| 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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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 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification | | Deposit | | Mineralized Material (ktonnes) | | Total Cu % | | Total Soluble Cu %(2) | | Total Cu (ktonnes) | | Total Soluble Cu (ktonnes) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indicated | | | Santa Cruz (0.70% COG) | | | | 223,155 | | | | | 1.24 | | | | | 0.82 | | | | | 2,759 | | | | | 1,824 | | | ||||||||||||||||||||||||||||||||||||||||||
| Texaco (0.80% COG) | | | | 3,560 | | | | | 1.33 | | | | | 0.97 | | | | | 47 | | | | | 35 | | | ||||||||||||||||||||||||||||||||||||||||||||
| East Ridge (0.90% COG) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||
Inferred | | | Santa Cruz (0.70% COG) | | | | 62,709 | | | | | 1.23 | | | | | 0.92 | | | | | 768 | | | | | 576 | | | ||||||||||||||||||||||||||||||||||||||||||
| Texaco (0.80% COG) | | | | 62,311 | | | | | 1.21 | | | | | 0.56 | | | | | 753 | | | | | 348 | | | ||||||||||||||||||||||||||||||||||||||||||||
| East Ridge (0.90% COG) | | | | 23,978 | | | | | 1.36 | | | | | 1.26 | | | | | 326 | | | | | 302 | | | ||||||||||||||||||||||||||||||||||||||||||||
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 | | | ||||||||||||||||||||||||||||||||||||||||
Indicated | | All Deposits | | | | 226,715 | | | | | 1.24 | | | | | 0.82 | | | | | 2,807 | | | | | 1,859 | | | |||||||||||||||||||||||||||||||||||||||||||
Inferred | | All Deposits | | | | 148,998 | | | | | 1.24 | | | | | 0.82 | | | | | 1,847 | | | | | 1,225 | | |
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 | | | 12/31/2022 | | | | | Indicated | | | | | | 226,715,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,807,000 | | | | | | — | | | | | | — | | | | | | — | | | | Arizona,U.S. | | | Copper | | | ||
| | | | | | | | | | | Inferred | | | | | | 148,998,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,847,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | ||
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 | | | 12/31/2022 | | | | | 100.0% | | | | Indicated | | | | | 226,715,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,807,000 | | | | | | — | | | | | | — | | | | | | — | | | | Arizona,U.S. | | | Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 148,998,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,847,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Kaizen Discovery Inc. | | | Pinaya | | | 4/26/2016 | | | | | 82.7% | | | | 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 | | | | | 46.0% | | | | 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 | | | | | 63.2% | | | | 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 | | | 63.2% | | | | | Probable | | | | | | 64,598,670 | | | | | | 0.41 | | | | | | — | | | | | | 0.260 | | | | | | 2.30 | | | | | | 264,855 | | | | | | — | | | | | | 539,992 | | | | | | 4,776,853 | | | | Colombia | | | Copper Gold Silver | |
| | | 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% | | |
Project Name | | | Location and Project Size | | | Stage of Development | | | IE 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 | | | 2.2% 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 1,125 km2 | | | Exploration | | | 22.8% 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 | |
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 | |
| | | 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 | | |
Classification | | | Deposit | | | Mineralized Material (ktonnes) | | | Total Cu % | | | Total Soluble Cu %(2) | | | Total Cu (ktonnes) | | | Total Soluble Cu (ktonnes) | | |||||||||||||||
Indicated | | | Santa Cruz (0.70% COG) | | | | | 223,155 | | | | | | 1.24 | | | | | | 0.82 | | | | | | 2,759 | | | | | | 1,824 | | |
| Texaco (0.80% COG) | | | | | 3,560 | | | | | | 1.33 | | | | | | 0.97 | | | | | | 47 | | | | | | 35 | | | ||
| East Ridge (0.90% COG) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Inferred | | | Santa Cruz (0.70% COG) | | | | | 62,709 | | | | | | 1.23 | | | | | | 0.92 | | | | | | 768 | | | | | | 576 | | |
| Texaco (0.80% COG) | | | | | 62,311 | | | | | | 1.21 | | | | | | 0.56 | | | | | | 753 | | | | | | 348 | | | ||
| East Ridge (0.90% COG) | | | | | 23,978 | | | | | | 1.36 | | | | | | 1.26 | | | | | | 326 | | | | | | 302 | | | ||
