| 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 | | | Christopher J. Cummings Paul, Weiss, Rifkind, Wharton & Garrison LLP 1285 Avenue of the Americas New York, NY 10019-6064 (212) 373-3000 | | | James Clare Christopher Doucet Bennett Jones LLP 3400 One First Canadian Place, P.O. Box 130, Toronto, ON, M5X 1A4 Canada (416) 863-1200 | |
| Large and accelerated filer | | | ☐ | | | Accelerated filer | | | ☐ | | | Non-accelerated filer | | | ☒ | | | Smaller reporting company | | | ☒ | | | Emerging growth company | | | ☒ | |
| | | Per Share | | | Total | | ||||||
Public offering price | | | | $ | | | | | $ | | | ||
Underwriting discounts and commissions(1) | | | | $ | | | | | $ | | | ||
Proceeds, before expenses, to us | | | | $ | | | | | $ | | |
| BMO Capital Markets | | | Jefferies | |
| | | | J.P. Morgan | | | | |
| Raymond James | | | RBC Capital Markets | | | Scotiabank | |
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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 | |
Eric Finlayson | | | President | | | • Geologist with almost 40 years of global multi-commodity experience and extensive industry contacts • Served as Senior Advisor, Business Development from 2013 until 2015 of HPX before being appointed to 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 deposit | |
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 | |
Graham Boyd | | | VP, U.S. Projects | | | • Geologist with over 16 years of base and precious metals experience • 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 | | | Chief Technical and Innovation Officer | | | • 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 | |
Assumed Initial Public Offering Price per Share | | | Shares Issuable Upon Conversion of Our Outstanding Series 1 Convertible Notes(1) | | | Shares Issuable Upon Conversion of Our Outstanding Series 2 Convertible Notes(2) | | | Shares Issuable to CAR Upon closing of this Offering(3) | | | Shares Outstanding After this Offering | | ||||||||||||
$11.75 | | | | | 5,419,950 | | | | | | 8,209,038 | | | | | | 945,626 | | | | | | 92,887,948 | | |
$12.12 | | | | | 5,419,950 | | | | | | 7,958,432 | | | | | | 916,758 | | | | | | 92,608,474 | | |
$12.50 | | | | | 5,419,950 | | | | | | 7,716,496 | | | | | | 888,888 | | | | | | 92,338,668 | | |
| | | In millions | | | | In millions | | ||||||
Santa Cruz | | | | | | | | | | | | | ||
Land Acquisition & Payments | | | $ | 39 | | | | | $ | 39 | | | ||
Exploration & Development Activities | | | | 29 | | | | | | 29 | | | ||
Tintic | | | | | | | | | | | | | ||
Exploration & Development Activities | | | | 17 | | | | | | 17 | | | ||
Land Acquisition & Payments | | | | 9 | | | | | | 9 | | | ||
Total Material Projects | | | | 94 | | | | | | 94 | | | ||
Hog Heaven | | | | | | | | | | | | | ||
Land Acquisition & Payments | | | | 5 | | | | | | 5 | | | ||
Exploration Activities | | | | 5 | | | | | | 5 | | | ||
Ivory Coast Project | | | | | | | | | | | | | ||
Exploration Activities | | | | 4 | | | | | | 4 | | | ||
Total Key Projects | | | | 13 | | | | | | 14 | | | ||
Total Other Mineral Projects | | | | 9 | | | | | | 9 | | | ||
Construction and Deployment of Additional Typhoon™ Units | | | | 10 | | | | | | 10 | | | ||
General & Administrative | | | | 18 | | | | | | 18 | | | ||
D&O Insurance | | | | 14 | | | | | | 14 | | | ||
Working Capital | | | | 2 | | | | | | 2 | | | ||
Total Uses of Funds | | | $ | 161 | | | | | $ | 161 | | |
| | March 31, 2022 | | | March 31, 2022 | | ||||||||||||||||||||||||||||||||
| | Actual | | As Adjusted | | Pro Forma As Adjusted(2) | | | Actual | | As Adjusted | | Pro Forma As Adjusted(2) | | ||||||||||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | | | $ | 29,769 | | | | $ | 112,369 | | | | $ | 277,322 | | | | | $ | 29,769 | | | | $ | 115,969 | | | | $ | 277,322 | | | ||||||
Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Series 1 Convertible Notes(1) | | | $ | 57,857 | | | | $ | 57,857 | | | | $ | — | | | | | $ | 57,857 | | | | $ | 57,857 | | | | $ | — | | | ||||||
Series 2 Convertible Notes | | | | — | | | | | 86,200 | | | | | — | | | | | | — | | | | | 86,200 | | | | | — | | | ||||||
VRB Convertible Bond | | | | 24,365 | | | | | 24,365 | | | | | 24,365 | | | | | | 24,365 | | | | | 24,365 | | | | | 24,365 | | | ||||||
Total debt | | | $ | 82,222 | | | | $ | 168,422 | | | | $ | 24,365 | | | | | $ | 82,222 | | | | $ | 168,422 | | | | $ | 24,365 | | | ||||||
Stockholders’ equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Common stock, $0.0001 par value; 750,000,000 shares authorized; 63,925,334 shares outstanding, actual; 700,000,000 shares authorized; 92,608,474 shares outstanding, pro forma as adjusted | | | $ | 6 | | | | $ | 6 | | | | | 9 | | | ||||||||||||||||||||||
Common stock, $0.0001 par value; 750,000,000 shares authorized; 63,925,334 shares outstanding, actual and as adjusted; 700,000,000 shares authorized; 92,608,474 shares outstanding, pro forma as adjusted | | | $ | 6 | | | | $ | 6 | | | | | 9 | | | ||||||||||||||||||||||
Paid-in capital | | | | 76,625 | | | | | 76,625 | | | | | 385,689 | | | | | | 76,625 | | | | | 76,625 | | | | | 385,689 | | | ||||||
Accumulated deficit | | | | (67,766) | | | | | (67,766) | | | | | (61,413) | | | | | | (67,766) | | | | | (67,766) | | | | | (60,591) | | | ||||||
Accumulated other comprehensive income | | | | (1,400) | | | | | (1,400) | | | | | (1,400) | | | | | | (1,400) | | | | | (1,400) | | | | | (1,400) | | | ||||||
Non-controlling interests | | | | 3,736 | | | | | 3,736 | | | | | 3,736 | | | | | | 3,736 | | | | | 3,736 | | | | | 3,736 | | | ||||||
Total stockholders’ equity | | | $ | 11,201 | | | | $ | 11,201 | | | | $ | 326,621 | | | | | $ | 11,201 | | | | $ | 11,201 | | | | $ | 327,443 | | | ||||||
Total capitalization | | | $ | 93,423 | | | | | 179,623 | | | | $ | 350,986 | | | | | $ | 93,423 | | | | | 179,623 | | | | $ | 351,808 | | |
| Assumed initial public offering price | | | | | | | | | | $ | 12.12 | | |
| Consolidated net tangible book value per share as of March 31, 2022 | | | | $ | 0.12 | | | | | | | | |
| Increase in consolidated net tangible book value per share attributable to pro forma adjustments | | | | | 3.38 | | | | | | | | |
| Pro forma consolidated net tangible book value per share as of March 31, 2022 | | | | | | | | | | | 3.50 | | |
| Dilution per share to new investors | | | | | | | | | | $ | 8.62 | | |
| | | Change in Pro-forma Net Tangible Book Value per share | | | Change in Dilution Per Share | | | Change in the number of shares of common stock issuable upon conversion of Convertible Notes | | | Change in the number of shares of common stock issuable to CAR | | ||||||||||||
Increase of $1.00 per share | | | | $ | 0.17 | | | | | ($ | 0.17) | | | | | | (606,588) | | | | | | (69,875) | | |
Decrease of $1.00 per share | | | | ($ | 0.19) | | | | | $ | 0.19 | | | | | | 1,016,660 | | | | | | 82,442 | | |
| | | Shares Purchased | | | Total Consideration | | | Average Price Per Share | | ||||||||||||||||||
| | | Number | | | Percent | | | Amount | | | Percent | | |||||||||||||||
Existing Holders | | | | | 78,220,474 | | | | | | 84% | | | | $306.9 million | | | | | 64% | | | | | $ | 3.92 | | |
New Investors | | | | | 14,388,000 | | | | | | 16% | | | | $174.4 million | | | | | 36% | | | | | $ | 12.12 | | |
Total | | | | | 92,608,474 | | | | | | 100% | | | | $481.3 million | | | | | 100% | | | | | | | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
(In thousands) | | | 2021 | | | 2020 | | | 2019 | | | 2022 | | | 2021 | | |||||||||||||||
Revenue | | | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | | | | $ | 6,762 | | | | | $ | 1,559 | | |
Cost of sales | | | | | (1,520) | | | | | | (1,785) | | | | | | (1,806) | | | | | | (52) | | | | | | (317) | | |
Gross profit | | | | | 3,132 | | | | | | 2,848 | | | | | | 1,946 | | | | | | 6,710 | | | | | | 1,242 | | |
Expenses: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Exploration expenses | | | | | 39,505 | | | | | | 14,094 | | | | | | 12,906 | | | | | | 17,323 | | | | | | 6,261 | | |
General and administrative expenses | | | | | 20,402 | | | | | | 11,651 | | | | | | 10,768 | | | | | | 5,226 | | | | | | 2,795 | | |
