|
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 |
| |
Quentin Markin
Stikeman Elliott LLP 666 Burrard Street, Suite 1700 Vancouver, British Columbia V6C 2X8 Canada (604) 631-1300 |
|
| Large and accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | | | Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | | | Emerging growth company | | | ☒ | |
| | |
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| | | | F-1 | | |
Domain
|
| |
Classification
|
| |
Tonnes
|
| |
Total
Cu % |
| |
Total Soluble
Cu %(2) |
| |
Total Cu
Tonnes |
| |
Acid Soluble
Cu Tonnes |
| ||||||||||||||||||
Total
|
| | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Total
|
| | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Name
|
| |
Title
|
| |
Experience
|
|
Taylor Melvin
|
| |
President and Chief Executive Officer
|
| |
•
Finance executive with over 20 years of experience in the natural resources sector as a senior corporate development professional and investment banker
|
|
| | | | | |
•
Formerly, Vice President, Corporate Development for Freeport and Executive Director in J.P. Morgan’s Natural Resources investment banking group
|
|
Eric Finlayson
|
| |
Chief of Global Exploration
|
| |
•
Geologist with almost 40 years of global multi-commodity experience and extensive industry contacts
|
|
| | | | | |
•
Served as Senior Advisor, Business Development of HPX from 2013 until 2015, then President of HPX from 2015 until 2022
|
|
| | | | | |
•
Appointed as President of Ivanhoe Electric in 2020
|
|
| | | | | |
•
Previously, spent 24 years with Rio Tinto, including 5 years as Global Head of Exploration
|
|
| | | | | |
•
Led teams at Rio Tinto responsible for discovery of major copper, nickel, iron ore, bauxite and diamond deposits
|
|
Charles Forster
|
| |
SVP,
Exploration |
| |
•
Professional geoscientist with more than 45 years of diversified mineral exploration in Canada, the United States, Sub-Saharan Africa, Portugal, China, and Mongolia
|
|
| | | | | |
•
Formerly, SVP Exploration at Oyu Tolgoi in Mongolia for Ivanhoe Mines
|
|
| | | | | |
•
Led a team of multi-national and Mongolian geologists in the discovery and delineation of the world-class Oyu Tolgoi copper-gold porphyry deposits
|
|
Mark Gibson
|
| |
COO
|
| |
•
Professional geoscientist with more than 32 years of wide-ranging experience as a geoscientist and manager in the natural resources sector
|
|
| | | | | |
•
Joined HPX in 2011 as the founding CEO
|
|
| | | | | |
•
Held previous positions at Anglo American and founded a geophysical services company focused on managing seismic surveys Geologist with over 16 years of base and precious metals experience
|
|
Graham Boyd
|
| |
SVP, U.S.
Projects |
| |
•
Held various senior roles at HPX and several Ivanhoe companies
•
Worked with Ivanhoe Australia in 2008, where he was part of the discovery team for Merlin, the world’s highest-grade molybdenum-rhenium deposit
|
|
| | | | | |
•
A key contributor to delineation and resource development of the Mount Dore Cu, and Mt Elliott-SWAN Cu-Au deposits
|
|
Glen Kuntz
|
| |
SVP, Mine
Development |
| |
•
Professional geologist and mining executive with over 30 years of experience in exploration, project development, open pit and underground mining operations and business development across a variety of commodities and mining types/methods
|
|
| | | | | |
•
Formerly director of exploration projects at Yamana Gold Inc. (“Yamana Gold”)
|
|
| | | | | |
•
Formerly President and CEO of Mega Precious Metals Inc., a successful junior exploration company, which was acquired by Yamana Gold
|
|
| | | | | |
•
Managed over 200 technical studies on various projects and mines around the world over the past 10 years
|
|
Name
|
| |
Title
|
| |
Experience
|
|
Jordan Neeser
|
| |
Chief Financial Officer
|
| |
•
Finance executive with 18 years of experience in financial reporting, corporate development and corporate finance, primarily in the mining sector
|
|
| | | | | |
•
Formerly, CFO and Corporate Secretary of Gold Standard Ventures and CFO of Conifex Timber
|
|
| | |
1-Year as of
December 1, 2021 |
| |
5-Year as of
December 1, 2017 |
| |
10-Year as of
December 1, 2012 |
| |||||||||
Copper
|
| | | | (10.2)% | | | | | | 24.4% | | | | | | 5.1% | | |
Gold
|
| | | | 1.1% | | | | | | 40.8% | | | | | | 5.3% | | |
Silver
|
| | | | 1.5% | | | | | | 38.9% | | | | | | (31.8)% | | |
Nickel
|
| | | | 37.1% | | | | | | 144.7% | | | | | | 56.1% | | |
Oil
|
| | | | 23.9% | | | | | | 39.2% | | | | | | (8.6)% | | |
S&P 500
|
| | | | (9.7)% | | | | | | 54.3% | | | | | | 187.9% | | |
FTSE 100 Index
|
| | | | 5.4% | | | | | | 3.5% | | | | | | 28.8% | | |
Nikkei Index
|
| | | | 1.0% | | | | | | 23.7% | | | | | | 198.8% | | |
MSCI World Index
|
| | | | (11.2)% | | | | | | 32.5% | | | | | | 108.4% | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Revenue
|
| | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | | | | $ | 8,172 | | | | | $ | 4,099 | | |
Cost of sales
|
| | | | (1,520) | | | | | | (1,785) | | | | | | (1,806) | | | | | | (1,042) | | | | | | (1,172) | | |
Gross profit
|
| | | | 3,132 | | | | | | 2,848 | | | | | | 1,946 | | | | | | 7,130 | | | | | | 2,927 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exploration expenses
|
| | | | 39,505 | | | | | | 14,094 | | | | | | 12,906 | | | | | | 75,157 | | | | | | 24,563 | | |
General and administrative expenses
|
| | | | 20,402 | | | | | | 11,651 | | | | | | 10,768 | | | | | | 16,738 | | | | | | 14,108 | | |
Research and development expenses
|
| | | | 3,825 | | | | | | 3,629 | | | | | | 4,171 | | | | | | 3,728 | | | | | | 2,719 | | |
Net loss attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent
|
| | | | 59,320 | | | | | | 25,234 | | | | | | 24,634 | | | | | | 110,206 | | | | | | 33,034 | | |
Comprehensive loss attributable to:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent .
|
| | | | 59,284 | | | | | | 25,477 | | | | | | 24,368 | | | | | | 116,053 | | | | | | 39,728 | | |
Basic and diluted loss per share attributable to common stockholders or parent
|
| | | $ | 0.96 | | | | | $ | 0.42 | | | | | $ | 0.41 | | | | | $ | 1.50 | | | | | $ | 0.54 | | |
Total assets
|
| | | | 153,531 | | | | | | 71,721 | | | | | | 52,777 | | | | | | 192,416 | | | | | | 145,619 | | |
Total non-current liabilities
|
| | | | 85,134 | | | | | | 7,805 | | | | | | 4,469 | | | | | | 31,018 | | | | | | 78,240 | | |
| | |
Nine months ended September 30,
|
| |
Percentage
change year over year |
| ||||||||||||
| | |
2022
|
| |
2021
|
| | | | | | | ||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | |
Software licensing and data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 7,545 | | | | | $ | 3,993 | | | | | | 89% | | |
Cost of sales
|
| | | | (444) | | | | | | (1,091) | | | | | | (59)% | | |
Gross profit
|
| | | $ | 7,101 | | | | | $ | 2,902 | | | | | | 147% | | |
VRB: Energy storage systems: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 627 | | | | | $ | 106 | | | | | | 491% | | |
Cost of sales
|
| | | | (598) | | | | | | (81) | | | | | | (638)% | | |
Gross profit
|
| | | $ | 29 | | | | | $ | 25 | | | | | | 16% | | |
| | |
2021
|
| |
2020
|
| |
Percentage
change year-over-year |
| |||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | |
Data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 4,512 | | | | | $ | 4,212 | | | | | | +7% | | |
Cost of sales
|
| | | | (1,427) | | | | | | (1,508) | | | | | | -5% | | |
Gross profit
|
| | | $ | 3,085 | | | | | $ | 2,704 | | | | | | +14% | | |
| | |
2020
|
| |
2019
|
| |
Percentage
change year-over-year |
| |||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | |
Data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | $ | 4,212 | | | | | $ | 3,032 | | | | | | +39% | | |
Cost of sales
|
| | | | (1,508) | | | | | | (1,035) | | | | | | +45% | | |
Gross profit
|
| | | $ | 2.704 | | | | | $ | 1,997 | | | | | | +35% | | |
Mineral Project
|
| |
Commitment
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026-2032
|
| |
Total
|
| | ||||||||||||||||||||
Santa Cruz (USA)
|
| | Discretionary | | | | $ | — | | | | | | 6,550 | | | | | | 10,300 | | | | | | 596 | | | | | $ | — | | | | | $ | 17,446 | | | | ||
Santa Cruz (USA)
|
| | Non-discretionary | | | | | — | | | | | | 800 | | | | | | 920 | | | | | | — | | | | | | — | | | | | | 1,720 | | | | ||
Total Santa Cruz (USA)
|
| | | | | | | — | | | | | | 7,350 | | | | | | 11,220 | | | | | | 596 | | | | | | — | | | | | | 19,166 | | | | ||
Tintic (USA)
|
| | Discretionary | | | | | — | | | | | | 5,288 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,288 | | | | ||
Hog Heaven (Montana)
|
| | Discretionary | | | | | — | | | | | | 3,500 | | | | | | 500 | | | | | | 500 | | | | | | 39,000 | | | | | | 43,500 | | | | ||
Ivory Coast (Ivory Coast)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,762 | | | | | | 7,762 | | | | ||
South Voisey’s Bay (Canada)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | 4,416 | | | | | | — | | | | | | — | | | | | | 4,416 | | | | ||
Crystal Haven (Australia)
|
| | Discretionary | | | | | — | | | | | | 7,000 | | | | | | — | | | | | | 35,000 | | | | | | — | | | | | | 42,000 | | | | ||
Unity (USA)
|
| | Discretionary | | | | | — | | | | | | 2,000 | | | | | | 2,250 | | | | | | — | | | | | | — | | | | | | 4,250 | | | | ||
Cave & Lincoln (USA)
|
| | Discretionary | | | | | — | | | | | | 150 | | | | | | 200 | | | | | | 250 | | | | | | 2,250 | | | | | | 2,850 | | | | ||
Carolina Mining (USA)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | 20,000 | | | | | | 25,000 | | | | ||
Total
|
| | | | | | $ | — | | | | | $ | 25,288 | | | | | $ | 18,586 | | | | | $ | 41,346 | | | | | $ | 69,012 | | | | | $ | 154,232 | | | | | |
| | |
Currency by Denomination (in USD Equivalents)
|
| | | | | | | |||||||||||||||||||||
| | |
US dollars
|
| |
Canadian
dollars |
| |
Chinese
Renminbi |
| |
Other
|
| |
Total
|
| |||||||||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jurisdiction of Entity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USA
|
| | | $ | 159,733 | | | | | $ | 582 | | | | | $ | — | | | | | $ | — | | | | | $ | 160,315 | | |
Cayman Islands
|
| | | | 9,398 | | | | | | 9 | | | | | | — | | | | | | — | | | | | | 9,407 | | |
Canada
|
| | | | 3,046 | | | | | | 2,654 | | | | | | — | | | | | | — | | | | | | 5,700 | | |
China
|
| | | | — | | | | | | — | | | | | | 1,607 | | | | | | — | | | | | | 1,607 | | |
British Virgin Islands
|
| | | | 451 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 453 | | |
Other
|
| | | | 62 | | | | | | 1 | | | | | | — | | | | | | 121 | | | | | | 184 | | |
Total
|
| | | | 172,690 | | | | | | 3,248 | | | | | | 1,607 | | | | | | 121 | | | | | | 177,666 | | |
| | |
Currency by Denomination (in USD Equivalents)
|
| | | | | | | |||||||||||||||||||||
| | |
US dollars
|
| |
Canadian
dollars |
| |
Chinese
Renminbi |
| |
Other
|
| |
Total
|
| |||||||||||||||
(In thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jurisdiction of Entity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USA
|
| | | $ | 20,314 | | | | | $ | 392 | | | | | $ | — | | | | | $ | — | | | | | $ | 20,706 | | |
Cayman Islands
|
| | | | 15,212 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,212 | | |
Canada
|
| | | | 2,585 | | | | | | 7,432 | | | | | | — | | | | | | — | | | | | | 10,017 | | |
China
|
| | | | — | | | | | | — | | | | | | 3,192 | | | | | | — | | | | | | 3,192 | | |
British Virgin Islands
|
| | | | 449 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 451 | | |
Other
|
| | | | 136 | | | | | | 1 | | | | | | — | | | | | | 135 | | | | | | 272 | | |
Total
|
| | | $ | 38,696 | | | | | $ | 7,827 | | | | | $ | 3,192 | | | | | $ | 135 | | | | | $ | 49,850 | | |
| | |
Year Ended December 31,
|
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||||||||
(In thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |
2022
|
| |
2021
|
| |||||||||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating activities
|
| | | $ | (47,832) | | | | | $ | (22,984) | | | | | $ | (22,979) | | | | | $ | (77,777) | | | | | $ | (20,523) | | |
Investing activities
|
| | | | (22,632) | | | | | | (16,746) | | | | | | (9,495) | | | | | | (38,343) | | | | | | (8,803) | | |
Financing activities
|
| | | | 110,976 | | | | | | 44,087 | | | | | | 33,957 | | | | | | 245,508 | | | | | | 109,355 | | |
Effect of foreign exchange on cash
|
| | | | (3) | | | | | | 285 | | | | | | 124 | | | | | | (572) | | | | | | (183) | | |
Total change in cash
|
| | | $ | 40,509 | | | | | $ | 4,642 | | | | | $ | 1,607 | | | | | $ | 127,816 | | | | | $ | 70,846 | | |
| | |
Payments due by period (in thousands)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
4-5 years
|
| |
More than
5 years |
| |||||||||||||||
Long-term debt obligations(a)
|
| | | $ | 24,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,000 | | | | | $ | — | | |
Leases
|
| | | | 1,347 | | | | | | 353 | | | | | | 991 | | | | | | 2 | | | | | | — | | |
Other long-term contractual liabilities(b)
|
| | | | 363 | | | | | | — | | | | | | 363 | | | | | | — | | | | | | — | | |
Total contractual obligations
|
| | | $ | 25,710 | | | | | $ | 353 | | | | | $ | 1,354 | | | | | $ | 24,002 | | | | | $ | — | | |
| | |
Payments due by period (in thousands)
|
| |||||||||||||||||||||||||||
| | |
Total
|
| |
Less than
1 year |
| |
1-3 years
|
| |
4-5 years
|
| |
More than
5 years |
| |||||||||||||||
Long-term debt obligations(1)
|
| | | $ | 74,000 | | | | | $ | — | | | | | $ | 50,000 | | | | | $ | 24,000 | | | | | $ | — | | |
Leases
|
| | | | 399 | | | | | | 342 | | | | | | 57 | | | | | | — | | | | | | — | | |
Deferred consideration payable(2)
|
| | | | 26,562 | | | | | | 26,562 | | | | | | — | | | | | | — | | | | | | — | | |
Other long-term contractual liabilities(3)
|
| | | | 865 | | | | | | — | | | | | | 865 | | | | | | — | | | | | | — | | |
Total contractual obligations
|
| | | $ | 101,826 | | | | | $ | 26,904 | | | | | $ | 50,922 | | | | | $ | 24,000 | | | | | $ | — | | |
| | |
Grant Date
|
|
Risk-free interest rate
|
| |
0.23%
|
|
Dividend yield
|
| |
nil
|
|
Estimated Volatility
|
| |
73.7%
|
|
Expected option life
|
| |
2.6 years
|
|
| | |
1-Year as of
December 1, 2021 |
| |
5-Year as of
December 1, 2017 |
| |
10-Year as of
December 1, 2012 |
| |||||||||
Copper
|
| | | | (10.2)% | | | | | | 24.4% | | | | | | 5.1% | | |
Gold
|
| | | | 1.1% | | | | | | 40.8% | | | | | | 5.3% | | |
Silver
|
| | | | 1.5% | | | | | | 38.9% | | | | | | (31.8)% | | |
Nickel
|
| | | | 37.1% | | | | | | 144.7% | | | | | | 56.1% | | |
Oil
|
| | | | 23.9% | | | | | | 39.2% | | | | | | (8.6)% | | |
S&P 500
|
| | | | (9.7)% | | | | | | 54.3% | | | | | | 187.9% | | |
FTSE 100 Index
|
| | | | 5.4% | | | | | | 3.5% | | | | | | 28.8% | | |
Nikkei Index
|
| | | | 1.0% | | | | | | 23.7% | | | | | | 198.8% | | |
MSCI World Index
|
| | | | (11.2)% | | | | | | 32.5% | | | | | | 108.4% | | |
Type
|
| |
Short title
|
| |
Country
|
| |
Grant Date
|
| |
Grant Number
|
| |
Expiration
Date |
|
Patent
|
| |
Current signal generator and method of implementing such a generator
|
| |
France
|
| |
16/02/2018
|
| |
FR2980653
|
| |
21/09/2031
|
|
| International (PCT) | | | | | | | | | 20/09/2032 | | |||||
| Australia | | | 05/01/2017 | | | AU2012311429 | | | 20/09/2032 | | |||||
| Brazil | | | 19/01/2021 | | | BR112014006276 | | | 20/09/2032 | | |||||
| Canada | | | 22/05/2018 | | | CA2849558 | | | 20/09/2032 | | |||||
| Indonesia | | | | | | | | | 20/09/2032 | | |||||
| Turkey | | | 21/04/2015 | | | TR201403350B | | | 20/09/2032 | | |||||
| USA | | | 28/02/2017 | | | US9584037 | | | 20/09/2032 | | |||||
Patent
|
| |
Current generator and method for generating current pulses
|
| |
France
|
| |
04/04/2014
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FR2988933
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29/03/2032
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| 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
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| |
Classification
|
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Tonnes
|
| |
Total
Cu% |
| |
Total Soluble
Cu %(2) |
| |
Total
Cu Tonnes |
| |
Acid Soluble
Cu Tonnes |
| ||||||||||||||||||
Total
|
| | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Total
|
| | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Name
|
| |
Title
|
| |
Experience
|
|
Taylor Melvin
|
| |
President and Chief Executive Officer
|
| |
•
Finance executive with over 20 years of experience in the natural resources sector as a senior corporate development professional and investment banker
•
Formerly, Vice President, Corporate Development for Freeport and Executive Director in J.P. Morgan’s Natural Resources investment banking group
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|
Eric Finlayson
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| |
Chief of Global Exploration
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•
Geologist with almost 40 years of global multi-commodity experience and extensive industry contacts
•
Served as Senior Advisor, Business Development of HPX from 2013 until 2015, then President of HPX from 2015 until 2022
•
Appointed as President of Ivanhoe Electric in 2020
•
Previously, spent 24 years with Rio Tinto, including 5 years as Global Head of Exploration
•
Led teams at Rio Tinto responsible for discovery of major copper, nickel, iron ore, bauxite and diamond deposits
|
|
Charles Forster
|
| |
SVP, Exploration
|
| |
•
Professional geologist with more than 45 years of diversified mineral exploration in Canada, the United States, Sub-Saharan Africa, Portugal, China, and Mongolia
•
Formerly, SVP Exploration at Oyu Tolgoi in Mongolia for Ivanhoe Mines
•
Led a team of multi-national and Mongolian geologists in the discovery and delineation of the world-class Oyu Tolgoi copper-gold porphyry deposits
|
|
Mark Gibson
|
| |
COO
|
| |
•
Professional geologist with more than 32 years of wide-ranging experience as a geoscientist and manager in the natural resources sector
•
Joined HPX in 2011 as the founding CEO
•
Held previous positions at Anglo American and founded a geophysical services company focused on managing seismic surveys
|
|
Name
|
| |
Title
|
| |
Experience
|
|
Graham Boyd
|
| |
SVP, U.S. Projects
|
| |
•
Geologist with over 16 years of base and precious metals experience
•
Held various senior roles at HPX and roles with Ivanhoe Mines
•
Worked with Ivanhoe Australia in 2008, where he was part of the discovery team for Merlin, the world’s highest-grade molybdenum-rhenium deposit
•
Formerly worked with Ivanhoe Mines in Mongolia in 2006
•
A member of the discovery team in 2008 at Ivanhoe Australia for Merlin, the world’s highest-grade molybdenum-rhenium deposit
•
A key contributor to delineation and resource development of the Mount Dore Cu, and Mt Elliott-SWAN Cu-Au deposits
|
|
Glen Kuntz
|
| |
SVP, Mine Development
|
| |
•
Professional Geologist and mining executive with over 30 years of experience in exploration, project development, open pit and underground mining operations and business development across a variety of commodities and mining types/methods
•
Formerly director of exploration projects at Yamana Gold Inc. (“Yamana Gold”)
•
Formerly President and CEO of Mega Precious Metals Inc., a successful junior exploration company, which was acquired by Yamana Gold
•
Managed over 200 technical studies on various projects and mines around the world over the past 10 years
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|
Jordan Neeser
|
| |
Chief Financial Officer
|
| |
•
Finance executive with 18 years of experience in financial reporting, corporate development and corporate finance, primarily in the mining sector
•
Formerly, CFO and Corporate Secretary of Gold Standard Ventures and CFO of Conifex Timber
|
|
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
Category
|
| |
Tonnes
|
| |
Total
Cu (%) |
| |
Ni (%)
|
| |
Au (g/t)
|
| |
Ag (g/t)
|
| |
Contained
Cu (tonnes) |
| |
Contained
Ni (tonnes) |
| |
Contained
Au (oz.) |
| |
Contained
Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| | | ||||||||||||||||||||||||||||||||||
100% Project Basis
|
| | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ivanhoe Electric
|
| |
Santa Cruz
|
| | 12/8/2021 | | | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,539,000 | | | | | | — | | | | | | — | | | | | | — | | | |
Arizona, U.S.
