Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 08, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-41436 | |
Entity Registrant Name | Ivanhoe Electric Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0633823 | |
Entity Address, Address Line One | 450 E Rio Salado Parkway, Suite 130 | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85281 | |
City Area Code | 480 | |
Local Phone Number | 656-5821 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | IE | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 120,307,414 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001879016 | |
Amendment Flag | false |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 179,361 | $ 205,043 |
Accounts receivable | 4,319 | 3,326 |
Inventory | 5,313 | 5,013 |
Prepaid expenses and deposits | 2,853 | 3,104 |
Total current assets | 191,846 | 216,486 |
Non-current assets: | ||
Investments subject to significant influence | 36,730 | 39,130 |
Other investments | 2,235 | 2,989 |
Exploration mineral interests | 216,824 | 216,290 |
Property, plant and equipment | 7,823 | 6,645 |
Other non-current assets | 5,698 | 5,686 |
Total assets | 461,156 | 487,226 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 22,294 | 19,948 |
Note payable, current | 13,817 | 12,672 |
Lease liabilities, current | 623 | 699 |
Contract liability | 2,480 | 2,404 |
Total current liabilities | 39,214 | 39,723 |
Non-current liabilities: | ||
Note payable | 36,244 | 36,244 |
Convertible debt | 28,984 | 28,372 |
Deferred income taxes | 4,821 | 4,845 |
Lease liabilities, net of current portion | 1,581 | 1,199 |
Other non-current liabilities | 580 | 562 |
Total liabilities | 111,424 | 110,945 |
Commitments and contingencies (Note 15) | ||
Equity: | ||
Common stock, par value $0.0001; 700,000,000 shares authorized;120.3 million shares issued and outstanding as of March 31, 2024 (December 31, 2023 - 700,000,000 authorized; 120.0 million issued and outstanding) | 12 | 12 |
Additional paid-in capital | 790,824 | 777,816 |
Accumulated deficit | (457,015) | (401,504) |
Accumulated other comprehensive income | (2,323) | (2,073) |
Equity attributable to common stockholders | 331,498 | 374,251 |
Non-controlling interests | 18,234 | 2,030 |
Total equity | 349,732 | 376,281 |
Total liabilities and equity | 461,156 | 487,226 |
Related Party | ||
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,710 | 1,619 |
Due to related party | $ 0 | $ 4,000 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 120,300,000 | 120,000,000 |
Common stock, shares outstanding (in shares) | 120,300,000 | 120,000,000 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 360 | $ 679 |
Cost of sales | (100) | (184) |
Gross profit | 260 | 495 |
Operating expenses: | ||
Exploration expenses | 43,643 | 26,559 |
General and administrative expenses | 12,601 | 10,633 |
Research and development expenses | 810 | 1,843 |
Selling and marketing expenses | 87 | 49 |
Loss from operations | (56,881) | (38,589) |
Other expenses (income): | ||
Interest income, net | (35) | (32) |
Foreign exchange gain | (5) | (161) |
Loss on revaluation of investments | 271 | 375 |
Share of loss of equity method investees | 3,012 | 622 |
Other income, net | (3) | (741) |
Loss before income taxes | 60,121 | 38,652 |
Income tax recovery | (26) | (72) |
Net loss | 60,095 | 38,580 |
Less loss attributable to non-controlling interests | (4,584) | (2,506) |
Net loss attributable to common stockholders or parent | 55,511 | 36,074 |
Other comprehensive loss , net of tax: | ||
Foreign currency translation adjustments | 392 | 68 |
Other comprehensive loss | 392 | 68 |
Comprehensive loss | 60,487 | 38,648 |
Comprehensive loss attributable to: | ||
Common stockholders or parent | 55,761 | 36,120 |
Non-controlling interests | $ 4,726 | $ 2,528 |
Net loss per share attributable to common stockholders | ||
Net loss per share attributable to common stockholders, Basic (in usd per share) | $ 0.46 | $ 0.39 |
Net loss per share attributable to common stockholders, Diluted (in usd per share) | $ 0.46 | $ 0.39 |
Weighted-average common shares outstanding, Basic (in shares) | 120,246,430 | 92,964,249 |
Weighted-average common shares outstanding, Diluted (in shares) | 120,246,430 | 92,964,249 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated and Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive Income (loss) | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2022 | 92,960,584 | |||||
Beginning balance at Dec. 31, 2022 | $ 202,447 | $ 9 | $ 409,683 | $ (202,128) | $ (1,189) | $ (3,928) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (38,580) | (36,074) | (2,506) | |||
Other comprehensive income (loss) | (68) | (46) | (22) | |||
Issuance of common stock; earn-in payment (in shares) | 10,281 | |||||
Issuance of common stock; earn-in payment | 150 | 150 | ||||
Stock options exercised (in shares) | 1,000 | |||||
Stock options exercised | 3 | 3 | ||||
Share-based compensation | 5,132 | 5,067 | 65 | |||
Other changes in non-controlling interests | (2) | (6) | 4 | |||
Ending balance (in shares) at Mar. 31, 2023 | 92,971,865 | |||||
Ending balance at Mar. 31, 2023 | $ 169,082 | $ 9 | 414,897 | (238,202) | (1,235) | (6,387) |
Beginning balance (in shares) at Dec. 31, 2023 | 120,000,000 | 120,025,264 | ||||
Beginning balance at Dec. 31, 2023 | $ 376,281 | $ 12 | 777,816 | (401,504) | (2,073) | 2,030 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (60,095) | (55,511) | (4,584) | |||
Other comprehensive income (loss) | (392) | (250) | (142) | |||
Issuance of common stock; Kaizen arrangement (in shares) | 116,413 | |||||
Issuance of common stock; Kaizen arrangement | 952 | 952 | ||||
Issuance of common stock; earn-in payment (in shares) | 12,765 | |||||
Issuance of common stock; earn-in payment | 95 | 95 | ||||
Settlement of restricted share units (in shares) | 150,000 | |||||
Settlement of deferred share units (in shares) | 1,972 | |||||
Share-based compensation | 3,345 | 3,315 | 30 | |||
Non-controlling interests investment in subsidiary | 30,000 | 9,372 | 20,628 | |||
Other changes in non-controlling interests | $ (454) | (726) | 272 | |||
Ending balance (in shares) at Mar. 31, 2024 | 120,300,000 | 120,306,414 | ||||
Ending balance at Mar. 31, 2024 | $ 349,732 | $ 12 | $ 790,824 | $ (457,015) | $ (2,323) | $ 18,234 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net loss | $ (60,095) | $ (38,580) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 622 | 1,040 |
Share-based compensation | 3,345 | 5,132 |
Non-cash exploration expense | 209 | 662 |
Non-cash research and development expense | 282 | 645 |
