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Exploration properties (Tables)

6 Months Ended

Jun. 30, 2023

Mineral Industries Disclosures [Abstract]

Schedule of exploration mineral interests


	Santa Cruz (Note a)		Tintic		Pinaya		San Matias		Other		Total
Balance at December 31, 2022	$	40,880	$	27,138	$	2,525	$	15,315	$	900	$	86,758
Acquisition costs	119,363		3,525		—		—		250		123,138
Foreign currency translation	—		—		(6)		—		—		(6)
Balance at June 30, 2023	$	160,243	$	30,663	$	2,519	$	15,315	$	1,150	$	209,890

(a) Santa Cruz Land Acquisition:

On May 10, 2023, Ivanhoe Electric signed a binding purchase and sale agreement (“PSA”) for the acquisition of land at its Santa Cruz Project in Arizona. The acquisition closed on May 23, 2023 and totals 5,975 acres of surface title and associated water rights.

The total purchase price was $116.9 million, of which the Company has paid a total of $34.3 million to the seller as of closing, which included $5.1 million of previously paid deposits. The Company has also issued a secured promissory note to the seller in the amount of $82.6 million. 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, payable on or before November 23, 2023;

•four equal principal payments of $12.1 million on the first, second, third and fourth anniversaries of the November 23, 2023 payment, plus applicable accrued interest.

The Company reports land and water rights associated with its exploration projects in exploration properties. Directly attributable acquisition costs of $2.2 million were capitalized on acquisition.