|
| | Copper | | | | ||||
| | | | | | | | | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,255,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | ||||
Kaizen Discovery Inc.
|
| | Pinaya | | | 4/26/2016 | | | | | Measured | | | | | | 8,204,000 | | | | | | 0.326 | | | | | | | | | | | | 0.600 | | | | | | — | | | | | | 26,767 | | | | | | — | | | | | | 158,000 | | | | | | — | | | | Peru | | |
Copper
Gold |
| | | ||||
| | | | | | | | | | | Indicated | | | | | | 33,487,000 | | | | | | 0.324 | | | | | | — | | | | | | 0.462 | | | | | | — | | | | | | 108,357 | | | | | | — | | | | | | 497,000 | | | | | | — | | | | | | | | | | | ||||
| | | | | | | | | | | Inferred | | | | | | 40,216,000 | | | | | | 0.360 | | | | | | — | | | | | | 0.300 | | | | | | — | | | | | | 144,715 | | | | | | — | | | | | | 388,000 | | | | | | — | | | | | | | | | | | ||||
Sama Resources Inc.
|
| | Samapleu | | | 5/22/2019 | | | | | Indicated | | | | | | 33,180,000 | | | | | | 0.186 | | | | | | 0.238 | | | | | | — | | | | | | — | | | | | | 61,592 | | | | | | 78,968 | | | | | | — | | | | | | — | | | | Ivory Coast | | |
Nickel
Copper |
| | | ||||
| | | | | | | | | | | Inferred | | | | | | 17,780,000 | | | | | | 0.144 | | | | | | 0.224 | | | | | | — | | | | | | — | | | | | | 25,552 | | | | | | 39,827 | | | | | | — | | | | | | — | | | | | | | | | | | | | | |
Cordoba Mineral Corp
|
| |
San Matias
|
| | 8/3/2021 | | | | | Indicated | | | | | | 19,100,000 | | | | | | 0.28 | | | | | | — | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | — | | | | | | 180,863 | | | | | | 667,926 | | | | Colombia | | |
Copper
Gold Silver |
| | | ||||
| | | | | | | | | | | Inferred | | | | | | 5,100,000 | | | | | | 0.21 | | | | | | — | | | | | | 0.21 | | | | | | 0.94 | | | | | | 9,823 | | | | | | — | | | | | | 32,557 | | | | | | 142,538 | | | | | | | | | | |
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
Category
|
| |
Tonnes
|
| |
Total
Cu (%) |
| |
Ni (%)
|
| |
Au (g/t)
|
| |
Ag (g/t)
|
| |
Contained
Cu (tonnes) |
| |
Contained
Ni (tonnes) |
| |
Contained
Au (oz.) |
| |
Contained
Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| ||||||||||||||||||||||||||||||
Cordoba Mineral Corp
|
| |
San Matias
|
| | 10/21/2021 | | | Probable | | | | | 102,100,000 | | | | | | 0.41 | | | | |
|
—
|
| | | | | 0.260 | | | | | | 2.30 | | | | | | 418,610 | | | | |
|
—
|
| | | | | 853,472 | | | | | | 7,549,949 | | | | | | Colombia | | | |
Copper
Gold Silver |
|
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
%
ownership |
| |
Category
|
| |
Attributable
Tonnes |
| |
Total
Cu (%) |
| |
Ni
(%) |
| |
Au
(g/t) |
| |
Ag
(g/t) |
| |
Attributable
Contained Cu (tonnes) |
| |
Attributable
Contained Ni (tonnes) |
| |
Attributable
Contained Au (oz.) |
| |
Attributable
Contained Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| ||||||||||||||||||||||||||||||
Ivanhoe Electric
|
| |
Santa
Cruz |
| | 12/8/2021 | | | | | 100% | | | | Indicated | | | | | 274,000,000 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,539,000 | | | | | | — | | | | | | — | | | | | | — | | | |
Arizona,
U.S. |
| | Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 248,754,000 | | | | | | 0.91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,255,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Kaizen Discovery Inc.
|
| | Pinaya | | | 4/26/2016 | | | | | 82.68% | | | | Measured | | | | | 6,783,067 | | | | | | 0.326 | | | | | | — | | | | | | 0.600 | | | | | | — | | | | | | 22,131 | | | | | | — | | | | | | 130,634 | | | | | | — | | | | Peru | | |
Copper
Gold |
|
| | | | | | | | | | | | | | | Indicated | | | | | 27,687,052 | | | | | | 0.324 | | | | | | — | | | | | | 0.462 | | | | | | — | | | | | | 89,590 | | | | | | — | | | | | | 410,920 | | | | | | — | | | | | | | | |
| | | | | | | | | | | | | | | Inferred | | | | | 33,250,589 | | | | | | 0.360 | | | | | | — | | | | | | 0.300 | | | | | | — | | | | | | 119,650 | | | | | | — | | | | | | 320,798 | | | | | | — | | | | | | | | |
Sama Resources Inc.
|
| | Samapleu | | | 5/22/2019 | | | | | 46% | | | | Indicated | | | | | 15,262,800 | | | | | | 0.186 | | | | | | 0.238 | | | | | | — | | | | | | — | | | | | | 28,332 | | | | | | 36,325 | | | | | | — | | | | | | — | | | |
Ivory Coast
|
| |
Nickel
Copper |
|
| | | | | | | | | | | | | | | Inferred | | | | | 8,178,800 | | | | | | 0.144 | | | | | | 0.224 | | | | | | — | | | | | | — | | | | | | 11,754 | | | | | | 18,320 | | | | | | — | | | | | | — | | | | | | | | |
Cordoba Mineral Corp
|
| |
San
Matias |
| | 8/3/2021 | | | | | 63.27% | | | | Indicated | | | | | 12,084,570 | | | | | | 0.280 | | | | | | — | | | | | | 0.110 | | | | | | 1.15 | | | | | | 3,363 | | | | | | — | | | | | | 114,432 | | | | | | 422,597 | | | | Colombia | | |
Copper
Gold Silver |
|
| | | | | | | | | | | | | | | Inferred | | | | | 3,226,770 | | | | | | 0.210 | | | | | | — | | | | | | 0.21 | | | | | | 0.94 | | | | | | 6,215 | | | | | | — | | | | | | 20,599 | | | | | | 90,184 | | | | | | | | |
Company
|
| |
Deposit
|
| |
Effective
Date |
| |
%
ownership |
| |
Category
|
| |
Tonnes
|
| |
Total
Cu (%) |
| |
Ni
(%) |
| |
Au
(g/t) |
| |
Ag
(g/t) |
| |
Attributable
Contained Cu (tonnes) |
| |
Attributable
Contained Ni (tonnes) |
| |
Attributable
Contained Au (oz.) |
| |
Attributable
Contained Ag (oz.) |
| |
Geographic
Area |
| |
Resource
Category |
| ||||||||||||||||||||||||||||||
Cordoba Mineral Corp
|
| |
San
Matias |
| | 10/21/2021 | | |
63.27%
|
| | | | Probable | | | | | | 64,598,670 | | | | | | 0.41 | | | | | | — | | | | | | 0.260 | | | | | | 2.30 | | | | | | 264,855 | | | | | | — | | | | | | 539,992 | | | | | | 4,776,853 | | | | Colombia | | |
Copper
Gold Silver |
|
Project Name
|
| |
Location and
Project Size |
| |
Stage of
Development |
| |
IVNE Interest
and Nature of Interest |
| |
Title Holders /
Operator |
| |
Minerals
|
| |
Nature of
Mineral Title |
| |
Mineral
Resources/ Reserves |
| |
Production –
Last 3 Fiscal Years |
|
Santa Cruz
|
| |
Arizona, USA
77.59 km2
|
| |
Exploration
|
| |
0% current ownership interest; Option to acquire 100% of the mineral title
|
| |
DRH Energy Inc. (mineral title) Legends Property, LLC (surface rights)
|
| |
Copper
|
| |
Patented and unpatented claims; Arizona State exploration permits
|
| |
Mineral resource
|
| |
Not in production
|
|
Tintic
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| |
Utah, USA
65 km2
|
| |
Exploration
|
| |
84.3% current ownership interest by acreage; Options and lease rights cover balance aggregating to 100% of the mineral title by acreage
|
| |
Tintic Copper & Gold, Inc.
|
| |
Copper
Gold |
| |
Patented and unpatented claims; SITLA and BLM claims
|
| |
n/a
|
| |
Not in production
|
|
Hog Heaven
|
| |
Montana, USA
24.2 km2
|
| |
Exploration
|
| |
3% equity ownership of Brixton Metals Corporation Earn-in with Brixton for up to a 75% project interest
|
| |
Brixton USA Corp. (joint venture company), a subsidiary of Brixton (“Brixton JVC”)
|
| |
Copper Silver Gold
|
| |
Fee simple mineral rights, owned and leased
|
| |
n/a
|
| |
Not in production
|
|
Ivory Coast Project
|
| |
Ivory Coast
1125 km2
|
| |
Exploration
|
| |
23% equity ownership of Sama and 30% interest in joint venture with option up to 60% of Sama’s interests in the Ivory Coast Project
|
| |
Société pour le Développement Minier de la Côte d’Ivoire
|
| |
Nickel Copper Cobalt PGE
|
| |
Exploration license
|
| |
Mineral Resource
|
| |
Not in production
|
|
Domain
|
| |
Resource
Category |
| |
Kilotonnes kt
|
| |
Total
Cu % |
| |
Total
Soluble Cu % |
| |
Acid
Soluble Cu % |
| |
Cyanide
Soluble Cu% |
| |
Total Cu kt
|
| |
Total
Soluble Cu kt |
| |
Acid
Soluble Cu kt |
| |
Cyanide
Soluble Cu kt |
| |||||||||||||||||||||||||||
Exotic
|
| | Indicated | | | | | 6,989 | | | | | | 1.05 | | | | | | 0.80 | | | | | | 0.73 | | | | | | 0.07 | | | | | | 73 | | | | | | 56 | | | | | | 51 | | | | | | 5 | | |
| | | Inferred | | | | | 11,680 | | | | | | 1.28 | | | | | | 1.00 | | | | | | 0.98 | | | | | | 0.02 | | | | | | 149 | | | | | | 118 | | | | | | 115 | | | | | | 3 | | |
Oxide
|
| | Indicated | | | | | 52,990 | | | | | | 1.34 | | | | | | 1.27 | | | | | | 0.98 | | | | | | 0.29 | | | | | | 708 | | | | | | 669 | | | | | | 518 | | | | | | 151 | | |
| | | Inferred | | | | | 126,138 | | | | | | 1.06 | | | | | | 1.00 | | | | | | 0.71 | | | | | | 0.29 | | | | | | 1,336 | | | | | | 1,253 | | | | | | 892 | | | | | | 361 | | |
Chalcocite Enriched
|
| | Indicated | | | | | 29,145 | | | | | | 1.25 | | | | | | 1.13 | | | | | | 0.40 | | | | | | 0.73 | | | | | | 364 | | | | | | 328 | | | | | | 115 | | | | | | 213 | | |
| | | Inferred | | | | | 14,838 | | | | | | 1.36 | | | | | | 1.28 | | | | | | 0.52 | | | | | | 0.76 | | | | | | 202 | | | | | | 191 | | | | | | 78 | | | | | | 113 | | |
Primary
|
| | Indicated | | | | | 184,877 | | | | | | 0.75 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 1,394 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
| | | Inferred | | | | | 96,098 | | | | | | 0.59 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 568 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | |
TOTAL | | | Indicated | | | | | 274,000 | | | | | | 0.93 | | | | | | 0.38 | | | | | | 0.25 | | | | | | 0.13 | | | | | | 2,539 | | | | | | 1,053 | | | | | | 684 | | | | | | 369 | | |
| | | Inferred | | | | | 248,754 | | | | | | 0.91 | | | | | | 0.63 | | | | | | 0.44 | | | | | | 0.19 | | | | | | 2,255 | | | | | | 1,563 | | | | | | 1,085 | | | | | | 478 | | |
Deposit
|
| |
Category
|
| |
Cu Cut-Off
Grade (%) |
| |
Tonnes
(Mt) |
| |
Total Cu
(%) |
| |
Total Soluble
Cu (%)(1) |
| |
Total
Contained Cu (Mt) |
| |
Total
Contained Acid Soluble Cu (Mt) |
| ||||||||||||||||||
Santa Cruz
|
| | Indicated | | | | | 2.0% | | | | | | 22,872,137 | | | | | | 2.58 | | | | | | 1.37 | | | | | | 590,080 | | | | | | 312,528 | | |
| | | | | | | | 1.0% | | | | | | 83,359,021 | | | | | | 1.69 | | | | | | 0.68 | | | | | | 1,407,930 | | | | | | 568,069 | | |
| | | | | | | | 0.8% | | | | | | 117,239,321 | | | | | | 1.46 | | | | | | 0.52 | | | | | | 1,709,776 | | | | | | 610,282 | | |
| | | | | | | | 0.5% | | | | | | 219,131,684 | | | | | | 1.07 | | | | | | 0.30 | | | | | | 2,353,684 | | | | | | 668,114 | | |
| | | | | | | | 0.39% | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Santa Cruz
|
| | Inferred | | | | | 2.0% | | | | | | 28,098,868 | | | | | | 2.66 | | | | | | 1.72 | | | | | | 748,727 | | | | | | 483,315 | | |
| | | | | | | | 1.0% | | | | | | 74,106,551 | | | | | | 1.87 | | | | | | 1.08 | | | | | | 1,383,711 | | | | | | 801,363 | | |
| | | | | | | | 0.8% | | | | | | 98,139,965 | | | | | | 1.63 | | | | | | 0.90 | | | | | | 1,598,724 | | | | | | 879,141 | | |
| | | | | | | | 0.5% | | | | | | 174,941,611 | | | | | | 1.19 | | | | | | 0.60 | | | | | | 2,080,315 | | | | | | 1,050,293 | | |
| | | | | | | | 0.39% | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Category
|
| |
Resources
(Mt) |
| |
NiEq
(%) |
| |
Ni
(%) |
| |||||||||
Measured
|
| | | | — | | | | | | — | | | | | | — | | |
Indicated
|
| | | | 33.18 | | | | | | 0.269 | | | | | | 0.238 | | |
Measured and Indicated
|
| | | | 33.18 | | | | | | 0.269 | | | | | | 0.238 | | |
Inferred
|
| | | | 17.78 | | | | | | 0.248 | | | | | | 0.224 | | |
Project Name
|
| |
Location and
Project Size |
| |
Stage of
Development |
| |
IVNE Interest
and Nature of Interest |
| |
Title Holders /
Operator |
| |
Primary
Minerals |
| |
Nature of
Mineral Title |
| |
Mineral
Resources/ Reserves |
| |
Aggregate
Annual Production – Last 3 Fiscal Years |
|
Bitter Creek
|
| |
Arizona, USA
35.2 km2
|
| |
Exploration
|
| |
100% Ownership
|
| |
Bitter Creek Exploration, Inc., a wholly-owned subsidiary
|
| |
Copper Gold
|
| |
Lode mining claims
|
| |
n/a
|
| |
Not in production
|
|
Carolina
|
| |
North Carolina, USA
1.75 km2
|
| |
Exploration
|
| |
0% current ownership with right to earn up to 85%
|
| |
Carolina Mining Corp.