Research and development expenses | | | | | 3,825 | | | | | | 3,629 | | | | | | 4,171 | | | | | | 1,331 | | | | | | 956 | | |
Net loss attributable to: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Common stockholders or parent | | | | | 59,320 | | | | | | 25,234 | | | | | | 24,634 | | | | | | 15,452 | | | | | | 4,653 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Common stockholders or parent | | | | | 59,284 | | | | | | 25,477 | | | | | | 24,368 | | | | | | 15,350 | | | | | | 4,639 | | |
Basic and diluted loss per share attributable to common stockholders or parent | | | | $ | 0.96 | | | | | $ | 0.42 | | | | | $ | 0.41 | | | | | $ | 0.24 | | | | | $ | 0.08 | | |
Total assets | | | | | 153,531 | | | | | | 71,721 | | | | | | 52,777 | | | | | | 141,655 | | | | | | 68,510 | | |
Total non-current liabilities | | | | | 85,134 | | | | | | 7,805 | | | | | | 4,469 | | | | | | 89,041 | | | | | | 6,915 | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
(In thousands) | | | 2021 | | | 2020 | | | 2019 | | | 2022 | | | 2021 | | |||||||||||||||
Revenues: | | | | | | | |||||||||||||||||||||||||
CGI: Software licensing and data processing services | | | | $ | 4,512 | | | | | $ | 4,212 | | | | | $ | 3,032 | | | | | $ | 6,762 | | | | | $ | 1,486 | | |
VRB: Energy storage systems | | | | | 140 | | | | | | 236 | | | | | | 442 | | | | | | — | | | | | | 73 | | |
Other | | | | | — | | | | | | 185 | | | | | | 278 | | | | | | — | | | | | | — | | |
Total | | | | $ | 4,652 | | | | | $ | 4,633 | | | | | $ | 3,752 | | | | | $ | 6,762 | | | | | $ | 1,559 | | |
Cost of sales: | | | | | | | |||||||||||||||||||||||||
CGI: Software licensing and data processing services | | | | $ | 1,427 | | | | | $ | 1,508 | | | | | $ | 1,035 | | | | | $ | 52 | | | | | $ | 265 | | |
VRB: Energy storage systems | | | | | 93 | | | | | | 157 | | | | | | 369 | | | | | | — | | | | | | 52 | | |
Other | | | | | — | | | | | | 120 | | | | | | 402 | | | | | | — | | | | | | — | | |
Total | | | | $ | 1,520 | | | | | $ | 1,785 | | | | | $ | 1,806 | | | | | $ | 52 | | | | | $ | 317 | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
(In thousands) | | | 2021 | | | 2020 | | | 2019 | | | 2022 | | | 2021 | | |||||||||||||||
Exploration Expenses: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
San Matias, Colombia | | | | $ | 13,789 | | | | | $ | 5,399 | | | | | $ | 5,456 | | | | | $ | 2,376 | | | | | $ | 3,171 | | |
Santa Cruz, USA | | | | | 9,966 | | | | | | 923 | | | | | | 943 | | | | | | 9,798 | | | | | | 197 | | |
Tintic, USA | | | | | 2,474 | | | | | | 1,336 | | | | | | 2,346 | | | | | | 289 | | | | | | 364 | | |
Hog Heaven, USA | | | | | 2,029 | | | | | | 336 | | | | | | — | | | | | | 560 | | | | | | 640 | | |
Ivory Coast Project, Ivory Coast | | | | | 1,931 | | | | | | 10 | | | | | | 17 | | | | | | 21 | | | | | | 487 | | |
Pinaya, Peru | | | | | 1,774 | | | | | | 1,613 | | | | | | 641 | | | | | | 686 | | | | | | 216 | | |
Desert Mountain, USA | | | | | 821 | | | | | | 177 | | | | | | — | | | | | | 6 | | | | | | 184 | | |
Perseverance, USA | | | | | 742 | | | | | | 488 | | | | | | 610 | | | | | | 1,493 | | | | | | 54 | | |
Yangayu, Papua New Guinea | | | | | 497 | | | | | | — | | | | | | — | | | | | | 318 | | | | | | — | | |
South Voisey’s Bay, Canada | | | | | 355 | | | | | | 18 | | | | | | 11 | | | | | | 4 | | | | | | 2 | | |
Bitter Creek, USA | | | | | 340 | | | | | | 174 | | | | | | — | | | | | | 359 | | | | | | 13 | | |
Lincoln, USA | | | | | 235 | | | | | | — | | | | | | — | | | | | | 13 | | | | | | — | | |
Project generation and other | | | | | 4,552 | | | | | | 3,620 | | | | | | 2,882 | | | | | | 1,400 | | | | | | 933 | | |
Total | | | | $ | 39,505 | | | | | $ | 14,094 | | | | | $ | 12,906 | | | | | $ | 17,323 | | | | | $ | 6,261 | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
(In thousands) | | | 2021 | | | 2020 | | | 2019 | | | 2022 | | | 2021 | | |||||||||||||||
Research and development expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CGI: Software licensing and data processing services | | | | $ | 2,606 | | | | | $ | 2,671 | | | | | $ | 2,708 | | | | | $ | 963 | | | | | $ | 704 | | |
VRB: Energy storage systems | | | | | 1,032 | | | | | | 770 | | | | | | 1,249 | | | | | | 319 | | | | | | 204 | | |
Other | | | | | 187 | | | | | | 188 | | | | | | 214 | | | | | | 49 | | | | | | 48 | | |
Total | | | | $ | 3,825 | | | | | $ | 3,629 | | | | | $ | 4,171 | | | | | $ | 1,331 | | | | | $ | 956 | | |
| | | March 31, 2022 | | | March 31, 2021 | | | Percentage change year-over-year | | |||||||||
(In thousands) | | | | | | | | | | | | | | | | | | | |
Software licensing and data processing services: | | | | | | | | | | | | | | | | | | | |
Revenue | | | | $ | 6,762 | | | | | $ | 1,486 | | | | | | 355% | | |
Cost of sales | | | | | (52) | | | | | | (265) | | | | | | (80)% | | |
Gross profit | | | | | 6,710 | | | | | | 1,221 | | | | | | 450% | | |
| | | 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% | | |
| | | Year Ended December 31, | | | Three Months Ended March 31, | | ||||||||||||||||||||||||
(In thousands) | | | 2021 | | | 2020 | | | 2019 | | | 2022 | | | 2021 | | |||||||||||||||
Net cash (used in) provided by: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Operating activities | | | | $ | (47,832) | | | | | $ | (22,984) | | | | | $ | (22,979) | | | | | $ | (14,619) | | | | | $ | (9,175) | | |
Investing activities | | | | | (22,632) | | | | | | (16,746) | | | | | | (9,495) | | | | | | (5,600) | | | | | | (1,192) | | |
Financing activities | | | | | 110,976 | | | | | | 44,087 | | | | | | 33,957 | | | | | | — | | | | | | 5,544 | | |
Effect of foreign exchange on cash | | | | | (3) | | | | | | 285 | | | | | | 124 | | | | | | 138 | | | | | | 63 | | |
Total change in cash | | | | $ | 40,509 | | | | | $ | 4,642 | | | | | $ | 1,607 | | | | | $ | (20,081) | | | | | $ | (4,760) | | |
| | | Currency by Denomination (in USD Equivalents) | | | | | | | | |||||||||||||||||||||
| | | US dollars | | | Canadian dollars | | | Chinese Renminbi | | | Other | | | Total | | |||||||||||||||
(In thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Jurisdiction of Entity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
USA | | | | $ | 3,974 | | | | | $ | 403 | | | | | $ | — | | | | | $ | — | | | | | $ | 4,377 | | |
Cayman Islands | | | | | 14,433 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 14,435 | | |
Canada | | | | | 4,120 | | | | | | 4,986 | | | | | | — | | | | | | — | | | | | | 9.106 | | |
China | | | | | — | | | | | | — | | | | | | 1,132 | | | | | | — | | | | | | 1,132 | | |
British Virgin Islands | | | | | 417 | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 419 | | |
Other | | | | | 107 | | | | | | 1 | | | | | | — | | | | | | 192 | | | | | | 300 | | |
Total | | | | | 23,051 | | | | | | 5,394 | | | | | | 1,132 | | | | | | 192 | | | | | | 29,769 | | |
| | | 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 | | |
| | | 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 | | | | | 1,456 | | | | | | 553 | | | | | | 885 | | | | | | 18 | | | | | | — | | |
Deferred consideration payable(2) | | | | | 24,741 | | | | | | 24,741 | | | | | | — | | | | | | — | | | | | | — | | |
Other long-term contractual liabilities(3) | | | | | 412 | | | | | | — | | | | | | 412 | | | | | | — | | | | | | — | | |
Total contractual obligations | | | | $ | 100,609 | | | | | $ | 25,294 | | | | | $ | 51,297 | | | | | $ | 24,018 | | | | | $ | — | | |
| | | 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 March 31, 2021 | | | 5-Year as of March 31, 2017 | | | 10-Year as of March 31, 2012 | | |||||||||
Copper | | | | | 18.9% | | | | | | 77.8% | | | | | | 24.2% | | |
Gold | | | | | 13.7% | | | | | | 56.6% | | | | | | 16.8% | | |
Silver | | | | | 2.4% | | | | | | 38.0% | | | | | | (22.6%) | | |
Nickel | | | | | 100.3% | | | | | | 218.3% | | | | | | 80.8% | | |
Oil | | | | | 69.5% | | | | | | 99.2% | | | | | | (2.7%) | | |
S&P 500 | | | | | 14.0% | | | | | | 91.3% | | | | | | 221.7% | | |
FTSE 100 Index | | | | | 6.6% | | | | | | 7.4% | | | | | | 7.1% | | |