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indicated | | | All Deposits | | | | | 226,715 | | | | | | 1.24 | | | | | | 0.82 | | | | | | 2,807 | | | | | | 1,859 | | |
Inferred | | | All Deposits | | | | | 148,998 | | | | | | 1.24 | | | | | | 0.82 | | | | | | 1,847 | | | | | | 1,225 | | |
| | | 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 | | | | | $ | — | | |
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 | | | 12/31/2022 | | | | | Indicated | | | | | | 226,715,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,807,000 | | | | | | — | | | | | | — | | | | | | — | | | | Arizona,U.S. | | | Copper | | | ||
| | | | | | | | | | | Inferred | | | | | | 148,998,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,847,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | ||
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 | | | 12/31/2022 | | | | | 100.0% | | | | Indicated | | | | | 226,715,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,807,000 | | | | | | — | | | | | | — | | | | | | — | | | | Arizona,U.S. | | | Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 148,998,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,847,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Kaizen Discovery Inc. | | | Pinaya | | | 4/26/2016 | | | | | 82.7% | | | | 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 | | | | | 46.0% | | | | 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 | | | | | 63.2% | | | | 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 | | | 63.2% | | | | | 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 | | | IE 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 | | | 2.2% 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 1,125 km2 | | | Exploration | | | 22.8% 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 | |
| | | 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 | | |
Classification | | | Deposit | | | Mineralized Material (ktonnes) | | | Total Cu % | | | Total Soluble Cu %(2) | | | Total Cu (ktonnes) | | | Total Soluble Cu (ktonnes) | | |||||||||||||||
Indicated | | | Santa Cruz (0.70% COG) | | | | | 223,155 | | | | | | 1.24 | | | | | | 0.82 | | | | | | 2,759 | | | | | | 1,824 | | |
| Texaco (0.80% COG) | | | | | 3,560 | | | | | | 1.33 | | | | | | 0.97 | | | | | | 47 | | | | | | 35 | | | ||
| East Ridge (0.90% COG) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Inferred | | | Santa Cruz (0.70% COG) | | | | | 62,709 | | | | | | 1.23 | | | | | | 0.92 | | | | | | 768 | | | | | | 576 | | |
| Texaco (0.80% COG) | | | | | 62,311 | | | | | | 1.21 | | | | | | 0.56 | | | | | | 753 | | | | | | 348 | | | ||
| East Ridge (0.90% COG) | | | | | 23,978 | | | | | | 1.36 | | | | | | 1.26 | | | | | | 326 | | | | | | 302 | | | ||
Total | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Indicated | | | All Deposits | | | | | 226,715 | | | | | | 1.24 | | | | | | 0.82 | | | | | | 2,807 | | | | | | 1,859 | | |
Inferred | | | All Deposits | | | | | 148,998 | | | | | | 1.24 | | | | | | 0.82 | | | | | | 1,847 | | | | | | 1,225 | | |
|
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 | | | | 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 | 100% Project Basis | | | 100% Project Basis | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ivanhoe Electric | | Santa Cruz | | 12/8/2021 | | | | Indicated | | | | | 274,000,000 | | | | | 0.93 | | | | | — | | | | | — | | | | | — | | | | | 2,539,000 | | | | | — | | | | | — | | | | | — | | | Arizona, U.S. | | Copper | | | | Santa Cruz | | 12/31/2022 | | | | Indicated | | | | | 226,715,000 | | | | | 1.24 | | | | | — | | | | | — | | | | | — | | | | | 2,807,000 | | | | | — | | | | | — | | | | | — | | | Arizona,U.S. | | Copper | | | |||||||||||||||||||||||||||||||||||
| | | | | | | | Inferred | | | | | 248,754,000 | | | | | 0.91 | | | | | — | | | | | — | | | | | — | | | | | 2,255,000 | | | | | — | | | | | — | | | | | — | | | | | | | | | | | | | | | Inferred | | | | | 148,998,000 | | | | | 1.24 | | | | | — | | | | | — | | | | | — | | | | | 1,847,000 | | | | | — | | | | | — | | | | | — | | | | | | | | |||||||||||||||||||||||||||||||||||
Kaizen Discovery Inc. | | Pinaya | | 4/26/2016 | | | | Measured | | | | | 8,204,000 | | | | | 0.326 | | | | | | | | | | 0.600 | | | | | — | | | | | 26,767 | | | | | — | | | | | 158,000 | | | | | — | | | Peru | | Copper Gold | | | | 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 | | | | | — | | | | | | | | | | | | | | | Indicated | | | | | 33,487,000 | | | | | 0.324 | | | | | — | | | | | 0.462 | | | | | — | | | | | 108,357 | | | | | — | | | | | 497,000 | | | | | — | | | | | | | | |||||||||||||||||||||||||||||||||||
