
| | |
$
|
49,850
|
| | | | $ | 9,341 | | | | | $ | 4,699 | | |
Supplemental cash flow information | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | |
$
|
—
|
| | | | $ | 57 | | | | | $ | — | | |
Cash paid for income taxes
|
| | |
|
634
|
| | | | | 648 | | | | | | — | | |
Supplemental disclosure of non-cash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Settlement of loan from parent (Note 24)
|
| | |
$
|
5,886
|
| | | | | — | | | | | | — | | |
Issuance of common stock in exchange for assets (Note 1)
|
| | |
|
65,654
|
| | | | | — | | | | | | — | | |
Asset
|
| |
Basis
|
|
Equipment and vehicles
|
| |
3 to 10 years
|
|
Computer equipment
|
| |
3 to 5 years
|
|
Leasehold improvements
|
| |
Shorter of useful life and remaining lease term
|
|
Asset
|
| |
Basis
|
|
Patents and licenses
|
| |
5 to 20 years
|
|
Software
|
| |
1 to 5 years
|
|
Artificial Intelligence intellectual property
|
| |
5 years
|
|
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Trade accounts receivable
|
| | | $ | 881 | | | | | $ | 2,016 | | |
Other receivables
|
| | | | 504 | | | | | | 825 | | |
| | | | $ | 1,385 | | | | | $ | 2,841 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Raw materials
|
| | | $ | 5,129 | | | | | $ | 2,922 | | |
Work-in-progress
|
| | | | 749 | | | | | | 616 | | |
| | | | $ | 5,878 | | | | | $ | 3,538 | | |
| | |
Carried at fair value
|
| |
Equity Method
|
| | | | | | | ||||||||||||||||||||||||
| | |
Sama
(Note a) |
| |
Fjordland
(Note b) |
| |
SNC
(Note c) |
| |
CMH &
Omnisom (Note d) |
| |
Other
|
| |
Total
|
| ||||||||||||||||||
Balance at January 1, 2019
|
| | | $ | 6,689 | | | | | $ | 1,077 | | | | | $ | — | | | | | $ | 3,101 | | | | | $ | 993 | | | | | $ | 11,860 | | |
Purchase of shares
|
| | | | 5,318 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,318 | | |
Change in fair value
|
| | | | (1,534) | | | | | | (686) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,220) | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (66) | | | | | | (24) | | | | | | (90) | | |
Derecognition of investment
|
| | | | (464) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (464) | | |
Foreign currency translation
|
| | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | (6) | | | | | | 34 | | |
Balance at December 31, 2019
|
| | | | 10,009 | | | | | | 431 | | | | | | — | | | | | | 3,035 | | | | | | 963 | | | | | | 14,438 | | |
Change in fair value
|
| | | | (4,511) | | | | | | 734 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,777) | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (37) | | | | | | (34) | | | | | | (71) | | |
Derecognition of investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,998) | | | | | | — | | | | | | (2,998) | | |
Foreign currency translation
|
| | | | — | | | | | | 44 | | | | | | — | | | | | | — | | | | | | 91 | | | | | | 135 | | |
Balance at December 31, 2020
|
| | | | 5,498 | | | | | | 1,209 | | | | | | — | | | | | | — | | | | | | 1,020 | | | | | | 7,727 | | |
Investment
|
| | | | — | | | | | | — | | | | | | 870 | | | | | | — | | | | | | — | | | | | | 870 | | |
Change in fair value
|
| | | | 221 | | | | | | 91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 312 | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | (213) | | | | | | — | | | | | | — | | | | | | (213) | | |
Impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (954) | | | | | | (954) | | |
Foreign currency translation
|
| | | | — | | | | | | 25 | | | | | | — | | | | | | — | | | | | | (66) | | | | | | (41) | | |
Balance at December 31, 2021
|
| | | $ | 5,719 | | | | | $ | 1,325 | | | | | $ | 657 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,701 | | |
| | |
Santa
Cruz (Note a) |
| |
Tintic
Project (Note b) |
| |
Pinaya
Project (Note c) |
| |
San
Matias (Note d) |
| |
Mineral
Royalty (Note e) |
| |
Other
|
| |
Total
|
| |||||||||||||||||||||
Balance at January 1, 2020
|
| | | $ | — | | | | | $ | 6,888 | | | | | $ | 2,516 | | | | | $ | — | | | | | $ | 750 | | | | | $ | 150 | | | | | $ | 10,304 | | |
Acquisition costs
|
| | | | — | | | | | | 7,000 | | | | | | — | | | | | | 13,607 | | | | | | 958 | | | | | | 150 | | | | | | 21,715 | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | |
Balance at December 31, 2020
|
| | | | — | | | | | | 13,888 | | | | | | 2,512 | | | | | | 13,607 | | | | | | 1,708 | | | | | | 300 | | | | | | 32,015 | | |
Acquisition costs
|
| | | | 35,075 | | | | | | 5,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 250 | | | | | | 41,025 | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | | | | | | | (1) | | |
Balance at December 31, 2021
|
| | | $ | 35,075 | | | | | $ | 19,588 | | | | | $ | 2,511 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 550 | | | | | $ | 73,039 | | |
Year
|
| |
Option
payments |
| |||
2022
|
| | | | 5,788 | | |
2023
|
| | | | 5,287 | | |
Total
|
| | | $ | 11,075 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Gross
Carrying Amount |
| |
Accumulated
depreciation |
| |
Net
Carrying Amount |
| |
Gross
Carrying Amount |
| |
Accumulated
depreciation |
| |
Net
Carrying Amount |
| ||||||||||||||||||
Equipment and vehicles
|
| | | | 3,076 | | | | | | (2,161) | | | | | | 915 | | | | | | 2,754 | | | | | | (2,232) | | | | | | 522 | | |
Computer equipment
|
| | | | 400 | | | | | | (120) | | | | | | 280 | | | | | | 584 | | | | | | (328) | | | | | | 256 | | |
Leasehold improvements
|
| | | | 582 | | | | | | (406) | | | | | | 176 | | | | | | 530 | | | | | | (356) | | | | | | 174 | | |
Land
|
| | | | 720 | | | | | | — | | | | | | 720 | | | | | | 718 | | | | | | — | | | | | | 718 | | |
Right of use assets
|
| | | | 4,435 | | | | | | (4,003) | | | | | | 432 | | | | | | 4,274 | | | | | | (3,559) | | | | | | 715 | | |
Total property, plant and equipment
|
| | | | 9,213 | | | | | | (6,690) | | | | | | 2,523 | | | | | | 8,860 | | | | | | (6,475) | | | | | | 2,385 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Gross
Carrying Amount |
| |
Accumulated
amortization |
| |
Net