Nikkei Index | | | | | (13.2%) | | | | | | 33.7% | | | | | | 87.6% | | |
MSCI World Index | | | | | 8.6% | | | | | | 64.1% | | | | | | 132.7% | | |
Type | | | Short title | | | Country | | | Grant Date | | | Grant Number | | | Expiration Date | |
Patent | | | Current signal generator and method of implementing such a generator | | | France | | | 16/02/2018 | | | FR2980653 | | | 21/09/2031 | |
| International (PCT) | | | | | | | | | 20/09/2032 | | |||||
| Australia | | | 05/01/2017 | | | AU2012311429 | | | 20/09/2032 | | |||||
| Brazil | | | 19/01/2021 | | | BR112014006276 | | | 20/09/2032 | | |||||
| Canada | | | 22/05/2018 | | | CA2849558 | | | 20/09/2032 | | |||||
| Indonesia | | | | | | | | | 20/09/2032 | | |||||
| Turkey | | | 21/04/2015 | | | TR201403350B | | | 20/09/2032 | | |||||
| USA | | | 28/02/2017 | | | US9584037 | | | 20/09/2032 | | |||||
Patent | | | Current generator and method for generating current pulses | | | France | | | 04/04/2014 | | | FR2988933 | | | 29/03/2032 | |
| International (PCT) | | | | | | | | | 28/03/2033 | | |||||
| Australia | | | 20/10/2016 | | | AU2013241675 | | | 28/03/2033 | | |||||
| Canada | | | 08/09/2020 | | | CA2869170 | | | 28/03/2033 | | |||||
| Chile | | | 30/10/2018 | | | 56649 | | | 28/03/2033 | | |||||
| Peru | | | 20/05/2019 | | | PE9489 | | | 28/03/2033 | | |||||
| USA | | | 28/06/2016 | | | US9379636 | | | 28/03/2033 | | |||||
Patent | | | Switch and system to inject current | | | France | | | 25/01/2022 | | | FR3105446 | | | 19/12/2039 | |
Domain | | | Classification | | | Tonnes | | | Total Cu % | | | Total Soluble Cu %(2) | | | Total Cu Tonnes | | | Acid Soluble Cu Tonnes | | ||||||||||||||||||
Total | | | | | Indicated | | | | | | 274,000,000 | | | | | | 0.93 | | | | | | 0.25 | | | | | | 2,539,000 | | | | | | 684,000 | | |
Total | | | | | Inferred | | | | | | 248,754,000 | | | | | | 0.91 | | | | | | 0.44 | | | | | | 2,255,000 | | | | | | 1,085,000 | | |
Name | | | Title | | | Experience | |
Eric Finlayson | | | President | | | • Geologist with almost 40 years of global multi-commodity experience and extensive industry contacts • Served as Senior Advisor, Business Development from 2013 until 2015 of HPX before being appointed to 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 deposit | |
Mark Gibson | | | COO | | | • Professional geologist with more than 32 years of wide-ranging experience as a geoscientist and manager in the natural resources sector • Joined HPX in 2011 as the founding CEO • Held previous positions at Anglo American and founded a geophysical services company focused on managing seismic surveys | |
Graham Boyd | | | VP, 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 | | | Chief Technical and Innovation Officer | | | • 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 | |
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 | | | | | | — | | | | | | — | | | | | | IvoryCoast | | | | Nickel Copper | |
| | | | | | | | | | | Inferred | | | | 17,780,000 | | | | | 0.144 | | | | | | 0.224 | | | | | | — | | | | | | — | | | | | | 25,552 | | | | | | 39,827 | | | | | | — | | | | | | — | | | | | | | | | | | |
Cordoba Mineral Corp. | | | San Matias | | | 8/3/2021 | | | | | Indicated | | | | 19,100,000 | | | | | 0.28 | | | | | | — | | | | | | 0.11 | | | | | | 1.15 | | | | | | 5,315 | | | | | | — | | | | | | 180,863 | | | | | | 667,926 | | | | | | Colombia | | | | Copper Gold Silver | |
| | | | | | | | | | | Inferred | | | | 5,100,000 | | | | | 0.21 | | | | | | — | | | | | | 0.21 | | | | | | 0.94 | | | | | | 9,823 | | | | | | — | | | | | | 32,557 | | | | | | 142,538 | | | | | | | | | | | |
Company | | | Deposit | | | Effective Date | | | Category | | | Tonnes | | | Total Cu (%) | | | Ni (%) | | | Au (g/t) | | | Ag (g/t) | | | Contained Cu (tonnes) | | | Contained Ni (tonnes) | | | Contained Au (oz.) | | | Contained Ag (oz.) | | | Geographic Area | | | Resource Category | | ||||||||||||||||||||||||||||||
Cordoba Mineral Corp. | | | San Matias | | | 10/21/2021 | | | Probable | | | | | 102,100,000 | | | | | | 0.41 | | | | | | — | | | | | | 0.260 | | | | | | 2.30 | | | | | | 418,610 | | | | | | — | | | | | | 853,472 | | | | | | 7,549,949 | | | | | | Colombia | | | | Copper Gold Silver | |
Company | | | Deposit | | | Effective Date | | | % ownership | | | Category | | | Attributable Tonnes | | | Total Cu (%) | | | Ni (%) | | | Au (g/t) | | | Ag (g/t) | | | Attributable Contained Cu (tonnes) | | | Attributable Contained Ni (tonnes) | | | Attributable Contained Au (oz.) | | | Attributable Contained Ag (oz.) | | | Geographic Area | | | Resource Category | | ||||||||||||||||||||||||||||||
Ivanhoe Electric | | | Santa Cruz | | | 12/8/2021 | | | | | 100% | | | | Indicated | | | | | 274,000,000 | | | | | | 0.93 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,539,000 | | | | | | — | | | | | | — | | | | | | — | | | | Arizona, U.S. | | | Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 248,754,000 | | | | | | 0.91 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,255,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Kaizen Discovery Inc. | | | Pinaya | | | 4/26/2016 | | | | | 82.68% | | | | Measured | | | | | 6,783,067 | | | | | | 0.326 | | | | | | — | | | | | | 0.600 | | | | | | — | | | | | | 22,131 | | | | | | — | | | | | | 130,634 | | | | | | — | | | | Peru | | | Copper Gold | |
| | | | | | | | | | | | | | | Indicated | | | | | 27,687,052 | | | | | | 0.324 | | | | | | — | | | | | | 0.462 | | | | | | — | | | | | | 89,590 | | | | | | — | | | | | | 410,920 | | | | | | — | | | | | | | | |
| | | | | | | | | | | | | | | Inferred | | | | | 33,250,589 | | | | | | 0.360 | | | | | | — | | | | | | 0.300 | | | | | | — | | | | | | 119,650 | | | | | | — | | | | | | 320,798 | | | | | | — | | | | | | | | |
Sama Resources Inc. | | | Samapleu | | | 5/22/2019 | | | | | 46% | | | | Indicated | | | | | 15,262,800 | | | | | | 0.186 | | | | | | 0.238 | | | | | | — | | | | | | — | | | | | | 28,332 | | | | | | 36,325 | | | | | | — | | | | | | — | | | | Ivory Coast | | | Nickel Copper | |
| | | | | | | | | | | | | | | Inferred | | | | | 8,178,800 | | | | | | 0.144 | | | | | | 0.224 | | | | | | — | | | | | | — | | | | | | 11,754 | | | | | | 18,320 | | | | | | — | | | | | | — | | | | | | | | |
Cordoba Mineral Corp. | | | San Matias | | | 8/3/2021 | | | | | 63.27% | | | | Indicated | | | | | 12,084,570 | | | | | | 0.280 | | | | | | — | | | | | | 0.110 | | | | | | 1.15 | | | | | | 3,363 | | | | | | — | | | | | | 114,432 | | | | | | 422,597 | | | | Colombia | | | Copper Gold Silver | |
| | | | | | | | | | | | | | | Inferred | | | | | 3,226,770 | | | | | | 0.210 | | | | | | — | | | | | | 0.21 | | | | | | 0.94 | | | | | | 6,215 | | | | | | — | | | | | | 20,599 | | | | | | 90,184 | | | | | | | | |
Company | | | Deposit | | | Effective Date | | | % ownership | | | Category | | | Tonnes | | | Total Cu (%) | | | Ni (%) | | | Au (g/t) | | | Ag (g/t) | | | Attributable Contained Cu (tonnes) | | | Attributable Contained Ni (tonnes) | | | Attributable Contained Au (oz.) | | | Attributable Contained Ag (oz.) | | | Geographic Area | | | Resource Category | | ||||||||||||||||||||||||||||||
Cordoba Mineral Corp. | | | San Matias | | | 10/21/2021 | | | 63.27% | | | | | Probable | | | | | | 64,598,670 | | | | | | 0.41 | | | | | | — | | | | | | 0.260 | | | | | | 2.30 | | | | | | 264,855 | | | | | | — | | | | | | 539,992 | | | | | | 4,776,853 | | | | Colombia | | | Copper Gold Silver | |
| Project Name | | | Location and Project Size | | | Stage of Development | | | IVNE Interest and Nature of Interest | | | Title Holders / Operator | | | Minerals | | | Nature of Mineral Title | | | Mineral Resources/ Reserves | | | Production – Last 3 Fiscal Years | |
| Santa Cruz | | | Arizona, USA 77.59 km2 | | | Exploration | | | 0% current ownership interest; Option to acquire 100% of the mineral title | | | DRH Energy Inc. (mineral title) Legends Property, LLC (surface rights) | | | Copper | | | Patented and unpatented claims; Arizona State exploration permits | | | Mineral resource | | | Not in production | |
