Related party transactions (Tables)

6 Months Ended

Jun. 30, 2023

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 three months ended June 30,		Transactions for the six months ended June 30,
	June 30, 2023	December 31, 2022	2023	2022	2023	2022
Total Expenses
Global Mining (Note a)	1,606	1,383	4,897	3,345	9,213	6,082
Ivanhoe Capital Aviation (Note b)	—	83	250	250	500	500
I-Pulse (Note c)	—	—	1,158	—	2,315	—
Total	1,606	1,466	6,305	3,595	12,028	6,582
Advances
Global Mining (Note a)	2,317	1,987	—	—	—	—
Deposit
I-Pulse (Note c)	4,985	7,128	—	—	—	—
Loan
JCHX Mining Management Co., Ltd (Note d)	—	10,010	—	—	—	—


	Transactions for the three months ended June 30,		Transactions for the six months ended June 30,
	2023	2022	2023	2022
Expense classification
Exploration expenses	3,290	2,015	6,332	3,530
General and administrative expenses	2,357	1,580	4,388	3,052
Research and development expenses	658	—	1,308	—
	6,305	3,595	12,028	6,582

(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 June 30, 2023 (December 31, 2022 — 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 Inc. (“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 annual maintenance costs of $1.7 million per year. The Company is recognizing the research and development costs and annual maintenance costs on a straight line basis in the condensed interim consolidated statement of loss. 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.

(d)JCHX held 19.9% of Cordoba’s issued and outstanding common stock as at June 30, 2023 (December 31, 2022 - 19.9%).

In December 2022, JCHX advanced a bridge loan of $10 million to Cordoba. The bridge loan was for an 18-month term and bore interest at 12% per annum during the first 12 months of the term and 14% per annum during the remaining six months.

Upon closing the project financing transaction described in Note 11 all of the principal and interest outstanding on the bridge loan was applied towards that transaction’s first installment as a payment in kind.