Unrealized foreign exchange gain | (3) | (155) |
Interest expense | 1,816 | 804 |
Income taxes | 0 | (72) |
Loss on revaluation of investments | 271 | 375 |
Share of loss of equity method investees | 3,012 | 622 |
Other | 350 | (141) |
Changes in other operating assets and liabilities: | ||
Trade accounts receivable | (896) | (710) |
Inventory | (309) | (144) |
Operating lease liabilities | (350) | (283) |
Accounts payable and accrued liabilities | 1,435 | (1,108) |
Other operating assets and liabilities | 352 | 1,894 |
Net cash used in operating activities | (49,959) | (30,019) |
Investing activities | ||
Purchase of mineral interests | (300) | (1,763) |
Purchase of property, plant and equipment and intangible assets | (672) | (348) |
Purchase of investments subject to significant influence | (722) | (555) |
Cash Acquired from Acquisition | 227 | 0 |
Net cash used in investing activities | (1,467) | (2,666) |
Financing activities | ||
Non-controlling interests investment in subsidiary | 26,000 | 0 |
Proceeds from exercise of stock options | 0 | 3 |
Net cash provided by financing activities | 26,000 | 3 |
Effect of foreign exchange rate changes on cash and cash equivalents | (256) | 17 |
Decrease in cash and cash equivalents | (25,682) | (32,665) |
Cash and cash equivalents, beginning of the year | 205,043 | 139,660 |
Cash and cash equivalents, end of the period | 179,361 | 106,995 |
Supplemental cash flow information | ||
Cash paid for income taxes | 0 | 1,069 |
Supplemental disclosure of non-cash investing and financing activities | ||
Issuance of common stock; Kaizen arrangement | 952 | 0 |
Issuance of common stock; earn-in payment | 95 | 150 |
Non-controlling interests investment in subsidiary | 4,000 | 0 |
Settlement of related party loan | $ (4,000) | $ 0 |
Background and basis of prepara
Background and basis of preparation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and basis of preparation | 1. Background and basis of preparation: Ivanhoe Electric Inc. (“Ivanhoe Electric” or “the Company”) is a United States domiciled company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. The Company’s mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. The Company’s portfolio of electric metals exploration projects include the Santa Cruz Project in Arizona and the Tintic Project in Utah, as well as other exploration projects in the United States. In addition to mineral projects in the United States, the Company also holds direct and indirect ownership interests, and in some cases controlling financial interests, in other non-U.S. mineral projects, and in proprietary mineral exploration and minerals-based technologies. The Company holds a 50% interest in a joint venture with Saudi Arabian Mining Company Ma’aden (“Ma’aden”) to explore prospective land in Saudi Arabia. The Company conducts the following business activities through certain subsidiaries: • VRB Energy Inc. (“VRB”), develops, manufactures and installs vanadium flow batteries for grid-scale energy storage. Ivanhoe Electric had an ownership interest in VRB of 90.0% as at March 31, 2024 (December 31, 2023 — 90.0%). • Computational Geosciences Inc. (“CGI”), provides data analytics, geophysical modeling, software licensing and artificial intelligence services for the mineral, oil & gas and water exploration industries. Ivanhoe Electric had an ownership interest in CGI of 94.3% as at March 31, 2024 (December 31, 2023 — 94.3%). • Cordoba Minerals Corp. (“Cordoba”) holds the San Matias copper-gold-silver project in northern Colombia. Ivanhoe Electric had an ownership interest in Cordoba of 62.8% as at March 31, 2024 (December 31, 2023 — 62.8%). • Kaizen Discovery Inc. (“Kaizen”) holds the Pinaya copper-gold exploration project in Peru. Ivanhoe Electric had an ownership interest in Kaizen of 100.0% as at March 31, 2024 (December 31, 2023 — 82.5%). On February 6, 2024, Ivanhoe Electric acquired all of the issued and outstanding common shares of Kaizen not already beneficially owned by Ivanhoe Electric in exchange for common stock in Ivanhoe Electric (Note 9). • Sama Nickel Corporation ("SNC") holds the Samapleu-Grata Nickel-Copper Project in the Ivory Coast. On March 11, 2024, Ivanhoe Electric completed its earn-in and acquired a 60% interest in SNC (Note 5). The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with the Company's consolidated financial statements and notes contained on its Form 10-K for the year ended December 31, 2023. The information furnished herein reflects all normal recurring entries, that are in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results for the three month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The condensed interim consolidated financial statements have been prepared on a going concern basis, which presumes the realization of assets and satisfaction of liabilities in the normal course of business. References to “$” refer to United States dollars and “Cdn$” to Canadian dollars. |
Significant accounting policies
Significant accounting policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies: The Company discloses in its consolidated financial statements for the year ended December 31, 2023, those accounting policies that it considers significant in determining its results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the Company’s consolidated financial statements for the year ended December 31, 2023. Recent accounting pronouncements not yet adopted: In August 2023, the FASB issued ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The update was issued to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Upon formation, a joint venture will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This update is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. |
Use of estimates
Use of estimates | 3 Months Ended |
Mar. 31, 2024 | |
Use of estimates | |
Use of estimates | 3. Use of estimates: The preparation of consolidated financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, the related disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2023. |
Cash and cash equivalents
Cash and cash equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 4. Cash and cash equivalents: Of the total cash and cash equivalents at March 31, 2024 and December 31, 2023, $30.2 million and $15.0 million, respectively, was not available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries. |
Investments subject to signific