| Tintic | | | Utah, USA 65 km2 | | | Exploration | | | 84.3% current ownership interest by acreage; Options and lease rights cover balance aggregating to 100% of the mineral title by acreage | | | Tintic Copper & Gold, Inc. | | | Copper Gold | | | Patented and unpatented claims; SITLA and BLM claims | | | n/a | | | Not in production | |
| Hog Heaven | | | Montana, USA 24.2 km2 | | | Exploration | | | 3% equity ownership of Brixton Metals Corporation Earn-in with Brixton for up to a 75% project interest | | | Brixton USA Corp. (joint venture company), a subsidiary of Brixton (“Brixton JVC”) | | | Copper Silver Gold | | | Fee simple mineral rights, owned and leased | | | n/a | | | Not in production | |
| Ivory Coast Project | | | Ivory Coast 1125 km2 | | | Exploration | | | 23% equity ownership of Sama and 30% interest in joint venture with option up to 60% of Sama’s interests in the Ivory Coast Project | | | Société pour le Développement Minier de la Côte d’Ivoire | | | Nickel Copper Cobalt PGE | | | Exploration license | | | Mineral Resource | | | Not in production | |
| | Drill Hole | | | | Location | | | | Bedrock Depth of Hole (m) | | | | Total Depth of Hole (m) | | | | From (m) | | | | To (m) | | | | Interval Length (m) | | | | Total Copper (%) | | | | Acid- Soluble Copper (%) | | | | Cyanide- Soluble Copper (%) | | | | Total Soluble Copper (%) | | | |||||||||||||||||||||||||||
| | SCC-001 | | | | Santa Cruz | | | | | | 514.74 | | | | | | | 1,275.0 | | | | | | | 583.70 Including 623.10 681.23 732.52 776.52 | | | | | | | 1027.00 673.23 711.32 758.52 1009.00 | | | | | | | 443.30 50.13 30.09 26.00 232.48 | | | | | | | 1.37 2.55 2.75 2.10 0.88 | | | | | | | 0.71 2.19 2.22 1.21 0.04 | | | | | | | 0.16 0.02 0.31 0.66 0.12 | | | | | | | 0.87 2.21 2.53 1.87 0.16 | | | |
| | SCC-002 | | | | Santa Cruz | | | | | | 441.96 | | | | | | | 965.3 | | | | | | | 587.00 639.00 721.00 Including 723.00 831.00 | | | | | | | 633.00 702.00 919.00 748.00 901.00 | | | | | | | 46.00 63.00 198.00 25.00 70.00 | | | | | | | 1.15 1.65 1.05 3.36 0.67 | | | | | | | 0.99 1.48 0.04 0.23 0.01 | | | | | | | 0.07 0.29 0.41 2.61 0.07 | | | | | | | 1.07 1.76 0.45 2.84 0.08 | | | |
| | SCC-003 | | | | Santa Cruz | | | | | | 279.45 | | | | | | | 778.5 | | | | | | | 508.00 Including 513.00 538.00 593.00 | | | | | | | 529.00 523.00 566.00 629.00 | | | | | | | 21.00 10.00 28.00 36.00 | | | | | | | 2.15 3.42 0.76 0.63 | | | | | | | 1.96 3.15 0.65 0.04 | | | | | | | 0.09 0.17 0.03 0.48 | | | | | | | 2.05 3.32 0.68 0.52 | | | |
| | Drill Hole | | | | Location | | | | Bedrock Depth of Hole (m) | | | | Total Depth of Hole (m) | | | | From (m) | | | | To (m) | | | | Interval Length (m) | | | | Total Copper (%) | | | | Acid- Soluble Copper (%) | | | | Cyanide- Soluble Copper (%) | | | | Total Soluble Copper (%) | | | |||||||||||||||||||||||||||
| | SCC-004 | | | | Santa Cruz | | | | | | 316.38 | | | | | | | 926.9 | | | | | | | 597.00 Including 597.00 666.00 Including 666.00 824.00 902.00 | | | | | | | 633.00 609.00 849.00 680.00 831.62 908.00 | | | | | | | 36.00 12.00 183.00 14.00 7.62 6.00 | | | | | | | 1.46 2.78 0.67 1.33 0.95 0.58 | | | | | | | 1.28 2.48 0.18 0.09 0.03 0.07 | | | | | | | 0.14 0.24 0.38 1.20 0.12 0.45 | | | | | | | 1.42 2.72 0.56 1.29 0.15 0.52 | | | |
| | SCC-005 | | | | Santa Cruz | | | | | | 550.01 | | | | | | | 793.7 | | | | | | | 613.17 636.00 Including 659.00 | | | | | | | 623.00 693.00 683.14 | | | | | | | 9.83 57.00 �� 24.14 | | | | | | | 1.88 3.52 7.02 | | | | | | | 1.42 1.88 3.33 | | | | | | | 0.03 0.89 2.07 | | | | | | | 1.46 2.77 5.40 | | | |
| | SCC-007 | | | | Santa Cruz | | | | | | 773.33 | | | | | | | 1,344.2 | | | | | | | 813.59 Including 814.37 880.00 Including 886.00 968.00 Including 982.00 996.00 1088.00 1151.00 1214.00 | | | | | | | 871.00 830.00 905.00 896.00 1304.00 1132.00 1040.00 1123.00 1164.00 1222.00 | | | | | | | 57.41 15.63 25.00 10.00 336.00 150.00 44.00 35.00 13.00 8.00 | | | | | | | 0.92 1.84 2.44 4.08 1.27 2.08 2.38 2.28 1.04 0.99 | | | | | | | 0.84 1.73 1.64 2.20 0.12 0.17 0.21 0.13 0.01 0.01 | | | | | | | 0.01 0.01 0.64 1.59 0.84 1.83 2.12 2.04 0.05 0.06 | | | | | | | 0.85 1.74 2.28 3.79 0.96 2.00 2.34 2.18 0.06 0.07 | | | |
| | SCC-008 | | | | Santa Cruz | | | | | | 927.01 | | | | | | | 1,220.3 | | | | | | | 754.00 804.00 901.00 Including 922.00 1006.00 1036.00 | | | | | | | 763.00 816.00 1057.00 957.00 1027.00 1044.00 | | | | | | | 9.00 12.00 156.00 35.00 21.00 8.00 | | | | | | | 1.95 1.19 0.74 1.12 0.58 0.83 | | | | | | | 1.82 1.01 0.08 0.03 0.01 0.01 | | | | | | | 0.02 0.02 0.13 0.32 0.09 0.10 | | | | | | | 1.83 1.03 0.21 0.35 0.09 0.11 | | | |
| | SCC-011 | | | | Santa Cruz | | | | | | 719.94 | | | | | | | 1,099.4 | | | | | | | 749.15 Including 749.15 766.00 767.00 859.00 Including 860.00 | | | | | | | 811.06 760.00 809.70 777.00 949.00 890.00 | | | | | | | 61.91 10.85 43.70 10.00 90.00 30.00 | | | | | | | 1.08 1.83 1.02 1.52 0.83 1.62 | | | | | | | 1.04 1.77 0.99 1.49 0.44 0.82 | | | | | | | 0.01 0.01 0.01 0.01 0.30 0.64 | | | | | | | 1.05 1.78 0.99 1.50 0.74 1.45 | | | |
| | Drill Hole | | | | Location | | | | Bedrock Depth of Hole (m) | | | | Total Depth of Hole (m) | | | | From (m) | | | | To (m) | | | | Interval Length (m) | | | | Total Copper (%) | | | | Acid- Soluble Copper (%) | | | | Cyanide- Soluble Copper (%) | | | | Total Soluble Copper (%) | | | |||||||||||||||||||||||||||
| | SCC-017 | | | | Exploration | | | | | | 633.57 | | | | | | | 1,139.3 | | | | | | | 756.50 Including 756.50 Including 862.00 963.00 1001.83 | | | | | | | 1075.00 1040.00 905.00 977.99 1014.00 | | | | | | | 318.50 283.50 43.00 14.99 12.17 | | | | | | | 0.88 0.92 1.26 1.19 1.01 | | | | | | | 0.02 0.02 0.01 0.01 0.02 | | | | | | | 0.21 0.23 0.26 0.06 0.08 | | | | | | | 0.22 0.25 0.28 0.07 0.09 | | | |
| | SCC-019 | | | | Exploration | | | | | | 637.34 | | | | | | | 1,123.3 | | | | | | | 772.97 Including 772.97 931.00 1018.00 Including 1021.00 | | | | | | | 873.00 846.00 942.00 1059.90 1028.00 | | | | | | | 100.03 73.03 11.00 41.90 7.00 | | | | | | | 1.74 2.21 0.97 0.82 1.44 | | | | | | | 0.09 0.13 0.01 0.01 0.01 | | | | | | | 0.82 1.09 0.12 0.05 0.09 | | | | | | | 0.91 1.22 0.13 0.06 0.10 | | | |
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 | |
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(1) | | Equity Ownership % Partially-Diluted(1) | | Principal Mineral Projects | | | Location of Incorporation | | Equity Ownership % Non-Diluted(1) | | Equity Ownership % Partially-Diluted(1) | | Principal Mineral Projects | | ||||||||
Brixton Minerals Corporation | | British Columbia, Canada | | 3.30% | | 6.39% on exercise of warrants | | Hog Heaven Project, Montana, USA | | | British Columbia, Canada | | 3.30% | | 6.39% on exercise of warrants | | Hog Heaven Project, Montana, USA | | ||||||||
Cordoba Minerals Corp. | | British Columbia, Canada | | 63.27% | | 64.53% on exercise of warrants | | San Matias Project, Colombia Perseverance Project, Arizona | | | British Columbia, Canada | | 63.27% | | 64.53% 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 | | | British Columbia, Canada | | 82.68% | | 83.59% on exercise of warrants | | Pinaya Project, Peru | | ||||||||
Sama Resources Inc. | | Canada | | 22.78% | | 22.78% | | Ivory Coast Project, Ivory Coast | | | Canada | | 22.78% | | 22.78% | | Ivory Coast Project, Ivory Coast | | ||||||||
Fjordland Exploration Inc. | | British Columbia, Canada | | 17.31% | | 17.31% | | South Voisey’s Bay Project, Canada | | | British Columbia, Canada | | 18.57% | | 18.57% | | 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 (CAR) | | | Non-discretionary | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | |
Santa Cruz (DRHE) | | | Discretionary | | | | | 6,250 | | | | | | 6,250 | | | | | | 10,000 | | | | | | — | | |
Santa Cruz (Legends) | | | Non-discretionary | | | | | 600 | | | | | | 800 | | | | | | 920 | | | | | | — | | |
Santa Cruz (Other) | | | Non-discretionary | | | | | 15,915 | | | | | | — | | | | | | — | | | | | | — | | |
Santa Cruz (Other) | | | Discretionary | | | | | 300 | | | | | | 300 | | | | | | 300 | | | | | | 550 | | |
Santa Cruz (Total) | | | | | | | | 48,065 | | | | | | 7,350 | | | | | | 11,220 | | | | | | 550 | | |