|
| |
Gold Copper
|
| |
Fee Simple
|
| |
n/a
|
| |
Not in production
|
|
Desert Mountain
|
| |
Utah, USA
13.88 km2
|
| |
Exploration
|
| |
Little Sahara Exploration (“LSE”), a wholly-owned subsidiary of the Company
|
| |
LSE
|
| |
Copper Gold
|
| |
Unpatented mineral claims
|
| |
n/a
|
| |
Not in production
|
|
Grasshopper
|
| |
Montana, USA
7.19 km2
|
| |
Exploration
|
| |
100% Ownership
|
| |
IE Montana Holdings Corp.
|
| |
Copper
|
| |
Unpatented mineral claims
|
| |
n/a
|
| |
Not in production
|
|
Lincoln
|
| |
Utah, USA
50.14 km2
|
| |
Exploration
|
| |
0% current ownership interest;
Option to acquire 100% of the mineral title
|
| |
Lincoln Cave Exploration, Inc. (“LCE”), a wholly-owned subsidiary
|
| |
Copper Lead Zinc Silver Gold
|
| |
Patented mineral claims, unpatented mineral claims and Utah State leases
|
| |
n/a
|
| |
Not in production
|
|
Unity
|
| |
Oregon, USA
38.29 km2
|
| |
Exploration
|
| |
0% current ownership interest;
Option to acquire 100% of the mineral title
|
| |
CMC, a wholly-owned subsidiary
|
| |
Copper
|
| |
Unpatented mineral claims
|
| |
n/a
|
| |
Not in production
|
|
Yangayu
|
| |
Papua New Guinea
1,100 km2
|
| |
Exploration
|
| |
0% current ownership interest;
Option to acquire 100% of the mineral title
|
| |
Goldsearch International
|
| |
Copper Gold
|
| |
Exploration license
|
| |
n/a
|
| |
Not in production
|
|
Company
|
| |
Location of
Incorporation |
| |
Equity
Ownership % Non-Diluted |
| |
Equity
Ownership % Partially-Diluted |
| |
Principal Mineral
Projects |
|
Brixton Metals Corporation
|
| |
British Columbia, Canada
|
| |
2.24%
|
| |
4.37% on exercise of warrants
|
| |
Hog Heaven Project, Montana, USA
|
|
Cordoba Minerals Corp.
|
| |
British Columbia, Canada
|
| |
63.25%
|
| |
64.56% on exercise of warrants
|
| |
San Matias Project, Colombia Perseverance Project, Arizona
|
|
Kaizen Discovery Inc.
|
| |
British Columbia, Canada
|
| |
82.68%
|
| |
83.59% on exercise of warrants
|
| |
Pinaya Project, Peru
|
|
Sama Resources Inc.
|
| |
Canada
|
| |
22.75%
|
| |
22.75%
|
| |
Ivory Coast Project, Ivory Coast
|
|
Fjordland Exploration Inc.
|
| |
British Columbia, Canada
|
| |
16.88%
|
| |
16.88%
|
| |
South Voisey’s Bay Project, Canada
|
|
Project Name
|
| |
Location
|
| |
Stage of
Development |
| |
IVNE
Interest and Nature of Interest |
| |
Title
Holders / Operator |
| |
Minerals
|
| |
Nature of
Mineral Title |
| |
Mineral
Resources/ Reserves |
| |
Aggregate
Annual Production – Last 3 Fiscal Years |
|
San Matias
|
| | Colombia | | | Development | | | Shareholder in Cordoba | | | Cordoba | | | Copper Gold Silver | | |
Construction and Assembly; Exploration licenses
|
| |
Mineral Resource & Mineral Reserve
|
| | Not in production | |
Perseverance
|
| | Arizona, USA | | | Exploration | | |
Shareholder in Cordoba Cordoba owns 51% of Perseverance and has an option to earn an additional 29%
|
| |
MMDEX LLC a joint venture company between Cordoba and Bell Copper Corporation
|
| | Copper | | | Fee simple, Arizona State leases | | | No | | | Not in production | |
Pinaya
|
| | Peru | | | Exploration | | | Shareholder in Kaizen | | | Canper Exploraciones S.A.C. | | |
Copper Gold
|
| | Concession | | | Mineral Resource | | | Not in production | |
Coppermine
|
| | Nunavut, Canada | | | Exploration | | | Shareholder in Kaizen | | | Kaizen | | | Copper Silver | | | Mineral claims | | | No | | | Not in production | |
Aspen Grove
|
| | British Columbia, Canada | | | Exploration | | | Shareholder in Kaizen | | | KZD Aspen Grove Holding Ltd | | |
Copper Gold
|
| | Mineral claims | | | No | | | Not in production | |
South Voisey’s Bay
|
| |
Newfoundland and Labrador, Canada
|
| | Exploration | | |
Shareholder in Fjordland Exploration and option to acquire a 65% interest
|
| | Commander Resources Ltd. | | | Nickel | | | Mineral claims | | | No | | | Not in production | |
Deposit
|
| |
Tonnage
(Mt) |
| |
NSR
($) Marginal Cut-off |
| |
Cu Equiv.
Marginal Cut-Off (%) |
| |
Cu
Equiv. Grade (%) |
| |
Cu
Grade (%) |
| |
Au
Grade (g/t) |
| |
Ag
Grade (g/t) |
| |
Contained
Cu (tonnes) |
| |
Contained
Cu (Mlb) |
| |
Contained
Au (oz) |
| |
Contained
Ag (oz) |
| |||||||||||||||||||||||||||||||||
| | |
Indicated Resources
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Alacran
|
| | | | 2.8 | | | | | | 1.78/8.85 | | | | | | 0.03/0.17 | | | | | | 0.17 | | | | | | 0.19 | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | 11.7 | | | | | | 10,263 | | | | | | 105,126 | | |
Montiel East
|
| | | | 4.3 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.70 | | | | | | 0.46 | | | | | | 0.35 | | | | | | 1.53 | | | | | | 19,800 | | | | | | 43.7 | | | | | | 48,800 | | | | | | 211,200 | | |
Montiel West
|
| | | | 4.6 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.52 | | | | | | 0.24 | | | | | | 0.49 | | | | | | 1.32 | | | | | | 11,200 | | | | | | 24.8 | | | | | | 72,600 | | | | | | 195,800 | | |
Costa Azul
|
| | | | 7.4 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.40 | | | | | | 0.24 | | | | | | 0.21 | | | | | | 0.65 | | | | | | 20,300 | | | | | | 44.8 | | | | | | 49,200 | | | | | | 155,800 | | |
Total Indicated
|
| | | | 19.1 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 0.28 | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | 125.0 | | | | | | 180,863 | | | | | | 667,926 | | |
Inferred Resources | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alacran
|
| | | | 2.2 | | | | | | 1.78/8.85 | | | | | | 0.03/0.17 | | | | | | 0.12 | | | | | | 0.20 | | | | | | 0.17 | | | | | | 0.86 | | | | | | 5,228 | | | | | | 11.5 | | | | | | 14,531 | | | | | | 72,308 | | |
Montiel East
|
| | | | 1.8 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.34 | | | | | | 0.25 | | | | | | 0.15 | | | | | | 0.88 | | | | | | 4,400 | | | | | | 9.6 | | | | | | 8,500 | | | | | | 50,300 | | |
Montiel West
|
| | | | 0.6 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.39 | | | | | | 0.07 | | | | | | 0.54 | | | | | | 0.96 | | | | | | 400 | | | | | | 1.0 | | | | | | 11,100 | | | | | | 19,000 | | |
Costa Azul
|
| | | | 0.1 | | | | | | 13.75 | | | | | | 0.22 | | | | | | 0.39 | | | | | | 0.29 | | | | | | 0.16 | | | | | | 0.60 | | | | | | 400 | | | | | | 0.8 | | | | | | 600 | | | | | | 2,400 | | |
Total Inferred
|
| | | | 5.1 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 0.21 | | | | | | 0.21 | | | | | | 0.94 | | | | | | 9,823 | | | | | | 21.6 | | | | | | 32,557 | | | | | | 142,538 | | |
Category
|
| | | | |
NSR Value
Marginal Cut-off Grade |
| |
Tonnage
(thousands) |
| |
Diluted Cu
Grade (%) |
| |
Diluted Au
Grade (g/t) |
| |
Diluted Ag
Grade (g/t) |
| ||||||||||||
Probable Mineral Reserve
|
| |
Saprolite
|
| |
1.78 $/t
|
| | | | 10,135 | | | | | | — | | | | | | 0.21 | | | | | | — | | |
Probable Mineral Reserve
|
| |
Transition
|
| |
8.85 $/t
|
| | | | 2,011 | | | | | | 0.62 | | | | | | 0.22 | | | | | | 3.11 | | |
Probable Mineral Reserve
|
| |
Fresh
|
| |
8.85 $/t
|
| | | | 89,954 | | | | | | 0.45 | | | | | | 0.27 | | | | | | 2.54 | | |
Probable Mineral Reserve
|
| |
Fresh + Transition
|
| |
8.85 $/t
|
| | | | 91,165 | | | | | | 0.45 | | | | | | 0.27 | | | | | | 2.56 | | |
Probable Mineral Reserve
|
| |
Overall Total
|
| |
—
|
| | | | 102,100 | | | | | | 0.41 | | | | | | 0.26 | | | | | | 2.30 | | |
Class
|
| |
Tonnes
‘000’s |
| |
Average Grades
|
| |
Contained Metal
|
| |||||||||||||||||||||
|
% Cu
|
| |
g/t Au
|
| |
lbs Cu’000’s
|
| |
oz Au ‘000’s
|
| ||||||||||||||||||||
Measured
|
| | | | 8,204 | | | | | | 0.326 | | | | | | 0.600 | | | | | | 59,011 | | | | | | 158 | | |
Indicated
|
| | | | 33,487 | | | | | | 0.324 | | | | | | 0.462 | | | | | | 238,886 | | | | | | 497 | | |
Inferred
|
| | | | 40,216 | | | | | | 0.360 | | | | | | 0.300 | | | | | | 319,041 | | | | | | 388 | | |
Mineral Project
|
| |
Commitment
|
| |
2022
Total |
| |
2023
Total |
| |
2024
Total |
| |
2025
Total |
| ||||||||||||
Santa Cruz (DRHE)
|
| | Discretionary | | | | | — | | | | | | 6,250 | | | | | | 10,000 | | | | | | — | | |
Santa Cruz (Legends)
|
| | Non-discretionary | | | | | — | | | | | | 800 | | | | | | 920 | | | | | | — | | |
Santa Cruz (Other)
|
| | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Santa Cruz (Other)
|
| | Discretionary | | | | | — | | | | | | 300 | | | | | | 300 | | | | | | 596 | | |
Santa Cruz (Total)
|
| | | | | | | — | | | | | | 7,350 | | | | | | 11,220 | | | | | | 596 | | |
Tintic (Utah)
|
| | Discretionary | | | | | — | | | | | | 5,288 | | | | | | — | | | | | | — | | |
Hog Heaven (Montana)
|
| | Discretionary | | | | | — | | | | | | 3,500 | | | | | | 500 | | | | | | 500 | | |
Ivory Coast
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
South Voisey’s Bay (Canada)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | 4,416 | | | | | | — | | |
Crystal Haven (Australia)
|
| | Discretionary | | | | | — | | | | | | 7,000 | | | | | | — | | | | | | 35,000 | | |
Unity (Oregon)
|
| | Discretionary | | | | | — | | | | | | 2,000 | | | | | | 2,250 | | | | | | — | | |
Cave & Lincoln (Utah)
|
| | Discretionary | | | | | — | | | | | | 150 | | | | | | 200 | | | | | | 250 | | |
Carolina Mining (North Carolina)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Total
|
| | | | | | | — | | | | | | 25,288 | | | | | | 18,586 | | | | | | 41,346 | | |
Mineral Project
|
| |
Commitment
|
| |
2026
Total |
| |
2027
Total |
| |
2030
Total |
| |
2032
Total |
| |
2022–2032
Total |
| |||||||||||||||
Santa Cruz (DRHE)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,250 | | |
Santa Cruz (Legend)
|
| | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,720 | | |
Santa Cruz (Other)
|
| | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Santa Cruz (Other)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,196 | | |
Santa Cruz (Total)
|
| | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,166 | | |
Tintic (Utah)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,288 | | |
Hog Heaven (Montana)
|
| | Discretionary | | | | | 1,000 | | | | | | 13,000 | | | | | | 10,000 | | | | | | 15,000 | | | | | | 43,500 | | |
Ivory Coast
|
| | Discretionary | | | | | 7,762 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,762 | | |
South Voisey’s Bay (Canada)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,416 | | |
Crystal Haven (Australia)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42,000 | | |
Unity (Oregon)
|
| | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,250 | | |
Cave & Lincoln (Utah)
|
| | Discretionary | | | | | 750 | | | | | | 1,500 | | | | | | — | | | | | | — | | | | | | 2,850 | | |
Carolina Mining (North Carolina). . .
|
| | Discretionary | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | 25,000 | | |
Total
|
| | | | | | | 9,512 | | | | | | 34,500 | | | | | | 10,000 | | | | | | 15,000 | | | | | | 154,232 | | |
|
Major Permits or Approvals
|
| |
Issuing Agency
|
|
| Exploration Permit | | |
Utah Division of Oil, Gas and Mining
|
|
| Large Mine Operation Approval | | |
Utah Division of Oil, Gas and Mining
|
|
| Water Appropriations | | | Utah Division of Water Rights | |
| Air Quality Permit | | | Utah Division of Air Quality | |
| General Multi-Sector Industrial Storm Water Permit | | | Utah Division of Water Quality | |
| 3809 Plan of Operation Approval | | | US Bureau of Land Management | |
| Army Corps of Engineers Jurisdictional Waters Concurrence | | | US Army Corps of Engineers | |
| County Conditional Use Permit and Other Permits | | | Juab County and Utah County | |
|
Major Permits or Approvals
|
| |
Issuing Agency
|
|
|
Underground Injection Control Permit
|
| |
U.S. Environmental Protection Agency
|
|
|
Dust Control and Air Quality Permits
|
| |
Pinal County Air Quality Control District
|
|
|
Aquifer Protection Permit
|
| |
Arizona Department of Environmental Quality
|
|
|
AZPDES Industrial Stormwater Mining Multi-Sector General Permit
|
| |
Arizona Department of Environmental Quality
|
|
|
Reclamation Plan Approval
|
| |
Arizona State Mine Inspector
|
|
|
Water Appropriation Permits
|
| |
Arizona Department of Water Resources
|
|
Name
|
| |
Age
|
| |
Position
|
|
Robert Friedland | | |
72
|
| | Executive Chairman of the Board of Directors | |
Taylor Melvin | | |
53
|
| | Chief Executive Officer and President | |
Jordan Neeser | | |
40
|
| | Chief Financial Officer | |
Eric Finlayson | | |
62
|
| | Chief of Global Exploration | |
Catherine Barone | | |
47
|
| | Senior Vice President, Finance | |
Charles Forster | | |
75
|
| | Senior Vice President of Exploration | |
Mark Gibson | | |
53
|
| | Chief Operating Officer | |
Graham Boyd | | |
37
|
| | Senior Vice President, U.S. Projects | |
Glen Kuntz | | |
54
|
| | Senior Vice President, Mine Development | |
Evan Young | | |
38
|
| | Vice President, Corporate Development | |
Russell Ball | | |
54
|
| | Director | |
Victoire de Margerie | | |
59
|
| | Director | |
Francis Fannon | | |
49
|
| | Director | |
Hirofumi Katase | | |
63
|
| | Director | |
Oskar Lewnowski | | |
57
|
| | Director | |
Priya Patil | | |
60
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Non-Equity
Incentive Plan ($) |
| |
Option
Awards ($)(2) |
| |
Bonus
|
| |
All Other
Compensation ($) |
| |
Total ($)
|
| |||||||||||||||||||||
Robert Friedland
|
| | | | 2021 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,046,875 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,046,875 | | |
Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Eric Finlayson
|
| | | | 2021 | | | | | $ | 215,716 | | | | | $ | — | | | | | $ | 1,006,875 | | | | | $ | — | | | | | $ | 52,094(3) | | | | | $ | 1,274,685 | | |
President | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Graham Boyd
|
| | | | 2021 | | | | | $ | 122,324 | | | | | $ | — | | | | | $ | 362,500 | | | | | $ | — | | | | | $ | 17,643(4) | | | | | $ | 502,467 | | |
Vice President, U.S. Projects
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NEO
|
| |
Company
Option Shares |
| |
VRB Option
Shares |
| ||||||
Robert Friedland
|
| | | | 916,666 | | | | | | 5,000,000 | | |
Eric Finlayson
|
| | | | 916,666 | | | | | | 1,000,000 | | |
Graham Boyd
|
| | | | 333,33 | | | | | | | | |
NEO
|
| |
Number of Company
Shares Underlying Unexercised Options (#) Exercisable |
| |
Number of Company
Shares Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
|
Robert Friedland
|
| |
229,166
|
| |
687,500
|
| |
2.49
|
| |
June 30, 2025
|
|
Eric Finlayson
|
| |
229,166
|
| |
687,500
|
| |
2.49
|
| |
June 30, 2025
|
|
Graham Boyd
|
| |
83,333
|
| |
250,000
|
| |
2.49
|
| |
June 30, 2025
|
|
NEO
|
| |
Number of VRB Shares
Underlying Unexercised Options (#) Exercisable |
| |
Number of VRB Shares
Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
|
Robert Friedland
|
| |
1,000,000
|
| |
4,000,000
|
| |
0.165
|
| |
March 30, 2026
|
|
Eric Finlayson
|
| |
200,000
|
| |
800,000
|
| |
0.165
|
| |
March 30, 2026
|
|
Graham Boyd | | | | | | | | | | | | | |
Name
|
| |
Options
Issued (#) |
| |
Option
Awards($) |
| |
Total($)
|
| |||||||||
Laurent Jean-Louis Frescaline
|
| | | | 83,333 | | | | | | 90,625 | | | | | | 90,625 | | |
Kenneth Lau
|
| | | | 83,333 | | | | | | 90,625 | | | | | | 90,625 | | |
Ian Plimer
|
| | | | 83,333 | | | | | | 90,625 | | | | | | 90,625 | | |
Patrick On Yip Tsang
|
| | | | 83,333 | | | | | | 90,625 | | | | | | 90,625 | | |
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 | | |
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 |
| |
Maximum
Number of Shares That May Be Offered |
| |
Shares of Common Stock
Beneficially Owned After The Offering (assuming all shares that are registered hereunder are sold) |
| |||||||||||||||||||||
Name of Beneficial Owner
|
| |
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| ||||||||||||||||||
Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Robert Friedland(1)(2)(11)(12)
|
| | | | 10,390,514 | | | | | | 11.1% | | | | | | — | | | | | | 10,390,514 | | | | | | 11.1% | | |
Taylor Melvin(3)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jordan Neeser(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Eric Finlayson(5)
|
| | | | 492,725 | | | | | | 0.5% | | | | | | — | | | | | | 492,725 | | | | | | 0.5% | | |
Graham Boyd(6)
|
| | | | 169,177 | | | | | | 0.2% | | | | | | — | | | | | | 169,177 | | | | | | 0.2% | | |
Russell Ball(7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Victoire de Margerie(7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Francis Fannon(7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hirofumi Katase(7)
|
| | | | 44,055 | | | | | | 0.0% | | | | | | — | | | | | | 44,055 | | | | | | 0.0% | | |
Oskar Lewnowski(7)(8)(12)(13)(14)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Priya Patil(7)(9)
|
| | | | 1,972 | | | | | | 0.0% | | | | | | — | | | | | | 1,972 | | | | | | 0.0% | | |
All executive officers and directors as a group (11 people)
|