Investments subject to significant influence | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments subject to significant influence | 5. Investments subject to significant influence: The Company’s principal investment subject to significant influence is its investment in Ma'aden Ivanhoe Electric Exploration and Development Limited Company ("Ma'aden Joint Venture"). Others include its investments in Sama Resources Inc. (“Sama”) and Go2Lithium Inc. ("Go2Lithium"). Equity Method Carried at fair value Ma'aden Joint Venture SNC Go2Lithium Other Sama Total Balance at December 31, 2023 $ 31,606 $ 896 $ 2,469 $ — $ 4,159 $ 39,130 Change in fair value — — — — 454 454 Investment — 440 — 282 — 722 Share of loss (2,121) (827) (64) — — (3,012) Acquisition — (489) — — — (489) Foreign currency translation — (20) (55) — — (75) Balance at March 31, 2024 $ 29,485 $ — $ 2,350 $ 282 $ 4,613 $ 36,730 (a) Acquisition of Sama Nickel Corporation: On March 11, 2024, the Company completed its earn-in and acquired an additional 30% in SNC bringing its total ownership interest in SNC to 60% . SNC owns the Samapleu-Grata Nickel-Copper Project in the Ivory Coast. The Company determined that it acquired control of SNC and commenced consolidating the results of SNC from March 11, 2024 under the voting interest entity model. The acquisition was accounted for as an asset acquisition as SNC did not meet the definition of a business. The cost of the acquisition has been allocated to the assets and liabilities of SNC, including exploration property in the Ivory Coast. |
Exploration properties
Exploration properties | 3 Months Ended |
Mar. 31, 2024 | |
Mineral Industries Disclosures [Abstract] | |
Exploration properties | 6. Exploration properties: Santa Tintic San Matias Other Total Balance at December 31, 2023 $ 166,492 $ 30,663 $ 15,315 $ 3,820 $ 216,290 Acquisition costs — — — 529 529 Foreign currency translation — — — 5 5 Balance at March 31, 2024 $ 166,492 $ 30,663 $ 15,315 $ 4,354 $ 216,824 |
Note payable
Note payable | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Note payable | 7. Note payable: Note payable Balance at December 31, 2023 $ 48,916 Interest expense 1,145 Balance at March 31, 2024 $ 50,061 Current portion 13,817 Non-current portion 36,244 Balance at March 31, 2024 $ 50,061 In May 2023, the Company issued a secured promissory note in the amount of $82.6 million as part of a land acquisition at its Santa Cruz project. The promissory note includes an annual interest rate of prime plus 1% and is to be paid in installments, as follows: • $34.3 million, plus accrued interest, paid in November 2023; • four equal principal payments of $12.1 million on the first, second, third and fourth anniversaries of the November 2023 payment, plus applicable accrued interest. 8. Convertible debt: VRB Balance at December 31, 2023 $ 28,372 Interest expense 612 Balance at March 31, 2024 $ 28,984 On July 8, 2021, VRB issued a convertible bond for gross proceeds of $24.0 million. The bond has a five-year term and interest accrues at a rate of 8% per annum. Prior to the maturity date, the convertible bond is automatically converted into equity of VRB upon an equity financing or sale event, at a price per share equal to the lower of: • the transaction price of the equity financing or sale event; and • the valuation cap price of $158.0 million divided by the total shares outstanding at the time of the event. If no equity financing or sale event occurs, VRB must repay the outstanding principal and interest on maturity. The Company has accounted for the convertible bond, including its embedded features, as a debt instrument accounted at amortized cost, as it was determined the embedded features are not required to be bifurcated. |
Convertible debt
Convertible debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Convertible debt | 7. Note payable: Note payable Balance at December 31, 2023 $ 48,916 Interest expense 1,145 Balance at March 31, 2024 $ 50,061 Current portion 13,817 Non-current portion 36,244 Balance at March 31, 2024 $ 50,061 In May 2023, the Company issued a secured promissory note in the amount of $82.6 million as part of a land acquisition at its Santa Cruz project. The promissory note includes an annual interest rate of prime plus 1% and is to be paid in installments, as follows: • $34.3 million, plus accrued interest, paid in November 2023; • four equal principal payments of $12.1 million on the first, second, third and fourth anniversaries of the November 2023 payment, plus applicable accrued interest. 8. Convertible debt: VRB Balance at December 31, 2023 $ 28,372 Interest expense 612 Balance at March 31, 2024 $ 28,984 On July 8, 2021, VRB issued a convertible bond for gross proceeds of $24.0 million. The bond has a five-year term and interest accrues at a rate of 8% per annum. Prior to the maturity date, the convertible bond is automatically converted into equity of VRB upon an equity financing or sale event, at a price per share equal to the lower of: • the transaction price of the equity financing or sale event; and • the valuation cap price of $158.0 million divided by the total shares outstanding at the time of the event. If no equity financing or sale event occurs, VRB must repay the outstanding principal and interest on maturity. The Company has accounted for the convertible bond, including its embedded features, as a debt instrument accounted at amortized cost, as it was determined the embedded features are not required to be bifurcated. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | 9. Equity: (a) Common stock transactions: On February 6, 2024, Ivanhoe Electric acquired all of the issued and outstanding common shares of Kaizen not already beneficially owned by Ivanhoe Electric pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). Immediately prior to the closing of the Arrangement, Ivanhoe Electric beneficially owned 82.5% of the issued and outstanding common shares of Kaizen on a non-diluted basis. Following the closing of the Arrangement, Ivanhoe Electric beneficially owns 100% of the issued and outstanding common shares of Kaizen on a fully diluted basis. Ivanhoe Electric acquired the common shares in consideration for the issuance of one share of common stock of Ivanhoe Electric for every 127 Common Shares issued and outstanding immediately prior to the closing of the Arrangement. A total of 116,413 shares of Ivanhoe Electric were issued. (b) Stock-based compensation: Stock-based payment compensation was allocated to operations as follows: Three Months Ended March 31, 2024 2023 General and administrative expenses $ 2,690 $ 4,199 Exploration expenses 655 928 Cost of sales — 5 $ 3,345 $ 5,132 (i) Stock options: On March 11, 2024, the Company