Tintic (Utah) | | | Discretionary | | | | | 4,275 | | | | | | 5,288 | | | | | | — | | | | | | — | | |
Hog Heaven (Montana) | | | Discretionary | | | | | — | | | | | | 3,500 | | | | | | 500 | | | | | | 500 | | |
Ivory Coast | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
South Voisey’s Bay | | | Discretionary | | | | | — | | | | | | — | | | | | | 4,416 | | | | | | — | | |
Crystal Haven | | | Discretionary | | | | | 350 | | | | | | 7,000 | | | | | | — | | | | | | 35,000 | | |
Unity | | | Discretionary | | | | | 250 | | | | | | 2,000 | | | | | | 2,250 | | | | | | — | | |
Cave & Lincoln | | | Discretionary | | | | | 100 | | | | | | 150 | | | | | | 200 | | | | | | 250 | | |
Carolina Mining | | | Discretionary | | | | | 1,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Total | | | | | | | | 54,040 | | | | | | 25,288 | | | | | | 18,586 | | | | | | 41,300 | | |
Mineral Project | | | Commitment | | | 2026 Total | | | 2027 Total | | | 2030 Total | | | 2032 Total | | | 2022 – 2032 Total | | |||||||||||||||
Santa Cruz (CAR) | | | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,000 | | |
Santa Cruz (DRHE) | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,500 | | |
Santa Cruz (Legend) | | | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,320 | | |
Santa Cruz (Other) | | | Non-discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,915 | | |
Santa Cruz (Other) | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,450 | | |
Santa Cruz (Total) | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,185 | | |
Tintic (Utah) | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,563 | | |
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 (SVB) | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,416 | | |
Crystal Haven | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 42,350 | | |
Unity (Oregon) | | | Discretionary | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,500 | | |
Cave & Lincoln (Utah) | | | Discretionary | | | | | 750 | | | | | | 1,500 | | | | | | — | | | | | | — | | | | | | 2,950 | | |
Carolina Mining | | | Discretionary | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | 26,000 | | |
Total | | | | | | | | 9,512 | | | | | | 34,500 | | | | | | 10,000 | | | | | | 15,000 | | | | | | 208,226 | | |
| 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 | | | 71 | | | Chief Executive Officer and Chairman of the Board of Directors | |
Eric Finlayson | | | 61 | | | President | |
Catherine Barone | | | 46 | | | Interim Chief Financial Officer | |
Charles Forster | | | 74 | | | Senior Vice President of Exploration | |
Mark Gibson | | | 53 | | | Chief Operating Officer | |
Graham Boyd | | | 37 | | | Vice President, U.S. Projects | |
Glen Kuntz | | | 54 | | | Chief Technical and Innovation Officer | |
Evan Young | | | 36 | | | Vice President, Corporate Development | |
Russell Ball | | | 54 | | | Director Nominee | |
Victoire de Margerie | | | 59 | | | Director Nominee | |
Francis Fannon | | | 48 | | | Director | |
Hirofumi Katase | | | 63 | | | Director | |
Oskar Lewnowski | | | 57 | | | Director Nominee | |
Priya Patil | | | 59 | | | Director Nominee | |
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 | | | | | 333,333 | | | | | | | | |
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 Beneficially Owned | | | Percentage of Shares BeneficiallyOwned | | | | Shares Beneficially Owned | | | Percentage of Shares BeneficiallyOwned | | ||||||||||||||||||||||||
Name of Beneficial Owner | | Before This Offering | | After This Offering | | | Before This Offering | | After This Offering | | ||||||||||||||||||||||||||||
Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
Robert Friedland(1)(10)(16) | | | | 9,367,094 | | | | | 11.9% | | | | | 10.1% | | | | | | 9,367,094 | | | | | 11.9% | | | | | 10.1% | | | ||||||
Eric Finlayson(2) | | | | 492,635 | | | | | * | | | | | * | | | | | | 492,635 | | | | | * | | | | | * | | | ||||||
Graham Boyd(3) | | | | 166,666 | | | | | * | | | | | * | | | | | | 166,666 | | | | | * | | | | | * | | | ||||||
Catherine Barone(4) | | | | 125,000 | | | | | * | | | | | * | | | | | | 125,000 | | | | | * | | | | | * | | | ||||||
Francis Fannon | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Laurent Jean-Louis Frescaline(5) | | | | 2,948,724 | | | | | 3.8% | | | | | 3.2% | | | | | | 2,948,724 | | | | | 3.8% | | | | | 3.2% | | | ||||||
Hirofumi Katase(6) | | | | 44,022 | | | | | * | | | | | * | | | | | | 44,022 | | | | | * | | | | | * | | | ||||||
Kenneth Lau(7) | | | | 41,666 | | | | | * | | | | | * | | | | | | 41,666 | | | | | * | | | | | * | | | ||||||
Ian Plimer(8) | | | | 41,666 | | | | | * | | | | | * | | | | | | 41,666 | | | | | * | | | | | * | | | ||||||
Patrick On Yip Tsang(9) | | | | 41,666 | | | | | * | | | | | * | | | | | | 41,666 | | | | | * | | | | | * | | | ||||||
Russell Ball, Director Nominee | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Victoire de Margerie, Director Nominee | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Oskar Lewnowski, Director Nominee(13)(17) | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Priya Patil, Director Nominee | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
All executive officers, directors and director nominees as a group (14 people) | | | | 13,269,139 | | | | | 17.0% | | | | | 14.3% | | | | | | 13,269,139 | | | | | 17.0% | | | | | 14.3% | | | ||||||
Greater than 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
I-Pulse, Inc.(10)(16)(17) | | | | 13,500,101 | | | | | 17.3% | | | | | 14.6% | | | | | | 13,500,101 | | | | | 17.3% | | | | | 14.6% | | | ||||||
Century Vision Holdings Limited(11) | | | | 13,673,178 | | | | | 17.5% | | | | | 14.8% | | | | | | 13,673,178 | | | | | 17.5% | | | | | 14.8% | | | ||||||
Fidelity Contrafund entities(12) | | | | 6,330,606 | | | | | 8.1% | | | | | 6.8% | | | | | | 6,330,606 | | | | | 8.1% | | | | | 6.8% | | | ||||||
Orion Mine Finance Fund III LP(13)(17) | | | | 6,462,866 | | | | | 8.3% | | | | | 7.0% | | | | | | 6,462,866 | | | | | 8.3% | | | | | 7.0% | | | ||||||
BlackRock Inc. entities(14) | | | | 5,290,646 | | | | | 6.8% | | | | | 5.7% | | | ||||||||||||||||||||||
BlackRock, Inc.(14) | | | | 5,290,646 | | | | | 6.8% | | | | | 5.7% | | | ||||||||||||||||||||||
BHP Group Limited entities(15) | | | | 5,131,999 | | | | | 6.6% | | | | | 5.5% | | | | | | 5,131,999 | | | | | 6.6% | | | | | 5.5% | | |
(in US$) | | | Year Ended December 31, 2021 | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | |||||||||
Audit fees(1) | | | | $ | 761,800 | | | | | $ | 409,900 | | | | | $ | 295,100 | | |
Audit related fees(2) | | | | | 278,200 | | | | | | 441,400 | | | | | | 87,800 | | |
Tax fees(3) | | | | | — | | | | | | — | | | | | | — | | |
All other fees(4) | | | | | — | | | | | | — | | | | | | — | | |
Total fees | | | | $ | 1,040,000 | | | | | $ | 851,300 | | | | | $ | 382,900 | | |
Number of Shares | | | Date | |
None | | | On the date of this prospectus | |
5,047,285 | | | After 90 days from the date of this prospectus | |
73,173,189 | | | After 180 days from the date of this prospectus (subject, in some cases, to volume limitations) | |
Underwriters | | | Number of shares | | |||
BMO Capital Markets Corp. | | | | | | | |
Jefferies LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
Raymond James & Associates, Inc. | | | | | | | |
RBC Capital Markets, LLC | | | | | | | |
Scotia Capital (USA) Inc. | | | | | | | |
Total | | | | | 14,388,000 | | |
| | | No exercise | | | Full exercise | | ||||||
Per share | | | | $ | | | | | $ | | | ||
Total | | | | $ | | | | | $ | | | |
| | | | | 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 | | |
| | | March 31, 2022 | | | December 31, 2021 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 29,769 | | | | | $ | 49,850 | | |
Accounts receivable | | | | | 1,132 | | | | | | 1,385 | | |
Inventory | | | | | 6,327 | | | | | | 5,878 | | |
Prepaid expenses and deposits | | | | | 1,193 | | | | | | 1,152 | | |
| | | | | 38,421 | | | | | | 58,265 | | |
Non-current assets: | | | | | | | | | | | | | |
Investments subject to significant influence | | | | | 12,486 | | | | | | 7,701 | | |