| | | | 11,098,443 | | | | | | 11.8% | | | | | | — | | | | | | 11,098,443 | | | | | | 11.8% | | |
Greater than 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Century Vision Holdings Limited(10)
|
| | | | 13,673,178 | | | | | | 14.7% | | | | | | — | | | | | | 13,673,178 | | | | | | 14.7% | | |
I-Pulse, Inc.(11)(12) | | | | | 9,262,960 | | | | | | 10.0% | | | | | | — | | | | | | 9,262,960 | | | | | | 10.0% | | |
Orion Mine Finance Fund III LP(13)(14)
|
| | | | 7,426,991 | | | | | | 8.0% | | | | | | 7,426,991 | | | | | | — | | | | | | 0.0% | | |
Fidelity Contrafund entities(15)
|
| | | | 6,330,606 | | | | | | 6.8% | | | | | | 6,330,606 | | | | | | — | | | | | | 0.0% | | |
BlackRock and its managed funds(16)
|
| | | | 5,774,395 | | | | | | 6.2% | | | | | | 4,680,680 | | | | | | 1,093,715 | | | | | | 1.2% | | |
BHP and its affiliates(17)
|
| | | | 5,278,701 | | | | | | 5.7% | | | | | | 5,114,993 | | | | | | 163,708 | | | | | | 0.2% | | |
Other Selling Stockholders (less than 5%): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fidelity Canada managed funds(18)
|
| | | | 1,978,057 | | | | | | 2.1% | | | | | | 1,808,385 | | | | | | 169,672 | | | | | | 0.2% | | |
Victory Global Energy Transition Fund(19)
|
| | | | 1,108,234 | | | | | | 1.2% | | | | | | 436,038 | | | | | | 672,196 | | | | | | 0.7% | | |
Rothschild & Co Asset Management Europe on behalf of the Sub Fund R-co Thematic Gold Mining of R-co SICAV(20)
|
| | | | 862,820 | | | | | | 0.9% | | | | | | 339,066 | | | | | | 523,754 | | | | | | 0.6% | | |
Sailing Stone Capital Partners LLC as Investment
manager on behalf of Victory Global Energy Transition Fund, a series of Victory Portfolios(21) |
| | | | 611,625 | | | | | | 0.7% | | | | | | 611,625 | | | | | | — | | | | | | 0.0% | | |
CPG Investments LLC(22)
|
| | | | 595,686 | | | | | | 0.6% | | | | | | 595,686 | | | | | | — | | | | | | 0.0% | | |
The Trustees of the University of Pennsylvania(23)
|
| | | | 507,201 | | | | | | 0.5% | | | | | | 308,110 | | | | | | 199,091 | | | | | | 0.2% | | |
AD Capital LLC(24)
|
| | | | 379,091 | | | | | | 0.4% | | | | | | 148,548 | | | | | | 230,543 | | | | | | 0.2% | | |
Extract Capital Master Fund Ltd.(25)
|
| | | | 257,325 | | | | | | 0.3% | | | | | | 101,247 | | | | | | 156,078 | | | | | | 0.2% | | |
Gold Coast Mining Inc.(26)
|
| | | | 209,964 | | | | | | 0.2% | | | | | | 209,964 | | | | | | — | | | | | | 0.0% | | |
The University of Pennsylvania Master Retirement
Trust(27) |
| | | | 204,222 | | | | | | 0.2% | | | | | | 123,059 | | | | | | 81,163 | | | | | | 0.1% | | |
Sailing Stone Global Natural Resources Fund LP(28)
|
| | | | 177,937 | | | | | | 0.2% | | | | | | 111,689 | | | | | | 66,248 | | | | | | 0.1% | | |
Ceiba Holdings Ltd.(29)
|
| | | | 172,538 | | | | | | 0.2% | | | | | | 67,723 | | | | | | 104,815 | | | | | | 0.1% | | |
Russell Mining Corp.(30)
|
| | | | 139,976 | | | | | | 0.2% | | | | | | 139,976 | | | | | | — | | | | | | 0.0% | | |
Sebago Ivanhoe, LLC
|
| | | | 128,973 | | | | | | 0.1% | | | | | | 50,623 | | | | | | 78,350 | | | | | | 0.1% | | |
| | |
Shares of Common Stock
Beneficially Owned Prior To The Offering |
| |
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
|
| ||||||||||||||||||
Investment Opportunities SPC for the account of Investment Opportunities 3 Segregated
Portfolio(31) |
| | | | 125,000 | | | | | | 0.1% | | | | | | 125,000 | | | | | | — | | | | | | 0.0% | | |
Goehring & Rozencwajg Resources Fund(32)
|
| | | | 109,217 | | | | | | 0.1% | | | | | | 42,973 | | | | | | 66,244 | | | | | | 0.1% | | |
PWCM Master Fund Ltd.
|
| | | | 107,083 | | | | | | 0.1% | | | | | | 107,083 | | | | | | — | | | | | | 0.0% | | |
Oceana Master Fund Ltd.(33)
|
| | | | 95,000 | | | | | | 0.1% | | | | | | 95,000 | | | | | | — | | | | | | 0.0% | | |
Daniel Dreyfus
|
| | | | 85,982 | | | | | | 0.1% | | | | | | 33,749 | | | | | | 52,233 | | | | | | 0.1% | | |
Karna Enterprises LLC(34)
|
| | | | 85,982 | | | | | | 0.1% | | | | | | 33,749 | | | | | | 52,233 | | | | | | 0.1% | | |
Nairbo Investments INC(35)
|
| | | | 85,982 | | | | | | 0.1% | | | | | | 33,749 | | | | | | 52,233 | | | | | | 0.1% | | |
Rubylous Limited(36)
|
| | | | 69,795 | | | | | | 0.1% | | | | | | 27,449 | | | | | | 42,346 | | | | | | 0.0% | | |
The Trustees of the University of Pennsylvania Retiree Medical and Death Benefits Trust(37)
|
| | | | 65,493 | | | | | | 0.1% | | | | | | 39,480 | | | | | | 26,013 | | | | | | 0.0% | | |
Pentwater Equity Opportunities Master Fund Ltd.(38)
|
| | | | 60,417 | | | | | | 0.1% | | | | | | 60,417 | | | | | | — | | | | | | 0.0% | | |
Robert Hoddle Investment Holdings Ltd.(39)
|
| | | | 49,950 | | | | | | 0.0% | | | | | | — | | | | | | 49,950 | | | | | | 0.0% | | |
Peter Meredith
|
| | | | 34,324 | | | | | | 0.0% | | | | | | 13,499 | | | | | | 20,825 | | | | | | 0.0% | | |
Gothic Corporation(40)
|
| | | | 33,164 | | | | | | 0.0% | | | | | | 13,049 | | | | | | 20,115 | | | | | | 0.0% | | |
Inna O’Brian
|
| | | | 28,659 | | | | | | 0.0% | | | | | | 11,249 | | | | | | 17,410 | | | | | | 0.0% | | |
Daniel Pfeffer
|
| | | | 21,781 | | | | | | 0.0% | | | | | | 8,549 | | | | | | 13,232 | | | | | | 0.0% | | |
Giant Sable Corporation(41)
|
| | | | 17,195 | | | | | | 0.0% | | | | | | 6,749 | | | | | | 10,446 | | | | | | 0.0% | | |
Alexander Pickard
|
| | | | 17,177 | | | | | | 0.0% | | | | | | 6,739 | | | | | | 10,438 | | | | | | 0.0% | | |
Joshua Dale Crumb
|
| | | | 17,177 | | | | | | 0.0% | | | | | | 6,739 | | | | | | 10,438 | | | | | | 0.0% | | |
Lauren Selig
|
| | | | 17,172 | | | | | | 0.0% | | | | | | 6,749 | | | | | | 10,423 | | | | | | 0.0% | | |
Sergei Pokrovsky
|
| | | | 17,166 | | | | | | 0.0% | | | | | | 6,749 | | | | | | 10,417 | | | | | | 0.0% | | |
LMA SPC for and on behalf of the MAP 98 Segregated Portfolio(42)
|
| | | | 14,583 | | | | | | 0.0% | | | | | | 14,583 | | | | | | — | | | | | | 0.0% | | |
Pentwater Unconstrained Master Fund Ltd.(43)
|
| | | | 14,583 | | | | | | 0.0% | | | | | | 14,583 | | | | | | — | | | | | | 0.0% | | |
Matt Frame
|
| | | | 13,182 | | | | | | 0.0% | | | | | | 5,174 | | | | | | 8,008 | | | | | | 0.0% | | |
Gothic JBD LLC(44)
|
| | | | 12,007 | | | | | | 0.0% | | | | | | 4,724 | | | | | | 7,283 | | | | | | 0.0% | | |
Gothic HSP Corporation(45)
|
| | | | 11,435 | | | | | | 0.0% | | | | | | 4,499 | | | | | | 6,936 | | | | | | 0.0% | | |
BMO Nesbitt Burns ITF Jesse Pearlstein and Lynsey Pearlstein(46)
|
| | | | 8,577 | | | | | | 0.0% | | | | | | 3,374 | | | | | | 5,203 | | | | | | 0.0% | | |
Gothic ERP LLC(47)
|
| | | | 6,288 | | | | | | 0.0% | | | | | | 2,474 | | | | | | 3,814 | | | | | | 0.0% | | |
Kevin Howard Colborne
|
| | | | 5,721 | | | | | | 0.0% | | | | | | 2,249 | | | | | | 3,472 | | | | | | 0.0% | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-33 | | | |
| | | | | F-34 | | | |
| | | | | F-35 | | | |
| | | | | F-36 | | | |
| | | | | F-37 | | |
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | |
$
|
49,850
|
| | | | $ | 9,341 | | |
Accounts receivable
|
| | |
|
1,385
|
| | | | | 2,841 | | |
Inventory
|
| | |
|
5,878
|
| | | | | 3,538 | | |
Prepaid expenses and deposits
|
| | |
|
1,152
|
| | | | | 1,106 | | |
| | | |
|
58,265
|
| | | | | 16,826 | | |
Non-current assets: | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | |
|
7,701
|
| | | | | 7,727 | | |
Other investments
|
| | |
|
1,802
|
| | | | | 1,196 | | |
Exploration mineral interests
|
| | |
|
73,039
|
| | | | | 32,015 | | |
Property, plant and equipment
|
| | |
|
2,523
|
| | | | | 2,385 | | |
Intangible assets
|
| | |
|
4,340
|
| | | | | 7,451 | | |
Other non-current assets
|
| | |
|
5,861
|
| | | | | 4,121 | | |
Total assets
|
| | |
$
|
153,531
|
| | | | $ | 71,721 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | |
$
|
10,195
|
| | | | $ | 6,458 | | |
Deferred consideration payable
|
| | |
|
26,562
|
| | | | | — | | |
Loan from parent
|
| | |
|
—
|
| | | | | 5,756 | | |
Lease liabilities, current
|
| | |
|
342
|
| | | | | 585 | | |
Contract liability
|
| | |
|
3,484
|
| | | | | 2,425 | | |
| | | |
|
40,583
|
| | | | | 15,224 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Deferred income taxes
|
| | |
|
5,382
|
| | | | | 6,309 | | |
Convertible debt
|
| | |
|
78,832
|
| | | | | — | | |
Lease liabilities, net of current portion
|
| | |
|
55
|
| | | | | 143 | | |
Other non-current liabilities
|
| | |
|
865
|
| | | | | 1,353 | | |
Total liabilities
|
| | |
|
125,717
|
| | | | | 23,029 | | |
Commitments and contingencies (Note 29) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Net parent investment
|
| | |
|
—
|
| | | | | 43,520 | | |
Common stock, par value $0.0001; 750,000,000 shares authorized; 63.9 million shares issued and outstanding as of December 31, 2021
|
| | |
|
6
|
| | | | | — | | |
Additional paid-in capital
|
| | |
|
75,743
|
| | | | | — | | |
Accumulated deficit
|
| | |
|
(52,314)
|
| | | | | — | | |
Accumulated other comprehensive income
|
| | |
|
(1,502)
|
| | | | | (1,538) | | |
Equity attributable to the Company / Parent Equity
|
| | |
|
21,933
|
| | | | | 41,982 | | |
Non-controlling interests
|
| | |
|
5,881
|
| | | | | 6,710 | | |
Total equity
|
| | |
|
27,814
|
| | | | | 48,692 | | |
Total liabilities and equity
|
| | |
$
|
153,531
|
| | | | $ | 71,721 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Revenue
|
| | |
$
|
4,652
|
| | | | $ | 4,633 | | | | | $ | 3,752 | | |
Cost of sales
|
| | |
|
(1,520)
|
| | | | | (1,785) | | | | | | (1,806) | | |
Gross profit
|
| | |
|
3,132
|
| | | | | 2,848 | | | | | | 1,946 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Exploration expenses
|
| | |
|
39,505
|
| | | | | 14,094 | | | | | | 12,906 | | |
General and administrative expenses
|
| | |
|
20,402
|
| | | | | 11,651 | | | | | | 10,768 | | |
Research and development expenses
|
| | |
|
3,825
|
| | | | | 3,629 | | | | | | 4,171 | | |
Selling and marketing expenses
|
| | |
|
149
|
| | | | | 75 | | | | | | 281 | | |
Loss from operations
|
| | |
|
60,749
|
| | | | | 26,601 | | | | | | 26,180 | | |
Other expenses (income): | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | |
|
1,534
|
| | | | | 175 | | | | | | 114 | | |
Foreign exchange (gain) loss
|
| | |
|
(254)
|
| | | | | (502) | | | | | | 265 | | |
Share of loss of equity method investees
|
| | |
|
213
|
| | | | | 71 | | | | | | 90 | | |
Loss on revaluation of investments
|
| | |
|
634
|
| | | | | 2,909 | | | | | | 2,452 | | |
Loss on revaluation of convertible debt
|
| | |
|
4,571
|
| | | | | — | | | | | | — | | |
Other expenses, net
|
| | |
|
580
|
| | | | | 217 | | | | | | 360 | | |
Loss before income taxes
|
| | |
|
68,027
|
| | | | | 29,471 | | | | | | 29,461 | | |
Income taxes
|
| | |
|
484
|
| | | | | 381 | | | | | | (717) | | |
Net loss
|
| | |
|
68,511
|
| | | | | 29,852 | | | | | | 28,744 | | |
Less loss attributable to non-controlling interests
|
| | |
|
(9,191)
|
| | | | | (4,618) | | | | | | (4,110) | | |
Net loss attributable to common stockholders or parent
|
| | |
|
59,320
|
| | | | | 25,234 | | | | | | 24,634 | | |
Net loss
|
| | |
|
68,511
|
| | | | | 29,852 | | | | | | 28,744 | | |
Other comprehensive loss (income), net of tax: | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | |
|
(89)
|
| | | | | 361 | | | | | | (230) | | |
Other comprehensive loss (income)
|
| | |
|
(89)
|
| | | | | 361 | | | | | | (230) | | |
Comprehensive loss
|
| | |
$
|
68,422
|
| | | | $ | 30,213 | | | | | $ | 28,514 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent
|
| | |
|
59,284
|
| | | | | 25,477 | | | | | | 24,368 | | |
Non-controlling interests
|
| | |
|
9,138
|
| | | | | 4,736 | | | | | | 4,146 | | |
| | | |
$
|
68,422
|
| | | | $ | 30,213 | | | | | $ | 28,514 | | |
Net loss per share attributable to common stockholders or parent
|
| | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
$
|
0.96
|
| | | | $ | 0.42 | | | | | $ | 0.41 | | |
Weighted-average common shares outstanding
|
| | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
|
61,502,094
|
| | | | | 59,909,344 | | | | | | 59,909,344 | | |
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Net
parent investment |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive income (loss) |
| |
Non-
controlling interest |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 28,103 | | | | | $ | — | | | | | $ | (1,561) | | | | | $ | 763 | | | | | $ | 27,305 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (24,634) | | | | | | — | | | | | | — | | | | | | (4,110) | | | | | | (28,744) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 266 | | | | | | (36) | | | | | | 230 | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 28,666 | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,666 | | |
Other changes in non-controlling
interests |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,148 | | | | | | 3,148 | | |
Balance at December 31, 2019
|
| | | | — | | | | | | — | | | | | | — | | | | | | 32,135 | | | | | | — | | | | | | (1,295) | | | | | | (235) | | | | | | 30,605 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (25,234) | | | | | | — | | | | | | — | | | | | | (4,618) | | | | | | (29,852) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (243) | | | | | | (118) | | | | | | (361) | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 36,619 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,619 | | |
Other changes in non-controlling
interests |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,681 | | | | | | 11,681 | | |
Balance at December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | 43,520 | | | | | | — | | | | | | (1,538) | | | | | | 6,710 | | | | | | 48,692 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (7,006) | | | | | | (52,314) | | | | | | — | | | | | | (9,191) | | | | | | (68,511) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | 36 | | | | | | 53 | | | | | | 89 | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 29,140 | | | | | | — | | | | | | — | | | | | | — | | | | | | 29,140 | | |
Restructuring upon spin off (Note 1)
|
| | | | 59,909,344 | | | | | | 6 | | | | | | 65,648 | | | | | | (65,654) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of common stock, net of issuance costs
|
| | | | 4,015,990 | | | | | | — | | | | | | 9,678 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,678 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 2,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | 406 | | | | | | 3,206 | | |
Other changes in non-controlling
interests |
| | | | — | | | | | | — | | | | | | (2,383) | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,903 | | | | | | 5,520 | | |
Balance at December 31, 2021
|
| | | | 63,925,334 | | | | | $ | 6 | | | | | $ | 75,743 | | | | | $ | — | | | | | $ | (52,314) | | | | | $ | (1,502) | | | | | $ | 5,881 | | | | | $ | 27,814 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operating activities | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | |
$
|
(68,511)
|
| | | | $ | (29,852) | | | | | $ | (28,744) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation of property, plant and equipment
|
| | |
|
375
|
| | | | | 403 | | | | | | 486 | | |
Amortization of intangible assets
|
| | |
|
3,169
|
| | | | | 2,985 | | | | | | 3,022 | | |
Amortization of operating lease right-of-use-assets
|
| | |
|
706
|
| | | | | 652 | | | | | | 368 | | |
Share-based compensation
|
| | |
|
3,667
|
| | | | | 1,145 | | | | | | 382 | | |
Unrealized foreign exchange (gain) loss
|
| | |
|
(376)
|
| | | | | (502) | | | | | | 265 | | |
Finance expense
|
| | |
|
1,405
|
| | | | | 415 | | | | | | 436 | | |
Share of loss of equity method investees
|
| | |
|
213
|
| | | | | 71 | | | | | | 90 | | |
Income taxes
|
| | |
|
495
|
| | | | | (267) | | | | | | (717) | | |
Loss on revaluation of convertible debt
|
| | |
|
4,571
|
| | | | | — | | | | | | — | | |
Loss on revaluation of investments
|
| | |
|
634
|
| | | | | 2,909 | | | | | | 2,452 | | |
Other
|
| | |
|
210
|
| | | | | 69 | | | | | | 316 | | |
Changes in other operating assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Trade accounts receivable
|
| | |
|
1,456
|
| | | | | (312) | | | | | | (568) | | |
Inventory
|
| | |
|
(2,340)
|
| | | | | (1,016) | | | | | | (9) | | |
Operating lease liabilities
|
| | |
|
(781)
|
| | | | | (714) | | | | | | (431) | | |
Accounts payable and accrued liabilities
|
| | |
|
6,262
|
| | | | | 184 | | | | | | 38 | | |
Other operating assets and liabilities
|
| | |
|
1,013
|
| | | | | 846 | | | | | | (365) | | |
Net cash used in operating activities
|
| | |
|
(47,832)
|
| | | | | (22,984) | | | | | | (22,979) | | |
Investing activities | | | | | | | | | | | | | | | | | | | |
Purchase of mineral interests
|
| | |
|
(14,400)
|
| | | | | (14,634) | | | | | | (3,805) | | |
Purchase of property, plant and equipment and intangible assets
|
| | |
