ie-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-41436

Ivanhoe Electric Inc.

(Exact Name of Registrant as Specified in its Charter)


Delaware			32-0633823
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
450 E Rio Salado Parkway, Suite 130 Tempe, Arizona			85281
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (480) 656-5821

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o

Non-accelerated filer	o	Smaller reporting company	o

Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of August 5, 2025, the registrant had 132,817,233 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents

IVANHOE ELECTRIC INC. Form 10-Q

For the Quarter Ended June 30, 2025


		Page
PART I. FINANCIAL INFORMATION		3
Item 1.	Condensed Interim Consolidated Financial Statements	3
	Condensed Interim Consolidated Balance Sheets	3
	Condensed Interim Consolidated Statements of Loss and Comprehensive Loss	4
	Condensed Interim Consolidated Statements of Changes in Equity	5
	Condensed Interim Consolidated Statements of Cash Flows	6
	Notes to Condensed Interim Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	26
PART II. OTHER INFORMATION		28
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
Signatures		30

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Balance Sheets (Unaudited)

(Expressed in thousands of U.S. dollars)


	June 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	88,050	$	40,971
Restricted cash	1,240		4,338
Accounts and other receivables	11,426		21,569
Prepaid expenses and deposits	3,571		2,408
	104,287		69,286
Non-current assets:
Investments subject to significant influence	56,753		64,887
Other investments	2,770		1,745
Exploration properties	224,070		225,876
Property, plant and equipment	10,559		9,667
Other non-current assets	2,032		3,471
Total assets	$	400,471	$	374,932

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	11,282	$	11,121
Note payable, current	13,936		12,409
Deferred exploration liability	1,035		4,101
Due to related party	—		5,001
Lease liabilities, current	894		784
	27,147		33,416
Non-current liabilities:
Note payable	24,163		24,163
Convertible debt	32,270		30,942
Deferred income taxes	4,387		4,049
Lease liabilities, net of current portion	1,330		1,561
Other non-current liabilities	397		370
Total liabilities	89,694		94,501

Commitments and contingencies (Note 16)

Equity:
Common stock, par value $0.0001; 700,000,000 shares authorized; 132.7 million shares issued and outstanding as of June 30, 2025 (December 31, 2024 - 700,000,000 authorized; 120.6 million issued and outstanding)	13		12
Additional paid-in capital	880,756		802,032
Accumulated deficit	(584,493)		(530,127)
Accumulated other comprehensive income	(2,939)		(3,276)
Equity attributable to common stockholders	293,337		268,641
Non-controlling interests	17,440		11,790
Total equity	310,777		280,431
Total liabilities and equity	$	400,471	$	374,932

Table of Contents

IVANHOE ELECTRIC INC.

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

(Expressed in thousands of U.S. dollars, except for share and per share amounts)


	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024
Revenue	$	1,068	$	538		$	1,803	$	898
Cost of sales	(294)		(192)			(587)		(292)
Gross profit	774		346			1,216		606
Operating expenses:
Exploration expenses	14,078		37,254			29,863		80,897
General and administrative expenses	9,721		10,694			21,307		23,295
Research and development expenses	55		842			107		1,652
Selling and marketing expenses	—		102			23		189
Impairment	2,555		—			2,555		—
Loss from operations	25,635		48,546			52,639		105,427
Other expenses (income):
Interest expense, net	1,217		387			2,747		352
Foreign exchange loss	452		692			464		687
Share of loss of equity method investees	2,258		1,453			7,247		4,465
Other expense (income), net	(590)		443			16		711
Loss before income taxes	28,972		51,521			63,113		111,642

Income tax recovery	—		—			—		(26)

Net loss	28,972		51,521			63,113		111,616
Less loss attributable to non-controlling interests	(5,121)		(4,738)			(8,747)		(9,322)
Net loss attributable to common stockholders or parent	23,851		46,783			54,366		102,294

Net loss	28,972		51,521			63,113		111,616
Other comprehensive (income) loss, net of tax:
Foreign currency translation adjustments	(503)		329			(515)		721
Other comprehensive (income) loss	(503)		329			(515)		721
Comprehensive loss	$	28,469	$	51,850		$	62,598	$	112,337

Comprehensive loss attributable to:
Common stockholders or parent	23,526		47,021			54,029		102,782
Non-controlling interests	4,943		4,829			8,569		9,555
	$	28,469	$	51,850		$	62,598	$	112,337
Net loss per share attributable to common stockholders
Basic and diluted	$	0.18	$	0.39		$	0.42	$	0.85
Weighted-average common shares outstanding
Basic and diluted	132,602,702		120,337,642		0	129,649,937		120,292,036

Table of Contents

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)

(Expressed in thousands of U.S. dollars, except share amounts)


				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive income (loss)		Non-controlling interests		Total
	Common Stock
	Shares	Amount
Three months ended June 30, 2025
Balance at April 1, 2025	132,590,318	$	13	$	870,855	$	(560,642)	$	(3,264)	$	8,375	$	315,337
Net loss	—	—		—		(23,851)		—		(5,121)		(28,972)
Other comprehensive income	—	—		—		—		325		178		503
Stock options exercised	75,450	—		188		—		—		—		188
Warrants exercised	25,000	—		175		—		—		—		175
Share-based compensation	—	—		3,338		—		—		37		3,375
Non-controlling interests investment in subsidiary	—	—		6,129		—		—		14,034		20,163
Other changes in non-controlling interests	—	—		71		—		—		(63)		8
Balance at June 30, 2025	132,690,768	$	13	$	880,756	$	(584,493)	$	(2,939)	$	17,440	$	310,777

Six months ended June 30, 2025
Balance at January 1, 2025	120,612,112	$	12	$	802,032	$	(530,127)	$	(3,276)	$	11,790	280,431
Net loss	—	—		—		(54,366)		—		(8,747)		(63,113)
Other comprehensive income	—	—		—		—		337		178		515
Issuance of common stock; public offering, net of issuance costs	11,794,872	1		53,371		—		—		—		53,372
Issuance of warrants, public offering	—	—		12,470		—		—		—		12,470
Settlement of restricted share units	150,000	—		—		—		—		—		—
Stock options exercised	108,784	—		271		—		—		—		271
Warrants exercised	25,000	—		175		—		—		—		175
Share-based compensation	—	—		6,272		—		—		76		6,348
Non-controlling interests investment in subsidiary	—	—		6,129		—		—		14,034		20,163
Other changes in non-controlling interests	—	—		36		—		—		109		145
Balance at June 30, 2025	132,690,768	$	13	$	880,756	$	(584,493)	$	(2,939)	$	17,440	$	310,777

IVANHOE ELECTRIC INC.

Condensed Interim Consolidated Statements of Changes in Equity (Unaudited)

(Expressed in thousands of U.S. dollars, except share amounts)


				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive income (loss)		Non-controlling interests		Total
	Common Stock
	Shares	Amount
Three months ended June 30, 2024
Balance at April 1, 2024	120,306,414	$	12	$	790,824	$	(457,015)	$	(2,323)	$	18,234	$	349,732
Net loss	—	—		—		(46,783)		—		(4,738)		(51,521)
Other comprehensive loss	—	—		—		—		(238)		(91)		(329)

SEC Form 10-Q filed by Ivanhoe Electric Inc.