Other investments | | | | | 2,531 | | | | | | 1,802 | | |
Exploration mineral interests | | | | | 76,250 | | | | | | 73,039 | | |
Property, plant and equipment | | | | | 3,558 | | | | | | 2,523 | | |
Intangible assets | | | | | 3,617 | | | | | | 4,340 | | |
Other non-current assets | | | | | 4,792 | | | | | | 5,861 | | |
Total assets | | | | $ | 141,655 | | | | | $ | 153,531 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities | | | | $ | 12,838 | | | | | $ | 10,195 | | |
Deferred consideration payable | | | | | 24,741 | | | | | | 26,562 | | |
Lease liabilities, current | | | | | 553 | | | | | | 342 | | |
Contract liability | | | | | 3,281 | | | | | | 3,484 | | |
| | | | | 41,413 | | | | | | 40,583 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Deferred income taxes | | | | | 5,570 | | | | | | 5,382 | | |
Convertible debt | | | | | 82,222 | | | | | | 78,832 | | |
Lease liabilities, net of current portion | | | | | 837 | | | | | | 55 | | |
Other non-current liabilities | | | | | 412 | | | | | | 865 | | |
Total liabilities | | | | | 130,454 | | | | | | 125,717 | | |
Commitments and contingencies (Note 14) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Common stock, par value $0.0001; 750,000,000 shares authorized; 63.9 million shares issued and outstanding as of March 31, 2022 (December 31, 2021 – 63.9 million) | | | | | 6 | | | | | | 6 | | |
Additional paid-in capital | | | | | 76,625 | | | | | | 75,743 | | |
Accumulated deficit | | | | | (67,766) | | | | | | (52,314) | | |
Accumulated other comprehensive income | | | | | (1,400) | | | | | | (1,502) | | |
Equity attributable to the Company | | | | | 7,465 | | | | | | 21,933 | | |
Non-controlling interests | | | | | 3,736 | | | | | | 5,881 | | |
Total equity | | | | | 11,201 | | | | | | 27,814 | | |
Total liabilities and equity | | | | $ | 141,655 | | | | | $ | 153,531 | | |
| | | 2022 | | | 2021 | | ||||||
Revenue | | | | $ | 6,762 | | | | | $ | 1,559 | | |
Cost of sales | | | | | (52) | | | | | | (317) | | |
Gross profit | | | | | 6,710 | | | | | | 1,242 | | |
Operating expenses: | | | | | | | | | | | | | |
Exploration expenses | | | | | 17,323 | | | | | | 6,261 | | |
General and administrative expenses | | | | | 5,226 | | | | | | 2,795 | | |
Research and development expenses | | | | | 1,331 | | | | | | 956 | | |
Selling and marketing expenses | | | | | 36 | | | | | | 23 | | |
Loss from operations | | | | | 17,206 | | | | | | 8,793 | | |
Other expenses (income): | | | | | | | | | | | | | |
Interest expense, net | | | | | 762 | | | | | | 89 | | |
Foreign exchange loss (gain) | | | | | 189 | | | | | | (376) | | |
Gain on revaluation of investments | | | | | (4,659) | | | | | | (1,217) | | |
Loss on revaluation of convertible debt | | | | | 2,632 | | | | | | — | | |
Other expenses (income), net | | | | | 223 | | | | | | (489) | | |
Loss before income taxes | | | | | 16,353 | | | | | | 6,800 | | |
Income taxes | | | | | 1,321 | | | | | | (236) | | |
Net loss | | | | | 17,674 | | | | | | 6,564 | | |
Less loss attributable to non-controlling interests | | | | | (2,222) | | | | | | (1,911) | | |
Net loss attributable to common stockholders or parent | | | | | 15,452 | | | | | | 4,653 | | |
Net loss | | | | | 17,674 | | | | | | 6,564 | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | | | (106) | | | | | | (8) | | |
Other comprehensive income | | | | | (106) | | | | | | (8) | | |
Comprehensive loss | | | | $ | 17,568 | | | | | $ | 6,556 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | |
Common stockholders or parent | | | | | 15,350 | | | | | | 4,639 | | |
Non-controlling interests | | | | | 2,218 | | | | | | 1,917 | | |
| | | | $ | 17,568 | | | | | $ | 6,556 | | |
Net loss per share attributable to common stockholders | | | | | | | | | | | | | |
Basic and diluted | | | | $ | 0.24 | | | | | $ | 0.08 | | |
Weighted-average common shares outstanding | | | | | | | | | | | | | |
Basic and diluted | | | | | 63,925,334 | | | | | | 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 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 | | |
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 | | |
| | | 2022 | | | 2021 | | ||||||
Operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (17,674) | | | | | $ | (6,564) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Depreciation of property, plant and equipment | | | | | 95 | | | | | | 138 | | |
Amortization of intangible assets | | | | | 766 | | | | | | 784 | | |
Amortization of operating lease right-of-use-assets | | | | | 192 | | | | | | 167 | | |
Share-based compensation | | | | | 955 | | | | | | 460 | | |
Unrealized foreign exchange (gain) loss | | | | | 225 | | | | | | (358) | | |
Finance expense | | | | | 758 | | | | | | 98 | | |
Income taxes | | | | | 1,321 | | | | | | (236) | | |
Loss on revaluation of convertible debt | | | | | 2,632 | | | | | | — | | |
Gain on revaluation of investments | | | | | (4,659) | | | | | | (1,217) | | |
Other | | | | | 344 | | | | | | (661) | | |
Changes in other operating assets and liabilities: | | | | | | | | | | | | | |
Trade accounts receivable | | | | | 253 | | | | | | 181 | | |
Inventory | | | | | (449) | | | | | | (70) | | |
Operating lease liabilities | | | | | (267) | | | | | | (215) | | |
Accounts payable and accrued liabilities | | | | | 1,134 | | | | | | (1,681) | | |
Other operating assets and liabilities | | | | | (245) | | | | | | (1) | | |
Net cash used in operating activities | | | | | (14,619) | | | | | | (9,175) | | |
Investing activities | | | | | | | | | | | | | |
Purchase of mineral interests | | | | | (4,714) | | | | | | (1,175) | | |
Purchase of property, plant and equipment and intangible assets | | | | | (93) | | | | | | (26) | | |
Purchase of investments subject to significant influence | | | | | (793) | | | | | | — | | |
Other | | | | | — | | | | | | 9 | | |
Net cash used in investing activities | | | | | (5,600) | | | | | | (1,192) | | |
Financing activities | | | | | | | | | | | | | |
Net transfer from parent | | | | | — | | | | | | 5,094 | | |
Proceeds from subsidiary financings | | | | | — | | | | | | 450 | | |
Net cash provided by financing activities | | | | | — | | | | | | 5,544 | | |
Effect of foreign exchange rate changes on cash and cash equivalents | | | | | 138 | | | | | | 63 | | |
Decrease in cash and cash equivalents | | | | | (20,081) | | | | | | (4,760) | | |
Cash and cash equivalents, beginning of the year | | | | | 49,850 | | | | | | 9,341 | | |
Cash and cash equivalents, end of the period | | | | $ | 29,769 | | | | | $ | 4,581 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Cash paid for income taxes | | | | $ | 208 | | | | | $ | 348 | | |
| | | 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 | | | | | 4,085 | | | | | | (111) | | | | | | — | | | | | | 3,974 | | |
Investment | | | | | — | | | | | | — | | | | | | 793 | | | | | | 793 | | |
Share of loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign currency translation | | | | | — | | | | | | 18 | | | | | | — | | | | | | 18 | | |
Balance at March 31, 2022 | | | | $ | 9,804 | | | | | $ | 1,232 | | | | | $ | 1,450 | | | | | $ | 12,486 | | |
| | | 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 | | | | | 1,451 | | | | | | 1,763 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,214 | | |
Foreign currency translation | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | |
Balance at March 31, 2022 | | | | $ | 36,526 | | | | | $ | 21,351 | | | | | $ | 2,508 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 550 | | | | | $ | 76,250 | | |
| | | March 31, 2022 | | | December 31, 2021 | | ||||||
Ivanhoe Electric convertible notes (Note a) | | | | $ | 57,857 | | | | | $ | 54,975 | | |
VRB convertible bond (Note b) | | | | | 24,365 | | | | | | 23,857 | | |
Total | | | | $ | 82,222 | | | | | $ | 78,832 | | |
| | | March 31, 2022 | | | December 31, 2021 | |
Risk free interest rate | | | 0.96% to 3.13% | | | 0.48% to 1.35% | |
Historical volatility | | | 75% | | | 75% | |
Dividend yield | | | 0% | | | 0% | |
| | | Fair value | | | 10% increase in share price | | | 10% decrease in share price | | |||||||||