Carrying Amount |
| |
Gross
Carrying Amount |
| |
Accumulated
amortization |
| |
Net
Carrying Amount |
| ||||||||||||||||||
Patents and licenses
|
| | | | 13,835 | | | | | | (13,328) | | | | | | 507 | | | | | | 13,843 | | | | | | (13,019) | | | | | | 824 | | |
Computer Software
|
| | | | 1,201 | | | | | | (1,194) | | | | | | 7 | | | | | | 1,202 | | | | | | (1,195) | | | | | | 7 | | |
Artificial intelligence intellectual property
|
| | | | 14,119 | | | | | | (10,293) | | | | | | 3,826 | | | | | | 14,057 | | | | | | (7,437) | | | | | | 6,620 | | |
Total intangible assets
|
| | | | 29,155 | | | | | | (24,815) | | | | | | 4,340 | | | | | | 29,102 | | | | | | (21,651) | | | | | | 7,451 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Value added taxes recoverable
|
| | | $ | 1,699 | | | | | $ | 1,487 | | |
Related party advances (Note 24)
|
| | | | 1,855 | | | | | | 1,307 | | |
Other
|
| | | | 2,307 | | | | | | 1,327 | | |
| | | | $ | 5,861 | | | | | $ | 4,121 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Trade accounts payable
|
| | | $ | 5,721 | | | | | $ | 1,319 | | |
Accrued liabilities
|
| | | | 2,888 | | | | | | 1,103 | | |
Warranty provision
|
| | | | 26 | | | | | | 108 | | |
Payable for Next acquisition (Note a)
|
| | | | — | | | | | | 3,211 | | |
Other payables
|
| | | | 1,560 | | | | | | 717 | | |
| | | | $ | 10,195 | | | | | $ | 6,458 | | |
| | |
Ivanhoe
Electric Convertible Notes (Note a) |
| |
VRB
Convertible bond (Note b) |
| |
Total
|
| |||||||||
Balance at December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Debt issuance
|
| | | | 49,999 | | | | | | 22,857 | | | | | | 72,856 | | |
Finance expense
|
| | | | 405 | | | | | | 1,000 | | | | | | 1,405 | | |
Change in fair value
|
| | | | 4,571 | | | | | | — | | | | | | 4,571 | | |
Balance at December 31, 2021
|
| | | $ | 54,975 | | | | | $ | 23,857 | | | | | $ | 78,832 | | |
| | |
December 31, 2021
|
|
Risk free interest rate
|
| |
0.48% to 1.35%
|
|
Historical volatility
|
| |
75%
|
|
Dividend yield
|
| |
0%
|
|
| | |
Fair
value |
| |
10% increase
in share price |
| |
10% decrease
in share price |
| |||||||||
Convertible notes
|
| | | $ | 54,975 | | | | | $ | 55,390 | | | | | $ | 54,829 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Ivanhoe Electric (Note a)
|
| | | $ | 2,144 | | | | | $ | — | | | | | $ | — | | |
Kaizen
|
| | | | 211 | | | | | | 49 | | | | | | 18 | | |
Cordoba
|
| | | | 784 | | | | | | 270 | | | | | | 281 | | |
VRB
|
| | | | 61 | | | | | | 56 | | | | | | 83 | | |
CGI
|
| | | | 467 | | | | | | 770 | | | | | | — | | |
| | | | $ | 3,667 | | | | | $ | 1,145 | | | | | $ | 382 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cost of sales
|
| | | $ | 333 | | | | | $ | 549 | | | | | $ | — | | |
Exploration expenses
|
| | | | 1,558 | | | | | | 58 | | | | | | 77 | | |
General and administrative expenses
|
| | | | 1,776 | | | | | | 538 | | | | | | 305 | | |
| | | | $ | 3,667 | | | | | $ | 1,145 | | | | | $ | 382 | | |
| | |
Grant date:
June 30, 2021 |
| |||
Fair value of common stock
|
| | | $ | 2.49 | | |
Expected volatility
|
| | | | 73.7% | | |
Expected life of options (in years)
|
| | | | 2.6 | | |
Expected dividend rate
|
| | | | 0% | | |
Risk-free interest rate
|
| | | | 0.23% | | |
| | |
Number
of options |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (years) |
| |||||||||
Outstanding at January 1, 2020
|
| | | | — | | | | | | — | | | | | | — | | |
Granted
|
| | | | 4,483,322 | | | | | | 2.49 | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | |
Forfeited/expired
|
| | | | — | | | | | | — | | | | | | — | | |
Outstanding at December 31, 2021
|
| | | | 4,483,322 | | | | | $ | 2.49 | | | | | | 4.5 | | |
Exercisable at December 31, 2021
|
| | | | 1,120,822 | | | | | $ | 2.49 | | | | | | 4.5 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Revenue type
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Data processing services (Note a)
|
| | | $ | 4,512 | | | | | $ | 4,212 | | | | | $ | 3,032 | | |
Energy storage systems (Note b)
|
| | | | 140 | | | | | | 236 | | | | | | 442 | | |
Other
|
| | | | — | | | | | | 185 | | | | | | 278 | | |
Total
|
| | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Project
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
San Matias, Colombia (Cordoba) (Note 10(d))
|
| | | $ | 13,789 | | | | | $ | 5,399 | | | | | $ | 5,456 | | |
Santa Cruz, USA (Note 10(a))
|
| | | | 9,966 | | | | | | 923 | | | | | | 943 | | |
Tintic, USA (Note 10(b))
|
| | | | 2,474 | | | | | | 1,336 | | | | | | 2,346 | | |
Ivory Coast Project, Ivory Coast (Note 20)
|
| | | | 1,931 | | | | | | 10 | | | | | | 17 | | |
Hog Heaven, USA (Note 20)
|
| | | | 2,029 | | | | | | 336 | | | | | | — | | |
Pinaya, Peru (Kaizen) (Note 10(c))
|
| | | | 1,774 | | | | | | 1,613 | | | | | | 641 | | |
Desert Mountain, USA
|
| | | | 821 | | | | | | 177 | | | | | | — | | |
Perseverance, USA (Cordoba) (Note 20)
|
| | | | 742 | | | | | | 488 | | | | | | 610 | | |
Yangayu, Papua New Guinea
|
| | | | 497 | | | | | | — | | | | | | — | | |
South Voisey’s Bay, Canada (Note 20)
|
| | | | 355 | | | | | | 18 | | | | | | 11 | | |
Bitter Creek, USA
|
| | | | 340 | | | | | | 174 | | | | | | — | | |
Lincoln, USA
|
| | | | 235 | | | | | | — | | | | | | — | | |
Project Generation and other
|
| | | | 4,552 | | | | | | 3,620 | | | | | | 2,882 | | |
Total
|
| | | $ | 39,505 | | | | | $ | 14,094 | | | | | $ | 12,906 | | |
Project
|
| |
Investment
in Project Sponsor |
| |
Net
Carrying Value of Project Entity |
| |
Cumulative Earn-In
Expenditures as of December 31, 2021 |
| |
Ownership
percentage of project entity at December 31, 2021 |
| |
Expenditures
Required to Achieve Maximum Ownership Interest |
| |
Maximum
Potential Ownership |
| ||||||||||||
Ivory Coast Project
|
| | | $ | 5,719(1) | | | | | | — | | | |
Cdn $15.7 million
|
| | | | 30% | | | |
Cdn $25 million
|
| | | | 60% | | |
South Voisey’s Bay
|
| | | $ | 1,325(1) | | | | | | — | | | |
Cdn $3.1 million
|
| | | | 0%(3) | | | |