granted stock options to certain directors, officers and employees of the Company. The options have a seven-year term and comprise three equal tranches vesting in one-third annual increments beginning one year from the grant date. Information related to stock options granted during the three months ended March 31, 2024 is presented below. Grant date: March 11, 2024 Exercise price $ 13.50 Number of options granted 1,801,234 Weighted average assumptions used to value stock option awards: Expected volatility 61.6 % Expected life of options (in years) 4 Expected dividend rate 0 % Risk-free interest rate 4.23 % Weighted average grant-date fair value (per option) $ 3.46 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 10. Revenue: The Company recognized revenue from the following sources: Three months ended Revenue type 2024 2023 Software licensing $ — $ 400 Data processing services 360 279 Renewable energy storage systems (Note a) — — Total $ 360 $ 679 (a) At March 31, 2024, the Company had a contract liability of $2.5 million (December 31, 2023 — $2.4 million) relating to the sale of renewable energy storage systems. |
Exploration expenses
Exploration expenses | 3 Months Ended |
Mar. 31, 2024 | |
Exploration expenses | |
Exploration expenses | 11. Exploration expense: Three months ended Project 2024 2023 Santa Cruz, USA $ 27,837 $ 14,682 Tintic, USA 3,520 1,121 San Matias, Colombia (Cordoba) 3,518 4,658 Hog Heaven, USA 3,307 638 Carolina, USA 895 238 Bitter Creek, USA 658 27 White Hill, USA 237 491 Lincoln, USA 130 295 Generative exploration and other 3,541 4,409 Total $ 43,643 $ 26,559 |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related party transactions | 12. Related party transactions: Related parties include entities with common direct or indirect shareholders and/or directors. Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. The following table summarizes transactions between the Company and significant related parties. Balance outstanding as at Transactions for the March 31, December 31, 2024 2023 Total Expenses Global Mining (Note a) 459 224 1,363 4,316 Ivanhoe Capital Aviation (Note b) — — 250 250 I-Pulse (Note c) 1,251 1,395 396 1,157 Total 1,710 1,619 2,009 5,723 Revenue Ma'aden Joint Venture (Note d) — — 300 — Advances Global Mining (Note a) 1,051 1,169 — — Ma'aden Joint Venture (Note d) 2,643 1,254 — — Deposit I-Pulse (Note c) 4,165 4,233 — — Loan JCHX Mining Management Co., Ltd (Note e) — 4,000 — — Transactions for the 2024 2023 Expense classification Exploration expenses 419 3,042 General and administrative expenses 1,307 2,031 Research and development expenses 283 650 2,009 5,723 (a) Global Mining Management Corp. (“Global Mining”) is a private company based in Vancouver, Canada, that provides administration, accounting, and other office services to the Company on a cost-recovery basis. The Company held 7.1% of Global Mining’s outstanding common shares at March 31, 2024 (December 31, 2023 — 7.1%). (b) Ivanhoe Capital Aviation (“ICA”) is an entity beneficially owned by the Company’s Executive Chairman. ICA provides use of its aircraft to the Company. (c) I-Pulse is a shareholder of the Company. On October 24, 2022, the Company entered into an agreement with I-Pulse, to purchase six Typhoon™ transmitters to be delivered in stages over approximately three years. The total purchase price for the six Typhoon™ transmitters is $12.4 million, which includes research and development costs of $2.8 million. The agreement also includes maintenance costs of $1.7 million. The Company is recognizing the research and development costs and annual maintenance costs on a straight line basis in the consolidated statement of loss over the applicable term. In October 2022, the Company made deposit payments totaling $7.1 million, representing 50% of each component of the agreement. The remaining payments will be made as each Typhoon™ transmitter system is delivered. In December 2023, the Company received the first Typhoon™ transmitter that was deliverable under the agreement. (d) The Company's majority owned subsidiary, CGI, provides geophysical data processing services to the Ma'aden joint venture and recognized revenue totalling $0.3 million. At March 31, 2024 the Ma’aden Joint Venture owes the Company $2.6 million for costs that the Company incurred on behalf of the Ma’aden Joint Venture related to exploration work in Saudi Arabia. (e) JCHX Mining Management Co., Ltd (“JCHX") held 19.8% of Cordoba’s issued and outstanding common stock as at March 31, 2024 (December 31, 2023 - 19.8%). In November 2023, $4 million was advanced to Cordoba by JCHX. In January 2024, Cordoba announced receipt of the second installment of $40 million relating to the strategic arrangement entered into with JCHX in May 2023. The $4 million loan was settled in full by applying it towards the second installment received as a payment in kind. |
Fair value measurement
Fair value measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | 13. Fair value measurement: The following table provides the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the combined balance sheets: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets: Investments subject to significant influence 4,613 — — 4,159 — — Other investments 1,485 750 — 2,239 750 — Total financial assets $ 6,098 $ 750 $ — $ 6,398 $ 750 $ — Financial liabilities: Total financial liabilities $ — $ — $ — $ — $ — $ — There were no movements in level three instruments for the three months ended March 31, 2024. |
Segment reporting
Segment reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment reporting | 14. Segment reporting: The Company’s President & Chief Executive Officer is the Chief Operating Decision Maker (“CODM”) of the Company. The CODM evaluates how the Company allocates resources, assesses performance and makes strategic and operational decisions. Based upon such evaluation, the Company has determined that it has three reportable segments. The Company’s reportable segments are critical metals, data processing and energy storage. Critical metals is focused on mineral project exploration and development with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification. The data processing segment provides data analytics, geophysical modeling and artificial intelligence services for the mineral, oil & gas and water exploration industries. The energy storage segment develops, manufactures and installs vanadium flow batteries for grid-scale energy storage. Segment information for the periods presented is as follows: Three months ended March 31, 2024 Critical