Convertible notes | | | | $ | 57,857 | | | | | $ | 58,503 | | | | | $ | 57,479 | | |
| | | Three months ended March 31: | | |||||||||
Revenue type | | | 2022 | | | 2021 | | ||||||
Software licensing (Note a) | | | | $ | 6,702 | | | | | $ | — | | |
Data processing services | | | | | 60 | | | | | | 1,486 | | |
Renewable energy storage systems (Note b) | | | | | — | | | | | | 73 | | |
Total | | | | $ | 6,762 | | | | | $ | 1,559 | | |
| | | Three months ended March 31: | | |||||||||
Project | | | 2022 | | | 2021 | | ||||||
Santa Cruz, USA | | | | | 9,798 | | | | | | 197 | | |
San Matias, Colombia (Cordoba) | | | | | 2,376 | | | | | | 3,171 | | |
Perseverance, USA (Cordoba) | | | | | 1,493 | | | | | | 54 | | |
Pinaya, Peru (Kaizen) | | | | | 686 | | | | | | 216 | | |
Hog Heaven, USA | | | | | 560 | | | | | | 640 | | |
Bitter Creek, USA | | | | | 359 | | | | | | 13 | | |
Yangayu, Papua New guinea | | | | | 318 | | | | | | — | | |
Tintic, USA | | | | | 289 | | | | | | 364 | | |
Ivory Coast Project, Ivory Coast | | | | | 21 | | | | | | 487 | | |
Lincoln, USA | | | | | 13 | | | | | | — | | |
Desert Mountain, USA | | | | | 6 | | | | | | 184 | | |
South Voisey’s Bay, Canada | | | | | 4 | | | | | | 2 | | |
Project Generation and other | | | | | 1,400 | | | | | | 933 | | |
Total | | | | $ | 17,323 | | | | | $ | 6,261 | | |
| | | 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% | | |
| | | March 31, 2022 | | | December 31, 2021 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 29,769 | | | | | $ | 49,850 | | �� |
Accounts receivable | | | | | 1,132 | | | | | | 1,385 | | |
Inventory | | | | | 6,327 | | | | | | 5,878 | | |
Prepaid expenses and deposits | | | | | 1,193 | | | | | | 1,152 | | |
| | | | | 38,421 | | | | | | 58,265 | | |
Non-current assets: | | | | | | | | | | | | | |
Investments subject to significant influence | | | | | 12,486 | | | | | | 7,701 | | |
Other investments | | | | | 2,531 | | | | | | 1,802 | | |
Exploration mineral interests | | | | | 76,250 | | | | | | 73,039 | | |
Property, plant and equipment | | | | | 3,558 | | | | | | 2,523 | | |
Intangible assets | | | | | 3,617 | | | | | | 4,340 | | |
Other non-current assets | | | | | 4,792 | | | | | | 5,861 | | |
Total assets | | | | $ | 141,655 | | | | | $ | 153,531 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities | | | | $ | 12,838 | | | | | $ | 10,195 | | |
Deferred consideration payable | | | | | 24,741 | | | | | | 26,562 | | |
Lease liabilities, current | | | | | 553 | | | | | | 342 | | |
Contract liability | | | | | 3,281 | | | | | | 3,484 | | |
| | | | | 41,413 | | | | | | 40,583 | | |
Non-current liabilities: | | | | | | | | | | | | | |
Deferred income taxes | | | | | 5,570 | | | | | | 5,382 | | |
Convertible debt | | | | | 82,222 | | | | | | 78,832 | | |
Lease liabilities, net of current portion | | | | | 837 | | | | | | 55 | | |
Other non-current liabilities | | | | | 412 | | | | | | 865 | | |
Total liabilities | | | | | 130,454 | | | | | | 125,717 | | |
Commitments and contingencies (Note 14) | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | |
Common stock, par value $0.0001; 750,000,000 shares authorized; 63.9 million shares issued and outstanding as of March 31, 2022 (December 31, 2021 – 63.9 million) | | | | | 6 | | | | | | 6 | | |
Additional paid-in capital | | | | | 76,625 | | | | | | 75,743 | | |
Accumulated deficit | | | | | (67,766) | | | | | | (52,314) | | |
Accumulated other comprehensive income | | | | | (1,400) | | | | | | (1,502) | | |
Equity attributable to the Company | | | | | 7,465 | | | | | | 21,933 | | |
Non-controlling interests | | | | | 3,736 | | | | | | 5,881 | | |
Total equity | | | | | 11,201 | | | | | | 27,814 | | |
Total liabilities and equity | | | | $ | 141,655 | | | | | $ | 153,531 | | |
| | | 2022 | | | 2021 | | ||||||
Revenue | | | | $ | 6,762 | | | | | $ | 1,559 | | |
Cost of sales | | | | | (52) | | | | | | (317) | | |
Gross profit | | | | | 6,710 | | | | | | 1,242 | | |
Operating expenses: | | | | | | | | | | | | | |
Exploration expenses | | | | | 17,323 | | | | | | 6,261 | | |
General and administrative expenses | | | | | 5,226 | | | | | | 2,795 | | |
Research and development expenses | | | | | 1,331 | | | | | | 956 | | |
Selling and marketing expenses | | | | | 36 | | | | | | 23 | | |
Loss from operations | | | | | 17,206 | | | | | | 8,793 | | |
Other expenses (income): | | | | | | | | | | | | | |
Interest expense, net | | | | | 762 | | | | | | 89 | | |
Foreign exchange loss (gain) | | | | | 189 | | | | | | (376) | | |
Gain on revaluation of investments | | | | | (4,659) | | | | | | (1,217) | | |
Loss on revaluation of convertible debt | | | | | 2,632 | | | | | | — | | |
Other expenses (income), net | | | | | 223 | | | | | | (489) | | |
Loss before income taxes | | | | | 16,353 | | | | | | 6,800 | | |
Income taxes | | | | | 1,321 | | | | | | (236) | | |
Net loss | | | | | 17,674 | | | | | | 6,564 | | |
Less loss attributable to non-controlling interests | | | | | (2,222) | | | | | | (1,911) | | |
Net loss attributable to common stockholders or parent | | | | | 15,452 | | | | | | 4,653 | | |
Net loss | | | | | 17,674 | | | | | | 6,564 | | |
Other comprehensive income, net of tax: | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | | | (106) | | | | | | (8) | | |
Other comprehensive income | | | | | (106) | | | | | | (8) | | |
Comprehensive loss | | | | $ | 17,568 | | | | | $ | 6,556 | | |
Comprehensive loss attributable to: | | | | | | | | | | | | | |
Common stockholders or parent | | | | | 15,350 | | | | | | 4,639 | | |
Non-controlling interests | | | | | 2,218 | | | | | | 1,917 | | |
| | | | $ | 17,568 | | | | | $ | 6,556 | | |
Net loss per share attributable to common stockholders | | | | | | | | | | | | | |
Basic and diluted | | | | $ | 0.24 | | | | | $ | 0.08 | | |
Weighted-average common shares outstanding | | | | | | | | | | | | | |
Basic and diluted | | | | | 63,925,334 | | | | | | 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 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 | | |
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 | | |
| | | 2022 | | | 2021 | | ||||||
Operating activities | | | | | | | | | | | | | |
Net loss | | | | $ | (17,674) | | | | | $ | (6,564) | | |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Depreciation of property, plant and equipment | | | | | 95 | | | | | | 138 | | |
Amortization of intangible assets | | | | | 766 | | | | | | 784 | | |
Amortization of operating lease right-of-use-assets | | | | | 192 | | | | | | 167 | | |
Share-based compensation | | | | | 955 | | | | | | 460 | | |
Unrealized foreign exchange (gain) loss | | | | | 225 | | | | | | (358) | | |
Finance expense | | | | | 758 | | | | | | 98 | | |
Income taxes | | | | | 1,321 | | | | | | (236) | | |
Loss on revaluation of convertible debt | | | | | 2,632 | | | | | | — | | |
Gain on revaluation of investments | | | | | (4,659) | | | | | | (1,217) | | |
Other | | | | | 344 | | | | | | (661) | | |
Changes in other operating assets and liabilities: | | | | | | | | | | | | | |
Trade accounts receivable | | | | | 253 | | | | | | 181 | | |
Inventory | | | | | (449) | | | | | | (70) | | |
Operating lease liabilities | | | | | (267) | | | | | | (215) | | |
Accounts payable and accrued liabilities | | | | | 1,134 | | | | | | (1,681) | | |
Other operating assets and liabilities | | | | | (245) | | | | | | (1) | | |
Net cash used in operating activities | | | | | (14,619) | | | | | | (9,175) | | |
Investing activities | | | | | | | | | | | | | |
Purchase of mineral interests | | | | | (4,714) | | | | | | (1,175) | | |
Purchase of property, plant and equipment and intangible assets | | | | | (93) | | | | | | (26) | | |
Purchase of investments subject to significant influence | | | | | (793) | | | | | | — | | |
Other | | | | | — | | | | | | 9 | | |
Net cash used in investing activities | | | | | (5,600) | | | | | | (1,192) | | |
Financing activities | | | | | | | | | | | | | |
Net transfer from parent | | | | | — | | | | | | 5,094 | | |
Proceeds from subsidiary financings | | | | | — | | | | | | 450 | | |
Net cash provided by financing activities | | | | | — | | | | | | 5,544 | | |
