Ivanhoe Electric Inc 2025年度报告

AMERICAN COPPERFOR ASTRONGER FUTURE NYSE AMERICAN | TSX: IE ABOUT IVANHOE ELECTRIC We are a United States-domiciled minerals exploration company with a focuson developing assets in the United States. We seek to support AmericanVXSSO\FKDLQLQGHSHQGHQFHE\ǓQGLQJDQGGHOLYHULQJFRSSHUDQGRWKHUcritical metals vital to advanced manufacturing, infrastructure development,WHFKQRORJ\DQGQDWLRQDOVHFXULW\:HEHOLHYHWKH8QLWHG6WDWHVLVVLJQLǓFDQWO\underexplored and has the potential to yield major new mineral discoveries. We use our proprietary exploration technologies to guide and accelerateRXUH[SORUDWLRQHǖRUWV2XUSRZHUIXO7\SKRRQTMgeophysical surveyingsystem allows us to see deep beneath the surface, through resistivecover, in search of new deposits. The complex, machine learning-basedinversion software of our subsidiary, Computational Geosciences Inc.(“CGI”), provides industry-leading data analytics to rapidly convertraw data from TyphoonTMinto three-dimensional images to guideexploration drilling. Our technology-driven exploration platform allowsRXUWHDPRISURIHVVLRQDOVWRFRYHUODUJHDUHDVUDSLGO\DQGHǗFLHQWO\ Our U.S. project portfolio is highlighted by the Santa Cruz Copper Project inArizona, a high-grade, advanced-stage copper project located entirely onprivate land. Designed as a modern underground mining operation with aheap leach process to produce 99.99% pure copper cathode, Santa Cruz is onDUDSLGWLPHOLQHWRǓUVWSURGXFWLRQZLWKLQLWLDOFRQVWUXFWLRQEHJLQQLQJLQWKHǓUVWKDOIRI/RFDWHGLQDUDSLGO\JURZLQJLQGXVWULDOFRUULGRUZLWKH[FHOOHQWaccess to infrastructure, Santa Cruz is in the perfect position to support U.S.industry and supply chain security with domestically sourced copper metal. We use our powerful TyphoonTMand CGI technologies to advanceour wholly-owned exploration assets in the U.S., and in our globalSDUWQHUVKLSV:HRSHUDWHRXUMRLQWYHQWXUHZLWK6DXGL$UDELDQ0LQLQJ&RPSDQ\0DDGHQH[SORULQJDSSUR[LPDWHO\NPofunderexplored land on the Arabian Shield in Saudi Arabia. We workWRJHWKHUZLWK%+3LQWKHVRXWKZHVW86DWRXU([SORUDWLRQ$OOLDQFHfocused on early-stage exploration for copper and other critical metals.,Q-DQXDU\ZHHQWHUHGLQWRDQH[SORUDWLRQFROODERUDWLRQZLWK6RFLHGDG4X¨PLFD\0LQHUDGH&KLOHWRH[SORUHRYHUNPof miningconcessions in northern Chile that are highly prospective for copper. OUR STRATEGY 2XUVWUDWHJ\LVEXLOWRQWKUHHFRUHSLOODUVDGYDQFLQJRXUǔDJVKLS6DQWD&UX]&RSSHU3URMHFWLQ$UL]RQDH[SDQGLQJDGLYHUVLǓHGportfolio of mineral exploration programs across the United Statesand in our global partnerships, and leveraging our powerfulexploration technologies to develop new opportunities. We have aFRPSOHPHQWDU\SODWIRUPWKDWSRVLWLRQVXVWRǓQGDQGGHYHORSWKHcritical metals needed for a stronger future. MINERALEXPLORATION DISRUPTIVETECHNOLOGIES SANTA CRUZCOPPER PROJECT DISRUPTIVETECHNOLOGIES CRITICAL MINERALSEXPLORATION Typhoon™ GeophysicalSurveying SystemComputationalGeosciences Inc. DataInversion SoftwareVRB USA Grid-scaleVanadium Redox FlowEnergy Storage Advanced, High-gradeCopper Project onPrivate Land in Arizona High QualityU.S.-focused Portfolio50/50 Joint Venture withMaaden in Saudi Arabia50/50 Alliance withBHP in Southwest U.S.50/50 Collaborationwith SQM in Chile Low ProjectedCapital Intensity andOperating Costs Advanced DevelopmentTimetable JOINT MESSAGE FROM OUR EXECUTIVECHAIRMAN AND PRESIDENT & CEO ZDVD\HDURIVLJQLǓFDQWSURJUHVVIRU,YDQKRH(OHFWULF:HHQWHUHGZLWKVWURQJPRPHQWXPDFURVVRXUNH\assets and a strong balance sheet. Dear Fellow Shareholders, IQ1RYHPEHUZHPDGHWKHǓQDOODQGpayment at Santa Cruz, securing ownership ofnearly 6,000 acres of deeded private land in$UL]RQDDFTXLUHGIRUOHVVWKDQSHUDFUH7KHODQGLVLQGXVWULDO]RQHGDQGEHQHǓWVIURPexcellent nearby infrastructure, including accessto power, rail, and other key services. Recentland sales in the immediate area have occurredat more than double that cost, underscoring thevalue of this strategically located landholding. InMarch 2026, we received approval from the Cityof Casa Grande for our Site Development Plan,clearing the way for initial construction activities. ZDVD\HDURIVLJQLǓFDQWSURJUHVVIRUIvanhoe Electric. Through disciplined execution,our dedicated and experienced team achievedkey technical and permitting milestones at ourǔDJVKLS6DQWD&UX]&RSSHU3URMHFWDGYDQFHGour technology-driven exploration portfolio andVWUHQJWKHQHGRXUǓQDQFLDOSRVLWLRQ:HHQWHUHG2026 with strong momentum across our key assetsand a strong balance sheet. Our advanced-stage Santa Cruz Copper Projectstands at the center of our progress. Santa Cruz,located entirely on private land in Arizona, ison an accelerated track to become one of thelargest new producers of copper cathode in theUnited States in almost two decades. In June2025, we completed the Santa Cruz CopperProject Prelimi