Data Energy Total Revenue $ — $ 360 $ — $ 360 Intersegment revenues — 119 — 119 Loss (income) from operations 55,065 (57) 1,873 56,881 Segment assets 442,731 4,941 13,484 461,156 Three months ended March 31, 2023 Critical Data Energy Total Revenue $ — $ 679 $ — $ 679 Intersegment revenues — 48 — 48 Loss (income) from operations 36,159 399 2,031 38,589 Segment assets 208,441 3,633 15,293 227,367 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 15. Commitments and contingencies: The Company has entered into a contractual arrangement to purchase six Typhoon™ transmitters from I-Pulse (Note 12). In the ordinary course of business, the Company may be involved in various legal proceedings and subject to claims that arise. Although the results of litigation and claims are inherently unpredictable and uncertain, the Company is not currently a party to any legal proceedings the outcome of which, if determined adversely to it, are believed to, either individually or taken together, have a material adverse effect on the Company’s business, financial condition or results of operations. |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent events | 16. Subsequent event: On May 7, 2024, the Company entered into an Exploration Alliance Agreement with BHP Mineral Resources Inc. (“BHP”), which sets out the framework for BHP and the Company to explore mutually agreed “Areas of Interest” in the United States to identify copper and other critical metal exploration opportunities within those Areas of Interest that may become 50/50 owned joint ventures following a discovery. |
Significant accounting polici_2
Significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation | The Company discloses in its consolidated financial statements for the year ended December 31, 2023, those accounting policies that it considers significant in determining its results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the Company’s consolidated financial statements for the year ended December 31, 2023. |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted: In August 2023, the FASB issued ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. The update was issued to address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Upon formation, a joint venture will recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). This update is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. |
Investments subject to signif_2
Investments subject to significant influence (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of investments subject to significant influence | Equity Method Carried at fair value Ma'aden Joint Venture SNC Go2Lithium Other Sama Total Balance at December 31, 2023 $ 31,606 $ 896 $ 2,469 $ — $ 4,159 $ 39,130 Change in fair value — — — — 454 454 Investment — 440 — 282 — 722 Share of loss (2,121) (827) (64) — — (3,012) Acquisition — (489) — — — (489) Foreign currency translation — (20) (55) — — (75) Balance at March 31, 2024 $ 29,485 $ — $ 2,350 $ 282 $ 4,613 $ 36,730 (a) Acquisition of Sama Nickel Corporation: On March 11, 2024, the Company completed its earn-in and acquired an additional 30% in SNC bringing its total ownership interest in SNC to 60% . SNC owns the Samapleu-Grata Nickel-Copper Project in the Ivory Coast. The Company determined that it acquired control of SNC and commenced consolidating the results of SNC from March 11, 2024 under the voting interest entity model. The acquisition was accounted for as an asset acquisition as SNC did not meet the definition of a business. The cost of the acquisition has been allocated to the assets and liabilities of SNC, including exploration property in the Ivory Coast. |
Exploration properties (Tables)
Exploration properties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of exploration properties | Santa Tintic San Matias Other Total Balance at December 31, 2023 $ 166,492 $ 30,663 $ 15,315 $ 3,820 $ 216,290 Acquisition costs — — — 529 529 Foreign currency translation — — — 5 5 Balance at March 31, 2024 $ 166,492 $ 30,663 $ 15,315 $ 4,354 $ 216,824 |
Note payable (Tables)
Note payable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Note payable Balance at December 31, 2023 $ 48,916 Interest expense 1,145 Balance at March 31, 2024 $ 50,061 Current portion 13,817 Non-current portion 36,244 Balance at March 31, 2024 $ 50,061 |
Convertible debt (Tables)
Convertible debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of convertible debt | VRB Balance at December 31, 2023 $ 28,372 Interest expense 612 Balance at March 31, 2024 $ 28,984 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | Stock-based payment compensation was allocated to operations as follows: Three Months Ended March 31, 2024 2023 General and administrative expenses $ 2,690 $ 4,199 Exploration expenses 655 928 Cost of sales — 5 $ 3,345 $ 5,132 |
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | Information related to stock options granted during the three months ended March 31, 2024 is presented below. Grant date: March 11, 2024 Exercise price $ 13.50 Number of options granted 1,801,234 Weighted average assumptions used to value stock option awards: Expected volatility 61.6 % Expected life of options (in years) 4 Expected dividend rate 0 % Risk-free interest rate 4.23 % Weighted average grant-date fair value (per option) $ 3.46 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of recognized revenue from the major sources | The Company recognized revenue from the following sources: Three months ended Revenue type 2024 2023 Software licensing $ — $ 400 Data processing services 360 279 Renewable energy storage systems (Note a) — — Total $ 360 $ 679 (a) At March 31, 2024, the Company had a contract liability of $2.5 million (December 31, 2023 — $2.4 million) relating to the sale of renewable energy storage systems. |
Exploration expenses (Tables)
Exploration expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Exploration expenses | |
Schedule of exploration expenses | Three months ended Project 2024 2023 Santa Cruz, USA $ 27,837 $ 14,682 Tintic, USA 3,520 1,121 San Matias, Colombia (Cordoba) 3,518 4,658 Hog Heaven, USA 3,307 638 Carolina, USA 895 238 Bitter Creek, USA 658 27 White Hill, USA 237 491 Lincoln, USA 130 295 Generative exploration and other 3,541 4,409 Total $ 43,643 $ 26,559 |
Related party transactions (Tab