Effect of foreign exchange rate changes on cash and cash equivalents | | | | | 138 | | | | | | 63 | | |
Decrease in cash and cash equivalents | | | | | (20,081) | | | | | | (4,760) | | |
Cash and cash equivalents, beginning of the year | | | | | 49,850 | | | | | | 9,341 | | |
Cash and cash equivalents, end of the period | | | | $ | 29,769 | | | | | $ | 4,581 | | |
Supplemental cash flow information | | | | | | | | | | | | | |
Cash paid for income taxes | | | | $ | 208 | | | | | $ | 348 | | |
| | | 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 | | | | | 4,085 | | | | | | (111) | | | | | | — | | | | | | 3,974 | | |
Investment | | | | | — | | | | | | — | | | | | | 793 | | | | | | 793 | | |
Share of loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign currency translation | | | | | — | | | | | | 18 | | | | | | — | | | | | | 18 | | |
Balance at March 31, 2022 | | | | $ | 9,804 | | | | | $ | 1,232 | | | | | $ | 1,450 | | | | | $ | 12,486 | | |
| | | 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 | | | | | 1,451 | | | | | | 1,763 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,214 | | |
Foreign currency translation | | | | | — | | | | | | — | | | | | | (3) | | | | | | — | | | | | | — | | | | | | — | | | | | | (3) | | |
Balance at March 31, 2022 | | | | $ | 36,526 | | | | | $ | 21,351 | | | | | $ | 2,508 | | | | | $ | 13,607 | | | | | $ | 1,708 | | | | | $ | 550 | | | | | $ | 76,250 | | |
| | | March 31, 2022 | | | December 31, 2021 | | ||||||
Ivanhoe Electric convertible notes (Note a) | | | | $ | 57,857 | | | | | $ | 54,975 | | |
VRB convertible bond (Note b) | | | | | 24,365 | | | | | | 23,857 | | |
Total | | | | $ | 82,222 | | | | | $ | 78,832 | | |
| | | March 31, 2022 | | | December 31, 2021 | |
Risk free interest rate | | | 0.96% to 3.13% | | | 0.48% to 1.35% | |
Historical volatility | | | 75% | | | 75% | |
Dividend yield | | | 0% | | | 0% | |
| | | Fair value | | | 10% increase in share price | | | 10% decrease in share price | | |||||||||
Convertible notes | | | | $ | 57,857 | | | | | $ | 58,503 | | | | | $ | 57,479 | | |
| | | Three months ended March 31: | | |||||||||
Revenue type | | | 2022 | | | 2021 | | ||||||
Software licensing (Note a) | | | | $ | 6,702 | | | | | $ | — | | |
Data processing services | | | | | 60 | | | | | | 1,486 | | |
Renewable energy storage systems (Note b) | | | | | — | | | | | | 73 | | |
Total | | | | $ | 6,762 | | | | | $ | 1,559 | | |
| | | Three months ended March 31: | | |||||||||
Project | | | 2022 | | | 2021 | | ||||||
Santa Cruz, USA | | | | | 9,798 | | | | | | 197 | | |
San Matias, Colombia (Cordoba) | | | | | 2,376 | | | | | | 3,171 | | |
Perseverance, USA (Cordoba) | | | | | 1,493 | | | | | | 54 | | |
Pinaya, Peru (Kaizen) | | | | | 686 | | | | | | 216 | | |
Hog Heaven, USA | | | | | 560 | | | | | | 640 | | |
Bitter Creek, USA | | | | | 359 | | | | | | 13 | | |
Yangayu, Papua New guinea | | | | | 318 | | | | | | — | | |
Tintic, USA | | | | | 289 | | | | | | 364 | | |
Ivory Coast Project, Ivory Coast | | | | | 21 | | | | | | 487 | | |
Lincoln, USA | | | | | 13 | | | | | | — | | |
Desert Mountain, USA | | | | | 6 | | | | | | 184 | | |
South Voisey’s Bay, Canada | | | | | 4 | | | | | | 2 | | |
Project Generation and other | | | | | 1,400 | | | | | | 933 | | |
Total | | | | $ | 17,323 | | | | | $ | 6,261 | | |
| | | Balance outstanding as at | | | Transactions for the three months ended March 31, | | ||||||||||||||||||
| | | March 31, 2022 | | | December 31, 2021 | | | 2022 | | | 2021 | | ||||||||||||
Total Expenses | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a) | | | | | 1,018 | | | | | | 993 | | | | | | 2,737 | | | | | | 609 | | |
Ivanhoe Capital Aviation (Note b) | | | | | — | | | | | | — | | | | | | 250 | | | | | | — | | |
Total | | | | | 1,018 | | | | | | 993 | | | | | | 2,987 | | | | | | 609 | | |
Advances | | | | | | | | | | | | | | | | | | | | | | | | | |
Global Mining (Note a) | | | | | 1,874 | | | | | | 1,855 | | | | | | — | | | | | | — | | |
| | Transactions for the three months ended March 31, | | | Transactions for the three months ended March 31, | | ||||||||||||||||||||
| | 2022 | | 2021 | | | 2022 | | 2021 | | ||||||||||||||||
Expense classification | | | | | | | | | | | | | | | | | | | | | | | ||||
General and administrative expenses | | | | 1,472 | | | | | 460 | | | | | | 1,472 | | | | | 460 | | | ||||
Exploration expenses | | | | 1,515 | | | | | 149 | | | | | | 1,515 | | | | | 149 | | | ||||
| | | | 2,987 | ��� | | | | 609 | | | | | | 2,987 | | | | | 609 | | |
| | | March 31, 2022 | | | December 31, 2021 | | ||||||||||||||||||||||||||||||
| | | Level 1 | | | Level 2 | | | Level 3 | | | Level 1 | | | Level 2 | | | Level 3 | | ||||||||||||||||||
Financial assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments subject to significant influence | | | | | 11,036 | | | | | | — | | | | | | — | | | | | | 7,044 | | | | | | — | | | | | | — | | |
Other investments | | | | | 2,531 | | | | | | — | | | | | | — | | | | | | 1,802 | | | | | | | | | | | | | | |
Total financial assets | | | | $ | 13,567 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,846 | | | | | $ | — | | | | | $ | — | | |
Financial liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible notes | | | | | — | | | | | | — | | | | | | 57,857 | | | | | | — | | | | | | — | | | | | | 54,975 | | |
Deferred consideration payable | | | | | — | | | | | | — | | | | | | 24,741 | | | | | | | | | | | | | | | | | | 26,562 | | |
Total financial liabilities | | | | $ | — | | | | | $ | — | | | | | $ | 82,598 | | | | | $ | — | | | | | $ | — | | | | | $ | 81,537 | | |
| | | For the three months ended March 31, 2022 | | |||||||||||||||||||||
| | | Critical Metals | | | Data Processing | | | Energy Storage | | | Total | | ||||||||||||
Revenue | | | | $ | — | | | | | $ | 6,762 | | | | | $ | — | | | | | $ | 6,762 | | |
Intersegment revenues | | | | | — | | | | | | 43 | | | | | | — | | | | | | 43 | | |
Loss (income) from operations | | | | | 20,780 | | | | | | (5,549) | | | | | | 1,975 | | | | | | 17,206 | | |
Segment Assets | | | | | 106,792 | | | | | | 8,529 | | | | | | 26,334 | | | | | | 141,655 | | |
| | | For the three months ended March 31, 2021 | | |||||||||||||||||||||
| | | Critical Metals | | | Data Processing | | | Energy Storage | | | Total | | ||||||||||||
Revenue | | | | $ | — | | | | | $ | 1,486 | | | | | $ | 73 | | | | | $ | 1,559 | | |
Intersegment revenues | | | | | — | | | | | | 28 | | | | | | — | | | | | | 28 | | |
Loss (income) from operations | | | | | 7,789 | | | | | | (181) | | | | | | 1,185 | | | | | | 8,793 | | |
Segment Assets | | | | | 53,337 | | | | | | 6,472 | | | | | | 8,701 | | | | | | 68,510 | | |
| | Amount to be Paid | | | Amount to be Paid | | ||||||||
SEC registration fee | | | $ | 18,540 | | | | | $ | 19,173 | | | ||
FINRA filing fee | | | | 30,500 | | | | | | 31,525 | | | ||
NYSE American listing fee | | | | 75,000 | | | | | | 75,000 | | | ||
TSX listing fee | | | | 150,000 | | | | | | 150,000 | | | ||
Transfer agent fees | | | | 6,000 | | | | | | 6,000 | | | ||
Printing and engraving expenses | | | | 450,000 | | | | | | 450,000 | | | ||
Legal fees and expenses | | | | 2,000,000 | | | | | | 2,000,000 | | | ||
Accounting fees and expenses | | | | 1,490,000 | | | | | | 1,490,000 | | | ||
Miscellaneous | | | | 79,960 | | | | | | 78,302 | | | ||
Total | | | $ | 4,300,000 | | | | | $ | 4,300,000 | | |
| Exhibit Number | | | Description | |
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| 107* | | | |
| Signature | | | Title | | | Date | |
| /s/ Robert Friedland Robert Friedland | | | Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | | | June | |
| /s/ Catherine Barone Catherine Barone | | | Interim Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | June | |
| * Francis Fannon | | | Director | | | June | |
| * Laurent Jean-Louis Frescaline | | | Director | | | June | |
| * Hirofumi Katase | | | Director | | | June | |
| * Kenneth Lau | | | Director | | | June | |
| * Patrick On Yip Tsang | | | Director | | | June | |
| * Ian Plimer | | | Director | | | June | |
| *By: /s/ Robert Friedland Robert Friedland Attorney-in-Fact | | | |