Cdn $7.7 million
|
| | | | 65% | | |
Hog Heaven
|
| | | $ | 1,280(2) | | | | | | — | | | |
$1.9 million
|
| | | | 0%(4) | | | |
$44.5 million
|
| | | | 75% | | |
Perseverance
|
| | | $ | 383(2) | | | | | | — | | | |
Cdn $3.4 million
|
| | | | 25% | | | |
Cdn $17.5 million
|
| | | | 80% | | |
|
Mineral interests
|
| | | $ | 11,566 | | |
|
Accounts receivable
|
| | | | 1 | | |
|
Deferred tax liability
|
| | | | (4,082) | | |
|
Net assets acquired
|
| | | $ | 7,485 | | |
| | |
Kaizen
|
| |
VRB
|
| |
Cordoba
|
| |
Other
|
| |
Total
|
| |||||||||||||||
Balance at January 1, 2020
|
| | | | 249 | | | | | | 250 | | | | | | (675) | | | | | | (59) | | | | | | (235) | | |
Non-controlling interests share of loss
|
| | | | (1,141) | | | | | | (480) | | | | | | (2,954) | | | | | | (43) | | | | | | (4,618) | | |
Changes in non-controlling interests arising from changes in ownership interest
|
| | | | 342 | | | | | | — | | | | | | 11,167 | | | | | | — | | | | | | 11,509 | | |
Other changes in non-controlling interests
|
| | | | (50) | | | | | | (14) | | | | | | 77 | | | | | | 41 | | | | | | 54 | | |
Balance at December 31, 2020
|
| | | | (600) | | | | | | (244) | | | | | | 7,615 | | | | | | (61) | | | | | | 6,710 | | |
Non-controlling interests share of loss
|
| | | | (788) | | | | | | (879) | | | | | | (7,481) | | | | | | (43) | | | | | | (9,191) | | |
Changes in non-controlling interests arising from changes in ownership interest
|
| | | | 2,415 | | | | | | — | | | | | | 5,694 | | | | | | (1) | | | | | | 8,108 | | |
Other changes in non-controlling interests
|
| | | | 45 | | | | | | — | | | | | | 176 | | | | | | 33 | | | | | | 254 | | |
Balance at December 31, 2021
|
| | | $ | 1,072 | | | | | $ | (1,123) | | | | | $ | 6,004 | | | | | $ | (72) | | | | | $ | 5,881 | | |
| | |
Kaizen
|
| |
VRB
|
| |
Cordoba
|
| |
Other
|
| |
Total
|
| ||||||||||||
Ownership percentage at December 31, 2021:
|
| | | | 82.7% | | | | | | 90.0% | | | | | | 63.3% | | | | | | 94.3% | | | | | |
|
Total assets
|
| | | | 7,680 | | | | | | 27,641 | | | | | | 20,059 | | | | | | 6,152 | | | | | | 61,532 | | |
|
Total liabilities
|
| | | | 1,487 | | | | | | 38,894 | | | | | | 5,566 | | | | | | 7,501 | | | | | | 53,448 | | |
|
Net assets
|
| | | | 6,193 | | | | | | (11,253) | | | | | | 14,493 | | | | | | (1,349) | | | | | | 8,084 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
U.S. Operations
|
| | | | | | | | | $ | — | | | | | $ | — | | |
Foreign
|
| | | | 675 | | | | | | 1,024 | | | | | | 2 | | |
Total current income tax provision / (benefit)
|
| | | | 675 | | | | | | 1,024 | | | | | | 2 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
U.S. Operations
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | (191) | | | | | | (643) | | | | | | (719) | | |
Total deferred income tax provision / (benefit)
|
| | | | (191) | | | | | | (643) | | | | | | (719) | | |
Total income tax provision / (benefit)
|
| | | $ | 484 | | | | | $ | 381 | | | | | $ | (717) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
U.S. Operations
|
| | | $ | (31,499) | | | | | $ | (5,834) | | | | | $ | 863 | | |
Foreign
|
| | | | (36,528) | | | | | | (23,637) | | | | | | (30,324) | | |
Total
|
| | | $ | (68,027) | | | | | $ | (29,471) | | | | | $ | (29,461) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
U.S. Federal tax rate
|
| | | | 21% | | | | | | 21% | | | | | | 21% | | |
Expected income tax benefit (expense) at U.S. Federal tax rate
|
| | | $ | (14,286) | | | | | $ | (6,189) | | | | | $ | (6,187) | | |
Reconciling items: | | | | | | | | | | | | | | | | | | | |
Difference between statutory and foreign tax rate
|
| | | | (151) | | | | | | 654 | | | | | | 1,796 | | |
Permanent differences
|
| | | | 3,695 | | | | | | 962 | | | | | | (373) | | |
Change in valuation allowance
|
| | | | 11,823 | | | | | | 4,821 | | | | | | 4,067 | | |
Difference in current versus future tax rates
|
| | | | (351) | | | | | | (322) | | | | | | — | | |
Impact of changes in tax rates
|
| | | | (608) | | | | | | 693 | | | | | | (8) | | |
Other
|
| | | | 362 | | | | | | (238) | | | | | | (12) | | |
Income tax benefit (expense)
|
| | | $ | 484 | | | | | $ | 381 | | | | | $ | (717) | | |
| | |
As at December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | 91 | | | | | $ | 89 | | |
Exploration mineral interest
|
| | | | 19,488 | | | | | | 14,004 | | |
Net operating losses
|
| | | | 22,498 | | | | | | 17,249 | | |
Foreign capital losses
|
| | | | 4,285 | | | | | | 4,251 | | |
Share issuance costs
|
| | | | 202 | | | | | | 179 | | |
Convertible debt
|
| | | | 960 | | | | | | — | | |
Other
|
| | | | 97 | | | | | | 15 | | |
Total gross deferred tax assets
|
| | | | 47,621 | | | | | | 35,787 | | |
Less: valuation allowance
|
| | | | (45,619) | | | | | | (35,521) | | |
Net deferred tax assets
|
| | | | 2,002 | | | | | | 266 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Exploration mineral interest
|
| | | | (6,303) | | | | | | (4,585) | | |
Intangible assets
|
| | | | — | | | | | | (162) | | |
Property, plant and equipment
|
| | | | (1,081) | | | | | | (1,828) | | |
Total gross deferred tax liabilities
|
| | | | (7,384) | | | | | | (6,575) | | |
Net deferred tax liability
|
| | | $ | (5,382) | | | | | $ | (6,309) | | |
| | |
As at December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Balance, beginning of year
|
| | | $ | (35,521) | | | | | $ | (30,742) | | |
(Increase) decrease due to foreign currency translation
|
| | | | 1,614 | | | | | | (195) | | |
(Increase) related to non-utilization of deferred tax assets due to uncertainty of recovery and (increase)
related to non-utilization of net operating loss carryforwards |
| | | | (11,823) | | | | | | (4,717) | | |
Decrease related to utilization and expiration of deferred tax assets, other
|
| | | | 111 | | | | | | 242 | | |
Items in equity
|
| | | | — | | | | | | (109) | | |
Balance, end of year
|
| | | | (45,619) | | | | | | (35,521) | | |
Country
|
| |
Losses
|
| |
Expiry
|
| |||
U.S.A.