|
(3,992)
|
| | | | | (2,092) | | | | | | (201) | | |
Purchase of investments subject to significant influence
|
| | |
|
(870)
|
| | | | | — | | | | | | (5,318) | | |
Purchase of other investments
|
| | |
|
(1,607)
|
| | | | | — | | | | | | — | | |
Other
|
| | |
|
(1,763)
|
| | | | | (20) | | | | | | (171) | | |
Net cash used in investing activities
|
| | |
|
(22,632)
|
| | | | | (16,746) | | | | | | (9,495) | | |
Financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of common stock, net of issuance costs
|
| | |
|
9,677
|
| | | | | — | | | | | | — | | |
Proceeds from Ivanhoe Electric convertible notes
|
| | |
|
49,999
|
| | | | | — | | | | | | — | | |
Proceeds from VRB convertible bond, net of issuance costs
|
| | |
|
22,857
|
| | | | | — | | | | | | — | | |
Net transfer from parent
|
| | |
|
23,152
|
| | | | | 30,367 | | | | | | 30,011 | | |
Proceeds from subsidiary financings
|
| | |
|
5,291
|
| | | | | 16,301 | | | | | | 1,461 | | |
Repayment of loan from parent
|
| | |
|
—
|
| | | | | (2,773) | | | | | | — | | |
Loan from parent
|
| | |
|
—
|
| | | | | 192 | | | | | | 2,525 | | |
Other
|
| | |
|
—
|
| | | | | — | | | | | | (40) | | |
Net cash provided by financing activities
|
| | |
|
110,976
|
| | | | | 44,087 | | | | | | 33,957 | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | |
|
(3)
|
| | | | | 285 | | | | | | 124 | | |
Increase in cash and cash equivalents
|
| | |
|
40,509
|
| | | | | 4,642 | | | | | | 1,607 | | |
Cash and cash equivalents, beginning of the year
|
| | |
|
9,341
|
| | | | | 4,699 | | | | | | 3,092 | | |
Cash and cash equivalents, end of the year
|
| | |
$
|
49,850
|
| | | | $ | 9,341 | | | | | $ | 4,699 | | |
Supplemental cash flow information | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | |
$
|
—
|
| | | | $ | 57 | | | | | $ | — | | |
Cash paid for income taxes
|
| | |
|
634
|
| | | | | 648 | | | | | | — | | |
Supplemental disclosure of non-cash investing and financing activities | | | | | | | | | | | | | | | | | | | |
Settlement of loan from parent (Note 24)
|
| | |
$
|
5,886
|
| | | | | — | | | | | | — | | |
Issuance of common stock in exchange for assets (Note 1)
|
| | |
|
65,654
|
| | | | | — | | | | | | — | | |
Asset
|
| |
Basis
|
|
Equipment and vehicles
|
| |
3 to 10 years
|
|
Computer equipment
|
| |
3 to 5 years
|
|
Leasehold improvements
|
| |
Shorter of useful life and remaining lease term
|
|
Asset
|
| |
Basis
|
|
Patents and licenses
|
| |
5 to 20 years
|
|
Software
|
| |
1 to 5 years
|
|
Artificial Intelligence intellectual property
|
| |
5 years
|
|
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Trade accounts receivable
|
| | | $ | 881 | | | | | $ | 2,016 | | |
Other receivables
|
| | | | 504 | | | | | | 825 | | |
| | | | $ | 1,385 | | | | | $ | 2,841 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Raw materials
|
| | | $ | 5,129 | | | | | $ | 2,922 | | |
Work-in-progress
|
| | | | 749 | | | | | | 616 | | |
| | | | $ | 5,878 | | | | | $ | 3,538 | | |
| | |
Carried at fair value
|
| |
Equity Method
|
| | | | | | | ||||||||||||||||||||||||
| | |
Sama
(Note a) |
| |
Fjordland
(Note b) |
| |
SNC
(Note c) |
| |
CMH &
Omnisom (Note d) |
| |
Other
|
| |
Total
|
| ||||||||||||||||||
Balance at January 1, 2019
|
| | | $ | 6,689 | | | | | $ | 1,077 | | | | | $ | — | | | | | $ | 3,101 | | | | | $ | 993 | | | | | $ | 11,860 | | |
Purchase of shares
|
| | | | 5,318 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,318 | | |
Change in fair value
|
| | | | (1,534) | | | | | | (686) | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,220) | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (66) | | | | | | (24) | | | | | | (90) | | |
Derecognition of investment
|
| | | | (464) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (464) | | |
Foreign currency translation
|
| | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | (6) | | | | | | 34 | | |
Balance at December 31, 2019
|
| | | | 10,009 | | | | | | 431 | | | | | | — | | | | | | 3,035 | | | | | | 963 | | | | | | 14,438 | | |
Change in fair value
|
| | | | (4,511) | | | | | | 734 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,777) | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (37) | | | | | | (34) | | | | | | (71) | | |
Derecognition of investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,998) | | | | | | — | | | | | | (2,998) | | |
Foreign currency translation
|
| | | | — | | | | | | 44 | | | | | | — | | | | | | — | | | | | | 91 | | | | | | 135 | | |
Balance at December 31, 2020
|
| | | | 5,498 | | | | | | 1,209 | | | | | | — | | | | | | — | | | | | | 1,020 | | | | | | 7,727 | | |
Investment
|
| | | | — | | | | | | — | | | | | | 870 | | | | | | — | | | | | | — | | | | | | 870 | | |
Change in fair value
|
| | | | 221 | | | | | | 91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 312 | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | (213) | | | | | | — | | | | | | — | | | | | | (213) | | |
Impairment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (954) | | | | | | (954) | | |
Foreign currency translation
|
| | | | — | | | | | | 25 | | | | | | — | | | | | | — | | | | | | (66) | | | | | | (41) | | |
Balance at December 31, 2021
|
| | | $ | 5,719 | | | | | $ | 1,325 | | | | | $ | 657 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,701 | | |
| | |
Santa
Cruz (Note a) |
| |
Tintic
Project (Note b) |
| |
Pinaya
Project (Note c) |
| |
San
Matias (Note d) |
| |
Mineral
Royalty (Note e) |
| |
Other
|
| |
Total
|
| |||||||||||||||||||||
Balance at January 1, 2020
|
| | | $ | — | | | | | $ | 6,888 | | | | | $ | 2,516 | | | | | $ | — | | | | | $ | 750 | | | | | $ | 150 | | | | | $ | 10,304 | | |
Acquisition costs
|
| | | | — | | | | | | 7,000 | | | | | | — | | | | | | 13,607 | | | | | | 958 | | | | | | 150 | | | | | | 21,715 | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | |
Balance at December 31, 2020
|
| | | | — | | | | | | 13,888 | | | | | | 2,512 | | | | | | 13,607 | | | | | | 1,708 | | | | | | 300 | | | | | | 32,015 | | |
Acquisition costs
|
| | | | 35,075 | | | | | | 5,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | 250 | | | | | | 41,025 | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | | | | | | | (1) | | |
Balance at December 31, 2021
|
| | | $ | 35,075 | | | | | $ | 19,588 | | | | | $ | 2,511 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 550 | | | | | $ | 73,039 | | |
Year
|
| |
Option
payments |
| |||
2022
|
| | | | 5,788 | | |
2023
|
| | | | 5,287 | | |
Total
|
| | | $ | 11,075 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Gross
Carrying Amount |
| |
Accumulated
depreciation |
| |
Net
Carrying Amount |
| |
Gross
Carrying Amount |
| |
Accumulated
depreciation |
| |
Net
Carrying Amount |
| ||||||||||||||||||
Equipment and vehicles
|
| | | | 3,076 | | | | | | (2,161) | | | | | | 915 | | | | | | 2,754 | | | | | | (2,232) | | | | | | 522 | | |
Computer equipment
|
| | | | 400 | | | | | | (120) | | | | | | 280 | | | | | | 584 | | | | | | (328) | | | | | | 256 | | |
Leasehold improvements
|
| | | | 582 | | | | | | (406) | | | | | | 176 | | | | | | 530 | | | | | | (356) | | | | | | 174 | | |
Land
|
| | | | 720 | | | | | | — | | | | | | 720 | | | | | | 718 | | | | | | — | | | | | | 718 | | |
Right of use assets
|
| | | | 4,435 | | | | | | (4,003) | | | | | | 432 | | | | | | 4,274 | | | | | | (3,559) | | | | | | 715 | | |
Total property, plant and equipment
|
| | | | 9,213 | | | | | | (6,690) | | | | | | 2,523 | | | | | | 8,860 | | | | | | (6,475) | | | | | | 2,385 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Gross
Carrying Amount |
| |
Accumulated
amortization |
| |
Net
Carrying Amount |
| |
Gross
Carrying Amount |
| |
Accumulated
amortization |
| |
Net
Carrying Amount |
| ||||||||||||||||||
Patents and licenses
|
| | | | 13,835 | | | | | | (13,328) | | | | | | 507 | | | | | | 13,843 | | | | | | (13,019) | | | | | | 824 | | |
Computer Software
|
| | | | 1,201 | | | | | | (1,194) | | | | | | 7 | | | | | | 1,202 | | | | | | (1,195) | | | | | | 7 | | |
Artificial intelligence intellectual property
|
| | | | 14,119 | | | | | | (10,293) | | | | | | 3,826 | | | | | | 14,057 | | | | | | (7,437) | | | | | | 6,620 | | |
Total intangible assets
|
| | | | 29,155 | | | | | | (24,815) | | | | | | 4,340 | | | | | | 29,102 | | | | | | (21,651) | | | | | | 7,451 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Value added taxes recoverable
|
| | | $ | 1,699 | | | | | $ | 1,487 | | |
Related party advances (Note 24)
|
| | | | 1,855 | | | | | | 1,307 | | |
Other
|
| | | | 2,307 | | | | | | 1,327 | | |
| | | | $ | 5,861 | | | | | $ | 4,121 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Trade accounts payable
|
| | | $ | 5,721 | | | | | $ | 1,319 | | |
Accrued liabilities
|
| | | | 2,888 | | | | | | 1,103 | | |
Warranty provision
|
| | | | 26 | | | | | | 108 | | |
Payable for Next acquisition (Note a)
|
| | | | — | | | | | | 3,211 | | |
Other payables
|
| | | | 1,560 | | | | | | 717 | | |
| | | | $ | 10,195 | | | | | $ | 6,458 | | |
| | |
Ivanhoe
Electric Convertible Notes (Note a) |
| |
VRB
Convertible bond (Note b) |
| |
Total
|
| |||||||||
Balance at December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Debt issuance
|
| | | | 49,999 | | | | | | 22,857 | | | | | | 72,856 | | |
Finance expense
|
| | | | 405 | | | | | | 1,000 | | | | | | 1,405 | | |
Change in fair value
|
| | | | 4,571 | | | | | | — | | | | | | 4,571 | | |
Balance at December 31, 2021
|
| | | $ | 54,975 | | | | | $ | 23,857 | | | | | $ | 78,832 | | |
| | |
December 31, 2021
|
|
Risk free interest rate
|
| |
0.48% to 1.35%
|
|
Historical volatility
|
| |
75%
|
|
Dividend yield
|
| |
0%
|
|
| | |
Fair
value |
| |
10% increase
in share price |
| |
10% decrease
in share price |
| |||||||||
Convertible notes
|
| | | $ | 54,975 | | | | | $ | 55,390 | | | | | $ | 54,829 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Ivanhoe Electric (Note a)
|
| | | $ | 2,144 | | | | | $ | — | | | | | $ | — | | |
Kaizen
|
| | | | 211 | | | | | | 49 | | | | | | 18 | | |
Cordoba
|
| | | | 784 | | | | | | 270 | | | | | | 281 | | |
VRB
|
| | | | 61 | | | | | | 56 | | | | | | 83 | | |
CGI
|
| | | | 467 | | | | | | 770 | | | | | | — | | |
| | | | $ | 3,667 | | | | | $ | 1,145 | | | | | $ | 382 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cost of sales
|
| | | $ | 333 | | | | | $ | 549 | | | | | $ | — | | |
Exploration expenses
|
| | | | 1,558 | | | | | | 58 | | | | | | 77 | | |
General and administrative expenses
|
| | | | 1,776 | | | | | | 538 | | | | | | 305 | | |
| | | | $ | 3,667 | | | | | $ | 1,145 | | | | | $ | 382 | | |
| | |
Grant date:
June 30, 2021 |
| |||
Fair value of common stock
|
| | | $ | 2.49 | | |
Expected volatility
|
| | | | 73.7% | | |
Expected life of options (in years)
|
| | | | 2.6 | | |
Expected dividend rate
|
| | | | 0% | | |
Risk-free interest rate
|
| | | | 0.23% | | |
| | |
Number
of options |
| |
Weighted-
Average Exercise Price |
| |
Weighted-
Average Remaining Contractual Term (years) |
| |||||||||
Outstanding at January 1, 2020
|
| | | | — | | | | | | — | | | | | | — | | |
Granted
|
| | | | 4,483,322 | | | | | | 2.49 | | | | | | — | | |
Exercised
|
| | | | — | | | | | | — | | | | | | — | | |
Forfeited/expired
|
| | | | — | | | | | | — | | | | | | — | | |
Outstanding at December 31, 2021
|
| | | | 4,483,322 | | | | | $ | 2.49 | | | | | | 4.5 | | |
Exercisable at December 31, 2021
|
| | | | 1,120,822 | | | | | $ | 2.49 | | | | | | 4.5 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Revenue type
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Data processing services (Note a)
|
| | | $ | 4,512 | | | | | $ | 4,212 | | | | | $ | 3,032 | | |
Energy storage systems (Note b)
|
| | | | 140 | | | | | | 236 | | | | | | 442 | | |
Other
|
| | | | — | | | | | | 185 | | | | | | 278 | | |
Total
|
| | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Project
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
San Matias, Colombia (Cordoba) (Note 10(d))
|
| | | $ | 13,789 | | | | | $ | 5,399 | | | | | $ | 5,456 | | |
Santa Cruz, USA (Note 10(a))
|
| | | | 9,966 | | | | | | 923 | | | | | | 943 | | |
Tintic, USA (Note 10(b))
|
| | | | 2,474 | | | | | | 1,336 | | | | | | 2,346 | | |
Ivory Coast Project, Ivory Coast (Note 20)
|
| | | | 1,931 | | | | | | 10 | | | | | | 17 | | |
Hog Heaven, USA (Note 20)
|
| | | | 2,029 | | | | | | 336 | | | | | | — | | |
Pinaya, Peru (Kaizen) (Note 10(c))
|
| | | | 1,774 | | | | | | 1,613 | | | | | | 641 | | |
Desert Mountain, USA
|
| | | | 821 | | | | | | 177 | | | | | | — | | |
Perseverance, USA (Cordoba) (Note 20)
|
| | | | 742 | | | | | | 488 | | | | | | 610 | | |
Yangayu, Papua New Guinea
|
| | | | 497 | | | | | | — | | | | | | — | | |
South Voisey’s Bay, Canada (Note 20)
|
| | | | 355 | | | | | | 18 | | | | | | 11 | | |
Bitter Creek, USA
|
| | | | 340 | | | | | | 174 | | | | | | — | | |
Lincoln, USA
|
| | | | 235 | | | | | | — | | | | | | — | | |
Project Generation and other
|
| | | | 4,552 | | | | | | 3,620 | | | | | | 2,882 | | |
Total
|
| | | $ | 39,505 | | | | | $ | 14,094 | | | | | $ | 12,906 | | |
Project
|
| |
Investment
in Project Sponsor |
| |
Net
Carrying Value of Project Entity |
| |
Cumulative Earn-In
Expenditures as of December 31, 2021 |
| |
Ownership
percentage of project entity at December 31, 2021 |
| |
Expenditures
Required to Achieve Maximum Ownership Interest |
| |
Maximum
Potential Ownership |
| ||||||||||||
Ivory Coast Project
|
| | | $ | 5,719(1) | | | | | | — | | | |
Cdn $15.7 million
|
| | | | 30% | | | |
Cdn $25 million
|
| | | | 60% | | |
South Voisey’s Bay
|
| | | $ | 1,325(1) | | | | | | — | | | |
Cdn $3.1 million
|
| | | | 0%(3) | | | |
Cdn $7.7 million
|
| | | | 65% | | |
Hog Heaven
|
| | | $ | 1,280(2) | | | | | | — | | | |
$1.9 million
|
| | | | 0%(4) | | | |
$44.5 million
|
| | | | 75% | | |
Perseverance
|
| | | $ | 383(2) | | | | | | — | | | |
Cdn $3.4 million
|
| | | | 25% | | | |
Cdn $17.5 million
|
| | | | 80% | | |
|
Mineral interests
|
| | | $ | 11,566 | | |
|
Accounts receivable
|
| | | | 1 | | |
|
Deferred tax liability
|
| | | | (4,082) | | |
|
Net assets acquired
|
| | | $ | 7,485 | | |
| | |
Kaizen
|
| |
VRB
|
| |
Cordoba
|
| |
Other
|
| |
Total
|
| |||||||||||||||
Balance at January 1, 2020
|
| | | | 249 | | | | | | 250 | | | | | | (675) | | | | | | (59) | | | | | | (235) | | |
Non-controlling interests share of loss
|
| | | | (1,141) | | | | | | (480) | | | | | | (2,954) | | | | | | (43) | | | | | | (4,618) | | |
Changes in non-controlling interests arising from changes in ownership interest
|
| | | | 342 | | | | | | — | | | | | | 11,167 | | | | | | — | | | | | | 11,509 | | |
Other changes in non-controlling interests
|
| | | | (50) | | | | | | (14) | | | | | | 77 | | | | | | 41 | | | | | | 54 | | |
Balance at December 31, 2020
|
| | | | (600) | | | | | | (244) | | | | | | 7,615 | | | | | | (61) | | | | | | 6,710 | | |
Non-controlling interests share of loss
|
| | | | (788) | | | | | | (879) | | | | | | (7,481) | | | | | | (43) | | | | | | (9,191) | | |
Changes in non-controlling interests arising from changes in ownership interest
|
| | | | 2,415 | | | | | | — | | | | | | 5,694 | | | | | | (1) | | | | | | 8,108 | | |
Other changes in non-controlling interests
|
| | | | 45 | | | | | | — | | | | | | 176 | | | | | | 33 | | | | | | 254 | | |
Balance at December 31, 2021
|
| | | $ | 1,072 | | | | | $ | (1,123) | | | | | $ | 6,004 | | | | | $ | (72) | | | | | $ | 5,881 | | |
| | |
Kaizen
|
| |
VRB
|
| |
Cordoba
|
| |
Other
|
| |
Total
|
| ||||||||||||
Ownership percentage at December 31, 2021:
|
| | | | 82.7% | | | | | | 90.0% | | | | | | 63.3% | | | | | | 94.3% | | | | | |
|
Total assets
|
| | | | 7,680 | | | | | | 27,641 | | | | | | 20,059 | | | | | | 6,152 | | | | | | 61,532 | | |
|
Total liabilities
|
| | | | 1,487 | | | | | | 38,894 | | | | | | 5,566 | | | | | | 7,501 | | | | | | 53,448 | | |
|
Net assets
|
| | | | 6,193 | | | | | | (11,253) | | | | | | 14,493 | | | | | | (1,349) | | | | | | 8,084 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
U.S. Operations
|
| | | | | | | | | $ | — | | | | | $ | — | | |
Foreign
|
| | | | 675 | | | | | | 1,024 | | | | | | 2 | | |
Total current income tax provision / (benefit)
|
| | | | 675 | | | | | | 1,024 | | | | | | 2 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
U.S. Operations
|
| | | | — | | | | | | — | | | | | | — | | |
Foreign
|
| | | | (191) | | | | | | (643) | | | | | | (719) | | |
Total deferred income tax provision / (benefit)
|
| | | | (191) | | | | | | (643) | | | | | | (719) | | |
Total income tax provision / (benefit)
|
| | | $ | 484 | | | | | $ | 381 | | | | | $ | (717) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
U.S. Operations
|
| | | $ | (31,499) | | | | | $ | (5,834) | | | | | $ | 863 | | |
Foreign
|