Related party transactions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Summary of transactions between the Company and significant related parties | The following table summarizes transactions between the Company and significant related parties. Balance outstanding as at Transactions for the March 31, December 31, 2024 2023 Total Expenses Global Mining (Note a) 459 224 1,363 4,316 Ivanhoe Capital Aviation (Note b) — — 250 250 I-Pulse (Note c) 1,251 1,395 396 1,157 Total 1,710 1,619 2,009 5,723 Revenue Ma'aden Joint Venture (Note d) — — 300 — Advances Global Mining (Note a) 1,051 1,169 — — Ma'aden Joint Venture (Note d) 2,643 1,254 — — Deposit I-Pulse (Note c) 4,165 4,233 — — Loan JCHX Mining Management Co., Ltd (Note e) — 4,000 — — Transactions for the 2024 2023 Expense classification Exploration expenses 419 3,042 General and administrative expenses 1,307 2,031 Research and development expenses 283 650 2,009 5,723 (a) Global Mining Management Corp. (“Global Mining”) is a private company based in Vancouver, Canada, that provides administration, accounting, and other office services to the Company on a cost-recovery basis. The Company held 7.1% of Global Mining’s outstanding common shares at March 31, 2024 (December 31, 2023 — 7.1%). (b) Ivanhoe Capital Aviation (“ICA”) is an entity beneficially owned by the Company’s Executive Chairman. ICA provides use of its aircraft to the Company. (c) I-Pulse is a shareholder of the Company. On October 24, 2022, the Company entered into an agreement with I-Pulse, to purchase six Typhoon™ transmitters to be delivered in stages over approximately three years. The total purchase price for the six Typhoon™ transmitters is $12.4 million, which includes research and development costs of $2.8 million. The agreement also includes maintenance costs of $1.7 million. The Company is recognizing the research and development costs and annual maintenance costs on a straight line basis in the consolidated statement of loss over the applicable term. In October 2022, the Company made deposit payments totaling $7.1 million, representing 50% of each component of the agreement. The remaining payments will be made as each Typhoon™ transmitter system is delivered. In December 2023, the Company received the first Typhoon™ transmitter that was deliverable under the agreement. (d) The Company's majority owned subsidiary, CGI, provides geophysical data processing services to the Ma'aden joint venture and recognized revenue totalling $0.3 million. At March 31, 2024 the Ma’aden Joint Venture owes the Company $2.6 million for costs that the Company incurred on behalf of the Ma’aden Joint Venture related to exploration work in Saudi Arabia. (e) JCHX Mining Management Co., Ltd (“JCHX") held 19.8% of Cordoba’s issued and outstanding common stock as at March 31, 2024 (December 31, 2023 - 19.8%). In November 2023, $4 million was advanced to Cordoba by JCHX. In January 2024, Cordoba announced receipt of the second installment of $40 million relating to the strategic arrangement entered into with JCHX in May 2023. The $4 million loan was settled in full by applying it towards the second installment received as a payment in kind. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of classification of assets and liabilities that are recorded at fair value and measured on a recurring basis | The following table provides the valuation hierarchy classification of assets and liabilities that are recorded at fair value and measured on a recurring basis in the combined balance sheets: March 31, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets: Investments subject to significant influence 4,613 — — 4,159 — — Other investments 1,485 750 — 2,239 750 — Total financial assets $ 6,098 $ 750 $ — $ 6,398 $ 750 $ — Financial liabilities: Total financial liabilities $ — $ — $ — $ — $ — $ — |
Segment reporting (Tables)
Segment reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of segment information | Segment information for the periods presented is as follows: Three months ended March 31, 2024 Critical Data Energy Total Revenue $ — $ 360 $ — $ 360 Intersegment revenues — 119 — 119 Loss (income) from operations 55,065 (57) 1,873 56,881 Segment assets 442,731 4,941 13,484 461,156 Three months ended March 31, 2023 Critical Data Energy Total Revenue $ — $ 679 $ — $ 679 Intersegment revenues — 48 — 48 Loss (income) from operations 36,159 399 2,031 38,589 Segment assets 208,441 3,633 15,293 227,367 |
Background and basis of prepa_2
Background and basis of preparation (Details) | Mar. 31, 2024 | Mar. 11, 2024 | Feb. 06, 2024 | Feb. 05, 2024 | Dec. 31, 2023 |
SNC | |||||
Investments subject to significant influence | |||||
Percentage of ownership interest acquired (in percent) | 30% | ||||
Subsidiaries | VRB Energy Inc | |||||
Investments subject to significant influence | |||||
Percentage of ownership interest acquired (in percent) | 90% | 90% | |||
Subsidiaries | Computational Geosciences Inc | |||||
Investments subject to significant influence | |||||
Percentage of ownership interest acquired (in percent) | 94.30% | 94.30% | |||
Subsidiaries | Cordoba Minerals Corp | |||||
Investments subject to significant influence | |||||
Percentage of ownership interest acquired (in percent) | 62.80% | 62.80% | |||
Subsidiaries | Kaizen | |||||
Investments subject to significant influence | |||||
Percentage of ownership interest acquired (in percent) | 100% | 100% | 82.50% | 82.50% | |
Variable Interest Entity, Primary Beneficiary | SNC | |||||
Investments subject to significant influence | |||||
Percentage of ownership interest acquired (in percent) | 60% | ||||
Ma'aden Joint Venture | |||||
Investments subject to significant influence | |||||
Ownership percentage (in percent) | 50% |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] | ||
Restricted cash | $ 30,200 | $ 15,000 |
Cash and cash equivalents | 179,361 | 205,043 |
Short-Term Investments | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 4,500 | $ 0 |
Investments subject to signif_3
Investments subject to significant influence - Schedule of Fair Value and Equity Method (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 11, 2024 | |
Equity Method | |||
Investment | $ 722 | ||
Share of loss | (3,012) | $ (622) | |
Acquisition | (489) | ||
Carried at fair value | |||
Change in fair value | 454 | ||
Total | |||
Beginning Balance | 39,130 | ||
Foreign currency translation | (75) | ||
Ending Balance | 36,730 | ||
SNC | |||
Total | |||
Percentage of ownership interest acquired (in percent) | 30% | ||
Variable Interest Entity, Primary Beneficiary | SNC | |||
Total | |||
Percentage of ownership interest acquired (in percent) | 60% | ||
Ma'aden Joint Venture | |||
Equity Method | |||
Beginning balance | 31,606 | ||
Share of loss | (2,121) | ||
Ending balance | 29,485 | ||
SNC | |||
Equity Method | |||