| | | | | | | | Inferred | | | | | 40,216,000 | | | | | 0.360 | | | | | — | | | | | 0.300 | | | | | — | | | | | 144,715 | | | | | — | | | | | 388,000 | | | | | — | | | | | | | | | | | | | | | 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 | | | | 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 | | | | | — | | | | | — | | | | | | | | | | | | | | | | | | 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 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | | | | | | | | | | | | | | | 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 | | | 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 | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |
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 | | | 12/31/2022 | | | | | 100.0% | | | | Indicated | | | | | 226,715,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,807,000 | | | | | | — | | | | | | — | | | | | | — | | | | Arizona,U.S. | | | Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 148,998,000 | | | | | | 1.24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,847,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Kaizen Discovery Inc. | | | Pinaya | | | 4/26/2016 | | | | | 82.7% | | | | 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 | | | | | 46.0% | | | | 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 | | | | | 63.2% | | | | 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 | | | 63.2% | | | | | 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 | | | 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 | | | 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 | | | Exploration | | | 2.2% 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 | | | Exploration | | | | | 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 | | |
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 | |
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 | | |
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 | | | | | Chief Operating Officer | | |
Graham Boyd | | | 37 | | | Senior Vice President, U.S. Projects | |
Glen Kuntz | | | | | Senior Vice President, Mine Development | | |
Evan Young | | | 38 | | | Vice President, Corporate Development | |
Cassandra Joseph | | | 51 | | | Vice President, General Counsel and Corporate Secretary | |
Stephani Terhorst | | | 44 | | | Vice President, Human Resources | |
Russell Ball | | | 54 | | | Director | |
Victoire de Margerie | | | 59 | | | Director | |
Francis Fannon | | | 49 | | | Director | |
Hirofumi Katase | | | 63 | | | Director | |
| | | | 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 ($) | | | Year | | Salary ($) | | Bonus ($) | | Non-Equity Incentive Plan ($) | | 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 | | | | | | | 2022 | | | | $ | 57,051 | | | | $ | — | | | | $ | — | | | | $ | 7,485,000 | | | | $ | 2,541,667 | | | | $ | — | | | | $ | 10,083,718 | | | |||||||||||||
| | | 2021 | | | | | nil | | | | | nil | | | | | nil | | | | | nil | | | | | nil | | | | | nil | | | | | | 2021 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||
Robert Friedland Executive Chair (former Chief Executive Officer) | | | | | 2022 | | | | $ | — | | | | $ | — | | | | $ | 97,787 | | | | $ | 3,005,690 | | | | $ | — | | | | | 3,103,476 | | | | | | | 2022 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 97,787 | | | | $ | 3,005,690 | | | | $ | — | | | | | 3,103,476 | | | |||||||||||||
| | | 2021 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 1,046,875 | | | | $ | — | | | | $ | 1,046,875 | | | | | | 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 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jordan Neeser(1 ) Chief Financial Officer | | | | | 2022 | | | | $ | 26,305 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | 2,541,667 | | | | $ | — | | | | $ | 2,567,972 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Glen Kuntz (2) Senior Vice President, Mine Development | | | | | 2022 | | | | $ | 207,066 | | | | $ | 38,423 | | | | $ | — | | | | $ | 10,182 | | | | $ | 1,531,494 | | | | $ | 8,128 | | | | $ | 1,795,293 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | |
