伊凡霍电气公司2025年季度报告

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from toCommission File Number:001-41436Ivanhoe Electric Inc. (Exact Name of Registrant as Specified in its Charter) Liabilities and Equity Net loss attributable to common stockholders or parent Other comprehensive (income) loss, net of tax: Condensed Interim Consolidated Statements of Cash Flows (Unaudited)(Expressed in thousands of U.S. dollars)Three months ended March 31, 2025 and 2024 Supplemental disclosure of non-cash investing and financing activitiesIssuance of common stock$—Non-controlling interests investment in subsidiary$— 6 1. Background and basis of preparation: technologies with electric metals exploration projects predominantly located in the United States. The Company’s mineral explorationefforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. TheCompany’s portfolio of electric metals exploration projects include the Santa Cruz Project in Arizona, 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-basedThe Company holds a50% interest in a joint venture with Saudi Arabian Mining Company Ma’aden (“Ma’aden”) to explore 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 which operates in the same industry in China.•Computational Geosciences Inc. (“CGI”), provides data analytics, geophysical modeling, software licensing and artificial CGI of94.3% as at March31, 2025 (December31, 2024 —94.3%).•Cordoba Minerals Corp. (“Cordoba”) holds the San Matias copper-gold-silver project in northern Colombia. Ivanhoe Electrichad an ownership interest in Cordoba of62.3% as at March31, 2025 (December31, 2024 —62.5%). are in the opinion of management, necessary for a fair statement of the results for the interim periods reported. Operating results forthe three month period ended March31, 2025, are not necessarily indicative of the results that may be expected for the year endingDecember31, 2025. The condensed interim consolidated financial statements have been prepared on a going concern basis, which presumes the realizationof assets and satisfaction of liabilities in the normal course of business. References to “$” refer to United States dollars and “Cdn$” to Canadian dollars. 2. Significant accounting policies:The Company discloses in its consolidated financial statements for the year ended December31, 2024, those accounting policies that application of, the accounting policies previously identified and described in the Company’s consolidated financial statements for theyear ended December31, 2024. Income taxes:In December2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This updatewas issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation Recent accounting pronouncements not yet adopted: In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense DisaggregationDisclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update was issued to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types ofexpenses in commonly presented expense captions. The Company is required to adopt ASU 2024-03 on January 1, 2027 and is currently evaluating the expected impact on the consolidated financial statements.3. Use of estimates: The significant judgments made by management in applying the Company’s accounting policies and the key sources of estimationuncertainty were the same as those applied to the consolidated financial statements for the year ended December31, 2024. Of the total cash and cash equivalents at March31, 2025 and December31, 2024, $19.3million and $11.2million, respectively, wasnot available for the general corporate purposes of the Company as it was held by non-wholly-owned subsidiaries. Trade accounts receivable$111$Other receivables (Note a)11,262$11,373$ Industry Co., Ltd. (“Red Sun”). The amount is payable intwotranches. On October 28, 2024, $10.0million was deposited to anaccount in China jointly controlled by Red Sun and VRB. Following receipt of several regulatory approvals required to transfer the Development Limited Company ("Ma'aden Joint Venture") and VRB China. Others inc