Ivanhoe Electric Inc.IE

Ivanhoe Electric Inc. Debt Disclosure

10-KFiled Feb 23, 20261 min read
11. Note payable:
Note payable
Balance at December 31, 2023$48,916 
Finance expense4,429 
Payment(16,773)
Balance at December 31, 2024$36,572 
Finance expense2,701 
Payment(39,273)
Balance at December 31, 2025$— 
In connection with the purchase of land at its Santa Cruz Copper Project in 2022, the Company issued a secured promissory note. The promissory note was paid off in full in November 2025.
12. Convertible debt:
VRB
Convertible
bond
Balance at December 31, 2023$28,372 
Finance expense2,570 
Balance at December 31, 202430,942 
Finance expense2,796 
Balance at December 31, 2025$33,738 
On July 8, 2021, VRB issued a convertible bond for gross proceeds of $24.0 million. The bond has a five-year term and interest accrues at a rate of 8% per annum.
Prior to the maturity date of July 8, 2026, the convertible bond is automatically converted into equity of VRB upon an equity financing or sale event, at a price per share equal to the lower of:
•the transaction price of the equity financing or sale event; and
•the valuation cap price of $158.0 million divided by the total shares outstanding at the time of the event.
If no equity financing or sale event occurs, VRB must repay the outstanding principal and interest on maturity.
The Company has accounted for the convertible bond as a debt instrument accounted at amortized cost, as it was determined the embedded features are not required to be bifurcated.

Historical Timeline

Fiscal YearFiled
2025Feb 23, 2026Showing above
2024Feb 27, 2025
2023Feb 26, 2024
2022Mar 14, 2023

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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