| | 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 | | | 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 | | | | | | 750,000 | | | | $ | 7,485,000 | | | | | — | | | | $ | — | | | | | — | | | | $ | — | | | | $ | 7,485,000 | | | ||||||||||||||
Robert Friedland | | | | — | | | | $ | — | | | | | 100,000 | | | | $ | 40,729 | | | | | 150,000 | | | | $ | 57,058 | | | | $ | 97,787 | | | | | | — | | | | $ | — | | | | | 100,000 | | | | $ | 40,729 | | | | | 150,000 | | | | $ | 57,058 | | | | $ | 97,787 | | | ||||||||||||||
Glen Kuntz | | | | — | | | | $ | — | | | | | 25,000 | | | | $ | 10,182 | | | | | — | | | | $ | — | | | | $ | 10,182 | | |
| | | 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 | | |
| | | 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 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 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 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | 2,541,667 | | |
Glen Kuntz | | | | | 300,000 | | | | | $ | 1,531,494 | | | | | | 25,000 | | | | | $ | 6,494 | | | | | | — | | | | | $ | — | | | | | $ | 1,537,988 | | |
| | | | Option awards | | Stock awards | | | | | | | | | | | | Option awards | | | | Stock awards | | |||||||||||||||||||||||||||||||||||||||||||||||||||
Entity | | Name | | Number of securities underlying unexercised options (#) exercisable | | Number of securities underlying unexercised options (#) unexercisable | | Option exercise price ($) | | Option expiration date | | Number of shares or units of stock that have not vested (#) | | Market value of shares or units of stock that have not vested (#) | | | Name | | Grant Date | | Number of securities underlying unexercised options (#) exercisable | | Number of securities underlying unexercised options (#) unexercisable | | Option exercise price ($) | | 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): | Ivanhoe Electric Awards(1): | | Ivanhoe Electric Awards (1): | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Taylor Melvin | | | | — | | | | | 500,000 | | | $ 11.75 | | | | 21-Nov-29 | | | | | 750,000(2) | | | | $ | 9,112,500(3) | | | | Taylor Melvin | | 21-Nov-22 | | | | — | | | | | 500,000 | | | $11.75 | | 21-Nov-29 | | | | 750,000(5) | | | | $ | 9,112,500(6) | | | |||||||||||||||
| | Robert Friedland | | | | — | | | | | 583,334 | | | $ 11.75 | | | | 21-Nov-29 | | | | | — | | | | | — | | | | Robert Friedland | | 21-Nov-22 | | | | — | | | | | 583,334 | | | $11.75 | | 21-Nov-29 | | | | — | | | | | — | | | |||||||||||||||
| | Robert Friedland | | | | 458,332 | | | | | 458,334 | | | $ 2.49 | | | | 30-Jun-26 | | | | | — | | | | | — | | | | Robert Friedland | | 30-Jun-21 | | | | 458,332 | | | | | 458,334 | | | $2.49 | | 30-Jun-26 | | | | — | | | | | — | | | |||||||||||||||
| | Jordan Neeser | | | | — | | | | | 500,000 | | | $ 11.75 | | | | 21-Nov-29 | | | | | — | | | | | — | | | | Jordan Nesser | | 21-Nov-22 | | | | — | | | | | 500,000 | | | $11.75 | | 21-Nov-29 | | | | — | | | | | — | | | |||||||||||||||
Cordoba Minerals Awards: | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Glen Kuntz | | 21-Nov-22 | | | | — | | | | | 300,000 | | | 11.75 | | 21-Nov-29 | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||
Cordoba Minerals Awards(2): | Cordoba Minerals Awards(2): | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Robert Friedland | | | | — | | | | | 100,000 | | | Cdn$ 0.53 | | | | 1/8/2027 | | | | | 137,745 | | | | $ | 52,885(4) | | | | Robert Friedland | | 01-Aug-22 | | | | — | | | | | 100,000 | | | Cdn $0.53 | | 1-Aug-27 | | | | 137,745 | | | | $ | 52,885(7) | | | |||||||||||||||
| | Robert Friedland | | | | 75,490 | | | | | 37,745 | | | Cdn$1.615 | | | | | | | | | | | | | | | | | | Robert Friedland | | 03-Dec-20 | | | | 75,490 | | | | | 37,745 | | | Cdn $1.615 | | 03-Dec-25 | | | | — | | | | $ | — | | | |||||||||||||||
Kaizen Discovery Awards: | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Glen Kuntz | | 01-Aug-22 | | | | — | | | | | 25,000 | | | Cdn$0.53 | | 1-Aug-27 | | | | 25,000 | | | | $ | 9,598(7) | | | |||||||||||||||||||||||||||||||||||||||||||||
Kaizen Discovery Awards(3): | Kaizen Discovery Awards(3): | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Robert Friedland | | | | 16,666 | | | | | 33,334 | | | Cdn$0.495 | | | | 2/7/2027 | | | | | 150,000 | | | | $ | 13,290(5) | | | | Robert Friedland | | 7-Feb-22 | | | | 16,666 | | | | | 33,334 | | | Cdn$0.495 | | 7-Feb-27 | | | | 150,000 | | | | $ | 13,290(8) | | | |||||||||||||||