Beginning balance | 896 | ||
Investment | 440 | ||
Share of loss | (827) | ||
Acquisition | (489) | ||
Ending balance | 0 | ||
Go2Lithium | |||
Equity Method | |||
Beginning balance | 2,469 | ||
Share of loss | (64) | ||
Foreign currency translation | (55) | ||
Ending balance | 2,350 | ||
Other | |||
Equity Method | |||
Beginning balance | 0 | ||
Investment | 282 | ||
Ending balance | 282 | ||
Sama | |||
Carried at fair value | |||
Beginning Balance | 4,159 | ||
Change in fair value | 454 | ||
Ending Balance | $ 4,613 |
Exploration properties - Schedu
Exploration properties - Schedule of Exploration Properties (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Mineral Interests Exploration [Roll Forward] | |
Balance at December 31, 2023 | $ 216,290 |
Acquisition costs | 529 |
Foreign currency translation | 5 |
Balance at March 31, 2024 | 216,824 |
Santa Cruz | |
Mineral Interests Exploration [Roll Forward] | |
Balance at December 31, 2023 | 166,492 |
Acquisition costs | 0 |
Foreign currency translation | 0 |
Balance at March 31, 2024 | 166,492 |
Tintic | |
Mineral Interests Exploration [Roll Forward] | |
Balance at December 31, 2023 | 30,663 |
Acquisition costs | 0 |
Foreign currency translation | 0 |
Balance at March 31, 2024 | 30,663 |
San Matias | |
Mineral Interests Exploration [Roll Forward] | |
Balance at December 31, 2023 | 15,315 |
Acquisition costs | 0 |
Foreign currency translation | 0 |
Balance at March 31, 2024 | 15,315 |
Other | |
Mineral Interests Exploration [Roll Forward] | |
Balance at December 31, 2023 | 3,820 |
Acquisition costs | 529 |
Foreign currency translation | 5 |
Balance at March 31, 2024 | $ 4,354 |
Note payable - Schedule of Note
Note payable - Schedule of Note Payable (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Payable [Roll Forward] | ||
Beginning balance | $ 48,916 | |
Interest expense | 1,145 | |
Ending balance | 50,061 | |
Current portion | 13,817 | $ 12,672 |
Non-current portion | 36,244 | 36,244 |
Total | $ 50,061 | $ 48,916 |
Note payable - Narrative (Detai
Note payable - Narrative (Details) $ in Thousands | 1 Months Ended | |||
May 23, 2023 USD ($) installment | Nov. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Instrument, Redemption [Line Items] | ||||
Notes payable | $ 50,061 | $ 48,916 | ||
Santa Cruz Project Promissory Note | ||||
Debt Instrument, Redemption [Line Items] | ||||
Amount of installment paid | $ 34,300 | |||
Number of installments | installment | 4 | |||
Periodic payment, principal | $ 12,100 | |||
Santa Cruz Project Promissory Note | Prime Rate | ||||
Debt Instrument, Redemption [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1% | |||
Santa Cruz, USA | Santa Cruz Project Promissory Note | ||||
Debt Instrument, Redemption [Line Items] | ||||
Notes payable | $ 82,600 |
Convertible debt - Schedule of
Convertible debt - Schedule of Convertible Debt (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Instrument, Long-Term Debt, Convertible Debt [Roll Forward] | |
Beginning balance | $ 28,372 |
Ending balance | 28,984 |
VRB Convertible bond | |
Debt Instrument, Long-Term Debt, Convertible Debt [Roll Forward] | |
Beginning balance | 28,372 |
Interest expense | 612 |
Ending balance | $ 28,984 |
Convertible debt - Narrative (D
Convertible debt - Narrative (Details) - VRB Convertible Bond $ in Millions | Jul. 08, 2021 USD ($) |
Debt Instrument [Line Items] | |
Proceeds from issuance of convertible notes | $ 24 |
Debt term (in years) | 5 years |
Interest rate on convertible debt (in percent) | 8% |
Maximum | |
Debt Instrument [Line Items] | |
Valuations cap price | $ 158 |
Equity - Narrative (Details)
Equity - Narrative (Details) | 3 Months Ended | |||
Feb. 06, 2024 shares | Mar. 31, 2024 tranche | Feb. 05, 2024 | Dec. 31, 2023 | |
Stock options | ||||
Class of Stock [Line Items] | ||||
Option term (in years) | 7 years | |||
Number of tranches | tranche | 3 | |||
Vesting period (in years) | 1 year | |||
Stock options | Tranche 2 | ||||
Class of Stock [Line Items] | ||||
Annual award vesting increments | 33% | |||
Stock options | Tranche 1 | ||||
Class of Stock [Line Items] | ||||
Annual award vesting increments | 33% | |||
Stock options | Tranche 3 | ||||
Class of Stock [Line Items] | ||||
Annual award vesting increments | 33% | |||
Subsidiaries | Kaizen | ||||
Class of Stock [Line Items] | ||||
Percentage of ownership interest acquired (in percent) | 100% | 100% | 82.50% | 82.50% |
Common share acquisition issuance ratio | 127 | |||
Shares issued (in shares) | shares | 116,413 |
Equity - Compensation Costs Inc
Equity - Compensation Costs Included in the Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share based compensation costs | $ 3,345 | $ 5,132 |
General and administrative expenses | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share based compensation costs | 2,690 | 4,199 |
Exploration expenses | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share based compensation costs | 655 | 928 |
Cost of sales | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share based compensation costs | $ 0 | $ 5 |
Equity - Schedule of Stock Opti
Equity - Schedule of Stock Options Granted (Details) - Stock options | Mar. 11, 2024 $ / shares shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise price (in usd per share) | $ 13.50 |
Number of options granted (in shares) | shares | 1,801,234 |
Weighted average assumptions used to value stock option awards: | |
Expected volatility (in percent) | 61.60% |
Expected life of options (in years) | 4 years |
Expected dividend rate (in percent) | 0% |
Risk-free interest rate (in percent) | 4.23% |
Weighted average grant-date fair value (per option) (in usd per share) | $ 3.46 |
Revenue - Recognized revenue fr
Revenue - Recognized revenue from the major sources (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 360 | $ 679 | |
Contract liability | 2,480 | $ 2,404 | |
Software licensing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 0 | 400 | |
Data processing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 360 | 279 | |
Renewable energy storage systems | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 0 | $ 0 |
Exploration expenses (Details)
Exploration expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Exploration expenses | ||
Exploration expenses | $ 43,643 | $ 26,559 |
Santa Cruz, USA | ||
Exploration expenses | ||
Exploration expenses | 27,837 | 14,682 |
San Matias, Colombia (Cordoba) | ||
Exploration expenses | ||
Exploration expenses | 3,518 | 4,658 |
Tintic, USA | ||
Exploration expenses | ||
Exploration expenses | 3,520 | 1,121 |