|
| | | $ | 24,651 | | | |
2036 to 2041
|
|
Canada
|
| | | | 44,790 | | | |
2030 to 2041
|
|
China
|
| | | | 21,697 | | | |
2026 to 2031
|
|
Colombia
|
| | | | 46 | | | |
2030 to 2032
|
|
Peru
|
| | | | 64 | | | |
Indefinite
|
|
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
CGI (Note a)
|
| | | $ | — | | | | | $ | 5,756 | | |
| | | | $ | — | | | | | $ | 5,756 | | |
| | |
Balance outstanding as at December 31,
|
| |
Transactions for the year ended
December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Total Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 993 | | | | | | 262 | | | | | | 6,776 | | | | | | 5,710 | | | | | | 6,213 | | |
Ivanhoe Capital Aviation (Note b)
|
| | | | — | | | | | | — | | | | | | 1,417 | | | | | | — | | | | | | — | | |
HPX (Note c)
|
| | | | — | | | | | | — | | | | | | 499 | | | | | | — | | | | | | — | | |
Total
|
| | | | 993 | | | | | | 262 | | | | | | 8,692 | | | | | | 5,710 | | | | | | 6,213 | | |
Advances | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 1,855 | | | | | | 1,307 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Transactions for the year ended
December 31, |
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Expense classification | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 5,454 | | | | | | 3,060 | | | | | | 3,248 | | |
Exploration expenses
|
| | | | 3,238 | | | | | | 2,650 | | | | | | 2,965 | | |
| | | | | 8,692 | | | | | | 5,710 | | | | | | 6,213 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net loss attributable to common stockholders or parent
|
| | | $ | 59,320 | | | | | $ | 25,234 | | | | | $ | 24,634 | | |
Weighted-average number of shares outstanding | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 61,502,094 | | | | | | 59,909,344 | | | | | | 59,909,344 | | |
Basic and diluted net loss per share
|
| | | $ | 0.96 | | | | | $ | 0.42 | | | | | $ | 0.41 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | | | 7,044 | | | | | | — | | | | | | — | | | | | | 6,707 | | | | | | — | | | | | | — | | |
Other investments
|
| | | | 1,802 | | | | | | — | | | | | | — | | | | | | 1,196 | | | | | | — | | | | | | — | | |
Total financial assets
|
| | | $ | 8,846 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,903 | | | | | $ | — | | | | | $ | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ivanhoe Electric convertible notes
|
| | | | — | | | | | | — | | | | | | 54,975 | | | | | | — | | | | | | — | | | | | | — | | |
Deferred consideration payable
|
| | | | — | | | | | | — | | | | | | 26,562 | | | | | | — | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 81,537 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
As at and for the year ended December 31, 2021
|
| |||||||||||||||||||||
| | |
Critical Metals
|
| |
Data Processing
|
| |
Energy Storage
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 4,512 | | | | | $ | 140 | | | | | $ | 4,652 | | |
Intersegment revenues
|
| | | | — | | | | | | 112 | | | | | | — | | | | | | 112 | | |
Loss from operations
|
| | | | 53,188 | | | | | | 633 | | | | | | 6,928 | | | | | | 60,749 | | |
Depreciation and amortization
|
| | | | 826 | | | | | | 2,865 | | | | | | 559 | | | | | | 4,250 | | |
Segment Assets
|
| | | | 119,738 | | | | | | 6,152 | | | | | | 27,641 | | | | | | 153,531 | | |
Expenditures for segment assets
|
| | | | 14,832 | | | | | | 8 | | | | | | 341 | | | | | | 15,181 | | |
Investments subject to significant influence
|
| | | | 7,701 | | | | | | — | | | | | | — | | | | | | 7,701 | | |
| | |
As at and for the year ended December 31, 2020
|
| |||||||||||||||||||||
| | |
Critical Metals
|
| |
Data Processing
|
| |
Energy Storage
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | $ | 185 | | | | | $ | 4,212 | | | | | $ | 236 | | | | | $ | 4,633 | | |
Intersegment revenues
|
| | | | — | | | | | | 135 | | | | | | — | | | | | | 135 | | |
Loss from operations
|
| | | | 21,054 | | | | | | 752 | | | | | | 4,795 | | | | | | 26,601 | | |
Depreciation and amortization
|
| | | | 790 | | | | | | 2,783 | | | | | | 466 | | | | | | 4,039 | | |
Segment Assets
|
| | | | 52,041 | | | | | | 10,348 | | | | | | 9,332 | | | | | | 71,721 | | |
Expenditures for segment assets
|
| | | | 14,911 | | | | | | 7 | | | | | | 85 | | | | | | 15,003 | | |
Investments subject to significant influence
|
| | | | 7,727 | | | | | | — | | | | | | — | | | | | | 7,727 | | |
| | |
As at and for the year ended December 31, 2019
|
| |||||||||||||||||||||
| | |
Critical Metals
|
| |
Data Processing
|
| |
Energy Storage
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | $ | 278 | | | | | $ | 3,032 | | | | | $ | 442 | | | | | $ | 3,752 | | |
Intersegment revenues
|
| | | | — | | | | | | 117 | | | | | | — | | | | | | 117 | | |
Loss from operations
|
| | | | 18,477 | | | | | | 1,293 | | | | | | 6,410 | | | | | | 26,180 | | |
Depreciation and amortization
|
| | | | 595 | | | | | | 2,718 | | | | | | 563 | | | | | | 3,876 | | |
Segment Assets
|
| | | | 33,502 | | | | | | 11,802 | | | | | | 7,473 | | | | | | 52,777 | | |
Expenditures for segment assets
|
| | | | 3,969 | | | | | | 5 | | | | | | 32 | | | | | | 4,006 | | |
Investments subject to significant influence
|
| | | | 14,438 | | | | | | — | | | | | | — | | | | | | 14,438 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Revenue
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Canada
|
| | | $ | 4,512 | | | | | $ | 4,212 | | | | | $ | 3,032 | | |
China
|
| | | | 140 | | | | | | 236 | | | | | | 442 | | |
Other
|
| | | | — | | | | | | 185 | | | | | | 278 | | |
Total
|
| | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | |
| | |
As at December 31,
|
| |||||||||
Long-lived assets
|
| |
2021
|
| |
2020
|
| ||||||
U.S.A
|
| | | $ | 55,781 | | | | | $ | 14,584 | | |
Colombia
|
| | | | 14,604 | | | | | | 14,409 | | |
Peru
|
| | | | 2,558 | | | | | | 2,529 | | |
China
|
| | | | 764 | | | | | | 989 | | |
Other
|
| | | | 147 | | | | | | 181 | | |
Total
|
| | | $ | 73,854 | | | | | $ | 32,692 | | |
| | |
As at December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Total long-lived assets
|
| | | $ | 73,854 | | | | | $ | 32,692 | | |
Total current assets
|
| | | | 58,265 | | | | | | 16,826 | | |
Mineral Royalty (Note 10(e))
|
| | | | 1,708 | | | | | | 1,708 | | |
Investments subject to significant influence
|
| | | | 7,701 | | | | | | 7,727 | | |
Other investments
|
| | | | 1,802 | | | | | | 1,196 | | |
