Ivanhoe Electric (IE) investor relations material

Executive summary

• Achieved net income attributable to common stockholders of $41.7 million for Q1 2026, reversing a net loss of $30.5 million in Q1 2025, mainly due to a $124.7 million gain from the sale of the Alacrán Project.

• Exploration expenses increased to $23.2 million, up $7.4 million year-over-year, with significant activity at Santa Cruz, Hog Heaven, Gleeson, and Alacrán prior to its sale.

• Cash and cash equivalents rose to $289.8 million as of March 31, 2026, with a working capital balance of $253.2 million.

• Closed the sale of the Alacrán Project for $128 million, with $58.4 million received as a distribution.

• Entered into a new exploration collaboration with SQM in Chile and extended the Maaden JV exploration term in Saudi Arabia.

Financial highlights

• Revenue for Q1 2026 was $0.9 million, up from $0.7 million in Q1 2025, all from data processing services.

• Gross profit increased to $0.5 million from $0.4 million year-over-year.

• Operating expenses included $23.2 million in exploration and $9.9 million in G&A.

• Net cash provided by investing activities was $115.2 million, mainly from the Alacrán sale.

• $81.5 million raised from warrant exercises in Q1 2026.

Outlook and guidance

• Sufficient cash and undrawn $200 million Bridge Facility expected to fund operations for at least 12 months.

• Additional financing will be required to advance projects beyond current plans, including the Santa Cruz Copper Project.

• Advancing through the EXIM Bank application process for up to $825 million in debt financing for Santa Cruz.