| | | | (36,528) | | | | | | (23,637) | | | | | | (30,324) | | |
Total
|
| | | $ | (68,027) | | | | | $ | (29,471) | | | | | $ | (29,461) | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
U.S. Federal tax rate
|
| | | | 21% | | | | | | 21% | | | | | | 21% | | |
Expected income tax benefit (expense) at U.S. Federal tax rate
|
| | | $ | (14,286) | | | | | $ | (6,189) | | | | | $ | (6,187) | | |
Reconciling items: | | | | | | | | | | | | | | | | | | | |
Difference between statutory and foreign tax rate
|
| | | | (151) | | | | | | 654 | | | | | | 1,796 | | |
Permanent differences
|
| | | | 3,695 | | | | | | 962 | | | | | | (373) | | |
Change in valuation allowance
|
| | | | 11,823 | | | | | | 4,821 | | | | | | 4,067 | | |
Difference in current versus future tax rates
|
| | | | (351) | | | | | | (322) | | | | | | — | | |
Impact of changes in tax rates
|
| | | | (608) | | | | | | 693 | | | | | | (8) | | |
Other
|
| | | | 362 | | | | | | (238) | | | | | | (12) | | |
Income tax benefit (expense)
|
| | | $ | 484 | | | | | $ | 381 | | | | | $ | (717) | | |
| | |
As at December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | |
Intangible assets
|
| | | $ | 91 | | | | | $ | 89 | | |
Exploration mineral interest
|
| | | | 19,488 | | | | | | 14,004 | | |
Net operating losses
|
| | | | 22,498 | | | | | | 17,249 | | |
Foreign capital losses
|
| | | | 4,285 | | | | | | 4,251 | | |
Share issuance costs
|
| | | | 202 | | | | | | 179 | | |
Convertible debt
|
| | | | 960 | | | | | | — | | |
Other
|
| | | | 97 | | | | | | 15 | | |
Total gross deferred tax assets
|
| | | | 47,621 | | | | | | 35,787 | | |
Less: valuation allowance
|
| | | | (45,619) | | | | | | (35,521) | | |
Net deferred tax assets
|
| | | | 2,002 | | | | | | 266 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Exploration mineral interest
|
| | | | (6,303) | | | | | | (4,585) | | |
Intangible assets
|
| | | | — | | | | | | (162) | | |
Property, plant and equipment
|
| | | | (1,081) | | | | | | (1,828) | | |
Total gross deferred tax liabilities
|
| | | | (7,384) | | | | | | (6,575) | | |
Net deferred tax liability
|
| | | $ | (5,382) | | | | | $ | (6,309) | | |
| | |
As at December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Balance, beginning of year
|
| | | $ | (35,521) | | | | | $ | (30,742) | | |
(Increase) decrease due to foreign currency translation
|
| | | | 1,614 | | | | | | (195) | | |
(Increase) related to non-utilization of deferred tax assets due to uncertainty of recovery and (increase)
related to non-utilization of net operating loss carryforwards |
| | | | (11,823) | | | | | | (4,717) | | |
Decrease related to utilization and expiration of deferred tax assets, other
|
| | | | 111 | | | | | | 242 | | |
Items in equity
|
| | | | — | | | | | | (109) | | |
Balance, end of year
|
| | | | (45,619) | | | | | | (35,521) | | |
Country
|
| |
Losses
|
| |
Expiry
|
| |||
U.S.A.
|
| | | $ | 24,651 | | | |
2036 to 2041
|
|
Canada
|
| | | | 44,790 | | | |
2030 to 2041
|
|
China
|
| | | | 21,697 | | | |
2026 to 2031
|
|
Colombia
|
| | | | 46 | | | |
2030 to 2032
|
|
Peru
|
| | | | 64 | | | |
Indefinite
|
|
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
CGI (Note a)
|
| | | $ | — | | | | | $ | 5,756 | | |
| | | | $ | — | | | | | $ | 5,756 | | |
| | |
Balance outstanding as at December 31,
|
| |
Transactions for the year ended
December 31, |
| ||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||||||||
Total Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 993 | | | | | | 262 | | | | | | 6,776 | | | | | | 5,710 | | | | | | 6,213 | | |
Ivanhoe Capital Aviation (Note b)
|
| | | | — | | | | | | — | | | | | | 1,417 | | | | | | — | | | | | | — | | |
HPX (Note c)
|
| | | | — | | | | | | — | | | | | | 499 | | | | | | — | | | | | | — | | |
Total
|
| | | | 993 | | | | | | 262 | | | | | | 8,692 | | | | | | 5,710 | | | | | | 6,213 | | |
Advances | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 1,855 | | | | | | 1,307 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Transactions for the year ended
December 31, |
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Expense classification | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 5,454 | | | | | | 3,060 | | | | | | 3,248 | | |
Exploration expenses
|
| | | | 3,238 | | | | | | 2,650 | | | | | | 2,965 | | |
| | | | | 8,692 | | | | | | 5,710 | | | | | | 6,213 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net loss attributable to common stockholders or parent
|
| | | $ | 59,320 | | | | | $ | 25,234 | | | | | $ | 24,634 | | |
Weighted-average number of shares outstanding | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | | | 61,502,094 | | | | | | 59,909,344 | | | | | | 59,909,344 | | |
Basic and diluted net loss per share
|
| | | $ | 0.96 | | | | | $ | 0.42 | | | | | $ | 0.41 | | |
| | |
December 31, 2021
|
| |
December 31, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | | | 7,044 | | | | | | — | | | | | | — | | | | | | 6,707 | | | | | | — | | | | | | — | | |
Other investments
|
| | | | 1,802 | | | | | | — | | | | | | — | | | | | | 1,196 | | | | | | — | | | | | | — | | |
Total financial assets
|
| | | $ | 8,846 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,903 | | | | | $ | — | | | | | $ | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ivanhoe Electric convertible notes
|
| | | | — | | | | | | — | | | | | | 54,975 | | | | | | — | | | | | | — | | | | | | — | | |
Deferred consideration payable
|
| | | | — | | | | | | — | | | | | | 26,562 | | | | | | — | | | | | | — | | | | | | — | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 81,537 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
As at and for the year ended December 31, 2021
|
| |||||||||||||||||||||
| | |
Critical Metals
|
| |
Data Processing
|
| |
Energy Storage
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 4,512 | | | | | $ | 140 | | | | | $ | 4,652 | | |
Intersegment revenues
|
| | | | — | | | | | | 112 | | | | | | — | | | | | | 112 | | |
Loss from operations
|
| | | | 53,188 | | | | | | 633 | | | | | | 6,928 | | | | | | 60,749 | | |
Depreciation and amortization
|
| | | | 826 | | | | | | 2,865 | | | | | | 559 | | | | | | 4,250 | | |
Segment Assets
|
| | | | 119,738 | | | | | | 6,152 | | | | | | 27,641 | | | | | | 153,531 | | |
Expenditures for segment assets
|
| | | | 14,832 | | | | | | 8 | | | | | | 341 | | | | | | 15,181 | | |
Investments subject to significant influence
|
| | | | 7,701 | | | | | | — | | | | | | — | | | | | | 7,701 | | |
| | |
As at and for the year ended December 31, 2020
|
| |||||||||||||||||||||
| | |
Critical Metals
|
| |
Data Processing
|
| |
Energy Storage
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | $ | 185 | | | | | $ | 4,212 | | | | | $ | 236 | | | | | $ | 4,633 | | |
Intersegment revenues
|
| | | | — | | | | | | 135 | | | | | | — | | | | | | 135 | | |
Loss from operations
|
| | | | 21,054 | | | | | | 752 | | | | | | 4,795 | | | | | | 26,601 | | |
Depreciation and amortization
|
| | | | 790 | | | | | | 2,783 | | | | | | 466 | | | | | | 4,039 | | |
Segment Assets
|
| | | | 52,041 | | | | | | 10,348 | | | | | | 9,332 | | | | | | 71,721 | | |
Expenditures for segment assets
|
| | | | 14,911 | | | | | | 7 | | | | | | 85 | | | | | | 15,003 | | |
Investments subject to significant influence
|
| | | | 7,727 | | | | | | — | | | | | | — | | | | | | 7,727 | | |
| | |
As at and for the year ended December 31, 2019
|
| |||||||||||||||||||||
| | |
Critical Metals
|
| |
Data Processing
|
| |
Energy Storage
|
| |
Total
|
| ||||||||||||
Revenue
|
| | | $ | 278 | | | | | $ | 3,032 | | | | | $ | 442 | | | | | $ | 3,752 | | |
Intersegment revenues
|
| | | | — | | | | | | 117 | | | | | | — | | | | | | 117 | | |
Loss from operations
|
| | | | 18,477 | | | | | | 1,293 | | | | | | 6,410 | | | | | | 26,180 | | |
Depreciation and amortization
|
| | | | 595 | | | | | | 2,718 | | | | | | 563 | | | | | | 3,876 | | |
Segment Assets
|
| | | | 33,502 | | | | | | 11,802 | | | | | | 7,473 | | | | | | 52,777 | | |
Expenditures for segment assets
|
| | | | 3,969 | | | | | | 5 | | | | | | 32 | | | | | | 4,006 | | |
Investments subject to significant influence
|
| | | | 14,438 | | | | | | — | | | | | | — | | | | | | 14,438 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
Revenue
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Canada
|
| | | $ | 4,512 | | | | | $ | 4,212 | | | | | $ | 3,032 | | |
China
|
| | | | 140 | | | | | | 236 | | | | | | 442 | | |
Other
|
| | | | — | | | | | | 185 | | | | | | 278 | | |
Total
|
| | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | |
| | |
As at December 31,
|
| |||||||||
Long-lived assets
|
| |
2021
|
| |
2020
|
| ||||||
U.S.A
|
| | | $ | 55,781 | | | | | $ | 14,584 | | |
Colombia
|
| | | | 14,604 | | | | | | 14,409 | | |
Peru
|
| | | | 2,558 | | | | | | 2,529 | | |
China
|
| | | | 764 | | | | | | 989 | | |
Other
|
| | | | 147 | | | | | | 181 | | |
Total
|
| | | $ | 73,854 | | | | | $ | 32,692 | | |
| | |
As at December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Total long-lived assets
|
| | | $ | 73,854 | | | | | $ | 32,692 | | |
Total current assets
|
| | | | 58,265 | | | | | | 16,826 | | |
Mineral Royalty (Note 10(e))
|
| | | | 1,708 | | | | | | 1,708 | | |
Investments subject to significant influence
|
| | | | 7,701 | | | | | | 7,727 | | |
Other investments
|
| | | | 1,802 | | | | | | 1,196 | | |
Intangible assets
|
| | | | 4,340 | | | | | | 7,451 | | |
Other non-current assets
|
| | | | 5,861 | | | | | | 4,121 | | |
Total assets and segment assets
|
| | | $ | 153,531 | | | | | $ | 71,721 | | |
Project
|
| |
Cumulative
Earn-In Expenditures as of December 31, 2021 |
| |
Expenditures
Necessary to Earn Initial Ownership Interest |
| |
Earn-In
Expenditures Required to Achieve Maximum Ownership Interest |
| |
Maximum
Potential Ownership |
| ||||||
Carolina
|
| | | $ | — | | | |
$6.0 million
|
| |
$26.0 million
|
| | | | 85% | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | |
$
|
177,666
|
| | | | $ | 49,850 | | |
Accounts receivable
|
| | |
|
1,500
|
| | | | | 1,385 | | |
Inventory
|
| | |
|
6,141
|
| | | | | 5,878 | | |
Prepaid expenses and deposits
|
| | |
|
7,109
|
| | | | | 1,152 | | |
| | | |
|
192,416
|
| | | | | 58,265 | | |
Non-current assets: | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | |
|
6,999
|
| | | | | 7,701 | | |
Other investments
|
| | |
|
1,621
|
| | | | | 1,802 | | |
Exploration mineral interests
|
| | |
|
84,744
|
| | | | | 73,039 | | |
Property, plant and equipment
|
| | |
|
3,670
|
| | | | | 2,523 | | |
Intangible assets
|
| | |
|
1,942
|
| | | | | 4,340 | | |
Other non-current assets
|
| | |
|
3,410
|
| | | | | 5,861 | | |
Total assets
|
| | |
$
|
294,802
|
| | | | $ | 153,531 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | |
$
|
17,256
|
| | | | $ | 10,195 | | |
Deferred consideration payable
|
| | |
|
—
|
| | | | | 26,562 | | |
Lease liabilities, current
|
| | |
|
289
|
| | | | | 342 | | |
Contract liability
|
| | |
|
2,751
|
| | | | | 3,484 | | |
| | | |
|
20,296
|
| | | | | 40,583 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Deferred income taxes
|
| | |
|
4,329
|
| | | | | 5,382 | | |
Convertible debt
|
| | |
|
25,398
|
| | | | | 78,832 | | |
Lease liabilities, net of current portion
|
| | |
|
928
|
| | | | | 55 | | |
Other non-current liabilities
|
| | |
|
363
|
| | | | | 865 | | |
Total liabilities
|
| | |
|
51,314
|
| | | | | 125,717 | | |
Commitments and contingencies (Note 15) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Preferred stock, par value $0.0001; 50,000,000 shares authorized; none issued
and outstanding |
| | | | — | | | | | | — | | |
Common stock, par value $0.0001; 700,000,000 shares authorized; 92.9 million shares issued and outstanding as of September 30, 2022 (December 31, 2021 – 63.9 million)
|
| | |
|
9
|
| | | | | 6 | | |
Additional paid-in capital
|
| | |
|
407,203
|
| | | | | 75,743 | | |
Accumulated deficit
|
| | |
|
(162,520)
|
| | | | | (52,314) | | |
Accumulated other comprehensive income
|
| | |
|
(852)
|
| | | | | (1,502) | | |
Equity attributable to common stockholders
|
| | |
|
243,840
|
| | | | | 21,933 | | |
Non-controlling interests
|
| | |
|
(352)
|
| | | | | 5,881 | | |
Total equity
|
| | |
|
243,488
|
| | | | | 27,814 | | |
Total liabilities and equity
|
| | |
$
|
294,802
|
| | | | $ | 153,531 | | |
| | |
Three Months Ended
September 30, |
| |
Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Revenue
|
| | |
$
|
1,181
|
| | | | $ | 1,045 | | | | |
$
|
8,172
|
| | | | $ | 4,099 | | |
Cost of sales
|
| | |
|
(875)
|
| | | | | (531) | | | | |
|
(1,042)
|
| | | | | (1,172) | | |
Gross profit
|
| | |
|
306
|
| | | | | 514 | | | | |
|
7,130
|
| | | | | 2,927 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Exploration expenses
|
| | |
|
33,971
|
| | | | | 9,954 | | | | |
|
75,157
|
| | | | | 24,563 | | |
General and administrative expenses
|
| | |
|
6,853
|
| | | | | 7,888 | | | | |
|
16,738
|
| | | | | 14,108 | | |
Research and development expenses
|
| | |
|
1,140
|
| | | | | 1,007 | | | | |
|
3,728
|
| | | | | 2,719 | | |
Selling and marketing expenses
|
| | |
|
51
|
| | | | | 28 | | | | |
|
108
|
| | | | | 73 | | |
Loss from operations
|
| | |
|
41,709
|
| | | | | 18,363 | | | | |
|
88,601
|
| | | | | 38,536 | | |
Other expenses (income): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | |
|
164
|
| | | | | 468 | | | | |
|
1,199
|
| | | | | 583 | | |
Foreign exchange loss (gain)
|
| | |
|
972
|
| | | | | 199 | | | | |
|
1,403
|
| | | | | (155) | | |
Loss (gain) on revaluation of investments
|
| | |
|
(171)
|
| | | | | (17) | | | | |
|
1,272
|
| | | | | 241 | | |
Loss on revaluation of convertible debt
|
| | |
|
—
|
| | | | | 200 | | | | |
|
18,965
|
| | | | | 200 | | |
Share of loss of equity method investees
|
| | |
|
1,527
|
| | | | | — | | | | |
|
3,077
|
| | | | | — | | |
Other expenses (income), net
|
| | |
|
(181)
|
| | | | | 983 | | | | |
|
1,401
|
| | | | | 561 | | |
Loss before income taxes
|
| | |
|
44,020
|
| | | | | 20,196 | | | | |
|
115,918
|
| | | | | 39,966 | | |
Income taxes
|
| | |
|
(167)
|
| | | | | (48) | | | | |
|
1,084
|
| | | | | (232) | | |
Net loss
|
| | |
|
43,853
|
| | | | | 20,148 | | | | |
|
117,002
|
| | | | | 39,734 | | |
Less loss attributable to non-controlling interests
|
| | |
|
(3,465)
|
| | | | | (2,503) | | | | |
|
(6,796)
|
| | | | | (6,700) | | |
Net loss attributable to common stockholders or
parent |
| | |
|
40,388
|
| | | | | 17,645 | | | | |
|
110,206
|
| | | | | 33,034 | | |
Net loss
|
| | |
|
43,853
|
| | | | | 20,148 | | | | |
|
117,002
|
| | | | | 39,734 | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | |
|
(990)
|
| | | | | (204) | | | | |
|
(949)
|
| | | | | (6) | | |
Other comprehensive income
|
| | |
|
(990)
|
| | | | | (204) | | | | |
|
(949)
|
| | | | | (6) | | |
Comprehensive loss
|
| | |
$
|
42,863
|
| | | | $ | 19,944 | | | | |
$
|
116,053
|
| | | | $ | 39,728 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stockholders or parent
|
| | |
|
39,673
|
| | | | | 17,509 | | | | |
|
109,556
|
| | | | | 33,060 | | |
Non-controlling interests
|
| | |
|
3,190
|
| | | | $ | 2,435 | | | | |
|
6,497
|
| | | | $ | 6,668 | | |
| | | |
$
|
42,863
|
| | | | $ | 19,944 | | | | |
$
|
116,053
|
| | | | $ | 39,728 | | |
Net loss per share attributable to common stockholders
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
$
|
0.43
|
| | | | $ | 0.28 | | | | |
$
|
1.50
|
| | | | $ | 0.54 | | |
Weighted-average common shares outstanding | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted
|
| | |
|
92,887,918
|
| | | | | 62,270,157 | | | | |
|
73,685,619
|
| | | | | 60,704,929 | | |
| | |
Common Stock
|
| |
Additional
paid-in capital |
| |
Net parent
investment |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive Income (loss) |
| |
Non-controlling
interest |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 43,520 | | | | | $ | — | | | | | $ | (1,538) | | | | | $ | 6,710 | | | | | $ | 48,692 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (4,653) | | | | | | — | | | | | | — | | | | | | (1,911) | | | | | | (6,564) | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | (5) | | | | | | 8 | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,606 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,606 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 398 | | | | | | 398 | | |
Balance at March 31, 2021
|
| | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | 44,473 | | | | | $ | — | | | | | $ | (1,525) | | | | | $ | 5,192 | | | | | $ | 48,140 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2,353) | | | | | | (8,383) | | | | | | — | | | | | | (2,286) | | | | | | (13,022) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (175) | | | | | | (31) | | | | | | (206) | | |