| | Robert Friedland | | | | 200,000 | | | | | — | | | Cdn$ 0.50 | | | | 11/26/2025 | | | | | | | | | | | | | | Robert Friedland | | 26-Nov-20 | | | | 200,000 | | | | | — | | | Cdn$0.50 | | 26-Nov-25 | | | | — | | | | $ | — | | | |||||||||||||||
VRB Energy Awards: | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VRB Energy Awards(4): | VRB Energy Awards(4): | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Robert Friedland | | | | 2,000,000 | | | | | 3,000,000 | | | $ 0.165 | | | | 3/30/2026 | | | | | — | | | | | — | | | | Robert Friedland | | 20-Mar-21 | | | | 2,000,000 | | | | | 3,000,000 | | | $0.165 | | 30-Mar-26 | | | | — | | | | | — | | |
| | Termination without Cause | | Termination following a Change in Control | | Death or Disability of Employee | | | 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 | | | | $ | — | | | | | $ | 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) | | | | | $ | 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) | | | | | $ | 10,185(4) | | | | $ | 200,000(6) | | | | $ | 200,000(8) | | | ||||||
| | | $ | 1,224,242 | | | | $ | 10,062,500 | | | | $ | 9,312,500 | | | | | $ | 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) | | | | | $ | — | | | | $ | 67,192(11) | | | | $ | 67,192(12) | | | ||||||
Stock Option Awards (Unvested and Accelerated)(10) | | | $ | 11,882(4) | | | | $ | 233,334(6) | | | | $ | 233,334(8) | | | | | $ | 11,882(4) | | | | $ | 233,334(6) | | | | $ | 233,334(8) | | | ||||||
| | | $ | 11,882 | | | | $ | 300,526 | | | | $ | 300,526 | | | | | $ | 11,882 | | | | $ | 300,526 | | | | $ | 300,526 | | | ||||||
Jordan Neeser | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Lump Sum Payment: Base Salary | | | $ | 450,000 | | | | $ | 450,000 | | | | $ | — | | | | | $ | 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) | | | | | $ | 10,185(4) | | | | $ | 200,000(6) | | | | $ | 200,000(8) | | | ||||||
| | | $ | 460,185 | | | | $ | 650,000 | | | | $ | 200,000 | | | | | $ | 460,185 | | | | $ | 650,000 | | | | $ | 200,000 | | | ||||||
Glen Kuntz | | | ||||||||||||||||||||||||||||||||||||
Lump Sum Payment: Base Salary | | | $ | 101,521 | | | | $ | 101,521 | | | | $ | — | | | ||||||||||||||||||||||
Lump Sum Payment: Bonus(1) | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||||||||||||||
Restricted Stock Units (Unvested and Accelerated)(14) | | | $ | — | | | | $ | 9,783 | | | | $ | 9,783 | | | ||||||||||||||||||||||
Stock Option Awards (Unvested and Accelerated)(10) | | | $ | 6,111 | | | | $ | 120,000 | | | | $ | 120,000 | | | ||||||||||||||||||||||
| | | $ | 107,632 | | | | $ | 231,304 | | | | $ | 129,783 | | |
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) | | | 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 | | | 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% | | | | | | 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 | | | | | * | | | | | | 492,867 | | | | | * | | | | | 11,035 | | | | | — | | | | | 492,867 | | | | | * | | | ||||||||||||
Quentin Markin(6) | | | | 49,950 | | | | | * | | | | | — | | | | | — | | | | | 49,950 | | | | | * | | | | | | 49,950 | | | | | * | | | | | — | | | | | — | | | | | 49,950 | | | | | * | | | ||||||||||||
Cassandra Joseph(4) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Graham Boyd(7) | | | | 169,177 | | | | | * | | | | | — | | | | | — | | | | | 169,177 | | | | | * | | | | | | 169,177 | | | | | * | | | | | — | | | | | — | | | | | 169,177 | | | | | * | | | ||||||||||||
Russell Ball(8) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Victoire de Margerie(8) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Francis Fannon(8) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||
Hirofumi Katase(8) | | | | 44,055 | | | | | * | | | | | — | | | | | — | | | | | 44,055 | | | | | * | | | | | | 44,055 | | | | | * | | | | | — | | | | | — | | | | | 44,055 | | | | | * | | | ||||||||||||
Oskar Lewnowski(8)(9)(14) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Oskar Lewnowski(8)(9)(14) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Priya Patil(8)(10) | | | | 1,972 | | | | | * | | | | | — | | | | | — | | | | | 1,972 | | | | | * | | | | | | 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% | | | |||||||||||||||||||||||||||||||||||||||||||