Intangible assets
|
| | | | 4,340 | | | | | | 7,451 | | |
Other non-current assets
|
| | | | 5,861 | | | | | | 4,121 | | |
Total assets and segment assets
|
| | | $ | 153,531 | | | | | $ | 71,721 | | |
Project
|
| |
Cumulative
Earn-In Expenditures as of December 31, 2021 |
| |
Expenditures
Necessary to Earn Initial Ownership Interest |
| |
Earn-In
Expenditures Required to Achieve Maximum Ownership Interest |
| |
Maximum
Potential Ownership |
| ||||||
Carolina
|
| | | $ | — | | | |
$6.0 million
|
| |
$26.0 million
|
| | | | 85% | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | |
$
|
177,666
|
| | | | $ | 49,850 | | |
Accounts receivable
|
| | |
|
1,500
|
| | | | | 1,385 | | |
Inventory
|
| | |
|
6,141
|
| | | | | 5,878 | | |
Prepaid expenses and deposits
|
| | |
|
7,109
|
| | | | | 1,152 | | |
| | | |
|
192,416
|
| | | | | 58,265 | | |
Non-current assets: | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | |
|
6,999
|
| | | | | 7,701 | | |
Other investments
|
| | |
|
1,621
|
| | | | | 1,802 | | |
Exploration mineral interests
|
| | |
|
84,744
|
| | | | | 73,039 | | |
Property, plant and equipment
|
| | |
|
3,670
|
| | | | | 2,523 | | |
Intangible assets
|
| | |
|
1,942
|
| | | | | 4,340 | | |
Other non-current assets
|
| | |
|
3,410
|
| | | | | 5,861 | | |
Total assets
|
| | |
$
|
294,802
|
| | | | $ | 153,531 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | |
$
|
17,256
|
| | | | $ | 10,195 | | |
Deferred consideration payable
|
| | |
|
—
|
| | | | | 26,562 | | |
Lease liabilities, current
|
| | |
|
289
|
| | | | | 342 | | |
Contract liability
|
| | |
|
2,751
|
| | | | | 3,484 | | |
| | | |
|
20,296
|
| | | | | 40,583 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Deferred income taxes
|
| | |
|
4,329
|
| | | | | 5,382 | | |
Convertible debt
|
| | |
|
25,398
|
| | | | | 78,832 | | |
Lease liabilities, net of current portion
|
| | |
|
928
|
| | | | | 55 | | |
Other non-current liabilities
|
| | |
|
363
|
| | | | | 865 | | |
Total liabilities
|
| | |
|
51,314
|
| | | | | 125,717 | | |
Commitments and contingencies (Note 15) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Preferred stock, par value $0.0001; 50,000,000 shares authorized; none issued
and outstanding |
| | | | — | | | | | | — | | |
Common stock, par value $0.0001; 700,000,000 shares authorized; 92.9 million shares issued and outstanding as of September 30, 2022 (December 31, 2021 – 63.9 million)
|
| | |
|
9
|
| | | | | 6 | | |
Additional paid-in capital
|
| | |
|
407,203
|
| | | | | 75,743 | | |
Accumulated deficit
|
| | |
|
(162,520)
|
| | | | | (52,314) | | |
Accumulated other comprehensive income
|
| | |
|
(852)
|
| | | | | (1,502) | | |
Equity attributable to common stockholders
|
| | |
|
243,840
|
| | | | | 21,933 | | |
Non-controlling interests
|
| | |
|
(352)
|
| | | | | 5,881 | | |
Total equity
|
| | |
|
243,488
|
| | | | | 27,814 | | |
Total liabilities and equity
|
| | |
$
|
294,802
|
| | | | $ | 153,531 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenue
|
| | |
$
|
1,181
|
| | | | $ | 1,045 | | | | |
$
|
8,172
|
| | | | $ | 4,099 | | |
Cost of sales
|
| | |
|
(875)
|
| | | | | (531) | | | | |
|
(1,042)
|
| | | | | (1,172) | | |
Gross profit
|
| | |
|
306
|
| | | | | 514 | | | | |
|
7,130
|
| | | | | 2,927 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Exploration expenses
|
| | |
|
33,971
|
| | | | | 9,954 | | | | |
|
75,157
|
| | | | | 24,563 | | |
General and administrative expenses
|
| | |
|
6,853
|
| | | | | 7,888 | | | | |
|
16,738
|
| | | | | 14,108 | | |
Research and development expenses
|
| | |
|
1,140
|
| | | | | 1,007 | | | | |
|
3,728
|
| | | | | 2,719 | | |
Selling and marketing expenses
|
| | |
|
51
|
| | | | | 28 | | | | |
|
108
|
| | | | | 73 | | |
Loss from operations
|
| | |
|
41,709
|
| | | | | 18,363 | | | | |
|
88,601
|
| | | | | 38,536 | | |
Other expenses (income): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | |
|
164
|
| | | | | 468 | | | | |
|
1,199
|
| | | | | 583 | | |
Foreign exchange loss (gain)
|
| | |
|
972
|
| | | | | 199 | | | | |
|
1,403
|
| | | | | (155) | | |
Loss (gain) on revaluation of investments
|
| | |
|
(171)
|
| | | | | (17) | | | | |
|
1,272
|
| | | | | 241 | | |
Loss on revaluation of convertible debt
|
| | |
|
—
|
| | | | | 200 | | | | |
|
18,965
|
| | | | | 200 | | |
Share of loss of equity method investees
|
| | |
|
1,527
|
| | | | | — | | | | |
|
3,077
|
| | | | | — | | |
Other expenses (income), net
|
| | |
|
(181)
|
| | | | | 983 | | | | |
|
1,401
|
| | | | | 561 | | |
Loss before income taxes
|
| | |
|
44,020
|
| | | | | 20,196 | | | | |
|
115,918
|
| | | | | 39,966 | | |
Income taxes
|
| | |
|
(167)
|
| | | | | (48) | | | | |
|
1,084
|
| | | | | (232) | | |
Net loss
|
| | |
|
43,853
|
| | | | | 20,148 | | | | |
|
117,002
|
| | | | | 39,734 | | |
Less loss attributable to non-controlling interests
|
| | |
|
(3,465)
|
| | | | | (2,503) | | | | |
|
(6,796)
|
| | | | | (6,700) | | |
Net loss attributable to common stockholders or
parent |
| | |
|
40,388
|
| | | | | 17,645 | | | | |
|
110,206
|
| | | | | 33,034 | | |
Net loss
|
| | |
|
43,853
|
| | | | | 20,148 | | | | |
|
117,002
|
| | | | | 39,734 | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | |
|
(990)
|
| | | | | (204) | | | | |
|
(949)
|
| | | | | (6) | | |
Other comprehensive income
|
| | |
|
(990)
|
| | | | | (204) | | | | |
|
(949)
|
| | | | | (6) | | |
Comprehensive loss
|
| | |
$
|
42,863
|
| | | | $ | 19,944 | | | | |
$
|
116,053
|
| | | | $ | 39,728 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent
|
| | |
|
39,673
|
| | | | | 17,509 | | | | |
|
109,556
|
| | | | | 33,060 | | |
Non-controlling interests
|
| | |
|
3,190
|
| | | | $ | 2,435 | | | | |
|
6,497
|
| | | | $ | 6,668 | | |
| | | |
$
|
42,863
|
| | | | $ | 19,944 | | | | |
$
|
116,053
|
| | | | $ | 39,728 | | |
Net loss per share attributable to common stockholders
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
$
|
0.43
|
| | | | $ | 0.28 | | | | |
$
|
1.50
|
| | | | $ | 0.54 | | |
Weighted-average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
|
92,887,918
|
| | | | | 62,270,157 | | | | |
|
73,685,619
|
| | | | | 60,704,929 | | |
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Net parent
investment |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive Income (loss) |
| |
Non-controlling