Net transfer from parent
|
| | | | — | | | | | | — | | | | | | — | | | | | | 23,534 | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,534 | | |
Restructuring upon spin off (Note 1)
|
| | | | 59,909,344 | | | | | | 6 | | | | | | 65,648 | | | | | | (65,654) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | 236 | | | | | | — | | | | | | — | | | | | | — | | | | | | 80 | | | | | | 316 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | (28) | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,567 | | | | | | 1,539 | | |
Balance at June 30, 2021
|
| | | | 59,909,344 | | | | | $ | 6 | | | | | $ | 65,856 | | | | | $ | — | | | | | $ | (8,383) | | | | | $ | (1,700) | | | | | $ | 4,522 | | | | | $ | 60,301 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,645) | | | | | | — | | | | | | (2,503) | | | | | | (20,148) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 136 | | | | | | 68 | | | | | | 204 | | |
Issuance of common stock, net of issuance
costs |
| | | | 3,905,324 | | | | | | — | | | | | | 9,410 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,410 | | |
Share based compensation
|
| | | | — | | | | | | — | | | | | | 1,877 | | | | | | — | | | | | | — | | | | | | — | | | | | | 104 | | | | | | 1,981 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | (2,846) | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,614 | | | | | | 3,768 | | |
Balance at September 30, 2021
|
| | | | 63,814,668 | | | | | $ | 6 | | | | | $ | 74,297 | | | | | $ | — | | | | | $ | (26,028) | | | | | $ | (1,564) | | | | | $ | 8,805 | | | | | $ | 55,516 | | |
Balance at January 1, 2022
|
| | | | 63,925,334 | | | | | $ | 6 | | | | | $ | 75,743 | | | | | $ | — | | | | | $ | (52,314) | | | | | $ | (1,502) | | | | | $ | 5,881 | | | | | $ | 27,814 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,452) | | | | | | — | | | | | | (2,222) | | | | | | (17,674) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 102 | | | | | | 4 | | | | | | 106 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 882 | | | | | | — | | | | | | — | | | | | | — | | | | | | 73 | | | | | | 955 | | |
Balance at March 31, 2022
|
| | | | 63,925,334 | | | | | $ | 6 | | | | | $ | 76,625 | | | | | $ | — | | | | | $ | (67,766) | | | | | $ | (1,400) | | | | | $ | 3,736 | | | | | $ | 11,201 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (54,366) | | | | | | — | | | | | | (1,109) | | | | | | (55,475) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (167) | | | | | | 20 | | | | | | (147) | | |
Issuance of common stock, net of issuance
costs |
| | | | 14,388,000 | | | | | | 2 | | | | | | 158,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 158,202 | | |
Issuance of common stock upon conversion of debt
|
| | | | 13,628,958 | | | | | | 1 | | | | | | 160,139 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 160,140 | | |
Issuance of common stock upon settlement of liability
|
| | | | 945,626 | | | | | | — | | | | | | 11,111 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,111 | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 784 | | | | | | — | | | | | | — | | | | | | — | | | | | | 54 | | | | | | 838 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | (8) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | | | | | (12) | | |
Balance at June 30, 2022
|
| | | | 92,887,918 | | | | | $ | 9 | | | | | $ | 406,851 | | | | | $ | — | | | | | $ | (122,132) | | | | | $ | (1,567) | | | | | $ | 2,697 | | | | | $ | 285,858 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (40,388) | | | | | | — | | | | | | (3,465) | | | | | | (43,853) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 715 | | | | | | 275 | | | | | | 990 | | |
Share issuance costs
|
| | | | — | | | | | | — | | | | | | (229) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (229) | | |
Share-based compensation
|
| | | | — | | | | | | — | | | | | | 581 | | | | | | — | | | | | | — | | | | | | — | | | | | | 141 | | | | | | 722 | | |
Other changes in non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance at September 30, 2022
|
| | | | 92,887,918 | | | | | $ | 9 | | | | | $ | 407,203 | | | | | $ | — | | | | | $ | (162,520) | | | | | $ | (852) | | | | | $ | (352) | | | | | $ | 243,488 | | |
| | |
2022
|
| |
2021
|
| ||||||
Operating activities | | | | | | | | | | | | | |
Net loss
|
| | |
$
|
(117,002)
|
| | | | $ | (39,734) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Depreciation of property, plant and equipment
|
| | |
|
493
|
| | | | | 265 | | |
Amortization of intangible assets
|
| | |
|
2,240
|
| | | | | 2,381 | | |
Amortization of operating lease right-of-use-assets
|
| | |
|
454
|
| | | | | 509 | | |
Share-based compensation
|
| | |
|
2,515
|
| | | | | 2,919 | | |
Unrealized foreign exchange loss (gain)
|
| | |
|
1,384
|
| | | | | (241) | | |
Interest expense
|
| | |
|
1,542
|
| | | | | 613 | | |
Income taxes
|
| | |
|
1,084
|
| | | | | (232) | | |
Loss on revaluation of convertible debt
|
| | |
|
18,965
|
| | | | | 200 | | |
Loss on de-recognition of mineral interest
|
| | |
|
5,700
|
| | | | | — | | |
Loss on revaluation of investments
|
| | |
|
1,272
|
| | | | | 241 | | |
Share of loss of equity method investees
|
| | |
|
3,077
|
| | | | | — | | |
Other
|
| | |
|
1,353
|
| | | | | 186 | | |
Changes in other operating assets and liabilities: | | | | | | | | | | | | | |
Trade accounts receivable
|
| | |
|
(115)
|
| | | | | 1,074 | | |
Inventory
|
| | |
|
(263)
|
| | | | | (1,013) | | |
Operating lease liabilities
|
| | |
|
(615)
|
| | | | | (548) | | |
Accounts payable and accrued liabilities
|
| | |
|
4,019
|
| | | | | 4,061 | | |
Other operating assets and liabilities
|
| | |
|
(4,880)
|
| | | | | (204) | | |
Net cash used in operating activities
|
| | |
|
(78,777)
|
| | | | | (29,523) | | |
Investing activities | | | | | | | | | | | | | |
Purchase of mineral interests
|
| | |
|
(33,889)
|
| | | | | (4,275) | | |
Purchase of property, plant and equipment and intangible assets
|
| | |
|
(853)
|
| | | | | (3,008) | | |
Purchase of investments subject to significant influence
|
| | |
|
(3,601)
|
| | | | | (870) | | |
Other
|
| | |
|
—
|
| | | | | (650) | | |
Net cash used in investing activities
|
| | |
|
(38,343)
|
| | | | | (8,803) | | |
Financing activities | | | | | | | | | | | | | |
Net proceeds from issuance of common stock
|
| | |
|
159,320
|
| | | | | 9,408 | | |
Proceeds from Ivanhoe Electric convertible notes
|
| | |
|
86,200
|
| | | | | 48,621 | | |
Proceeds from VRB convertible bond, net of issuance costs
|
| | |
|
—
|
| | | | | 22,857 | | |
Net transfer from parent
|
| | |
|
—
|
| | | | | 23,152 | | |
Proceeds from subsidiary financings
|
| | |
|
—
|
| | | | | 5,317 | | |
Other
|
| | |
|
(12)
|
| | | | | — | | |
Net cash provided by financing activities
|
| | |
|
245,508
|
| | | | | 109,355 | | |
Effect of foreign exchange rate changes on cash and cash equivalents
|
| | |
|
(572)
|
| | | | | (183) | | |
Increase in cash and cash equivalents
|
| | |
|
128,388
|
| | | | | 71,029 | | |
Cash and cash equivalents, beginning of the year
|
| | |
|
49,850
|
| | | | | 9,341 | | |
Cash and cash equivalents, end of the period
|
| | |
$
|
177,666
|
| | | | $ | 80,187 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Cash paid for income taxes
|
| | |
$
|
558
|
| | | | $ | 498 | | |
Supplemental disclosure of non-cash investing and financing activities | | | | | | | | | | | | | |
Issuance of common stock upon conversion of debt
|
| | |
$
|
160,140
|
| | | | $ | — | | |
Issuance of common stock upon settlement of liability
|
| | |
|
11,111
|
| | | | | — | | |
Settlement of loan from parent
|
| | |
|
—
|
| | | | | 5,886 | | |
Issuance of common stock in exchange for assets (Note 1)
|
| | |
|
—
|
| | | | | 65,654 | | |
| | |
Carried at fair value
|
| |
Equity method
|
| | | | | | | ||||||||||||
| | |
Sama
|
| |
Fjordland
|
| |
SNC
|
| |
Total
|
| ||||||||||||
Balance at December 31, 2021
|
| | | | 5,719 | | | | | | 1,325 | | | | | | 657 | | | | | | 7,701 | | |
Change in fair value
|
| | | | (245) | | | | | | (876) | | | | | | — | | | | | | (1,121) | | |
Investment
|
| | | | — | | | | | | — | | | | | | 3,601 | | | | | | 3,601 | | |
Share of loss
|
| | | | — | | | | | | — | | | | | | (3,077) | | | | | | (3,077) | | |
Foreign currency translation
|
| | | | — | | | | | | (41) | | | | | | (64) | | | | | | (105) | | |
Balance at September 30, 2022
|
| | | $ | 5,474 | | | | | $ | 408 | | | | | $ | 1,117 | | | | | $ | 6,999 | | |
| | |
Santa Cruz
|
| |
Tintic Project
|
| |
Pinaya Project
|
| |
San Matias
|
| |
Mineral Royalty
|
| |
Other
|
| |
Total
|
| |||||||||||||||||||||
Balance at December 31, 2021
|
| | | $ | 35,075 | | | | | $ | 19,588 | | | | | $ | 2,511 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 550 | | | | | $ | 73,039 | | |
Acquisition costs
|
| | | | 11,252 | | | | | | 5,788 | | | | | | — | | | | | | — | | | | | | — | | | | | | 350 | | | | | | 17,390 | | |
De-recognition (Note a)
|
| | | | (5,700) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,700) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | 15 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15 | | |
Balance at September 30, 2022
|
| | | $ | 40,627 | | | | | $ | 25,376 | | | | | $ | 2,526 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 900 | | | | | $ | 84,744 | | |
| | |
Series 1
Convertible Notes (Note a) |
| |
Series 2
Convertible Notes (Note a) |
| |
VRB
Convertible bond (Note b) |
| |
Total
|
| ||||||||||||
Balance at December 31, 2020
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Debt issuance
|
| | | | 48,621 | | | | | | — | | | | | | 22,857 | | | | | | 71,478 | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | 483 | | | | | | 483 | | |
Change in fair value
|
| | | | 200 | | | | | | — | | | | | | — | | | | | | 200 | | |
Balance at September 30, 2021
|
| | | $ | 48,821 | | | | | $ | — | | | | | $ | 23,340 | | | | | $ | 72,161 | | |
Balance at December 31, 2021
|
| | | $ | 54,975 | | | | | $ | — | | | | | $ | 23,857 | | | | | $ | 78,832 | | |
Debt issuance
|
| | | | — | | | | | | 86,200 | | | | | | — | | | | | | 86,200 | | |
Interest expense
|
| | | | — | | | | | | — | | | | | | 1,541 | | | | | | 1,541 | | |
Change in fair value
|
| | | | 8,709 | | | | | | 10,256 | | | | | | — | | | | | | 18,965 | | |
Conversion to common stock
|
| | | | (63,684) | | | | | | (96,456) | | | | | | — | | | | | | (160,140) | | |
Balance at September 30, 2022
|
| | | $ | — | | | | | $ | — | | | | | $ | 25,398 | | | | | $ | 25,398 | | |
| | |
Three months ended
September 30: |
| |
Nine months ended
September 30: |
| ||||||||||||||||||
Revenue type
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Software licensing (Note a)
|
| | | $ | 2 | | | | | $ | — | | | | | $ | 6,713 | | | | | $ | — | | |
Data processing services
|
| | | | 552 | | | | | | 1,043 | | | | | | 832 | | | | | | 3,993 | | |
Renewable energy storage systems (Note b)
|
| | | | 627 | | | | | | 2 | | | | | | 627 | | | | | | 106 | | |
Total
|
| | | $ | 1,181 | | | | | $ | 1,045 | | | | | $ | 8,172 | | | | | $ | 4,099 | | |
| | |
Three months ended
September 30: |
| |
Nine months ended
September 30: |
| ||||||||||||||||||
Project
|
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Santa Cruz, USA (Note a)
|
| | | $ | 21,811 | | | | | $ | 2,166 | | | | | $ | 46,372 | | | | | $ | 2,600 | | |
San Matias, Colombia
|
| | | | 6,000 | | | | | | 3,576 | | | | | | 11,773 | | | | | | 10,400 | | |
Pinaya, Peru
|
| | | | 297 | | | | | | 164 | | | | | | 2,448 | | | | | | 882 | | |
Perseverance, USA
|
| | | | 35 | | | | | | 107 | | | | | | 1,694 | | | | | | 205 | | |
Yangayu, Papua New Guinea
|
| | | | 831 | | | | | | — | | | | | | 1,482 | | | | | | — | | |
Tintic, USA
|
| | | | 613 | | | | | | 547 | | | | | | 1,309 | | | | | | 1,589 | | |
Hog Heaven, USA
|
| | | | 262 | | | | | | 530 | | | | | | 1,130 | | | | | | 1,851 | | |
Carolina, USA
|
| | | | 501 | | | | | | — | | | | | | 1,015 | | | | | | — | | |
Bitter Creek, USA
|
| | | | 92 | | | | | | 181 | | | | | | 600 | | | | | | 249 | | |
Lincoln, USA
|
| | | | 210 | | | | | | — | | | | | | 549 | | | | | | — | | |
Ivory Coast Project, Ivory Coast
|
| | | | 41 | | | | | | — | | | | | | 67 | | | | | | 1,930 | | |
Project generation and other
|
| | | | 3,278 | | | | | | 2,683 | | | | | | 6,718 | | | | | | 4,857 | | |
Total
|
| | | $ | 33,971 | | | | | $ | 9,954 | | | | | $ | 75,157 | | | | | $ | 24,563 | | |
| | |
Balance outstanding as at
|
| |
Transactions for the
three months ended September 30, |
| |
Transactions for the
nine months ended September 30, |
| |||||||||||||||||||||||||||
| | |
September 30,
2022 |
| |
December 31,
2021 |
| |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||||||||
Total Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 1,249 | | | | | | 993 | | | | | | 3,485 | | | | | | 1,879 | | | | | | 9,567 | | | | | | 5,129 | | |
Ivanhoe Capital Aviation (Note b)
|
| | | | — | | | | | | — | | | | | | 250 | | | | | | 1,167 | | | | | | 750 | | | | | | 1,167 | | |
I-Pulse (Note c)
|
| | | | 73 | | | | | | — | | | | | | 286 | | | | | | — | | | | | | 286 | | | | | | — | | |
HPX (Note d)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 487 | | |
Total
|
| | | | 1,322 | | | | | | 993 | | | | | | 4,021 | | | | | | 3,046 | | | | | | 10,603 | | | | | | 6,783 | | |
Advances | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a)
|
| | | | 1,757 | | | | | | 1,855 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Transactions for the
three months ended September 30, |
| |
Transactions for the
nine months ended September 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Expense classification | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 1,626 | | | | | | 2,052 | | | | | | 4,678 | | | | | | 3,987 | | |
Exploration expenses
|
| | | | 2,395 | | | | | | 994 | | | | | | 5,925 | | | | | | 2,796 | | |
| | | | | 4,021 | | | | | | 3,046 | | | | | | 10,603 | | | | | | 6,783 | | |
| | |
September 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments subject to significant influence
|
| | | | 5,882 | | | | | | — | | | | | | — | | | | | | 7,044 | | | | | | — | | | | | | — | | |
Other investments
|
| | | | 1,621 | | | | | | — | | | | | | — | | | | | | 1,802 | | | | | | — | | | | | | — | | |
Total financial assets
|
| | | $ | 7,503 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,846 | | | | | $ | — | | | | | $ | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 54,975 | | |
Deferred consideration payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,562 | | |
Total financial liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 81,537 | | |
| | |
Three months ended September 30, 2022
|
| |
Nine months ended September 30, 2022
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 554 | | | | | $ | 627 | | | | | $ | 1,181 | | | | | $ | — | | | | | $ | 7,545 | | | | | $ | 627 | | | | | $ | 8,172 | | |
Intersegment revenues
|
| | | | — | | | | | | 89 | | | | | | — | | | | | | 89 | | | | | | — | | | | | | 228 | | | | | | — | | | | | | 228 | | |
Loss (income) from operations
|
| | | | 38,669 | | | | | | 640 | | | | | | 2,400 | | | | | | 41,709 | | | | | | 86,552 | | | | | | (3,956) | | | | | | 6,005 | | | | | | 88,601 | | |
Segment Assets
|
| | | | 267,548 | | | | | | 6,542 | | | | | | 20,712 | | | | | | 294,802 | | | | | | 267,548 | | | | | | 6,542 | | | | | | 20,712 | | | | | | 294,802 | | |
| | |
Three months ended September 30, 2021
|
| |
Nine months ended September 30, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
| | |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| |
Critical
Metals |
| |
Data
Processing |
| |
Energy
Storage |
| |
Total
|
| ||||||||||||||||||||||||
Revenue
|
| | | $ | — | | | | | $ | 1,043 | | | | | $ | 2 | | | | | $ | 1,045 | | | | | $ | — | | | | | $ | 3,993 | | | | | $ | 106 | | | | | $ | 4,099 | | |
Intersegment revenues
|
| | | | — | | | | | | 56 | | | | | | — | | | | | | 56 | | | | | | — | | | | | | 100 | | | | | | — | | | | | | 100 | | |
Loss (income) from operations
|
| | | | 15,630 | | | | | | 185 | | | | | | 2,548 | | | | | | 18,363 | | | | | | 33,770 | | | | | | (97) | | | | | | 4,863 | | | | | | 38,536 | | |
Segment Assets
|
| | | | 106,723 | | | | | | 8,008 | | | | | | 30,126 | | | | | | 144,857 | | | | | | 106,723 | | | | | | 8,008 | | | | | | 30,126 | | | | | | 144,857 | | |
| | |
Amount to be Paid
|
| |||
SEC registration fee
|
| | | $ | | | |
Printing and engraving expenses
|
| | | | | | |
Legal fees and expenses
|
| | | | | | |
Accounting fees and expenses
|
| | | | | | |
Miscellaneous
|
| | | | | | |
Total
|
| | | $ | | | |
|
Exhibit
Number |
| |
Description
|
|
| 2.1 | | |
Contribution Agreement dated as of April 30, 2021, between the High Power Exploration Inc. and the Registrant (incorporated by reference to Exhibit 2.1 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 3.1 | | |