Hog Heaven, USA | ||
Exploration expenses | ||
Exploration expenses | 3,307 | 638 |
Carolina, USA | ||
Exploration expenses | ||
Exploration expenses | 895 | 238 |
White Hill, USA | ||
Exploration expenses | ||
Exploration expenses | 237 | 491 |
Lincoln, USA | ||
Exploration expenses | ||
Exploration expenses | 130 | 295 |
Generative exploration and other | ||
Exploration expenses | ||
Exploration expenses | 3,541 | 4,409 |
Bitter Creek, USA [Member] | ||
Exploration expenses | ||
Exploration expenses | $ 658 | $ 27 |
Related party transactions - Sc
Related party transactions - Schedule of transactions between the Company and certain significant related parties (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Oct. 24, 2022 USD ($) transmitter | Oct. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Nov. 30, 2023 USD ($) | |
Total Expenses | ||||||
Accounts payable and accrued liabilities | $ 22,294 | $ 19,948 | ||||
Revenue | ||||||
Revenue | 360 | $ 679 | ||||
Expense classification | ||||||
General and administrative expenses | 12,601 | 10,633 | ||||
Exploration expenses | 43,643 | 26,559 | ||||
Research and development expenses | 810 | 1,843 | ||||
I-Pulse Inc. | Purchase Price Of Transmitters | ||||||
Expense classification | ||||||
Total purchase price | $ 12,400 | |||||
Related Party | ||||||
Total Expenses | ||||||
Accounts payable and accrued liabilities | 1,710 | 1,619 | ||||
Expense classification | ||||||
General and administrative expenses | 419 | 3,042 | ||||
Exploration expenses | 1,307 | 2,031 | ||||
Research and development expenses | 283 | 650 | ||||
Total Transactions Expenses | 2,009 | 5,723 | ||||
Related Party | Cordoba | JCHX Bridge Loan | ||||||
Deposit | ||||||
Bridge loan | $ 4,000 | |||||
Expense classification | ||||||
Repayments of short-term debt | 4,000 | |||||
Related Party | Cordoba | JCHX Bridge Loan | Second Installment | ||||||
Expense classification | ||||||
Bridge loan, installment payable | $ 40,000 | |||||
Related Party | I-Pulse Inc. | ||||||
Expense classification | ||||||
Research and development expenses | $ 2,800 | |||||
Number of typhoon transmitters to be purchased | transmitter | 6 | |||||
Term of agreement | 3 years | |||||
Annual maintenance costs | $ 1,700 | |||||
Front payment made | $ 7,100 | |||||
Percentage of component agreement (in percent) | 0.50 | |||||
Global Mining | Related Party | ||||||
Total Expenses | ||||||
Accounts payable and accrued liabilities | 459 | 224 | ||||
Advances | ||||||
Other Receivables | 1,051 | $ 1,169 | ||||
Expense classification | ||||||
Total Transactions Expenses | $ 1,363 | 4,316 | ||||
Global Mining | Related Party | Global Mining | ||||||
Expense classification | ||||||
Ownership percentage (in percent) | 7.10% | 7.10% | ||||
Ivanhoe Capital Aviation | Related Party | ||||||
Total Expenses | ||||||
Accounts payable and accrued liabilities | $ 0 | $ 0 | ||||
Expense classification | ||||||
Total Transactions Expenses | 250 | 250 | ||||
I-Pulse Inc. | ||||||
Expense classification | ||||||
Number of typhoon transmitters to be purchased | transmitter | 6 | |||||
I-Pulse Inc. | Related Party | ||||||
Total Expenses | ||||||
Accounts payable and accrued liabilities | 1,251 | 1,395 | ||||
Deposit | ||||||
I-Pulse (Note c) | 4,165 | 4,233 | ||||
Expense classification | ||||||
Total Transactions Expenses | $ 396 | 1,157 | ||||
Ma'aden Joint Venture | ||||||
Expense classification | ||||||
Ownership percentage (in percent) | 50% | |||||
Ma'aden Joint Venture | Related Party | ||||||
Revenue | ||||||
Revenue | $ 300 | $ 0 | ||||
Advances | ||||||
Other Receivables | 2,643 | 1,254 | ||||
JCHX Mining Management Co, Ltd. | Related Party | ||||||
Deposit | ||||||
Bridge loan | $ 0 | $ 4,000 | ||||
Cordoba | Related Party | Cordoba | JCHX Mining Management Co, Ltd. | ||||||
Expense classification | ||||||
Ownership percentage (in percent) | 19.80% | 19.80% |
Fair value measurement (Details
Fair value measurement (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Level 1 | ||
Financial assets: | ||
Investments subject to significant influence | $ 4,613 | $ 4,159 |
Other investments | 1,485 | 2,239 |
Total financial assets | 6,098 | 6,398 |
Financial liabilities: | ||
Total financial liabilities | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Investments subject to significant influence | 0 | 0 |
Other investments | 750 | 750 |
Total financial assets | 750 | 750 |
Financial liabilities: | ||
Total financial liabilities | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Investments subject to significant influence | 0 | 0 |
Other investments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial liabilities: | ||
Total financial liabilities | $ 0 | $ 0 |
Segment reporting - Narrative (
Segment reporting - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment reporting - Schedule of
Segment reporting - Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment reporting | |||
Revenue | $ 360 | $ 679 | |
Loss (income) from operations | 56,881 | 38,589 | |
Segment assets | 461,156 | $ 487,226 | |
Operating Segments | |||
Segment reporting | |||
Revenue | 360 | 679 | |
Loss (income) from operations | 56,881 | 38,589 | |
Segment assets | 461,156 | 227,367 | |
Operating Segments | Critical Metals | |||
Segment reporting | |||
Revenue | 0 | 0 | |
Loss (income) from operations | 55,065 | 36,159 | |
Segment assets | 442,731 | 208,441 | |
Operating Segments | Data Processing | |||
Segment reporting | |||
Revenue | 360 | 679 | |
Loss (income) from operations | (57) | 399 | |
Segment assets | 4,941 | 3,633 | |
Operating Segments | Energy Storage | |||
Segment reporting | |||
Revenue | 0 | 0 | |
Loss (income) from operations | 1,873 | 2,031 | |
Segment assets | 13,484 | 15,293 | |
Intersegment Eliminations | |||
Segment reporting | |||
Revenue | 119 | 48 | |
Intersegment Eliminations | Critical Metals | |||
Segment reporting | |||
Revenue | 0 | 0 | |
Intersegment Eliminations | Data Processing | |||
Segment reporting | |||
Revenue | 119 | 48 | |
Intersegment Eliminations | Energy Storage | |||
Segment reporting | |||
Revenue | $ 0 | $ 0 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) | Oct. 24, 2022 transmitter |
I-Pulse Inc. | |
Loss Contingencies [Line Items] | |
Number of typhoon transmitters to be purchased | 6 |
Subsequent events (Details)
Subsequent events (Details) - BHP - Subsequent events $ in Millions | May 07, 2024 USD ($) |
Subsequent events | |
Joint venture ownership (in percent) | 0.50 |
Joint venture term | 3 years |
Joint venture initial funding amount | $ 15 |
Joint venture funding (in percent) | 0.50 |