interest |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 43,520 | | | | | $ | — | | | | | $ | (1,538) | | | | | $ | 6,710 | | | | | $ | 48,692 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,653) | | | | | | — | | | | | | — | | | | | | (1,911) | | | | | | (6,564) | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | (5) | | | | | | 8 | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,606 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,606 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 398 | | | | | | 398 | | |
Balance at March 31, 2021
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 44,473 | | | | | $ | — | | | | | $ | (1,525) | | | | | $ | 5,192 | | | | | $ | 48,140 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,353) | | | | | | (8,383) | | | | | | — | | | | | | (2,286) | | | | | | (13,022) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (175) | | | | | | (31) | | | | | | (206) | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 23,534 | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,534 | | |
Restructuring upon spin off (Note 1)
|
| | | | 59,909,344 | | | | | | 6 | | | | | | 65,648 | | | | | | (65,654) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | 236 | | | | | | — | | | | | | — | | | | | | — | | | | | | 80 | | | | | | 316 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | (28) | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,567 | | | | | | 1,539 | | |
Balance at June 30, 2021
|
| | | | 59,909,344 | | | | | $ | 6 | | | | | $ | 65,856 | | | | | $ | — | | | | | $ | (8,383) | | | | | $ | (1,700) | | | | | $ | 4,522 | | | | | $ | 60,301 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,645) | | | | | | — | | | | | | (2,503) | | | | | | (20,148) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 136 | | | | | | 68 | | | | | | 204 | | |
Issuance of common stock, net of issuance
costs |
| | | | 3,905,324 | | | | | | — | | | | | | 9,410 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,410 | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | 1,877 | | | | | | — | | | | | | — | | | | | | — | | | | | | 104 | | | | | | 1,981 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | (2,846) | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,614 | | | | | | 3,768 | | |
Balance at September 30, 2021
|
| | | | 63,814,668 | | | | | $ | 6 | | | | | $ | 74,297 | | | | | $ | — | | | | | $ | (26,028) | | | | | $ | (1,564) | | | | | $ | 8,805 | | | | | $ | 55,516 | | |
Balance at January 1, 2022
|
| | | | 63,925,334 | | | | | $ | 6 | | | | | $ | 75,743 | | | | | $ | — | | | | | $ | (52,314) | | | | | $ | (1,502) | | | | | $ | 5,881 | | | | | $ | 27,814 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,452) | | | | | | — | | | | | | (2,222) | | | | | | (17,674) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102 | | | | | | 4 | | | | | | 106 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 882 | | | | | | — | | | | | | — | | | | | | — | | | | | | 73 | | | | | | 955 | | |
Balance at March 31, 2022
|
| | | | 63,925,334 | | | | | $ | 6 | | | | | $ | 76,625 | | | | | $ | — | | | | | $ | (67,766) | | | | | $ | (1,400) | | | | | $ | 3,736 | | | | | $ | 11,201 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (54,366) | | | | | | — | | | | | | (1,109) | | | | | | (55,475) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (167) | | | | | | 20 | | | | | | (147) | | |
Issuance of common stock, net of issuance
costs |
| | | | 14,388,000 | | | | | | 2 | | | | | | 158,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 158,202 | | |
Issuance of common stock upon conversion of debt
|
| | | | 13,628,958 | | | | | | 1 | | | | | | 160,139 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 160,140 | | |
Issuance of common stock upon settlement of liability
|
| | | | 945,626 | | | | | | — | | | | | | 11,111 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,111 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 784 | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | 838 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | (8) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | | | | | (12) | | |
Balance at June 30, 2022
|
| | | | 92,887,918 | | | | | $ | 9 | | | | | $ | 406,851 | | | | | $ | — | | | | | $ | (122,132) | | | | | $ | (1,567) | | | | | $ | 2,697 | | | | | $ | 285,858 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40,388) | | | | | | — | | | | | | (3,465) | | | | | | (43,853) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 715 | | | | | | 275 | | | | | | 990 | | |
Share issuance costs
|
| | | | — | | | | | | — | | | | | | (229) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (229) | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 581 | | | | | | — | | | | | | — | | | | | | — | | | | | | 141 | | | | | | 722 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at September 30, 2022
|
| | | | 92,887,918 | | | | | $ | 9 | | | | | $ | 407,203 | | | | | $ | — | | | | | $ | (162,520) | | | | | $ | (852) | | | | | $ | (352) | | | | | $ | 243,488 | | |
| | |
2022
|
| |
2021
|
| ||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | |
$
|
(117,002)
|
| | | | $ | (39,734) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Depreciation of property, plant and equipment
|
| | |
|
493
|
| | | | | 265 | | |
Amortization of intangible assets
|
| | |
|
2,240
|
| | | | | 2,381 | | |
Amortization of operating lease right-of-use-assets
|
| | |
|
454
|
| | | | | 509 | | |
Share-based compensation
|
| | |
|
2,515
|
| | | | | 2,919 | | |
Unrealized foreign exchange loss (gain)
|
| | |
|
1,384
|
| | | | | (241) | | |
Interest expense
|
| | |
|
1,542
|
| | | | | 613 | | |
Income taxes
|
| | |
|
1,084
|
| | | | | (232) | | |
Loss on revaluation of convertible debt
|
| | |
|
18,965
|
| | | | | 200 | | |
Loss on de-recognition of mineral interest
|
| | |
|
5,700
|
| | | | | — | | |
Loss on revaluation of investments
|
| | |
|
1,272
|
| | | | | 241 | | |
Share of loss of equity method investees
|
| | |
|
3,077
|
| | | | | — | | |
Other
|
| | |
|
1,353
|
| | | | | 186 | | |
Changes in other operating assets and liabilities: | | | | | | | | | | | | | |
Trade accounts receivable
|
| | |
|
(115)
|
| | | | | 1,074 | | |
Inventory
|
| | |
|
(263)
|
| | | | | (1,013) | | |
Operating lease liabilities
|
| | |
|
(615)
|
| | | | | (548) | | |
Accounts payable and accrued liabilities
|
| | |
|
4,019
|
| | | | | 4,061 | | |