Amended and Restated Certificate of Incorporation of the Registrant as currently in effect (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on June 27, 2022)
|
|
| 3.2 | | |
Amended and Restated By-Laws of the Registrant as currently in effect (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on June 27, 2022)
|
|
| 4.1 | | |
Stockholders Agreement dated as of April 30, 2021, by and among the Registrant, I-Pulse Inc., Ivanhoe Industries, LLC, Point Piper, LLC, Century Vision Holdings Limited and Iridium Opportunity Fund A LP (incorporated by reference to Exhibit 4.4 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 4.2 | | |
First Amendment dated as of June 28, 2021 to the Stockholders Agreement dated as of April 30, 2021, by and among the Registrant, I-Pulse Inc., Ivanhoe Industries, LLC, Point Piper, LLC, Century Vision Holdings Limited and Iridium Opportunity Fund A LP (incorporated by reference to Exhibit 4.5 of the Company’s Registration Statement on Form S-1 file number 333‑265175)
|
|
| 4.3 | | |
Second Amended and Restated Stockholders Agreement dated as of April 5, 2022, by and among the Registrant, I-Pulse Inc., Ivanhoe Industries, LLC, Point Piper, LLC, and each of the investors signatory thereto (incorporated by reference to Exhibit 4.6 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 4.4 | | |
Amended and Restated Registration Rights Agreement dated as of April 5, 2022, by and among the Registrant and the investors signatory thereto (incorporated by reference to Exhibit 4.7 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 4.5 | | |
Registration Rights Agreement dated as of November 10, 2021, by and among the Registrant and Central Arizona Resources, LLC (incorporated by reference to Exhibit 4.8 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 5.1* | | | | |
| 10.1 | | |
Assignment Agreement dated as of October 27, 2021 by and among the Registrant, Mesa Cobre Holding Corporation, Central Arizona Resources, LLC, Presidio Group Inc., Russell Mining Corp., and Gold Coast Mining Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.2 | | |
Transitions Services Agreement dated as of April 30, 2021 between High Power Exploration Inc. and the Registrant (incorporated by reference to Exhibit 10.2 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.3 | | |
Technology License Agreement dated as of March 23, 2012, between High Power Exploration Inc. and I-Pulse Inc. (incorporated by reference to Exhibit 10.3 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.4 | | |
Technology License Agreement dated as of March 23, 2012, between High Power Exploration Inc. and HPX TechCo Inc. and GEO27 S.a.r.l. (incorporated by reference to Exhibit 10.4 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.5 | | |
Patent License Agreement Amendment and Novation dated as of March 23, 2012, between High Power Exploration Inc. and GEO27 S.a.r.l. (incorporated by reference to Exhibit 10.5 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
|
Exhibit
Number |
| |
Description
|
|
| 10.6 | | |
Assignment and Novation Agreement, dated as of April 30, 2021, between High Power Exploration Inc. and each of I-Pulse Inc., HPX TechCo Inc. and GEO27 S.a.r.l. (incorporated by reference to Exhibit 10.6 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.7 | | |
Option Agreement for Purchase and Sale, dated August 16, 2021, by and between Central Arizona Resources, LLC and DRH Energy, Inc. (incorporated by reference to Exhibit 10.7 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.8 | | |
Surface Use Agreement, dated August 3, 2021, by and between Legends Property, LLC and Central Arizona Resources, LLC (incorporated by reference to Exhibit 10.8 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.9 | | |
Amended and Restated Shareholders’ Corporate Management and Cost Sharing Agreement dated as of December 4, 2013, as amended as of January 1, 2016, among the shareholders of Global Mining Management (BVI) Corp., Global Mining Management (BVI) Corp. and Global Mining Management Corporation (incorporated by reference to Exhibit 10.9 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.10# | | |
Purchase and Sale Agreement dated as of October 19, 2017 (incorporated by reference to Exhibit 10.10 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.11# | | |
Purchase and Sale Agreement dated as of October 4, 2018 (incorporated by reference to Exhibit 10.11 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.12# | | |
Purchase and Sale Agreement dated as of October 4, 2018 (incorporated by reference to Exhibit 10.12 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.13# | | |
Purchase and Sale Agreement dated as of October 4, 2018 (incorporated by reference to Exhibit 10.12 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.14# | | |
Purchase and Sale Agreement dated as of June 14, 2019 (incorporated by reference to Exhibit 10.14 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.15 | | |
Ivanhoe Electric Inc. Equity Incentive Plan (incorporated by reference to Exhibit 10.15 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.16 | | |
Long Term Incentive Plan (incorporated by reference to Exhibit 10.16 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.17 | | |
Employment Agreement dated as of June 20, 2018 between Global Mining Management Corp. and Eric Finlayson (incorporated by reference to Exhibit 10.17 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.18 | | |
Employment Agreement dated as of November 1, 2013 and amended as of January 1, 2017 between Global Mining Management Corp. and Graham Boyd (incorporated by reference to Exhibit 10.18 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.19 | | |
Form of Indemnification Agreement (incorporated by reference to Exhibit 10.19 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 10.20 | | |
Employment Agreement between the Ivanhoe Electric Inc. and Taylor Melvin (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on November 14, 2022)
|
|
| 10.21 | | |
Employment Agreement between the Ivanhoe Electric Inc. and Quentin Markin (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on November 21, 2022)
|
|
| 10.22 | | |
Employment Agreement between Ivanhoe Electric Inc. and Jordan Neeser (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed with the SEC on November 21, 2022)
|
|
| 21.1* | | | | |
| 23.1* | | | Consent of Deloitte LLP | |
|
Exhibit
Number |
| |
Description
|
|
| 23.2* | | | Consent of Reed Smith LLP (included in Exhibit 5.1) | |
| 23.3* | | | Consent of SRK Consulting (U.S.) Inc. related to the Tintic Technical Report | |
| 23.4* | | | Consent of Nordmin Engineering Ltd related to the Santa Cruz Technical Report | |
| 23.5* | | | Consent of Glen Kuntz related to the San Matias Project | |
| 23.6* | | | Consent of Joanne Robinson related to the San Matias Project | |
| 23.7* | | | Consent of Kurt Boyko related to the San Matias Project | |
| 23.8* | | | Consent of Steven Pumphrey related to the San Matias Project | |
| 23.9* | | | Consent of Harold Harkonen related to the San Matias Project | |
| 23.10* | | | Consent of Patrick Williamson related to the San Matias Project | |
| 23.11* | | | Consent of Peter Cepuritis related to the San Matias Project | |
| 23.12* | | | Consent of Wilson Muir related to the San Matias Project | |
| 23.13* | | | Consent of Christopher Martin related to the San Matias Project | |
| 23.14* | | | Consent of L John Peters related to the SVB Project | |
| 23.15* | | | Consent of Bernard H. Kahlert related to the SVB Project | |
| 23.16* | | | Consent of Volodymyr Liskovych related to the Ivory Coast Project | |
| 23.17* | | | Consent of Marie-Claude Dion St-Pierre related to the Ivory Coast Project | |
| 23.18* | | | Consent of Schadrac Ibrango related to the Ivory Coast Project | |
| 23.19* | | | Consent of Nalini Singh related to the Ivory Coast Project | |
| 23.20* | | | Consent of Daniel M. Gagnon related to the Ivory Coast Project | |
| 23.21* | | | Consent of Ryan Cunningham related to the Ivory Coast Project | |
| 23.22* | | | Consent of Brian Cole related to the Pinaya Project | |
| 23.23* | | | Consent of Ronald G. Simpson related to the Pinaya Project | |
| 24.1* | | | Power of Attorney (reference is made to the signature page to the Registration Statement). | |
| 96.1 | | |
Technical Report Summary on the Santa Cruz Project, Arizona, U.S.A., prepared by Nordmin Engineering Ltd, with an effective date of June 7, 2022 (incorporated by reference to Exhibit 96.1 of the Company’s Registration Statement on Form S-1 file number 333-265175)
|
|
| 96.2 | | |
SEC Technical Report Summary, Exploration Results Report, Tintic Project Utah, U.S.A., prepared by SRK Consulting (U.S.) Inc., with an effective date of May 5, 2021(incorporated by reference to Exhibit 96.2 of the Company’s Registration Statement on Form S-1 file number 333-265175)
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| 107* | | | Filing Fees Exhibit | |
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Signature
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Title
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Date
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Robert Friedland
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| | Executive Chairman of the Board of Directors | | | | |
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Taylor Melvin
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Chief Executive Officer, President and Director
(Principal Executive Officer) |
| | | |
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Jordan Neeser
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| | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | |
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Francis Fannon
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| | Director | | | | |
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Russell Ball
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| | Director | | | | |
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Hirofumi Katase
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| | Director | | | | |
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Victoire de Margerie
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| | Director | | | | |
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Oskar Lewnowski
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| | Director | | | | |
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Priya Patil
|
| | Director | | | | |
Exhibit 5.1
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Reed Smith LLP 599 Lexington Avenue New York, NY 10022-7650 +1 212 521 5400 Fax +1 212 521 5450 reedsmith.com |
December 16, 2022
Ivanhoe Electric Inc.
606 – 999 Canada Place
Vancouver, BC V6C 3E1
Canada
Ladies and Gentlemen:
We have acted as counsel to Ivanhoe Electric Inc., a Delaware corporation (the “Company”), in connection with the Registration Statement on Form S-1 (such registration statement, as amended through the date hereof, the “Registration Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the resale or other disposition, from time to time, by the selling stockholders listed in the Registration Statement, including their donees, pledgees, transferees or other successors-in-interest (the “Selling Stockholders”), of up to 29,335,389 issued and outstanding shares of common stock, par value $0.0001 per share of the Company, held by the Selling Stockholders (the “Shares”), as set forth in the prospectus included in the Registration Statement (the “Prospectus”).
This opinion letter is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.
We have reviewed originals or copies of the Registration Statement, the Prospectus, the certificate of incorporation and bylaws of the Company, as amended through the date hereof, and such other corporate records, agreements and documents of the Company, certificates or comparable documents of public officials and officers of the Company and have made such other investigations as we have deemed necessary as a basis for the opinion set forth below.
In rendering the opinion set forth below, we have assumed:
a. | the genuineness of all signatures; |
b. | the legal capacity of natural persons; |
c. | the authenticity of all documents submitted to us as originals; |
d. | the conformity to original documents of all documents submitted to us as duplicates or conformed copies; |
e. | as to matters of fact, the truthfulness of the representations made in certificates or comparable documents of public officials and officers of the Company; and |
f. | with respect to the original issuance of the Shares, the amount of valid consideration paid in respect of such Shares equaled or exceeded the par value of such Shares. |
Ivanhoe Electric Inc. December 16, 2022 Page 2 |
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We have not independently established the validity of the foregoing assumptions.
Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that, the Shares have been validly issued, and are fully paid and nonassessable.
Our opinion is limited to the General Corporation Law of the State of Delaware and we do not express any opinion herein concerning any other law. This opinion letter speaks only as of its date.
We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the use of our name under the caption “Legal Matters” in the Prospectus. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, and the rules and regulations of the Commission promulgated thereunder.
Very truly yours,
/s/Reed Smith LLP
REED SMITH LLP
Exhibit 21.1
Subsidiaries of the Registrant
Name | Jurisdiction of Incorporation |
Bitter Creek Exploration Inc. | Arizona, United States |
Cascadia Mineral Claims Inc. | Oregon, United States |
Computational Geosciences Inc. | Canada |
Ø Kyma Geosciences Inc. | Canada |
Ø NEXT Exploration Inc. | Canada |
Cordoba Minerals Corp | British Columbia, Canada |
Ø Cordoba Minerals USA Corp. (Colorado) | Colorado, United States |
· Desert Water Development Company | Utah, United States |
· Desert Investment Network Group LLC. | Arizona, United States |
Ø Cordoba Holdings Corp. | British Columbia, Canada |
· Sabre Metals Master Ltd. | Bermuda |
· Cordoba Minerals Holdings Ltd. | Barbados |
· Minerales Cordoba S.A.S. | Columbia |
· Fundacion Unidos Por El San Jorge | Columbia |
· CMH Colombia S.A.S. | Columbia |
v Cobre Minerals S.A.S. | Columbia |
· Recursos de Colombia S.A.S. | Columbia |
· Exploradora Cordoba S.A.S. | Columbia |
· Mincordoba S.A. S. | Columbia |
Crystal Haven Holdings Pty Ltd | Australia |
GEO27, Inc. | Delaware, United States |
HPX Servicios Chile SpA | Chile |
IE Montana Holdings Corp | Montana, United States |
Ivanhoe Electric (BVI) Inc. | British Virgin Islands |
Ivanhoe Electric (PNG) Limited | Papua New Guinea |
Ivanhoe Electric Nevada Holding Inc. | Delaware, United States |
Ivanhoe Electric Services USA Inc. | Delaware, United States |
Ivanhoe Electric Technology (Beijing) Co. Ltd. | Peoples Republic of China |
Ivanhoe North Carolina Holding Inc. | Delaware, United States |
IVNE Australia PTY Ltd | Australia |
IVNE BC Holdings Ltd. | Canada |
IVNE HK Holdings Inc. | British Virgin Islands |
IVNE HK Limited | Hong Kong |
IVNE Ivory Coast Inc. | British Virgin Islands |
IVNE Services Canada Ltd. | British Columbia, Canada |
Jericho Copper LLC. | Utah, United States |
Kaizen Discovery Inc. | British Columbia, Canada |
Ø Kaizen Peru Holdings Ltd. | British Columbia, Canada |
· Kaizen Discovery Peru S.A.C. | Peru |
Ø West Cirque Resources Ltd. | British Columbia, Canada |
· KZD Tanzilla Holding Ltd. | British Columbia, Canada |
· KZD Aspen Grove Holding Ltd. | British Columbia, Canada |
Ø Swala Resources Inc. | British Columbia, Canada |
Ø Tundra Copper Corp. | British Columbia, Canada |
Lincoln Cave Exploration Inc. | Utah, United States |
Little Sahara Exploration Inc. | Utah, United States |
Mesa Cobre Holding Corporation | Delaware, United States |
Rocksteady Exploration Inc. | Arizona, United States |
Sand Hill Exploration Inc. | Arizona, United States |
Sun Devil Solar Holdings Inc. | Delaware, United States |
Tintic Copper & Gold Inc. | Utah, United States |
VRB Energy Inc. | Cayman Islands |
Ø VRB Energy International PTE. Limited | Singapore |
Ø VRB Energy System (Beijing) Co., Ltd. | Peoples Republic of China |
· VRB Energy Operations (Beijing) Co., Ltd. | Peoples Republic of China |
· VRB Energy Operations (Hubei) Co., Ltd | Peoples Republic of China |
Ø VRB Energy USA Inc. | Delaware, United States |
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