All executive officers and directors as a group (13 people) | | | | 11,155,638 | | | | | 12% | | | | | 11,035 | | | | | 1,094,348 | | | | | 10,061,290 | | | | | 10.8% | | | |||||||||||||||||||||||||||||||||||||||||||
Greater than 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Century Vision Holdings Limited(11) | | | | 13,673,178 | | | | | 14.7% | | | | | — | | | | | — | | | | | 13,673,178 | | | | | 14.7% | | | | | | 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% | | | | | | 7,137,025 | | | | | 7.7% | | | | | — | | | | | — | | | | | 7,137,025 | | | | | 7.7% | | | ||||||||||||
Orion Mine Finance Fund III LP(13)(14) | | | | 7,426,991 | | | | | 8.0% | | | | | — | | | | | 7,426,991 | | | | | — | | | | | — | | | | | | 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 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
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 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
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 | | | | | * | | | | | — | | | | | 308,110 | | | | | 199,091 | | | | | * | | | |||||||||||||||||||||||||||||||||||||||||||
AD Capital LLC(22) | | | | 379,704 | | | | | * | | | | | — | | | | | 148,548 | | | | | 231,156 | | | | | * | | | |||||||||||||||||||||||||||||||||||||||||||
Gold Coast Mining Inc.(23) | | | | 209,964 | | | | | * | | | | | — | | | | | 209,964 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Sailing Stone Global Natural Resources Fund LP (24) | | | | 177,937 | | | | | * | | | | | — | | | | | 111,689 | | | | | 66,248 | | | | | * | | | |||||||||||||||||||||||||||||||||||||||||||
Ceiba Holdings Ltd.(25) | | | | 173,248 | | | | | * | | | | | 55,359 | | | | | 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 | | | | | — | | | | | — | | |
| | | 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 | | | | | | * | | |
| | | 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 | | ||||||||||||||||||||||||
Oceana Master Fund Ltd.(29) | | | | | 95,000 | | | | | | * | | | | | | — | | | | | | 95,000 | | | | | | — | | | | | | — | | |
Nairbo Investments Inc.(30) | | | | | 86,336 | | | | | | * | | | | | | 27,587 | | | | | | 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 | | | | | | * | | | | | | — | | | | | | 39,480 | | | | | | 26,013 | | | | | | * | | |
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 | | | | | | * | | | | | | 9,195 | | | | | | 11,249 | | | | | | 17,528 | | | | | | * | | |
Giant Sable Corporation(36) | | | | | 17,266 | | | | | | * | | | | | | 5,517 | | | | | | 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 | | | | | | * | | |
Gothic ERP LLC(41) | | | | | 6,288 | | | | | | * | | | | | | — | | | | | | 2,474 | | | | | | 3,814 | | | | | | * | | |
Kevin Howard Colborne | | | | | 5,721 | | | | | | * | | | | | | — | | | | | | 2,249 | | | | | | 3,472 | | | | | | * | | |
| | | 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 | | | | | | — | | | | | | — | | |
| | | 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 | | |
| | | 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 | | |
| | | 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 | | | | |
| | | 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 | | | | |
| 10.24 | | | | |
| 10.25 | | | | |
| 10.26 | | | | |
| 10.27 | | | | |
| 10.28 | | | | |
| 10.29 | | | | |
| 10.30 | | | | |
| 10.31 | | | | |
| 10.32* | | | | |
| 21.1 | | | | |
| 23.1* | | | | |
| | | | ||
| 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 | | | |
| Exhibit Number | | | Description | |
| 23.16 | | | | |
| 23.17 | | | | |
| 23.18 | | | | |
| 23.19 | | | | |
| 23.20 | | | | |
| 23.21* | | | | |
| 23.22* | | | | |
| 24.1 | | | | |
| 96.1 | | | | |
| 96.2 | | | | |
| | | |
| Signature | | | Title | | | Date | | |||
| * Robert Friedland | | | Executive Chairman of the Board of Directors | | | | ||||
| /s/ Taylor Melvin Taylor Melvin | | | Chief Executive Officer, President and Director (Principal Executive Officer) | | | | ||||
| /s/ Jordan Neeser Jordan Neeser | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | ||||
| * Francis Fannon | | | Director | | | | ||||
| * Russell Ball | | | Director | | | | ||||
| * Hirofumi Katase | | | Director | | | | ||||
| * Victoire de Margerie | | | Director | | | | ||||
| | | | Director | | | | ||||
| * Priya Patil | | | Director | | | | ||||
| *By: | | | /s/ Jordan Neeser Jordan Neeser Attorney-in-fact | | | |