Other operating assets and liabilities
|
| | |
|
(4,880)
|
| | | | | (204) | | |
Net cash used in operating activities
|
| | |
|
(78,777)
|
| | | | | (29,523) | | |
Investing activities | | | | | | | | | | | | | |
Purchase of mineral interests
|
| | |
|
(33,889)
|
| | | | | (4,275) | | |
Purchase of property, plant and equipment and intangible assets
|
| | |
|
(853)
|
| | | | | (3,008) | | |
Purchase of investments subject to significant influence
|
| | |
|
(3,601)
|
| | | | | (870) | | |
Other
|
| | |
|
—
|
| | | | | (650) | | |
Net cash used in investing activities
|
| | |
|
(38,343)
|
| | | | | (8,803) | | |
Financing activities | | | | | | | | | | | | | |
Net proceeds from issuance of common stock
|
| | |
|
159,320
|
| | | | | 9,408 | | |
Proceeds from Ivanhoe Electric convertible notes
|
| | |
|
86,200
|
| | | | | 48,621 | | |
Proceeds from VRB convertible bond, net of issuance costs
|
| | |
|
—
|
| | | | | 22,857 | | |
Net transfer from parent
|
| | |
|
—
|
| | | | | 23,152 | | |
Proceeds from subsidiary financings
|
| | |
|
—
|
| | | | | 5,317 | | |
Other
|
| | |
|
(12)
|
| | | | | — | | |
Net cash provided by financing activities
|
| | |
|
245,508
|
| | | | | 109,355 | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | |
|
(572)
|
| | | | | (183) | | |
Increase in cash and cash equivalents
|
| | |
|
128,388
|
| | | | | 71,029 | | |
Cash and cash equivalents, beginning of the year
|
| | |
|
49,850
|
| | | | | 9,341 | | |
Cash and cash equivalents, end of the period
|
| | |
$
|
177,666
|
| | | | $ | 80,187 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Cash paid for income taxes
|
| | |
$
|
558
|
| | | | $ | 498 | | |
Supplemental disclosure of non-cash investing and financing activities | | | | | | | | | | | | | |
Issuance of common stock upon conversion of debt
|
| | |
$
|
160,140
|
| | | | $ | — | | |
Issuance of common stock upon settlement of liability
|
| | |
|
11,111
|
| | | | | — | | |
Settlement of loan from parent
|
| | |
|
—
|
| | | | | 5,886 | | |
Issuance of common stock in exchange for assets (Note 1)
|
| | |
|
—
|
| | | | | 65,654 | | |
| | |
Carried at fair value
|
| |
Equity method
|
| | | | | | | ||||||||||||
| | |
Sama
|
| |
Fjordland
|
| |
SNC
|
| |
Total
|
| ||||||||||||
Balance at December 31, 2021
|
| | | | 5,719 | | | | | | 1,325 | | | | | | 657 | | | | | | 7,701 | | |
Change in fair value
|
| | | | (245) | | | | | | (876) | | | | | | — | | | | | | (1,121) | | |
Investment
|
| | | | — | | | | | | — | | | | | | 3,601 | | | | | | 3,601 | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | (3,077) | | | | | | (3,077) | | |
Foreign currency translation
|
| | | | — | | | | | | (41) | | | | | | (64) | | | | | | (105) | | |
Balance at September 30, 2022
|
| | | $ | 5,474 | | | | | $ | 408 | | | | | $ | 1,117 | | | | | $ | 6,999 | | |
| | |
Santa Cruz
|
| |
Tintic Project
|
| |
Pinaya Project
|
| |
San Matias
|
| |
Mineral Royalty
|
| |
Other
|
| |
Total
|
| |||||||||||||||||||||
Balance at December 31, 2021
|
| | | $ | 35,075 | | | | | $ | 19,588 | | | | | $ | 2,511 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 550 | | | | | $ | 73,039 | | |
Acquisition costs
|
| | | | 11,252 | | | | | | 5,788 | | | | | | — | | | | | | — | | | | | | — | | | | | | 350 | | | | | | 17,390 | | |
De-recognition (Note a)
|
| | | | (5,700) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,700) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | 15 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15 | | |
Balance at September 30, 2022
|
| | | $ | 40,627 | | | | | $ | 25,376 | | | | | $ | 2,526 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 900 | | | | | $ | 84,744 | | |
| | |
Series 1
Convertible Notes (Note a) |
| |
Series 2
Convertible Notes (Note a) |
| |
VRB
Convertible bond (Note b) |
| |
Total
|
| ||||||||||||
Balance at December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Debt issuance
|
| | | | 48,621 | | | | | | — | | | | | | 22,857 | | | | | | 71,478 | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | 483 | | | | | | 483 | | |
Change in fair value
|
| | | | 200 | | | | | | — | | | | | | — | | | | | | 200 | | |
Balance at September 30, 2021
|
| | | $ | 48,821 | | | | | $ | — | | | | | $ | 23,340 | | | | | $ | 72,161 | | |
Balance at December 31, 2021
|
| | | $ | 54,975 | | | | | $ | — | | | | | $ | 23,857 | | | | | $ | 78,832 | | |
Debt issuance
|
| | | | — | | | | | | 86,200 | | | | | | — | | | | | | 86,200 | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | 1,541 | | | | | | 1,541 | | |
Change in fair value
|
| | | | 8,709 | | | | | | 10,256 | | | | | | — | | | | | | 18,965 | | |
Conversion to common stock
|
| | | | (63,684) | | | | | | (96,456) | | | | | | — | | | | | | (160,140) | | |
Balance at September 30, 2022
|
| | | $ | — | | | | | $ | — | | | | | $ | 25,398 | | | | | $ | 25,398 | | |
| | |
Three months ended
September 30: |
| |
Nine months ended
September 30: |
| ||||||||||||||||||
Revenue type
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Software licensing (Note a)
|
| | | $ | 2 | | | | | $ | — | | | | | $ | 6,713 | | | | | $ | — | | |
Data processing services
|
| | | | 552 | | | | | | 1,043 | | | | | | 832 | | | | | | 3,993 | | |
Renewable energy storage systems (Note b)
|
| | | | 627 | | | | | | 2 | | | | | | 627 | | | | | | 106 | | |
Total
|
| | | $ | 1,181 | | | | | $ | 1,045 | | | | | $ | 8,172 | | | | | $ | 4,099 | | |
| | |
Three months ended
September 30: |
| |
Nine months ended
September 30: |
| ||||||||||||||||||
Project
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Santa Cruz, USA (Note a)
|
| | | $ | 21,811 | | | | | $ | 2,166 | | | | | $ | 46,372 | | | | | $ | 2,600 | | |
San Matias, Colombia
|
| | | | 6,000 | | | | | | 3,576 | | | | | | 11,773 | | | | | | 10,400 | | |
Pinaya, Peru
|
| | | | 297 | | | | | | 164 | | | | | | 2,448 | | | | | | 882 | | |
Perseverance, USA
|
| | | | 35 | | | | | | 107 | | | | | | 1,694 | | | | | | 205 | | |
Yangayu, Papua New Guinea
|
| | | | 831 | | | | | | — | | | | | | 1,482 | | | | | | — | | |
Tintic, USA
|
| | | | 613 | | | | | | 547 | | | | | | 1,309 | | | | | | 1,589 | | |
Hog Heaven, USA
|
| | | | 262 | | | | | | 530 | | | | | | 1,130 | | | | | | 1,851 | | |
Carolina, USA
|
| | | | 501 | | | | | | — | | | | | | 1,015 | | | | | | — | | |
Bitter Creek, USA
|
| | | | 92 | | | | | | 181 | | | | | | 600 | | | | | | 249 | | |
Lincoln, USA
|
| | | | 210 | | | | | | — | | | | | | 549 | | | | | | — | | |
Ivory Coast Project, Ivory Coast
|
| | | | 41 | | | | | | — | | | | | | 67 | | | | | | 1,930 | | |
Project generation and other
|
| | | | 3,278 | | | | | | 2,683 | | | | | | 6,718 | | | | | | 4,857 | | |
Total
|
| | | $ | 33,971 | | | | | $ | 9,954 | | | | | $ | 75,157 | | | | | $ | 24,563 | | |
| | |
Balance outstanding as at
|
| |
Transactions for the
three months ended September 30, |
| |
Transactions for the
nine months ended September 30, |
| |||||||||||||||||||||||||||
| | |
September 30,
2022 |
| |
December 31,
2021 |
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||||||
Total Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 1,249 | | | | | | 993 | | | | | | 3,485 | | | | | | 1,879 | | | | | | 9,567 | | | | | | 5,129 | | |
Ivanhoe Capital Aviation (Note b)
|
| | | | — | | | | | | — | | | | | | 250 | | | | | | 1,167 | | | | | | 750 | | | | | | 1,167 | | |
I-Pulse (Note c)
|
| | | | 73 | | | | | | — | | | | | | 286 | | | | | | — | | | | | | 286 | | | | | | — | | |
HPX (Note d)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 487 | | |
Total
|
| | | | 1,322 | | | | | | 993 | | | | | | 4,021 | | | | | | 3,046 | | | | | | 10,603 | | | | | | 6,783 | | |
Advances | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 1,757 | | | | | | 1,855 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Transactions for the
three months ended September 30, |
| |
Transactions for the
nine months ended September 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Expense classification | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 1,626 | | | | | | 2,052 | | | | | | 4,678 | | | | | | 3,987 | | |
Exploration expenses
|
| | | | 2,395 | | | | | | 994 | | | | | | 5,925 | | | | | | 2,796 | | |
| | | | | 4,021 | | | | | | 3,046 | | | | | | 10,603 | | | | | | 6,783 | | |
| | |
September 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | | | 5,882 | | | | | | — | | | | | | — | | | | | | 7,044 | | | | | | — | | | | | | — | | |
Other investments
|
| | | | 1,621 | | | | | | — | | | | | | — | | | | | | 1,802 | | | | | | — | | | | | | — | | |
Total financial assets
|
| | | $ | 7,503 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,846 | | | | | $ | — | | | | | $ | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54,975 | | |
Deferred consideration payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,562 | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81,537 | | |
| | |
Three months ended September 30, 2022
|
| |
Nine months ended September 30, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 554 | | | | | $ | 627 | | | | | $ | 1,181 | | | | | $ | — | | | | | $ | 7,545 | | | | | $ | 627 | | | | | $ | 8,172 | | |
Intersegment revenues
|
| | | | — | | | | | | 89 | | | | | | — | | | | | | 89 | | | | | | — | | | | | | 228 | | | | | | — | | | | | | 228 | | |
Loss (income) from operations
|
| | | | 38,669 | | | | | | 640 | | | | | | 2,400 | | | | | | 41,709 | | | | | | 86,552 | | | | | | (3,956) | | | | | | 6,005 | | | | | | 88,601 | | |
Segment Assets
|
| | | | 267,548 | | | | | | 6,542 | | | | | | 20,712 | | | | | | 294,802 | | | | | | 267,548 | | | | | | 6,542 | | | | | | 20,712 | | | | | | 294,802 | | |
| | |
Three months ended September 30, 2021
|
| |
Nine months ended September 30, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 1,043 | | | | | $ | 2 | | | | | $ | 1,045 | | | | | $ | — | | | | | $ | 3,993 | | | | | $ | 106 | | | | | $ | 4,099 | | |
Intersegment revenues
|
| | | | — | | | | | | 56 | | | | | | — | | | | | | 56 | | | | | | — | | | | | | 100 | | | | | | — | | | | | | 100 | | |
Loss (income) from operations
|
| | | | 15,630 | | | | | | 185 | | | | | | 2,548 | | | | | | 18,363 | | | | | | 33,770 | | | | | | (97) | | | | | | 4,863 | | | | | | 38,536 | | |
Segment Assets
|
| | | | 106,723 | | | | | | 8,008 | | | | | | 30,126 | | | | | | 144,857 | | | | | | 106,723 | | | | | | 8,008 | | | | | | 30,126 | | | | | | 144,857 | | |
| | |
Amount to be Paid
|
| |||
SEC registration fee
|
| | | $ | 42,229 | | |
Printing and engraving expenses
|
| | | | 80,000 | | |
Legal fees and expenses
|
| | | | 160,000 | | |
Accounting fees and expenses
|
| | | | 40,000 | | |
Miscellaneous
|
| | | | 7,771 | | |
Total
|
| | | $ | 330,000 | | |
|
Exhibit
Number |
| |
Description
|
|
| 2.1 | | | | |
| 3.1 | | | | |
| 3.2 | | | | |
| 4.1 | | | | |
| 4.2 | | | | |
| 4.3 | | | | |
| 4.4 | | | | |
| 4.5 | | | | |
| 5.1* | | | Opinion of Reed Smith LLP | |
| 10.1 | | | | |
| 10.2 | | | | |
| 10.3 | | | | |
| 10.4 | | | | |
| 10.5 | | | |
|
Exhibit
Number |
| |
Description
|
|
| 10.6 | | | | |
| 10.7 | | | | |
| 10.8 | | | | |
| 10.9 | | | | |
| 10.10# | | | | |
| 10.11# | | | | |
| 10.12# | | | | |
| 10.13# | | | | |
| 10.14# | | | | |
| 10.15 | | | | |
| 10.16 | | | | |
| 10.17 | | | | |
| 10.18 | | | | |
| 10.19 | | | | |
| 10.20 | | | | |
| 10.21 | | | | |
| 10.22 | | | |
|
Exhibit
Number |
| |
Description
|
|
| 10.23 | | | | |
| 21.1 | | | | |
| 23.1* | | | | |
| 23.2* | | | | |
| 23.3 | | | | |
| 23.4 | | | | |
| 23.5 | | | | |
| 23.6 | | | | |
| 23.7 | | | | |
| 23.8 | | | | |
| 23.9 | | | | |
| 23.10 | | | | |
| 23.11 | | | | |
| 23.12 | | | | |
| 23.13 | | | | |
| 23.14 | | | | |
| 23.15 | | | | |
| 23.16 | | | | |
| 23.17 | | | | |
| 23.18 | | | | |
| 23.19 | | | | |
| 23.20 | | | | |
| 24.1 | | | | |
| 96.1 | | | | |
| 96.2 | | | | |
| 107* | | | |
|
Signature
|
| |
Title
|
| |
Date
|
| |||
|
*
Robert Friedland
|
| | Executive Chairman of the Board of Directors | | |
February 1, 2023
|
| |||
|
/s/ Taylor Melvin
Taylor Melvin
|
| |
Chief Executive Officer, President and Director
(Principal Executive Officer) |
| |
February 1, 2023
|
| |||
|
/s/ Jordan Neeser
Jordan Neeser
|
| | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | |
February 1, 2023
|
| |||
|
*
Francis Fannon
|
| | Director | | |
February 1, 2023
|
| |||
|
*
Russell Ball
|
| | Director | | |
February 1, 2023
|
| |||
|
*
Hirofumi Katase
|
| | Director | | |
February 1, 2023
|
| |||
|
*
Victoire de Margerie
|
| | Director | | |
February 1, 2023
|
| |||
|
*
Oskar Lewnowski
|
| | Director | | |
February 1, 2023
|
| |||
|
*
Priya Patil
|
| | Director | | |
February 1, 2023
|
| |||
|
*By:
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/s/ Jordan Neeser
Jordan Neeser
Attorney-in-fact |
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